Intrinsic value of CONE Midstream Partners - CNNX

Previous Close

$16.70

  Intrinsic Value

$16.33

stock screener

  Rating & Target

hold

-2%

Previous close

$16.70

 
Intrinsic value

$16.33

 
Up/down potential

-2%

 
Rating

hold

We calculate the intrinsic value of CNNX 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 1.1

 

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, %
  17.73
  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
  239
  244
  249
  256
  263
  271
  280
  289
  300
  311
  323
  335
  349
  363
  379
  395
  412
  431
  450
  471
  492
  515
  539
  565
  591
  619
  649
  680
  713
  748
  784
Variable operating expenses, $m
 
  104
  106
  109
  112
  116
  119
  124
  128
  133
  138
  143
  149
  155
  162
  169
  176
  184
  192
  201
  210
  220
  230
  241
  252
  265
  277
  290
  305
  319
  335
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
  107
  104
  106
  109
  112
  116
  119
  124
  128
  133
  138
  143
  149
  155
  162
  169
  176
  184
  192
  201
  210
  220
  230
  241
  252
  265
  277
  290
  305
  319
  335
Operating income, $m
  132
  140
  143
  147
  151
  155
  160
  166
  172
  178
  185
  192
  200
  208
  217
  226
  236
  247
  258
  270
  282
  295
  309
  324
  339
  355
  372
  390
  409
  428
  449
EBITDA, $m
  153
  169
  173
  178
  183
  188
  194
  201
  208
  216
  224
  233
  242
  252
  263
  275
  287
  299
  313
  327
  342
  358
  375
  392
  411
  430
  451
  473
  495
  519
  545
Interest expense (income), $m
  2
  6
  6
  7
  7
  8
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  19
  20
  22
  23
  25
  27
  29
  31
  33
  35
  37
  40
  43
  45
  48
Earnings before tax, $m
  130
  134
  137
  140
  143
  147
  152
  157
  162
  167
  173
  179
  186
  193
  201
  209
  218
  227
  236
  246
  257
  268
  280
  293
  306
  320
  334
  350
  366
  383
  401
Tax expense, $m
  0
  36
  37
  38
  39
  40
  41
  42
  44
  45
  47
  48
  50
  52
  54
  56
  59
  61
  64
  67
  69
  72
  76
  79
  83
  86
  90
  94
  99
  103
  108
Net income, $m
  96
  98
  100
  102
  105
  108
  111
  114
  118
  122
  126
  131
  136
  141
  147
  153
  159
  165
  172
  180
  188
  196
  205
  214
  223
  233
  244
  255
  267
  280
  293

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  6
  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
  919
  930
  952
  976
  1,004
  1,034
  1,068
  1,104
  1,143
  1,186
  1,231
  1,280
  1,332
  1,387
  1,446
  1,508
  1,574
  1,644
  1,718
  1,797
  1,879
  1,966
  2,058
  2,155
  2,257
  2,364
  2,477
  2,597
  2,722
  2,854
  2,992
Adjusted assets (=assets-cash), $m
  913
  930
  952
  976
  1,004
  1,034
  1,068
  1,104
  1,143
  1,186
  1,231
  1,280
  1,332
  1,387
  1,446
  1,508
  1,574
  1,644
  1,718
  1,797
  1,879
  1,966
  2,058
  2,155
  2,257
  2,364
  2,477
  2,597
  2,722
  2,854
  2,992
Revenue / Adjusted assets
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
Average production assets, $m
  873
  890
  911
  934
  960
  989
  1,021
  1,056
  1,094
  1,134
  1,178
  1,224
  1,274
  1,327
  1,383
  1,443
  1,506
  1,573
  1,644
  1,719
  1,797
  1,881
  1,969
  2,061
  2,159
  2,262
  2,370
  2,484
  2,604
  2,730
  2,862
Working capital, $m
  5
  -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
  -3
  -3
  -3
  -3
  -3
Total debt, $m
  167
  178
  191
  206
  223
  242
  263
  286
  310
  337
  365
  395
  428
  462
  499
  538
  579
  622
  669
  717
  769
  823
  880
  940
  1,004
  1,071
  1,141
  1,216
  1,294
  1,376
  1,462
Total liabilities, $m
  569
  580
  593
  608
  625
  644
  665
  688
  712
  739
  767
  797
  830
  864
  901
  940
  981
  1,024
  1,071
  1,119
  1,171
  1,225
  1,282
  1,342
  1,406
  1,473
  1,543
  1,618
  1,696
  1,778
  1,864
Total equity, $m
  350
  351
  359
  368
  378
  390
  402
  416
  431
  447
  464
  483
  502
  523
  545
  569
  594
  620
  648
  677
  708
  741
  776
  812
  851
  891
  934
  979
  1,026
  1,076
  1,128
Total liabilities and equity, $m
  919
  931
  952
  976
  1,003
  1,034
  1,067
  1,104
  1,143
  1,186
  1,231
  1,280
  1,332
  1,387
  1,446
  1,509
  1,575
  1,644
  1,719
  1,796
  1,879
  1,966
  2,058
  2,154
  2,257
  2,364
  2,477
  2,597
  2,722
  2,854
  2,992
Debt-to-equity ratio
  0.477
  0.510
  0.530
  0.560
  0.590
  0.620
  0.650
  0.690
  0.720
  0.750
  0.790
  0.820
  0.850
  0.880
  0.920
  0.950
  0.980
  1.000
  1.030
  1.060
  1.090
  1.110
  1.130
  1.160
  1.180
  1.200
  1.220
  1.240
  1.260
  1.280
  1.300
Adjusted equity ratio
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  96
  98
  100
  102
  105
  108
  111
  114
  118
  122
  126
  131
  136
  141
  147
  153
  159
  165
  172
  180
  188
  196
  205
  214
  223
  233
  244
  255
  267
  280
  293
Depreciation, amort., depletion, $m
  21
  30
  30
  31
  32
  33
  34
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
  72
  75
  79
  83
  87
  91
  95
Funds from operations, $m
  167
  127
  130
  133
  137
  141
  145
  149
  154
  160
  166
  172
  178
  185
  193
  201
  209
  218
  227
  237
  248
  259
  270
  282
  295
  309
  323
  338
  354
  371
  388
Change in working capital, $m
  7
  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 operations, $m
  160
  127
  130
  133
  137
  141
  145
  150
  154
  160
  166
  172
  178
  185
  193
  201
  209
  218
  227
  237
  248
  259
  270
  282
  295
  309
  323
  338
  354
  371
  388
Maintenance CAPEX, $m
  0
  -29
  -30
  -30
  -31
  -32
  -33
  -34
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -72
  -75
  -79
  -83
  -87
  -91
New CAPEX, $m
  -51
  -18
  -20
  -23
  -26
  -29
  -32
  -35
  -38
  -41
  -44
  -47
  -50
  -53
  -56
  -60
  -63
  -67
  -71
  -75
  -79
  -83
  -88
  -93
  -98
  -103
  -108
  -114
  -120
  -126
  -133
Cash from investing activities, $m
  -45
  -47
  -50
  -53
  -57
  -61
  -65
  -69
  -73
  -77
  -82
  -86
  -91
  -95
  -100
  -106
  -111
  -117
  -123
  -130
  -136
  -143
  -151
  -159
  -167
  -175
  -183
  -193
  -203
  -213
  -224
Free cash flow, $m
  115
  81
  80
  80
  79
  80
  80
  81
  82
  83
  84
  86
  88
  90
  92
  95
  98
  101
  104
  108
  111
  115
  120
  124
  129
  134
  140
  145
  152
  158
  165
Issuance/(repayment) of debt, $m
  94
  11
  13
  15
  17
  19
  21
  23
  25
  26
  28
  30
  32
  34
  37
  39
  41
  44
  46
  49
  51
  54
  57
  60
  64
  67
  70
  74
  78
  82
  86
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  -49
  11
  13
  15
  17
  19
  21
  23
  25
  26
  28
  30
  32
  34
  37
  39
  41
  44
  46
  49
  51
  54
  57
  60
  64
  67
  70
  74
  78
  82
  86
Total cash flow (excl. dividends), $m
  66
  91
  93
  95
  96
  98
  101
  103
  106
  109
  113
  116
  120
  124
  129
  134
  139
  144
  150
  156
  163
  170
  177
  185
  193
  201
  210
  220
  230
  240
  251
Retained Cash Flow (-), $m
  -37
  -7
  -8
  -9
  -10
  -11
  -13
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -38
  -41
  -43
  -45
  -47
  -50
  -52
Prev. year cash balance distribution, $m
 
  6
  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
 
  91
  85
  86
  86
  87
  88
  90
  91
  93
  95
  98
  101
  104
  107
  110
  114
  118
  122
  127
  132
  137
  142
  148
  154
  161
  167
  175
  182
  190
  199
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  87
  78
  74
  71
  67
  64
  61
  57
  54
  50
  47
  43
  39
  36
  32
  29
  26
  23
  20
  17
  14
  12
  10
  8
  6
  5
  4
  3
  2
  1
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

CONE Midstream Partners LP is a master limited partnership formed by CONSOL Energy Inc. (CONSOL) and Noble Energy, Inc. (Noble Energy). The Company owns, operates, develops and acquires natural gas gathering and other midstream energy assets to service CONSOL's and Noble Energy's production in the Marcellus Shale in Pennsylvania and West Virginia. Its assets include natural gas gathering pipelines and compression and dehydration facilities, as well as condensate gathering, collection, separation and stabilization facilities. It operates through three segments: Anchor Systems, Growth Systems and Additional Systems. Its Anchor Systems include developed midstream systems, including its three midstream systems (the McQuay System, the Majorsville System and the Mamont System) and related assets. Its Growth Systems are located in the dry gas regions of its dedicated acreage. Its Additional Systems include various gathering systems located in the wet gas regions of its dedicated acreage.

FINANCIAL RATIOS  of  CONE Midstream Partners (CNNX)

Valuation Ratios
P/E Ratio 11.1
Price to Sales 4.4
Price to Book 3
Price to Tangible Book
Price to Cash Flow 6.6
Price to Free Cash Flow 9.7
Growth Rates
Sales Growth Rate 17.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -82.5%
Cap. Spend. - 3 Yr. Gr. Rate -17.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 47.7%
Total Debt to Equity 47.7%
Interest Coverage 66
Management Effectiveness
Return On Assets 10.6%
Ret/ On Assets - 3 Yr. Avg. 10%
Return On Total Capital 21.2%
Ret/ On T. Cap. - 3 Yr. Avg. 19.2%
Return On Equity 29%
Return On Equity - 3 Yr. Avg. 23.2%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 70.7%
Gross Margin - 3 Yr. Avg. 67.6%
EBITDA Margin 64%
EBITDA Margin - 3 Yr. Avg. 61.3%
Operating Margin 55.2%
Oper. Margin - 3 Yr. Avg. 54.1%
Pre-Tax Margin 54.4%
Pre-Tax Margin - 3 Yr. Avg. 53.8%
Net Profit Margin 40.2%
Net Profit Margin - 3 Yr. Avg. 39.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 62.5%

CNNX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CNNX stock intrinsic value calculation we used $239 million for the last fiscal year's total revenue generated by CONE Midstream Partners. The default revenue input number comes from 2016 income statement of CONE Midstream 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 CNNX 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 4.3%, whose default value for CNNX is calculated based on our internal credit rating of CONE Midstream 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 CONE Midstream 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 CNNX stock the variable cost ratio is equal to 42.7%.

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 CNNX 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 3.5% for CONE Midstream Partners.

Corporate tax rate of 27% is the nominal tax rate for CONE Midstream 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 CNNX 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 CNNX are equal to 365.1%.

Life of production assets of 41.5 years is the average useful life of capital assets used in CONE Midstream 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 CNNX is equal to -0.4%. 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 - $350 million for CONE Midstream 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 63.763 million for CONE Midstream 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 CONE Midstream Partners at the current share price and the inputted number of shares is $1.1 billion.

RELATED COMPANIES Price Int.Val. Rating
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SMLP Summit Midstre 20.45 3.84  str.sell
DM Dominion Energ 30.90 4.96  str.sell
EQM EQT Midstream 71.62 39.39  sell
AMID American Midst 13.10 3.30  str.sell
WMB Williams 29.06 1.40  str.sell

COMPANY NEWS

▶ [$$] Noble Energy Extends Deadline for Sale of Marcellus Venture Stake   [Dec-08-17 09:36PM  The Wall Street Journal]
▶ Cone Midstream Partners posts 3Q profit   [Nov-02-17 08:31AM  Associated Press]
▶ CONE Midstream Reports Third Quarter Results   [06:55AM  GlobeNewswire]
▶ Top 4 Small-Cap Stocks for 2017   [Oct-06-17 07:15PM  Investopedia]
▶ Top MLP Losers during the Week Ended September 29   [Oct-03-17 03:10PM  Market Realist]
▶ MLP Earnings Wrap-Up for the Week Ended August 11   [Aug-15-17 05:35PM  Market Realist]
▶ These MLPs Fell More than 5% Last Week   [Aug-08-17 12:28PM  Market Realist]
▶ Cone Midstream Partners posts 2Q profit   [Aug-07-17 11:55PM  Associated Press]
▶ CONE Midstream Increases Quarterly Cash Distribution   [Jul-24-17 06:30AM  GlobeNewswire]
▶ [$$] Quantum Buys Noble's Stake in Midstream Business for $765 Million   [May-18-17 06:53PM  The Wall Street Journal]
▶ Noble Energy sells stake in Marcellus midstream MLP for $765M   [09:13AM  American City Business Journals]
▶ Cone Midstream Partners posts 1Q profit   [May-04-17 07:00AM  Associated Press]
▶ CONE Midstream Reports First Quarter Results   [06:45AM  GlobeNewswire]
▶ Houston energy co. sells Marcellus assets for more than $1B   [04:14PM  American City Business Journals]
▶ CONE Midstream Increases Quarterly Cash Distribution   [Apr-21-17 08:33AM  GlobeNewswire]
▶ Antero Midstream Has Industry-Leading Distribution Growth   [Mar-24-17 10:36AM  Market Realist]
▶ Rice Midstream Has the Lowest Leverage among Its Peers   [Mar-23-17 10:36AM  Market Realist]
▶ CONE Midstream 2016 Annual Report on Form 10-K   [Mar-13-17 02:48PM  GlobeNewswire]
▶ Top 4 Small-Cap Stocks for 2017   [Feb-23-17 03:36PM  at Investopedia]
▶ MLP Outperformers and Underperformers of the Week   [Feb-10-17 03:40PM  at Barrons.com]
▶ CONE Midstream Increases Quarterly Cash Distribution   [Jan-20-17 06:30AM  GlobeNewswire]
Financial statements of CNNX
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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