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Plains All American Pipeline LP
NASDAQ:PAA

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Plains All American Pipeline LP Logo
Plains All American Pipeline LP
NASDAQ:PAA
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Price: 17.56 USD 1.44%
Updated: Mar 29, 2024

Intrinsic Value

Plains All American Pipeline LP engages in the provision of logistics services and owns midstream energy infrastructure. [ Read More ]

The intrinsic value of one PAA stock under the Base Case scenario is 32.09 USD. Compared to the current market price of 17.56 USD, Plains All American Pipeline LP is Undervalued by 45%.

Key Points:
PAA Intrinsic Value
Base Case
32.09 USD
Undervaluation 45%
Intrinsic Value
Price
Worst Case
Base Case
Best Case

Valuation Backtest
Plains All American Pipeline LP

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Fundamental Analysis

PAA Exceeds Earnings Expectations for 2023
2023-Q4 Earnings Call

PAA Exceeds Earnings Expectations for 2023

Plains All American reported strong 2023 results with a noteworthy EBITDA performance of $2.71 billion, surpassing guidance midpoints by $210 million, or 8%, propelled by success in both Crude Oil and NGL segments. The company's prudent management led to a leverage reduction, with a ratio of 3.1x, affirmed by two mid-BBB credit rating upgrades. A series of strategic asset transactions contributed to enhanced operations and a $0.20 unit distribution rise. For 2024, PAA anticipates an adjusted EBITDA range of $2.625 to $2.725 billion, credited to Crude Oil growth and Permian production, despite a dip in the NGL sector. Additionally, they project generating $1.65 billion in free cash flow with roughly $500 million post-distribution.

Financials

Balance Sheet Decomposition
Plains All American Pipeline LP

Current Assets 4.9B
Receivables 3.8B
Other Current Assets 1.2B
Non-Current Assets 22.4B
Long-Term Investments 2.8B
PP&E 17.1B
Intangibles 1.9B
Other Non-Current Assets 676m
Current Liabilities 5B
Accounts Payable 3.8B
Other Current Liabilities 1.2B
Non-Current Liabilities 11.9B
Long-Term Debt 7.3B
Other Non-Current Liabilities 4.6B
Efficiency

Earnings Waterfall
Plains All American Pipeline LP

Revenue
48.7B USD
Cost of Revenue
-46B USD
Gross Profit
2.8B USD
Operating Expenses
-1.4B USD
Operating Income
1.4B USD
Other Expenses
-382m USD
Net Income
976m USD

Free Cash Flow Analysis
Plains All American Pipeline LP

Last Value
3-Years Average
FCF Margin
Conversion Rate
History
Components
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Table
What is Free Cash Flow?
Fundamental Scores

PAA Profitability Score
Profitability Due Diligence

Plains All American Pipeline LP's profitability score is 49/100. The higher the profitability score, the more profitable the company is.

Exceptional 3-Years Revenue Growth
ROE is Increasing
Positive Free Cash Flow
Positive Revenue Growth Forecast
49/100
Profitability
Score

Plains All American Pipeline LP's profitability score is 49/100. The higher the profitability score, the more profitable the company is.

PAA Solvency Score
Solvency Due Diligence

Plains All American Pipeline LP's solvency score is 44/100. The higher the solvency score, the more solvent the company is.

Low D/E
Long-Term Solvency
Short-Term Solvency
Average Altman Z-Score
44/100
Solvency
Score

Plains All American Pipeline LP's solvency score is 44/100. The higher the solvency score, the more solvent the company is.

Wall St
Price Targets

PAA Price Targets Summary
Plains All American Pipeline LP

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

According to Wall Street analysts, the average 1-year price target for PAA is 18.13 USD with a low forecast of 14.14 USD and a high forecast of 22.05 USD.

Lowest
Price Target
14.14 USD
19% Downside
Average
Price Target
18.13 USD
3% Upside
Highest
Price Target
22.05 USD
26% Upside
View Analyst Estimates
View Analyst Estimates

Competitive Landscape

Ownership

PAA 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

PAA Price
Plains All American Pipeline LP

1M 1M
+7%
6M 6M
+15%
1Y 1Y
+45%
3Y 3Y
+130%
5Y 5Y
+1%
10Y 10Y
-37%
Annual Price Range
17.56
52w Low
12.08
52w High
17.56
Price Metrics
Average Annual Return -3.87%
Standard Deviation of Annual Returns 39.07%
Max Drawdown -86%
Shares Statistics
Market Capitalization 12.3B USD
Shares Outstanding 701 070 976
Percentage of Shares Shorted 2.17%

PAA Return Decomposition
Main factors of price return

What is price return decomposition?

PAA News

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Company Profile

Plains All American Pipeline LP Logo
Plains All American Pipeline LP

Country

United States of America

Industry

Energy

Market Cap

12.3B USD

Dividend Yield

7.34%

Description

Plains All American Pipeline LP engages in the provision of logistics services and owns midstream energy infrastructure. The company is headquartered in Houston, Texas and currently employs 4,100 full-time employees. The company owns a network of pipeline transportation, terminalling, storage and gathering assets in key crude oil and natural gas liquids producing basins and transportation. The company has two segments: Crude Oil and Natural Gas Liquids (NGL). Crude Oil segment operations generally consists of gathering and transporting crude oil using pipelines, gathering systems, trucks and at times on barges or railcars, in addition to providing terminalling, storage and other facilities-related services utilizing its integrated assets across the United States and Canada. Its assets serve third parties and are also supported by its merchant activities. Its NGL segment operations involve natural gas processing and NGL fractionation, storage, transportation and terminalling. NGL segment is involved in gathering, fractionation, storage and/or terminalling services to third-party customers for a fee, and merchant activities that support the assets.

Contact

TEXAS
Houston
333 Clay St Ste 1600
+17136544100.0
https://www.plainsallamerican.com/

IPO

1998-11-18

Employees

4 100

Officers

CEO & Chairman of Plains All American GP LLC
Mr. Wilfred C.W. Chiang
President & Director of Plains All American GP LLC
Mr. Harry N. Pefanis
Executive VP & CFO of Plains All American GP LLC
Mr. Al P. Swanson
Executive VP & COO of Plains All American GP LLC
Mr. Christopher R. Chandler
Executive VP, General Counsel & Secretary of Plains All American GP LLC
Mr. Richard Kelly McGee
Senior Advisor to the CEO & Director of Plains All American GP LLC
Mr. Gregory L. Armstrong
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Executive VP & Chief Commercial Officer of Plains All American GP LLC
Mr. Jeremy L. Goebel
Senior VP of Finance & Chief Accounting Officer of Plains All American GP LLC
Mr. Chris Herbold
Senior Vice President of Technology, Process & Risk Management
Mr. Alfred A. Lindseth
Vice President of Investor Relations
Mr. Blake Michael Fernandez
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See Also

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

The intrinsic value of one PAA stock under the Base Case scenario is 32.09 USD.

Is PAA stock undervalued or overvalued?

Compared to the current market price of 17.56 USD, Plains All American Pipeline LP is Undervalued by 45%.