Enterprise Products Partners L.P.: Thoughts into 2Q26; Quiet Quarter Against Normalizing Macro Backdrop; Strong EBITDA Growth into 2027 Intact

研报英文原文证据摘录

Enterprise Products Partners L.P.: Thoughts into 2Q26; Quiet Quarter Against Normalizing Macro Backdrop; Strong EBITDA Growth into 2027 Intact

Jeremy Tonet, CFA AC North America Equity Research

(1-212) 622-4915 08 July 2026 J P M O R G A N

jeremy.b.tonet@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

EPD assets span from diverse supply sources to premium export/

USGC end markets, resulting in the largest and most integrated

NGL footprint in North America, collectively underpinning

premiere operating leverage. An industry-leading integrated

suite of services, with dominant franchises across multiple

commodity footprints, collectively underpins incremental

growth opportunities. EPD’s immense financial flexibility also

separates the partnership from peers. However, with other

covered large-cap peers offering greater growth and total return

YTD 1m 3m 12m potential, we see a balanced risk/reward proposition at this

Abs 17.9% 0.8% -0.6% 19.2% juncture.

Rel 8.6% -0.3% -10.9% -1.0%

Valuation

Company Data

We establish a Dec 2027 price target of $42/unit (vs our Dec

Shares O/S (mn) 2,163

52-week range ($) 40.17-30.01 2026 price target of $41) on a discounted cash flow methodology

Market cap ($ mn) 81,746.52 in which we forecast DCF/LP unit for 10 years and then calculate

Exchange rate 1.00 a terminal value. The terminal growth rate and required rate of

Free float (%) 66.8%

3M ADV (mn) 3.93 return are based on leverage/liquidity risk, distribution coverage

3M ADV ($ mn) 148.6 outlook, volumetric/recontracting risk, commodity/marketing

Volatility (90 Day) 20 risk, take-or-pay contract profile, and other factors.

Index S&P 500

BBG ANR (Buy | Hold | Sell) 12|9|1

Key Metrics (FYE Dec) Performance Drivers

$ in millions FY25A FY26E FY27E FY28E