BLACK STONE MINERALS LP (BSM) Stock Fundamental Analysis
NYSE:BSM - New York Stock Exchange, Inc. - US09225M1018 - Currency: USD
Overall BSM gets a fundamental rating of 7 out of 10. We evaluated BSM against 208 industry peers in the Oil, Gas & Consumable Fuels industry. BSM gets an excellent profitability rating and is at the same time showing great financial health properties. BSM is valued correctly, but it does not seem to be growing.
1. Profitability
1.1 Basic Checks
In the past year BSM was profitable.
BSM had a positive operating cash flow in the past year.
In the past 5 years BSM has always been profitable.
In the past 5 years BSM always reported a positive cash flow from operatings.
1.2 Ratios
BSM has a better Return On Assets (19.37%) than 94.71% of its industry peers.
Looking at the Return On Equity, with a value of 22.27%, BSM belongs to the top of the industry, outperforming 87.98% of the companies in the same industry.
With an excellent Return On Invested Capital value of 17.86%, BSM belongs to the best of the industry, outperforming 93.75% of the companies in the same industry.
The Average Return On Invested Capital over the past 3 years for BSM is in line with the industry average of 23.52%.
The 3 year average ROIC (25.28%) for BSM is well above the current ROIC(17.86%). The reason for the recent decline needs to be investigated.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 19.37% | ||
| ROE | 22.27% | ||
| ROIC | 17.86% |
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 (56.16%) than 93.27% of its industry peers.
In the last couple of years the Profit Margin of BSM has grown nicely.
BSM's Operating Margin of 64.04% is amongst the best of the industry. BSM outperforms 93.75% of its industry peers.
BSM's Operating Margin has improved in the last couple of years.
Looking at the Gross Margin, with a value of 88.08%, BSM belongs to the top of the industry, outperforming 95.19% of the companies in the same industry.
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 | 64.04% | ||
| PM (TTM) | 56.16% | ||
| GM | 88.08% |
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
BSM has a Return on Invested Capital (ROIC), which is well above the Cost of Capital (WACC), which means it is creating value.
Compared to 1 year ago, BSM has less shares outstanding
BSM has more shares outstanding than it did 5 years ago.
BSM has a worse debt/assets ratio than last year.
2.2 Solvency
The Debt to FCF ratio of BSM is 0.44, which is an excellent value as it means it would take BSM, only 0.44 years of fcf income to pay off all of its debts.
With an excellent Debt to FCF ratio value of 0.44, BSM belongs to the best of the industry, outperforming 91.35% of the companies in the same industry.
A Debt/Equity ratio of 0.09 indicates that BSM is not too dependend on debt financing.
BSM has a Debt to Equity ratio of 0.09. This is in the better half of the industry: BSM outperforms 78.85% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.09 | ||
| Debt/FCF | 0.44 | ||
| Altman-Z | N/A |
ROIC/WACC1.99
WACC8.99%
2.3 Liquidity
A Current Ratio of 3.22 indicates that BSM has no problem at all paying its short term obligations.
BSM has a better Current ratio (3.22) than 85.10% of its industry peers.
BSM has a Quick Ratio of 3.22. This indicates that BSM is financially healthy and has no problem in meeting its short term obligations.
With an excellent Quick ratio value of 3.22, BSM belongs to the best of the industry, outperforming 86.54% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 3.22 | ||
| Quick Ratio | 3.22 |
3. Growth
3.1 Past
The earnings per share for BSM have decreased strongly by -22.97% 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.
Looking at the last year, BSM shows a very negative growth in Revenue. The Revenue has decreased by -15.21% in the last year.
The Revenue has been decreasing by -2.32% on average over the past years.
EPS 1Y (TTM)-22.97%
EPS 3Y13.82%
EPS 5Y5.02%
EPS Q2Q%82.76%
Revenue 1Y (TTM)-15.21%
Revenue growth 3Y6.47%
Revenue growth 5Y-2.32%
Sales Q2Q%-7.35%
3.2 Future
BSM is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 7.89% yearly.
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 Year2.35%
Revenue Next 2Y7.93%
Revenue Next 3Y5.68%
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.
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
The Price/Earnings ratio is 10.77, which indicates a very decent valuation of BSM.
BSM's Price/Earnings ratio is a bit cheaper when compared to the industry. BSM is cheaper than 71.15% of the companies in the same industry.
The average S&P500 Price/Earnings ratio is at 26.87. BSM is valued rather cheaply when compared to this.
Based on the Price/Forward Earnings ratio of 8.20, the valuation of BSM can be described as reasonable.
Compared to the rest of the industry, the Price/Forward Earnings ratio of BSM indicates a somewhat cheap valuation: BSM is cheaper than 73.56% of the companies listed in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 35.34, BSM is valued rather cheaply.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 10.77 | ||
| 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 the industry average as 68.75% of the companies are valued more expensively.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 11.65 | ||
| EV/EBITDA | 8.52 |
4.3 Compensation for Growth
The excellent profitability rating of BSM may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)2.14
EPS Next 2Y14.14%
EPS Next 3Y7.89%
5. Dividend
5.1 Amount
BSM has a Yearly Dividend Yield of 9.95%, which is a nice return.
Compared to an average industry Dividend Yield of 6.28, BSM pays a better dividend. On top of this BSM pays more dividend than 88.94% of the companies listed in the same industry.
BSM's Dividend Yield is rather good when compared to the S&P500 average which is at 2.39.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 9.95% |
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
140.90% 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.
DP140.9%
EPS Next 2Y14.14%
EPS Next 3Y7.89%
12.28
-0.17 (-1.37%)
Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)
Earnings (Next)
Inst Owners14.04%
Inst Owner Change40.33%
Ins Owners17.76%
Ins Owner Change4.38%
Market Cap2.60B
Analysts72.5
Price Target15.81 (28.75%)
Short Float %1.64%
Short Ratio5.78
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 9.95% |
Yearly Dividend1.68
Dividend Growth(5Y)1.14%
DP140.9%
Div Incr Years0
Div Non Decr Years0
Ex-Date
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-11.38%
Min EPS beat(2)-93.88%
Max EPS beat(2)71.11%
EPS beat(4)2
Avg EPS beat(4)-14.95%
Min EPS beat(4)-93.88%
Max EPS beat(4)71.11%
EPS beat(8)3
Avg EPS beat(8)-13.88%
EPS beat(12)6
Avg EPS beat(12)7.9%
EPS beat(16)8
Avg EPS beat(16)11.11%
Revenue beat(2)0
Avg Revenue beat(2)-3.32%
Min Revenue beat(2)-3.91%
Max Revenue beat(2)-2.74%
Revenue beat(4)0
Avg Revenue beat(4)-11.26%
Min Revenue beat(4)-25.2%
Max Revenue beat(4)-2.74%
Revenue beat(8)1
Avg Revenue beat(8)-3.89%
Revenue beat(12)3
Avg Revenue beat(12)2.18%
Revenue beat(16)5
Avg Revenue beat(16)1.03%
PT rev (1m)0%
PT rev (3m)-6.06%
EPS NQ rev (1m)-1.07%
EPS NQ rev (3m)-3.16%
EPS NY rev (1m)0%
EPS NY rev (3m)-22.57%
Revenue NQ rev (1m)-1.6%
Revenue NQ rev (3m)-4.72%
Revenue NY rev (1m)-0.96%
Revenue NY rev (3m)-1.89%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 10.77 | ||
| Fwd PE | 8.2 | ||
| P/S | 5.94 | ||
| P/FCF | 11.65 | ||
| P/OCF | 7.89 | ||
| P/B | 2.36 | ||
| P/tB | 2.36 | ||
| EV/EBITDA | 8.52 |
EPS(TTM)1.14
EY9.28%
EPS(NY)1.5
Fwd EY12.2%
FCF(TTM)1.05
FCFY8.59%
OCF(TTM)1.56
OCFY12.68%
SpS2.07
BVpS5.21
TBVpS5.21
PEG (NY)N/A
PEG (5Y)2.14
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 19.37% | ||
| ROE | 22.27% | ||
| ROCE | 22.61% | ||
| ROIC | 17.86% | ||
| ROICexc | 17.9% | ||
| ROICexgc | 17.9% | ||
| OM | 64.04% | ||
| PM (TTM) | 56.16% | ||
| GM | 88.08% | ||
| FCFM | 51.03% |
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-Score5
Asset Turnover0.34
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.09 | ||
| Debt/FCF | 0.44 | ||
| Debt/EBITDA | 0.31 | ||
| Cap/Depr | 262.5% | ||
| Cap/Sales | 24.32% | ||
| Interest Coverage | 66.99 | ||
| Cash Conversion | 102.78% | ||
| Profit Quality | 90.86% | ||
| Current Ratio | 3.22 | ||
| Quick Ratio | 3.22 | ||
| Altman-Z | N/A |
F-Score5
WACC8.99%
ROIC/WACC1.99
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)-22.97%
EPS 3Y13.82%
EPS 5Y5.02%
EPS Q2Q%82.76%
EPS Next Y-9.1%
EPS Next 2Y14.14%
EPS Next 3Y7.89%
EPS Next 5YN/A
Revenue 1Y (TTM)-15.21%
Revenue growth 3Y6.47%
Revenue growth 5Y-2.32%
Sales Q2Q%-7.35%
Revenue Next Year2.35%
Revenue Next 2Y7.93%
Revenue Next 3Y5.68%
Revenue Next 5YN/A
EBIT growth 1Y-18.1%
EBIT growth 3Y13.99%
EBIT growth 5Y3.03%
EBIT Next Year16.67%
EBIT Next 3Y12.31%
EBIT Next 5YN/A
FCF growth 1Y-57.91%
FCF growth 3Y4.19%
FCF growth 5Y-1.89%
OCF growth 1Y-38.44%
OCF growth 3Y14.84%
OCF growth 5Y-1.17%