Intrinsic value of Dorchester Minerals - DMLP

Previous Close

$14.25

  Intrinsic Value

$0.55

stock screener

  Rating & Target

str. sell

-96%

  Value-price divergence*

+126%

Previous close

$14.25

 
Intrinsic value

$0.55

 
Up/down potential

-96%

 
Rating

str. sell

 
Value-price divergence*

+126%

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

We calculate the intrinsic value of DMLP 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 0.4

 

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, %
  18.75
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  38
  61
  94
  140
  204
  288
  395
  531
  697
  897
  1,133
  1,406
  1,719
  2,072
  2,466
  2,899
  3,373
  3,885
  4,436
  5,023
  5,648
  6,308
  7,003
  7,732
  8,496
  9,293
  10,125
  10,991
  11,892
  12,829
  13,803
Variable operating expenses, $m
 
  37
  57
  85
  123
  174
  239
  321
  422
  542
  685
  851
  1,040
  1,254
  1,492
  1,754
  2,040
  2,350
  2,683
  3,039
  3,417
  3,816
  4,237
  4,678
  5,140
  5,623
  6,126
  6,650
  7,195
  7,762
  8,351
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
  17
  37
  57
  85
  123
  174
  239
  321
  422
  542
  685
  851
  1,040
  1,254
  1,492
  1,754
  2,040
  2,350
  2,683
  3,039
  3,417
  3,816
  4,237
  4,678
  5,140
  5,623
  6,126
  6,650
  7,195
  7,762
  8,351
Operating income, $m
  21
  24
  37
  55
  81
  114
  156
  210
  275
  354
  447
  555
  679
  819
  974
  1,145
  1,332
  1,535
  1,752
  1,984
  2,231
  2,492
  2,766
  3,054
  3,356
  3,671
  3,999
  4,341
  4,697
  5,067
  5,452
EBITDA, $m
  30
  33
  51
  76
  111
  156
  215
  289
  379
  487
  616
  765
  935
  1,127
  1,341
  1,576
  1,834
  2,112
  2,412
  2,731
  3,071
  3,430
  3,807
  4,204
  4,619
  5,053
  5,505
  5,976
  6,466
  6,975
  7,505
Interest expense (income), $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
Earnings before tax, $m
  21
  24
  37
  55
  81
  114
  156
  210
  275
  354
  447
  555
  679
  819
  974
  1,145
  1,332
  1,535
  1,752
  1,984
  2,231
  2,492
  2,766
  3,054
  3,356
  3,671
  3,999
  4,341
  4,697
  5,067
  5,452
Tax expense, $m
  0
  6
  10
  15
  22
  31
  42
  57
  74
  96
  121
  150
  183
  221
  263
  309
  360
  414
  473
  536
  602
  673
  747
  825
  906
  991
  1,080
  1,172
  1,268
  1,368
  1,472
Net income, $m
  21
  18
  27
  41
  59
  83
  114
  153
  201
  259
  327
  406
  496
  598
  711
  836
  972
  1,120
  1,279
  1,449
  1,629
  1,819
  2,019
  2,230
  2,450
  2,680
  2,920
  3,169
  3,429
  3,699
  3,980

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  8
  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
  67
  94
  146
  218
  317
  447
  614
  824
  1,082
  1,392
  1,759
  2,184
  2,670
  3,218
  3,829
  4,502
  5,237
  6,033
  6,887
  7,800
  8,770
  9,795
  10,874
  12,007
  13,192
  14,431
  15,722
  17,067
  18,466
  19,921
  21,433
Adjusted assets (=assets-cash), $m
  59
  94
  146
  218
  317
  447
  614
  824
  1,082
  1,392
  1,759
  2,184
  2,670
  3,218
  3,829
  4,502
  5,237
  6,033
  6,887
  7,800
  8,770
  9,795
  10,874
  12,007
  13,192
  14,431
  15,722
  17,067
  18,466
  19,921
  21,433
Revenue / Adjusted assets
  0.644
  0.649
  0.644
  0.642
  0.644
  0.644
  0.643
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
Average production assets, $m
  57
  90
  140
  209
  303
  428
  588
  789
  1,036
  1,333
  1,684
  2,091
  2,557
  3,082
  3,667
  4,311
  5,015
  5,777
  6,596
  7,470
  8,398
  9,380
  10,413
  11,498
  12,633
  13,819
  15,056
  16,344
  17,684
  19,077
  20,525
Working capital, $m
  15
  11
  17
  26
  38
  53
  73
  98
  128
  165
  208
  259
  316
  381
  454
  533
  621
  715
  816
  924
  1,039
  1,161
  1,289
  1,423
  1,563
  1,710
  1,863
  2,022
  2,188
  2,361
  2,540
Total debt, $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
Total liabilities, $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
Total equity, $m
  67
  94
  146
  218
  317
  447
  614
  824
  1,082
  1,392
  1,759
  2,184
  2,670
  3,218
  3,829
  4,502
  5,237
  6,033
  6,887
  7,800
  8,770
  9,795
  10,874
  12,007
  13,192
  14,431
  15,722
  17,067
  18,466
  19,921
  21,433
Total liabilities and equity, $m
  67
  94
  146
  218
  317
  447
  614
  824
  1,082
  1,392
  1,759
  2,184
  2,670
  3,218
  3,829
  4,502
  5,237
  6,033
  6,887
  7,800
  8,770
  9,795
  10,874
  12,007
  13,192
  14,431
  15,722
  17,067
  18,466
  19,921
  21,433
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  21
  18
  27
  41
  59
  83
  114
  153
  201
  259
  327
  406
  496
  598
  711
  836
  972
  1,120
  1,279
  1,449
  1,629
  1,819
  2,019
  2,230
  2,450
  2,680
  2,920
  3,169
  3,429
  3,699
  3,980
Depreciation, amort., depletion, $m
  9
  9
  14
  21
  30
  43
  59
  79
  104
  133
  168
  209
  256
  308
  367
  431
  502
  578
  660
  747
  840
  938
  1,041
  1,150
  1,263
  1,382
  1,506
  1,634
  1,768
  1,908
  2,052
Funds from operations, $m
  27
  27
  41
  61
  89
  126
  173
  232
  305
  392
  495
  615
  751
  906
  1,078
  1,267
  1,474
  1,698
  1,939
  2,196
  2,468
  2,757
  3,061
  3,379
  3,713
  4,062
  4,425
  4,804
  5,197
  5,607
  6,033
Change in working capital, $m
  -1
  4
  6
  9
  12
  15
  20
  25
  31
  37
  43
  50
  58
  65
  72
  80
  87
  94
  101
  108
  115
  121
  128
  134
  140
  147
  153
  159
  166
  172
  179
Cash from operations, $m
  28
  22
  35
  53
  77
  110
  153
  207
  274
  355
  452
  564
  694
  841
  1,005
  1,187
  1,387
  1,604
  1,837
  2,087
  2,354
  2,635
  2,933
  3,245
  3,573
  3,915
  4,272
  4,644
  5,032
  5,435
  5,853
Maintenance CAPEX, $m
  0
  -6
  -9
  -14
  -21
  -30
  -43
  -59
  -79
  -104
  -133
  -168
  -209
  -256
  -308
  -367
  -431
  -502
  -578
  -660
  -747
  -840
  -938
  -1,041
  -1,150
  -1,263
  -1,382
  -1,506
  -1,634
  -1,768
  -1,908
New CAPEX, $m
  0
  -34
  -49
  -69
  -94
  -125
  -160
  -201
  -247
  -297
  -351
  -407
  -465
  -525
  -585
  -645
  -704
  -762
  -819
  -874
  -928
  -981
  -1,033
  -1,085
  -1,135
  -1,186
  -1,237
  -1,288
  -1,340
  -1,393
  -1,448
Cash from investing activities, $m
  0
  -40
  -58
  -83
  -115
  -155
  -203
  -260
  -326
  -401
  -484
  -575
  -674
  -781
  -893
  -1,012
  -1,135
  -1,264
  -1,397
  -1,534
  -1,675
  -1,821
  -1,971
  -2,126
  -2,285
  -2,449
  -2,619
  -2,794
  -2,974
  -3,161
  -3,356
Free cash flow, $m
  28
  -17
  -23
  -30
  -38
  -45
  -50
  -53
  -52
  -46
  -33
  -11
  19
  60
  112
  176
  252
  340
  441
  553
  678
  814
  961
  1,119
  1,287
  1,466
  1,654
  1,851
  2,057
  2,273
  2,498
Issuance/(repayment) of debt, $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
Issuance/(repurchase) of shares, $m
  0
  18
  24
  32
  40
  47
  53
  57
  57
  52
  40
  20
  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  
  0
  18
  24
  32
  40
  47
  53
  57
  57
  52
  40
  20
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total cash flow (excl. dividends), $m
  28
  1
  1
  1
  2
  3
  3
  4
  5
  6
  7
  8
  19
  60
  112
  176
  252
  340
  441
  553
  678
  814
  961
  1,119
  1,287
  1,466
  1,654
  1,851
  2,057
  2,273
  2,498
Retained Cash Flow (-), $m
  6
  -35
  -51
  -72
  -98
  -130
  -167
  -210
  -258
  -310
  -366
  -425
  -486
  -548
  -611
  -673
  -735
  -796
  -855
  -913
  -970
  -1,025
  -1,079
  -1,133
  -1,186
  -1,238
  -1,291
  -1,345
  -1,399
  -1,455
  -1,512
Prev. year cash balance distribution, $m
 
  8
  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
 
  -27
  -50
  -71
  -96
  -127
  -164
  -206
  -253
  -304
  -359
  -417
  -467
  -488
  -499
  -497
  -483
  -455
  -414
  -359
  -292
  -211
  -118
  -13
  102
  227
  362
  506
  658
  818
  986
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
 
  -26
  -46
  -62
  -79
  -99
  -119
  -139
  -158
  -175
  -188
  -198
  -199
  -186
  -167
  -146
  -123
  -99
  -76
  -55
  -37
  -22
  -10
  -1
  5
  9
  11
  11
  10
  9
  7
Current shareholders' claim on cash, %
  100
  95.5
  91.8
  88.8
  86.4
  84.4
  82.9
  81.7
  80.8
  80.2
  79.9
  79.7
  79.7
  79.7
  79.7
  79.7
  79.7
  79.7
  79.7
  79.7
  79.7
  79.7
  79.7
  79.7
  79.7
  79.7
  79.7
  79.7
  79.7
  79.7
  79.7

Dorchester Minerals, L.P. engages in the acquisition, ownership, and administration of producing and nonproducing natural gas and crude oil royalty, net profits, and leasehold interests in the United States. The company’s royalty properties consist of producing and nonproducing mineral, royalty, overriding royalty, net profits, and leasehold interests located in 574 counties and parishes in 25 states; and net profits interests represent net profits overriding royalty interests in various properties owned by the operating partnership. Dorchester Minerals Management LP serves as the general partner of Dorchester Minerals, L.P. The company was founded in 1982 and is based in Dallas, Texas.

FINANCIAL RATIOS  of  Dorchester Minerals (DMLP)

Valuation Ratios
P/E Ratio 20.8
Price to Sales 11.5
Price to Book 6.5
Price to Tangible Book
Price to Cash Flow 15.6
Price to Free Cash Flow 15.6
Growth Rates
Sales Growth Rate 18.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 29.8%
Ret/ On Assets - 3 Yr. Avg. 29.2%
Return On Total Capital 30%
Ret/ On T. Cap. - 3 Yr. Avg. 29.5%
Return On Equity 30%
Return On Equity - 3 Yr. Avg. 29.5%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 89.5%
Gross Margin - 3 Yr. Avg. 89.8%
EBITDA Margin 78.9%
EBITDA Margin - 3 Yr. Avg. 78.5%
Operating Margin 55.3%
Oper. Margin - 3 Yr. Avg. 54.5%
Pre-Tax Margin 55.3%
Pre-Tax Margin - 3 Yr. Avg. 55%
Net Profit Margin 55.3%
Net Profit Margin - 3 Yr. Avg. 55%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 128.6%

DMLP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DMLP stock intrinsic value calculation we used $38 million for the last fiscal year's total revenue generated by Dorchester Minerals. The default revenue input number comes from 2016 income statement of Dorchester Minerals. 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 DMLP stock valuation model: a) initial revenue growth rate of 60% 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 DMLP is calculated based on our internal credit rating of Dorchester Minerals, 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 Dorchester Minerals.
    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 DMLP stock the variable cost ratio is equal to 60.5%.

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 DMLP 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 Dorchester Minerals.

Corporate tax rate of 27% is the nominal tax rate for Dorchester Minerals. 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 DMLP 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 DMLP are equal to 148.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Dorchester Minerals 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 DMLP is equal to 18.4%. 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 - $67 million for Dorchester Minerals - 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 30.217 million for Dorchester Minerals 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 Dorchester Minerals at the current share price and the inputted number of shares is $0.4 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ Dorchester Minerals, L.P. Announces Second Quarter Results   [Aug-03-17 03:20PM  GlobeNewswire]
▶ Dorchester Minerals, L.P. Announces First Quarter Results   [May-04-17 11:45AM  GlobeNewswire]
▶ Five Unheralded Energy Plays This Hedge Fund Likes   [Dec-01-16 08:37PM  Insider Monkey]
▶ Five Unheralded Energy Plays This Hedge Fund Likes   [08:37PM  at Insider Monkey]
▶ [$$] 2 MLPs That Offer Risks But Plenty of Reward   [Jun-07-16 05:41PM  at Barrons.com]
▶ Hedge Funds Are Crazy About Douglas Dynamics Inc (PLOW)   [Nov-25  10:32AM  at Insider Monkey]
▶ Lucas Capital Management Bets Big on Energy in Q4   [Nov-11  09:20AM  at Insider Monkey]
▶ 10-Q for Dorchester Minerals LP   [Aug-08  08:10PM  at Company Spotlight]
▶ 10-Q for Dorchester Minerals LP   [May-09  08:09PM  at Company Spotlight]
▶ 10-K for Dorchester Minerals LP   [Feb-21  07:08PM  at Company Spotlight]
Stock chart of DMLP Financial statements of DMLP
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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