Intrinsic value of Emerge Energy Services - EMES

Previous Close

$6.95

  Intrinsic Value

$151.07

stock screener

  Rating & Target

str. buy

+999%

Previous close

$6.95

 
Intrinsic value

$151.07

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of EMES 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  -52.59
  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
  128
  582
  900
  1,346
  1,952
  2,755
  3,787
  5,083
  6,675
  8,589
  10,848
  13,471
  16,470
  19,852
  23,619
  27,772
  32,306
  37,214
  42,488
  48,120
  54,101
  60,423
  67,081
  74,068
  81,382
  89,021
  96,987
  105,283
  113,915
  122,889
  132,217
Variable operating expenses, $m
 
  332
  513
  768
  1,114
  1,572
  2,161
  2,900
  3,808
  4,900
  6,189
  7,685
  9,395
  11,324
  13,474
  15,843
  18,429
  21,229
  24,237
  27,450
  30,862
  34,468
  38,266
  42,252
  46,424
  50,782
  55,326
  60,059
  64,983
  70,102
  75,423
Fixed operating expenses, $m
 
  151
  155
  158
  161
  165
  169
  172
  176
  180
  184
  188
  192
  196
  201
  205
  210
  214
  219
  224
  229
  234
  239
  244
  250
  255
  261
  266
  272
  278
  284
Total operating expenses, $m
  218
  483
  668
  926
  1,275
  1,737
  2,330
  3,072
  3,984
  5,080
  6,373
  7,873
  9,587
  11,520
  13,675
  16,048
  18,639
  21,443
  24,456
  27,674
  31,091
  34,702
  38,505
  42,496
  46,674
  51,037
  55,587
  60,325
  65,255
  70,380
  75,707
Operating income, $m
  -90
  99
  232
  420
  677
  1,018
  1,458
  2,011
  2,691
  3,509
  4,476
  5,598
  6,882
  8,331
  9,945
  11,724
  13,667
  15,771
  18,032
  20,446
  23,010
  25,721
  28,576
  31,572
  34,708
  37,984
  41,400
  44,958
  48,660
  52,509
  56,510
EBITDA, $m
  -69
  128
  276
  486
  773
  1,154
  1,644
  2,261
  3,019
  3,932
  5,010
  6,261
  7,693
  9,308
  11,107
  13,091
  15,257
  17,602
  20,122
  22,813
  25,672
  28,694
  31,876
  35,216
  38,712
  42,364
  46,172
  50,138
  54,264
  58,555
  63,015
Interest expense (income), $m
  17
  22
  39
  69
  111
  168
  244
  342
  465
  615
  797
  1,010
  1,259
  1,543
  1,863
  2,219
  2,612
  3,042
  3,506
  4,005
  4,538
  5,105
  5,703
  6,333
  6,995
  7,687
  8,410
  9,164
  9,949
  10,766
  11,616
Earnings before tax, $m
  -113
  77
  193
  351
  566
  850
  1,214
  1,669
  2,226
  2,894
  3,679
  4,588
  5,624
  6,788
  8,082
  9,505
  11,055
  12,729
  14,526
  16,441
  18,472
  20,616
  22,873
  25,239
  27,713
  30,297
  32,990
  35,794
  38,710
  41,743
  44,894
Tax expense, $m
  0
  21
  52
  95
  153
  229
  328
  451
  601
  781
  993
  1,239
  1,518
  1,833
  2,182
  2,566
  2,985
  3,437
  3,922
  4,439
  4,987
  5,566
  6,176
  6,814
  7,483
  8,180
  8,907
  9,664
  10,452
  11,270
  12,121
Net income, $m
  -73
  56
  141
  256
  413
  620
  886
  1,218
  1,625
  2,112
  2,686
  3,349
  4,105
  4,955
  5,900
  6,939
  8,070
  9,292
  10,604
  12,002
  13,484
  15,050
  16,697
  18,424
  20,231
  22,117
  24,083
  26,130
  28,259
  30,472
  32,772

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  250
  494
  763
  1,141
  1,656
  2,336
  3,212
  4,312
  5,661
  7,285
  9,201
  11,426
  13,969
  16,838
  20,033
  23,556
  27,401
  31,564
  36,037
  40,814
  45,887
  51,250
  56,896
  62,823
  69,026
  75,506
  82,262
  89,299
  96,620
  104,232
  112,144
Adjusted assets (=assets-cash), $m
  250
  494
  763
  1,141
  1,656
  2,336
  3,212
  4,312
  5,661
  7,285
  9,201
  11,426
  13,969
  16,838
  20,033
  23,556
  27,401
  31,564
  36,037
  40,814
  45,887
  51,250
  56,896
  62,823
  69,026
  75,506
  82,262
  89,299
  96,620
  104,232
  112,144
Revenue / Adjusted assets
  0.512
  1.178
  1.180
  1.180
  1.179
  1.179
  1.179
  1.179
  1.179
  1.179
  1.179
  1.179
  1.179
  1.179
  1.179
  1.179
  1.179
  1.179
  1.179
  1.179
  1.179
  1.179
  1.179
  1.179
  1.179
  1.179
  1.179
  1.179
  1.179
  1.179
  1.179
Average production assets, $m
  179
  287
  443
  662
  961
  1,355
  1,863
  2,501
  3,284
  4,226
  5,337
  6,628
  8,103
  9,767
  11,621
  13,664
  15,894
  18,309
  20,904
  23,675
  26,618
  29,728
  33,004
  36,441
  40,040
  43,798
  47,718
  51,799
  56,046
  60,462
  65,051
Working capital, $m
  31
  15
  22
  34
  49
  69
  95
  127
  167
  215
  271
  337
  412
  496
  590
  694
  808
  930
  1,062
  1,203
  1,353
  1,511
  1,677
  1,852
  2,035
  2,226
  2,425
  2,632
  2,848
  3,072
  3,305
Total debt, $m
  140
  312
  554
  895
  1,358
  1,970
  2,758
  3,748
  4,963
  6,424
  8,149
  10,151
  12,440
  15,021
  17,898
  21,068
  24,528
  28,275
  32,301
  36,600
  41,166
  45,992
  51,074
  56,408
  61,991
  67,823
  73,904
  80,236
  86,825
  93,676
  100,797
Total liabilities, $m
  195
  445
  687
  1,027
  1,490
  2,103
  2,891
  3,880
  5,095
  6,556
  8,281
  10,283
  12,572
  15,154
  18,030
  21,200
  24,661
  28,407
  32,433
  36,732
  41,298
  46,125
  51,207
  56,540
  62,124
  67,955
  74,036
  80,369
  86,958
  93,809
  100,929
Total equity, $m
  55
  49
  76
  114
  166
  234
  321
  431
  566
  728
  920
  1,143
  1,397
  1,684
  2,003
  2,356
  2,740
  3,156
  3,604
  4,081
  4,589
  5,125
  5,690
  6,282
  6,903
  7,551
  8,226
  8,930
  9,662
  10,423
  11,214
Total liabilities and equity, $m
  250
  494
  763
  1,141
  1,656
  2,337
  3,212
  4,311
  5,661
  7,284
  9,201
  11,426
  13,969
  16,838
  20,033
  23,556
  27,401
  31,563
  36,037
  40,813
  45,887
  51,250
  56,897
  62,822
  69,027
  75,506
  82,262
  89,299
  96,620
  104,232
  112,143
Debt-to-equity ratio
  2.545
  6.320
  7.260
  7.840
  8.200
  8.430
  8.590
  8.690
  8.770
  8.820
  8.860
  8.880
  8.910
  8.920
  8.930
  8.940
  8.950
  8.960
  8.960
  8.970
  8.970
  8.970
  8.980
  8.980
  8.980
  8.980
  8.980
  8.990
  8.990
  8.990
  8.990
Adjusted equity ratio
  0.220
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -73
  56
  141
  256
  413
  620
  886
  1,218
  1,625
  2,112
  2,686
  3,349
  4,105
  4,955
  5,900
  6,939
  8,070
  9,292
  10,604
  12,002
  13,484
  15,050
  16,697
  18,424
  20,231
  22,117
  24,083
  26,130
  28,259
  30,472
  32,772
Depreciation, amort., depletion, $m
  21
  29
  44
  66
  96
  136
  187
  250
  329
  423
  534
  663
  810
  977
  1,162
  1,366
  1,589
  1,831
  2,090
  2,367
  2,662
  2,973
  3,300
  3,644
  4,004
  4,380
  4,772
  5,180
  5,605
  6,046
  6,505
Funds from operations, $m
  -32
  85
  185
  323
  510
  756
  1,072
  1,469
  1,954
  2,535
  3,220
  4,012
  4,916
  5,932
  7,062
  8,305
  9,660
  11,123
  12,694
  14,369
  16,146
  18,023
  19,997
  22,068
  24,235
  26,497
  28,855
  31,310
  33,863
  36,518
  39,278
Change in working capital, $m
  15
  5
  8
  11
  15
  20
  26
  32
  40
  48
  56
  66
  75
  85
  94
  104
  113
  123
  132
  141
  150
  158
  166
  175
  183
  191
  199
  207
  216
  224
  233
Cash from operations, $m
  -47
  79
  177
  312
  494
  736
  1,047
  1,436
  1,914
  2,487
  3,163
  3,946
  4,841
  5,848
  6,968
  8,201
  9,546
  11,001
  12,562
  14,228
  15,997
  17,865
  19,831
  21,894
  24,052
  26,306
  28,656
  31,102
  33,647
  36,294
  39,044
Maintenance CAPEX, $m
  0
  -18
  -29
  -44
  -66
  -96
  -136
  -186
  -250
  -328
  -423
  -534
  -663
  -810
  -977
  -1,162
  -1,366
  -1,589
  -1,831
  -2,090
  -2,367
  -2,662
  -2,973
  -3,300
  -3,644
  -4,004
  -4,380
  -4,772
  -5,180
  -5,605
  -6,046
New CAPEX, $m
  -14
  -107
  -156
  -219
  -299
  -395
  -508
  -638
  -783
  -942
  -1,112
  -1,290
  -1,475
  -1,664
  -1,854
  -2,043
  -2,231
  -2,415
  -2,595
  -2,771
  -2,943
  -3,111
  -3,275
  -3,438
  -3,598
  -3,759
  -3,919
  -4,082
  -4,247
  -4,416
  -4,589
Cash from investing activities, $m
  141
  -125
  -185
  -263
  -365
  -491
  -644
  -824
  -1,033
  -1,270
  -1,535
  -1,824
  -2,138
  -2,474
  -2,831
  -3,205
  -3,597
  -4,004
  -4,426
  -4,861
  -5,310
  -5,773
  -6,248
  -6,738
  -7,242
  -7,763
  -8,299
  -8,854
  -9,427
  -10,021
  -10,635
Free cash flow, $m
  94
  -46
  -7
  48
  130
  245
  403
  612
  881
  1,217
  1,629
  2,122
  2,703
  3,373
  4,138
  4,996
  5,949
  6,997
  8,136
  9,367
  10,686
  12,092
  13,583
  15,155
  16,809
  18,543
  20,356
  22,249
  24,221
  26,274
  28,409
Issuance/(repayment) of debt, $m
  -161
  136
  242
  340
  463
  612
  788
  990
  1,215
  1,461
  1,725
  2,002
  2,289
  2,582
  2,876
  3,170
  3,461
  3,746
  4,026
  4,299
  4,566
  4,826
  5,082
  5,334
  5,583
  5,832
  6,081
  6,333
  6,589
  6,851
  7,121
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  
  -114
  136
  242
  340
  463
  612
  788
  990
  1,215
  1,461
  1,725
  2,002
  2,289
  2,582
  2,876
  3,170
  3,461
  3,746
  4,026
  4,299
  4,566
  4,826
  5,082
  5,334
  5,583
  5,832
  6,081
  6,333
  6,589
  6,851
  7,121
Total cash flow (excl. dividends), $m
  -21
  90
  235
  388
  593
  858
  1,191
  1,602
  2,096
  2,678
  3,354
  4,124
  4,992
  5,955
  7,014
  8,166
  9,410
  10,743
  12,162
  13,666
  15,252
  16,919
  18,665
  20,489
  22,393
  24,375
  26,437
  28,582
  30,810
  33,125
  35,529
Retained Cash Flow (-), $m
  20
  -49
  -27
  -38
  -51
  -68
  -88
  -110
  -135
  -162
  -192
  -222
  -254
  -287
  -320
  -352
  -385
  -416
  -447
  -478
  -507
  -536
  -565
  -593
  -620
  -648
  -676
  -704
  -732
  -761
  -791
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
 
  1
  2
  4
  5
  8
  11
  15
  20
  27
  34
  43
  54
  66
  79
  94
  111
  129
  149
  170
  192
  216
  242
  268
  296
  326
  356
  388
  421
  456
  492
Cash available for distribution, $m
 
  40
  208
  350
  541
  790
  1,104
  1,492
  1,961
  2,516
  3,162
  3,902
  4,737
  5,668
  6,694
  7,814
  9,025
  10,327
  11,715
  13,189
  14,745
  16,382
  18,100
  19,897
  21,772
  23,727
  25,762
  27,878
  30,078
  32,363
  34,738
Discount rate, %
 
  15.30
  16.07
  16.87
  17.71
  18.60
  19.53
  20.50
  21.53
  22.61
  23.74
  24.92
  26.17
  27.48
  28.85
  30.29
  31.81
  33.40
  35.07
  36.82
  38.66
  40.60
  42.63
  44.76
  46.99
  49.34
  51.81
  54.40
  57.12
  59.98
  62.98
PV of cash for distribution, $m
 
  35
  154
  220
  282
  337
  378
  404
  412
  402
  376
  337
  291
  241
  193
  148
  109
  77
  52
  34
  21
  13
  7
  4
  2
  1
  0
  0
  0
  0
  0
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

Emerge Energy Services LP owns, operates, acquires and develops a portfolio of energy service assets. The Company operates through Sand segment. The Company conducts its Sand operations through its subsidiary, Superior Silica Sands LLC (SSS). The Company's Sand business mines, processes and distributes silica sand, an input for the hydraulic fracturing of oil and gas wells. As of December 31, 2016, its Wisconsin facilities consisted of three dry plants located in Arland, Barron and New Auburn, Wisconsin, with a total permitted capacity of 6.3 million finished tons per year, and five wet plants and mine complexes. As of December 31, 2016, its dry plant in Kosse, Texas, had a capacity of 600,000 tons per year that is supplied by a separate mine and wet plant that processes local Texas sand. As of December 31, 2016, the Company also had 14 transload facilities located throughout North America in the basins where it delivers its sand, as well as a fleet of 5,573 railcars.

FINANCIAL RATIOS  of  Emerge Energy Services (EMES)

Valuation Ratios
P/E Ratio -2.8
Price to Sales 1.6
Price to Book 3.7
Price to Tangible Book
Price to Cash Flow -4.3
Price to Free Cash Flow -3.3
Growth Rates
Sales Growth Rate -52.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -60%
Cap. Spend. - 3 Yr. Gr. Rate -7.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 254.5%
Total Debt to Equity 254.5%
Interest Coverage -6
Management Effectiveness
Return On Assets -16.7%
Ret/ On Assets - 3 Yr. Avg. 3.1%
Return On Total Capital -25.8%
Ret/ On T. Cap. - 3 Yr. Avg. -0.2%
Return On Equity -112.3%
Return On Equity - 3 Yr. Avg. -21.8%
Asset Turnover 0.4
Profitability Ratios
Gross Margin -35.9%
Gross Margin - 3 Yr. Avg. 9.1%
EBITDA Margin -58.6%
EBITDA Margin - 3 Yr. Avg. -3.9%
Operating Margin -70.3%
Oper. Margin - 3 Yr. Avg. -13.8%
Pre-Tax Margin -88.3%
Pre-Tax Margin - 3 Yr. Avg. -21.9%
Net Profit Margin -57%
Net Profit Margin - 3 Yr. Avg. -11.4%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0.4%
Payout Ratio 0%

EMES stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EMES stock intrinsic value calculation we used $364 million for the last fiscal year's total revenue generated by Emerge Energy Services. The default revenue input number comes from 2016 income statement of Emerge Energy Services. 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 EMES 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 15.3%, whose default value for EMES is calculated based on our internal credit rating of Emerge Energy Services, 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 Emerge Energy Services.
    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 EMES stock the variable cost ratio is equal to 57.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $148 million in the base year in the intrinsic value calculation for EMES 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 12.4% for Emerge Energy Services.

Corporate tax rate of 27% is the nominal tax rate for Emerge Energy Services. 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 EMES stock is equal to 0.4%.

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 EMES are equal to 49.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Emerge Energy Services 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 EMES is equal to 2.5%. 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 - $0 million for Emerge Energy Services - 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 million for Emerge Energy Services 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 Emerge Energy Services at the current share price and the inputted number of shares is $0.2 billion.

RELATED COMPANIES Price Int.Val. Rating
FMSA Fairmount Sant 5.63 245.53  str.buy
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HCLP Hi-Crush Partn 10.85 120.29  str.buy
UNP Union Pacific 141.41 81.15  sell
SRLP Sprague Resour 24.65 29.34  buy

COMPANY NEWS

▶ Demand for Frac Sand and Concrete Drives Scarcity   [Jul-05-18 03:21PM  Investopedia]
▶ Emerge Energy Services LP Files its 10-K   [Mar-05-18 06:48PM  GlobeNewswire]
▶ Emerge Energy Services LP to Host Earnings Call   [Feb-26-18 12:00PM  ACCESSWIRE]
▶ Why 86% of Wall Street Analysts Rate Hi-Crush Partners a Buy   [Dec-22-17 10:30AM  Market Realist]
▶ HCLP and EMES: What US Rig Count Trends Indicate   [Dec-20-17 05:00PM  Market Realist]
▶ Reading Enterprise Products Capital Spending in 3Q17   [Nov-06-17 07:34AM  Market Realist]
▶ Most Analysts Rated Emerge Energy Services as a Hold   [Nov-02-17 02:25PM  Market Realist]
▶ Calumet Specialty Products Short Interest Rose   [Sep-18-17 10:38AM  Market Realist]
▶ Are Institutional Investors Bearish on Hi-Crush Partners?   [Sep-15-17 10:39AM  Market Realist]
▶ Analyzing Frac Sand Volume Growth for HCLP and EMES   [Sep-14-17 03:05PM  Market Realist]
▶ Texas Frac Sand In Demand   [01:41PM  Forbes]
▶ LD Micro Index Reconstitution as of August 1, 2017   [Aug-01-17 09:40AM  ACCESSWIRE]
▶ How Sunoco LP Makes Most of Its Money   [Jun-20-17 10:00AM  Motley Fool]
▶ Hi-Crush Partners: 100% of the Analysts Rated It as a Buy   [Jun-09-17 07:36AM  Market Realist]
▶ Analyzing Changes in Institutional Investors EMES Holdings   [Jun-08-17 12:05PM  Market Realist]
▶ Increased Proppant Use per Well Drives Demand   [10:36AM  Market Realist]
▶ Whats ahead for Frac Sand Producers?   [08:59AM  Market Realist]
▶ 3 Stocks That Tripled in a Single Year   [May-25-17 01:05PM  Motley Fool]
▶ Emerge Energy Services LP to Host Analyst and Investor Day   [May-17-17 03:20PM  GlobeNewswire]
Financial statements of EMES
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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