Intrinsic value of EQT GP Holdings - EQGP

Previous Close

$28.38

  Intrinsic Value

$11.72

stock screener

  Rating & Target

str. sell

-59%

  Value-price divergence*

+85%

Previous close

$28.38

 
Intrinsic value

$11.72

 
Up/down potential

-59%

 
Rating

str. sell

 
Value-price divergence*

+85%

*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 7.5

 

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
  9.10
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.84
  5.76
  5.68
  5.62
  5.55
  5.50
  5.45
  5.40
  5.36
  5.33
  5.29
  5.26
  5.24
  5.21
  5.19
Revenue, $m
  736
  803
  873
  945
  1,021
  1,099
  1,181
  1,266
  1,354
  1,445
  1,541
  1,640
  1,743
  1,850
  1,962
  2,078
  2,200
  2,327
  2,459
  2,597
  2,741
  2,892
  3,050
  3,214
  3,387
  3,567
  3,756
  3,954
  4,161
  4,378
  4,605
Variable operating expenses, $m
 
  224
  243
  264
  285
  307
  329
  353
  378
  403
  430
  457
  486
  516
  547
  580
  614
  649
  686
  725
  765
  807
  851
  897
  945
  995
  1,048
  1,103
  1,161
  1,221
  1,285
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
  231
  250
  272
  293
  315
  337
  361
  387
  412
  439
  466
  495
  526
  557
  590
  624
  660
  697
  736
  776
  819
  863
  909
  958
  1,008
  1,061
  1,117
  1,175
  1,235
  1,300
Operating income, $m
  524
  572
  622
  674
  728
  785
  843
  904
  968
  1,033
  1,102
  1,173
  1,247
  1,324
  1,405
  1,488
  1,576
  1,667
  1,762
  1,861
  1,965
  2,073
  2,187
  2,305
  2,429
  2,559
  2,695
  2,837
  2,986
  3,142
  3,306
EBITDA, $m
  587
  654
  712
  771
  833
  898
  965
  1,035
  1,107
  1,182
  1,261
  1,342
  1,427
  1,515
  1,607
  1,703
  1,802
  1,907
  2,015
  2,129
  2,247
  2,371
  2,501
  2,636
  2,778
  2,926
  3,082
  3,244
  3,415
  3,593
  3,780
Interest expense (income), $m
  14
  35
  -5
  4
  14
  24
  34
  45
  56
  68
  80
  92
  105
  119
  133
  148
  163
  179
  196
  213
  231
  250
  270
  291
  313
  336
  359
  384
  410
  438
  466
Earnings before tax, $m
  545
  537
  627
  670
  715
  761
  809
  859
  912
  966
  1,022
  1,081
  1,142
  1,205
  1,272
  1,341
  1,413
  1,488
  1,566
  1,648
  1,734
  1,823
  1,916
  2,014
  2,116
  2,223
  2,335
  2,453
  2,576
  2,705
  2,839
Tax expense, $m
  10
  145
  169
  181
  193
  205
  219
  232
  246
  261
  276
  292
  308
  325
  343
  362
  381
  402
  423
  445
  468
  492
  517
  544
  571
  600
  631
  662
  695
  730
  767
Net income, $m
  234
  392
  458
  489
  522
  556
  591
  627
  665
  705
  746
  789
  834
  880
  928
  979
  1,031
  1,086
  1,143
  1,203
  1,265
  1,331
  1,399
  1,470
  1,545
  1,623
  1,705
  1,791
  1,880
  1,974
  2,073

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
  3,360
  3,652
  3,956
  4,272
  4,600
  4,941
  5,296
  5,665
  6,048
  6,447
  6,861
  7,292
  7,741
  8,209
  8,697
  9,205
  9,735
  10,288
  10,866
  11,470
  12,100
  12,759
  13,449
  14,170
  14,925
  15,715
  16,543
  17,409
  18,317
  19,268
Adjusted assets (=assets-cash), $m
  3,016
  3,360
  3,652
  3,956
  4,272
  4,600
  4,941
  5,296
  5,665
  6,048
  6,447
  6,861
  7,292
  7,741
  8,209
  8,697
  9,205
  9,735
  10,288
  10,866
  11,470
  12,100
  12,759
  13,449
  14,170
  14,925
  15,715
  16,543
  17,409
  18,317
  19,268
Revenue / Adjusted assets
  0.244
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
Average production assets, $m
  2,275
  2,481
  2,697
  2,921
  3,155
  3,397
  3,649
  3,911
  4,184
  4,467
  4,761
  5,067
  5,385
  5,717
  6,063
  6,423
  6,798
  7,189
  7,598
  8,025
  8,470
  8,936
  9,423
  9,932
  10,465
  11,022
  11,606
  12,217
  12,857
  13,527
  14,230
Working capital, $m
  84
  26
  29
  31
  34
  36
  39
  42
  45
  48
  51
  54
  58
  61
  65
  69
  73
  77
  81
  86
  90
  95
  101
  106
  112
  118
  124
  130
  137
  144
  152
Total debt, $m
  986
  -143
  120
  393
  677
  973
  1,280
  1,600
  1,931
  2,276
  2,635
  3,008
  3,396
  3,800
  4,221
  4,660
  5,117
  5,594
  6,092
  6,612
  7,156
  7,723
  8,316
  8,937
  9,586
  10,266
  10,977
  11,721
  12,501
  13,318
  14,174
Total liabilities, $m
  4,154
  3,024
  3,287
  3,560
  3,844
  4,140
  4,447
  4,767
  5,098
  5,443
  5,802
  6,175
  6,563
  6,967
  7,388
  7,827
  8,284
  8,761
  9,259
  9,779
  10,323
  10,890
  11,483
  12,104
  12,753
  13,433
  14,144
  14,888
  15,668
  16,485
  17,341
Total equity, $m
  -1,077
  336
  365
  396
  427
  460
  494
  530
  566
  605
  645
  686
  729
  774
  821
  870
  920
  973
  1,029
  1,087
  1,147
  1,210
  1,276
  1,345
  1,417
  1,493
  1,572
  1,654
  1,741
  1,832
  1,927
Total liabilities and equity, $m
  3,077
  3,360
  3,652
  3,956
  4,271
  4,600
  4,941
  5,297
  5,664
  6,048
  6,447
  6,861
  7,292
  7,741
  8,209
  8,697
  9,204
  9,734
  10,288
  10,866
  11,470
  12,100
  12,759
  13,449
  14,170
  14,926
  15,716
  16,542
  17,409
  18,317
  19,268
Debt-to-equity ratio
  -0.916
  -0.430
  0.330
  0.990
  1.590
  2.120
  2.590
  3.020
  3.410
  3.760
  4.090
  4.380
  4.660
  4.910
  5.140
  5.360
  5.560
  5.750
  5.920
  6.090
  6.240
  6.380
  6.520
  6.650
  6.770
  6.880
  6.980
  7.090
  7.180
  7.270
  7.360
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
  392
  458
  489
  522
  556
  591
  627
  665
  705
  746
  789
  834
  880
  928
  979
  1,031
  1,086
  1,143
  1,203
  1,265
  1,331
  1,399
  1,470
  1,545
  1,623
  1,705
  1,791
  1,880
  1,974
  2,073
Depreciation, amort., depletion, $m
  63
  83
  90
  97
  105
  113
  122
  130
  139
  149
  159
  169
  180
  191
  202
  214
  227
  240
  253
  267
  282
  298
  314
  331
  349
  367
  387
  407
  429
  451
  474
Funds from operations, $m
  527
  475
  548
  586
  627
  669
  712
  758
  805
  854
  905
  958
  1,013
  1,071
  1,130
  1,193
  1,258
  1,326
  1,397
  1,471
  1,548
  1,629
  1,713
  1,801
  1,894
  1,990
  2,092
  2,198
  2,309
  2,425
  2,547
Change in working capital, $m
  -8
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
Cash from operations, $m
  535
  473
  545
  584
  624
  666
  710
  755
  802
  851
  902
  955
  1,010
  1,067
  1,127
  1,189
  1,254
  1,322
  1,392
  1,466
  1,543
  1,624
  1,708
  1,796
  1,888
  1,985
  2,086
  2,191
  2,302
  2,418
  2,540
Maintenance CAPEX, $m
  0
  -76
  -83
  -90
  -97
  -105
  -113
  -122
  -130
  -139
  -149
  -159
  -169
  -180
  -191
  -202
  -214
  -227
  -240
  -253
  -267
  -282
  -298
  -314
  -331
  -349
  -367
  -387
  -407
  -429
  -451
New CAPEX, $m
  -585
  -207
  -216
  -224
  -233
  -243
  -252
  -262
  -272
  -283
  -294
  -306
  -319
  -332
  -345
  -360
  -375
  -392
  -409
  -427
  -446
  -466
  -487
  -509
  -533
  -557
  -584
  -611
  -640
  -670
  -702
Cash from investing activities, $m
  -732
  -283
  -299
  -314
  -330
  -348
  -365
  -384
  -402
  -422
  -443
  -465
  -488
  -512
  -536
  -562
  -589
  -619
  -649
  -680
  -713
  -748
  -785
  -823
  -864
  -906
  -951
  -998
  -1,047
  -1,099
  -1,153
Free cash flow, $m
  -197
  190
  247
  270
  294
  318
  344
  371
  399
  428
  459
  490
  522
  556
  591
  627
  664
  703
  744
  786
  830
  876
  923
  973
  1,024
  1,078
  1,135
  1,193
  1,255
  1,319
  1,386
Issuance/(repayment) of debt, $m
  201
  -1,129
  263
  273
  284
  296
  307
  319
  332
  345
  359
  373
  388
  404
  421
  439
  457
  477
  498
  520
  543
  568
  593
  621
  649
  679
  711
  745
  780
  817
  856
Issuance/(repurchase) of shares, $m
  217
  1,021
  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
  -108
  263
  273
  284
  296
  307
  319
  332
  345
  359
  373
  388
  404
  421
  439
  457
  477
  498
  520
  543
  568
  593
  621
  649
  679
  711
  745
  780
  817
  856
Total cash flow (excl. dividends), $m
  -149
  82
  510
  543
  578
  614
  652
  691
  731
  773
  817
  863
  910
  960
  1,012
  1,066
  1,122
  1,181
  1,242
  1,306
  1,373
  1,443
  1,516
  1,593
  1,673
  1,758
  1,846
  1,938
  2,035
  2,136
  2,242
Retained Cash Flow (-), $m
  -128
  -1,413
  -29
  -30
  -32
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -72
  -75
  -79
  -83
  -87
  -91
  -95
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
 
  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
 
  -1,331
  480
  513
  546
  581
  618
  655
  694
  735
  777
  821
  867
  915
  965
  1,017
  1,071
  1,128
  1,187
  1,248
  1,313
  1,380
  1,450
  1,524
  1,601
  1,682
  1,767
  1,855
  1,948
  2,045
  2,147
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
 
  -1,276
  440
  446
  450
  451
  448
  443
  434
  422
  408
  390
  370
  348
  324
  299
  272
  245
  219
  192
  167
  143
  120
  100
  82
  65
  52
  40
  30
  22
  16
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 owns, operates, acquires, and develops midstream energy assets in the Appalachian Basin through owning partnership interests in EQT Midstream Partners, LP (EQM). EQM offers natural gas transmission, storage, and gathering services to various third parties across 24 counties in Pennsylvania, West Virginia, and Ohio. As of December 31, 2016, it owned and operated 300 miles of high pressure gathering lines and 1,500 miles of Federal Energy Regulatory Commission (FERC)-regulated low pressure gathering lines. EQT GP Services, LLC serves as a general partner of the company. The company was founded in 2015 and is headquartered in Pittsburgh, Pennsylvania. EQT GP Holdings, LP is a subsidiary of EQT Gathering Holdings, LLC.

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 -151.1
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 9.1% 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 264.206 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 76.55 40.89  sell
RMP Rice Midstream 20.53 2.05  str.sell
WGP Western Gas Eq 41.54 28.58  sell
KMI Kinder Morgan 20.69 5.79  str.sell
EQT EQT 62.94 8.55  str.sell
WGL WGL Holdings 85.18 36.59  str.sell

COMPANY NEWS

▶ 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]
Stock chart of EQGP Financial statements of EQGP Annual reports 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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