Intrinsic value of EQT Midstream Partners - EQM

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$73.69

  Intrinsic Value

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  Value-price divergence*

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

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 6.1

 

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
  14.60
  13.64
  12.78
  12.00
  11.30
  10.67
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
Revenue, $m
  736
  843
  959
  1,081
  1,211
  1,347
  1,491
  1,642
  1,799
  1,964
  2,135
  2,313
  2,498
  2,691
  2,891
  3,099
  3,316
  3,540
  3,774
  4,017
  4,270
  4,533
  4,808
  5,094
  5,392
  5,702
  6,027
  6,366
  6,719
  7,089
  7,476
Variable operating expenses, $m
 
  221
  251
  283
  317
  353
  391
  430
  471
  514
  559
  606
  655
  705
  758
  812
  869
  928
  989
  1,052
  1,119
  1,188
  1,260
  1,335
  1,413
  1,494
  1,579
  1,668
  1,760
  1,857
  1,959
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
  237
  268
  300
  335
  371
  410
  449
  490
  534
  579
  627
  677
  727
  781
  835
  893
  952
  1,014
  1,078
  1,145
  1,215
  1,288
  1,363
  1,442
  1,524
  1,609
  1,699
  1,792
  1,890
  1,993
Operating income, $m
  527
  606
  691
  781
  876
  976
  1,082
  1,193
  1,308
  1,429
  1,555
  1,686
  1,822
  1,964
  2,111
  2,264
  2,423
  2,588
  2,760
  2,939
  3,125
  3,319
  3,521
  3,731
  3,950
  4,179
  4,417
  4,667
  4,927
  5,199
  5,483
EBITDA, $m
  590
  695
  792
  895
  1,004
  1,119
  1,240
  1,367
  1,499
  1,637
  1,781
  1,931
  2,087
  2,249
  2,417
  2,592
  2,774
  2,963
  3,160
  3,364
  3,577
  3,799
  4,030
  4,270
  4,521
  4,783
  5,056
  5,341
  5,639
  5,950
  6,275
Interest expense (income), $m
  14
  35
  40
  46
  52
  59
  66
  73
  81
  89
  98
  107
  116
  125
  135
  146
  156
  167
  179
  191
  204
  217
  230
  244
  259
  274
  290
  307
  324
  343
  362
Earnings before tax, $m
  548
  572
  650
  735
  824
  917
  1,016
  1,119
  1,227
  1,340
  1,457
  1,579
  1,707
  1,839
  1,976
  2,119
  2,267
  2,421
  2,581
  2,748
  2,922
  3,102
  3,290
  3,487
  3,691
  3,904
  4,127
  4,360
  4,602
  4,856
  5,122
Tax expense, $m
  10
  154
  176
  198
  222
  248
  274
  302
  331
  362
  393
  426
  461
  496
  534
  572
  612
  654
  697
  742
  789
  838
  888
  941
  997
  1,054
  1,114
  1,177
  1,243
  1,311
  1,383
Net income, $m
  538
  417
  475
  536
  601
  670
  742
  817
  896
  978
  1,064
  1,153
  1,246
  1,342
  1,442
  1,547
  1,655
  1,767
  1,884
  2,006
  2,133
  2,265
  2,402
  2,545
  2,694
  2,850
  3,013
  3,183
  3,360
  3,545
  3,739

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
  3,457
  3,928
  4,430
  4,962
  5,522
  6,111
  6,729
  7,374
  8,048
  8,749
  9,480
  10,239
  11,029
  11,849
  12,702
  13,588
  14,510
  15,467
  16,464
  17,500
  18,579
  19,704
  20,875
  22,096
  23,370
  24,700
  26,088
  27,538
  29,054
  30,638
Adjusted assets (=assets-cash), $m
  3,016
  3,457
  3,928
  4,430
  4,962
  5,522
  6,111
  6,729
  7,374
  8,048
  8,749
  9,480
  10,239
  11,029
  11,849
  12,702
  13,588
  14,510
  15,467
  16,464
  17,500
  18,579
  19,704
  20,875
  22,096
  23,370
  24,700
  26,088
  27,538
  29,054
  30,638
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
  2,680
  3,045
  3,434
  3,846
  4,281
  4,738
  5,216
  5,716
  6,238
  6,782
  7,349
  7,937
  8,549
  9,186
  9,847
  10,534
  11,248
  11,990
  12,762
  13,566
  14,403
  15,274
  16,182
  17,129
  18,116
  19,147
  20,223
  21,347
  22,522
  23,750
Working capital, $m
  85
  29
  33
  37
  41
  46
  51
  56
  61
  67
  73
  79
  85
  91
  98
  105
  113
  120
  128
  137
  145
  154
  163
  173
  183
  194
  205
  216
  228
  241
  254
Total debt, $m
  986
  1,145
  1,314
  1,494
  1,685
  1,887
  2,098
  2,320
  2,551
  2,793
  3,045
  3,307
  3,580
  3,863
  4,158
  4,464
  4,782
  5,113
  5,457
  5,814
  6,187
  6,574
  6,978
  7,398
  7,837
  8,294
  8,771
  9,270
  9,790
  10,334
  10,903
Total liabilities, $m
  1,082
  1,241
  1,410
  1,590
  1,781
  1,983
  2,194
  2,416
  2,647
  2,889
  3,141
  3,403
  3,676
  3,959
  4,254
  4,560
  4,878
  5,209
  5,553
  5,910
  6,283
  6,670
  7,074
  7,494
  7,933
  8,390
  8,867
  9,366
  9,886
  10,430
  10,999
Total equity, $m
  1,994
  2,216
  2,518
  2,840
  3,180
  3,540
  3,917
  4,313
  4,727
  5,159
  5,608
  6,077
  6,563
  7,070
  7,596
  8,142
  8,710
  9,301
  9,915
  10,553
  11,218
  11,909
  12,630
  13,381
  14,164
  14,980
  15,833
  16,723
  17,652
  18,623
  19,639
Total liabilities and equity, $m
  3,076
  3,457
  3,928
  4,430
  4,961
  5,523
  6,111
  6,729
  7,374
  8,048
  8,749
  9,480
  10,239
  11,029
  11,850
  12,702
  13,588
  14,510
  15,468
  16,463
  17,501
  18,579
  19,704
  20,875
  22,097
  23,370
  24,700
  26,089
  27,538
  29,053
  30,638
Debt-to-equity ratio
  0.494
  0.520
  0.520
  0.530
  0.530
  0.530
  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
  0.550
  0.550
  0.560
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
  417
  475
  536
  601
  670
  742
  817
  896
  978
  1,064
  1,153
  1,246
  1,342
  1,442
  1,547
  1,655
  1,767
  1,884
  2,006
  2,133
  2,265
  2,402
  2,545
  2,694
  2,850
  3,013
  3,183
  3,360
  3,545
  3,739
Depreciation, amort., depletion, $m
  63
  89
  102
  114
  128
  143
  158
  174
  191
  208
  226
  245
  265
  285
  306
  328
  351
  375
  400
  425
  452
  480
  509
  539
  571
  604
  638
  674
  712
  751
  792
Funds from operations, $m
  496
  507
  576
  651
  729
  812
  900
  991
  1,086
  1,186
  1,290
  1,398
  1,510
  1,627
  1,749
  1,875
  2,006
  2,142
  2,284
  2,431
  2,585
  2,745
  2,911
  3,085
  3,265
  3,454
  3,651
  3,857
  4,071
  4,296
  4,531
Change in working capital, $m
  -42
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
Cash from operations, $m
  538
  744
  572
  647
  725
  808
  895
  986
  1,081
  1,180
  1,284
  1,392
  1,504
  1,621
  1,742
  1,868
  1,999
  2,135
  2,276
  2,423
  2,576
  2,736
  2,902
  3,075
  3,255
  3,444
  3,640
  3,845
  4,059
  4,283
  4,517
Maintenance CAPEX, $m
  0
  -78
  -89
  -102
  -114
  -128
  -143
  -158
  -174
  -191
  -208
  -226
  -245
  -265
  -285
  -306
  -328
  -351
  -375
  -400
  -425
  -452
  -480
  -509
  -539
  -571
  -604
  -638
  -674
  -712
  -751
New CAPEX, $m
  -585
  -342
  -366
  -389
  -412
  -435
  -457
  -479
  -500
  -522
  -544
  -566
  -589
  -612
  -636
  -661
  -687
  -714
  -742
  -772
  -804
  -837
  -871
  -908
  -947
  -988
  -1,031
  -1,076
  -1,124
  -1,175
  -1,228
Cash from investing activities, $m
  -732
  -420
  -455
  -491
  -526
  -563
  -600
  -637
  -674
  -713
  -752
  -792
  -834
  -877
  -921
  -967
  -1,015
  -1,065
  -1,117
  -1,172
  -1,229
  -1,289
  -1,351
  -1,417
  -1,486
  -1,559
  -1,635
  -1,714
  -1,798
  -1,887
  -1,979
Free cash flow, $m
  -194
  324
  118
  156
  198
  245
  295
  349
  407
  468
  532
  600
  670
  744
  821
  901
  983
  1,069
  1,159
  1,251
  1,347
  1,447
  1,550
  1,658
  1,769
  1,885
  2,005
  2,131
  2,261
  2,397
  2,539
Issuance/(repayment) of debt, $m
  201
  159
  169
  180
  191
  201
  212
  222
  232
  242
  252
  262
  273
  283
  295
  306
  318
  331
  344
  358
  372
  387
  404
  421
  438
  457
  477
  498
  521
  544
  569
Issuance/(repurchase) of shares, $m
  223
  0
  15
  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
  159
  184
  180
  191
  201
  212
  222
  232
  242
  252
  262
  273
  283
  295
  306
  318
  331
  344
  358
  372
  387
  404
  421
  438
  457
  477
  498
  521
  544
  569
Total cash flow (excl. dividends), $m
  28
  483
  287
  336
  389
  446
  507
  571
  639
  710
  784
  862
  943
  1,027
  1,115
  1,207
  1,302
  1,400
  1,503
  1,609
  1,719
  1,834
  1,954
  2,078
  2,208
  2,342
  2,483
  2,629
  2,782
  2,941
  3,107
Retained Cash Flow (-), $m
  -151
  -282
  -302
  -322
  -341
  -359
  -378
  -396
  -414
  -432
  -450
  -468
  -487
  -506
  -526
  -547
  -568
  -590
  -614
  -639
  -665
  -692
  -721
  -751
  -783
  -817
  -852
  -890
  -929
  -971
  -1,015
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
 
  262
  0
  14
  49
  87
  129
  175
  225
  278
  334
  394
  456
  521
  589
  660
  734
  810
  889
  970
  1,055
  1,143
  1,233
  1,327
  1,425
  1,526
  1,630
  1,739
  1,852
  1,970
  2,092
Discount rate, %
 
  4.60
  4.83
  5.07
  5.33
  5.59
  5.87
  6.16
  6.47
  6.80
  7.14
  7.49
  7.87
  8.26
  8.67
  9.11
  9.56
  10.04
  10.54
  11.07
  11.62
  12.21
  12.82
  13.46
  14.13
  14.84
  15.58
  16.36
  17.17
  18.03
  18.93
PV of cash for distribution, $m
 
  250
  0
  12
  39
  66
  92
  115
  136
  154
  168
  178
  184
  186
  184
  179
  170
  159
  146
  132
  117
  102
  87
  73
  60
  48
  38
  29
  22
  16
  12
Current shareholders' claim on cash, %
  100
  100.0
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8

EQT Midstream Partners, LP provides natural gas transmission, storage, and gathering services in Pennsylvania, West Virginia, and Ohio. The company owns, operates, acquires, and develops midstream assets in the Appalachian Basin. As of December 31, 2016, it had 13.5 trillion cubic feet of natural gas equivalents of proved natural gas, natural gas liquids, and crude oil reserves. The company also owned approximately 300 miles of high pressure gathering lines and 1,500 miles of federal energy regulatory commission (FERC) regulated low pressure gathering lines; and approximately 950 miles of FERC regulated interstate pipelines. It serves local distribution companies, marketers, producers, and commercial and industrial users. EQT Midstream Services, LLC serves as the general partner of the company. EQT Midstream Partners, LP is headquartered in Pittsburgh, Pennsylvania.

FINANCIAL RATIOS  of  EQT Midstream Partners (EQM)

Valuation Ratios
P/E Ratio 11
Price to Sales 8.1
Price to Book 3
Price to Tangible Book
Price to Cash Flow 11
Price to Free Cash Flow -126.3
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 14.6% 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 4.6%, 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 82.503 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 $6.1 billion.


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COMPANY NEWS

▶ 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]
▶ Rice Midstream Has the Lowest Leverage among Its Peers   [Mar-23-17 10:36AM  Market Realist]
▶ Senior EQT exec to leave at the end of February   [10:38AM  at bizjournals.com]
Stock chart of EQM Financial statements of EQM Annual reports 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.

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