May. 10 at 2:57 PM
$ET EPD's EV/EBITDA multiple is 11.63. Using ET end of the year guidance of
$18.7 Billion
EBITDA =
$18.7 billion
EV/EBITDA multiple = 11.63x
The math works like this:
Enterprise Value=18.7B×11.63
EV=18.7×11.63=217.48 billion
Estimated enterprise value:
EV ≈
$217.5 billion
Then subtract estimated net debt:
Net debt ≈
$70.9 billion
Equity Value=217.48B−70.9B
Equity Value=217.48−70.9=146.58 billion
Using about 3.44 billion shares outstanding:
Share Price=
3.44B
146.58B
Price Per Share=
3.44
146.58
≈42.6
Estimated ET stock price:
≈
$42–43 per share
For perspective:
ET currently trades around 8.9x EV/EBITDA.
An 11.63x multiple would price ET more like a premium infrastructure/growth midstream company rather than a traditional pipeline MLP.
That type of rerating would likely require:
major LNG growth,
large AI/data-center gas demand contracts,
sustained EBITDA acceleration toward your
$18.7B scenario,
and continued leverage reduction.
