MPLX LP Partnership Units

MPLX: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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MPLX: We Affirm Our Narrow Moat Rating Upon Transferring Coverage; Units Fairly Valued

Adam Baker

Jun 26, 2025

We are increasing our fair value estimate for MPLX to $56 from $50 after taking a second look at the firm. This roughly corresponds to a 10.5 times enterprise value/2025 EBITDA multiple. We view shares as fairly valued.

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MPLX LP Partnership Units

MPLX: We Affirm Our Narrow Moat Rating Upon Transferring Coverage; Units Fairly Valued

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