BLACK STONE MINERALS LP (BSM)
US09225M1018
We assign a fundamental rating of 6 out of 10 to BSM. BSM was compared to 205 industry peers in the Oil, Gas & Consumable Fuels industry. Both the health and profitability get an excellent rating, making BSM a very profitable company, without any liquidiy or solvency issues. BSM has a valuation in line with the averages, but it does not seem to be growing.
1. Profitability
1.1 Basic Checks
BSM had positive earnings in the past year.
In the past year BSM had a positive cash flow from operations.
Each year in the past 5 years BSM has been profitable.
BSM had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
With an excellent Return On Assets value of 28.41%, BSM belongs to the best of the industry, outperforming 95.10% of the companies in the same industry.
The Return On Equity of BSM (29.49%) is better than 87.75% of its industry peers.
With an excellent Return On Invested Capital value of 24.70%, BSM belongs to the best of the industry, outperforming 96.08% of the companies in the same industry.
BSM had an Average Return On Invested Capital over the past 3 years of 23.38%. This is significantly below the industry average of 29.02%.
The last Return On Invested Capital (24.70%) for BSM is above the 3 year average (23.38%), which is a sign of increasing profitability.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 28.41% | ||
| ROE | 29.49% | ||
| ROIC | 24.7% |
ROA(3y)26.79%
ROA(5y)20.2%
ROE(3y)28.57%
ROE(5y)22.57%
ROIC(3y)23.38%
ROIC(5y)18.57%
1.3 Margins
BSM's Profit Margin of 63.70% is amongst the best of the industry. BSM outperforms 92.65% of its industry peers.
BSM's Profit Margin has improved in the last couple of years.
The Operating Margin of BSM (69.00%) is better than 94.12% of its industry peers.
BSM's Operating Margin has improved in the last couple of years.
BSM's Gross Margin of 88.06% is amongst the best of the industry. BSM outperforms 93.14% of its industry peers.
BSM's Gross Margin has been stable in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 69% | ||
| PM (TTM) | 63.7% | ||
| GM | 88.06% |
OM growth 3Y15.5%
OM growth 5Y6.49%
PM growth 3Y32.03%
PM growth 5Y8.49%
GM growth 3Y2.05%
GM growth 5Y0.47%
2. Health
2.1 Basic Checks
The Return on Invested Capital (ROIC) is well above the Cost of Capital (WACC), so BSM is creating value.
The number of shares outstanding for BSM has been increased compared to 1 year ago.
The number of shares outstanding for BSM has been increased compared to 5 years ago.
BSM has no outstanding debt. Therefor its Debt/Equity and Debt/FCF ratios are 0 and belong to the best of the industry.
2.2 Solvency
There is no outstanding debt for BSM. This means it has a Debt/Equity and Debt/FCF ratio of 0 and it is amongst the best of the sector and industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0 | ||
| Debt/FCF | 0 | ||
| Altman-Z | N/A |
ROIC/WACC2.67
WACC9.24%
2.3 Liquidity
A Current Ratio of 5.61 indicates that BSM has no problem at all paying its short term obligations.
BSM has a better Current ratio (5.61) than 88.73% of its industry peers.
BSM has a Quick Ratio of 5.61. This indicates that BSM is financially healthy and has no problem in meeting its short term obligations.
Looking at the Quick ratio, with a value of 5.61, BSM belongs to the top of the industry, outperforming 90.20% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 5.61 | ||
| Quick Ratio | 5.61 |
3. Growth
3.1 Past
BSM shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -20.59%.
The Earnings Per Share has been growing slightly by 0.32% on average over the past years.
Looking at the last year, BSM shows a very negative growth in Revenue. The Revenue has decreased by -14.40% in the last year.
Measured over the past years, BSM shows a decrease in Revenue. The Revenue has been decreasing by -0.58% on average per year.
EPS 1Y (TTM)-20.59%
EPS 3Y73.19%
EPS 5Y0.32%
EPS Q2Q%51.85%
Revenue 1Y (TTM)-14.4%
Revenue growth 3Y19.99%
Revenue growth 5Y-0.58%
Sales Q2Q%-6.03%
3.2 Future
Based on estimates for the next years, BSM will show a very negative growth in Earnings Per Share. The EPS will decrease by -12.27% on average per year.
Based on estimates for the next years, BSM will show a decrease in Revenue. The Revenue will decrease by -3.96% on average per year.
EPS Next Y-27.99%
EPS Next 2Y-12.63%
EPS Next 3Y-12.27%
EPS Next 5YN/A
Revenue Next Year-10.97%
Revenue Next 2Y-5.49%
Revenue Next 3Y-3.96%
Revenue Next 5YN/A
3.3 Evolution
The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
4. Valuation
4.1 Price/Earnings Ratio
Based on the Price/Earnings ratio of 8.64, the valuation of BSM can be described as reasonable.
BSM's Price/Earnings ratio is a bit cheaper when compared to the industry. BSM is cheaper than 68.63% of the companies in the same industry.
When comparing the Price/Earnings ratio of BSM to the average of the S&P500 Index (27.73), we can say BSM is valued rather cheaply.
A Price/Forward Earnings ratio of 9.81 indicates a reasonable valuation of BSM.
Based on the Price/Forward Earnings ratio, BSM is valued a bit cheaper than the industry average as 65.20% of the companies are valued more expensively.
BSM's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 22.83.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 8.64 | ||
| Fwd PE | 9.81 |
4.2 Price Multiples
BSM's Enterprise Value to EBITDA ratio is in line with the industry average.
BSM's Price/Free Cash Flow ratio is a bit cheaper when compared to the industry. BSM is cheaper than 70.59% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 8.42 | ||
| EV/EBITDA | 6.99 |
4.3 Compensation for Growth
BSM has an outstanding profitability rating, which may justify a higher PE ratio.
BSM's earnings are expected to decrease with -12.27% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)26.67
EPS Next 2Y-12.63%
EPS Next 3Y-12.27%
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 10.82%, BSM is a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 7.08, BSM pays a better dividend. On top of this BSM pays more dividend than 87.25% of the companies listed in the same industry.
BSM's Dividend Yield is rather good when compared to the S&P500 average which is at 2.34.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 10.82% |
5.2 History
On average, the dividend of BSM grows each year by 7.76%, which is quite nice.
BSM has paid a dividend for at least 10 years, which is a reliable track record.
BSM has not decreased its dividend in the last 3 years.
Dividend Growth(5Y)7.76%
Div Incr Years3
Div Non Decr Years3
5.3 Sustainability
111.38% of the earnings are spent on dividend by BSM. This is not a sustainable payout ratio.
BSM's earnings are declining while the Dividend Rate has been growing. This means the dividend growth is most likely not sustainable.
DP111.38%
EPS Next 2Y-12.63%
EPS Next 3Y-12.27%
BLACK STONE MINERALS LP
NYSE:BSM (12/20/2024, 8:04:01 PM)
After market: 14 0 (0%)14
+0.14 (+1.01%)
Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)
Earnings (Next)
Inst Owners13.05%
Inst Owner Change-1.32%
Ins Owners18.59%
Ins Owner Change1.62%
Market Cap2.95B
Analysts48
Price Target14.28 (2%)
Short Float %1.75%
Short Ratio5.75
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 10.82% |
Dividend Growth(5Y)7.76%
DP111.38%
Div Incr Years3
Div Non Decr Years3
Ex-Date
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-2.57%
Min EPS beat(2)-19.5%
Max EPS beat(2)14.35%
EPS beat(4)2
Avg EPS beat(4)0.24%
Min EPS beat(4)-24.34%
Max EPS beat(4)30.45%
EPS beat(8)4
Avg EPS beat(8)10.41%
EPS beat(12)7
Avg EPS beat(12)26.59%
EPS beat(16)7
Avg EPS beat(16)7.48%
Revenue beat(2)0
Avg Revenue beat(2)-8.92%
Min Revenue beat(2)-13.18%
Max Revenue beat(2)-4.65%
Revenue beat(4)1
Avg Revenue beat(4)3.9%
Min Revenue beat(4)-13.18%
Max Revenue beat(4)37.35%
Revenue beat(8)2
Avg Revenue beat(8)4.14%
Revenue beat(12)5
Avg Revenue beat(12)6.95%
Revenue beat(16)5
Avg Revenue beat(16)-0.85%
PT rev (1m)-6.67%
PT rev (3m)-6.67%
EPS NQ rev (1m)-4.76%
EPS NQ rev (3m)-3.51%
EPS NY rev (1m)0.76%
EPS NY rev (3m)-1.48%
Revenue NQ rev (1m)0.12%
Revenue NQ rev (3m)-12.49%
Revenue NY rev (1m)-0.92%
Revenue NY rev (3m)-2.3%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 8.64 | ||
| Fwd PE | 9.81 | ||
| P/S | 5.45 | ||
| P/FCF | 8.42 | ||
| P/OCF | 6.82 | ||
| P/B | 2.52 | ||
| P/tB | 2.52 | ||
| EV/EBITDA | 6.99 |
EPS(TTM)1.62
EY11.57%
EPS(NY)1.43
Fwd EY10.2%
FCF(TTM)1.66
FCFY11.88%
OCF(TTM)2.05
OCFY14.65%
SpS2.57
BVpS5.55
TBVpS5.55
PEG (NY)N/A
PEG (5Y)26.67
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 28.41% | ||
| ROE | 29.49% | ||
| ROCE | 31.27% | ||
| ROIC | 24.7% | ||
| ROICexc | 25.15% | ||
| ROICexgc | 25.15% | ||
| OM | 69% | ||
| PM (TTM) | 63.7% | ||
| GM | 88.06% | ||
| FCFM | 64.79% |
ROA(3y)26.79%
ROA(5y)20.2%
ROE(3y)28.57%
ROE(5y)22.57%
ROIC(3y)23.38%
ROIC(5y)18.57%
ROICexc(3y)23.98%
ROICexc(5y)18.95%
ROICexgc(3y)23.98%
ROICexgc(5y)18.95%
ROCE(3y)29.59%
ROCE(5y)23.5%
ROICexcg growth 3Y39.82%
ROICexcg growth 5Y13.8%
ROICexc growth 3Y39.82%
ROICexc growth 5Y13.8%
OM growth 3Y15.5%
OM growth 5Y6.49%
PM growth 3Y32.03%
PM growth 5Y8.49%
GM growth 3Y2.05%
GM growth 5Y0.47%
F-Score6
Asset Turnover0.45
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0 | ||
| Debt/FCF | 0 | ||
| Debt/EBITDA | 0 | ||
| Cap/Depr | 177.76% | ||
| Cap/Sales | 15.13% | ||
| Interest Coverage | 230.93 | ||
| Cash Conversion | 103.11% | ||
| Profit Quality | 101.71% | ||
| Current Ratio | 5.61 | ||
| Quick Ratio | 5.61 | ||
| Altman-Z | N/A |
F-Score6
WACC9.24%
ROIC/WACC2.67
Cap/Depr(3y)31.22%
Cap/Depr(5y)40.21%
Cap/Sales(3y)3.1%
Cap/Sales(5y)6.7%
Profit Quality(3y)122.05%
Profit Quality(5y)159.36%
High Growth Momentum
Growth
EPS 1Y (TTM)-20.59%
EPS 3Y73.19%
EPS 5Y0.32%
EPS Q2Q%51.85%
EPS Next Y-27.99%
EPS Next 2Y-12.63%
EPS Next 3Y-12.27%
EPS Next 5YN/A
Revenue 1Y (TTM)-14.4%
Revenue growth 3Y19.99%
Revenue growth 5Y-0.58%
Sales Q2Q%-6.03%
Revenue Next Year-10.97%
Revenue Next 2Y-5.49%
Revenue Next 3Y-3.96%
Revenue Next 5YN/A
EBIT growth 1Y-19.03%
EBIT growth 3Y38.59%
EBIT growth 5Y5.87%
EBIT Next Year7.46%
EBIT Next 3Y-0.7%
EBIT Next 5YN/A
FCF growth 1Y6.28%
FCF growth 3Y21.87%
FCF growth 5Y41.6%
OCF growth 1Y26.35%
OCF growth 3Y22.75%
OCF growth 5Y6.23%