Intrinsic value of American Midstream Partners - AMID

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$11.70

  Intrinsic Value

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  Value-price divergence*

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of AMID stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -1.27
  14.30
  13.37
  12.53
  11.78
  11.10
  10.49
  9.94
  9.45
  9.00
  8.60
  8.24
  7.92
  7.63
  7.36
  7.13
  6.91
  6.72
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
Revenue, $m
  233
  270
  306
  344
  385
  427
  472
  519
  568
  619
  673
  728
  786
  846
  908
  973
  1,040
  1,110
  1,183
  1,258
  1,337
  1,419
  1,504
  1,593
  1,686
  1,783
  1,884
  1,989
  2,100
  2,215
  2,335
Variable operating expenses, $m
 
  153
  173
  195
  217
  241
  267
  293
  321
  349
  379
  409
  441
  475
  510
  546
  584
  623
  664
  706
  750
  796
  844
  894
  946
  1,001
  1,057
  1,117
  1,178
  1,243
  1,311
Fixed operating expenses, $m
 
  234
  240
  246
  252
  258
  264
  271
  278
  285
  292
  299
  307
  314
  322
  330
  338
  347
  356
  364
  374
  383
  393
  402
  412
  423
  433
  444
  455
  467
  478
Total operating expenses, $m
  256
  387
  413
  441
  469
  499
  531
  564
  599
  634
  671
  708
  748
  789
  832
  876
  922
  970
  1,020
  1,070
  1,124
  1,179
  1,237
  1,296
  1,358
  1,424
  1,490
  1,561
  1,633
  1,710
  1,789
Operating income, $m
  -23
  -117
  -107
  -96
  -84
  -72
  -59
  -45
  -30
  -15
  2
  20
  38
  57
  76
  97
  118
  140
  163
  188
  213
  240
  268
  297
  327
  360
  393
  429
  466
  505
  546
EBITDA, $m
  23
  -76
  -61
  -45
  -27
  -8
  11
  32
  54
  77
  101
  126
  152
  179
  208
  238
  269
  301
  335
  370
  407
  445
  486
  528
  572
  618
  666
  717
  770
  826
  885
Interest expense (income), $m
  17
  18
  21
  25
  28
  32
  36
  40
  44
  48
  53
  58
  63
  68
  73
  79
  84
  90
  97
  103
  110
  117
  124
  132
  140
  148
  157
  166
  175
  185
  196
Earnings before tax, $m
  1
  -135
  -128
  -121
  -113
  -104
  -94
  -84
  -74
  -63
  -51
  -37
  -24
  -11
  3
  18
  33
  50
  67
  84
  103
  123
  143
  165
  187
  211
  236
  263
  291
  320
  351
Tax expense, $m
  2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  5
  9
  13
  18
  23
  28
  33
  39
  44
  51
  57
  64
  71
  78
  86
  95
Net income, $m
  -3
  -135
  -128
  -121
  -113
  -104
  -94
  -84
  -74
  -63
  -51
  -37
  -24
  -11
  2
  13
  24
  36
  49
  62
  75
  90
  105
  120
  137
  154
  173
  192
  212
  234
  256

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  6
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,349
  1,018
  1,154
  1,299
  1,452
  1,613
  1,782
  1,959
  2,144
  2,337
  2,538
  2,748
  2,965
  3,191
  3,426
  3,671
  3,924
  4,188
  4,463
  4,748
  5,045
  5,354
  5,677
  6,012
  6,363
  6,728
  7,109
  7,507
  7,923
  8,358
  8,813
Adjusted assets (=assets-cash), $m
  2,343
  1,018
  1,154
  1,299
  1,452
  1,613
  1,782
  1,959
  2,144
  2,337
  2,538
  2,748
  2,965
  3,191
  3,426
  3,671
  3,924
  4,188
  4,463
  4,748
  5,045
  5,354
  5,677
  6,012
  6,363
  6,728
  7,109
  7,507
  7,923
  8,358
  8,813
Revenue / Adjusted assets
  0.099
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
Average production assets, $m
  1,069
  821
  931
  1,048
  1,171
  1,301
  1,437
  1,580
  1,730
  1,885
  2,048
  2,216
  2,392
  2,574
  2,764
  2,961
  3,166
  3,378
  3,600
  3,830
  4,070
  4,319
  4,579
  4,850
  5,132
  5,427
  5,735
  6,056
  6,391
  6,742
  7,109
Working capital, $m
  -16
  -9
  -10
  -12
  -13
  -15
  -16
  -18
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -38
  -40
  -43
  -45
  -48
  -51
  -54
  -57
  -61
  -64
  -68
  -71
  -75
  -79
Total debt, $m
  1,241
  613
  705
  803
  907
  1,016
  1,131
  1,251
  1,377
  1,508
  1,644
  1,786
  1,933
  2,087
  2,246
  2,412
  2,584
  2,763
  2,949
  3,142
  3,344
  3,553
  3,772
  3,999
  4,237
  4,484
  4,743
  5,013
  5,295
  5,590
  5,898
Total liabilities, $m
  1,447
  690
  782
  880
  984
  1,093
  1,208
  1,328
  1,454
  1,585
  1,721
  1,863
  2,010
  2,164
  2,323
  2,489
  2,661
  2,840
  3,026
  3,219
  3,421
  3,630
  3,849
  4,076
  4,314
  4,561
  4,820
  5,090
  5,372
  5,667
  5,975
Total equity, $m
  902
  328
  372
  418
  467
  519
  574
  631
  690
  753
  817
  885
  955
  1,028
  1,103
  1,182
  1,264
  1,349
  1,437
  1,529
  1,625
  1,724
  1,828
  1,936
  2,049
  2,166
  2,289
  2,417
  2,551
  2,691
  2,838
Total liabilities and equity, $m
  2,349
  1,018
  1,154
  1,298
  1,451
  1,612
  1,782
  1,959
  2,144
  2,338
  2,538
  2,748
  2,965
  3,192
  3,426
  3,671
  3,925
  4,189
  4,463
  4,748
  5,046
  5,354
  5,677
  6,012
  6,363
  6,727
  7,109
  7,507
  7,923
  8,358
  8,813
Debt-to-equity ratio
  1.376
  1.870
  1.900
  1.920
  1.940
  1.960
  1.970
  1.980
  1.990
  2.000
  2.010
  2.020
  2.020
  2.030
  2.040
  2.040
  2.040
  2.050
  2.050
  2.060
  2.060
  2.060
  2.060
  2.070
  2.070
  2.070
  2.070
  2.070
  2.080
  2.080
  2.080
Adjusted equity ratio
  0.382
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -3
  -135
  -128
  -121
  -113
  -104
  -94
  -84
  -74
  -63
  -51
  -37
  -24
  -11
  2
  13
  24
  36
  49
  62
  75
  90
  105
  120
  137
  154
  173
  192
  212
  234
  256
Depreciation, amort., depletion, $m
  46
  41
  46
  51
  57
  64
  70
  77
  84
  91
  99
  106
  114
  123
  132
  141
  151
  161
  171
  182
  194
  206
  218
  231
  244
  258
  273
  288
  304
  321
  339
Funds from operations, $m
  46
  -95
  -82
  -69
  -55
  -40
  -24
  -8
  10
  29
  48
  68
  90
  112
  134
  154
  175
  197
  220
  244
  269
  295
  323
  351
  381
  413
  446
  480
  517
  555
  595
Change in working capital, $m
  1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
Cash from operations, $m
  45
  -63
  -81
  -68
  -54
  -39
  -23
  -6
  12
  30
  50
  70
  92
  114
  136
  156
  177
  199
  223
  247
  272
  298
  325
  354
  384
  416
  449
  484
  520
  559
  599
Maintenance CAPEX, $m
  0
  -34
  -39
  -44
  -50
  -56
  -62
  -68
  -75
  -82
  -90
  -98
  -106
  -114
  -123
  -132
  -141
  -151
  -161
  -171
  -182
  -194
  -206
  -218
  -231
  -244
  -258
  -273
  -288
  -304
  -321
New CAPEX, $m
  -123
  -103
  -110
  -117
  -123
  -130
  -136
  -143
  -149
  -156
  -162
  -169
  -176
  -182
  -190
  -197
  -205
  -213
  -221
  -230
  -240
  -249
  -260
  -271
  -282
  -295
  -308
  -321
  -336
  -351
  -367
Cash from investing activities, $m
  -551
  -137
  -149
  -161
  -173
  -186
  -198
  -211
  -224
  -238
  -252
  -267
  -282
  -296
  -313
  -329
  -346
  -364
  -382
  -401
  -422
  -443
  -466
  -489
  -513
  -539
  -566
  -594
  -624
  -655
  -688
Free cash flow, $m
  -506
  -200
  -230
  -229
  -227
  -225
  -221
  -217
  -213
  -208
  -202
  -196
  -190
  -183
  -176
  -172
  -168
  -164
  -160
  -155
  -150
  -145
  -140
  -135
  -129
  -123
  -117
  -110
  -104
  -97
  -89
Issuance/(repayment) of debt, $m
  537
  86
  92
  98
  104
  109
  115
  120
  126
  131
  136
  142
  148
  153
  159
  166
  172
  179
  186
  194
  201
  210
  218
  228
  237
  248
  259
  270
  282
  295
  308
Issuance/(repurchase) of shares, $m
  37
  154
  182
  178
  173
  167
  161
  154
  147
  139
  131
  122
  112
  102
  92
  85
  78
  70
  62
  53
  45
  35
  25
  15
  4
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  573
  240
  274
  276
  277
  276
  276
  274
  273
  270
  267
  264
  260
  255
  251
  251
  250
  249
  248
  247
  246
  245
  243
  243
  241
  248
  259
  270
  282
  295
  308
Total cash flow (excl. dividends), $m
  67
  -114
  -138
  -131
  -123
  -115
  -107
  -97
  -87
  -77
  -66
  -54
  -42
  -29
  -17
  -7
  4
  15
  26
  38
  51
  64
  78
  93
  108
  125
  142
  160
  178
  198
  219
Retained Cash Flow (-), $m
  -615
  -41
  -44
  -47
  -49
  -52
  -54
  -57
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -88
  -92
  -96
  -100
  -104
  -108
  -113
  -118
  -123
  -128
  -134
  -140
  -146
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  7
  19
  31
  44
  58
  73
Discount rate, %
 
  10.60
  11.13
  11.69
  12.27
  12.88
  13.53
  14.21
  14.92
  15.66
  16.44
  17.27
  18.13
  19.04
  19.99
  20.99
  22.04
  23.14
  24.30
  25.51
  26.79
  28.12
  29.53
  31.01
  32.56
  34.19
  35.90
  37.69
  39.57
  41.55
  43.63
PV of cash for distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  70.7
  49.5
  36.2
  27.5
  21.5
  17.4
  14.4
  12.2
  10.6
  9.3
  8.4
  7.6
  7.0
  6.6
  6.2
  5.9
  5.7
  5.5
  5.3
  5.2
  5.1
  5.1
  5.0
  5.0
  5.0
  5.0
  5.0
  5.0
  5.0
  5.0

American Midstream Partners, LP engages in gathering, treating, processing, and transporting natural gas in the United States. The company’s Gathering and Processing segment provides gathering, compression, treating, processing, fractionating, transportation, and sale of natural gas, natural gas liquids (NGLs), and condensate. Its Transmission segment transports and delivers natural gas from producing wells, receipt points, or pipeline interconnects for shippers and other customers, which include local distribution companies, utilities and industrial, commercial, and power generation customers. The company’s Terminals segment provides above-ground storage services comprising petroleum products, distillates, chemicals, and agricultural products at its marine terminals that support various commercial customers, including commodity brokers, refiners and chemical manufacturers to store a range of products. It owns and operates 12 gathering systems, 5 processing facilities, 3 fractionation facilities, 3 marine terminal sites, 3 interstate pipelines, 5 intrastate pipelines, and 1 crude oil pipeline. The company also owns a 66.7% non-operated in Main Pass Oil Gathering System; a 50% undivided interest in the Burns Point Plant; a 46% non-operated interest in Mesquite; and a 12.9% non-operated indirect interest in Delta House. Its primary assets are located in Alabama, Georgia, Louisiana, Mississippi, North Dakota, Tennessee, Texas, and the Gulf of Mexico, provide infrastructure that links producers of natural gas, NGLs, condensate, and specialty chemicals to various intermediate and end-use markets. The company operates approximately 3,000 miles of pipelines; and 1.8 million barrels of storage capacity at 3 marine terminal sites. American Midstream GP, LLC serves as the general partner of the company. American Midstream Partners, LP was founded in 2009 and is headquartered in Denver, Colorado.

FINANCIAL RATIOS  of  American Midstream Partners (AMID)

Valuation Ratios
P/E Ratio -202.9
Price to Sales 2.6
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 13.5
Price to Free Cash Flow -7.8
Growth Rates
Sales Growth Rate -1.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -10.2%
Cap. Spend. - 3 Yr. Gr. Rate 35.4%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 137%
Total Debt to Equity 137.6%
Interest Coverage 1
Management Effectiveness
Return On Assets -1.2%
Ret/ On Assets - 3 Yr. Avg. -9.3%
Return On Total Capital -0.2%
Ret/ On T. Cap. - 3 Yr. Avg. -11.2%
Return On Equity -0.5%
Return On Equity - 3 Yr. Avg. -22.8%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 60.1%
Gross Margin - 3 Yr. Avg. 50.3%
EBITDA Margin 27.5%
EBITDA Margin - 3 Yr. Avg. -8.2%
Operating Margin -9.9%
Oper. Margin - 3 Yr. Avg. -29.9%
Pre-Tax Margin 0.4%
Pre-Tax Margin - 3 Yr. Avg. -28.2%
Net Profit Margin -1.3%
Net Profit Margin - 3 Yr. Avg. -29%
Effective Tax Rate 200%
Eff/ Tax Rate - 3 Yr. Avg. 66.4%
Payout Ratio -2133.3%

AMID stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AMID stock intrinsic value calculation we used $236 million for the last fiscal year's total revenue generated by American Midstream Partners. The default revenue input number comes from 2016 income statement of American Midstream Partners. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AMID stock valuation model: a) initial revenue growth rate of 14.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 10.6%, whose default value for AMID is calculated based on our internal credit rating of American Midstream Partners, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of American Midstream Partners.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AMID stock the variable cost ratio is equal to 56.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $228 million in the base year in the intrinsic value calculation for AMID stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for American Midstream Partners.

Corporate tax rate of 27% is the nominal tax rate for American Midstream Partners. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AMID stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AMID are equal to 304.4%.

Life of production assets of 21 years is the average useful life of capital assets used in American Midstream Partners operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AMID is equal to -3.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $287 million for American Midstream Partners - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 31.84 million for American Midstream Partners is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of American Midstream Partners at the current share price and the inputted number of shares is $0.4 billion.


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COMPANY NEWS

▶ American Midstream Reports First Quarter 2017 Results   [May-10-17 06:58AM  Business Wire]
▶ [$$] Deal Close Announcements: March 6-10   [Mar-10-17 04:54PM  at The Wall Street Journal]
▶ Smaller MLPs May Outperform in 2017   [Mar-02-17 10:28AM  at Barrons.com]
▶ What Smart Money Thinks of American Midstream Partners LP (AMID)?   [Dec-20-16 04:59PM  at Insider Monkey]
▶ American Midstream Reports Third Quarter 2016 Results   [Nov-07-16 08:07PM  Business Wire]
▶ 4 stocks to watch   [02:06PM  at MarketWatch]
▶ American Midstream Maintains Quarterly Distribution   [Jul-21-16 04:20PM  Business Wire]
▶ How Are Gathering and Processing MLPs Performing in 2016?   [May-13-16 09:39AM  Market Realist]
Stock chart of AMID Financial statements of AMID Annual reports of AMID
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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