Intrinsic value of Boardwalk Pipeline Partners - BWP

Previous Close

$18.31

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$18.31

 
Intrinsic value

$5.90

 
Up/down potential

-68%

 
Rating

str. sell

 
Value-price divergence* premium content

Premium access subscription - $499/yr

please register and log in before paying

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

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

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 4.7

 

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, %
  4.64
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
Revenue, $m
  1,234
  1,412
  1,520
  1,633
  1,751
  1,873
  1,999
  2,131
  2,268
  2,411
  2,560
  2,714
  2,876
  3,044
  3,219
  3,402
  3,593
  3,793
  4,002
  4,220
  4,448
  4,686
  4,936
  5,198
  5,471
  5,758
  6,058
  6,373
  6,703
  7,048
  7,411
Variable operating expenses, $m
 
  962
  1,034
  1,110
  1,188
  1,269
  1,353
  1,441
  1,532
  1,627
  1,726
  1,805
  1,912
  2,024
  2,140
  2,262
  2,389
  2,522
  2,661
  2,806
  2,957
  3,116
  3,282
  3,456
  3,638
  3,828
  4,028
  4,237
  4,456
  4,686
  4,927
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
  962
  1,034
  1,110
  1,188
  1,269
  1,353
  1,441
  1,532
  1,627
  1,726
  1,805
  1,912
  2,024
  2,140
  2,262
  2,389
  2,522
  2,661
  2,806
  2,957
  3,116
  3,282
  3,456
  3,638
  3,828
  4,028
  4,237
  4,456
  4,686
  4,927
Operating income, $m
  478
  449
  486
  524
  563
  604
  646
  691
  737
  784
  834
  910
  964
  1,020
  1,079
  1,140
  1,204
  1,271
  1,341
  1,414
  1,491
  1,571
  1,654
  1,742
  1,834
  1,930
  2,030
  2,136
  2,246
  2,362
  2,484
EBITDA, $m
  796
  473
  509
  547
  587
  628
  670
  714
  760
  808
  858
  910
  964
  1,020
  1,079
  1,140
  1,204
  1,271
  1,341
  1,414
  1,491
  1,571
  1,654
  1,742
  1,834
  1,930
  2,030
  2,136
  2,246
  2,362
  2,484
Interest expense (income), $m
  171
  174
  191
  208
  225
  244
  262
  282
  302
  323
  346
  368
  392
  417
  443
  470
  499
  528
  559
  591
  625
  660
  697
  736
  776
  818
  862
  909
  957
  1,008
  1,062
Earnings before tax, $m
  303
  275
  295
  316
  338
  360
  384
  409
  434
  461
  489
  541
  571
  603
  636
  670
  706
  743
  782
  823
  866
  910
  957
  1,006
  1,058
  1,111
  1,168
  1,227
  1,289
  1,354
  1,422
Tax expense, $m
  1
  74
  80
  85
  91
  97
  104
  110
  117
  124
  132
  146
  154
  163
  172
  181
  191
  201
  211
  222
  234
  246
  258
  272
  286
  300
  315
  331
  348
  366
  384
Net income, $m
  302
  201
  215
  230
  246
  263
  280
  298
  317
  336
  357
  395
  417
  440
  464
  489
  515
  542
  571
  601
  632
  665
  699
  735
  772
  811
  853
  896
  941
  988
  1,038

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
  9,348
  10,068
  10,816
  11,593
  12,401
  13,241
  14,114
  15,022
  15,967
  16,951
  17,976
  19,044
  20,158
  21,319
  22,532
  23,797
  25,120
  26,501
  27,946
  29,456
  31,036
  32,690
  34,421
  36,234
  38,132
  40,121
  42,205
  44,389
  46,678
  49,078
Adjusted assets (=assets-cash), $m
  8,633
  9,348
  10,068
  10,816
  11,593
  12,401
  13,241
  14,114
  15,022
  15,967
  16,951
  17,976
  19,044
  20,158
  21,319
  22,532
  23,797
  25,120
  26,501
  27,946
  29,456
  31,036
  32,690
  34,421
  36,234
  38,132
  40,121
  42,205
  44,389
  46,678
  49,078
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
  -1,908
  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
Working capital, $m
  -159
  -176
  -190
  -204
  -219
  -234
  -250
  -266
  -284
  -301
  -320
  -339
  -359
  -380
  -402
  -425
  -449
  -474
  -500
  -527
  -556
  -586
  -617
  -650
  -684
  -720
  -757
  -797
  -838
  -881
  -926
Total debt, $m
  3,558
  3,901
  4,243
  4,599
  4,969
  5,354
  5,754
  6,169
  6,602
  7,051
  7,520
  8,008
  8,516
  9,046
  9,599
  10,176
  10,779
  11,408
  12,066
  12,753
  13,472
  14,224
  15,011
  15,835
  16,698
  17,602
  18,549
  19,540
  20,580
  21,670
  22,812
Total liabilities, $m
  4,107
  4,450
  4,792
  5,148
  5,518
  5,903
  6,303
  6,718
  7,151
  7,600
  8,069
  8,557
  9,065
  9,595
  10,148
  10,725
  11,328
  11,957
  12,615
  13,302
  14,021
  14,773
  15,560
  16,384
  17,247
  18,151
  19,098
  20,089
  21,129
  22,219
  23,361
Total equity, $m
  4,531
  4,898
  5,276
  5,668
  6,075
  6,498
  6,938
  7,396
  7,872
  8,367
  8,882
  9,420
  9,979
  10,563
  11,171
  11,807
  12,470
  13,163
  13,887
  14,644
  15,435
  16,263
  17,130
  18,037
  18,986
  19,981
  21,023
  22,115
  23,260
  24,459
  25,717
Total liabilities and equity, $m
  8,638
  9,348
  10,068
  10,816
  11,593
  12,401
  13,241
  14,114
  15,023
  15,967
  16,951
  17,977
  19,044
  20,158
  21,319
  22,532
  23,798
  25,120
  26,502
  27,946
  29,456
  31,036
  32,690
  34,421
  36,233
  38,132
  40,121
  42,204
  44,389
  46,678
  49,078
Debt-to-equity ratio
  0.785
  0.800
  0.800
  0.810
  0.820
  0.820
  0.830
  0.830
  0.840
  0.840
  0.850
  0.850
  0.850
  0.860
  0.860
  0.860
  0.860
  0.870
  0.870
  0.870
  0.870
  0.870
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.890
  0.890
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
  201
  215
  230
  246
  263
  280
  298
  317
  336
  357
  395
  417
  440
  464
  489
  515
  542
  571
  601
  632
  665
  699
  735
  772
  811
  853
  896
  941
  988
  1,038
Depreciation, amort., depletion, $m
  318
  24
  24
  24
  24
  24
  24
  24
  24
  24
  24
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Funds from operations, $m
  576
  224
  239
  254
  270
  287
  304
  322
  341
  360
  380
  395
  417
  440
  464
  489
  515
  542
  571
  601
  632
  665
  699
  735
  772
  811
  853
  896
  941
  988
  1,038
Change in working capital, $m
  -25
  -13
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -38
  -39
  -41
  -43
  -45
Cash from operations, $m
  601
  180
  252
  268
  285
  302
  320
  338
  358
  378
  399
  414
  437
  461
  486
  512
  539
  567
  597
  628
  660
  694
  730
  767
  806
  847
  890
  935
  982
  1,031
  1,083
Maintenance CAPEX, $m
  0
  382
  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
New CAPEX, $m
  -590
  -1,908
  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 investing activities, $m
  -590
  -1,526
  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
Free cash flow, $m
  11
  -1,346
  252
  268
  285
  302
  320
  338
  358
  378
  399
  414
  437
  461
  486
  512
  539
  567
  597
  628
  660
  694
  730
  767
  806
  847
  890
  935
  982
  1,031
  1,083
Issuance/(repayment) of debt, $m
  93
  343
  343
  356
  370
  385
  400
  416
  432
  450
  468
  488
  508
  530
  553
  577
  602
  629
  658
  688
  719
  752
  787
  824
  863
  904
  947
  992
  1,040
  1,090
  1,142
Issuance/(repurchase) of shares, $m
  0
  1,371
  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  
  93
  1,714
  343
  356
  370
  385
  400
  416
  432
  450
  468
  488
  508
  530
  553
  577
  602
  629
  658
  688
  719
  752
  787
  824
  863
  904
  947
  992
  1,040
  1,090
  1,142
Total cash flow (excl. dividends), $m
  104
  -1,003
  595
  624
  655
  687
  720
  754
  790
  828
  867
  902
  946
  991
  1,039
  1,089
  1,142
  1,197
  1,255
  1,316
  1,380
  1,447
  1,517
  1,591
  1,669
  1,751
  1,837
  1,927
  2,022
  2,121
  2,226
Retained Cash Flow (-), $m
  -204
  -372
  -377
  -392
  -407
  -423
  -440
  -458
  -476
  -495
  -516
  -537
  -560
  -584
  -609
  -635
  -663
  -693
  -724
  -757
  -792
  -828
  -867
  -907
  -950
  -995
  -1,042
  -1,092
  -1,144
  -1,199
  -1,258
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
 
  0
  218
  232
  248
  263
  280
  297
  314
  333
  352
  365
  386
  408
  430
  454
  478
  504
  531
  559
  588
  619
  651
  684
  719
  756
  795
  835
  877
  922
  968
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
 
  0
  186
  182
  176
  168
  159
  149
  138
  126
  114
  100
  87
  76
  64
  54
  44
  36
  28
  22
  17
  12
  9
  6
  4
  3
  2
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  77.5
  77.5
  77.5
  77.5
  77.5
  77.5
  77.5
  77.5
  77.5
  77.5
  77.5
  77.5
  77.5
  77.5
  77.5
  77.5
  77.5
  77.5
  77.5
  77.5
  77.5
  77.5
  77.5
  77.5
  77.5
  77.5
  77.5
  77.5
  77.5
  77.5

Boardwalk Pipeline Partners, LP, through its subsidiaries, provides transportation, storage, gathering, and processing services for natural gas, and natural gas liquids and other hydrocarbons (NGLs) in the United States. It operates interstate natural gas and NGLs pipeline systems, and integrated storage facilities. The company’s pipeline systems contain approximately 13,930 interconnected natural gas pipelines, directly serving customers in 13 states and indirectly serving customers throughout the northeastern and southeastern United States through various interconnections with unaffiliated pipelines. It also owns and operates approximately 435 miles of NGLs pipelines serving customers in Louisiana and Texas. In addition, the company has underground storage caverns having aggregate capacity of approximately 205.0 billion cubic feet of working natural gas and 24.0 million barrels of NGLs. It serves producers of natural gas, local distribution companies, marketers, electric power generators, industrial users, and interstate and intrastate pipelines. The company was founded in 2005 and is headquartered in Houston, Texas. Boardwalk Pipeline Partners, LP is a subsidiary of Boardwalk Pipelines Holding Corp.

FINANCIAL RATIOS  of  Boardwalk Pipeline Partners (BWP)

Valuation Ratios
P/E Ratio 15.2
Price to Sales 3.5
Price to Book 1
Price to Tangible Book
Price to Cash Flow 7.6
Price to Free Cash Flow 416.6
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 8% 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 0%.

Life of production assets of -5.3 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 258.875 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 $4.7 billion.


Premium access subscription - $499/yr

please register and log in before paying
RELATED COMPANIES Price Int.Val. Rating
AMID American Midst 14.35 1.36  str.sell
TRGP Targa Resource 56.16 6.65  str.sell
WMB Williams 29.98 1.38  str.sell
KMI Kinder Morgan 20.63 4.31  str.sell
WES Western Gas Pa 59.77 6.22  str.sell

COMPANY NEWS

▶ 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]
▶ Why These Midstream Stocks Could Be Bearish   [Apr-13-17 02:35PM  Market Realist]
▶ Loews to Buy Consolidated Container for $1.2 Bln   [Apr-11-17 01:32PM  Investopedia]
▶ Why These Midstream Stocks Could Mean Trouble   [Apr-06-17 09:06AM  Market Realist]
▶ How Short Interest Could Impact Midstream Stocks   [Mar-27-17 03:50PM  Market Realist]
▶ Why These Midstream Stocks Could Be Bearish   [Mar-21-17 04:48PM  Market Realist]
▶ These Midstream Stocks Have the Highest Short Interest   [Mar-14-17 01:05PM  Market Realist]
▶ These Midstream Stocks Lead in Short Interest   [Mar-07-17 02:05PM  Market Realist]
▶ Do You Own These Bearish Midstream Stocks?   [Feb-28-17 12:35PM  Market Realist]
▶ What Could Drive Energy Transfer Partners 4Q16 EBITDA?   [Feb-15-17 04:46PM  Market Realist]
▶ Boardwalk Prices $500 Million Offering Of Senior Notes   [Jan-05-17 06:25PM  PR Newswire]
▶ Is Boardwalk Pipeline Partners, LP (BWP) A Good Stock To Buy?   [Dec-14-16 12:46PM  at Insider Monkey]
Stock chart of BWP 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.

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.