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SUMMIT MIDSTREAM PARTNERS LP (SMLP) Stock Fundamental Analysis

NYSE:SMLP - New York Stock Exchange, Inc. - US8661424098 - Currency: USD

38.05  +1.34 (+3.65%)

Fundamental Rating

3

Taking everything into account, SMLP scores 3 out of 10 in our fundamental rating. SMLP was compared to 213 industry peers in the Oil, Gas & Consumable Fuels industry. SMLP may be in some trouble as it scores bad on both profitability and health. SMLP has a valuation in line with the averages, but it does not seem to be growing.


Dividend Valuation Growth Profitability Health

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3

1. Profitability

1.1 Basic Checks

In the past year SMLP was profitable.
In the past year SMLP had a positive cash flow from operations.
In the past 5 years SMLP reported 4 times negative net income.
SMLP had a positive operating cash flow in each of the past 5 years.
SMLP Yearly Net Income VS EBIT VS OCF VS FCFSMLP Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 100M -100M 200M -200M

1.2 Ratios

The Return On Assets of SMLP (3.51%) is worse than 61.24% of its industry peers.
With a Return On Equity value of 8.34%, SMLP perfoms like the industry average, outperforming 40.19% of the companies in the same industry.
The Return On Invested Capital of SMLP (3.07%) is worse than 72.25% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for SMLP is significantly below the industry average of 25.89%.
The last Return On Invested Capital (3.07%) for SMLP is above the 3 year average (2.12%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 3.51%
ROE 8.34%
ROIC 3.07%
ROA(3y)-3.09%
ROA(5y)-1.41%
ROE(3y)-8.77%
ROE(5y)-6.87%
ROIC(3y)2.12%
ROIC(5y)2.45%
SMLP Yearly ROA, ROE, ROICSMLP Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 10 -10 20 -20 -30

1.3 Margins

SMLP has a Profit Margin of 17.49%. This is in the better half of the industry: SMLP outperforms 60.29% of its industry peers.
SMLP's Operating Margin of 18.04% is in line compared to the rest of the industry. SMLP outperforms 47.37% of its industry peers.
SMLP's Operating Margin has declined in the last couple of years.
Looking at the Gross Margin, with a value of 54.11%, SMLP is in line with its industry, outperforming 59.81% of the companies in the same industry.
SMLP's Gross Margin has declined in the last couple of years.
Industry RankSector Rank
OM 18.04%
PM (TTM) 17.49%
GM 54.11%
OM growth 3Y-0.81%
OM growth 5Y-8.9%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-7.66%
GM growth 5Y-2.13%
SMLP Yearly Profit, Operating, Gross MarginsSMLP Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 20 -20 40 -40 60

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3

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), SMLP is destroying value.
SMLP has more shares outstanding than it did 1 year ago.
Compared to 5 years ago, SMLP has more shares outstanding
SMLP has a worse debt/assets ratio than last year.
SMLP Yearly Shares OutstandingSMLP Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 5M 10M 15M 20M 25M
SMLP Yearly Total Debt VS Total AssetsSMLP Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 1B 2B 3B

2.2 Solvency

The Debt to FCF ratio of SMLP is 22.27, which is on the high side as it means it would take SMLP, 22.27 years of fcf income to pay off all of its debts.
The Debt to FCF ratio of SMLP (22.27) is worse than 64.11% of its industry peers.
A Debt/Equity ratio of 1.16 is on the high side and indicates that SMLP has dependencies on debt financing.
SMLP has a Debt to Equity ratio of 1.16. This is in the lower half of the industry: SMLP underperforms 75.12% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.16
Debt/FCF 22.27
Altman-Z N/A
ROIC/WACC0.38
WACC8.17%
SMLP Yearly LT Debt VS Equity VS FCFSMLP Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500M 1B 1.5B

2.3 Liquidity

A Current Ratio of 2.64 indicates that SMLP has no problem at all paying its short term obligations.
Looking at the Current ratio, with a value of 2.64, SMLP is in the better half of the industry, outperforming 78.47% of the companies in the same industry.
A Quick Ratio of 2.64 indicates that SMLP has no problem at all paying its short term obligations.
With an excellent Quick ratio value of 2.64, SMLP belongs to the best of the industry, outperforming 80.38% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 2.64
Quick Ratio 2.64
SMLP Yearly Current Assets VS Current LiabilitesSMLP Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 20M 40M 60M 80M 100M

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2

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 145.90% over the past year.
The Revenue has grown by 20.54% in the past year. This is a very strong growth!
The Revenue has been decreasing by -1.96% on average over the past years.
EPS 1Y (TTM)145.9%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%730.2%
Revenue 1Y (TTM)20.54%
Revenue growth 3Y6.17%
Revenue growth 5Y-1.96%
Sales Q2Q%5.66%

3.2 Future

No EPS estimates are available, so we could not analyze the future EPS growth and evolution.
No Revenue estimates are available, so we could not analyze the future revenue growth and evolution.
EPS Next Y95.4%
EPS Next 2YN/A
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year6.33%
Revenue Next 2YN/A
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

No EPS estimates are available, so we could not analyze the future EPS growth and evolution.
No Revenue estimates are available, so we could not analyze the future revenue growth and evolution.
SMLP Yearly Revenue VS EstimatesSMLP Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M 500M
SMLP Yearly EPS VS EstimatesSMLP Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 -10 20 30 40

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5

4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 5.31, the valuation of SMLP can be described as very cheap.
87.08% of the companies in the same industry are more expensive than SMLP, based on the Price/Earnings ratio.
Compared to an average S&P500 Price/Earnings ratio of 26.68, SMLP is valued rather cheaply.
The Price/Forward Earnings ratio is 21.94, which indicates a rather expensive current valuation of SMLP.
Compared to the rest of the industry, the Price/Forward Earnings ratio of SMLP indicates a slightly more expensive valuation: SMLP is more expensive than 69.86% of the companies listed in the same industry.
When comparing the Price/Forward Earnings ratio of SMLP to the average of the S&P500 Index (22.50), we can say SMLP is valued inline with the index average.
Industry RankSector Rank
PE 5.31
Fwd PE 21.94
SMLP Price Earnings VS Forward Price EarningsSMLP Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of SMLP is on the same level as its industry peers.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of SMLP indicates a somewhat cheap valuation: SMLP is cheaper than 74.16% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 7.81
EV/EBITDA 5.92
SMLP Per share dataSMLP EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60 80

4.3 Compensation for Growth

The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
PEG (NY)0.06
PEG (5Y)N/A
EPS Next 2YN/A
EPS Next 3YN/A

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0

5. Dividend

5.1 Amount

SMLP does not give a dividend.
Industry RankSector Rank
Dividend Yield N/A

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SUMMIT MIDSTREAM PARTNERS LP

NYSE:SMLP (7/31/2024, 8:04:00 PM)

38.05

+1.34 (+3.65%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)08-08 2024-08-08/bmo
Earnings (Next)10-31 2024-10-31/bmo
Inst Owners9.09%
Inst Owner Change-96.72%
Ins Owners59.18%
Ins Owner Change0%
Market Cap405.23M
Analysts43.33
Price Target22.44 (-41.02%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly Dividend0.63
Dividend Growth(5Y)-56.93%
DP8.04%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0%
PT rev (3m)0%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)0%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)0%
Valuation
Industry RankSector Rank
PE 5.31
Fwd PE 21.94
P/S 0.87
P/FCF 7.81
P/OCF 3.35
P/B 0.42
P/tB 0.49
EV/EBITDA 5.92
EPS(TTM)7.17
EY18.84%
EPS(NY)1.73
Fwd EY4.56%
FCF(TTM)4.88
FCFY12.81%
OCF(TTM)11.34
OCFY29.82%
SpS43.69
BVpS91.59
TBVpS77.76
PEG (NY)0.06
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 3.51%
ROE 8.34%
ROCE 3.88%
ROIC 3.07%
ROICexc 3.65%
ROICexgc 3.97%
OM 18.04%
PM (TTM) 17.49%
GM 54.11%
FCFM 11.16%
ROA(3y)-3.09%
ROA(5y)-1.41%
ROE(3y)-8.77%
ROE(5y)-6.87%
ROIC(3y)2.12%
ROIC(5y)2.45%
ROICexc(3y)2.13%
ROICexc(5y)2.46%
ROICexgc(3y)2.3%
ROICexgc(5y)2.68%
ROCE(3y)2.68%
ROCE(5y)3.1%
ROICexcg growth 3Y6.04%
ROICexcg growth 5Y-7.29%
ROICexc growth 3Y6.34%
ROICexc growth 5Y-6.78%
OM growth 3Y-0.81%
OM growth 5Y-8.9%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-7.66%
GM growth 5Y-2.13%
F-Score7
Asset Turnover0.2
Health
Industry RankSector Rank
Debt/Equity 1.16
Debt/FCF 22.27
Debt/EBITDA 5.48
Cap/Depr 56.62%
Cap/Sales 14.81%
Interest Coverage 0.66
Cash Conversion 58.76%
Profit Quality 63.8%
Current Ratio 2.64
Quick Ratio 2.64
Altman-Z N/A
F-Score7
WACC8.17%
ROIC/WACC0.38
Cap/Depr(3y)33.98%
Cap/Depr(5y)60.3%
Cap/Sales(3y)9.84%
Cap/Sales(5y)16.37%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)145.9%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%730.2%
EPS Next Y95.4%
EPS Next 2YN/A
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)20.54%
Revenue growth 3Y6.17%
Revenue growth 5Y-1.96%
Sales Q2Q%5.66%
Revenue Next Year6.33%
Revenue Next 2YN/A
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y71.29%
EBIT growth 3Y5.3%
EBIT growth 5Y-10.69%
EBIT Next Year156.45%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-59.63%
FCF growth 3Y-28.02%
FCF growth 5Y16.27%
OCF growth 1Y-24.34%
OCF growth 3Y-13.87%
OCF growth 5Y-11.05%