Williams Companies Inc
WMB: XNYS (USA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$34.00 | Ybhblnp | Pxrgcdr |
Williams Earnings: Making the Case for Certainty in Uncertain LNG Environment
Williams’ fourth-quarter results met our expectations, with full-year EBITDA at $6.8 billion, which matched our forecast. 2023 EBITDA is up about 6% over 2022 levels primarily due to acquisitions-led growth from Mountain West and NorTex. Our 2024 and 2025 EBITDA forecasts of $7.1 billion and $7.3 billion also look realistic given Williams’ guided midpoints of $6.95 billion and $7.4 billion, respectively. We expect to maintain our $36 fair value estimate and narrow moat rating.