$MPLX LP (MPLX.US)$Listed in 2012, single US market, current...

In the past 5 years, in addition to a slight decline of 2.7% in 2020, revenue has increased for 4 years, with an average growth rate of 12.2% in the past 4 years, and an average growth rate of 12.4% in the past 4 years. Net profit shrank continuously for 2 years in 2019 and 2020 due to the impairment of capital assets, with an average growth rate of 18.7% in the past 4 years. Interest expenses account for 23.4% of operating profit in 2022, and the interest burden is heavy.

In the first three quarters of 2023, revenue contracted by 3.5%, operating profit shrank by 12.2% due to a sharp increase in operating expenses, and net profit shrank by 10.5%.

The balance ratio has increased from 54.9% to 62.1% over the past 5 years. The ratio and growth rate of accounts receivable and inventory are relatively normal. Goodwill and other intangible assets are $8.35 billion, accounting for 62% of the net assets of $13.514 billion, and long-term loans of $18.808 billion, which is 1.4 times net assets, and the leverage ratio is extremely high.

Over the past five years, net operating cash flow has been much higher than net investment, generating many shareholders' surpluses. Currently, the price-earnings ratio is 9.8, the price-earnings ratio is TTM 10.6, the dividend rate is 8.4%, and the 5-year average net profit is 2 billion dollars. The corresponding price-earnings ratio is 18.4. In terms of cyclical stocks, the valuation is not low, and it is not very attractive for the time being.