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Martin Midstream Partners LP
NASDAQ:MMLP

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Martin Midstream Partners LP Logo
Martin Midstream Partners LP
NASDAQ:MMLP
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Price: 2.62 USD -1.13% Market Closed
Updated: Mar 28, 2024

Intrinsic Value

Martin Midstream Partners LP engages in a diverse set of operations focused primarily in the United States Gulf Coast region. [ Read More ]

The intrinsic value of one MMLP stock under the Base Case scenario is 11.7 USD. Compared to the current market price of 2.62 USD, Martin Midstream Partners LP is Undervalued by 78%.

Key Points:
MMLP Intrinsic Value
Base Case
11.7 USD
Undervaluation 78%
Intrinsic Value
Price
Worst Case
Base Case
Best Case

Valuation Backtest
Martin Midstream Partners LP

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Fundamental Analysis

Martin Midstream Partners 2023 Achievements and 2024 Outlook
2023-Q4 Earnings Call

Martin Midstream Partners 2023 Achievements and 2024 Outlook

In 2023, Martin Midstream Partners refinanced debts, amended credit facilities, exited the volatile butane optimization business, and began an oleum tower construction for a DSM Semichem joint venture. These moves led to a 9% improved fourth-quarter EBITDA ($29.2 million) over guidance and a total annual EBITDA surpassing expectations at $117.7 million. Looking ahead to 2024, they forecast $116.1 million in adjusted EBITDA with an emphasis on fixed-fee contracts. Despite expected dips in transportation services, other segments show promise of increased EBITDA. Major earmarks include an oleum tower expansion, investment in a joint venture, and significant maintenance costs. Distributable cash flow and free cash flow for 2024 are projected at $30.4 million and $13.3 million, respectively.

Financials

Balance Sheet Decomposition
Martin Midstream Partners LP

Current Assets 114.3m
Cash & Short-Term Investments 54k
Receivables 61.2m
Other Current Assets 53m
Non-Current Assets 395.1m
PP&E 366.2m
Intangibles 17.4m
Other Non-Current Assets 11.5m
Current Liabilities 100.6m
Accounts Payable 51.7m
Accrued Liabilities 37.1m
Other Current Liabilities 11.8m
Non-Current Liabilities 473.4m
Long-Term Debt 421.2m
Other Non-Current Liabilities 52.3m
Efficiency

Earnings Waterfall
Martin Midstream Partners LP

Revenue
798m USD
Cost of Revenue
-389.7m USD
Gross Profit
408.3m USD
Operating Expenses
-342.9m USD
Operating Income
65.4m USD
Other Expenses
-69.8m USD
Net Income
-4.4m USD

Free Cash Flow Analysis
Martin Midstream Partners LP

Last Value
3-Years Average
FCF Margin
Conversion Rate
History
Components
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Table
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Fundamental Scores

MMLP Profitability Score
Profitability Due Diligence

Martin Midstream Partners LP's profitability score is 42/100. The higher the profitability score, the more profitable the company is.

Positive Gross Profit
Positive 3-Year Average ROE
Positive Free Cash Flow
Positive 3-Years Revenue Growth
42/100
Profitability
Score

Martin Midstream Partners LP's profitability score is 42/100. The higher the profitability score, the more profitable the company is.

MMLP Solvency Score
Solvency Due Diligence

Martin Midstream Partners LP's solvency score is 48/100. The higher the solvency score, the more solvent the company is.

Low D/E
Short-Term Solvency
Long-Term Solvency
Average Altman Z-Score
48/100
Solvency
Score

Martin Midstream Partners LP's solvency score is 48/100. The higher the solvency score, the more solvent the company is.

Wall St
Price Targets

MMLP Price Targets Summary
Martin Midstream Partners LP

Wall Street analysts forecast MMLP stock price to rise over the next 12 months.

According to Wall Street analysts, the average 1-year price target for MMLP is 3.57 USD with a low forecast of 3.03 USD and a high forecast of 4.2 USD.

Lowest
Price Target
3.03 USD
16% Upside
Average
Price Target
3.57 USD
36% Upside
Highest
Price Target
4.2 USD
60% Upside
View Analyst Estimates
View Analyst Estimates

Competitive Landscape

Ownership

MMLP Insider Trading
Buy and sell transactions by insiders

Cumulative Transactions Amount
Period Sold Bought Net
3 Months
6 Months
9 Months
12 Months
Why is insider trading important?

Shareholder Return

MMLP Price
Martin Midstream Partners LP

1M 1M
+13%
6M 6M
-6%
1Y 1Y
+5%
3Y 3Y
+11%
5Y 5Y
-75%
10Y 10Y
-86%
Annual Price Range
2.62
52w Low
2.04
52w High
3.25
Price Metrics
Average Annual Return -4.84%
Standard Deviation of Annual Returns 77.81%
Max Drawdown -91%
Shares Statistics
Market Capitalization 102m USD
Shares Outstanding 39 001 100
Percentage of Shares Shorted 0.64%

MMLP Return Decomposition
Main factors of price return

What is price return decomposition?

Company Profile

Martin Midstream Partners LP Logo
Martin Midstream Partners LP

Country

United States of America

Industry

Energy

Market Cap

102m USD

Dividend Yield

0.75%

Description

Martin Midstream Partners LP engages in a diverse set of operations focused primarily in the United States Gulf Coast region. The company is headquartered in Kilgore, Texas and currently employs 1,450 full-time employees. The company went IPO on 2002-11-01. The firm's operations are primarily focused on the United States Gulf Coast region. The company operates through four segments: terminalling and storage, natural gas liquids, transportation, and sulfur services. Its four primary business lines include terminalling, processing, storage and packaging services for petroleum products and by-products, including the refining of naphthenic crude oil; land and marine transportation services for petroleum products and by-products, chemicals, and specialty products; sulfur and sulfur-based products processing, manufacturing, marketing and distribution, and natural gas liquids (NGL) marketing, distribution and transportation services. The firm owns or operates approximately 15 marine shore-based terminal facilities and 13 specialty terminal facilities located primarily in the Gulf Coast region.

Contact

TEXAS
Kilgore
4200 Stone Rd
+19039836252.0
https://mmlp.com/home/default.aspx

IPO

2002-11-01

Employees

1 450

Officers

President, CEO & Director of Martin Midstream GP LLC
Mr. Robert D. Bondurant
Executive VP & CFO of Martin Midstream GP LLC
Ms. Sharon L. Taylor
Executive VP & COO of Martin Midstream GP LLC
Mr. Randall L. Tauscher
Chief Legal Officer, Executive VP, General Counsel & Secretary of Martin Midstream GP LLC
Mr. Chris H. Booth
Senior Vice President of Operations - Martin Midstream GP LLC
Mr. Scot A. Shoup
Vice President of Human Resources - Martin Midstream GP LLC
Ms. Melanie Mathews
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Senior Vice President of Land Transportation for Martin Midstream GP LLC
Mr. Johnnie Murry
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See Also

Discover More
What is the Intrinsic Value of one MMLP stock?

The intrinsic value of one MMLP stock under the Base Case scenario is 11.7 USD.

Is MMLP stock undervalued or overvalued?

Compared to the current market price of 2.62 USD, Martin Midstream Partners LP is Undervalued by 78%.