Williams Companies Inc

WMB: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$76.00	Dzxbsq	Nystfhgt

Williams Earnings: Making the Case for Certainty in Uncertain LNG Environment

Stephen Ellis

Feb 14, 2024

Williams’ fourth-quarter results met our expectations, with full-year EBITDA at $6.8 billion, which matched our forecast. 2023 EBITDA is up about 6% over 2022 levels primarily due to acquisitions-led growth from Mountain West and NorTex. Our 2024 and 2025 EBITDA forecasts of $7.1 billion and $7.3 billion also look realistic given Williams’ guided midpoints of $6.95 billion and $7.4 billion, respectively. We expect to maintain our $36 fair value estimate and narrow moat rating.

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