Martin Midstream Partners L.P. (MMLP) | Investment Case

1. Company Snapshot

1.a. Company Description

Martin Midstream Partners L.P., together with its subsidiaries, engages in terminalling, processing, storage, and packaging of petroleum products and by-products primarily in the United States Gulf Coast region.The company's Terminalling and Storage segment owns or operates 15 marine shore-based terminal facilities and 13 specialty terminal facilities that provide storage, refining, blending, packaging, and handling services for producers and suppliers of petroleum products and by-products.This segment also offers land rental services to oil and gas companies, as well as storage and handling services for lubricants and fuels.

Its Transportation segment operates a fleet of 570 tank trucks and 1,200 trailers; and 29 inland marine tank barges, 14 inland push boats, and 1 articulated offshore tug and barge unit to transport petroleum products and by-products, petrochemicals, and chemicals.The company's Sulfur Services segment processes molten sulfur into prilled or pelletized sulfur, which is used in the production of fertilizers and industrial chemicals.Its Natural Gas Liquids segment stores, distributes, and transports natural gas liquids for wholesale deliveries to refineries, industrial NGL users, and propane retailers, as well as owns approximately 2.1 million barrels of underground storage capacity for NGLs. Martin Midstream GP LLC serves as a general partner of the company.

Martin Midstream Partners L.P. was incorporated in 2002 and is based in Kilgore, Texas.

Show Full description

1.b. Last Insights on MMLP

Recent developments at Martin Midstream Partners have been favorable, with the company declaring a quarterly cash distribution of $0.005 per unit. Additionally, Lee Financial Co purchased a new position in the company, acquiring 271,369 shares valued at approximately $830,000. The company's participation in the Wells Fargo 24th Annual Energy and Power Symposium also suggests a strong presence in the industry. Furthermore, the consolidation of sulfur and fertilizer operations under Michael Lawrence's leadership may lead to increased efficiency.

1.c. Company Highlights

Last Price	2.88
Change Percentage	-0.69%
Open	2.88
Previous Close	2.9
Market Cap ( Millions)	112
Volume	1452
Year High	3.9
Year Low	2.21
M A 50	2.73
M A 200	2.92

FCF Yield	20.66%
Dividend Yield	0.69%
ROE	18.35%
Debt / Equity	-611.65%
Net Debt / EBIDTA	538.24%
Price To Book	-1.31
Price Earnings Ratio	-7.76
Price To FCF	4.84
Price To sales	0.16
EV / EBITDA	6.54

2. Transcript Summary

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3. NewsRoom

Financial Review: Keppel (OTCMKTS:KPELY) and Martin Midstream Partners (NASDAQ:MMLP)

Feb -17

Source: defenseworld.net

Lee Financial Co Buys New Position in Martin Midstream Partners L.P. $MMLP

Feb -01

Source: defenseworld.net

Martin Midstream Partners (NASDAQ:MMLP) vs. Euroseas (NASDAQ:ESEA) Head-To-Head Survey

Jan -31

Source: defenseworld.net

Martin Midstream Partners Announces Quarterly Cash Distribution and Sets Date for Release of Fourth Quarter 2025 Financial Results and 2026 Financial Guidance

Jan -22

Source: businesswire.com

Martin Midstream Partners (NASDAQ:MMLP) Share Price Crosses Above 200 Day Moving Average – What’s Next?

Jan -08

Source: defenseworld.net

Martin Midstream Partners (NASDAQ:MMLP) vs. Odyssey Marine Exploration (NASDAQ:OMEX) Financial Review

Dec -27

Source: defenseworld.net

Martin Midstream Partners Announces Retirement of Johnnie Murry, SVP of Land Transportation, Names John Scott as Successor

Dec -22

Source: businesswire.com

Martin Midstream Partners Announces Retirement of VP Jeff Posey; Michael Lawrence to Expand Role Leading Sulfur and Fertilizer Services

Dec -15

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.65%)

6. Segments

Specialty Products

Expected Growth: 2.8%

Martin Midstream Partners L.P.'s Specialty Products segment growth of 2.8% is driven by increasing demand for sulfur-based fertilizers, steady growth in the lubricants market, and strategic acquisitions expanding the company's product offerings and geographic reach.

Transportation

Expected Growth: 2.5%

Martin Midstream Partners L.P.'s 2.5% growth in Transportation segment is driven by increasing demand for crude oil and natural gas transportation, expansion of existing pipeline infrastructure, and strategic acquisitions. Additionally, growing production in the Permian Basin and increasing exports of US crude oil and natural gas liquids support the segment's growth.

Sulfur Services

Expected Growth: 2.2%

The 2.2% growth in Sulfur Services from Martin Midstream Partners L.P. is driven by increasing demand for sulfur-based products in the agriculture and oil refining industries, coupled with the company's strategic expansion into new markets and its ability to capitalize on opportunities in the sulfur supply chain.

Terminalling and Storage

Expected Growth: 3.2%

Martin Midstream Partners L.P.'s Terminalling and Storage segment growth of 3.2% is driven by increasing demand for crude oil and natural gas storage, expansion of existing terminals, and strategic acquisitions. Additionally, growing production in the Permian Basin and increasing exports of US crude oil and natural gas liquids support the segment's growth.

7. Detailed Products

Natural Gas Storage

Martin Midstream Partners L.P. provides natural gas storage services through its facilities, offering a safe and reliable storage solution for natural gas producers, marketers, and utilities.

Sulfur Services

The company offers sulfur handling, storage, and transportation services, catering to the needs of refineries, petrochemical plants, and other industrial customers.

Marine Transportation

Martin Midstream Partners L.P. operates a fleet of inland barges and pushboats, transporting petroleum products, chemicals, and other liquids across the inland waterways of the United States.

Terminaling and Storage

The company operates a network of terminals and storage facilities, providing customers with access to strategic locations for the storage and distribution of petroleum products and chemicals.

NGL Logistics

Martin Midstream Partners L.P. offers logistics and transportation services for natural gas liquids (NGLs), connecting producers with markets and end-users.

8. Martin Midstream Partners L.P.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Martin Midstream Partners L.P. is medium due to the availability of alternative energy sources and transportation methods.

Bargaining Power Of Customers

The bargaining power of customers for Martin Midstream Partners L.P. is low due to the company's diversified customer base and lack of concentration.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Martin Midstream Partners L.P. is medium due to the company's dependence on a few key suppliers and the availability of alternative suppliers.

Threat Of New Entrants

The threat of new entrants for Martin Midstream Partners L.P. is low due to the high barriers to entry in the energy transportation and storage industry.

Intensity Of Rivalry

The intensity of rivalry for Martin Midstream Partners L.P. is high due to the competitive nature of the energy transportation and storage industry.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	117.89%
Debt Cost	3.95%
Equity Weight	-17.89%
Equity Cost	14.79%
WACC	2.01%
Leverage	-658.90%

11. Quality Control: Martin Midstream Partners L.P. passed 3 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Delek Logistics Partners

A-Score: 6.7/10

Value: 4.0

Growth: 3.0

Quality: 6.0

Yield: 10.0

Momentum: 8.5

Volatility: 8.7

1-Year Total Return ->

Genesis Energy

A-Score: 5.7/10

Value: 4.9

Growth: 3.4

Quality: 1.5

Yield: 9.0

Momentum: 9.0

Volatility: 6.3

1-Year Total Return ->

NGL Energy Partners

A-Score: 4.9/10

Value: 7.2

Growth: 3.6

Quality: 5.8

Yield: 0.0

Momentum: 10.0

Volatility: 2.7

1-Year Total Return ->

Overseas Shipholding Group

A-Score: 4.5/10

Value: 7.2

Growth: 5.9

Quality: 5.4

Yield: 0.0

Momentum: 6.0

Volatility: 2.7

1-Year Total Return ->

Martin Midstream Partners

A-Score: 3.7/10

Value: 9.8

Growth: 2.7

Quality: 3.6

Yield: 1.0

Momentum: 1.0

Volatility: 4.3

1-Year Total Return ->

Summit Midstream Partners

A-Score: 3.3/10

Value: 8.6

Growth: 1.0

Quality: 2.6

Yield: 0.0

Momentum: 6.0

Volatility: 1.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-9.98%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

2.01%

Martin Midstream Partners L.P. - US5733311055

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on MMLP

1.c. Company Highlights

Lower Growth

Cheaper

Average Quality

Earnings Beats

Revenues Miss

Strong Momentum

Medium Volatility

Stable Momentum

Earnings Miss

Average Yield

Revenues Beats

Lower Yield

Weak Momentum

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.65%)

6. Segments

Specialty Products

Expected Growth: 2.8%

Transportation

Expected Growth: 2.5%

Sulfur Services

Expected Growth: 2.2%

Terminalling and Storage

Expected Growth: 3.2%

7. Detailed Products

Natural Gas Storage

Sulfur Services

Marine Transportation

Terminaling and Storage

NGL Logistics

8. Martin Midstream Partners L.P.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Martin Midstream Partners L.P. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

2.88$

Current Price

2.88$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA