Intrinsic value of Boardwalk Pipeline Partners - BWP

Previous Close

$13.27

  Intrinsic Value

$6.50

stock screener

  Rating & Target

str. sell

-51%

Previous close

$13.27

 
Intrinsic value

$6.50

 
Up/down potential

-51%

 
Rating

str. sell

We calculate the intrinsic value of BWP 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  4.64
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,234
  1,333
  1,364
  1,399
  1,438
  1,482
  1,530
  1,582
  1,638
  1,699
  1,764
  1,834
  1,908
  1,988
  2,072
  2,161
  2,256
  2,356
  2,462
  2,574
  2,692
  2,817
  2,949
  3,087
  3,234
  3,388
  3,550
  3,720
  3,900
  4,089
  4,287
Variable operating expenses, $m
 
  910
  930
  954
  980
  1,009
  1,041
  1,075
  1,113
  1,153
  1,197
  1,219
  1,269
  1,321
  1,377
  1,437
  1,500
  1,566
  1,637
  1,711
  1,790
  1,873
  1,961
  2,053
  2,150
  2,252
  2,360
  2,473
  2,593
  2,718
  2,851
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
  830
  910
  930
  954
  980
  1,009
  1,041
  1,075
  1,113
  1,153
  1,197
  1,219
  1,269
  1,321
  1,377
  1,437
  1,500
  1,566
  1,637
  1,711
  1,790
  1,873
  1,961
  2,053
  2,150
  2,252
  2,360
  2,473
  2,593
  2,718
  2,851
Operating income, $m
  478
  423
  433
  445
  458
  473
  489
  506
  525
  546
  568
  615
  640
  666
  694
  724
  756
  790
  825
  863
  902
  944
  988
  1,035
  1,084
  1,135
  1,190
  1,247
  1,307
  1,370
  1,437
EBITDA, $m
  796
  505
  517
  530
  545
  561
  579
  599
  620
  643
  668
  695
  723
  753
  785
  818
  854
  892
  932
  975
  1,020
  1,067
  1,117
  1,169
  1,225
  1,283
  1,344
  1,409
  1,477
  1,549
  1,624
Interest expense (income), $m
  171
  174
  179
  184
  189
  195
  202
  209
  217
  226
  236
  246
  256
  268
  280
  293
  307
  322
  337
  353
  371
  389
  408
  429
  450
  473
  496
  521
  548
  575
  605
Earnings before tax, $m
  303
  249
  254
  261
  269
  278
  287
  297
  308
  320
  332
  369
  383
  398
  414
  431
  449
  468
  488
  509
  532
  555
  580
  606
  634
  663
  693
  725
  759
  795
  832
Tax expense, $m
  1
  67
  69
  71
  73
  75
  77
  80
  83
  86
  90
  100
  103
  108
  112
  116
  121
  126
  132
  138
  144
  150
  157
  164
  171
  179
  187
  196
  205
  215
  225
Net income, $m
  302
  182
  186
  191
  196
  203
  209
  217
  225
  233
  242
  269
  280
  291
  302
  315
  328
  342
  356
  372
  388
  405
  423
  442
  463
  484
  506
  530
  554
  580
  607

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  5
  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
  8,638
  8,829
  9,032
  9,264
  9,525
  9,813
  10,130
  10,475
  10,849
  11,251
  11,683
  12,145
  12,637
  13,162
  13,720
  14,312
  14,939
  15,603
  16,305
  17,047
  17,830
  18,657
  19,528
  20,447
  21,415
  22,434
  23,508
  24,638
  25,827
  27,077
  28,393
Adjusted assets (=assets-cash), $m
  8,633
  8,829
  9,032
  9,264
  9,525
  9,813
  10,130
  10,475
  10,849
  11,251
  11,683
  12,145
  12,637
  13,162
  13,720
  14,312
  14,939
  15,603
  16,305
  17,047
  17,830
  18,657
  19,528
  20,447
  21,415
  22,434
  23,508
  24,638
  25,827
  27,077
  28,393
Revenue / Adjusted assets
  0.143
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
Average production assets, $m
  286
  291
  297
  305
  314
  323
  333
  345
  357
  370
  385
  400
  416
  433
  452
  471
  492
  514
  537
  561
  587
  614
  643
  673
  705
  738
  774
  811
  850
  891
  935
Working capital, $m
  -159
  -167
  -170
  -175
  -180
  -185
  -191
  -198
  -205
  -212
  -221
  -229
  -239
  -248
  -259
  -270
  -282
  -295
  -308
  -322
  -337
  -352
  -369
  -386
  -404
  -423
  -444
  -465
  -487
  -511
  -536
Total debt, $m
  3,558
  3,653
  3,750
  3,861
  3,985
  4,122
  4,273
  4,437
  4,615
  4,806
  5,012
  5,232
  5,466
  5,716
  5,982
  6,263
  6,562
  6,878
  7,212
  7,565
  7,938
  8,332
  8,746
  9,184
  9,644
  10,130
  10,641
  11,179
  11,744
  12,340
  12,966
Total liabilities, $m
  4,107
  4,202
  4,299
  4,410
  4,534
  4,671
  4,822
  4,986
  5,164
  5,355
  5,561
  5,781
  6,015
  6,265
  6,531
  6,812
  7,111
  7,427
  7,761
  8,114
  8,487
  8,881
  9,295
  9,733
  10,193
  10,679
  11,190
  11,728
  12,293
  12,889
  13,515
Total equity, $m
  4,531
  4,626
  4,733
  4,854
  4,991
  5,142
  5,308
  5,489
  5,685
  5,895
  6,122
  6,364
  6,622
  6,897
  7,189
  7,499
  7,828
  8,176
  8,544
  8,933
  9,343
  9,776
  10,233
  10,714
  11,221
  11,756
  12,318
  12,910
  13,533
  14,188
  14,878
Total liabilities and equity, $m
  8,638
  8,828
  9,032
  9,264
  9,525
  9,813
  10,130
  10,475
  10,849
  11,250
  11,683
  12,145
  12,637
  13,162
  13,720
  14,311
  14,939
  15,603
  16,305
  17,047
  17,830
  18,657
  19,528
  20,447
  21,414
  22,435
  23,508
  24,638
  25,826
  27,077
  28,393
Debt-to-equity ratio
  0.785
  0.790
  0.790
  0.800
  0.800
  0.800
  0.800
  0.810
  0.810
  0.820
  0.820
  0.820
  0.830
  0.830
  0.830
  0.840
  0.840
  0.840
  0.840
  0.850
  0.850
  0.850
  0.850
  0.860
  0.860
  0.860
  0.860
  0.870
  0.870
  0.870
  0.870
Adjusted equity ratio
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  302
  182
  186
  191
  196
  203
  209
  217
  225
  233
  242
  269
  280
  291
  302
  315
  328
  342
  356
  372
  388
  405
  423
  442
  463
  484
  506
  530
  554
  580
  607
Depreciation, amort., depletion, $m
  318
  82
  83
  85
  86
  88
  90
  93
  95
  98
  101
  80
  83
  87
  90
  94
  98
  103
  107
  112
  117
  123
  129
  135
  141
  148
  155
  162
  170
  178
  187
Funds from operations, $m
  576
  263
  269
  275
  283
  291
  300
  309
  320
  331
  343
  349
  363
  377
  393
  409
  426
  444
  464
  484
  505
  528
  552
  577
  604
  631
  661
  692
  724
  758
  794
Change in working capital, $m
  -25
  -3
  -4
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
Cash from operations, $m
  601
  267
  273
  280
  288
  296
  306
  316
  327
  339
  351
  358
  372
  387
  403
  420
  438
  457
  477
  498
  520
  544
  568
  594
  622
  651
  681
  713
  747
  782
  819
Maintenance CAPEX, $m
  0
  -57
  -58
  -59
  -61
  -63
  -65
  -67
  -69
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -98
  -103
  -107
  -112
  -117
  -123
  -129
  -135
  -141
  -148
  -155
  -162
  -170
  -178
New CAPEX, $m
  -590
  -5
  -7
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
Cash from investing activities, $m
  -590
  -62
  -65
  -67
  -70
  -73
  -75
  -78
  -81
  -84
  -88
  -92
  -96
  -100
  -105
  -109
  -115
  -120
  -126
  -131
  -138
  -144
  -152
  -159
  -167
  -175
  -183
  -192
  -201
  -211
  -221
Free cash flow, $m
  11
  204
  208
  213
  218
  224
  231
  238
  246
  254
  263
  266
  276
  287
  298
  310
  323
  337
  351
  366
  382
  399
  417
  436
  455
  476
  498
  521
  545
  571
  598
Issuance/(repayment) of debt, $m
  93
  95
  97
  110
  124
  137
  151
  164
  178
  192
  206
  220
  235
  250
  265
  282
  299
  316
  334
  353
  373
  393
  415
  437
  461
  485
  511
  538
  566
  595
  626
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  6
  12
  17
  22
  28
  33
  39
  45
  50
  56
  62
  69
  75
  82
Cash from financing (excl. dividends), $m  
  93
  95
  97
  110
  124
  137
  151
  164
  178
  192
  206
  220
  235
  250
  265
  282
  300
  322
  346
  370
  395
  421
  448
  476
  506
  535
  567
  600
  635
  670
  708
Total cash flow (excl. dividends), $m
  104
  300
  305
  323
  342
  362
  382
  402
  423
  445
  468
  486
  511
  537
  564
  592
  623
  659
  697
  736
  777
  820
  865
  912
  961
  1,012
  1,065
  1,121
  1,180
  1,241
  1,306
Retained Cash Flow (-), $m
  -204
  -100
  -106
  -122
  -137
  -151
  -166
  -181
  -196
  -211
  -226
  -242
  -258
  -275
  -292
  -310
  -329
  -348
  -368
  -389
  -410
  -433
  -457
  -481
  -507
  -534
  -562
  -592
  -623
  -655
  -689
Prev. year cash balance distribution, $m
 
  5
  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
 
  205
  198
  202
  206
  210
  216
  221
  228
  235
  242
  244
  252
  262
  271
  282
  294
  311
  329
  348
  367
  387
  408
  430
  454
  478
  503
  529
  557
  586
  616
Discount rate, %
 
  7.70
  8.09
  8.49
  8.91
  9.36
  9.83
  10.32
  10.83
  11.38
  11.95
  12.54
  13.17
  13.83
  14.52
  15.25
  16.01
  16.81
  17.65
  18.53
  19.46
  20.43
  21.45
  22.52
  23.65
  24.83
  26.07
  27.38
  28.75
  30.18
  31.69
PV of cash for distribution, $m
 
  190
  170
  158
  146
  134
  123
  111
  100
  89
  78
  66
  57
  49
  41
  34
  27
  22
  18
  14
  10
  8
  6
  4
  3
  2
  1
  1
  0
  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
  99.9
  99.7
  99.4
  99.1
  98.7
  98.3
  97.8
  97.2
  96.6
  96.0
  95.4
  94.7
  94.0
  93.3

Boardwalk Pipeline Partners, LP is a limited partnership company. The Company's business includes integrated natural gas and natural gas liquids, and other hydrocarbons (referred to together as NGLs) pipeline and storage systems. The Company is engaged in the operation of interstate natural gas and NGLs pipeline systems, and integrated storage facilities, including interstate natural gas pipeline systems located in the Gulf Coast region, Oklahoma, Arkansas and the Midwestern states of Tennessee, Kentucky, Illinois, Indiana and Ohio, and its NGLs pipelines and storage facilities in Louisiana and Texas. The Company conducts business through its subsidiary, Boardwalk Pipelines, LP (Boardwalk Pipelines), and its subsidiaries, Gulf South Pipeline Company, LP, Texas Gas Transmission, LLC, Gulf Crossing Pipeline Company LLC, Boardwalk Louisiana Midstream, LLC, Boardwalk Petrochemical Pipeline, LLC and Boardwalk Field Services, LLC.

FINANCIAL RATIOS  of  Boardwalk Pipeline Partners (BWP)

Valuation Ratios
P/E Ratio 11
Price to Sales 2.5
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 5.5
Price to Free Cash Flow 302
Growth Rates
Sales Growth Rate 4.6%
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 14.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 78.5%
Total Debt to Equity 78.5%
Interest Coverage 3
Management Effectiveness
Return On Assets 5.6%
Ret/ On Assets - 3 Yr. Avg. 5%
Return On Total Capital 3.8%
Ret/ On T. Cap. - 3 Yr. Avg. 3.2%
Return On Equity 6.8%
Return On Equity - 3 Yr. Avg. 6%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 60.6%
EBITDA Margin - 3 Yr. Avg. 55.3%
Operating Margin 36.5%
Oper. Margin - 3 Yr. Avg. 33.5%
Pre-Tax Margin 23.2%
Pre-Tax Margin - 3 Yr. Avg. 17.6%
Net Profit Margin 23.1%
Net Profit Margin - 3 Yr. Avg. 19.9%
Effective Tax Rate 0.3%
Eff/ Tax Rate - 3 Yr. Avg. 0.3%
Payout Ratio 33.8%

BWP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BWP stock intrinsic value calculation we used $1307 million for the last fiscal year's total revenue generated by Boardwalk Pipeline Partners. The default revenue input number comes from 2016 income statement of Boardwalk Pipeline 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 BWP stock valuation model: a) initial revenue growth rate of 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 7.7%, whose default value for BWP is calculated based on our internal credit rating of Boardwalk Pipeline 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 Boardwalk Pipeline 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 BWP stock the variable cost ratio is equal to 68.3%.

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 BWP 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 4.9% for Boardwalk Pipeline Partners.

Corporate tax rate of 27% is the nominal tax rate for Boardwalk Pipeline 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 BWP 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 BWP are equal to 21.8%.

Life of production assets of 1.6 years is the average useful life of capital assets used in Boardwalk Pipeline 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 BWP is equal to -12.5%. 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 - $4531 million for Boardwalk Pipeline 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 255.616 million for Boardwalk Pipeline 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 Boardwalk Pipeline Partners at the current share price and the inputted number of shares is $3.4 billion.

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COMPANY NEWS

▶ How BWP Correlates with Natural Gas   [Dec-01-17 12:50PM  Market Realist]
▶ This Is One Boardwalk You'll Want to Avoid   [Aug-23-17 12:26PM  TheStreet.com]
▶ 3 Bargain Stocks You Can Buy Today   [Aug-21-17 09:03PM  Motley Fool]
▶ Why Boardwalk Pipeline Saw Rating Downgrades   [Aug-10-17 01:34PM  Market Realist]
▶ Analysts Updated Their Ratings on These MLPs Last Week   [Aug-08-17 12:28PM  Market Realist]
▶ What BWPs Technical Indicators Say about Its 2Q17 Results   [Jul-28-17 07:37AM  Market Realist]
▶ A Sneak Peek into Boardwalk Pipeline Partners 2Q17 Volumes   [Jul-26-17 05:36PM  Market Realist]
▶ New Strong Buy Stocks for July 17th   [Jul-17-17 09:15AM  Zacks]
▶ New Strong Buy Stocks for July 11th   [Jul-11-17 10:42AM  Zacks]
▶ Boardwalk Pipeline on the Street: Analyst Recommendations   [Jul-05-17 09:06AM  Market Realist]
▶ Why BWP Expects a Decline in Firm Reservation Revenues   [Jun-30-17 05:35PM  Market Realist]
▶ 3 Value Stocks for Astute Investors   [May-26-17 04:33PM  Motley Fool]
▶ Short Interest: Which Midstream Stocks Could Be Bearish?   [Apr-27-17 04:35PM  Market Realist]
▶ Trump's tax cut proposal shines light on MLPs   [Apr-26-17 02:14PM  Reuters]
▶ Investors Should Watch These Midstream Stocks   [Apr-20-17 11:46AM  Market Realist]
▶ Hate Risk? You'll Love These 3 Stocks   [Apr-19-17 12:00PM  Motley Fool]
Financial statements of BWP
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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