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MMLP

Martin Midstream Partners NasdaqGS:MMLP Stock Report

Last Price

US$3.93

Market Cap

US$152.7m

7D

0%

1Y

36.5%

Updated

28 Jun, 2022

Data

Company Financials +
MMLP fundamental analysis
Snowflake Score
Valuation0/6
Future Growth0/6
Past Performance2/6
Financial Health0/6
Dividends0/6

MMLP Stock Overview

Martin Midstream Partners L.P., together with its subsidiaries, engages in terminalling, processing, storage, and packaging of petroleum products and by-products primarily in the United States Gulf Coast region.

Martin Midstream Partners Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Martin Midstream Partners
Historical stock prices
Current Share PriceUS$3.93
52 Week HighUS$5.98
52 Week LowUS$2.52
Beta2.32
1 Month Change-4.38%
3 Month Change-2.48%
1 Year Change36.46%
3 Year Change-42.71%
5 Year Change-78.58%
Change since IPO-77.80%

Recent News & Updates

Apr 21

Martin Midstream Partners: Improving Finances But Debt Still A Concern

Martin Midstream showed substantial improvements in nearly every area of its business compared to the prior-year quarter. The majority of the improvement was driven by the sulfur services business as opposed to its transportation or terminals businesses. The company has finally managed to get its leverage ratio down to a fairly reasonable level, but management wants to get it down further. The company has a substantial amount of debt maturing in the next three years, which is a very real risk. The company can easily carry its distribution, but the significant debt maturities mean that it probably will not raise its payout for a while.

Mar 07

Martin Midstream Partners: Don't Follow The Leader

Martin Midstream has begun to de-lever its balance sheet, but a lot of work remains to be done. The financial covenants under MMLP's credit agreement will continue to tighten over the next two years, providing little breathing room and almost no chance whatsoever of an increase in distributions. In the last two weeks, the Chairman of the Board of the General Partner of Martin Midstream has purchased more than 205,000 common units in the open market. Open market purchases by executive officers may seem like a bullish signal. However, in evaluating whether to factor such purchases into an investment decision, it is important to dig deeper. In the case of recent open market purchases by the Chairman of the GP of Martin Midstream, there is reason to believe that such purchases are neither bullish nor informative.

Feb 17

Martin Midstream Partners: Continuing To Chip Away At Its Debt

Martin's 2021 performance was strong as it exceeded the high-end of its adjusted EBITDA guidance by 12%. Changes to Martin's working capital led to a relatively modest reduction in net debt despite the strong adjusted EBITDA performance. It is guiding for $22 million to $32 million in adjusted free cash flow after distributions in 2022. The upside for the common units will largely depend on it being able to refinance its notes (maturing in 2024 and 2025) at lower interest rates.

Nov 27

Martin Midstream Partners: Solid Recent Performance, But Distribution Increase Remains Unlikely Until 2024

Martin's operational performance has been good in 2021 and it mentioned that it was on track to potentially exceed the high-end ($102 million) of its guidance range for adjusted EBITDA. However, due to credit facility covenants, Martin might not be able to increase its distribution until 2024 (when I project it could reduce its leverage sufficiently). Martin also has debt maturing between 2023 and 2025 that it will need to address before being able to increase its distribution.

Shareholder Returns

MMLPUS Oil and GasUS Market
7D0%-0.9%1.7%
1Y36.5%37.9%-20.4%

Return vs Industry: MMLP exceeded the US Oil and Gas industry which returned 34.2% over the past year.

Return vs Market: MMLP exceeded the US Market which returned -18.8% over the past year.

Price Volatility

Is MMLP's price volatile compared to industry and market?
MMLP volatility
MMLP Average Weekly Movement11.0%
Oil and Gas Industry Average Movement8.8%
Market Average Movement8.0%
10% most volatile stocks in US Market16.8%
10% least volatile stocks in US Market3.2%

Stable Share Price: MMLP is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 11% a week.

Volatility Over Time: MMLP's weekly volatility (11%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
2002n/aBob Bonduranthttps://mmlp.com

Martin Midstream Partners L.P., together with its subsidiaries, engages in terminalling, processing, storage, and packaging of petroleum products and by-products primarily in the United States Gulf Coast region. The company’s Terminalling and Storage segment owns or operates 15 marine shore-based terminal facilities and 13 specialty terminal facilities that provide storage, refining, blending, packaging, and handling services for producers and suppliers of petroleum products and by-products. This segment also offers land rental services to oil and gas companies, as well as storage and handling services for lubricants and fuels.

Martin Midstream Partners Fundamentals Summary

How do Martin Midstream Partners's earnings and revenue compare to its market cap?
MMLP fundamental statistics
Market CapUS$152.68m
Earnings (TTM)US$8.56m
Revenue (TTM)US$960.66m

17.8x

P/E Ratio

0.2x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
MMLP income statement (TTM)
RevenueUS$960.66m
Cost of RevenueUS$795.64m
Gross ProfitUS$165.02m
Other ExpensesUS$156.46m
EarningsUS$8.56m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)0.22
Gross Margin17.18%
Net Profit Margin0.89%
Debt/Equity Ratio-1,272.2%

How did MMLP perform over the long term?

See historical performance and comparison

Dividends

0.5%

Current Dividend Yield

9%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is MMLP undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MMLP?

Other financial metrics that can be useful for relative valuation.

MMLP key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue0.7x
Enterprise Value/EBITDA5.4x
PEG Ration/a

Price to Earnings Ratio vs Peers

How does MMLP's PE Ratio compare to its peers?

MMLP PE Ratio vs Peers
The above table shows the PE ratio for MMLP vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average7.6x
DLNG Dynagas LNG Partners
2.5xn/aUS$122.7m
USDP USD Partners
7.7x35.3%US$176.0m
GPP Green Plains Partners
7.2xn/aUS$280.4m
KNOP KNOT Offshore Partners
13.1x24.1%US$599.2m
MMLP Martin Midstream Partners
17.8xn/aUS$152.7m

Price-To-Earnings vs Peers: MMLP is expensive based on its Price-To-Earnings Ratio (17.8x) compared to the peer average (7.6x).


Price to Earnings Ratio vs Industry

How does MMLP's PE Ratio compare vs other companies in the US Oil and Gas Industry?

Price-To-Earnings vs Industry: MMLP is expensive based on its Price-To-Earnings Ratio (17.8x) compared to the US Oil and Gas industry average (11.9x)


Price to Earnings Ratio vs Fair Ratio

What is MMLP's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MMLP PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio17.8x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate MMLP's Price-To-Earnings Fair Ratio for valuation analysis.


Share Price vs Fair Value

What is the Fair Price of MMLP when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MMLP ($3.93) is trading above our estimate of fair value ($3.47)

Significantly Below Fair Value: MMLP is trading above our estimate of fair value.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate MMLP's PEG Ratio to determine if it is good value.


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Future Growth

How is Martin Midstream Partners forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

Future Growth Score

0/6

Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


-6.9%

Forecasted Energy industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Martin Midstream Partners has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Discover growth companies

  • Take a look at our analysis of MMLP’s management and see if the CEO’s compensation is within a reasonable range, who is on the board and if insiders have been trading lately.

Past Performance

How has Martin Midstream Partners performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-21.4%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: MMLP has high quality earnings.

Growing Profit Margin: MMLP became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: MMLP's earnings have declined by 21.4% per year over the past 5 years.

Accelerating Growth: MMLP has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: MMLP has become profitable in the last year, making it difficult to compare its past year earnings growth to the Oil and Gas industry (98.5%).


Return on Equity

High ROE: MMLP's liabilities exceed its assets, so it is difficult to calculate its Return on Equity.


Discover strong past performing companies

Financial Health

How is Martin Midstream Partners's financial position?

Financial Health Score

0/6

Financial Health Score 0/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: MMLP has negative shareholder equity, which is a more serious situation than short term assets not covering short term liabilities.

Long Term Liabilities: MMLP has negative shareholder equity, which is a more serious situation than short term assets not covering long term liabilities.


Debt to Equity History and Analysis

Debt Level: MMLP has negative shareholder equity, which is a more serious situation than a high debt level.

Reducing Debt: MMLP's has negative shareholder equity, so we do not need to check if its debt has reduced over time.

Debt Coverage: MMLP's debt is not well covered by operating cash flow (12.5%).

Interest Coverage: MMLP's interest payments on its debt are not well covered by EBIT (1.2x coverage).


Balance Sheet


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Dividend

What is Martin Midstream Partners's current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


0.51%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: MMLP's dividend (0.51%) isn’t notable compared to the bottom 25% of dividend payers in the US market (1.57%).

High Dividend: MMLP's dividend (0.51%) is low compared to the top 25% of dividend payers in the US market (4.25%).


Stability and Growth of Payments

Stable Dividend: MMLP is not paying a notable dividend for the US market, therefore no need to check if payments are stable.

Growing Dividend: MMLP is not paying a notable dividend for the US market, therefore no need to check if payments are increasing.


Earnings Payout to Shareholders

Earnings Coverage: MMLP is not paying a notable dividend for the US market.


Cash Payout to Shareholders

Cash Flow Coverage: MMLP is not paying a notable dividend for the US market.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

6.8yrs

Average management tenure


CEO

Bob Bondurant (62 yo)

1.42yrs

Tenure

US$1,414,600

Compensation

Mr. Robert D. Bondurant, also known as Bob, serves as Deputy Chairman at American Steamship Owners Mutual Protection and Indemnity Association, Inc. since June 2018. He serves as the Chief Financial Office...


CEO Compensation Analysis

Compensation vs Market: Bob's total compensation ($USD1.41M) is about average for companies of similar size in the US market ($USD1.75M).

Compensation vs Earnings: Bob's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: MMLP's management team is seasoned and experienced (6.8 years average tenure).


Board Members

Experienced Board: MMLP's board of directors are considered experienced (9.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: MMLP insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Martin Midstream Partners L.P.'s employee growth, exchange listings and data sources


Key Information

  • Name: Martin Midstream Partners L.P.
  • Ticker: MMLP
  • Exchange: NasdaqGS
  • Founded: 2002
  • Industry: Oil and Gas Storage and Transportation
  • Sector: Energy
  • Implied Market Cap: US$152.683m
  • Shares outstanding: 38.85m
  • Website: https://mmlp.com

Location

  • Martin Midstream Partners L.P.
  • 4200 Stone Road
  • Kilgore
  • Texas
  • 75662
  • United States

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/06/28 00:00
End of Day Share Price2022/06/28 00:00
Earnings2022/03/31
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.