Energy Transfer (ET) stock seems to be trading at a discounted valuation compared to its five-year historical average. The stock is trading at a forward enterprise value-to-EBITDA multiple of 11x based on the estimated earnings for the next year. Energy Transfer’s historical average valuation is near 16x. Peers’ average valuation is close to 10x. So, the stock looks expensive compared to its peers. However, Energy Transfer’s strong expected growth above 13% next year likely justifies the premium valuation.