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Enterprise Products Partners L.p.

EPD

Natural Gas Transmission

Mkt Cap

$57.55B

PE

10.79

Debt

$30.66B

Cash

$314M

EV

$87.9B

FCF

$4.913B

Market Cap

$57.55B

P/E Ratio

10.79

Debt

$30.66B

Cash

$314M

EV

$87.9B

FCF

$4.913B
Charts data: {"Earnings":[{"time":"2014-12-30","value":2787400000},{"time":"2015-12-30","value":2521200000},{"time":"2016-12-30","value":2513100000},{"time":"2017-12-30","value":2799300000},{"time":"2018-12-30","value":4150900000},{"time":"2019-12-30","value":4563600000},{"time":"2020-12-30","value":3742700000},{"time":"2021-12-30","value":4597100000},{"time":"2022-12-30","value":5441000000}],"Sales":[{"time":"2014-12-30","value":47951200000},{"time":"2015-12-30","value":27027900000},{"time":"2016-12-30","value":23022300000},{"time":"2017-12-30","value":29241500000},{"time":"2018-12-30","value":36534200000},{"time":"2019-12-30","value":32789200000},{"time":"2020-12-30","value":27199700000},{"time":"2021-12-30","value":40806900000},{"time":"2022-12-30","value":58186000000}],"Net Margins":[{"time":"2014-12-30","value":0.05812993209763259},{"time":"2015-12-30","value":0.09328138701119953},{"time":"2016-12-30","value":0.10915938025305899},{"time":"2017-12-30","value":0.09573038318827694},{"time":"2018-12-30","value":0.11361683025767637},{"time":"2019-12-30","value":0.1391799738938431},{"time":"2020-12-30","value":0.13760078236157017},{"time":"2021-12-30","value":0.11265496766478218},{"time":"2022-12-30","value":0.09351046643522497}],"Assets":[{"time":"2014-12-30","value":47100700000},{"time":"2015-12-30","value":48952000000},{"time":"2016-12-30","value":52194000000},{"time":"2017-12-30","value":54418100000},{"time":"2018-12-30","value":56969800000},{"time":"2019-12-30","value":61733200000},{"time":"2020-12-30","value":64106700000},{"time":"2021-12-30","value":67525600000},{"time":"2022-12-30","value":68108000000}],"Stockholders Equity":[{"time":"2014-12-30","value":18063200000},{"time":"2015-12-30","value":20295100000},{"time":"2016-12-30","value":22047000000},{"time":"2017-12-30","value":22547200000},{"time":"2018-12-30","value":23853500000},{"time":"2019-12-30","value":24764000000},{"time":"2020-12-30","value":24304100000},{"time":"2021-12-30","value":25328900000},{"time":"2022-12-30","value":26623000000}],"ROE":[{"time":"2014-12-30","value":0.15431374285840826},{"time":"2015-12-30","value":0.12422703016984395},{"time":"2016-12-30","value":0.11398829772758198},{"time":"2017-12-30","value":0.12415288816349702},{"time":"2018-12-30","value":0.17401639172448488},{"time":"2019-12-30","value":0.18428363753836213},{"time":"2020-12-30","value":0.1539945935047996},{"time":"2021-12-30","value":0.18149623552542749},{"time":"2022-12-30","value":0.20437215941103556}],"ROA":[{"time":"2014-12-30","value":0.08016229058166864},{"time":"2015-12-30","value":0.07231982350057199},{"time":"2016-12-30","value":0.06860367092002913},{"time":"2017-12-30","value":0.0721984045749484},{"time":"2018-12-30","value":0.09493801979294293},{"time":"2019-12-30","value":0.09846727530729008},{"time":"2020-12-30","value":0.07854249243838787},{"time":"2021-12-30","value":0.09039090359804282},{"time":"2022-12-30","value":0.10141246255946439}]}

Enterprise Products Partners L.P. provides midstream energy services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil, petrochemicals, and refined products. The company operates through four segments: NGL Pipelines & Services, Crude Oil Pipelines & Services, Natural Gas Pipelines & Services, and Petrochemical & Refined Products Services. The NGL Pipelines & Services segment offers natural gas processing and related NGL marketing services. It operates natural gas processing facilities located in Colorado, Louisiana, Mississippi, New Mexico, Texas, and Wyoming; NGL pipelines; NGL fractionation facilities; NGL and related product storage facilities; and NGL marine terminals. The Crude Oil Pipelines & Services segment operates crude oil pipelines; and crude oil storage and marine terminals, which include a fleet of 245 tractor-trailer tank trucks that are used to transport crude oil. It also engages in crude oil marketing activities. The Natural Gas Pipelines & Services segment operates natural gas pipeline systems to gather, treat, and transport natural gas. It leases underground salt dome natural gas storage facilities in Napoleonville, Louisiana; owns an underground salt dome storage cavern in Wharton County, Texas; and markets natural gas. The Petrochemical & Refined Products Services segment operates propylene fractionation and related marketing activities; butane isomerization complex and related deisobutanizer operations; and octane enhancement and high purity isobutylene production facilities. It also operates refined products pipelines and terminals; and ethylene export terminals, as well as provides refined products marketing and marine transportation services. Enterprise Products Partners L.P. founded in 1968 and is headquartered in Houston, Texas.

Sector

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Growth

%

%

Discount

%

%

Multiple

g\r+10%+11%+12%+13%+14%
0%109887
+1%1110988
+2%13111098
+3%141311109
+4%1714121110
Years012345678910TV
FCF$4.913B$6.387B$8.126B$10.11B$12.3B$14.63B$16.98B$19.25B$21.28B$22.93B$24.08B$240.8B
DCF$5.554B$6.144B$6.649B$7.034B$7.272B$7.342B$7.236B$6.956B$6.519B$5.952B$59.52B
Value$126.2B

In the chart Earnings are multiplied by this value.

Earnings Growth 11%
Earnings Stability 81%


Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years12-201412-201512-201612-201712-201812-201912-202012-202112-2022TTM
Net Margin5.8%9.3%11%9.6%11%14%14%11%9.4%11%
ROA8%7.2%6.9%7.2%9.5%9.8%7.9%9%10%9.7%
ROE15%12%11%12%17%18%15%18%20%20%

What is the average Net Margin?

The average Net Margin over the past 5 years is +11.54%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is -0.04%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is +8.93%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is +0.32%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is +17.04%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is +1.12%.


Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years12-201412-201512-201612-201712-201812-201912-202012-202112-2022TTM
Debt FCF-143.2925.4218.2014.6715.0112.094.964.996.24
Debt Equity1.311.211.201.231.171.211.291.231.141.13
MIN
Graham Stability---100%100%100%98%100%100%98%

What is the Debt/FCF?

The Debt/FCF trailing twelve month is 6.24.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is -2.80.

What is the Graham’s Stability?

Graham’s Stability measure stands at 0.98.


Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years12-201512-201712-201912-2021Trend
Revenue12%15%21%43%9.1%
Net Income12%14%6%18%2.2%
Stockholders Equity4%3.4%2.4%5.1%-1%
FCF66%32%45%-3.4%-16%

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +14.75%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is +9.05%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is +14.22%.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is +2.2%.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is +3.38%.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is -1.04%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is +31.96%.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is -15.59%.