Intrinsic value of Blueknight Energy Partners G.P. - BKEP

Previous Close

$5.45

  Intrinsic Value

$0.71

stock screener

  Rating & Target

str. sell

-87%

  Value-price divergence*

-62%

Previous close

$5.45

 
Intrinsic value

$0.71

 
Up/down potential

-87%

 
Rating

str. sell

 
Value-price divergence*

-62%

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

We calculate the intrinsic value of BKEP 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 0.2

 

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, %
  -1.67
  12.20
  11.48
  10.83
  10.25
  9.72
  9.25
  8.83
  8.44
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.57
  5.52
  5.47
  5.42
  5.38
  5.34
Revenue, $m
  177
  199
  221
  245
  271
  297
  324
  353
  383
  414
  446
  479
  514
  550
  588
  627
  668
  710
  754
  800
  848
  897
  949
  1,004
  1,060
  1,119
  1,181
  1,246
  1,313
  1,384
  1,458
Variable operating expenses, $m
 
  183
  204
  226
  249
  273
  298
  325
  352
  380
  410
  440
  472
  505
  540
  576
  613
  652
  692
  734
  778
  824
  872
  921
  973
  1,028
  1,084
  1,144
  1,206
  1,270
  1,338
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
  171
  183
  204
  226
  249
  273
  298
  325
  352
  380
  410
  440
  472
  505
  540
  576
  613
  652
  692
  734
  778
  824
  872
  921
  973
  1,028
  1,084
  1,144
  1,206
  1,270
  1,338
Operating income, $m
  6
  16
  18
  20
  22
  24
  26
  28
  31
  33
  36
  39
  42
  45
  48
  51
  55
  58
  62
  65
  69
  73
  78
  82
  87
  92
  97
  102
  107
  113
  119
EBITDA, $m
  37
  51
  56
  62
  69
  75
  82
  90
  97
  105
  113
  122
  131
  140
  150
  159
  170
  181
  192
  203
  216
  228
  241
  255
  270
  285
  300
  317
  334
  352
  371
Interest expense (income), $m
  12
  14
  15
  17
  19
  21
  23
  25
  27
  30
  32
  35
  37
  40
  43
  46
  49
  53
  56
  59
  63
  67
  71
  75
  79
  84
  89
  94
  99
  104
  110
Earnings before tax, $m
  -5
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
Tax expense, $m
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
Net income, $m
  -5
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  3
  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
  376
  422
  470
  521
  574
  630
  689
  749
  813
  878
  947
  1,018
  1,092
  1,169
  1,248
  1,331
  1,418
  1,507
  1,601
  1,698
  1,800
  1,905
  2,016
  2,131
  2,251
  2,376
  2,508
  2,645
  2,788
  2,938
  3,095
Adjusted assets (=assets-cash), $m
  373
  422
  470
  521
  574
  630
  689
  749
  813
  878
  947
  1,018
  1,092
  1,169
  1,248
  1,331
  1,418
  1,507
  1,601
  1,698
  1,800
  1,905
  2,016
  2,131
  2,251
  2,376
  2,508
  2,645
  2,788
  2,938
  3,095
Revenue / Adjusted assets
  0.475
  0.472
  0.470
  0.470
  0.472
  0.471
  0.470
  0.471
  0.471
  0.472
  0.471
  0.471
  0.471
  0.470
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
Average production assets, $m
  318
  356
  397
  440
  485
  533
  582
  633
  687
  742
  800
  860
  923
  987
  1,055
  1,125
  1,198
  1,274
  1,353
  1,435
  1,521
  1,610
  1,703
  1,800
  1,902
  2,008
  2,119
  2,235
  2,356
  2,482
  2,615
Working capital, $m
  5
  2
  2
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
Total debt, $m
  325
  354
  398
  444
  492
  542
  595
  649
  706
  766
  827
  891
  958
  1,027
  1,099
  1,173
  1,251
  1,332
  1,416
  1,503
  1,595
  1,690
  1,789
  1,893
  2,001
  2,114
  2,232
  2,355
  2,484
  2,619
  2,760
Total liabilities, $m
  350
  379
  423
  469
  517
  567
  620
  674
  731
  791
  852
  916
  983
  1,052
  1,124
  1,198
  1,276
  1,357
  1,441
  1,528
  1,620
  1,715
  1,814
  1,918
  2,026
  2,139
  2,257
  2,380
  2,509
  2,644
  2,785
Total equity, $m
  26
  42
  47
  52
  57
  63
  69
  75
  81
  88
  95
  102
  109
  117
  125
  133
  142
  151
  160
  170
  180
  191
  202
  213
  225
  238
  251
  264
  279
  294
  309
Total liabilities and equity, $m
  376
  421
  470
  521
  574
  630
  689
  749
  812
  879
  947
  1,018
  1,092
  1,169
  1,249
  1,331
  1,418
  1,508
  1,601
  1,698
  1,800
  1,906
  2,016
  2,131
  2,251
  2,377
  2,508
  2,644
  2,788
  2,938
  3,094
Debt-to-equity ratio
  12.500
  8.410
  8.470
  8.520
  8.560
  8.600
  8.640
  8.670
  8.690
  8.720
  8.740
  8.750
  8.770
  8.790
  8.800
  8.810
  8.820
  8.830
  8.840
  8.850
  8.860
  8.870
  8.880
  8.880
  8.890
  8.890
  8.900
  8.910
  8.910
  8.910
  8.920
Adjusted equity ratio
  0.062
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -5
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
Depreciation, amort., depletion, $m
  31
  35
  39
  43
  47
  52
  56
  61
  67
  72
  77
  83
  89
  95
  101
  108
  115
  122
  130
  138
  146
  155
  164
  173
  183
  193
  204
  215
  227
  239
  251
Funds from operations, $m
  54
  36
  41
  45
  49
  54
  59
  64
  69
  75
  80
  86
  92
  98
  105
  112
  119
  127
  134
  142
  151
  160
  169
  178
  188
  199
  209
  221
  233
  245
  258
Change in working capital, $m
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
Cash from operations, $m
  53
  36
  40
  45
  49
  54
  59
  64
  69
  74
  80
  86
  92
  98
  105
  112
  119
  126
  134
  142
  150
  159
  168
  178
  188
  198
  209
  220
  232
  244
  257
Maintenance CAPEX, $m
  0
  -31
  -34
  -38
  -42
  -47
  -51
  -56
  -61
  -66
  -71
  -77
  -83
  -89
  -95
  -101
  -108
  -115
  -122
  -130
  -138
  -146
  -155
  -164
  -173
  -183
  -193
  -204
  -215
  -227
  -239
New CAPEX, $m
  -20
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -82
  -86
  -89
  -93
  -97
  -102
  -106
  -111
  -116
  -121
  -127
  -133
Cash from investing activities, $m
  -160
  -70
  -75
  -81
  -87
  -94
  -100
  -107
  -114
  -122
  -129
  -137
  -145
  -154
  -162
  -171
  -181
  -191
  -201
  -212
  -224
  -235
  -248
  -261
  -275
  -289
  -304
  -320
  -336
  -354
  -372
Free cash flow, $m
  -107
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -47
  -49
  -51
  -53
  -56
  -58
  -60
  -62
  -65
  -68
  -70
  -73
  -77
  -80
  -83
  -87
  -91
  -95
  -99
  -104
  -109
  -114
Issuance/(repayment) of debt, $m
  79
  29
  44
  46
  48
  50
  52
  55
  57
  59
  62
  64
  67
  69
  72
  75
  78
  81
  84
  88
  91
  95
  99
  104
  108
  113
  118
  123
  129
  135
  141
Issuance/(repurchase) of shares, $m
  76
  15
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
Cash from financing (excl. dividends), $m  
  154
  44
  47
  49
  51
  53
  55
  59
  61
  63
  66
  68
  71
  73
  76
  80
  83
  86
  89
  93
  97
  101
  105
  110
  115
  120
  125
  131
  137
  144
  150
Total cash flow (excl. dividends), $m
  47
  11
  12
  12
  13
  13
  14
  15
  15
  16
  16
  16
  17
  18
  18
  19
  20
  21
  22
  22
  23
  24
  25
  27
  28
  29
  30
  32
  33
  35
  36
Retained Cash Flow (-), $m
  61
  -16
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
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
 
  -5
  7
  7
  7
  8
  8
  8
  9
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
Discount rate, %
 
  12.70
  13.34
  14.00
  14.70
  15.44
  16.21
  17.02
  17.87
  18.76
  19.70
  20.69
  21.72
  22.81
  23.95
  25.15
  26.40
  27.72
  29.11
  30.56
  32.09
  33.70
  35.38
  37.15
  39.01
  40.96
  43.01
  45.16
  47.41
  49.79
  52.27
PV of cash for distribution, $m
 
  -5
  5
  5
  4
  4
  3
  3
  2
  2
  2
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  93.4
  92.6
  91.9
  91.2
  90.5
  89.9
  89.3
  88.8
  88.2
  87.7
  87.3
  86.9
  86.4
  86.0
  85.7
  85.3
  84.9
  84.5
  84.2
  83.8
  83.5
  83.2
  82.8
  82.5
  82.2
  81.9
  81.6
  81.2
  80.9
  80.6

Blueknight Energy Partners, L.P. provides integrated terminalling, storage, processing, gathering, and transportation services for companies engaged in the production, distribution, and marketing of crude oil and asphalt products in the United States. Its Asphalt Terminalling Services segment offers asphalt product and residual fuel oil storage services that enable its customers to manage their asphalt product storage, processing, and marketing activities. As of March 3, 2016, this segment had 45 terminals located in 23 states. The company’s Crude Oil Terminalling and Storage Services segment offers oil terminalling facilities and storage tanks with approximately 7.4 million barrels of storage capacity to manage its customer’s crude oil inventories and enhance flexibility in their marketing and operating activities. Its Crude Oil Pipeline Services segment owns and operates crude oil transportation system in the Mid-Continent region of the United States with a combined length of approximately 515 miles; and a 220 mile tariff-regulated crude oil gathering and transportation pipeline in the Longview, Texas, as well as Eagle North system in the Mid-Continent region of the United States with a length of approximately 250 miles. The company’s Crude Oil Trucking and Producer Field Services segment offers crude oil producer field services comprising gathering condensates from natural gas companies and hauling produced water to disposal wells. This segment owns or leases 152 tanker trucks to gather crude oil in Kansas, Oklahoma, Texas, New Mexico, and Colorado. Blueknight Energy Partners G.P., L.L.C. operates as a general partner of the company. The company was formerly known as SemGroup Energy Partners, L.P. and changed its name to Blueknight Energy Partners, L.P. in December 2009. Blueknight Energy Partners, L.P. was founded in 2007 and is headquartered in Oklahoma City, Oklahoma.

FINANCIAL RATIOS  of  Blueknight Energy Partners G.P. (BKEP)

Valuation Ratios
P/E Ratio -41.4
Price to Sales 1.2
Price to Book 8
Price to Tangible Book
Price to Cash Flow 3.9
Price to Free Cash Flow 6.3
Growth Rates
Sales Growth Rate -1.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -52.4%
Cap. Spend. - 3 Yr. Gr. Rate -21%
Financial Strength
Quick Ratio NaN
Current Ratio 0.6
LT Debt to Equity 1250%
Total Debt to Equity 1250%
Interest Coverage 1
Management Effectiveness
Return On Assets 1.9%
Ret/ On Assets - 3 Yr. Avg. 5.4%
Return On Total Capital -1.5%
Ret/ On T. Cap. - 3 Yr. Avg. 2.9%
Return On Equity -8.8%
Return On Equity - 3 Yr. Avg. 9.6%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 92.1%
Gross Margin - 3 Yr. Avg. 30.7%
EBITDA Margin 21.5%
EBITDA Margin - 3 Yr. Avg. 26.5%
Operating Margin 3.4%
Oper. Margin - 3 Yr. Avg. 10.5%
Pre-Tax Margin -2.8%
Pre-Tax Margin - 3 Yr. Avg. 5.3%
Net Profit Margin -2.8%
Net Profit Margin - 3 Yr. Avg. 5.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 4.8%
Payout Ratio -940%

BKEP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BKEP stock intrinsic value calculation we used $177 million for the last fiscal year's total revenue generated by Blueknight Energy Partners G.P.. The default revenue input number comes from 2016 income statement of Blueknight Energy Partners G.P.. 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 BKEP stock valuation model: a) initial revenue growth rate of 12.2% 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 12.7%, whose default value for BKEP is calculated based on our internal credit rating of Blueknight Energy Partners G.P., 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 Blueknight Energy Partners G.P..
    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 BKEP stock the variable cost ratio is equal to 92.1%.

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 BKEP 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 4.2% for Blueknight Energy Partners G.P..

Corporate tax rate of 27% is the nominal tax rate for Blueknight Energy Partners G.P.. 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 BKEP 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 BKEP are equal to 179.4%.

Life of production assets of 10.4 years is the average useful life of capital assets used in Blueknight Energy Partners G.P. 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 BKEP is equal to 1.1%. 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 - $26 million for Blueknight Energy Partners G.P. - 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 37.993 million for Blueknight Energy Partners G.P. 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 Blueknight Energy Partners G.P. at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ Blueknight Announces Second Quarter 2017 Results   [Aug-01-17 04:46PM  Business Wire]
▶ Blueknight Declares Quarterly Distributions   [Jul-18-17 05:03PM  Business Wire]
▶ Blueknight Announces First Quarter 2017 Results   [May-03-17 04:30PM  Business Wire]
▶ Blueknight Declares Quarterly Distributions   [Apr-18-17 05:13PM  Business Wire]
▶ Blueknight Declares Quarterly Distributions   [05:15PM  Business Wire]
▶ Blueknight Declares Quarterly Distributions   [05:11PM  Business Wire]
▶ [$$] The Add-On Deal Roundup: Oct. 6   [Oct-06-16 06:53PM  at The Wall Street Journal]
▶ Blueknight Declares Quarterly Distributions   [09:00AM  Business Wire]
▶ Blueknight Announces First Quarter 2016 Results   [May-04-16 05:33PM  Business Wire]
▶ Blueknight Declares Quarterly Distributions   [04:38PM  Business Wire]
▶ Blueknight Declares Quarterly Distributions   [04:46PM  Business Wire]
▶ Hedge Funds Arent Crazy About MVC Capital, Inc. (MVC) Anymore   [Nov-24  04:30PM  at Insider Monkey]
Stock chart of BKEP Financial statements of BKEP
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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