Energy Transfer (ET) stock is currently trading at a forward enterprise value–to–EBITDA multiple of 12x, based on its expected 2019 earnings. Its five-year historical average valuation is over 16x. Peers’ average is close to 10x. So Energy Transfer stock seems to be trading at a premium valuation to its peers, and it seems inexpensive compared to its historical average. Although Energy Transfer stock looks expensive, its robust expected growth of above 15% next year likely justifies the premium valuation.