Intrinsic value of Enbridge Energy Partners Cl A - EEP

Previous Close

$15.51

  Intrinsic Value

$2.43

stock screener

  Rating & Target

str. sell

-84%

  Value-price divergence*

+19%

Previous close

$15.51

 
Intrinsic value

$2.43

 
Up/down potential

-84%

 
Rating

str. sell

 
Value-price divergence*

+19%

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

We calculate the intrinsic value of EEP 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 6.3

 

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, %
  -12.90
  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
  4,482
  4,572
  4,677
  4,797
  4,932
  5,081
  5,245
  5,424
  5,618
  5,826
  6,049
  6,289
  6,544
  6,816
  7,104
  7,411
  7,736
  8,079
  8,443
  8,827
  9,233
  9,661
  10,112
  10,588
  11,089
  11,617
  12,173
  12,758
  13,373
  14,021
  14,702
Variable operating expenses, $m
 
  2,140
  2,189
  2,245
  2,308
  2,378
  2,455
  2,538
  2,629
  2,726
  2,831
  2,943
  3,063
  3,190
  3,325
  3,468
  3,620
  3,781
  3,951
  4,131
  4,321
  4,521
  4,732
  4,955
  5,190
  5,437
  5,697
  5,971
  6,259
  6,562
  6,881
Fixed operating expenses, $m
 
  2,159
  2,213
  2,268
  2,325
  2,383
  2,442
  2,503
  2,566
  2,630
  2,696
  2,763
  2,832
  2,903
  2,976
  3,050
  3,126
  3,205
  3,285
  3,367
  3,451
  3,537
  3,626
  3,716
  3,809
  3,904
  4,002
  4,102
  4,205
  4,310
  4,417
Total operating expenses, $m
  4,154
  4,299
  4,402
  4,513
  4,633
  4,761
  4,897
  5,041
  5,195
  5,356
  5,527
  5,706
  5,895
  6,093
  6,301
  6,518
  6,746
  6,986
  7,236
  7,498
  7,772
  8,058
  8,358
  8,671
  8,999
  9,341
  9,699
  10,073
  10,464
  10,872
  11,298
Operating income, $m
  328
  273
  275
  284
  299
  321
  348
  382
  423
  469
  522
  582
  649
  723
  804
  892
  989
  1,094
  1,207
  1,329
  1,461
  1,602
  1,754
  1,916
  2,090
  2,276
  2,474
  2,685
  2,910
  3,149
  3,404
EBITDA, $m
  909
  867
  883
  907
  940
  980
  1,030
  1,087
  1,152
  1,226
  1,308
  1,399
  1,499
  1,608
  1,726
  1,855
  1,994
  2,143
  2,303
  2,476
  2,660
  2,857
  3,067
  3,291
  3,530
  3,784
  4,055
  4,342
  4,647
  4,970
  5,313
Interest expense (income), $m
  402
  399
  413
  430
  449
  471
  495
  521
  550
  581
  614
  650
  689
  730
  774
  820
  869
  922
  977
  1,035
  1,097
  1,162
  1,231
  1,304
  1,380
  1,461
  1,546
  1,635
  1,729
  1,828
  1,932
Earnings before tax, $m
  -40
  -125
  -137
  -146
  -150
  -150
  -147
  -139
  -127
  -112
  -92
  -68
  -40
  -7
  30
  72
  120
  172
  230
  294
  364
  440
  523
  613
  710
  815
  928
  1,050
  1,181
  1,321
  1,472
Tax expense, $m
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  8
  20
  32
  46
  62
  79
  98
  119
  141
  165
  192
  220
  251
  284
  319
  357
  397
Net income, $m
  -68
  -125
  -137
  -146
  -150
  -150
  -147
  -139
  -127
  -112
  -92
  -68
  -40
  -7
  22
  53
  87
  126
  168
  215
  266
  321
  382
  447
  518
  595
  678
  767
  862
  965
  1,075

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  101
  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
  18,110
  18,360
  18,782
  19,265
  19,807
  20,407
  21,066
  21,784
  22,560
  23,397
  24,295
  25,256
  26,281
  27,372
  28,532
  29,763
  31,067
  32,447
  33,907
  35,450
  37,079
  38,798
  40,610
  42,521
  44,534
  46,654
  48,886
  51,236
  53,708
  56,309
  59,045
Adjusted assets (=assets-cash), $m
  18,009
  18,360
  18,782
  19,265
  19,807
  20,407
  21,066
  21,784
  22,560
  23,397
  24,295
  25,256
  26,281
  27,372
  28,532
  29,763
  31,067
  32,447
  33,907
  35,450
  37,079
  38,798
  40,610
  42,521
  44,534
  46,654
  48,886
  51,236
  53,708
  56,309
  59,045
Revenue / Adjusted assets
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
Average production assets, $m
  8,846
  9,024
  9,232
  9,469
  9,736
  10,031
  10,355
  10,707
  11,089
  11,500
  11,942
  12,414
  12,918
  13,454
  14,024
  14,629
  15,270
  15,949
  16,666
  17,425
  18,225
  19,070
  19,961
  20,900
  21,890
  22,932
  24,029
  25,184
  26,399
  27,677
  29,022
Working capital, $m
  -701
  -818
  -837
  -859
  -883
  -910
  -939
  -971
  -1,006
  -1,043
  -1,083
  -1,126
  -1,171
  -1,220
  -1,272
  -1,327
  -1,385
  -1,446
  -1,511
  -1,580
  -1,653
  -1,729
  -1,810
  -1,895
  -1,985
  -2,079
  -2,179
  -2,284
  -2,394
  -2,510
  -2,632
Total debt, $m
  7,816
  8,095
  8,426
  8,805
  9,230
  9,702
  10,219
  10,782
  11,392
  12,049
  12,753
  13,508
  14,312
  15,169
  16,079
  17,046
  18,069
  19,153
  20,299
  21,510
  22,789
  24,138
  25,561
  27,061
  28,641
  30,305
  32,058
  33,902
  35,843
  37,885
  40,032
Total liabilities, $m
  14,134
  14,413
  14,744
  15,123
  15,548
  16,020
  16,537
  17,100
  17,710
  18,367
  19,071
  19,826
  20,630
  21,487
  22,397
  23,364
  24,387
  25,471
  26,617
  27,828
  29,107
  30,456
  31,879
  33,379
  34,959
  36,623
  38,376
  40,220
  42,161
  44,203
  46,350
Total equity, $m
  3,976
  3,947
  4,038
  4,142
  4,258
  4,388
  4,529
  4,683
  4,850
  5,030
  5,223
  5,430
  5,650
  5,885
  6,134
  6,399
  6,679
  6,976
  7,290
  7,622
  7,972
  8,342
  8,731
  9,142
  9,575
  10,031
  10,511
  11,016
  11,547
  12,106
  12,695
Total liabilities and equity, $m
  18,110
  18,360
  18,782
  19,265
  19,806
  20,408
  21,066
  21,783
  22,560
  23,397
  24,294
  25,256
  26,280
  27,372
  28,531
  29,763
  31,066
  32,447
  33,907
  35,450
  37,079
  38,798
  40,610
  42,521
  44,534
  46,654
  48,887
  51,236
  53,708
  56,309
  59,045
Debt-to-equity ratio
  1.966
  2.050
  2.090
  2.130
  2.170
  2.210
  2.260
  2.300
  2.350
  2.400
  2.440
  2.490
  2.530
  2.580
  2.620
  2.660
  2.710
  2.750
  2.780
  2.820
  2.860
  2.890
  2.930
  2.960
  2.990
  3.020
  3.050
  3.080
  3.100
  3.130
  3.150
Adjusted equity ratio
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -68
  -125
  -137
  -146
  -150
  -150
  -147
  -139
  -127
  -112
  -92
  -68
  -40
  -7
  22
  53
  87
  126
  168
  215
  266
  321
  382
  447
  518
  595
  678
  767
  862
  965
  1,075
Depreciation, amort., depletion, $m
  581
  594
  607
  623
  641
  660
  681
  704
  730
  757
  786
  817
  850
  885
  923
  962
  1,005
  1,049
  1,096
  1,146
  1,199
  1,255
  1,313
  1,375
  1,440
  1,509
  1,581
  1,657
  1,737
  1,821
  1,909
Funds from operations, $m
  1,391
  469
  470
  477
  491
  510
  535
  566
  602
  645
  694
  749
  810
  878
  945
  1,015
  1,092
  1,175
  1,265
  1,361
  1,465
  1,576
  1,695
  1,822
  1,958
  2,104
  2,258
  2,423
  2,599
  2,786
  2,984
Change in working capital, $m
  -25
  -16
  -19
  -22
  -24
  -27
  -29
  -32
  -35
  -37
  -40
  -43
  -46
  -49
  -52
  -55
  -58
  -62
  -65
  -69
  -73
  -77
  -81
  -85
  -90
  -94
  -99
  -105
  -110
  -116
  -122
Cash from operations, $m
  1,416
  485
  489
  499
  515
  537
  564
  598
  637
  682
  734
  791
  856
  927
  996
  1,070
  1,150
  1,236
  1,330
  1,430
  1,537
  1,652
  1,776
  1,907
  2,048
  2,198
  2,358
  2,528
  2,709
  2,901
  3,106
Maintenance CAPEX, $m
  0
  -582
  -594
  -607
  -623
  -641
  -660
  -681
  -704
  -730
  -757
  -786
  -817
  -850
  -885
  -923
  -962
  -1,005
  -1,049
  -1,096
  -1,146
  -1,199
  -1,255
  -1,313
  -1,375
  -1,440
  -1,509
  -1,581
  -1,657
  -1,737
  -1,821
New CAPEX, $m
  -1,091
  -178
  -208
  -237
  -266
  -295
  -324
  -353
  -382
  -411
  -441
  -472
  -504
  -536
  -570
  -605
  -641
  -679
  -718
  -758
  -801
  -845
  -891
  -939
  -989
  -1,042
  -1,097
  -1,155
  -1,215
  -1,278
  -1,345
Cash from investing activities, $m
  -1,066
  -760
  -802
  -844
  -889
  -936
  -984
  -1,034
  -1,086
  -1,141
  -1,198
  -1,258
  -1,321
  -1,386
  -1,455
  -1,528
  -1,603
  -1,684
  -1,767
  -1,854
  -1,947
  -2,044
  -2,146
  -2,252
  -2,364
  -2,482
  -2,606
  -2,736
  -2,872
  -3,015
  -3,166
Free cash flow, $m
  350
  -276
  -312
  -346
  -375
  -399
  -420
  -436
  -449
  -459
  -464
  -466
  -465
  -460
  -459
  -457
  -453
  -447
  -437
  -425
  -410
  -391
  -370
  -345
  -316
  -284
  -248
  -208
  -163
  -114
  -60
Issuance/(repayment) of debt, $m
  601
  279
  331
  379
  425
  471
  517
  563
  610
  657
  705
  754
  805
  857
  910
  966
  1,024
  1,084
  1,146
  1,211
  1,279
  1,349
  1,423
  1,500
  1,580
  1,664
  1,752
  1,844
  1,941
  2,042
  2,148
Issuance/(repurchase) of shares, $m
  0
  198
  228
  249
  266
  279
  288
  293
  294
  292
  285
  275
  260
  242
  227
  212
  193
  171
  146
  117
  85
  48
  8
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  475
  477
  559
  628
  691
  750
  805
  856
  904
  949
  990
  1,029
  1,065
  1,099
  1,137
  1,178
  1,217
  1,255
  1,292
  1,328
  1,364
  1,397
  1,431
  1,500
  1,580
  1,664
  1,752
  1,844
  1,941
  2,042
  2,148
Total cash flow (excl. dividends), $m
  825
  200
  247
  283
  317
  352
  386
  420
  455
  490
  526
  562
  600
  639
  679
  720
  764
  808
  855
  903
  953
  1,006
  1,061
  1,155
  1,264
  1,380
  1,504
  1,637
  1,778
  1,928
  2,088
Retained Cash Flow (-), $m
  992
  -198
  -228
  -249
  -266
  -279
  -288
  -293
  -294
  -292
  -285
  -275
  -260
  -242
  -249
  -265
  -280
  -297
  -314
  -332
  -350
  -370
  -390
  -411
  -433
  -456
  -480
  -505
  -532
  -559
  -588
Prev. year cash balance distribution, $m
 
  101
  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
 
  104
  19
  33
  51
  72
  98
  127
  160
  198
  241
  288
  340
  397
  430
  456
  483
  511
  541
  571
  603
  637
  671
  744
  831
  924
  1,024
  1,132
  1,246
  1,369
  1,500
Discount rate, %
 
  9.50
  9.98
  10.47
  11.00
  11.55
  12.12
  12.73
  13.37
  14.04
  14.74
  15.47
  16.25
  17.06
  17.91
  18.81
  19.75
  20.74
  21.77
  22.86
  24.01
  25.21
  26.47
  27.79
  29.18
  30.64
  32.17
  33.78
  35.47
  37.24
  39.10
PV of cash for distribution, $m
 
  95
  16
  25
  33
  42
  49
  55
  59
  61
  61
  59
  56
  51
  43
  34
  27
  21
  16
  11
  8
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  96.9
  93.5
  90.0
  86.5
  83.1
  79.8
  76.7
  73.8
  71.1
  68.7
  66.5
  64.5
  62.8
  61.4
  60.0
  58.9
  58.0
  57.2
  56.7
  56.3
  56.1
  56.0
  56.0
  56.0
  56.0
  56.0
  56.0
  56.0
  56.0
  56.0

Enbridge Energy Partners, L.P is a geographically and operationally diversified organization that provides crude oil and liquid petroleum gathering; transportation and storage services, and natural gas gathering, treating, processing, marketing and transportation services in the Gulf Coast and mid-continent regions of the United States. The Company operates through two business segments: Liquids and Natural Gas. Its Liquids segment includes the operations of its Lakehead, North Dakota and mid-continent systems. Its Natural Gas segment includes natural gas and natural gas liquids (NGL) gathering and transportation pipeline systems, natural gas processing and treating facilities, condensate stabilizers and an NGL fractionation facility, as well as rail and liquids marketing operations. Natural Gas includes Anadarko, East Texas, North Texas and Texas Express NGL systems, and marketing operations.

FINANCIAL RATIOS  of  Enbridge Energy Partners Cl A (EEP)

Valuation Ratios
P/E Ratio -95.3
Price to Sales 1.4
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 4.6
Price to Free Cash Flow 19.9
Growth Rates
Sales Growth Rate -12.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -48.5%
Cap. Spend. - 3 Yr. Gr. Rate -14.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 196.6%
Total Debt to Equity 196.6%
Interest Coverage 1
Management Effectiveness
Return On Assets 1.9%
Ret/ On Assets - 3 Yr. Avg. 3.4%
Return On Total Capital -0.5%
Ret/ On T. Cap. - 3 Yr. Avg. 1.8%
Return On Equity -1.5%
Return On Equity - 3 Yr. Avg. 4%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 56.7%
Gross Margin - 3 Yr. Avg. 45.6%
EBITDA Margin 21%
EBITDA Margin - 3 Yr. Avg. 22.4%
Operating Margin 7.3%
Oper. Margin - 3 Yr. Avg. 11.4%
Pre-Tax Margin -0.9%
Pre-Tax Margin - 3 Yr. Avg. 5.8%
Net Profit Margin -1.5%
Net Profit Margin - 3 Yr. Avg. 3%
Effective Tax Rate -2.5%
Eff/ Tax Rate - 3 Yr. Avg. -0%
Payout Ratio -1270.6%

EEP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EEP stock intrinsic value calculation we used $4482 million for the last fiscal year's total revenue generated by Enbridge Energy Partners Cl A. The default revenue input number comes from 2016 income statement of Enbridge Energy Partners Cl A. 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 EEP 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 9.5%, whose default value for EEP is calculated based on our internal credit rating of Enbridge Energy Partners Cl A, 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 Enbridge Energy Partners Cl A.
    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 EEP stock the variable cost ratio is equal to 46.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2106 million in the base year in the intrinsic value calculation for EEP 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 5.1% for Enbridge Energy Partners Cl A.

Corporate tax rate of 27% is the nominal tax rate for Enbridge Energy Partners Cl A. 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 EEP 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 EEP are equal to 197.4%.

Life of production assets of 15.2 years is the average useful life of capital assets used in Enbridge Energy Partners Cl A 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 EEP is equal to -17.9%. 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 - $3976 million for Enbridge Energy Partners Cl A - 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 408.421 million for Enbridge Energy Partners Cl A 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 Enbridge Energy Partners Cl A at the current share price and the inputted number of shares is $6.3 billion.

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▶ Minnesota to open 22 meetings on disputed Enbridge pipeline   [Jun-03-17 10:16AM  Associated Press]
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Financial statements of EEP
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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