Intrinsic value of Buckeye Partners - BPL

Previous Close

$47.54

  Intrinsic Value

$14.14

stock screener

  Rating & Target

str. sell

-70%

Previous close

$47.54

 
Intrinsic value

$14.14

 
Up/down potential

-70%

 
Rating

str. sell

We calculate the intrinsic value of BPL 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 6.7

 

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, %
  -5.94
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.57
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
Revenue, $m
  3,248
  3,384
  3,529
  3,683
  3,846
  4,018
  4,200
  4,392
  4,594
  4,808
  5,034
  5,271
  5,522
  5,785
  6,063
  6,355
  6,662
  6,986
  7,325
  7,683
  8,059
  8,454
  8,869
  9,306
  9,764
  10,246
  10,753
  11,285
  11,844
  12,431
  13,048
Variable operating expenses, $m
 
  2,788
  2,903
  3,025
  3,154
  3,291
  3,435
  3,588
  3,749
  3,919
  4,098
  4,186
  4,385
  4,594
  4,814
  5,046
  5,290
  5,547
  5,817
  6,101
  6,399
  6,713
  7,043
  7,389
  7,753
  8,136
  8,538
  8,961
  9,405
  9,871
  10,361
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
  2,515
  2,788
  2,903
  3,025
  3,154
  3,291
  3,435
  3,588
  3,749
  3,919
  4,098
  4,186
  4,385
  4,594
  4,814
  5,046
  5,290
  5,547
  5,817
  6,101
  6,399
  6,713
  7,043
  7,389
  7,753
  8,136
  8,538
  8,961
  9,405
  9,871
  10,361
Operating income, $m
  733
  596
  626
  658
  691
  727
  764
  804
  846
  890
  936
  1,086
  1,137
  1,191
  1,249
  1,309
  1,372
  1,439
  1,509
  1,582
  1,660
  1,741
  1,827
  1,916
  2,011
  2,110
  2,214
  2,324
  2,439
  2,560
  2,687
EBITDA, $m
  988
  933
  973
  1,016
  1,060
  1,108
  1,158
  1,211
  1,267
  1,326
  1,388
  1,454
  1,523
  1,595
  1,672
  1,752
  1,837
  1,926
  2,020
  2,119
  2,222
  2,331
  2,446
  2,566
  2,692
  2,825
  2,965
  3,112
  3,266
  3,428
  3,598
Interest expense (income), $m
  175
  181
  190
  200
  210
  221
  232
  244
  257
  270
  285
  299
  315
  332
  349
  368
  387
  407
  429
  451
  475
  500
  526
  554
  582
  613
  645
  678
  714
  751
  789
Earnings before tax, $m
  550
  415
  436
  458
  482
  506
  532
  560
  589
  619
  652
  786
  822
  860
  899
  941
  985
  1,031
  1,080
  1,131
  1,185
  1,241
  1,301
  1,363
  1,428
  1,497
  1,570
  1,646
  1,726
  1,810
  1,898
Tax expense, $m
  1
  112
  118
  124
  130
  137
  144
  151
  159
  167
  176
  212
  222
  232
  243
  254
  266
  278
  292
  305
  320
  335
  351
  368
  386
  404
  424
  444
  466
  489
  512
Net income, $m
  536
  303
  318
  334
  351
  370
  389
  409
  430
  452
  476
  574
  600
  628
  657
  687
  719
  753
  788
  826
  865
  906
  949
  995
  1,043
  1,093
  1,146
  1,201
  1,260
  1,321
  1,385

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  640
  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
  9,421
  9,147
  9,539
  9,954
  10,393
  10,858
  11,350
  11,869
  12,417
  12,995
  13,605
  14,247
  14,924
  15,636
  16,386
  17,176
  18,006
  18,880
  19,799
  20,765
  21,781
  22,848
  23,971
  25,150
  26,390
  27,693
  29,062
  30,500
  32,010
  33,598
  35,265
Adjusted assets (=assets-cash), $m
  8,781
  9,147
  9,539
  9,954
  10,393
  10,858
  11,350
  11,869
  12,417
  12,995
  13,605
  14,247
  14,924
  15,636
  16,386
  17,176
  18,006
  18,880
  19,799
  20,765
  21,781
  22,848
  23,971
  25,150
  26,390
  27,693
  29,062
  30,500
  32,010
  33,598
  35,265
Revenue / Adjusted assets
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
Average production assets, $m
  6,800
  7,087
  7,390
  7,712
  8,053
  8,413
  8,794
  9,196
  9,621
  10,069
  10,541
  11,038
  11,563
  12,115
  12,696
  13,307
  13,951
  14,628
  15,340
  16,088
  16,875
  17,702
  18,572
  19,486
  20,447
  21,456
  22,516
  23,630
  24,801
  26,031
  27,322
Working capital, $m
  919
  291
  304
  317
  331
  346
  361
  378
  395
  414
  433
  453
  475
  498
  521
  547
  573
  601
  630
  661
  693
  727
  763
  800
  840
  881
  925
  970
  1,019
  1,069
  1,122
Total debt, $m
  4,218
  4,423
  4,646
  4,883
  5,133
  5,398
  5,679
  5,975
  6,287
  6,616
  6,964
  7,330
  7,716
  8,122
  8,549
  8,999
  9,473
  9,970
  10,494
  11,045
  11,624
  12,233
  12,872
  13,545
  14,251
  14,994
  15,774
  16,594
  17,455
  18,360
  19,310
Total liabilities, $m
  5,009
  5,214
  5,437
  5,674
  5,924
  6,189
  6,470
  6,766
  7,078
  7,407
  7,755
  8,121
  8,507
  8,913
  9,340
  9,790
  10,264
  10,761
  11,285
  11,836
  12,415
  13,024
  13,663
  14,336
  15,042
  15,785
  16,565
  17,385
  18,246
  19,151
  20,101
Total equity, $m
  4,412
  3,933
  4,102
  4,280
  4,469
  4,669
  4,881
  5,104
  5,339
  5,588
  5,850
  6,126
  6,417
  6,724
  7,046
  7,386
  7,743
  8,118
  8,513
  8,929
  9,366
  9,825
  10,307
  10,815
  11,348
  11,908
  12,496
  13,115
  13,764
  14,447
  15,164
Total liabilities and equity, $m
  9,421
  9,147
  9,539
  9,954
  10,393
  10,858
  11,351
  11,870
  12,417
  12,995
  13,605
  14,247
  14,924
  15,637
  16,386
  17,176
  18,007
  18,879
  19,798
  20,765
  21,781
  22,849
  23,970
  25,151
  26,390
  27,693
  29,061
  30,500
  32,010
  33,598
  35,265
Debt-to-equity ratio
  0.956
  1.120
  1.130
  1.140
  1.150
  1.160
  1.160
  1.170
  1.180
  1.180
  1.190
  1.200
  1.200
  1.210
  1.210
  1.220
  1.220
  1.230
  1.230
  1.240
  1.240
  1.250
  1.250
  1.250
  1.260
  1.260
  1.260
  1.270
  1.270
  1.270
  1.270
Adjusted equity ratio
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  536
  303
  318
  334
  351
  370
  389
  409
  430
  452
  476
  574
  600
  628
  657
  687
  719
  753
  788
  826
  865
  906
  949
  995
  1,043
  1,093
  1,146
  1,201
  1,260
  1,321
  1,385
Depreciation, amort., depletion, $m
  255
  337
  347
  358
  369
  381
  394
  407
  421
  436
  452
  368
  385
  404
  423
  444
  465
  488
  511
  536
  563
  590
  619
  650
  682
  715
  751
  788
  827
  868
  911
Funds from operations, $m
  491
  640
  665
  692
  720
  750
  782
  816
  851
  888
  928
  942
  985
  1,031
  1,080
  1,131
  1,184
  1,240
  1,300
  1,362
  1,427
  1,496
  1,568
  1,644
  1,724
  1,808
  1,896
  1,989
  2,086
  2,189
  2,296
Change in working capital, $m
  -227
  12
  12
  13
  14
  15
  16
  17
  17
  18
  19
  20
  22
  23
  24
  25
  26
  28
  29
  31
  32
  34
  36
  38
  39
  41
  44
  46
  48
  51
  53
Cash from operations, $m
  718
  628
  653
  679
  706
  736
  767
  799
  834
  870
  908
  921
  964
  1,009
  1,056
  1,105
  1,158
  1,213
  1,270
  1,331
  1,395
  1,462
  1,533
  1,607
  1,685
  1,767
  1,853
  1,943
  2,038
  2,138
  2,243
Maintenance CAPEX, $m
  0
  -227
  -236
  -246
  -257
  -268
  -280
  -293
  -307
  -321
  -336
  -351
  -368
  -385
  -404
  -423
  -444
  -465
  -488
  -511
  -536
  -563
  -590
  -619
  -650
  -682
  -715
  -751
  -788
  -827
  -868
New CAPEX, $m
  -486
  -287
  -303
  -322
  -341
  -360
  -381
  -402
  -425
  -448
  -472
  -498
  -524
  -552
  -581
  -612
  -643
  -677
  -712
  -749
  -787
  -827
  -870
  -914
  -960
  -1,009
  -1,060
  -1,114
  -1,171
  -1,230
  -1,292
Cash from investing activities, $m
  -482
  -514
  -539
  -568
  -598
  -628
  -661
  -695
  -732
  -769
  -808
  -849
  -892
  -937
  -985
  -1,035
  -1,087
  -1,142
  -1,200
  -1,260
  -1,323
  -1,390
  -1,460
  -1,533
  -1,610
  -1,691
  -1,775
  -1,865
  -1,959
  -2,057
  -2,160
Free cash flow, $m
  236
  114
  113
  111
  109
  107
  105
  104
  102
  101
  100
  72
  72
  71
  71
  71
  71
  71
  71
  71
  72
  72
  73
  74
  75
  76
  77
  79
  80
  82
  84
Issuance/(repayment) of debt, $m
  375
  205
  223
  237
  251
  265
  280
  296
  312
  330
  347
  366
  386
  406
  428
  450
  473
  498
  524
  551
  579
  609
  640
  672
  707
  743
  780
  820
  861
  905
  950
Issuance/(repurchase) of shares, $m
  689
  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  
  1,041
  205
  223
  237
  251
  265
  280
  296
  312
  330
  347
  366
  386
  406
  428
  450
  473
  498
  524
  551
  579
  609
  640
  672
  707
  743
  780
  820
  861
  905
  950
Total cash flow (excl. dividends), $m
  1,277
  319
  336
  347
  359
  372
  385
  400
  415
  431
  448
  439
  457
  477
  498
  521
  544
  569
  595
  622
  651
  681
  713
  746
  781
  818
  857
  898
  941
  986
  1,034
Retained Cash Flow (-), $m
  -677
  -161
  -168
  -179
  -189
  -200
  -211
  -223
  -236
  -249
  -262
  -276
  -291
  -306
  -323
  -339
  -357
  -376
  -395
  -415
  -437
  -459
  -483
  -507
  -533
  -560
  -589
  -618
  -650
  -682
  -717
Prev. year cash balance distribution, $m
 
  640
  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
 
  798
  168
  169
  170
  172
  174
  176
  179
  182
  186
  162
  167
  171
  176
  181
  187
  193
  200
  207
  214
  222
  230
  239
  248
  258
  269
  280
  292
  304
  317
Discount rate, %
 
  6.80
  7.14
  7.50
  7.87
  8.27
  8.68
  9.11
  9.57
  10.05
  10.55
  11.08
  11.63
  12.21
  12.82
  13.46
  14.14
  14.84
  15.59
  16.37
  17.18
  18.04
  18.94
  19.89
  20.89
  21.93
  23.03
  24.18
  25.39
  26.66
  27.99
PV of cash for distribution, $m
 
  747
  146
  136
  126
  116
  106
  96
  86
  77
  68
  51
  44
  38
  32
  27
  23
  18
  15
  12
  9
  7
  5
  4
  3
  2
  1
  1
  1
  0
  0
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

Buckeye Partners, L.P. (Buckeye) owns and operates a network of integrated assets providing midstream logistic solutions, primarily consisting of the transportation, storage, processing and marketing of liquid petroleum products. Its segments include Domestic Pipelines & Terminals, Global Marine Terminals and Merchant Services. As of December 31, 2016, the Domestic Pipelines & Terminals segment owned and operated approximately 6,000 miles of pipeline located primarily in the northeastern and upper Midwestern portions of the United States, and serviced approximately 110 delivery locations. The Global Marine Terminals segment provides marine accessible bulk storage and blending services, rail and truck rack loading/unloading, along with petroleum processing services in the East Coast and Gulf Coast regions of the United States and in the Caribbean. The Merchant Services segment is a wholesale distributor of petroleum products in the continental United States and in the Caribbean.

FINANCIAL RATIOS  of  Buckeye Partners (BPL)

Valuation Ratios
P/E Ratio 12.4
Price to Sales 2.1
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 9.3
Price to Free Cash Flow 28.7
Growth Rates
Sales Growth Rate -5.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -18.3%
Cap. Spend. - 3 Yr. Gr. Rate 6.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 95.6%
Total Debt to Equity 95.6%
Interest Coverage 4
Management Effectiveness
Return On Assets 8%
Ret/ On Assets - 3 Yr. Avg. 7%
Return On Total Capital 6.6%
Ret/ On T. Cap. - 3 Yr. Avg. 5.5%
Return On Equity 13.2%
Return On Equity - 3 Yr. Avg. 11%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 54.1%
Gross Margin - 3 Yr. Avg. 39.4%
EBITDA Margin 30.2%
EBITDA Margin - 3 Yr. Avg. 21.4%
Operating Margin 22.6%
Oper. Margin - 3 Yr. Avg. 15.8%
Pre-Tax Margin 16.9%
Pre-Tax Margin - 3 Yr. Avg. 11.6%
Net Profit Margin 16.5%
Net Profit Margin - 3 Yr. Avg. 11.1%
Effective Tax Rate 0.2%
Eff/ Tax Rate - 3 Yr. Avg. 0.1%
Payout Ratio 119.8%

BPL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BPL stock intrinsic value calculation we used $3248 million for the last fiscal year's total revenue generated by Buckeye Partners. The default revenue input number comes from 2016 income statement of Buckeye 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 BPL stock valuation model: a) initial revenue growth rate of 4.2% 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 6.8%, whose default value for BPL is calculated based on our internal credit rating of Buckeye 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 Buckeye 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 BPL stock the variable cost ratio is equal to 82.5%.

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 BPL 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 4.3% for Buckeye Partners.

Corporate tax rate of 27% is the nominal tax rate for Buckeye 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 BPL 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 BPL are equal to 209.4%.

Life of production assets of 30.6 years is the average useful life of capital assets used in Buckeye 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 BPL is equal to 8.6%. 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 - $4412 million for Buckeye 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 141.172 million for Buckeye 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 Buckeye Partners at the current share price and the inputted number of shares is $6.7 billion.

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COMPANY NEWS

▶ Buckeye Partners Distribution Growth Stops in 3Q17   [Nov-10-17 04:00PM  Market Realist]
▶ What Buckeye Partners Current Valuation Indicates   [Nov-06-17 07:32AM  Market Realist]
▶ Where Buckeye Partners Could Trade in the Next 7 Days   [Nov-03-17 10:32AM  Market Realist]
▶ Buckeye Partners: Analysts Ratings before Its 3Q17 Results   [Oct-20-17 07:38AM  Market Realist]
▶ Analyzing Buckeye Partners Technical Indicators   [Oct-19-17 10:37AM  Market Realist]
▶ What Buckeye Partners Valuation Indicates   [09:09AM  Market Realist]
▶ Will Buckeye Partners Cover Its Distribution in 3Q17?   [Oct-18-17 01:36PM  Market Realist]
▶ 2 Stocks That Pay You With Big Yields   [10:31AM  Motley Fool]
▶ 3 High-Yield Hedge Fund Stocks to Buy   [06:04AM  Motley Fool]
▶ 3 High-Yield Stocks for Conservative Investors   [Sep-26-17 09:00AM  Motley Fool]
▶ Searching for Value Stocks   [Sep-21-17 01:57PM  GuruFocus.com]
▶ What Wall Street Analysts Think about Buckeye Partners   [Sep-14-17 09:06AM  Market Realist]
▶ Is This the Right Time for Buckeye Partners?   [09:07AM  Market Realist]
▶ What Are Buckeye Partners Current Expansion Plans?   [Sep-12-17 10:37AM  Market Realist]
▶ How Hurricanes Have Impacted Buckeye Partners in the Past   [Sep-11-17 01:36PM  Market Realist]
▶ How Institutional Investors Feel about Buckeye Partners   [Aug-30-17 01:06PM  Market Realist]
▶ 2 Beaten-up Energy Stocks: Are They Dividend Bargains?   [Aug-21-17 06:02AM  Motley Fool]
▶ Buckeye Partners Distribution Coverage Fell in 2Q17   [Aug-10-17 01:34PM  Market Realist]
▶ What Does BPLs Valuation Indicate ahead of 2Q17 Results?   [Jul-31-17 05:35PM  Market Realist]
▶ ETFs with exposure to Buckeye Partners LP : July 24, 2017   [Jul-24-17 02:31PM  Capital Cube]
▶ ETFs with exposure to Buckeye Partners LP : July 14, 2017   [Jul-14-17 01:11PM  Capital Cube]
▶ 3 Growth Stocks for Ambitious Investors   [Jul-07-17 05:03PM  Motley Fool]
▶ Does Buckeye Partners Look Attractive near Its 52-Week Low?   [Jun-23-17 09:08AM  Market Realist]
▶ ETFs with exposure to Buckeye Partners LP : June 22, 2017   [Jun-22-17 03:28PM  Capital Cube]
▶ 3 Stocks to Help You Make Money in Retirement   [Jun-14-17 08:16AM  Motley Fool]
▶ ETFs with exposure to Buckeye Partners LP : June 12, 2017   [Jun-12-17 01:52PM  Capital Cube]
▶ 3 Value Stocks for Successful Investors   [Jun-11-17 10:28AM  Motley Fool]
Financial statements of BPL
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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