Financials Western Midstream Partners, LP

Equities

WES

US9586691035

Oil & Gas Refining and Marketing

Market Closed - Nyse Other stock markets 04:00:02 2024-04-26 pm EDT			5-day change	1st Jan Change
35.87 ^USD	-0.03%		+1.38%	+22.59%

Apr. 19	Sector Update: Energy Stocks Edge Higher Premarket Friday	MT
Apr. 18	Western Midstream Partners Ups Quarterly Dividend to $0.875 per Unit From $0.575, Payable May 15 to Holders of Record May 1	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	8,920	5,752	9,095	10,339	11,105	13,648	-	-
Enterprise Value (EV) ¹	16,772	13,162	15,799	16,838	18,733	20,791	20,648	20,139
P/E ratio	12.4 x	11.7 x	10.2 x	8.95 x	11.3 x	10.9 x	10.3 x	9.54 x
Yield	12.5%	9%	5.77%	7.45%	7.86%	9.48%	9.05%	10.1%
Capitalization / Revenue	3.25 x	2.07 x	3.16 x	3.18 x	3.57 x	3.91 x	3.77 x	3.32 x
EV / Revenue	6.11 x	4.75 x	5.49 x	5.18 x	6.03 x	5.95 x	5.7 x	4.9 x
EV / EBITDA	9.76 x	6.48 x	8.12 x	7.91 x	9.06 x	8.99 x	8.59 x	8.12 x
EV / FCF	-	10.7 x	10.6 x	14.8 x	14.8 x	17.4 x	13.9 x	13.8 x
FCF Yield	-	9.32%	9.43%	6.77%	6.77%	5.74%	7.18%	7.25%
Price to Book	2.55 x	2.06 x	3.02 x	3.47 x	3.84 x	4.53 x	4.28 x	4.2 x
Nbr of stocks (in thousands)	453,032	416,196	408,390	385,070	379,516	380,484	-	-
Reference price ²	19.69	13.82	22.27	26.85	29.26	35.87	35.87	35.87
Announcement Date	2/27/20	2/23/21	2/23/22	2/22/23	2/21/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,746	2,773	2,877	3,252	3,106	3,495	3,623	4,112
EBITDA ¹	1,719	2,030	1,947	2,128	2,069	2,312	2,404	2,481
EBIT ¹	1,231	870.3	1,336	1,484	1,390	1,689	1,782	1,910
Operating Margin	44.84%	31.39%	46.44%	45.64%	44.73%	48.34%	49.19%	46.45%
Earnings before Tax (EBT) ¹	821.2	522.8	934.2	1,256	1,052	1,352	1,374	1,566
Net income ¹	662.3	515.9	896.5	1,190	998.5	1,275	1,321	1,470
Net margin	24.12%	18.61%	31.16%	36.58%	32.14%	36.5%	36.45%	35.75%
EPS ²	1.590	1.180	2.180	3.000	2.600	3.288	3.478	3.760
Free Cash Flow ¹	-	1,227	1,490	1,141	1,268	1,194	1,482	1,460
FCF margin	-	44.26%	51.79%	35.08%	40.83%	34.17%	40.9%	35.51%
FCF Conversion (EBITDA)	-	60.44%	76.55%	53.6%	61.32%	51.64%	61.65%	58.84%
FCF Conversion (Net income)	-	237.85%	166.22%	95.89%	127.03%	93.63%	112.2%	99.31%
Dividend per Share ²	2.470	1.244	1.284	2.000	2.300	3.400	3.245	3.634
Announcement Date	2/27/20	2/23/21	2/23/22	2/22/23	2/21/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	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	2025 Q1
Net sales ¹	763.8	719.2	758.3	876.4	837.6	779.4	734	738.3	776	858.2	875.9	880.1	877.7	890.3	914.6
EBITDA ¹	531.6	480.9	539	548.3	524.8	515.8	498.7	488.3	510.9	570.7	570.6	572	575.8	595	596.9
EBIT ¹	383.6	326	404.5	398.5	357.1	324.1	290.2	336.7	362.2	398.4	413.3	415.3	412.2	421.8	424.6
Operating Margin	50.22%	45.32%	53.34%	45.47%	42.64%	41.58%	39.54%	45.6%	46.68%	46.42%	47.18%	47.18%	46.96%	47.38%	46.42%
Earnings before Tax (EBT) ¹	265.5	236.6	319.5	316.7	274	345.5	209.8	260.2	285.3	297.2	342.4	356.1	312.6	333.3	338.4
Net income ¹	255.7	238.2	301.9	299.6	259.5	328.6	199	247.1	270.8	281.6	311.9	331.7	310.3	323.3	331.1
Net margin	33.48%	33.12%	39.82%	34.18%	30.98%	42.16%	27.11%	33.47%	34.9%	32.82%	35.61%	37.69%	35.35%	36.31%	36.2%
EPS ²	0.6100	0.5800	0.7500	0.7400	0.6600	0.8500	0.5200	0.6400	0.7000	0.7400	0.8055	0.8601	0.8130	0.8480	0.8662
Dividend per Share ²	0.3230	0.3270	0.5000	0.5000	0.5000	0.5000	0.8560	0.5625	0.5750	0.5750	0.7925	0.8664	0.8664	0.8664	0.8650
Announcement Date	11/9/21	2/23/22	5/10/22	8/3/22	11/2/22	2/22/23	5/3/23	8/8/23	11/1/23	2/21/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	7,852	7,410	6,705	6,499	7,629	7,143	7,000	6,491
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.567 x	3.649 x	3.444 x	3.054 x	3.688 x	3.089 x	2.912 x	2.616 x
Free Cash Flow ¹	-	1,227	1,490	1,141	1,268	1,194	1,482	1,460
ROE (net income / shareholders' equity)	23.9%	17.2%	32.1%	36.6%	33.9%	43.3%	45%	49%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	7.720	6.710	7.360	7.730	7.630	7.930	8.390	8.530
Cash Flow per Share ²	3.180	3.760	4.290	4.290	4.320	5.070	5.220	-
Capex ¹	1,189	423	314	487	735	802	643	605
Capex / Sales	43.29%	15.26%	10.9%	14.98%	23.66%	22.96%	17.73%	14.71%
Announcement Date	2/27/20	2/23/21	2/23/22	2/22/23	2/21/24	-	-	-

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 Western Midstream Partners, LP

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

35.87 USD

Average target price

34.04 USD

Spread / Average Target

-5.11%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Oil & Gas Refining and Marketing

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