BLACK STONE MINERALS LP (BSM) Stock Fundamental Analysis
NYSE:BSM - New York Stock Exchange, Inc. - US09225M1018 - Currency: USD
BSM gets a fundamental rating of 6 out of 10. The analysis compared the fundamentals against 213 industry peers in the Oil, Gas & Consumable Fuels industry. BSM scores excellent on profitability, but there are some minor concerns on its financial health. BSM is valued correctly, but it does not seem to be growing. Finally BSM also has an excellent dividend rating. These ratings would make BSM suitable for dividend investing!
1. Profitability
1.1 Basic Checks
BSM had positive earnings in the past year.
In the past year BSM had a positive cash flow from operations.
BSM had positive earnings in each of the past 5 years.
BSM had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
BSM has a better Return On Assets (15.65%) than 92.02% of its industry peers.
The Return On Equity of BSM (18.21%) is better than 78.87% of its industry peers.
BSM's Return On Invested Capital of 15.23% is amongst the best of the industry. BSM outperforms 89.67% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for BSM is in line with the industry average of 25.87%.
The last Return On Invested Capital (15.23%) for BSM is well below the 3 year average (25.28%), which needs to be investigated, but indicates that BSM had better years and this may not be a problem.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 15.65% | ||
| ROE | 18.21% | ||
| ROIC | 15.23% |
ROA(3y)29.1%
ROA(5y)21.66%
ROE(3y)30.66%
ROE(5y)23.33%
ROIC(3y)25.28%
ROIC(5y)19.74%
1.3 Margins
Looking at the Profit Margin, with a value of 50.04%, BSM belongs to the top of the industry, outperforming 92.96% of the companies in the same industry.
BSM's Profit Margin has improved in the last couple of years.
BSM has a Operating Margin of 58.40%. This is amongst the best in the industry. BSM outperforms 92.96% of its industry peers.
In the last couple of years the Operating Margin of BSM has grown nicely.
With an excellent Gross Margin value of 85.51%, BSM belongs to the best of the industry, outperforming 92.49% of the companies in the same industry.
BSM's Gross Margin has been stable in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 58.4% | ||
| PM (TTM) | 50.04% | ||
| GM | 85.51% |
OM growth 3Y7.06%
OM growth 5Y5.48%
PM growth 3Y7.56%
PM growth 5Y7.06%
GM growth 3Y1.53%
GM growth 5Y0.56%
2. Health
2.1 Basic Checks
The Return on Invested Capital (ROIC) is well above the Cost of Capital (WACC), so BSM is creating value.
Compared to 1 year ago, BSM has less shares outstanding
The number of shares outstanding for BSM has been increased compared to 5 years ago.
The debt/assets ratio for BSM is higher compared to a year ago.
2.2 Solvency
BSM has a debt to FCF ratio of 0.26. This is a very positive value and a sign of high solvency as it would only need 0.26 years to pay back of all of its debts.
BSM has a better Debt to FCF ratio (0.26) than 92.02% of its industry peers.
A Debt/Equity ratio of 0.06 indicates that BSM is not too dependend on debt financing.
With an excellent Debt to Equity ratio value of 0.06, BSM belongs to the best of the industry, outperforming 80.28% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.06 | ||
| Debt/FCF | 0.26 | ||
| Altman-Z | N/A |
ROIC/WACC1.46
WACC10.42%
2.3 Liquidity
A Current Ratio of 1.35 indicates that BSM should not have too much problems paying its short term obligations.
BSM's Current ratio of 1.35 is fine compared to the rest of the industry. BSM outperforms 61.03% of its industry peers.
BSM has a Quick Ratio of 1.35. This is a normal value and indicates that BSM is financially healthy and should not expect problems in meeting its short term obligations.
BSM's Quick ratio of 1.35 is fine compared to the rest of the industry. BSM outperforms 68.08% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.35 | ||
| Quick Ratio | 1.35 |
3. Growth
3.1 Past
BSM shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -41.56%.
BSM shows a small growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 5.02% yearly.
The Revenue for BSM has decreased by -25.94% in the past year. This is quite bad
BSM shows a decrease in Revenue. Measured over the last years, the Revenue has been decreasing by -2.32% yearly.
EPS 1Y (TTM)-41.56%
EPS 3Y13.82%
EPS 5Y5.02%
EPS Q2Q%-92.59%
Revenue 1Y (TTM)-25.94%
Revenue growth 3Y6.47%
Revenue growth 5Y-2.32%
Sales Q2Q%-1.31%
3.2 Future
Based on estimates for the next years, BSM will show a quite strong growth in Earnings Per Share. The EPS will grow by 11.54% on average per year.
BSM is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 5.68% yearly.
EPS Next Y9.49%
EPS Next 2Y11.54%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year4.33%
Revenue Next 2Y5.68%
Revenue Next 3YN/A
Revenue Next 5YN/A
3.3 Evolution
When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
4. Valuation
4.1 Price/Earnings Ratio
With a Price/Earnings ratio of 14.99, BSM is valued correctly.
The rest of the industry has a similar Price/Earnings ratio as BSM.
BSM's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 25.82.
The Price/Forward Earnings ratio is 9.43, which indicates a very decent valuation of BSM.
Based on the Price/Forward Earnings ratio, BSM is valued a bit cheaper than 68.08% of the companies in the same industry.
The average S&P500 Price/Forward Earnings ratio is at 21.76. BSM is valued rather cheaply when compared to this.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 14.99 | ||
| Fwd PE | 9.43 |
4.2 Price Multiples
BSM's Enterprise Value to EBITDA ratio is in line with the industry average.
69.48% of the companies in the same industry are more expensive than BSM, based on the Price/Free Cash Flow ratio.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 11.63 | ||
| EV/EBITDA | 10.8 |
4.3 Compensation for Growth
BSM's PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
BSM has an outstanding profitability rating, which may justify a higher PE ratio.
PEG (NY)1.58
PEG (5Y)2.98
EPS Next 2Y11.54%
EPS Next 3YN/A
5. Dividend
5.1 Amount
BSM has a Yearly Dividend Yield of 10.91%, which is a nice return.
BSM's Dividend Yield is rather good when compared to the industry average which is at 6.77. BSM pays more dividend than 89.20% of the companies in the same industry.
Compared to an average S&P500 Dividend Yield of 2.36, BSM pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 10.91% |
5.2 History
The dividend of BSM has a limited annual growth rate of 1.14%.
BSM has paid a dividend for at least 10 years, which is a reliable track record.
BSM has not decreased its dividend in the last 3 years.
Dividend Growth(5Y)1.14%
Div Incr Years3
Div Non Decr Years3
5.3 Sustainability
178.29% of the earnings are spent on dividend by BSM. This is not a sustainable payout ratio.
BSM's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP178.29%
EPS Next 2Y11.54%
EPS Next 3YN/A
13.49
+0.02 (+0.15%)
Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)
Earnings (Next)
Inst Owners13.69%
Inst Owner Change2.11%
Ins Owners18.61%
Ins Owner Change5.02%
Market Cap2.85B
Analysts72.5
Price Target16.83 (24.76%)
Short Float %1.25%
Short Ratio5.15
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 10.91% |
Yearly Dividend1.68
Dividend Growth(5Y)1.14%
DP178.29%
Div Incr Years3
Div Non Decr Years3
Ex-Date
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-72.64%
Min EPS beat(2)-93.88%
Max EPS beat(2)-51.4%
EPS beat(4)1
Avg EPS beat(4)-37.6%
Min EPS beat(4)-93.88%
Max EPS beat(4)14.35%
EPS beat(8)2
Avg EPS beat(8)-24.1%
EPS beat(12)6
Avg EPS beat(12)6.62%
EPS beat(16)7
Avg EPS beat(16)2.8%
Revenue beat(2)0
Avg Revenue beat(2)-13.97%
Min Revenue beat(2)-25.2%
Max Revenue beat(2)-2.74%
Revenue beat(4)0
Avg Revenue beat(4)-11.45%
Min Revenue beat(4)-25.2%
Max Revenue beat(4)-2.74%
Revenue beat(8)1
Avg Revenue beat(8)-4.65%
Revenue beat(12)4
Avg Revenue beat(12)4.06%
Revenue beat(16)5
Avg Revenue beat(16)-0.49%
PT rev (1m)-2.94%
PT rev (3m)0%
EPS NQ rev (1m)-2.08%
EPS NQ rev (3m)-8.74%
EPS NY rev (1m)-6.73%
EPS NY rev (3m)-11.9%
Revenue NQ rev (1m)-3.77%
Revenue NQ rev (3m)-0.47%
Revenue NY rev (1m)-3.37%
Revenue NY rev (3m)0.21%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 14.99 | ||
| Fwd PE | 9.43 | ||
| P/S | 7.35 | ||
| P/FCF | 11.63 | ||
| P/OCF | 8.15 | ||
| P/B | 2.67 | ||
| P/tB | 2.67 | ||
| EV/EBITDA | 10.8 |
EPS(TTM)0.9
EY6.67%
EPS(NY)1.43
Fwd EY10.61%
FCF(TTM)1.16
FCFY8.6%
OCF(TTM)1.65
OCFY12.27%
SpS1.84
BVpS5.04
TBVpS5.04
PEG (NY)1.58
PEG (5Y)2.98
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 15.65% | ||
| ROE | 18.21% | ||
| ROCE | 19.28% | ||
| ROIC | 15.23% | ||
| ROICexc | 15.27% | ||
| ROICexgc | 15.27% | ||
| OM | 58.4% | ||
| PM (TTM) | 50.04% | ||
| GM | 85.51% | ||
| FCFM | 63.22% |
ROA(3y)29.1%
ROA(5y)21.66%
ROE(3y)30.66%
ROE(5y)23.33%
ROIC(3y)25.28%
ROIC(5y)19.74%
ROICexc(3y)25.87%
ROICexc(5y)20.12%
ROICexgc(3y)25.87%
ROICexgc(5y)20.12%
ROCE(3y)32%
ROCE(5y)24.99%
ROICexcg growth 3Y13.21%
ROICexcg growth 5Y8.09%
ROICexc growth 3Y13.21%
ROICexc growth 5Y8.09%
OM growth 3Y7.06%
OM growth 5Y5.48%
PM growth 3Y7.56%
PM growth 5Y7.06%
GM growth 3Y1.53%
GM growth 5Y0.56%
F-Score4
Asset Turnover0.31
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.06 | ||
| Debt/FCF | 0.26 | ||
| Debt/EBITDA | 0.23 | ||
| Cap/Depr | 244.7% | ||
| Cap/Sales | 26.96% | ||
| Interest Coverage | 85.68 | ||
| Cash Conversion | 129.91% | ||
| Profit Quality | 126.35% | ||
| Current Ratio | 1.35 | ||
| Quick Ratio | 1.35 | ||
| Altman-Z | N/A |
F-Score4
WACC10.42%
ROIC/WACC1.46
Cap/Depr(3y)108.08%
Cap/Depr(5y)70.81%
Cap/Sales(3y)10.59%
Cap/Sales(5y)7.45%
Profit Quality(3y)109.65%
Profit Quality(5y)150.85%
High Growth Momentum
Growth
EPS 1Y (TTM)-41.56%
EPS 3Y13.82%
EPS 5Y5.02%
EPS Q2Q%-92.59%
EPS Next Y9.49%
EPS Next 2Y11.54%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)-25.94%
Revenue growth 3Y6.47%
Revenue growth 5Y-2.32%
Sales Q2Q%-1.31%
Revenue Next Year4.33%
Revenue Next 2Y5.68%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y-35.76%
EBIT growth 3Y13.99%
EBIT growth 5Y3.03%
EBIT Next Year24.4%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-47.74%
FCF growth 3Y4.19%
FCF growth 5Y-1.89%
OCF growth 1Y-27.14%
OCF growth 3Y14.84%
OCF growth 5Y-1.17%