Intrinsic value of EQT - EQT

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$62.85

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$62.85

 
Intrinsic value

$13.09

 
Up/down potential

-79%

 
Rating

str. sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of EQT 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 11.0

 

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, %
  -31.28
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,857
  1,640
  1,678
  1,721
  1,769
  1,823
  1,882
  1,946
  2,015
  2,090
  2,170
  2,256
  2,348
  2,445
  2,549
  2,659
  2,775
  2,899
  3,029
  3,167
  3,312
  3,466
  3,628
  3,799
  3,978
  4,168
  4,367
  4,577
  4,798
  5,030
  5,275
Variable operating expenses, $m
 
  1,245
  1,274
  1,306
  1,343
  1,384
  1,428
  1,477
  1,530
  1,586
  1,647
  1,712
  1,782
  1,856
  1,935
  2,018
  2,106
  2,200
  2,299
  2,404
  2,514
  2,631
  2,754
  2,883
  3,020
  3,163
  3,315
  3,474
  3,642
  3,818
  4,003
Fixed operating expenses, $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
Total operating expenses, $m
  1,887
  1,245
  1,274
  1,306
  1,343
  1,384
  1,428
  1,477
  1,530
  1,586
  1,647
  1,712
  1,782
  1,856
  1,935
  2,018
  2,106
  2,200
  2,299
  2,404
  2,514
  2,631
  2,754
  2,883
  3,020
  3,163
  3,315
  3,474
  3,642
  3,818
  4,003
Operating income, $m
  -278
  395
  404
  415
  426
  439
  454
  469
  486
  504
  523
  544
  566
  589
  614
  641
  669
  699
  730
  763
  798
  835
  874
  915
  959
  1,004
  1,052
  1,103
  1,156
  1,212
  1,271
EBITDA, $m
  650
  1,340
  1,371
  1,406
  1,446
  1,489
  1,537
  1,590
  1,646
  1,708
  1,773
  1,843
  1,918
  1,998
  2,082
  2,172
  2,267
  2,368
  2,475
  2,587
  2,706
  2,831
  2,964
  3,103
  3,250
  3,405
  3,568
  3,739
  3,920
  4,109
  4,309
Interest expense (income), $m
  145
  148
  158
  168
  179
  192
  207
  223
  240
  259
  279
  301
  324
  348
  375
  403
  432
  464
  497
  532
  569
  608
  650
  694
  740
  788
  839
  893
  949
  1,009
  1,072
Earnings before tax, $m
  -395
  247
  247
  247
  247
  247
  247
  246
  246
  245
  244
  243
  242
  241
  240
  238
  237
  235
  233
  231
  229
  227
  224
  222
  219
  216
  213
  210
  207
  203
  200
Tax expense, $m
  -264
  67
  67
  67
  67
  67
  67
  66
  66
  66
  66
  66
  65
  65
  65
  64
  64
  63
  63
  62
  62
  61
  61
  60
  59
  58
  58
  57
  56
  55
  54
Net income, $m
  -453
  181
  180
  180
  180
  180
  180
  180
  179
  179
  178
  178
  177
  176
  175
  174
  173
  171
  170
  169
  167
  166
  164
  162
  160
  158
  156
  153
  151
  148
  146

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,390
  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
  15,473
  14,387
  14,718
  15,097
  15,521
  15,992
  16,508
  17,070
  17,679
  18,334
  19,038
  19,791
  20,594
  21,449
  22,358
  23,323
  24,345
  25,427
  26,571
  27,780
  29,056
  30,403
  31,823
  33,320
  34,898
  36,559
  38,308
  40,150
  42,087
  44,125
  46,269
Adjusted assets (=assets-cash), $m
  14,083
  14,387
  14,718
  15,097
  15,521
  15,992
  16,508
  17,070
  17,679
  18,334
  19,038
  19,791
  20,594
  21,449
  22,358
  23,323
  24,345
  25,427
  26,571
  27,780
  29,056
  30,403
  31,823
  33,320
  34,898
  36,559
  38,308
  40,150
  42,087
  44,125
  46,269
Revenue / Adjusted assets
  0.132
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
Average production assets, $m
  12,317
  12,564
  12,853
  13,183
  13,554
  13,965
  14,415
  14,906
  15,438
  16,010
  16,625
  17,282
  17,984
  18,730
  19,524
  20,366
  21,259
  22,204
  23,203
  24,258
  25,373
  26,549
  27,789
  29,097
  30,474
  31,925
  33,452
  35,060
  36,752
  38,532
  40,404
Working capital, $m
  1,023
  -374
  -383
  -392
  -403
  -416
  -429
  -444
  -460
  -477
  -495
  -514
  -535
  -558
  -581
  -606
  -633
  -661
  -691
  -722
  -755
  -790
  -827
  -866
  -907
  -950
  -996
  -1,044
  -1,094
  -1,147
  -1,203
Total debt, $m
  3,289
  3,503
  3,729
  3,987
  4,277
  4,598
  4,951
  5,335
  5,751
  6,198
  6,679
  7,193
  7,742
  8,326
  8,947
  9,605
  10,303
  11,042
  11,824
  12,650
  13,521
  14,441
  15,411
  16,434
  17,511
  18,646
  19,841
  21,098
  22,421
  23,814
  25,278
Total liabilities, $m
  9,613
  9,827
  10,053
  10,311
  10,601
  10,922
  11,275
  11,659
  12,075
  12,522
  13,003
  13,517
  14,066
  14,650
  15,271
  15,929
  16,627
  17,366
  18,148
  18,974
  19,845
  20,765
  21,735
  22,758
  23,835
  24,970
  26,165
  27,422
  28,745
  30,138
  31,602
Total equity, $m
  5,860
  4,561
  4,666
  4,786
  4,920
  5,069
  5,233
  5,411
  5,604
  5,812
  6,035
  6,274
  6,528
  6,799
  7,088
  7,393
  7,717
  8,060
  8,423
  8,806
  9,211
  9,638
  10,088
  10,563
  11,063
  11,589
  12,144
  12,727
  13,342
  13,988
  14,667
Total liabilities and equity, $m
  15,473
  14,388
  14,719
  15,097
  15,521
  15,991
  16,508
  17,070
  17,679
  18,334
  19,038
  19,791
  20,594
  21,449
  22,359
  23,322
  24,344
  25,426
  26,571
  27,780
  29,056
  30,403
  31,823
  33,321
  34,898
  36,559
  38,309
  40,149
  42,087
  44,126
  46,269
Debt-to-equity ratio
  0.561
  0.770
  0.800
  0.830
  0.870
  0.910
  0.950
  0.990
  1.030
  1.070
  1.110
  1.150
  1.190
  1.220
  1.260
  1.300
  1.340
  1.370
  1.400
  1.440
  1.470
  1.500
  1.530
  1.560
  1.580
  1.610
  1.630
  1.660
  1.680
  1.700
  1.720
Adjusted equity ratio
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -453
  181
  180
  180
  180
  180
  180
  180
  179
  179
  178
  178
  177
  176
  175
  174
  173
  171
  170
  169
  167
  166
  164
  162
  160
  158
  156
  153
  151
  148
  146
Depreciation, amort., depletion, $m
  928
  945
  966
  991
  1,019
  1,050
  1,084
  1,121
  1,161
  1,204
  1,250
  1,299
  1,352
  1,408
  1,468
  1,531
  1,598
  1,669
  1,745
  1,824
  1,908
  1,996
  2,089
  2,188
  2,291
  2,400
  2,515
  2,636
  2,763
  2,897
  3,038
Funds from operations, $m
  891
  1,125
  1,146
  1,171
  1,199
  1,230
  1,264
  1,301
  1,340
  1,383
  1,428
  1,477
  1,529
  1,584
  1,643
  1,705
  1,771
  1,841
  1,915
  1,993
  2,075
  2,162
  2,253
  2,350
  2,451
  2,558
  2,671
  2,790
  2,914
  3,046
  3,184
Change in working capital, $m
  -173
  -7
  -9
  -10
  -11
  -12
  -13
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -56
Cash from operations, $m
  1,064
  1,977
  1,155
  1,181
  1,210
  1,242
  1,277
  1,315
  1,356
  1,400
  1,446
  1,496
  1,550
  1,606
  1,667
  1,730
  1,798
  1,869
  1,944
  2,024
  2,108
  2,197
  2,290
  2,389
  2,492
  2,602
  2,716
  2,837
  2,965
  3,099
  3,239
Maintenance CAPEX, $m
  0
  -926
  -945
  -966
  -991
  -1,019
  -1,050
  -1,084
  -1,121
  -1,161
  -1,204
  -1,250
  -1,299
  -1,352
  -1,408
  -1,468
  -1,531
  -1,598
  -1,669
  -1,745
  -1,824
  -1,908
  -1,996
  -2,089
  -2,188
  -2,291
  -2,400
  -2,515
  -2,636
  -2,763
  -2,897
New CAPEX, $m
  -1,539
  -247
  -289
  -330
  -371
  -411
  -451
  -491
  -531
  -573
  -614
  -657
  -701
  -747
  -794
  -842
  -893
  -945
  -999
  -1,056
  -1,115
  -1,176
  -1,240
  -1,307
  -1,377
  -1,451
  -1,527
  -1,608
  -1,692
  -1,780
  -1,872
Cash from investing activities, $m
  -2,961
  -1,173
  -1,234
  -1,296
  -1,362
  -1,430
  -1,501
  -1,575
  -1,652
  -1,734
  -1,818
  -1,907
  -2,000
  -2,099
  -2,202
  -2,310
  -2,424
  -2,543
  -2,668
  -2,801
  -2,939
  -3,084
  -3,236
  -3,396
  -3,565
  -3,742
  -3,927
  -4,123
  -4,328
  -4,543
  -4,769
Free cash flow, $m
  -1,897
  805
  -79
  -115
  -152
  -188
  -224
  -260
  -296
  -334
  -372
  -411
  -451
  -493
  -535
  -580
  -626
  -674
  -724
  -776
  -830
  -887
  -946
  -1,008
  -1,073
  -1,141
  -1,211
  -1,286
  -1,363
  -1,445
  -1,530
Issuance/(repayment) of debt, $m
  -304
  214
  226
  258
  290
  321
  353
  384
  416
  448
  481
  514
  549
  584
  621
  659
  698
  739
  781
  826
  872
  920
  970
  1,023
  1,077
  1,135
  1,195
  1,258
  1,323
  1,392
  1,464
Issuance/(repurchase) of shares, $m
  1,943
  0
  0
  0
  0
  15
  35
  54
  74
  94
  114
  135
  157
  180
  203
  227
  252
  278
  305
  334
  363
  394
  426
  460
  496
  532
  571
  612
  654
  699
  745
Cash from financing (excl. dividends), $m  
  1,419
  214
  226
  258
  290
  336
  388
  438
  490
  542
  595
  649
  706
  764
  824
  886
  950
  1,017
  1,086
  1,160
  1,235
  1,314
  1,396
  1,483
  1,573
  1,667
  1,766
  1,870
  1,977
  2,091
  2,209
Total cash flow (excl. dividends), $m
  -478
  1,018
  148
  143
  138
  134
  129
  124
  119
  114
  109
  103
  98
  92
  85
  79
  72
  65
  57
  50
  41
  33
  24
  14
  5
  -6
  -17
  -28
  -40
  -53
  -66
Retained Cash Flow (-), $m
  -782
  -91
  -105
  -120
  -135
  -149
  -164
  -178
  -193
  -208
  -223
  -239
  -255
  -271
  -288
  -306
  -324
  -343
  -363
  -383
  -405
  -427
  -450
  -475
  -500
  -527
  -555
  -584
  -614
  -646
  -680
Prev. year cash balance distribution, $m
 
  1,390
  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
 
  2,318
  43
  23
  4
  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
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
 
  2,222
  39
  20
  3
  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
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  99.8
  99.5
  98.9
  98.2
  97.3
  96.3
  95.2
  93.9
  92.6
  91.1
  89.6
  88.0
  86.3
  84.6
  82.9
  81.1
  79.3
  77.4
  75.6
  73.7
  71.9
  70.0
  68.2
  66.4
  64.6
  62.8

EQT Corporation, together with its subsidiaries, operates as an integrated energy company in the United States. The company operates through three segments: EQT Production, EQT Gathering, and EQT Transmission. The EQT Production segment engages in the exploration for, development, and production of natural gas, natural gas liquids (NGLs), and crude oil primarily in the Appalachian Basin. As of December 31, 2016, this segment had 13.5 trillion cubic feet of proved natural gas, NGL, and crude oil reserves across approximately 3.6 million gross acres comprising approximately 790,000 gross acres in the Marcellus play. The EQT Gathering is involved in natural gas gathering activities. As of December 31, 2016, this segment operates approximately 300 miles of high pressure gathering lines with approximately 1.8 billion cubic feet of total firm gathering capacity and various interconnect points; and approximately 1,500 miles of FERC-regulated low pressure gathering lines. The EQT Transmission segment engages in natural gas transmission and storage activities. As of December 31, 2016, this segment operates approximately 950-mile FERC-regulated interstate pipeline that connects to six interstate pipelines and multiple distribution companies. EQT Corporation was founded in 1925 and is headquartered in Pittsburgh, Pennsylvania.

FINANCIAL RATIOS  of  EQT (EQT)

Valuation Ratios
P/E Ratio -24
Price to Sales 6.8
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 10.2
Price to Free Cash Flow -22.9
Growth Rates
Sales Growth Rate -31.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -37.2%
Cap. Spend. - 3 Yr. Gr. Rate -2.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 56.1%
Total Debt to Equity 56.1%
Interest Coverage -2
Management Effectiveness
Return On Assets -2.7%
Ret/ On Assets - 3 Yr. Avg. 1%
Return On Total Capital -5.2%
Ret/ On T. Cap. - 3 Yr. Avg. 0.4%
Return On Equity -8.3%
Return On Equity - 3 Yr. Avg. 0.8%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 42.2%
EBITDA Margin - 3 Yr. Avg. 54.6%
Operating Margin -17.4%
Oper. Margin - 3 Yr. Avg. 13.8%
Pre-Tax Margin -24.6%
Pre-Tax Margin - 3 Yr. Avg. 7.7%
Net Profit Margin -28.2%
Net Profit Margin - 3 Yr. Avg. -3%
Effective Tax Rate 66.8%
Eff/ Tax Rate - 3 Yr. Avg. 40.3%
Payout Ratio -4.4%

EQT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EQT stock intrinsic value calculation we used $1608 million for the last fiscal year's total revenue generated by EQT. The default revenue input number comes from 2016 income statement of EQT. 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 EQT stock valuation model: a) initial revenue growth rate of 2% 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 EQT is calculated based on our internal credit rating of EQT, 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.
    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 EQT stock the variable cost ratio is equal to 75.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for EQT 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 4.5% for EQT.

Corporate tax rate of 27% is the nominal tax rate for EQT. 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 EQT 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 EQT are equal to 766%.

Life of production assets of 13.3 years is the average useful life of capital assets used in EQT 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 EQT is equal to -22.8%. 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 - $5860 million for EQT - 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 174.468 million for EQT 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 at the current share price and the inputted number of shares is $11.0 billion.


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COMPANY NEWS

▶ Short Interest Trends in Cabot Oil & Gas Stock   [Apr-21-17 09:06AM  Market Realist]
▶ EQT Declares Quarterly Cash Dividend   [Apr-19-17 04:05PM  Business Wire]
▶ Is Natural Gas Outperforming Gas-Weighted Stocks?   [Apr-18-17 11:14AM  Market Realist]
▶ ETF Flopper: What Goes Up, Must Come Down   [Apr-05-17 06:49PM  Barrons.com]
▶ Analyzing Short Interest Trends in Chesapeake Energys Stock   [Mar-29-17 07:36AM  Market Realist]
▶ Short Interest Trends in Chesapeake Energy Stock   [Mar-23-17 07:36AM  Market Realist]
▶ Rise in Natural Gas Isnt Good for Gas-Weighted Stocks   [Mar-21-17 07:37AM  Market Realist]
▶ How Short Interest in COG Stock Has Been Trending   [Mar-20-17 09:06AM  Market Realist]
▶ How Cabot Oil and Gass Relative Valuation Compares to Peers   [Mar-17-17 09:06AM  Market Realist]
▶ How Has Cabot Oil and Gass Leverage Trended?   [Mar-16-17 07:37AM  Market Realist]
▶ Rebound in Natural Gas Didnt Help Gas-Weighted Stocks   [Mar-14-17 09:08AM  Market Realist]
▶ Steven Schlotterbeck Takes the Reins as CEO for EQT   [Mar-01-17 07:00AM  Business Wire]
▶ [$$] Stone Energy Wins Court Approval to Sell Appalachian Drilling Assets   [Feb-10-17 03:14PM  at The Wall Street Journal]
▶ [$$] EQT Wins Bidding for Stone Energy Appalachian Drilling Assets   [Feb-09-17 04:29PM  at The Wall Street Journal]
▶ EQT Reports Year-End 2016 Earnings   [06:25AM  Business Wire]
▶ 5 Gas Stats That Will Blow You Away   [Jan-30-17 10:13AM  at Motley Fool]
▶ EQT Declares Quarterly Cash Dividend   [Jan-18-17 04:03PM  Business Wire]
▶ Senior EQT exec to leave at the end of February   [10:38AM  at bizjournals.com]
▶ [$$] Natural Gas Falls on Warmer Weather Forecast   [12:29AM  at The Wall Street Journal]
▶ [$$] Natural Gas Falls on Warmer Weather Forecast   [Jan-03-17 04:12PM  at The Wall Street Journal]
Stock chart of EQT Financial statements of EQT
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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