Intrinsic value of Alliance Resource Partners - ARLP

Previous Close

$18.55

  Intrinsic Value

$36.29

stock screener

  Rating & Target

str. buy

+96%

  Value-price divergence*

-108%

Previous close

$18.55

 
Intrinsic value

$36.29

 
Up/down potential

+96%

 
Rating

str. buy

 
Value-price divergence*

-108%

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

We calculate the intrinsic value of ARLP 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 1.3

 

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, %
  -15.08
  11.60
  10.94
  10.35
  9.81
  9.33
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.86
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
Revenue, $m
  1,931
  2,155
  2,391
  2,638
  2,897
  3,167
  3,449
  3,742
  4,048
  4,365
  4,695
  5,038
  5,394
  5,764
  6,149
  6,549
  6,966
  7,399
  7,851
  8,321
  8,811
  9,323
  9,856
  10,413
  10,995
  11,602
  12,237
  12,901
  13,596
  14,323
  15,083
Variable operating expenses, $m
 
  1,789
  1,983
  2,187
  2,401
  2,623
  2,855
  3,097
  3,349
  3,610
  3,882
  4,151
  4,444
  4,749
  5,067
  5,396
  5,740
  6,097
  6,469
  6,856
  7,260
  7,681
  8,121
  8,580
  9,059
  9,560
  10,083
  10,630
  11,202
  11,801
  12,428
Fixed operating expenses, $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
Total operating expenses, $m
  1,566
  1,789
  1,983
  2,187
  2,401
  2,623
  2,855
  3,097
  3,349
  3,610
  3,882
  4,151
  4,444
  4,749
  5,067
  5,396
  5,740
  6,097
  6,469
  6,856
  7,260
  7,681
  8,121
  8,580
  9,059
  9,560
  10,083
  10,630
  11,202
  11,801
  12,428
Operating income, $m
  366
  366
  407
  451
  496
  544
  594
  645
  699
  755
  813
  887
  950
  1,015
  1,083
  1,153
  1,226
  1,303
  1,382
  1,465
  1,551
  1,641
  1,735
  1,833
  1,936
  2,042
  2,154
  2,271
  2,393
  2,521
  2,655
EBITDA, $m
  689
  571
  633
  699
  768
  839
  914
  992
  1,072
  1,157
  1,244
  1,335
  1,429
  1,527
  1,629
  1,735
  1,846
  1,960
  2,080
  2,205
  2,335
  2,470
  2,611
  2,759
  2,913
  3,074
  3,242
  3,418
  3,602
  3,795
  3,996
Interest expense (income), $m
  29
  23
  28
  32
  37
  43
  48
  54
  60
  66
  73
  79
  86
  94
  101
  109
  117
  126
  135
  144
  154
  164
  174
  185
  196
  208
  221
  233
  247
  261
  276
Earnings before tax, $m
  340
  343
  380
  418
  459
  501
  545
  591
  639
  689
  740
  807
  863
  921
  981
  1,044
  1,109
  1,177
  1,247
  1,321
  1,398
  1,478
  1,561
  1,648
  1,739
  1,834
  1,934
  2,038
  2,146
  2,260
  2,379
Tax expense, $m
  0
  93
  103
  113
  124
  135
  147
  160
  173
  186
  200
  218
  233
  249
  265
  282
  299
  318
  337
  357
  377
  399
  422
  445
  470
  495
  522
  550
  580
  610
  642
Net income, $m
  339
  250
  277
  305
  335
  366
  398
  432
  466
  503
  540
  589
  630
  672
  716
  762
  810
  859
  911
  964
  1,020
  1,079
  1,140
  1,203
  1,270
  1,339
  1,412
  1,488
  1,567
  1,650
  1,737

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  40
  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
  2,193
  2,402
  2,665
  2,941
  3,230
  3,531
  3,845
  4,172
  4,512
  4,866
  5,234
  5,616
  6,013
  6,426
  6,855
  7,301
  7,766
  8,249
  8,752
  9,277
  9,823
  10,393
  10,988
  11,609
  12,257
  12,934
  13,642
  14,383
  15,157
  15,967
  16,815
Adjusted assets (=assets-cash), $m
  2,153
  2,402
  2,665
  2,941
  3,230
  3,531
  3,845
  4,172
  4,512
  4,866
  5,234
  5,616
  6,013
  6,426
  6,855
  7,301
  7,766
  8,249
  8,752
  9,277
  9,823
  10,393
  10,988
  11,609
  12,257
  12,934
  13,642
  14,383
  15,157
  15,967
  16,815
Revenue / Adjusted assets
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
  0.897
Average production assets, $m
  1,717
  1,916
  2,125
  2,345
  2,575
  2,816
  3,066
  3,327
  3,598
  3,881
  4,174
  4,479
  4,795
  5,124
  5,467
  5,822
  6,193
  6,578
  6,979
  7,397
  7,833
  8,288
  8,762
  9,257
  9,774
  10,314
  10,879
  11,469
  12,087
  12,733
  13,409
Working capital, $m
  -50
  97
  108
  119
  130
  143
  155
  168
  182
  196
  211
  227
  243
  259
  277
  295
  313
  333
  353
  374
  397
  420
  444
  469
  495
  522
  551
  581
  612
  645
  679
Total debt, $m
  662
  746
  876
  1,013
  1,156
  1,305
  1,460
  1,622
  1,791
  1,966
  2,148
  2,337
  2,534
  2,738
  2,950
  3,171
  3,401
  3,640
  3,889
  4,149
  4,419
  4,702
  4,996
  5,303
  5,624
  5,960
  6,310
  6,676
  7,060
  7,461
  7,881
Total liabilities, $m
  1,105
  1,189
  1,319
  1,456
  1,599
  1,748
  1,903
  2,065
  2,234
  2,409
  2,591
  2,780
  2,977
  3,181
  3,393
  3,614
  3,844
  4,083
  4,332
  4,592
  4,862
  5,145
  5,439
  5,746
  6,067
  6,403
  6,753
  7,119
  7,503
  7,904
  8,324
Total equity, $m
  1,088
  1,213
  1,346
  1,485
  1,631
  1,783
  1,942
  2,107
  2,279
  2,457
  2,643
  2,836
  3,037
  3,245
  3,462
  3,687
  3,922
  4,166
  4,420
  4,685
  4,961
  5,249
  5,549
  5,862
  6,190
  6,532
  6,889
  7,263
  7,654
  8,063
  8,492
Total liabilities and equity, $m
  2,193
  2,402
  2,665
  2,941
  3,230
  3,531
  3,845
  4,172
  4,513
  4,866
  5,234
  5,616
  6,014
  6,426
  6,855
  7,301
  7,766
  8,249
  8,752
  9,277
  9,823
  10,394
  10,988
  11,608
  12,257
  12,935
  13,642
  14,382
  15,157
  15,967
  16,816
Debt-to-equity ratio
  0.608
  0.620
  0.650
  0.680
  0.710
  0.730
  0.750
  0.770
  0.790
  0.800
  0.810
  0.820
  0.830
  0.840
  0.850
  0.860
  0.870
  0.870
  0.880
  0.890
  0.890
  0.900
  0.900
  0.900
  0.910
  0.910
  0.920
  0.920
  0.920
  0.930
  0.930
Adjusted equity ratio
  0.487
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  339
  250
  277
  305
  335
  366
  398
  432
  466
  503
  540
  589
  630
  672
  716
  762
  810
  859
  911
  964
  1,020
  1,079
  1,140
  1,203
  1,270
  1,339
  1,412
  1,488
  1,567
  1,650
  1,737
Depreciation, amort., depletion, $m
  323
  205
  226
  248
  271
  295
  320
  346
  373
  402
  431
  448
  480
  512
  547
  582
  619
  658
  698
  740
  783
  829
  876
  926
  977
  1,031
  1,088
  1,147
  1,209
  1,273
  1,341
Funds from operations, $m
  730
  455
  503
  554
  606
  661
  718
  778
  840
  904
  971
  1,037
  1,110
  1,185
  1,263
  1,344
  1,429
  1,517
  1,609
  1,704
  1,804
  1,907
  2,016
  2,129
  2,247
  2,371
  2,500
  2,634
  2,776
  2,923
  3,078
Change in working capital, $m
  26
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
Cash from operations, $m
  704
  445
  493
  542
  594
  649
  706
  765
  826
  890
  956
  1,022
  1,094
  1,168
  1,246
  1,326
  1,410
  1,497
  1,588
  1,683
  1,782
  1,884
  1,992
  2,104
  2,221
  2,343
  2,471
  2,605
  2,744
  2,891
  3,044
Maintenance CAPEX, $m
  0
  -172
  -192
  -213
  -235
  -258
  -282
  -307
  -333
  -360
  -388
  -417
  -448
  -480
  -512
  -547
  -582
  -619
  -658
  -698
  -740
  -783
  -829
  -876
  -926
  -977
  -1,031
  -1,088
  -1,147
  -1,209
  -1,273
New CAPEX, $m
  -91
  -199
  -210
  -220
  -230
  -240
  -251
  -261
  -271
  -282
  -293
  -305
  -317
  -329
  -342
  -356
  -370
  -385
  -401
  -418
  -436
  -455
  -474
  -495
  -517
  -540
  -565
  -590
  -617
  -646
  -676
Cash from investing activities, $m
  -192
  -371
  -402
  -433
  -465
  -498
  -533
  -568
  -604
  -642
  -681
  -722
  -765
  -809
  -854
  -903
  -952
  -1,004
  -1,059
  -1,116
  -1,176
  -1,238
  -1,303
  -1,371
  -1,443
  -1,517
  -1,596
  -1,678
  -1,764
  -1,855
  -1,949
Free cash flow, $m
  512
  75
  92
  110
  130
  151
  174
  197
  222
  248
  275
  300
  329
  359
  391
  424
  458
  493
  529
  567
  606
  647
  689
  733
  778
  826
  875
  926
  980
  1,036
  1,094
Issuance/(repayment) of debt, $m
  -294
  124
  130
  136
  143
  149
  156
  162
  168
  175
  182
  189
  197
  204
  212
  221
  230
  239
  249
  260
  271
  282
  294
  307
  321
  335
  350
  366
  383
  401
  420
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  -257
  124
  130
  136
  143
  149
  156
  162
  168
  175
  182
  189
  197
  204
  212
  221
  230
  239
  249
  260
  271
  282
  294
  307
  321
  335
  350
  366
  383
  401
  420
Total cash flow (excl. dividends), $m
  254
  199
  222
  246
  273
  300
  329
  359
  391
  423
  457
  489
  526
  564
  603
  645
  687
  732
  778
  826
  877
  929
  983
  1,040
  1,099
  1,161
  1,225
  1,293
  1,363
  1,437
  1,514
Retained Cash Flow (-), $m
  -101
  -125
  -133
  -139
  -146
  -152
  -159
  -165
  -172
  -179
  -186
  -193
  -201
  -208
  -217
  -225
  -234
  -244
  -254
  -265
  -276
  -288
  -300
  -314
  -327
  -342
  -358
  -374
  -391
  -409
  -428
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
 
  74
  89
  107
  127
  148
  170
  194
  219
  245
  271
  296
  325
  355
  387
  419
  453
  488
  524
  562
  601
  641
  683
  726
  772
  819
  868
  919
  972
  1,028
  1,086
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  71
  81
  93
  105
  115
  124
  131
  137
  140
  142
  141
  139
  135
  130
  123
  115
  106
  97
  86
  76
  66
  57
  48
  39
  32
  25
  20
  15
  11
  8
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Alliance Resource Partners, L.P. produces and markets coal primarily to utilities and industrial users in the United States. It operates in two segments, Illinois Basin and Appalachia; and Other and Corporate. The company operates 10 underground mining complexes in Illinois, Indiana, Kentucky, Maryland, and West Virginia. It also leases land and operates a coal loading terminal on the Ohio River at Mt. Vernon, Indiana; and purchases and resells coal. In addition, the company provides mine products and services, including the design of systems for automating and controlling various aspects of industrial and mining environments; and design and sale of mine safety equipment, including its miner and equipment tracking and proximity detection systems. As of December 31, 2015, it had approximately 1.8 billion tons of coal reserves in Illinois, Indiana, Kentucky, Maryland, Pennsylvania, and West Virginia. Alliance Resource Management GP, LLC serves as the general partner of the company. The company was founded in 1971 and is headquartered in Tulsa, Oklahoma.

FINANCIAL RATIOS  of  Alliance Resource Partners (ARLP)

Valuation Ratios
P/E Ratio 4.1
Price to Sales 0.7
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 2
Price to Free Cash Flow 2.3
Growth Rates
Sales Growth Rate -15.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -57.3%
Cap. Spend. - 3 Yr. Gr. Rate -22.7%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 44.6%
Total Debt to Equity 60.8%
Interest Coverage 13
Management Effectiveness
Return On Assets 16.2%
Ret/ On Assets - 3 Yr. Avg. 18.2%
Return On Total Capital 18.6%
Ret/ On T. Cap. - 3 Yr. Avg. 20.8%
Return On Equity 32.7%
Return On Equity - 3 Yr. Avg. 38.8%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 98.4%
Gross Margin - 3 Yr. Avg. 98.6%
EBITDA Margin 35.8%
EBITDA Margin - 3 Yr. Avg. 33.4%
Operating Margin 18.9%
Oper. Margin - 3 Yr. Avg. 19.8%
Pre-Tax Margin 17.6%
Pre-Tax Margin - 3 Yr. Avg. 17.6%
Net Profit Margin 17.6%
Net Profit Margin - 3 Yr. Avg. 17.5%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 73.2%

ARLP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ARLP stock intrinsic value calculation we used $1931 million for the last fiscal year's total revenue generated by Alliance Resource Partners. The default revenue input number comes from 2016 income statement of Alliance Resource 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 ARLP stock valuation model: a) initial revenue growth rate of 11.6% 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 4.3%, whose default value for ARLP is calculated based on our internal credit rating of Alliance Resource 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 Alliance Resource 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 ARLP stock the variable cost ratio is equal to 83.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ARLP 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 3.7% for Alliance Resource Partners.

Corporate tax rate of 27% is the nominal tax rate for Alliance Resource 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 ARLP 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 ARLP are equal to 88.9%.

Life of production assets of 10 years is the average useful life of capital assets used in Alliance Resource 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 ARLP is equal to 4.5%. 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 - $1088 million for Alliance Resource 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 72.34 million for Alliance Resource 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 Alliance Resource Partners at the current share price and the inputted number of shares is $1.3 billion.

RELATED COMPANIES Price Int.Val. Rating
AHGP Alliance Holdi 26.43 73.01  str.buy
FELP Foresight Ener 4.26 23.37  str.buy
CNXC CNX Coal Resou 15.30 285.47  str.buy
NRP Natural Resour 24.95 3.00  str.sell
HNRG Hallador Energ 5.42 1.86  str.sell

COMPANY NEWS

▶ 3 High-Yield Stocks Smart Investors Can't Get Enough Of   [Aug-19-17 06:15AM  Motley Fool]
▶ Why Westmoreland Coals Shipments Fell in 2Q17   [Aug-16-17 09:08AM  Market Realist]
▶ Alliance Resource Partners Leverage and Liquidity   [Aug-08-17 10:37AM  Market Realist]
▶ Why One Coal Mining Name Rocketed 20% in July   [Aug-03-17 04:16PM  Motley Fool]
▶ 3 Value Stocks for Daring Investors   [Aug-02-17 08:36AM  Motley Fool]
▶ Inside the Solid Rise of NSCs 2Q17 Coal Revenues   [Jul-31-17 04:35PM  Market Realist]
▶ A Look at Alliance Resource Partners Liquidity and Debt   [Jul-27-17 07:40AM  Market Realist]
▶ Inside Alliance Resource Partners 2Q17 Margin Estimates   [Jul-26-17 10:40AM  Market Realist]
▶ Alliance Resource Partners: What 2Q17 Could Bring   [Jul-25-17 04:48PM  Market Realist]
▶ 3 Hidden Gems in the Energy Sector   [Jul-20-17 08:04PM  Motley Fool]
▶ Heres What Led BNSF Railways Growth in Carloads   [Jul-18-17 09:07AM  Market Realist]
▶ What Really Pushed CSXs Freight Volumes in Week 27?   [Jul-17-17 10:42AM  Market Realist]
▶ Roundtable: 1 Underdog Stock I'm Watching   [10:07AM  Motley Fool]
▶ Inside BNSF Railways Railcar Volumes in Week 25   [Jul-06-17 07:36AM  Market Realist]
▶ Inside CSXs Week 25 Railcar Freight Volumes   [Jul-04-17 05:35PM  Market Realist]
▶ Inside Union Pacifics Freight Volumes in Week 24   [Jun-27-17 10:37AM  Market Realist]
▶ 3 Value Stocks for Daring Investors   [Jun-26-17 05:34PM  Motley Fool]
▶ 2 Stocks Everyone Is Wrong About   [Jun-23-17 10:05AM  Motley Fool]
▶ How Teck Resources Ltd. Makes Most of Its Money   [Jun-22-17 10:00AM  Motley Fool]
▶ BNSF Railway: Did Coal Push Volumes in Week 23?   [Jun-21-17 10:37AM  Market Realist]
▶ CSX: Behind Its Carloads Volume in Week 23   [07:36AM  Market Realist]
▶ 3 Top Stocks You've Been Overlooking   [Jun-19-17 12:33PM  Motley Fool]
▶ 3 Top Dividend Stocks in Mining   [Jun-13-17 12:00PM  Motley Fool]
▶ Coal Industry Outlook - June 2017   [Jun-09-17 03:25PM  Zacks]
▶ Why Paris Pullout Is No Cure All For Coal   [Jun-06-17 11:21AM  Barrons.com]
▶ 3 Incredibly Cheap Dividend Stocks   [May-25-17 11:15AM  Motley Fool]
▶ What Commodities Led Kansas City Southerns Rise in Week 19?   [May-24-17 10:37AM  Market Realist]
▶ 3 Top Mineral Mining Stocks to Buy in 2017   [May-23-17 11:09AM  Motley Fool]
▶ Decoding Carloads of Union Pacific in Week 18   [10:38AM  Market Realist]
▶ Why CSXs Carloads Fell in Week 17 of 2017   [May-09-17 09:07AM  Market Realist]
▶ Commodities that Boosted BNSF Railways Carloads   [May-08-17 05:05PM  Market Realist]
▶ Story Stocks from Briefing.com   [12:39PM  Briefing.com]
▶ Union Pacific: Behind the Freight Volume Rise in Week 15   [Apr-21-17 02:35PM  Market Realist]
▶ 3 Cheap Stocks You Can Buy Today   [Apr-20-17 10:13AM  Motley Fool]
▶ Union Pacific: Unloading Freight Volumes in Week 14 of 2017   [Apr-18-17 05:35PM  Market Realist]
Stock chart of ARLP Financial statements of ARLP
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.