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PBF Logistics LPInforme acción NYSE:PBFX

Capitalización bursátil US$1.2b
Precio de las acciones
n/a
Mi valor justo
No disponible
1Y74.1%
7D-8.8%
1D
Valor de la cartera
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PBF Logistics LP

Informe acción NYSE:PBFX

Capitalización de mercado: US$1.2b

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

PBF Logistics (PBFX) Resumen de Acciones

PBF Logistics LP owns, leases, acquires, develops, and operates crude oil and refined petroleum products terminals, pipelines, storage facilities, and other logistics assets in the United States. Saber más

Análisis fundamental de PBFX
Puntuación del snowflake
Valoración4/6
Crecimiento futuro0/6
Rendimiento pasado3/6
Salud financiera4/6
Dividendos4/6

Recompensas

Cotiza un 36.2% por debajo de nuestra estimación de su valor justo

Los beneficios han crecido un 16% al año en los últimos 5 años

Análisis de riesgos

Tiene un alto nivel de endeudamiento

Historial de dividendos inestable


PBFX Community Fair Values

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Competidores de PBF Logistics LP

Historial de precios y rendimiento

Resumen de las cotizaciones máximas, mínimas y variaciones del PBF Logistics
Precios históricos de las acciones
Precio actual de la acciónUS$19.90
Máximo en las últimas 52 semanasUS$22.60
Mínimo de 52 semanasUS$10.65
Beta1.27
Cambio en 1 mes-6.66%
Variación en 3 meses10.93%
Cambio de 1 año74.10%
Variación en 3 años-2.31%
Variación en 5 años0.50%
Variación desde la OPV-28.11%

Noticias y actualizaciones recientes

Seeking Alpha • Oct 27

PBF Logistics GAAP EPS of $0.55 misses by $0.06, revenue of $89.57M misses by $0.99M

PBF Logistics press release (NYSE:PBFX): Q3 GAAP EPS of $0.55 misses by $0.06. Revenue of $89.57M (+0.8% Y/Y) misses by $0.99M. Adjusted EBITDA of $54.6M and distributable cash flow of $43.9M.

Recent updates

Seeking Alpha • Oct 27

PBF Logistics GAAP EPS of $0.55 misses by $0.06, revenue of $89.57M misses by $0.99M

PBF Logistics press release (NYSE:PBFX): Q3 GAAP EPS of $0.55 misses by $0.06. Revenue of $89.57M (+0.8% Y/Y) misses by $0.99M. Adjusted EBITDA of $54.6M and distributable cash flow of $43.9M.
Seeking Alpha • Jul 28

PBF Logistics GAAP EPS of $0.62 beats by $0.09, revenue of $93.37M beats by $8.23M

PBF Logistics press release (NYSE:PBFX): Q2 GAAP EPS of $0.62 beats by $0.09. Revenue of $93.37M (+3.9% Y/Y) beats by $8.23M. PBF Energy Announces Agreement to Acquire Remaining Public Stake in PBF Logistics LP.
Seeking Alpha • Jul 21

PBF Logistics: Investors Win Either Way, Takeover Or Not

There has been speculation recently that PBF Logistics may get acquired by their parent company, PBF Energy. This seems to be a trend lately with master limited partnerships but regardless of whether investors get an easy payday, they still have a positive outlook. They continue to generate ample free cash flow to support higher distributions, which management has said they may consider once repaying their credit facility. This only has $75m left drawn, which should be repaid by the end of 2022 and thus could see higher distributions during 2023. Since their outlook is only strengthening and they already sport a high distribution yield of 7%+, I believe that maintaining my strong buy rating is appropriate. Introduction When last discussing PBF Logistics (PBFX), they were seeing underlying improvements, which I was hoping would lead to higher distributions, as my previous article discussed. Since ten months have elapsed, the recent speculation of a potential takeover by their parent company, PBF Energy (PBF) makes it timely to provide a refreshed analysis to assess the alternative outlook for investors should this easy payday not eventuate. Thankfully, it appears that investors win either way because takeover or not, they still have the potential to provide higher distributions coming in 2023 that would boost their already high yield of 7.31%. Executive Summary & Ratings Since many readers are likely short on time, the table below provides a very brief executive summary and ratings for the primary criteria that were assessed. This Google Document provides a list of all my equivalent ratings, as well as more information regarding my rating system. The following section provides a detailed analysis for those readers who are wishing to dig deeper into their situation. Author *Instead of simply assessing distribution coverage through distributable cash flow, I prefer to utilize free cash flow since it provides the toughest criteria and also best captures the true impact upon their financial position. Detailed Analysis Author It was positive to see their cash flow performance continued performing strongly during the second half of 2021 following my previous analysis, with their operating cash flow ending the year at $187.8m and thus essentially the same as their previous result of $186.6m during 2020. Subsequently, the first quarter of 2022 saw a solid start with a result of $67.3m sitting an impressive 22.80% higher year-on-year versus their previous result of $54.8m during the first quarter of 2021. Admittedly, this was skewed by their temporary working capital movements that most notably resulted in a large draw during the first quarter of 2022. If removed along the smaller working capital draw during the first quarter of 2021, their underlying operating cash flow was $47.1m and thus essentially flat year-on-year versus their previous equivalent result of $48.7m. Even after removing the boost from this working capital draw, they would still have produced $45.7m of free cash flow during the first quarter of 2022, which more than doubled their distribution payments of $18.8m. Given this very strong coverage, it naturally saw an analyst asking about the outlook for higher distributions, which thankfully remain possible, as per the commentary from management included below. "And today, we're continuing to pay debt. And once we get to that point where all the revolver debt will be repaid, we can evaluate other opportunities. But good operations and focusing on paying down debt is where our focus is today." -PBF Logistics Q1 2022 Conference Call. Whilst management was not necessarily committed to higher distributions, realistically, their ample excess free cash flow and subsequently discussed healthy financial position make these quite probable once their credit facility is repaid, especially as they previously paid considerably higher distributions before the Covid-19 pandemic. Thankfully, investors should not have a particularly long wait, as their credit facility only had $75m drawn when the first quarter of 2022 ended. When circling back to their free cash flow excluding working capital movements of circa $45m, this leaves circa $26m per quarter of excess free cash flow after distribution payments and thus, it should only take until the end of 2022 to reach this goal, thereby meaning that barring a takeover, 2023 potentially sees higher distributions. I expect investors will get clarity on the potential takeover next week when they release their results for the second quarter of 2022 and in the meantime, the lack of publicly available information makes it difficult to ascertain its probability of proceeding or the price unitholders can expect. Anecdotally speaking, there seems to have been quite a few master limited partnerships acquired by their parent companies during the last year, such as Shell Midstream Partners (SHLX), Sisecam Resources (SIRE) and Phillips 66 Partners just to name a few, which in my eyes, lends credence to the idea they will be acquired. Author Their capital structure continued improving thanks to their continued steady and strong free cash flow, which now sees their net debt down to $544.6m and thus significantly lower than the $767.1m where it resided at the end of 2019 before embarking upon this deleveraging mission. Even if looking less far in the past, their net debt is still materially lower than the $588.6m and $684.6m where it ended 2021 and 2020 respectively. When looking ahead, their net debt should decrease by another $75m by the end of 2022 as they clean up the last remains of their credit facility before hopefully lifting their distributions. Author Quite unsurprisingly, their steadily decreasing net debt saw their leverage follow in tandem with their net debt-to-EBITDA now down to 2.43, which shows consistent improvements versus their previous results of 2.52 and 2.83 at the end of 2021 and 2020 respectively. Meanwhile, their net debt-to-operating cash flow also followed this same path with its latest result of 2.89 marking improvements versus its previous results of 3.13 and 3.67 at the end of 2021 and 2020 respectively. Whilst these both have fallen towards the lower half of the moderate territory of between 2.01 and 3.50, when looking ahead, they should end 2022 at approximately 2.09 and 2.49 respectively once they trim away another $75m of net debt, assuming their financial performance tracks the first quarter.
Seeking Alpha • Jun 27

PBF Energy: Record Refinery Margins To Come

PBF is a large independent US oil refiner. Its share price ROR has lagged its peer group for poor profitability. It lost money in Q1'22 despite higher refinery margins. But market fundamentals are supportive and crack spread futures are at record highs. The Company should post profits in the quarters ahead.
Seeking Alpha • May 16

PBF Logistics: Why I Can't Stop Buying

PBFX continues to produce solid distributable cash flow numbers. The current yield is sustainable and should return to growth. Inflation has continued to push me towards more energy.
Seeking Alpha • Apr 02

PBF Logistics: 8.4% Yield With Stable Outlook

PBF Logistics generated substantial cash that covers their dividend in 2021, and the future outlook is stable given the high price of petroleum. Since 2019, management has been improving the balance sheet and reducing long term debt (decreased from $802 M in 2019 to $622 M in 2021). With a strengthening balance sheet and strong cash generation, I expect PBF Logistics will see increasing revenue going forward.
Seeking Alpha • Jan 14

PBF Logistics: Grab A Near 10% Yield For 2022 That's 50% Undervalued

Whilst many suffered throughout the Covid-19 pandemic, PBF Logistics proved themselves financially resilient. They saw their operating cash flow increase by around 25% during 2020 and then hold strong throughout 2021. They continue seeing very strong distribution coverage at over 200% that makes room for distribution growth in the coming years, especially with their healthy financial position. Even if their distributions only grow to half their potential in the next five years, it sees their estimated intrinsic value as extremely impressive near 100% higher. Since their units are also still undervalued even without any future distribution growth, I believe that upgrading to a very bullish rating is now appropriate.
Seeking Alpha • Oct 05

PBF Logistics: 9% Dividend With Upside Potential

PBFX is paying a quarterly dividend of $0.30 per share, giving a staggering 9.22% yield. Their operations generate strong cash flow, and I believe they will continue to perform in the foreseeable future. They have been successfully deleveraging, and the balance sheet has steadily improved over the past couple of years. I expect the dividend will likely increase in the near future to match its pre-pandemic level, resulting in a boost in stock price.
Seeking Alpha • Sep 20

PBF Logistics: Underlying Improvements Should Lead To Higher Distributions Returning Soon

Despite many of their midstream peers increasing their distributions during 2021, PBF Logistics has kept theirs unchanged. Whilst some investors may think that this stems from poor cash flow performance, they actually continue to generate ample excess free cash flow. The lack of distribution growth stems from their capital allocation strategy that continues to focus on deleveraging, which I view as narrowly focused and likely to change in the future. This is primarily because their financial position is already at its strongest point in years and does not require any further deleveraging, especially given their already strong liquidity. I expect a new capital allocation strategy to follow that should lead to higher distributions returning soon, and given their existing high near 10% yield, I still believe that a bullish rating is appropriate.
Seeking Alpha • Aug 05

PBF Energy Is In A Debt Trap

PBF Energy is trading at 30% of pre-pandemic price even as, per management, demand for refined petroleum products has recovered. Why? Its current Debt to EBIT ratio is substantially high. At this rate, repayment of the debt by maturity date is doubtful. Concentrating cash flow on repaying debt diverts cash flow away from the capital expenditure for growth. No growth capex leads to poor returns for investors in the future.

Rentabilidad de los accionistas

PBFXUS Oil and GasMercado US
7D-8.8%-0.8%-4.1%
1Y74.1%27.3%20.6%

Rentabilidad vs. Industria: PBFX superó a la industria US Oil and Gas, que obtuvo un rendimiento del 27.3% el año pasado.

Rentabilidad vs. Mercado: PBFX superó al mercado US, que obtuvo un rendimiento del 20.6% el año pasado.

Volatilidad de los precios

Is PBFX's price volatile compared to industry and market?
PBFX volatility
PBFX Average Weekly Movement4.4%
Oil and Gas Industry Average Movement6.1%
Market Average Movement7.2%
10% most volatile stocks in US Market16.6%
10% least volatile stocks in US Market3.1%

Precio estable de las acciones: PBFX no ha tenido una volatilidad de precios significativa en los últimos 3 meses en comparación con el mercado US.

Volatilidad a lo largo del tiempo: La volatilidad semanal de PBFX (4%) se ha mantenido estable durante el año pasado.

Acerca de la empresa

FundadaEmpleadosCEOPágina web
201289Tom Nimbleywww.pbflogistics.com

Resumen de fundamentos de PBF Logistics LP

¿Cómo se comparan los beneficios e ingresos de PBF Logistics con su capitalización de mercado?
Estadísticas fundamentales de PBFX
Capitalización bursátilUS$1.25b
Beneficios(TTM)US$152.72m
Ingresos (TTM)US$361.72m
8.2x
Ratio precio-beneficio (PE)
3.5x
Ratio precio-ventas (PS)

¿Está PBFX sobrevalorada?

Ver valor justo y análisis de valoración

Beneficios e Ingresos

Estadísticas clave de rentabilidad del último informe de resultados (TTM)
Cuenta de resultados (TTM) de PBFX
IngresosUS$361.72m
Coste de los ingresosUS$113.72m
Beneficio brutoUS$248.00m
Otros gastosUS$95.28m
BeneficiosUS$152.72m

Últimos beneficios comunicados

Sep 30, 2022

Próxima fecha de beneficios

n/a

Beneficios por acción (BPA)2.43
Margen bruto68.56%
Margen de beneficio neto42.22%
Ratio deuda/patrimonio171.7%

¿Cómo se ha desempeñado PBFX a largo plazo?

Ver rendimiento histórico y comparativa

Dividendos

6.0%
Rentabilidad actual por dividendo
49%
Ratio de pagos

Análisis de la empresa y estado de los datos financieros

DatosÚltima actualización (huso horario UTC)
Análisis de la empresa2022/12/01 22:37
Precio de las acciones al final del día2022/11/30 00:00
Beneficios2022/09/30
Ingresos anuales2021/12/31

Fuentes de datos

Los datos utilizados en nuestro análisis de empresas proceden de S&P Global Market Intelligence LLC. Los siguientes datos se utilizan en nuestro modelo de análisis para generar este informe. Los datos están normalizados, lo que puede introducir un retraso desde que la fuente está disponible.

PaqueteDatosMarco temporalEjemplo Fuente EE.UU. *
Finanzas de la empresa10 años
  • Cuenta de resultados
  • Estado de tesorería
  • Balance
Estimaciones del consenso de analistas+3 años
  • Previsiones financieras
  • Objetivos de precios de los analistas
Precios de mercado30 años
  • Precios de las acciones
  • Dividendos, escisiones y acciones
Propiedad10 años
  • Accionistas principales
  • Información privilegiada
Gestión10 años
  • Equipo directivo
  • Consejo de Administración
Principales avances10 años
  • Anuncios de empresas

* Ejemplo para valores de EE.UU., para no EE.UU. se utilizan formularios y fuentes normativas equivalentes.

A menos que se especifique lo contrario, todos los datos financieros se basan en un periodo anual, pero se actualizan trimestralmente. Esto se conoce como datos de los últimos doce meses (TTM) o de los últimos doce meses (LTM). Más información.

Modelo de análisis y copo de nieve

Los detalles del modelo de análisis utilizado para generar este informe están disponibles en nuestra página de Github, también tenemos guías sobre cómo utilizar nuestros informes y tutoriales en Youtube.

Conozca al equipo de talla mundial que diseñó y construyó el modelo de análisis Simply Wall St.

Métricas industriales y sectoriales

Simply Wall St calcula cada 6 horas nuestras métricas sectoriales y de sección. Los detalles de nuestro proceso están disponibles en Github.

Fuentes analistas

PBF Logistics LP está cubierta por 8 analistas. 1 de esos analistas presentaron las estimaciones de ingresos o ganancias utilizadas como datos para nuestro informe. Las estimaciones de los analistas se actualizan a lo largo del día.

AnalistaInstitución
Yim ChengBarclays
Brian ZarahnBarclays
Timm SchneiderCitigroup Inc