BLACK STONE MINERALS LP (BSM) Stock Fundamental Analysis
NYSE:BSM - New York Stock Exchange, Inc. - US09225M1018 - Currency: USD
Taking everything into account, BSM scores 6 out of 10 in our fundamental rating. BSM was compared to 210 industry peers in the Oil, Gas & Consumable Fuels industry. While BSM belongs to the best of the industry regarding profitability, there are some minor concerns on its financial health. BSM is valued correctly, but it does not seem to be growing.
1. Profitability
1.1 Basic Checks
BSM had positive earnings in the past year.
BSM had a positive operating cash flow in the past year.
Each year in the past 5 years BSM has been profitable.
In the past 5 years BSM always reported a positive cash flow from operatings.
1.2 Ratios
Looking at the Return On Assets, with a value of 15.65%, BSM belongs to the top of the industry, outperforming 92.38% of the companies in the same industry.
Looking at the Return On Equity, with a value of 18.21%, BSM is in the better half of the industry, outperforming 78.10% of the companies in the same industry.
BSM has a Return On Invested Capital of 15.23%. This is amongst the best in the industry. BSM outperforms 90.00% 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 23.79%.
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
BSM has a better Profit Margin (50.04%) than 92.86% of its industry peers.
BSM's Profit Margin has improved in the last couple of years.
The Operating Margin of BSM (58.40%) is better than 92.38% of its industry peers.
In the last couple of years the Operating Margin of BSM has grown nicely.
BSM has a better Gross Margin (85.51%) than 92.86% of its industry peers.
In the last couple of years the Gross Margin of BSM has remained more or less at the same level.
| 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
BSM has more shares outstanding than it did 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.
Looking at the Debt to FCF ratio, with a value of 0.26, BSM belongs to the top of the industry, outperforming 91.90% of the companies in the same industry.
A Debt/Equity ratio of 0.06 indicates that BSM is not too dependend on debt financing.
Looking at the Debt to Equity ratio, with a value of 0.06, BSM is in the better half of the industry, outperforming 79.52% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.06 | ||
| Debt/FCF | 0.26 | ||
| Altman-Z | N/A |
ROIC/WACC1.63
WACC9.36%
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 62.38% 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.
Looking at the Quick ratio, with a value of 1.35, BSM is in the better half of the industry, outperforming 69.52% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.35 | ||
| Quick Ratio | 1.35 |
3. Growth
3.1 Past
The earnings per share for BSM have decreased strongly by -41.56% in the last year.
Measured over the past 5 years, BSM shows a small growth in Earnings Per Share. The EPS has been growing by 5.02% on average per year.
BSM shows a very negative growth in Revenue. In the last year, the Revenue has decreased by -25.94%.
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
The Earnings Per Share is expected to grow by 7.89% on average over the next years.
BSM is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 5.68% yearly.
EPS Next Y-9.1%
EPS Next 2Y14.14%
EPS Next 3Y7.89%
EPS Next 5YN/A
Revenue Next Year3.35%
Revenue Next 2Y8.08%
Revenue Next 3Y5.68%
Revenue Next 5YN/A
3.3 Evolution
The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
BSM is valuated correctly with a Price/Earnings ratio of 13.66.
Compared to the rest of the industry, the Price/Earnings ratio of BSM is on the same level as its industry peers.
Compared to an average S&P500 Price/Earnings ratio of 27.35, BSM is valued rather cheaply.
With a Price/Forward Earnings ratio of 8.20, the valuation of BSM can be described as very reasonable.
BSM's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. BSM is cheaper than 73.33% of the companies in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 37.54, BSM is valued rather cheaply.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 13.66 | ||
| Fwd PE | 8.2 |
4.2 Price Multiples
BSM's Enterprise Value to EBITDA ratio is in line with the industry average.
Based on the Price/Free Cash Flow ratio, BSM is valued a bit cheaper than 72.38% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 10.62 | ||
| EV/EBITDA | 9.93 |
4.3 Compensation for Growth
The excellent profitability rating of BSM may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)2.72
EPS Next 2Y14.14%
EPS Next 3Y7.89%
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 12.12%, BSM is a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 6.49, BSM pays a better dividend. On top of this BSM pays more dividend than 93.81% of the companies listed 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 | 12.12% |
5.2 History
The dividend of BSM has a limited annual growth rate of 1.14%.
BSM has been paying a dividend for at least 10 years, so it has a reliable track record.
Dividend Growth(5Y)1.14%
Div Incr Years0
Div Non Decr Years0
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 2Y14.14%
EPS Next 3Y7.89%
12.29
-0.04 (-0.32%)
Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)
Earnings (Next)
Inst Owners13.93%
Inst Owner Change40.02%
Ins Owners17.84%
Ins Owner Change4.38%
Market Cap2.60B
Analysts72.5
Price Target15.81 (28.64%)
Short Float %1.46%
Short Ratio5.76
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 12.12% |
Yearly Dividend1.68
Dividend Growth(5Y)1.14%
DP178.29%
Div Incr Years0
Div Non Decr Years0
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)-3.12%
PT rev (3m)-8.82%
EPS NQ rev (1m)3.33%
EPS NQ rev (3m)-3.12%
EPS NY rev (1m)-8.94%
EPS NY rev (3m)-22.57%
Revenue NQ rev (1m)0.44%
Revenue NQ rev (3m)-6.81%
Revenue NY rev (1m)-0.2%
Revenue NY rev (3m)-4.28%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 13.66 | ||
| Fwd PE | 8.2 | ||
| P/S | 6.71 | ||
| P/FCF | 10.62 | ||
| P/OCF | 7.44 | ||
| P/B | 2.44 | ||
| P/tB | 2.44 | ||
| EV/EBITDA | 9.93 |
EPS(TTM)0.9
EY7.32%
EPS(NY)1.5
Fwd EY12.19%
FCF(TTM)1.16
FCFY9.42%
OCF(TTM)1.65
OCFY13.43%
SpS1.83
BVpS5.03
TBVpS5.03
PEG (NY)N/A
PEG (5Y)2.72
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
WACC9.36%
ROIC/WACC1.63
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 Y-9.1%
EPS Next 2Y14.14%
EPS Next 3Y7.89%
EPS Next 5YN/A
Revenue 1Y (TTM)-25.94%
Revenue growth 3Y6.47%
Revenue growth 5Y-2.32%
Sales Q2Q%-1.31%
Revenue Next Year3.35%
Revenue Next 2Y8.08%
Revenue Next 3Y5.68%
Revenue Next 5YN/A
EBIT growth 1Y-35.76%
EBIT growth 3Y13.99%
EBIT growth 5Y3.03%
EBIT Next Year18.48%
EBIT Next 3Y11.78%
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%