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PBF Logistics 대차대조표 건전성
재무 건전성 기준 점검 4/6
핵심 정보
171.73%
부채/자본 비율
US$523.79m
부채
| 이자보상배율 | 4.7x |
| 현금 | US$44.91m |
| 자본 | US$305.01m |
| 총부채 | US$563.21m |
| 총자산 | US$868.22m |
최근 재무 건전성 업데이트
업데이트 없음
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.재무 상태 분석
단기부채: PBFX 의 단기 자산 ( $94.1M )은 단기 부채( $560.5M ).
장기 부채: PBFX의 단기 자산($94.1M)이 장기 부채($2.7M)를 초과합니다.
부채/자본 비율 추이 및 분석
부채 수준: PBFX 의 순부채 대 자기자본 비율( 157% )은 높음으로 간주됩니다.
부채 감소: PBFX의 부채 대비 자본 비율은 지난 5년 동안 347.1%에서 171.7%로 감소했습니다.
부채 범위: PBFX 의 부채는 영업 현금 흐름 ( 42% )에 의해 잘 충당되었습니다.
이자 보장: PBFX 의 부채에 대한 이자 지급은 EBIT(4.7x 적용 범위)로 잘 충당됩니다.
대차대조표
건전한 기업 찾아보기
기업 분석 및 재무 데이터 상태
| 데이터 | 최종 업데이트 (UTC 시간) |
|---|---|
| 기업 분석 | 2022/12/01 21:25 |
| 종가 | 2022/11/30 00:00 |
| 수익 | 2022/09/30 |
| 연간 수익 | 2021/12/31 |
데이터 소스
당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.
| 패키지 | 데이터 | 기간 | 미국 소스 예시 * |
|---|---|---|---|
| 기업 재무제표 | 10년 |
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| 분석가 컨센서스 추정치 | +3년 |
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| 시장 가격 | 30년 |
| |
| 지분 구조 | 10년 |
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| 경영진 | 10년 |
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| 주요 개발 | 10년 |
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* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.
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산업 및 섹터 지표
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분석가 소스
PBF Logistics LP는 8명의 분석가가 다루고 있습니다. 이 중 1명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.
| 분석가 | 기관 |
|---|---|
| Yim Cheng | Barclays |
| Brian Zarahn | Barclays |
| Timm Schneider | Citigroup Inc |