Energy Transfer LP provides energy-related services. The company owns and operates approximately 11,600 miles of natural gas transportation pipeline, and three natural gas storage facilities in Texas and two natural gas storage facilities located in the state of Texas and Oklahoma; and 19,830 miles of interstate natural gas pipeline. It also sells natural gas to electric utilities, independent power plants, local distribution and other marketing companies, and industrial end-users. The company owns and operates natural gas gathering and natural gas liquid (NGL) pipeline, processing plant, and treating and conditioning facilities in Texas, New Mexico, West Virginia, Pennsylvania, Ohio, Oklahoma, Arkansas, Kansas, and Louisiana; natural gas gathering, oil pipeline, and oil stabilization facilities in South Texas; and a natural gas gathering system in Ohio, as well as transport and supplies water to natural gas producer in Pennsylvania. It owns approximately 5,215 miles of NGL pipeline; NGL and propane fractionation facilities; NGL storage facilities with working storage capacity of approximately 50 million barrels (MMBbls); and other NGL storage assets and terminal with an aggregate storage capacity of approximately 17 MMBbls. The company provides crude oil transportation, terminalling, acquisition, and marketing activities; and sells and distributes gasoline, middle distillate, and motor fuels and other petroleum product. It offers natural gas compression service; carbon dioxide and hydrogen sulfide removal, natural gas cooling, dehydration, and British thermal unit management service; and manages coal and natural resources properties, as well as sells standing timber, leases coal-related infrastructure facilities, collects oil and gas royalty, and generate electrical power. The company was formerly known as Energy Transfer Equity, L.P. and changed its name to Energy Transfer LP in October 2018. The company was founded in 1996 and is headquartered in Dallas, Texas.

BUILD UP FREE CASH	2022-12-31 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-12-31 (E)	2026-12-31 (E)	2027-12-31 (E)	2028-12-31 (E)	2029-12-31 (E)
Revenue	89,876	78,586	82,671	85,080.7	96,319.2	99,872.3	99,872.3	99,872.3
Revenue % Chg.	33.3%	-12.6%	5.2%
EBIT	8,124	8,307	9,190	9,554.2	10,730.7	11,384.8	11,384.8	11,384.8
EBIT Margin	9%	10.6%	11.1%
Tax Rate	3.4%	5.4%	7.6%
NOPAT	7,851.1	7,857.3	8,490.3	9,076.5	10,194.1	10,815.5	10,815.5	10,815.5
NOPAT Margin	8.7%	10%	10.3%	10.7%	10.6%	10.8%	10.8%	10.8%
D&A	4,164	4,385	5,165	5,521.2	5,650.2	5,772	5,772	5,772
D&A / Revenue	4.6%	5.6%	6.2%
Capex	-3,381	-3,134	-4,164	-5,922	-5,653.9	-5,173.4	-5,173.4	-5,173.4
Capex / Revenue	-3.8%	-4%	-5%
Chg. NWC	-1,502	-451	-196	-703.9	-796.9	-826.3	-826.3	-826.3
Chg. NWC / Revenue	-1.7%	-0.6%	-0.2%
Unlevered FCF (UFCF)	7,132.1	8,657.3	9,295.3	7,971.7	9,393.5	10,587.8	10,587.8	10,587.8
UFCF % Chg.	-29.3%	21.4%	7.4%	-14.2%	17.8%	12.7%	—	—
PV of UFCF	—	—	—	7,458.9	8,223.9	8,673.2	8,115.4	7,593.3
Sum of PV of UFCF	—	—	—	7,458.9	15,682.9	24,356.1	32,471.5	40,064.8

Cost of Debt
Tax Rate
After Tax Cost of Debt	5.2%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	8.7%
Total Debt	60,558
Market Cap	57,371.9
Total Capital	117,929.9
Debt Weighting	51.4%
Equity Weighting	48.6%
WACC	6.9%

Exit Multiple EV/FCF
Terminal Value	133,624.9
PV of Terminal Value	89,668.8
Cumulative PV of UFCF	40,064.8
Net Debt	60,400
Equity Value	69,333.6
Shares Outstanding	3,433.4
Implied Share Price	20.2
Current Share Price	16.7
Implied Upside / (Downside)	20.8%