PBF Energy normalized EV/EBITDA valuation

Sources

1. October 2 Model Edge reference PBF quote $80.78, refreshed 2026-10-02T17:10:06.44846-06:00. Price alone is not evidence to change operating forecasts; BRUN separately refreshes the existing peer-relative valuation. (accessed 2026-10-02)
2. September 30 ABL amendment raises maximum capacity to $4B, extends maturity to September 2031 and lowers unused fees with interest terms substantially unchanged. The 8-K discloses capacity, not a new drawn cash/debt balance. Preserve $2.1B normalized EBITDA, 4.8x, Torrance-adjusted $1.242B net debt and 121.1M diluted shares pending actual exchangeable-note/refinancing and cash-flow reconciliation. — modeledge.ai (accessed 2026-10-02)
3. September 15 review of the September 14 pricing release: $500M 0% exchangeable notes priced with expected September 17 settlement and $50M option; estimated net proceeds $485M, capped-call cost $25.2M, remaining funds plus cash intended to redeem 7.875% 2030 notes. The $96.80 initial exchange price and $123.20 capped-call cap do not imply immediate issuance of all 5.1653M underlying shares: principal is settled in cash. Closing/redemption is not yet confirmed, so retain the existing Torrance-adjusted debt/cash and 121.1M-share bridge. Potential dealer hedging described by the issuer may support price near pricing; it is not proof of the cause of today's 6.14% rise. Holder sale is not issuer dilution. — sec.gov (accessed 2026-09-15)
4. September 15 reference PBF share price $74.72; provider quote update 2026-09-15T15:01:39.127388-06:00. Stock-price movement alone does not change the operating forecast. (accessed 2026-09-15)
5. September 9 Torrance hydrogen purchase closed: $44.8M cash consideration plus $342.2M promissory-note debt including contingent value. Roll June 30 cash $894.1M to $849.3M and debt $1,749.1M to $2,091.3M, yielding pro-forma net debt $1,242M before unreported interim cash flow. Operating leases were excluded from the original net-debt bridge, so their derecognition is not a second debt reduction. Keep $2.1B normalized EBITDA, 4.8x multiple and 121.1M diluted shares. Proposed $500M exchangeable notes, $50M option and $3.5B-$4B revolver are not closed/drawn funding. — sec.gov (accessed 2026-09-14)
6. September 14 Modeledge reference PBF share price $70.4 retrieved after the regular U.S. close. Quote updates affect market-relative outputs; forecast changes, if any, are separately identified. (accessed 2026-09-14)
7. PBF reported Q2 2026 adjusted EBITDA of $1,239.9M and H1 2026 adjusted EBITDA of $1,308.6M. — modeledge.ai (accessed 2026-08-04)
8. PBF's June 30, 2026 balance sheet showed cash of $894.1M, total debt of $1,749.1M, net debt of $855.0M, and net-debt-to-capitalization of 12%. — modeledge.ai (accessed 2026-08-04)
9. PBF reported 121.1M fully-converted diluted shares for Q2 2026. — modeledge.ai (accessed 2026-08-04)
10. PBF said Martinez returned to full operations in May 2026, received a fifth $250M insurance installment, and had $1.25B of unallocated insurance reimbursements received to date. — modeledge.ai (accessed 2026-08-04)
11. PBF reported Q2 2026 throughput of 887.3 thousand barrels per day, Q3 2026 throughput guidance of 900-960 thousand barrels per day, and Q2 gross refining margin excluding special items of $23.40 per barrel. — modeledge.ai (accessed 2026-08-04)
12. On the Q2 2026 call, management said product inventories should be slow to rebuild, refining margins could stay favorable into 2027, Martinez was producing its full product slate, and another Martinez insurance payment similar to the fifth installment was expected. (accessed 2026-08-04)
13. PBF's investor relations site listed second quarter 2026 results and the July 30, 2026 earnings event. — investors.pbfenergy.com (accessed 2026-08-04)