Intrinsic value of EQT GP Holdings - EQGP

Previous Close

$28.93

  Intrinsic Value

$13.37

stock screener

  Rating & Target

str. sell

-54%

  Value-price divergence*

-18%

Previous close

$28.93

 
Intrinsic value

$13.37

 
Up/down potential

-54%

 
Rating

str. sell

 
Value-price divergence*

-18%

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

We calculate the intrinsic value of EQGP 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 8.0

 

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, %
  19.87
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.61
  8.25
  7.93
  7.63
  7.37
  7.13
  6.92
  6.73
  6.56
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
Revenue, $m
  736
  823
  914
  1,010
  1,111
  1,216
  1,326
  1,440
  1,559
  1,682
  1,811
  1,944
  2,083
  2,227
  2,377
  2,533
  2,695
  2,864
  3,039
  3,222
  3,413
  3,612
  3,819
  4,036
  4,262
  4,498
  4,745
  5,003
  5,273
  5,556
  5,851
Variable operating expenses, $m
 
  230
  255
  282
  310
  339
  370
  402
  435
  469
  505
  542
  581
  621
  663
  707
  752
  799
  848
  899
  952
  1,008
  1,066
  1,126
  1,189
  1,255
  1,324
  1,396
  1,471
  1,550
  1,632
Fixed operating expenses, $m
 
  7
  7
  8
  8
  8
  8
  8
  9
  9
  9
  9
  9
  10
  10
  10
  10
  11
  11
  11
  11
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
Total operating expenses, $m
  212
  237
  262
  290
  318
  347
  378
  410
  444
  478
  514
  551
  590
  631
  673
  717
  762
  810
  859
  910
  963
  1,020
  1,078
  1,138
  1,202
  1,268
  1,337
  1,410
  1,485
  1,564
  1,647
Operating income, $m
  524
  586
  652
  721
  793
  869
  948
  1,030
  1,115
  1,204
  1,297
  1,393
  1,492
  1,596
  1,704
  1,816
  1,933
  2,054
  2,180
  2,312
  2,449
  2,592
  2,742
  2,898
  3,060
  3,230
  3,408
  3,594
  3,788
  3,991
  4,204
EBITDA, $m
  587
  671
  746
  825
  908
  994
  1,084
  1,178
  1,276
  1,378
  1,483
  1,593
  1,707
  1,826
  1,949
  2,077
  2,210
  2,349
  2,494
  2,644
  2,801
  2,964
  3,135
  3,313
  3,499
  3,694
  3,897
  4,109
  4,331
  4,564
  4,807
Interest expense (income), $m
  14
  35
  -5
  7
  20
  33
  46
  60
  75
  90
  106
  123
  140
  158
  177
  196
  216
  237
  259
  282
  305
  330
  355
  382
  410
  439
  470
  502
  535
  570
  606
Earnings before tax, $m
  545
  552
  657
  714
  774
  836
  902
  970
  1,040
  1,114
  1,190
  1,270
  1,352
  1,438
  1,527
  1,620
  1,717
  1,817
  1,922
  2,031
  2,144
  2,263
  2,386
  2,515
  2,650
  2,791
  2,938
  3,092
  3,253
  3,421
  3,598
Tax expense, $m
  10
  149
  177
  193
  209
  226
  243
  262
  281
  301
  321
  343
  365
  388
  412
  437
  463
  491
  519
  548
  579
  611
  644
  679
  716
  754
  793
  835
  878
  924
  971
Net income, $m
  234
  403
  479
  521
  565
  611
  658
  708
  759
  813
  869
  927
  987
  1,050
  1,115
  1,183
  1,253
  1,326
  1,403
  1,482
  1,565
  1,652
  1,742
  1,836
  1,935
  2,037
  2,145
  2,257
  2,375
  2,498
  2,626

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  60
  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
  3,076
  3,372
  3,747
  4,141
  4,553
  4,984
  5,434
  5,902
  6,389
  6,895
  7,422
  7,969
  8,537
  9,128
  9,742
  10,381
  11,045
  11,736
  12,456
  13,206
  13,988
  14,803
  15,653
  16,541
  17,467
  18,436
  19,447
  20,505
  21,612
  22,769
  23,980
Adjusted assets (=assets-cash), $m
  3,016
  3,372
  3,747
  4,141
  4,553
  4,984
  5,434
  5,902
  6,389
  6,895
  7,422
  7,969
  8,537
  9,128
  9,742
  10,381
  11,045
  11,736
  12,456
  13,206
  13,988
  14,803
  15,653
  16,541
  17,467
  18,436
  19,447
  20,505
  21,612
  22,769
  23,980
Revenue / Adjusted assets
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
Average production assets, $m
  2,275
  2,543
  2,825
  3,122
  3,433
  3,758
  4,097
  4,450
  4,817
  5,199
  5,596
  6,008
  6,437
  6,882
  7,345
  7,827
  8,328
  8,849
  9,392
  9,957
  10,546
  11,161
  11,802
  12,471
  13,170
  13,900
  14,663
  15,460
  16,294
  17,167
  18,080
Working capital, $m
  84
  27
  30
  33
  37
  40
  44
  48
  51
  56
  60
  64
  69
  73
  78
  84
  89
  95
  100
  106
  113
  119
  126
  133
  141
  148
  157
  165
  174
  183
  193
Total debt, $m
  986
  -132
  206
  560
  931
  1,319
  1,723
  2,144
  2,583
  3,039
  3,512
  4,005
  4,516
  5,048
  5,601
  6,176
  6,774
  7,396
  8,044
  8,719
  9,422
  10,156
  10,921
  11,720
  12,554
  13,425
  14,336
  15,288
  16,283
  17,325
  18,415
Total liabilities, $m
  4,154
  3,035
  3,373
  3,727
  4,098
  4,486
  4,890
  5,311
  5,750
  6,206
  6,679
  7,172
  7,683
  8,215
  8,768
  9,343
  9,941
  10,563
  11,211
  11,886
  12,589
  13,323
  14,088
  14,887
  15,721
  16,592
  17,503
  18,455
  19,450
  20,492
  21,582
Total equity, $m
  -1,077
  337
  375
  414
  455
  498
  543
  590
  639
  690
  742
  797
  854
  913
  974
  1,038
  1,105
  1,174
  1,246
  1,321
  1,399
  1,480
  1,565
  1,654
  1,747
  1,844
  1,945
  2,051
  2,161
  2,277
  2,398
Total liabilities and equity, $m
  3,077
  3,372
  3,748
  4,141
  4,553
  4,984
  5,433
  5,901
  6,389
  6,896
  7,421
  7,969
  8,537
  9,128
  9,742
  10,381
  11,046
  11,737
  12,457
  13,207
  13,988
  14,803
  15,653
  16,541
  17,468
  18,436
  19,448
  20,506
  21,611
  22,769
  23,980
Debt-to-equity ratio
  -0.916
  -0.390
  0.550
  1.350
  2.040
  2.650
  3.170
  3.630
  4.040
  4.410
  4.730
  5.030
  5.290
  5.530
  5.750
  5.950
  6.130
  6.300
  6.460
  6.600
  6.740
  6.860
  6.980
  7.090
  7.190
  7.280
  7.370
  7.460
  7.530
  7.610
  7.680
Adjusted equity ratio
  -0.377
  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
  234
  403
  479
  521
  565
  611
  658
  708
  759
  813
  869
  927
  987
  1,050
  1,115
  1,183
  1,253
  1,326
  1,403
  1,482
  1,565
  1,652
  1,742
  1,836
  1,935
  2,037
  2,145
  2,257
  2,375
  2,498
  2,626
Depreciation, amort., depletion, $m
  63
  85
  94
  104
  114
  125
  137
  148
  161
  173
  187
  200
  215
  229
  245
  261
  278
  295
  313
  332
  352
  372
  393
  416
  439
  463
  489
  515
  543
  572
  603
Funds from operations, $m
  527
  487
  573
  625
  679
  736
  795
  856
  920
  986
  1,055
  1,127
  1,202
  1,279
  1,360
  1,444
  1,531
  1,621
  1,716
  1,814
  1,917
  2,024
  2,135
  2,252
  2,374
  2,501
  2,634
  2,772
  2,918
  3,070
  3,229
Change in working capital, $m
  -8
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  9
  9
  9
  10
Cash from operations, $m
  535
  485
  570
  622
  676
  732
  791
  852
  916
  982
  1,051
  1,123
  1,197
  1,274
  1,355
  1,438
  1,525
  1,616
  1,710
  1,808
  1,911
  2,017
  2,129
  2,245
  2,366
  2,493
  2,625
  2,764
  2,909
  3,061
  3,219
Maintenance CAPEX, $m
  0
  -76
  -85
  -94
  -104
  -114
  -125
  -137
  -148
  -161
  -173
  -187
  -200
  -215
  -229
  -245
  -261
  -278
  -295
  -313
  -332
  -352
  -372
  -393
  -416
  -439
  -463
  -489
  -515
  -543
  -572
New CAPEX, $m
  -585
  -268
  -283
  -297
  -311
  -325
  -339
  -353
  -367
  -382
  -397
  -412
  -429
  -445
  -463
  -482
  -501
  -521
  -543
  -565
  -589
  -615
  -641
  -669
  -699
  -730
  -763
  -798
  -834
  -873
  -913
Cash from investing activities, $m
  -732
  -344
  -368
  -391
  -415
  -439
  -464
  -490
  -515
  -543
  -570
  -599
  -629
  -660
  -692
  -727
  -762
  -799
  -838
  -878
  -921
  -967
  -1,013
  -1,062
  -1,115
  -1,169
  -1,226
  -1,287
  -1,349
  -1,416
  -1,485
Free cash flow, $m
  -197
  141
  203
  231
  261
  293
  327
  363
  401
  440
  481
  524
  568
  614
  662
  712
  764
  817
  872
  930
  989
  1,051
  1,115
  1,182
  1,252
  1,324
  1,399
  1,478
  1,559
  1,645
  1,734
Issuance/(repayment) of debt, $m
  201
  -1,118
  338
  354
  371
  388
  404
  421
  438
  456
  474
  492
  512
  532
  553
  575
  598
  622
  648
  675
  703
  734
  765
  799
  834
  871
  911
  952
  996
  1,042
  1,090
Issuance/(repurchase) of shares, $m
  217
  1,072
  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  
  48
  -46
  338
  354
  371
  388
  404
  421
  438
  456
  474
  492
  512
  532
  553
  575
  598
  622
  648
  675
  703
  734
  765
  799
  834
  871
  911
  952
  996
  1,042
  1,090
Total cash flow (excl. dividends), $m
  -149
  94
  540
  585
  632
  681
  731
  784
  839
  896
  955
  1,016
  1,080
  1,146
  1,215
  1,287
  1,361
  1,439
  1,520
  1,605
  1,693
  1,785
  1,881
  1,981
  2,086
  2,195
  2,310
  2,430
  2,555
  2,686
  2,824
Retained Cash Flow (-), $m
  -128
  -1,474
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -82
  -85
  -89
  -93
  -97
  -101
  -106
  -111
  -116
  -121
Prev. year cash balance distribution, $m
 
  60
  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
 
  -1,320
  503
  546
  591
  638
  687
  737
  790
  845
  902
  961
  1,023
  1,087
  1,154
  1,223
  1,295
  1,370
  1,448
  1,530
  1,615
  1,703
  1,796
  1,892
  1,993
  2,098
  2,209
  2,324
  2,444
  2,571
  2,703
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
 
  -1,266
  460
  475
  487
  494
  498
  498
  494
  485
  473
  457
  437
  413
  387
  359
  329
  298
  267
  236
  205
  176
  149
  124
  102
  82
  64
  50
  38
  28
  20
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

EQT GP Holdings, LP (EQGP) is a limited partnership company and subsidiary of EQT Gathering Holdings, LLC (EQT Gathering Holdings). The Company was formed to own EQT Corporation's (EQT's) partnership interests in EQT Midstream Partners, LP (EQM), a limited partnership formed by EQT to own, operate, acquire and develop midstream assets in the Appalachian Basin. Its segments include Gathering, and Transmission. The Gathering segment primarily includes high pressure gathering lines and the Federal Energy Regulatory Commission (FERC)-regulated low pressure gathering system. The Transmission segment includes EQM's FERC-regulated interstate pipeline and storage business. EQGP has no independent operations. It has partnership interests in EQM. As of December 31, 2016, EQM provided midstream services to EQT and various third parties across 24 counties in Pennsylvania, West Virginia and Ohio through its two primary assets: the gathering system, and the transmission and storage system.

FINANCIAL RATIOS  of  EQT GP Holdings (EQGP)

Valuation Ratios
P/E Ratio 32.9
Price to Sales 10.5
Price to Book -7.1
Price to Tangible Book
Price to Cash Flow 14.4
Price to Free Cash Flow -154
Growth Rates
Sales Growth Rate 19.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 43%
Cap. Spend. - 3 Yr. Gr. Rate 15.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity -91.6%
Total Debt to Equity -91.6%
Interest Coverage 40
Management Effectiveness
Return On Assets 8.7%
Ret/ On Assets - 3 Yr. Avg. 7.7%
Return On Total Capital -142.7%
Ret/ On T. Cap. - 3 Yr. Avg. -48.6%
Return On Equity -20.5%
Return On Equity - 3 Yr. Avg. -25.9%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 89.9%
Gross Margin - 3 Yr. Avg. 89%
EBITDA Margin 84.5%
EBITDA Margin - 3 Yr. Avg. 80.5%
Operating Margin 71.2%
Oper. Margin - 3 Yr. Avg. 70.3%
Pre-Tax Margin 74%
Pre-Tax Margin - 3 Yr. Avg. 67.1%
Net Profit Margin 31.8%
Net Profit Margin - 3 Yr. Avg. 25.8%
Effective Tax Rate 1.8%
Eff/ Tax Rate - 3 Yr. Avg. 10.6%
Payout Ratio 65%

EQGP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EQGP stock intrinsic value calculation we used $736 million for the last fiscal year's total revenue generated by EQT GP Holdings. The default revenue input number comes from 2016 income statement of EQT GP Holdings. 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 EQGP stock valuation model: a) initial revenue growth rate of 11.8% 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 EQGP is calculated based on our internal credit rating of EQT GP Holdings, 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 EQT GP Holdings.
    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 EQGP stock the variable cost ratio is equal to 27.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $7 million in the base year in the intrinsic value calculation for EQGP 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 EQT GP Holdings.

Corporate tax rate of 27% is the nominal tax rate for EQT GP Holdings. 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 EQGP 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 EQGP are equal to 309%.

Life of production assets of 36.1 years is the average useful life of capital assets used in EQT GP Holdings 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 EQGP is equal to 3.3%. 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 - $-1077 million for EQT GP Holdings - 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 275.357 million for EQT GP Holdings 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 EQT GP Holdings at the current share price and the inputted number of shares is $8.0 billion.

RELATED COMPANIES Price Int.Val. Rating
EQT EQT 64.86 8.48  str.sell
EQM EQT Midstream 74.96 39.25  sell
RMP Rice Midstream 21.17 1.67  str.sell
WGP Western Gas Eq 40.45 14.23  str.sell
KMI Kinder Morgan 19.36 5.74  str.sell
TEP Tallgrass Ener 48.51 18.00  str.sell
WGL WGL Holdings 84.28 65.92  sell

COMPANY NEWS

▶ [$$] EQT Says It Is Exploring Options Amid Pressure to Split   [Sep-14-17 02:23PM  The Wall Street Journal]
▶ Which MLPs Rose More than 6% Last Week?   [Aug-29-17 12:09PM  Market Realist]
▶ EQT GP beats 2Q profit forecasts   [Jul-28-17 01:36AM  Associated Press]
▶ EQT Reports Second Quarter 2017 Earnings   [06:31AM  Business Wire]
▶ These MLPs Took June in Stride   [Jul-07-17 09:09AM  Market Realist]
▶ In the Big Gas Fight, Don't Forget the Orphan   [Jul-05-17 04:39PM  Bloomberg]
▶ 7 things to know about the EQT-Rice Energy merger   [Jun-20-17 10:08AM  American City Business Journals]
▶ The Biggest Loser: EQT Tumbles 9%   [04:29PM  Barrons.com]
▶ Impact fee returns decline for third straight year   [Jun-15-17 02:52PM  American City Business Journals]
▶ Energy Transfer Equitys Price Forecast amid High Volatility   [Jun-13-17 06:05PM  Market Realist]
▶ Integrated workplace wellness service unveiled   [Jun-08-17 04:31PM  American City Business Journals]
▶ EQT GP beats 1Q profit forecasts   [Apr-27-17 08:08AM  Associated Press]
▶ EQT Reports First Quarter 2017 Earnings   [06:25AM  Business Wire]
▶ Steven Schlotterbeck Takes the Reins as CEO for EQT   [Mar-01-17 07:00AM  Business Wire]
▶ Senior EQT exec to leave at the end of February   [Jan-09-17 10:38AM  at bizjournals.com]
▶ Investor touts merger of Colorado, Pennsylvania energy companies   [Jan-03-17 02:11PM  at bizjournals.com]
▶ EQT forecasts $1.5B in capital expenditures in 2017   [Dec-13-16 07:20AM  at bizjournals.com]
▶ Hedge Funds Are Crazy About VimpelCom Ltd (ADR) (VIP)   [Nov-30-16 05:29AM  at Insider Monkey]
Financial statements of EQGP
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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