Energy Transfer LP

ET: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$34.00	Lpxqx	Qhvqh

Energy Transfer: Increasing Our Fair Value Estimate

Stephen Ellis

Mar 5, 2024

After updating our model for fourth-quarter earnings and rolling our model, we are increasing our fair value estimate to $21 from $17.50, reflecting higher levels of free cash flow. Our fair value estimate implies a 2024 EV/EBITDA multiple of 8.2 times and a 2024 distribution yield of 6%.

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