Financials Black Stone Minerals, L.P.

Equities

BSM

US09225M1018

Oil & Gas Exploration and Production

Market Closed - Nyse 04:00:01 2024-04-26 pm EDT 5-day change 1st Jan Change
16.1 USD +0.06% Intraday chart for Black Stone Minerals, L.P. +3.74% +0.88%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 2,620 1,381 2,156 3,533 3,351 3,386 - -
Enterprise Value (EV) 1 3,006 1,500 2,236 3,538 3,351 3,280 3,294 3,256
P/E ratio 12.6 x 13.6 x 13.4 x 7.96 x 8.49 x 11.6 x 11.2 x -
Yield 11.6% 8.31% 8.18% 9.13% - 9.77% 10.8% 11.6%
Capitalization / Revenue 5.37 x 4.03 x 6 x 5.32 x 5.66 x 6.63 x 6.26 x -
EV / Revenue 6.16 x 4.38 x 6.22 x 5.33 x 5.66 x 6.43 x 6.09 x -
EV / EBITDA 7.52 x 5.33 x 7.64 x 7.59 x 7.06 x 8.77 x 8.13 x 6.76 x
EV / FCF 8.46 x 5.42 x 9.23 x 8.58 x - 8.3 x 7.7 x 6.77 x
FCF Yield 11.8% 18.5% 10.8% 11.7% - 12% 13% 14.8%
Price to Book - - - - - - - -
Nbr of stocks (in thousands) 205,960 206,749 208,666 209,407 209,991 210,313 - -
Reference price 2 12.72 6.680 10.33 16.87 15.96 16.10 16.10 16.10
Announcement Date 2/24/20 2/22/21 2/21/22 2/21/23 2/20/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 487.8 342.8 359.3 663.6 592.2 510.4 540.9 -
EBITDA 1 399.5 281.3 292.5 466.4 474.7 374 405.3 482
EBIT 1 235.2 132.1 187.3 418.6 415.2 305.1 349.2 418
Operating Margin 48.21% 38.54% 52.14% 63.08% 70.11% 59.78% 64.55% -
Earnings before Tax (EBT) 1 214.4 121.8 182 476.5 422.5 331.2 349.8 415
Net income 1 193.4 100.8 161 455.5 400.8 305.7 324.3 391
Net margin 39.64% 29.41% 44.81% 68.64% 67.67% 59.9% 59.95% -
EPS 2 1.010 0.4900 0.7700 2.120 1.880 1.390 1.435 -
Free Cash Flow 1 355.4 277 242.2 412.4 - 395 428 481
FCF margin 72.85% 80.81% 67.43% 62.15% - 77.39% 79.13% -
FCF Conversion (EBITDA) 88.96% 98.46% 82.83% 88.43% - 105.63% 105.59% 99.79%
FCF Conversion (Net income) 183.78% 274.74% 150.47% 90.55% - 129.21% 131.99% 123.02%
Dividend per Share 2 1.480 0.5550 0.8450 1.540 - 1.572 1.745 1.860
Announcement Date 2/24/20 2/22/21 2/21/22 2/21/23 2/20/24 - - -
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 59.83 179.4 36.42 180.4 216.4 230.4 174.6 117 109.8 190.8 124.7 127.8 127.6 128.5 132.8
EBITDA 1 76.5 77.63 98.76 112.8 123.1 131.7 109.9 109.2 130 125.5 93.02 91.65 93.37 96.24 100.2
EBIT 1 17.52 135.6 87.84 100.9 110.9 118.9 82.93 67.46 88.96 110.2 73.55 70.4 76.75 84.45 87.8
Operating Margin 29.28% 75.56% 241.16% 55.96% 51.24% 51.6% 47.5% 57.66% 81.02% 57.75% 58.97% 55.07% 60.14% 65.74% 66.12%
Earnings before Tax (EBT) 1 16.18 134.2 -7.002 131.8 168.5 183.2 134.4 78.39 62.07 147.6 82.51 82.42 82.51 83.59 86.64
Net income 1 10.93 128.9 -12.25 126.5 163.2 178 129.2 73.14 56.82 141.6 76.23 76.04 76.13 77.21 80.27
Net margin 18.27% 71.87% -33.64% 70.15% 75.42% 77.25% 74% 62.51% 51.75% 74.21% 61.12% 59.49% 59.65% 60.11% 60.45%
EPS 2 0.0500 0.6000 -0.0600 0.5900 0.7500 0.8200 0.6000 0.3500 0.2700 0.6500 0.3533 0.3500 0.3450 0.3450 0.3600
Dividend per Share 2 0.2000 0.2700 0.4000 0.4200 0.4200 0.3000 0.4750 0.4750 0.4750 - 0.3788 0.3938 0.3892 0.3912 0.4225
Announcement Date 11/1/21 2/21/22 5/2/22 8/1/22 10/31/22 2/21/23 5/1/23 7/31/23 10/30/23 2/20/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 386 119 80.1 5.69 - - - -
Net Cash position 1 - - - - - 106 92 130
Leverage (Debt/EBITDA) 0.966 x 0.4237 x 0.2739 x 0.0122 x - - - -
Free Cash Flow 1 355 277 242 412 - 395 428 481
ROE (net income / shareholders' equity) - 17.5% 18.2% - - - - -
ROA (Net income/ Total Assets) - - - - - - - -
Assets 1 - - - - - - - -
Book Value Per Share - - - - - - - -
Cash Flow per Share 2 2.450 1.360 1.230 1.890 - 1.760 1.880 2.140
Capex 1 3.28 0.57 14.6 - - 2.5 2.5 -
Capex / Sales 0.67% 0.17% 4.07% - - 0.49% 0.46% -
Announcement Date 2/24/20 2/22/21 2/21/22 2/21/23 2/20/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
4
Last Close Price
16.1 USD
Average target price
18 USD
Spread / Average Target
+11.80%
Consensus
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  4. Financials Black Stone Minerals, L.P.