Intrinsic value of Crestwood Equity Partners - CEQP

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$22.90

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of CEQP 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 1.6

 

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, %
  -4.25
  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
  2,521
  2,686
  2,747
  2,818
  2,897
  2,985
  3,082
  3,186
  3,300
  3,422
  3,554
  3,694
  3,844
  4,004
  4,174
  4,354
  4,544
  4,746
  4,960
  5,186
  5,424
  5,675
  5,940
  6,220
  6,514
  6,824
  7,151
  7,495
  7,856
  8,237
  8,637
Variable operating expenses, $m
 
  2,603
  2,660
  2,726
  2,799
  2,881
  2,971
  3,068
  3,174
  3,287
  3,409
  3,431
  3,570
  3,719
  3,876
  4,043
  4,221
  4,408
  4,607
  4,816
  5,037
  5,271
  5,517
  5,777
  6,050
  6,338
  6,641
  6,961
  7,297
  7,650
  8,022
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
  2,588
  2,603
  2,660
  2,726
  2,799
  2,881
  2,971
  3,068
  3,174
  3,287
  3,409
  3,431
  3,570
  3,719
  3,876
  4,043
  4,221
  4,408
  4,607
  4,816
  5,037
  5,271
  5,517
  5,777
  6,050
  6,338
  6,641
  6,961
  7,297
  7,650
  8,022
Operating income, $m
  -67
  83
  87
  92
  98
  104
  111
  118
  127
  135
  145
  263
  274
  285
  297
  310
  324
  338
  353
  369
  386
  404
  423
  443
  464
  486
  509
  534
  560
  587
  615
EBITDA, $m
  163
  412
  421
  432
  444
  458
  473
  489
  506
  525
  545
  567
  590
  614
  640
  668
  697
  728
  761
  795
  832
  870
  911
  954
  999
  1,047
  1,097
  1,149
  1,205
  1,263
  1,325
Interest expense (income), $m
  122
  133
  136
  139
  144
  148
  154
  160
  166
  173
  180
  188
  197
  206
  215
  225
  236
  248
  260
  273
  286
  301
  316
  332
  349
  367
  385
  405
  426
  448
  470
Earnings before tax, $m
  -192
  -50
  -49
  -47
  -46
  -44
  -43
  -41
  -39
  -38
  -36
  75
  77
  80
  82
  85
  87
  90
  93
  97
  100
  103
  107
  111
  115
  120
  124
  129
  134
  139
  145
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  20
  21
  22
  22
  23
  24
  24
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
  36
  38
  39
Net income, $m
  -216
  -50
  -49
  -47
  -46
  -44
  -43
  -41
  -39
  -38
  -36
  55
  56
  58
  60
  62
  64
  66
  68
  70
  73
  76
  78
  81
  84
  87
  91
  94
  98
  102
  106

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2
  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
  4,449
  5,877
  6,012
  6,166
  6,340
  6,532
  6,743
  6,973
  7,221
  7,489
  7,776
  8,084
  8,412
  8,761
  9,133
  9,526
  9,944
  10,386
  10,853
  11,347
  11,868
  12,418
  12,999
  13,610
  14,254
  14,933
  15,648
  16,400
  17,191
  18,024
  18,899
Adjusted assets (=assets-cash), $m
  4,447
  5,877
  6,012
  6,166
  6,340
  6,532
  6,743
  6,973
  7,221
  7,489
  7,776
  8,084
  8,412
  8,761
  9,133
  9,526
  9,944
  10,386
  10,853
  11,347
  11,868
  12,418
  12,999
  13,610
  14,254
  14,933
  15,648
  16,400
  17,191
  18,024
  18,899
Revenue / Adjusted assets
  0.567
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
Average production assets, $m
  3,417
  4,676
  4,783
  4,906
  5,044
  5,197
  5,365
  5,548
  5,745
  5,959
  6,187
  6,432
  6,693
  6,971
  7,266
  7,580
  7,912
  8,263
  8,635
  9,028
  9,443
  9,881
  10,342
  10,829
  11,341
  11,881
  12,450
  13,048
  13,678
  14,340
  15,037
Working capital, $m
  36
  81
  82
  85
  87
  90
  92
  96
  99
  103
  107
  111
  115
  120
  125
  131
  136
  142
  149
  156
  163
  170
  178
  187
  195
  205
  215
  225
  236
  247
  259
Total debt, $m
  1,525
  2,561
  2,631
  2,712
  2,802
  2,902
  3,011
  3,131
  3,260
  3,399
  3,549
  3,709
  3,879
  4,061
  4,254
  4,459
  4,676
  4,906
  5,149
  5,405
  5,677
  5,963
  6,264
  6,582
  6,917
  7,270
  7,642
  8,033
  8,444
  8,877
  9,333
Total liabilities, $m
  2,102
  3,056
  3,126
  3,207
  3,297
  3,397
  3,506
  3,626
  3,755
  3,894
  4,044
  4,204
  4,374
  4,556
  4,749
  4,954
  5,171
  5,401
  5,644
  5,900
  6,172
  6,458
  6,759
  7,077
  7,412
  7,765
  8,137
  8,528
  8,939
  9,372
  9,828
Total equity, $m
  2,347
  2,821
  2,886
  2,960
  3,043
  3,135
  3,237
  3,347
  3,466
  3,595
  3,733
  3,880
  4,038
  4,205
  4,384
  4,573
  4,773
  4,985
  5,210
  5,447
  5,697
  5,961
  6,239
  6,533
  6,842
  7,168
  7,511
  7,872
  8,252
  8,651
  9,072
Total liabilities and equity, $m
  4,449
  5,877
  6,012
  6,167
  6,340
  6,532
  6,743
  6,973
  7,221
  7,489
  7,777
  8,084
  8,412
  8,761
  9,133
  9,527
  9,944
  10,386
  10,854
  11,347
  11,869
  12,419
  12,998
  13,610
  14,254
  14,933
  15,648
  16,400
  17,191
  18,023
  18,900
Debt-to-equity ratio
  0.650
  0.910
  0.910
  0.920
  0.920
  0.930
  0.930
  0.940
  0.940
  0.950
  0.950
  0.960
  0.960
  0.970
  0.970
  0.980
  0.980
  0.980
  0.990
  0.990
  1.000
  1.000
  1.000
  1.010
  1.010
  1.010
  1.020
  1.020
  1.020
  1.030
  1.030
Adjusted equity ratio
  0.527
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -216
  -50
  -49
  -47
  -46
  -44
  -43
  -41
  -39
  -38
  -36
  55
  56
  58
  60
  62
  64
  66
  68
  70
  73
  76
  78
  81
  84
  87
  91
  94
  98
  102
  106
Depreciation, amort., depletion, $m
  230
  329
  334
  340
  347
  354
  362
  370
  380
  390
  400
  303
  316
  329
  343
  358
  373
  390
  407
  426
  445
  466
  488
  511
  535
  560
  587
  615
  645
  676
  709
Funds from operations, $m
  404
  279
  286
  293
  301
  309
  319
  329
  340
  352
  365
  358
  372
  387
  403
  419
  437
  456
  475
  496
  518
  542
  566
  592
  619
  648
  678
  710
  743
  778
  815
Change in working capital, $m
  58
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
Cash from operations, $m
  346
  -225
  284
  291
  298
  307
  316
  326
  337
  348
  361
  354
  368
  382
  398
  414
  431
  450
  469
  490
  511
  534
  558
  584
  610
  638
  668
  699
  732
  767
  803
Maintenance CAPEX, $m
  0
  -216
  -221
  -226
  -231
  -238
  -245
  -253
  -262
  -271
  -281
  -292
  -303
  -316
  -329
  -343
  -358
  -373
  -390
  -407
  -426
  -445
  -466
  -488
  -511
  -535
  -560
  -587
  -615
  -645
  -676
New CAPEX, $m
  -101
  -93
  -108
  -123
  -138
  -153
  -168
  -183
  -198
  -213
  -229
  -245
  -261
  -278
  -295
  -313
  -332
  -352
  -372
  -393
  -415
  -438
  -462
  -487
  -513
  -540
  -568
  -598
  -630
  -662
  -697
Cash from investing activities, $m
  867
  -309
  -329
  -349
  -369
  -391
  -413
  -436
  -460
  -484
  -510
  -537
  -564
  -594
  -624
  -656
  -690
  -725
  -762
  -800
  -841
  -883
  -928
  -975
  -1,024
  -1,075
  -1,128
  -1,185
  -1,245
  -1,307
  -1,373
Free cash flow, $m
  1,213
  -534
  -44
  -58
  -71
  -84
  -97
  -110
  -123
  -136
  -149
  -182
  -197
  -211
  -227
  -242
  -258
  -275
  -293
  -311
  -329
  -349
  -370
  -391
  -413
  -436
  -461
  -486
  -513
  -541
  -570
Issuance/(repayment) of debt, $m
  -973
  57
  70
  80
  90
  100
  110
  119
  129
  139
  149
  160
  171
  182
  193
  205
  217
  230
  243
  257
  271
  286
  302
  318
  335
  353
  372
  391
  412
  433
  455
Issuance/(repurchase) of shares, $m
  0
  535
  39
  52
  64
  76
  89
  101
  113
  125
  137
  170
  184
  197
  212
  226
  242
  257
  274
  291
  309
  327
  346
  366
  387
  409
  432
  456
  481
  508
  535
Cash from financing (excl. dividends), $m  
  -992
  592
  109
  132
  154
  176
  199
  220
  242
  264
  286
  330
  355
  379
  405
  431
  459
  487
  517
  548
  580
  613
  648
  684
  722
  762
  804
  847
  893
  941
  990
Total cash flow (excl. dividends), $m
  221
  -477
  26
  22
  19
  16
  13
  10
  7
  4
  1
  -23
  -26
  -30
  -34
  -37
  -41
  -45
  -50
  -54
  -58
  -63
  -68
  -73
  -78
  -84
  -89
  -95
  -101
  -108
  -115
Retained Cash Flow (-), $m
  416
  -58
  -65
  -74
  -83
  -92
  -101
  -110
  -119
  -129
  -138
  -148
  -157
  -168
  -178
  -189
  -200
  -212
  -224
  -237
  -250
  -264
  -278
  -294
  -309
  -326
  -343
  -361
  -380
  -400
  -420
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
 
  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
Discount rate, %
 
  8.30
  8.72
  9.15
  9.61
  10.09
  10.59
  11.12
  11.68
  12.26
  12.88
  13.52
  14.20
  14.91
  15.65
  16.43
  17.26
  18.12
  19.02
  19.97
  20.97
  22.02
  23.12
  24.28
  25.49
  26.77
  28.11
  29.51
  30.99
  32.54
  34.16
PV of cash for 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
Current shareholders' claim on cash, %
  100
  78.3
  76.8
  74.9
  72.6
  70.1
  67.4
  64.5
  61.6
  58.6
  55.5
  52.1
  48.8
  45.6
  42.6
  39.7
  36.9
  34.2
  31.7
  29.4
  27.2
  25.1
  23.2
  21.4
  19.7
  18.2
  16.7
  15.4
  14.2
  13.0
  12.0

Crestwood Equity Partners LP provides infrastructure solutions to liquids-rich natural gas and crude oil shale plays in the United States. It operates through three segments: Gathering and Processing; Storage and Transportation; and Marketing, Supply, and Logistics. The Gathering and Processing segment provides gathering, processing, treating, compression, and transportation services to producers in unconventional shale plays and tight-gas plays in Arkansas, Louisiana, New Mexico, North Dakota, Texas, West Virginia, and Wyoming. The Storage and Transportation segment offers natural gas and crude oil storage and transportation services to producers, utilities, and other customers. This segment owns and operates natural gas storage facilities with approximately 79.3 billion cubic feet of working gas storage capacity. The Marketing, Supply, and Logistics segment provides NGL and crude oil storage, marketing, and transportation services to producers, refiners, marketers and other customers. This segment also produces salt. Crestwood Equity GP LLC serves as the general partner of Crestwood Equity Partners LP. The company was formerly known as Inergy L.P. and changed its name to Crestwood Equity Partners LP in October 2013. The company was founded in 2001 and is headquartered in Houston, Texas. Crestwood Equity Partners LP is a subsidiary of Crestwood Holdings LLC.

FINANCIAL RATIOS  of  Crestwood Equity Partners (CEQP)

Valuation Ratios
P/E Ratio -7.4
Price to Sales 0.6
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 4.6
Price to Free Cash Flow 6.5
Growth Rates
Sales Growth Rate -4.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -44.8%
Cap. Spend. - 3 Yr. Gr. Rate -21.9%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 64.9%
Total Debt to Equity 65%
Interest Coverage -1
Management Effectiveness
Return On Assets -1.8%
Ret/ On Assets - 3 Yr. Avg. -7.1%
Return On Total Capital -4.7%
Ret/ On T. Cap. - 3 Yr. Avg. -14.1%
Return On Equity -8.5%
Return On Equity - 3 Yr. Avg. -31.9%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 23.6%
Gross Margin - 3 Yr. Avg. 23.8%
EBITDA Margin 6.3%
EBITDA Margin - 3 Yr. Avg. -18.3%
Operating Margin -2.7%
Oper. Margin - 3 Yr. Avg. -27.3%
Pre-Tax Margin -7.6%
Pre-Tax Margin - 3 Yr. Avg. -31.8%
Net Profit Margin -8.6%
Net Profit Margin - 3 Yr. Avg. -23.5%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. -3.7%
Payout Ratio -101.9%

CEQP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CEQP stock intrinsic value calculation we used $2633 million for the last fiscal year's total revenue generated by Crestwood Equity Partners. The default revenue input number comes from 2016 income statement of Crestwood Equity 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 CEQP 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 8.3%, whose default value for CEQP is calculated based on our internal credit rating of Crestwood Equity 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 Crestwood Equity 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 CEQP stock the variable cost ratio is equal to 97%.

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 CEQP 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 5.3% for Crestwood Equity Partners.

Corporate tax rate of 27% is the nominal tax rate for Crestwood Equity 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 CEQP 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 CEQP are equal to 174.1%.

Life of production assets of 21.2 years is the average useful life of capital assets used in Crestwood Equity 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 CEQP is equal to 3%. 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 - $2763 million for Crestwood Equity 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 69.173 million for Crestwood Equity 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 Crestwood Equity Partners at the current share price and the inputted number of shares is $1.6 billion.


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COMPANY NEWS

▶ [$$] Crestwood Pledges Assets to Joint Venture With First Reserve   [May-24-17 02:09PM  The Wall Street Journal]
▶ How Analysts View EnLink Midstream before Its 1Q17 Earnings   [Apr-28-17 10:37AM  Market Realist]
▶ Handle with Care: Whats Volatile in Midstream Now   [Mar-14-17 11:12AM  Market Realist]
▶ Midstream Stocks: How Returns Impact Implied Volatility   [Feb-28-17 11:05AM  Market Realist]
▶ MLP Outperformers and Underperformers of the Week   [Jan-20-17 04:56PM  at Barrons.com]
▶ Is Crestwood Equity Partners LP (CEQP) a Good Stock to Buy?   [Dec-13-16 08:13AM  at Insider Monkey]
▶ Matson, Inc. (MATX): Are Hedge Funds Right About This Stock?   [Dec-05-16 03:27AM  at Insider Monkey]
▶ Top Dividend Paying Stocks in the Energy Sector   [Nov-16-16 02:03PM  at Investopedia]
Stock chart of CEQP Financial statements of CEQP Annual reports of CEQP
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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