Intrinsic value of EQT GP Holdings - EQGP

Previous Close

$28.44

  Intrinsic Value

$19.31

stock screener

  Rating & Target

sell

-32%

Previous close

$28.44

 
Intrinsic value

$19.31

 
Up/down potential

-32%

 
Rating

sell

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

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, %
  19.87
  16.90
  15.71
  14.64
  13.68
  12.81
  12.03
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.21
  6.98
  6.79
  6.61
  6.45
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
Revenue, $m
  736
  860
  996
  1,141
  1,297
  1,464
  1,640
  1,825
  2,020
  2,225
  2,439
  2,662
  2,894
  3,136
  3,388
  3,650
  3,921
  4,204
  4,498
  4,803
  5,120
  5,450
  5,794
  6,151
  6,524
  6,912
  7,317
  7,739
  8,179
  8,639
  9,119
Variable operating expenses, $m
 
  240
  278
  318
  362
  408
  457
  509
  564
  621
  680
  743
  808
  875
  945
  1,018
  1,094
  1,173
  1,255
  1,340
  1,429
  1,521
  1,616
  1,716
  1,820
  1,928
  2,041
  2,159
  2,282
  2,410
  2,544
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
  247
  285
  326
  370
  416
  465
  517
  573
  630
  689
  752
  817
  885
  955
  1,028
  1,104
  1,184
  1,266
  1,351
  1,440
  1,533
  1,628
  1,728
  1,833
  1,941
  2,054
  2,173
  2,296
  2,424
  2,559
Operating income, $m
  524
  613
  710
  815
  928
  1,047
  1,174
  1,308
  1,448
  1,595
  1,749
  1,910
  2,077
  2,252
  2,433
  2,621
  2,817
  3,020
  3,232
  3,452
  3,680
  3,918
  4,165
  4,423
  4,691
  4,971
  5,262
  5,566
  5,883
  6,214
  6,560
EBITDA, $m
  587
  702
  813
  933
  1,061
  1,198
  1,343
  1,496
  1,656
  1,825
  2,001
  2,184
  2,375
  2,575
  2,782
  2,997
  3,221
  3,453
  3,695
  3,946
  4,208
  4,479
  4,762
  5,056
  5,363
  5,682
  6,016
  6,363
  6,726
  7,104
  7,500
Interest expense (income), $m
  14
  35
  0
  18
  36
  57
  78
  101
  125
  150
  176
  204
  233
  263
  294
  327
  360
  395
  432
  470
  509
  550
  593
  637
  683
  731
  781
  834
  888
  945
  1,004
Earnings before tax, $m
  545
  579
  710
  798
  891
  991
  1,096
  1,207
  1,323
  1,445
  1,573
  1,706
  1,845
  1,989
  2,139
  2,295
  2,457
  2,625
  2,800
  2,982
  3,171
  3,368
  3,572
  3,786
  4,008
  4,239
  4,480
  4,732
  4,995
  5,269
  5,556
Tax expense, $m
  10
  156
  192
  215
  241
  267
  296
  326
  357
  390
  425
  461
  498
  537
  577
  620
  663
  709
  756
  805
  856
  909
  965
  1,022
  1,082
  1,145
  1,210
  1,278
  1,349
  1,423
  1,500
Net income, $m
  234
  422
  518
  582
  651
  723
  800
  881
  966
  1,055
  1,148
  1,245
  1,347
  1,452
  1,561
  1,675
  1,793
  1,916
  2,044
  2,177
  2,315
  2,458
  2,608
  2,764
  2,926
  3,095
  3,271
  3,455
  3,646
  3,847
  4,056

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
  3,526
  4,080
  4,677
  5,317
  5,998
  6,719
  7,480
  8,280
  9,118
  9,995
  10,909
  11,862
  12,854
  13,885
  14,957
  16,072
  17,230
  18,433
  19,684
  20,985
  22,337
  23,745
  25,211
  26,737
  28,328
  29,986
  31,716
  33,521
  35,406
  37,375
Adjusted assets (=assets-cash), $m
  3,016
  3,526
  4,080
  4,677
  5,317
  5,998
  6,719
  7,480
  8,280
  9,118
  9,995
  10,909
  11,862
  12,854
  13,885
  14,957
  16,072
  17,230
  18,433
  19,684
  20,985
  22,337
  23,745
  25,211
  26,737
  28,328
  29,986
  31,716
  33,521
  35,406
  37,375
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
  2,659
  3,076
  3,527
  4,009
  4,522
  5,066
  5,640
  6,243
  6,875
  7,535
  8,225
  8,943
  9,691
  10,469
  11,277
  12,117
  12,990
  13,898
  14,841
  15,822
  16,841
  17,903
  19,008
  20,159
  21,358
  22,608
  23,913
  25,274
  26,695
  28,179
Working capital, $m
  84
  28
  33
  38
  43
  48
  54
  60
  67
  73
  80
  88
  96
  103
  112
  120
  129
  139
  148
  158
  169
  180
  191
  203
  215
  228
  241
  255
  270
  285
  301
Total debt, $m
  986
  7
  505
  1,043
  1,618
  2,231
  2,880
  3,565
  4,285
  5,039
  5,828
  6,651
  7,509
  8,401
  9,330
  10,295
  11,297
  12,340
  13,423
  14,549
  15,719
  16,937
  18,204
  19,523
  20,896
  22,328
  23,820
  25,377
  27,002
  28,698
  30,470
Total liabilities, $m
  4,154
  3,174
  3,672
  4,210
  4,785
  5,398
  6,047
  6,732
  7,452
  8,206
  8,995
  9,818
  10,676
  11,568
  12,497
  13,462
  14,464
  15,507
  16,590
  17,716
  18,886
  20,104
  21,371
  22,690
  24,063
  25,495
  26,987
  28,544
  30,169
  31,865
  33,637
Total equity, $m
  -1,077
  353
  408
  468
  532
  600
  672
  748
  828
  912
  999
  1,091
  1,186
  1,285
  1,389
  1,496
  1,607
  1,723
  1,843
  1,968
  2,098
  2,234
  2,375
  2,521
  2,674
  2,833
  2,999
  3,172
  3,352
  3,541
  3,737
Total liabilities and equity, $m
  3,077
  3,527
  4,080
  4,678
  5,317
  5,998
  6,719
  7,480
  8,280
  9,118
  9,994
  10,909
  11,862
  12,853
  13,886
  14,958
  16,071
  17,230
  18,433
  19,684
  20,984
  22,338
  23,746
  25,211
  26,737
  28,328
  29,986
  31,716
  33,521
  35,406
  37,374
Debt-to-equity ratio
  -0.916
  0.020
  1.240
  2.230
  3.040
  3.720
  4.290
  4.770
  5.180
  5.530
  5.830
  6.100
  6.330
  6.540
  6.720
  6.880
  7.030
  7.160
  7.280
  7.390
  7.490
  7.580
  7.670
  7.740
  7.820
  7.880
  7.940
  8.000
  8.060
  8.110
  8.150
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
  422
  518
  582
  651
  723
  800
  881
  966
  1,055
  1,148
  1,245
  1,347
  1,452
  1,561
  1,675
  1,793
  1,916
  2,044
  2,177
  2,315
  2,458
  2,608
  2,764
  2,926
  3,095
  3,271
  3,455
  3,646
  3,847
  4,056
Depreciation, amort., depletion, $m
  63
  89
  103
  118
  134
  151
  169
  188
  208
  229
  251
  274
  298
  323
  349
  376
  404
  433
  463
  495
  527
  561
  597
  634
  672
  712
  754
  797
  842
  890
  939
Funds from operations, $m
  527
  511
  621
  700
  784
  874
  969
  1,069
  1,174
  1,284
  1,399
  1,520
  1,645
  1,775
  1,910
  2,051
  2,197
  2,349
  2,507
  2,671
  2,842
  3,020
  3,205
  3,397
  3,598
  3,807
  4,024
  4,252
  4,489
  4,736
  4,995
Change in working capital, $m
  -8
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
Cash from operations, $m
  535
  507
  617
  695
  779
  868
  963
  1,063
  1,168
  1,278
  1,392
  1,512
  1,637
  1,767
  1,902
  2,042
  2,188
  2,340
  2,498
  2,661
  2,832
  3,009
  3,193
  3,385
  3,585
  3,794
  4,011
  4,238
  4,474
  4,721
  4,979
Maintenance CAPEX, $m
  0
  -76
  -89
  -103
  -118
  -134
  -151
  -169
  -188
  -208
  -229
  -251
  -274
  -298
  -323
  -349
  -376
  -404
  -433
  -463
  -495
  -527
  -561
  -597
  -634
  -672
  -712
  -754
  -797
  -842
  -890
New CAPEX, $m
  -585
  -384
  -418
  -450
  -482
  -513
  -544
  -574
  -603
  -632
  -661
  -689
  -718
  -748
  -778
  -808
  -840
  -873
  -907
  -943
  -981
  -1,020
  -1,061
  -1,105
  -1,151
  -1,199
  -1,250
  -1,304
  -1,361
  -1,421
  -1,484
Cash from investing activities, $m
  -732
  -460
  -507
  -553
  -600
  -647
  -695
  -743
  -791
  -840
  -890
  -940
  -992
  -1,046
  -1,101
  -1,157
  -1,216
  -1,277
  -1,340
  -1,406
  -1,476
  -1,547
  -1,622
  -1,702
  -1,785
  -1,871
  -1,962
  -2,058
  -2,158
  -2,263
  -2,374
Free cash flow, $m
  -197
  47
  110
  142
  179
  221
  268
  320
  377
  438
  503
  572
  644
  721
  801
  885
  972
  1,063
  1,157
  1,255
  1,356
  1,462
  1,571
  1,684
  1,801
  1,922
  2,049
  2,180
  2,316
  2,458
  2,605
Issuance/(repayment) of debt, $m
  201
  -979
  499
  538
  576
  613
  649
  685
  720
  754
  789
  823
  858
  893
  928
  965
  1,003
  1,042
  1,083
  1,126
  1,171
  1,218
  1,267
  1,319
  1,374
  1,432
  1,493
  1,557
  1,625
  1,696
  1,772
Issuance/(repurchase) of shares, $m
  217
  1,067
  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
  88
  499
  538
  576
  613
  649
  685
  720
  754
  789
  823
  858
  893
  928
  965
  1,003
  1,042
  1,083
  1,126
  1,171
  1,218
  1,267
  1,319
  1,374
  1,432
  1,493
  1,557
  1,625
  1,696
  1,772
Total cash flow (excl. dividends), $m
  -149
  135
  609
  680
  755
  834
  918
  1,005
  1,097
  1,192
  1,291
  1,395
  1,502
  1,614
  1,730
  1,850
  1,975
  2,105
  2,240
  2,381
  2,527
  2,679
  2,838
  3,003
  3,175
  3,354
  3,541
  3,737
  3,941
  4,154
  4,377
Retained Cash Flow (-), $m
  -128
  -1,490
  -55
  -60
  -64
  -68
  -72
  -76
  -80
  -84
  -88
  -91
  -95
  -99
  -103
  -107
  -111
  -116
  -120
  -125
  -130
  -135
  -141
  -147
  -153
  -159
  -166
  -173
  -181
  -188
  -197
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
 
  -1,295
  553
  620
  691
  766
  846
  929
  1,017
  1,108
  1,204
  1,303
  1,407
  1,514
  1,626
  1,743
  1,864
  1,989
  2,120
  2,256
  2,397
  2,544
  2,697
  2,856
  3,022
  3,195
  3,375
  3,564
  3,760
  3,966
  4,180
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
 
  -1,241
  507
  540
  569
  594
  614
  628
  635
  637
  631
  619
  600
  576
  546
  512
  474
  433
  390
  347
  305
  263
  224
  187
  154
  124
  98
  76
  58
  43
  31
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 32.3
Price to Sales 10.3
Price to Book -7
Price to Tangible Book
Price to Cash Flow 14.1
Price to Free Cash Flow -151.4
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 16.9% 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 265.056 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 $7.5 billion.

RELATED COMPANIES Price Int.Val. Rating
EQM EQT Midstream 76.51 33.96  str.sell
RMP Rice Midstream 22.20 1.70  str.sell
WGP Western Gas Eq 40.42 12.00  str.sell
SE Sea ADR 12.31 0.06  str.sell
KMI Kinder Morgan 19.01 5.99  str.sell
EQT EQT 56.03 5.48  str.sell
WGL WGL Holdings 84.57 39.41  str.sell

COMPANY NEWS

▶ How Do These MLPs Look in 2018?   [01:37PM  Market Realist]
▶ MLP Rating Updates during the Week Ending December 15   [Dec-19-17 12:12PM  Market Realist]
▶ MLP Rating Updates Last Week   [Oct-31-17 03:42PM  Market Realist]
▶ EQT GP meets 3Q profit forecasts   [08:41AM  Associated Press]
▶ EQT Reports Third Quarter 2017 Earnings   [06:30AM  Business Wire]
▶ Key Updates on the EQT-RICE Merger   [Oct-13-17 07:41AM  Market Realist]
▶ [$$] 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]
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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