PBF Logistics LP

Report azionario NYSE:PBFX

Capitalizzazione di mercato: 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 Performance degli utili passati

Criteri Il passato verificati 3/6

Informazioni chiave

16.02%

Tasso di crescita degli utili

5.76%

Tasso di crescita dell'EPS

Oil and Gas Crescita del settore33.67%
Tasso di crescita dei ricavi7.61%
Rendimento del capitale proprio50.07%
Margine netto42.22%
Ultimo aggiornamento sugli utili30 Sep 2022

Aggiornamenti sulle prestazioni recenti

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.

Ripartizione dei ricavi e delle spese

Come PBF Logistics guadagna e spende denaro. In base agli ultimi utili dichiarati, su base LTM.

Storico di utili e ricavi

NYSE:PBFX Ricavi, spese e utili (USD Millions )
DataRicaviUtiliSpese G+ASpese di R&S
30 Sep 22362153200
30 Jun 22361154190
31 Mar 22357152180
31 Dec 21356153190
30 Sep 21355142190
30 Jun 21355149190
31 Mar 21355150180
31 Dec 20360147170
30 Sep 20363146190
30 Jun 20361133190
31 Mar 20354118210
31 Dec 19340100230
30 Sep 1932892220
30 Jun 1931280210
31 Mar 1929875210
31 Dec 1828375180
30 Sep 1827175170
30 Jun 1826682160
31 Mar 1826287160
31 Dec 1725891160
30 Sep 1725294160
30 Jun 1723487150
31 Mar 1721182140
31 Dec 1618977130
30 Sep 1616369140
30 Jun 1615270140
31 Mar 1614675120
31 Dec 1514274130

Guadagni di qualità: PBFX ha guadagni di alta qualità.

Margine di profitto in crescita: Gli attuali margini di profitto netti di PBFX (42.2%) PBFX sono più alti rispetto allo scorso anno (40%).

Flusso di cassa libero e analisi degli utili

Analisi della crescita degli utili nel passato

Andamento degli utili: Gli utili di PBFX sono cresciuti del 16% all'anno negli ultimi 5 anni.

Accelerare la crescita: La crescita degli utili di PBFX nell'ultimo anno ( 7.6% ) è inferiore alla media quinquennale ( 16% all'anno).

Guadagni vs Settore: La crescita degli utili PBFX nell'ultimo anno ( 7.6% ) non ha superato quella del settore Oil and Gas 6%.

Rendimento del capitale proprio

ROE elevato: Sebbene il Return on Equity ( 50.07% ) di PBFX sia eccezionale, questa metrica è distorta a causa del loro elevato livello di debito.

Rendimento delle attività

Rendimento del capitale investito

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Analisi aziendale e situazione dei dati finanziari

DatiUltimo aggiornamento (ora UTC)
Analisi dell'azienda2022/12/01 17:47
Prezzo dell'azione a fine giornata2022/11/30 00:00
Utili2022/09/30
Utili annuali2021/12/31

Fonti dei dati

I dati utilizzati nella nostra analisi aziendale provengono da S&P Global Market Intelligence LLC. I seguenti dati sono utilizzati nel nostro modello di analisi per generare questo report. I dati sono normalizzati, il che può comportare un ritardo nella disponibilità della fonte.

PacchettoDatiTempisticaEsempio Fonte USA *
Dati finanziari della società10 anni
  • Conto economico
  • Rendiconto finanziario
  • Bilancio
Stime di consenso degli analisti+3 anni
  • Previsioni finanziarie
  • Obiettivi di prezzo degli analisti
Prezzi di mercato30 anni
  • Prezzi delle azioni
  • Dividendi, scissioni e azioni
Proprietà10 anni
  • Top azionisti
  • Insider trading
Gestione10 anni
  • Team di leadership
  • Consiglio di amministrazione
Sviluppi principali10 anni
  • Annunci aziendali

* Esempio per i titoli statunitensi, per i titoli non statunitensi si utilizzano forme e fonti normative equivalenti.

Se non specificato, tutti i dati finanziari si basano su un periodo annuale ma vengono aggiornati trimestralmente. Si tratta dei cosiddetti dati TTM (Trailing Twelve Month) o LTM (Last Twelve Month). Per saperne di più.

Modello di analisi e Snowflake

I dettagli del modello di analisi utilizzato per generare questo report sono disponibili sulla nostra pagina Github; abbiamo anche guide su come utilizzare i nostri report e tutorial su Youtube.

Scoprite il team di livello mondiale che ha progettato e realizzato il modello di analisi Simply Wall St.

Metriche di settore e industriali

Le nostre metriche di settore e di sezione sono calcolate ogni 6 ore da Simply Wall St; i dettagli del nostro processo sono disponibili su Github.

Fonti analitiche

PBF Logistics LP è coperta da 8 analisti. 1 di questi analisti ha fornito le stime di fatturato o di utile utilizzate come input per il nostro report. Le stime degli analisti vengono aggiornate nel corso della giornata.

AnalistaIstituzione
Yim ChengBarclays
Brian ZarahnBarclays
Timm SchneiderCitigroup Inc