Intrinsic value of EQT Midstream Partners - EQM

Previous Close

$72.51

  Intrinsic Value

$39.39

stock screener

  Rating & Target

sell

-46%

Previous close

$72.51

 
Intrinsic value

$39.39

 
Up/down potential

-46%

 
Rating

sell

We calculate the intrinsic value of EQM 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 5.9

 

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, %
  16.27
  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
 
  216
  240
  265
  291
  319
  347
  377
  408
  441
  474
  509
  546
  584
  623
  664
  706
  750
  796
  844
  894
  946
  1,001
  1,057
  1,117
  1,179
  1,243
  1,311
  1,382
  1,456
  1,533
Fixed operating expenses, $m
 
  16
  17
  17
  18
  18
  19
  19
  19
  20
  20
  21
  22
  22
  23
  23
  24
  24
  25
  26
  26
  27
  28
  28
  29
  30
  30
  31
  32
  33
  34
Total operating expenses, $m
  209
  232
  257
  282
  309
  337
  366
  396
  427
  461
  494
  530
  568
  606
  646
  687
  730
  774
  821
  870
  920
  973
  1,029
  1,085
  1,146
  1,209
  1,273
  1,342
  1,414
  1,489
  1,567
Operating income, $m
  527
  591
  658
  728
  802
  879
  960
  1,044
  1,131
  1,222
  1,316
  1,414
  1,516
  1,622
  1,732
  1,846
  1,965
  2,089
  2,218
  2,353
  2,493
  2,639
  2,791
  2,950
  3,116
  3,290
  3,472
  3,661
  3,860
  4,067
  4,285
EBITDA, $m
  590
  678
  755
  835
  920
  1,008
  1,100
  1,196
  1,296
  1,400
  1,508
  1,620
  1,736
  1,857
  1,983
  2,114
  2,251
  2,392
  2,540
  2,694
  2,854
  3,021
  3,196
  3,378
  3,568
  3,766
  3,974
  4,191
  4,418
  4,656
  4,904
Interest expense (income), $m
  14
  35
  39
  44
  49
  54
  59
  65
  71
  77
  83
  90
  97
  104
  111
  119
  127
  135
  144
  153
  163
  172
  183
  193
  204
  216
  228
  241
  254
  268
  283
Earnings before tax, $m
  548
  556
  619
  685
  754
  826
  901
  979
  1,060
  1,145
  1,233
  1,324
  1,419
  1,518
  1,620
  1,727
  1,838
  1,954
  2,074
  2,199
  2,330
  2,466
  2,609
  2,757
  2,912
  3,074
  3,243
  3,420
  3,605
  3,799
  4,002
Tax expense, $m
  10
  150
  167
  185
  203
  223
  243
  264
  286
  309
  333
  357
  383
  410
  437
  466
  496
  527
  560
  594
  629
  666
  704
  744
  786
  830
  876
  923
  973
  1,026
  1,081
Net income, $m
  538
  406
  452
  500
  550
  603
  657
  715
  774
  836
  900
  967
  1,036
  1,108
  1,183
  1,261
  1,342
  1,426
  1,514
  1,606
  1,701
  1,800
  1,904
  2,013
  2,126
  2,244
  2,368
  2,497
  2,632
  2,773
  2,921

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
  2,338
  2,614
  2,905
  3,210
  3,530
  3,864
  4,212
  4,575
  4,952
  5,345
  5,753
  6,177
  6,618
  7,076
  7,552
  8,047
  8,562
  9,098
  9,656
  10,237
  10,843
  11,475
  12,134
  12,822
  13,541
  14,291
  15,075
  15,895
  16,753
  17,650
  18,589
Working capital, $m
  85
  28
  31
  34
  38
  41
  45
  49
  53
  57
  62
  66
  71
  76
  81
  86
  92
  97
  103
  110
  116
  123
  130
  137
  145
  153
  161
  170
  179
  189
  199
Total debt, $m
  986
  1,115
  1,249
  1,391
  1,539
  1,693
  1,855
  2,023
  2,198
  2,379
  2,568
  2,765
  2,969
  3,181
  3,401
  3,631
  3,869
  4,117
  4,376
  4,645
  4,926
  5,218
  5,524
  5,842
  6,175
  6,522
  6,886
  7,265
  7,663
  8,078
  8,513
Total liabilities, $m
  1,082
  1,211
  1,345
  1,487
  1,635
  1,789
  1,951
  2,119
  2,294
  2,475
  2,664
  2,861
  3,065
  3,277
  3,497
  3,727
  3,965
  4,213
  4,472
  4,741
  5,022
  5,314
  5,620
  5,938
  6,271
  6,618
  6,982
  7,361
  7,759
  8,174
  8,609
Total equity, $m
  1,994
  2,162
  2,402
  2,654
  2,919
  3,195
  3,483
  3,783
  4,095
  4,420
  4,757
  5,108
  5,472
  5,851
  6,245
  6,654
  7,080
  7,523
  7,985
  8,465
  8,966
  9,489
  10,034
  10,603
  11,197
  11,817
  12,466
  13,144
  13,853
  14,595
  15,371
Total liabilities and equity, $m
  3,076
  3,373
  3,747
  4,141
  4,554
  4,984
  5,434
  5,902
  6,389
  6,895
  7,421
  7,969
  8,537
  9,128
  9,742
  10,381
  11,045
  11,736
  12,457
  13,206
  13,988
  14,803
  15,654
  16,541
  17,468
  18,435
  19,448
  20,505
  21,612
  22,769
  23,980
Debt-to-equity ratio
  0.494
  0.520
  0.520
  0.520
  0.530
  0.530
  0.530
  0.530
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
Adjusted equity ratio
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  538
  406
  452
  500
  550
  603
  657
  715
  774
  836
  900
  967
  1,036
  1,108
  1,183
  1,261
  1,342
  1,426
  1,514
  1,606
  1,701
  1,800
  1,904
  2,013
  2,126
  2,244
  2,368
  2,497
  2,632
  2,773
  2,921
Depreciation, amort., depletion, $m
  63
  87
  97
  107
  118
  129
  140
  152
  165
  178
  192
  206
  221
  236
  252
  268
  285
  303
  322
  341
  361
  383
  404
  427
  451
  476
  503
  530
  558
  588
  620
Funds from operations, $m
  496
  493
  549
  607
  668
  731
  798
  867
  939
  1,014
  1,092
  1,172
  1,256
  1,344
  1,435
  1,529
  1,627
  1,729
  1,836
  1,947
  2,062
  2,183
  2,309
  2,440
  2,577
  2,720
  2,870
  3,027
  3,190
  3,362
  3,541
Change in working capital, $m
  -42
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
Cash from operations, $m
  538
  490
  546
  604
  664
  728
  794
  863
  935
  1,010
  1,087
  1,168
  1,252
  1,339
  1,429
  1,524
  1,622
  1,724
  1,830
  1,941
  2,056
  2,176
  2,302
  2,433
  2,569
  2,712
  2,862
  3,018
  3,181
  3,352
  3,531
Maintenance CAPEX, $m
  0
  -78
  -87
  -97
  -107
  -118
  -129
  -140
  -152
  -165
  -178
  -192
  -206
  -221
  -236
  -252
  -268
  -285
  -303
  -322
  -341
  -361
  -383
  -404
  -427
  -451
  -476
  -503
  -530
  -558
  -588
New CAPEX, $m
  -585
  -276
  -291
  -305
  -320
  -334
  -348
  -363
  -378
  -393
  -408
  -424
  -441
  -458
  -476
  -495
  -515
  -536
  -558
  -581
  -606
  -632
  -659
  -688
  -718
  -750
  -784
  -820
  -858
  -897
  -939
Cash from investing activities, $m
  -732
  -354
  -378
  -402
  -427
  -452
  -477
  -503
  -530
  -558
  -586
  -616
  -647
  -679
  -712
  -747
  -783
  -821
  -861
  -903
  -947
  -993
  -1,042
  -1,092
  -1,145
  -1,201
  -1,260
  -1,323
  -1,388
  -1,455
  -1,527
Free cash flow, $m
  -194
  136
  168
  202
  238
  276
  317
  360
  405
  452
  501
  552
  605
  660
  718
  777
  838
  902
  969
  1,037
  1,109
  1,183
  1,260
  1,340
  1,424
  1,510
  1,601
  1,695
  1,794
  1,896
  2,004
Issuance/(repayment) of debt, $m
  201
  129
  135
  141
  148
  155
  161
  168
  175
  182
  189
  196
  204
  212
  220
  229
  239
  248
  258
  269
  281
  293
  305
  319
  333
  348
  363
  380
  397
  416
  435
Issuance/(repurchase) of shares, $m
  223
  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  
  223
  129
  135
  141
  148
  155
  161
  168
  175
  182
  189
  196
  204
  212
  220
  229
  239
  248
  258
  269
  281
  293
  305
  319
  333
  348
  363
  380
  397
  416
  435
Total cash flow (excl. dividends), $m
  28
  265
  302
  343
  386
  431
  478
  528
  580
  634
  690
  748
  809
  872
  938
  1,006
  1,077
  1,151
  1,227
  1,307
  1,389
  1,476
  1,565
  1,659
  1,756
  1,858
  1,964
  2,075
  2,191
  2,312
  2,438
Retained Cash Flow (-), $m
  -151
  -228
  -240
  -252
  -264
  -276
  -288
  -300
  -312
  -325
  -337
  -351
  -364
  -379
  -394
  -409
  -426
  -443
  -461
  -481
  -501
  -522
  -545
  -569
  -594
  -621
  -649
  -678
  -709
  -742
  -776
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
 
  97
  62
  90
  121
  155
  190
  228
  268
  309
  353
  398
  445
  494
  544
  597
  651
  707
  766
  826
  888
  953
  1,020
  1,090
  1,162
  1,237
  1,316
  1,397
  1,482
  1,570
  1,662
Discount rate, %
 
  4.50
  4.73
  4.96
  5.21
  5.47
  5.74
  6.03
  6.33
  6.65
  6.98
  7.33
  7.70
  8.08
  8.49
  8.91
  9.36
  9.82
  10.31
  10.83
  11.37
  11.94
  12.54
  13.16
  13.82
  14.51
  15.24
  16.00
  16.80
  17.64
  18.52
PV of cash for distribution, $m
 
  93
  57
  78
  99
  119
  136
  151
  164
  173
  180
  183
  183
  180
  174
  166
  156
  144
  131
  117
  103
  89
  76
  63
  52
  42
  33
  25
  19
  14
  10
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

EQT Midstream Partners, LP (EQM) owns, operates, acquires and develops midstream assets in the Appalachian Basin. The Company's 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. Transmission includes EQM's FERC-regulated interstate pipeline and storage business. The Company's operations are primarily focused in southwestern Pennsylvania and northern West Virginia. As of December 31, 2016, the Company provided midstream services to EQT Corporation (EQT) and a range of third parties across 24 counties in Pennsylvania, West Virginia and Ohio through its two assets: the gathering system, which delivered natural gas from wells and other receipt points to transmission pipelines, and the transmission and storage system, which served as a header system transmission pipeline.

FINANCIAL RATIOS  of  EQT Midstream Partners (EQM)

Valuation Ratios
P/E Ratio 10.9
Price to Sales 7.9
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 10.9
Price to Free Cash Flow -124.3
Growth Rates
Sales Growth Rate 16.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 27.7%
Cap. Spend. - 3 Yr. Gr. Rate 15.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 49.4%
Total Debt to Equity 49.4%
Interest Coverage 40
Management Effectiveness
Return On Assets 18.7%
Ret/ On Assets - 3 Yr. Avg. 19.7%
Return On Total Capital 19.2%
Ret/ On T. Cap. - 3 Yr. Avg. 21.1%
Return On Equity 28%
Return On Equity - 3 Yr. Avg. 31%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 84.9%
EBITDA Margin - 3 Yr. Avg. 80.7%
Operating Margin 71.6%
Oper. Margin - 3 Yr. Avg. 70.2%
Pre-Tax Margin 74.5%
Pre-Tax Margin - 3 Yr. Avg. 70%
Net Profit Margin 73.1%
Net Profit Margin - 3 Yr. Avg. 67.8%
Effective Tax Rate 1.8%
Eff/ Tax Rate - 3 Yr. Avg. 3.4%
Payout Ratio 61.2%

EQM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EQM stock intrinsic value calculation we used $736 million for the last fiscal year's total revenue generated by EQT Midstream Partners. The default revenue input number comes from 2016 income statement of EQT Midstream Partners. 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 EQM 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 4.5%, whose default value for EQM is calculated based on our internal credit rating of EQT Midstream Partners, 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 Midstream Partners.
    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 EQM stock the variable cost ratio is equal to 26.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $16 million in the base year in the intrinsic value calculation for EQM 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 Midstream Partners.

Corporate tax rate of 27% is the nominal tax rate for EQT Midstream Partners. 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 EQM 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 EQM are equal to 317.7%.

Life of production assets of 37.1 years is the average useful life of capital assets used in EQT Midstream Partners 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 EQM is equal to 3.4%. 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 - $1994 million for EQT Midstream Partners - 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 81.99 million for EQT Midstream Partners 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 Midstream Partners at the current share price and the inputted number of shares is $5.9 billion.

RELATED COMPANIES Price Int.Val. Rating
AM Antero Midstre 29.34 1.64  str.sell
KMI Kinder Morgan 17.84 6.07  str.sell
EQT EQT 56.01 8.43  str.sell
WPZ Williams Partn 38.35 5.50  str.sell
DM Dominion Energ 30.65 4.96  str.sell
SMLP Summit Midstre 20.95 3.84  str.sell
AMID American Midst 13.05 3.30  str.sell

COMPANY NEWS

▶ EQT expects increased production for 2018   [Dec-13-17 08:29AM  American City Business Journals]
▶ EQM Ranks Tenth in Upside Potential among MLPs   [Dec-11-17 09:03AM  Market Realist]
▶ Last Weeks MLP Ratings Updates   [Nov-21-17 02:24PM  Market Realist]
▶ 5 Stocks to Buy With Oil Prices Hitting Highs Again   [Nov-06-17 10:03AM  TheStreet.com]
▶ VF Corp (VFC) Leads 6 Dividend Stocks Boosting Payouts   [Oct-28-17 07:00AM  InvestorPlace]
▶ EQT Reports Third Quarter 2017 Earnings   [06:30AM  Business Wire]
▶ EQT said it'll make decision on valuation strategy by early '18   [Sep-14-17 11:00AM  American City Business Journals]
▶ EQTs Implementation Strategies to Achieve EQT-RICE Synergies   [Sep-04-17 07:36AM  Market Realist]
▶ 10 Stock Buys For The Next 6 Months   [Aug-24-17 01:08PM  Forbes]
▶ Energy: Value play or value trap?   [Aug-22-17 02:32PM  CNBC Videos]
▶ Pipeline vet named EQT's midstream president   [Aug-03-17 08:28AM  American City Business Journals]
▶ MLP Earnings: Wrap-Up for Last Week   [Aug-01-17 05:05PM  Market Realist]
▶ EQT Reports Second Quarter 2017 Earnings   [06:31AM  Business Wire]
▶ These MLPs Have Top Upside Potentials after June   [Jul-10-17 07:36AM  Market Realist]
▶ 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]
▶ [$$] Jana Takes Roughly 5% Stake in Energy Company EQT   [12:12AM  The Wall Street Journal]
▶ [$$] Jana Takes Roughly 5% Stake in EQT   [12:46PM  The Wall Street Journal]
▶ MLPs Follow Crude Oil Prices, Fall for 5th Consecutive Week   [Jun-26-17 04:33PM  Market Realist]
▶ Last Weeks Crucial Energy Industry Updates   [10:21AM  Market Realist]
▶ Mountain Valley Pipeline receives environmental impact statement   [Jun-23-17 03:53PM  American City Business Journals]
▶ Wall Street Analysts Are Bullish on EQT Midstream Partners   [Jun-21-17 09:08AM  Market Realist]
▶ EQT-RICE Deal: How Will Ownership Change?   [07:37AM  Market Realist]
▶ How Stocks Reacted to the EQT-RICE Deal   [Jun-20-17 05:36PM  Market Realist]
▶ The Biggest Loser: EQT Tumbles 9%   [04:29PM  Barrons.com]
▶ EQT Acquires Rice Energy for $6.7 Billion   [11:15AM  24/7 Wall St.]
▶ MLPs with Top Upside Potential after May 2017   [Jun-08-17 07:36AM  Market Realist]
▶ Which MLPs Look Safe amid Crude Oil Uncertainty?   [May-08-17 09:06AM  Market Realist]
▶ How Midstream Stocks Impacted Their Implied Volatilities   [May-04-17 04:35PM  Market Realist]
▶ EQT Reports First Quarter 2017 Earnings   [06:25AM  Business Wire]
▶ Top 7 Energy Stocks to Own for 2017   [12:45PM  TheStreet.com]
▶ MLPs with the Maximum Potential Upside after 1Q17   [Apr-06-17 02:36PM  Market Realist]
▶ Antero Midstream Has Industry-Leading Distribution Growth   [Mar-24-17 10:36AM  Market Realist]
Financial statements of EQM
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.