Financials Plains All American Pipeline, L.P.

Equities

PAA

US7265031051

Oil & Gas Transportation Services

Market Closed - Nasdaq Other stock markets 04:00:00 2023-12-08 pm EST			5-day change	1st Jan Change
14.87 ^USD	-0.54%		-6.60%	+26.45%

Nov. 21	Plains All American Pipeline Insider Sold Shares Worth $545,321, According to a Recent SEC Filing	MT
Nov. 16	RBC Lifts Price Target on Plains All American Pipeline to $17 From $15 After 'Solid' Q3 Results, 2023 Guidance Boost; Sector Perform Kept	MT

Valuation

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	14 554	13 388	6 003	6 642	8 212	10 424	-	-
Enterprise Value (EV) ¹	23 697	23 034	16 194	15 413	16 257	18 792	18 117	17 834
P/E ratio	7,39x	6,94x	-2,15x	17,0x	9,88x	10,0x	9,82x	9,97x
Yield	8,48%	7,50%	8,74%	7,71%	7,82%	7,33%	8,84%	10,1%
Capitalization / Revenue	0,43x	0,40x	0,26x	0,16x	0,14x	0,21x	0,19x	0,19x
EV / Revenue	0,70x	0,68x	0,70x	0,37x	0,28x	0,38x	0,33x	0,32x
EV / EBITDA	8,83x	7,12x	6,33x	6,73x	6,48x	7,12x	6,79x	6,58x
EV / FCF	24,3x	17,4x	20,9x	9,28x	10,1x	14,5x	11,2x	12,5x
FCF Yield	4,11%	5,74%	4,79%	10,8%	9,90%	6,91%	8,91%	8,02%
Price to Book	1,21x	1,02x	0,63x	0,66x	0,82x	1,29x	1,30x	1,38x
Nbr of stocks (in thousands)	726 272	728 029	728 477	711 122	698 333	700 993	-	-
Reference price ²	20,0	18,4	8,24	9,34	11,8	14,9	14,9	14,9
Announcement Date	2/5/19	2/4/20	2/9/21	2/9/22	2/8/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	34 055	33 669	23 290	42 043	57 342	49 698	54 234	54 908
EBITDA ¹	2 684	3 237	2 560	2 290	2 510	2 638	2 669	2 709
EBIT ¹	2 277	1 988	-2 375	851	1 292	1 505	1 617	1 682
Operating Margin	6,69%	5,90%	-10,2%	2,02%	2,25%	3,03%	2,98%	3,06%
Earnings before Tax (EBT) ¹	2 414	2 246	-2 599	721	1 417	1 586	1 614	1 673
Net income ¹	2 009	1 967	-2 790	393	831	1 045	1 048	1 039
Net margin	5,90%	5,84%	-12,0%	0,93%	1,45%	2,10%	1,93%	1,89%
EPS ²	2,71	2,65	-3,83	0,55	1,19	1,49	1,51	1,49
Free Cash Flow ¹	974	1 323	776	1 660	1 610	1 298	1 615	1 430
FCF margin	2,86%	3,93%	3,33%	3,95%	2,81%	2,61%	2,98%	2,60%
FCF Conversion (EBITDA)	36,3%	40,9%	30,3%	72,5%	64,1%	49,2%	60,5%	52,8%
FCF Conversion (Net income)	48,5%	67,3%	-	422%	194%	124%	154%	138%
Dividend per Share ²	1,70	1,38	0,72	0,72	0,92	1,09	1,32	1,51
Announcement Date	2/5/19	2/4/20	2/9/21	2/9/22	2/8/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period : December	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	9 930	10 776	12 954	13 694	16 359	14 336	12 952	12 341	11 602	12 071	13 360	13 518	12 969	15 084	14 452
EBITDA ¹	579	519	646	690	615	623	659	715	597	662	669	710	623	645	706
EBIT ¹	-236	-38,0	600	293	411	626	-37,0	473	378	234	409	426	348	383	468
Operating Margin	-2,38%	-0,35%	4,63%	2,14%	2,51%	4,37%	-0,29%	3,83%	3,26%	1,94%	3,06%	3,15%	2,68%	2,54%	3,24%
Earnings before Tax (EBT) ¹	-226	-85,0	585	246	298	551	322	528	392	265	419	456	365	392	478
Net income ¹	-220	-109	398	187	153	333	210	422	227	140	265	315	237	275	339
Net margin	-2,22%	-1,01%	3,07%	1,37%	0,94%	2,32%	1,62%	3,42%	1,96%	1,16%	1,98%	2,33%	1,83%	1,83%	2,34%
EPS ²	-0,37	-0,15	0,56	0,19	0,22	0,48	0,30	0,52	0,32	0,20	0,42	0,42	0,31	0,38	0,47
Dividend per Share ²	0,18	0,18	0,18	0,22	0,22	0,22	0,27	0,27	0,27	0,27	0,30	0,35	0,35	0,35	0,37
Announcement Date	8/3/21	11/2/21	2/9/22	5/4/22	8/3/22	11/2/22	2/8/23	5/5/23	8/4/23	11/3/23	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	9 143	9 646	10 191	8 771	8 045	8 368	7 693	7 410
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3,41x	2,98x	3,98x	3,83x	3,21x	3,17x	2,88x	2,74x
Free Cash Flow ¹	974	1 323	776	1 660	1 610	1 298	1 615	1 430
ROE (net income / shareholders' equity)	17,5%	15,7%	-24,6%	6,98%	10,9%	10,3%	11,5%	12,2%
Shareholders' equity ¹	11 480	12 532	11 328	5 629	7 628	10 127	9 124	8 489
ROA (Net income/ Total Assets)	7,90%	7,26%	-10,5%	2,57%	3,86%	2,90%	3,20%	3,50%
Assets ¹	25 431	27 094	26 587	15 279	21 518	36 042	32 742	29 682
Book Value Per Share ²	16,5	17,9	13,2	14,1	14,4	11,5	11,4	10,8
Cash Flow per Share ²	3,26	3,13	2,08	2,79	3,44	3,11	3,39	-
Capex ¹	1 634	1 779	1 213	463	539	647	527	555
Capex / Sales	4,80%	5,28%	5,21%	1,10%	0,94%	1,30%	0,97%	1,01%
Announcement Date	2/5/19	2/4/20	2/9/21	2/9/22	2/8/23	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Plains All American Pipeline, L.P.

Trading Rating :

Investor Rating :

ESG Refinitiv :

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

14.87USD

Average target price

17.42USD

Spread / Average Target

+17.18%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Oil & Gas Transportation Services

	1st Jan change	Capi.
PLAINS ALL AMERICAN PIPELINE, L.P.	+26.45%	10 424 M $
ENBRIDGE INC.	-10.32%	74 234 M $
ENTERPRISE PRODUCTS PARTNERS L.P.	+9.16%	57 186 M $
WILLIAMS COMPANIES	+7.96%	43 210 M $
ONEOK, INC..	+3.87%	39 753 M $
TC ENERGY CORPORATION	-4.32%	39 432 M $
KINDER MORGAN, INC.	-2.10%	39 343 M $
MPLX LP	+9.87%	36 124 M $
CHENIERE ENERGY PARTNERS, L.P.	+2.53%	28 224 M $
TARGA RESOURCES CORP.	+17.77%	19 301 M $

Other Oil & Gas Transportation Services