Intrinsic value of Natural Resource Partners - NRP

Previous Close

$25.15

  Intrinsic Value

$3.00

stock screener

  Rating & Target

str. sell

-88%

  Value-price divergence*

-244%

Previous close

$25.15

 
Intrinsic value

$3.00

 
Up/down potential

-88%

 
Rating

str. sell

 
Value-price divergence*

-244%

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

We calculate the intrinsic value of NRP 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 0.3

 

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, %
  -14.32
  20.30
  18.77
  17.39
  16.15
  15.04
  14.03
  13.13
  12.32
  11.59
  10.93
  10.33
  9.80
  9.32
  8.89
  8.50
  8.15
  7.84
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
Revenue, $m
  371
  446
  530
  622
  723
  832
  948
  1,073
  1,205
  1,344
  1,491
  1,645
  1,807
  1,975
  2,151
  2,334
  2,524
  2,721
  2,927
  3,141
  3,363
  3,593
  3,833
  4,082
  4,342
  4,612
  4,893
  5,186
  5,492
  5,810
  6,143
Variable operating expenses, $m
 
  622
  739
  867
  1,008
  1,159
  1,322
  1,495
  1,680
  1,874
  2,079
  2,294
  2,519
  2,753
  2,998
  3,253
  3,518
  3,794
  4,080
  4,378
  4,687
  5,009
  5,343
  5,691
  6,053
  6,429
  6,821
  7,230
  7,655
  8,100
  8,563
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
  185
  622
  739
  867
  1,008
  1,159
  1,322
  1,495
  1,680
  1,874
  2,079
  2,294
  2,519
  2,753
  2,998
  3,253
  3,518
  3,794
  4,080
  4,378
  4,687
  5,009
  5,343
  5,691
  6,053
  6,429
  6,821
  7,230
  7,655
  8,100
  8,563
Operating income, $m
  186
  -176
  -209
  -245
  -285
  -328
  -374
  -423
  -475
  -530
  -588
  -648
  -712
  -778
  -847
  -919
  -994
  -1,072
  -1,153
  -1,237
  -1,325
  -1,416
  -1,510
  -1,608
  -1,711
  -1,817
  -1,928
  -2,043
  -2,164
  -2,289
  -2,420
EBITDA, $m
  232
  -120
  -143
  -168
  -195
  -224
  -256
  -290
  -325
  -363
  -403
  -444
  -488
  -533
  -581
  -630
  -681
  -735
  -790
  -848
  -908
  -970
  -1,035
  -1,102
  -1,172
  -1,245
  -1,321
  -1,400
  -1,482
  -1,568
  -1,658
Interest expense (income), $m
  84
  79
  97
  118
  140
  165
  191
  219
  250
  282
  316
  352
  389
  429
  470
  513
  557
  604
  652
  702
  754
  808
  864
  923
  983
  1,047
  1,113
  1,181
  1,253
  1,327
  1,405
Earnings before tax, $m
  95
  -255
  -306
  -363
  -425
  -492
  -565
  -642
  -725
  -812
  -904
  -1,000
  -1,101
  -1,207
  -1,317
  -1,432
  -1,552
  -1,676
  -1,805
  -1,939
  -2,079
  -2,224
  -2,374
  -2,531
  -2,694
  -2,864
  -3,041
  -3,225
  -3,416
  -3,616
  -3,825
Tax expense, $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
  0
Net income, $m
  97
  -255
  -306
  -363
  -425
  -492
  -565
  -642
  -725
  -812
  -904
  -1,000
  -1,101
  -1,207
  -1,317
  -1,432
  -1,552
  -1,676
  -1,805
  -1,939
  -2,079
  -2,224
  -2,374
  -2,531
  -2,694
  -2,864
  -3,041
  -3,225
  -3,416
  -3,616
  -3,825

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  40
  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
  1,445
  1,737
  2,063
  2,421
  2,812
  3,235
  3,689
  4,174
  4,688
  5,231
  5,803
  6,403
  7,030
  7,685
  8,369
  9,080
  9,820
  10,589
  11,389
  12,220
  13,084
  13,981
  14,914
  15,885
  16,894
  17,945
  19,040
  20,180
  21,369
  22,608
  23,901
Adjusted assets (=assets-cash), $m
  1,405
  1,737
  2,063
  2,421
  2,812
  3,235
  3,689
  4,174
  4,688
  5,231
  5,803
  6,403
  7,030
  7,685
  8,369
  9,080
  9,820
  10,589
  11,389
  12,220
  13,084
  13,981
  14,914
  15,885
  16,894
  17,945
  19,040
  20,180
  21,369
  22,608
  23,901
Revenue / Adjusted assets
  0.264
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
Average production assets, $m
  1,082
  1,301
  1,546
  1,815
  2,108
  2,425
  2,765
  3,128
  3,513
  3,920
  4,349
  4,798
  5,269
  5,760
  6,272
  6,805
  7,359
  7,936
  8,535
  9,158
  9,805
  10,478
  11,177
  11,904
  12,661
  13,448
  14,269
  15,123
  16,014
  16,943
  17,912
Working capital, $m
  -84
  18
  21
  25
  29
  33
  38
  43
  48
  54
  60
  66
  72
  79
  86
  93
  101
  109
  117
  126
  135
  144
  153
  163
  174
  184
  196
  207
  220
  232
  246
Total debt, $m
  1,126
  1,387
  1,679
  2,000
  2,350
  2,729
  3,135
  3,569
  4,029
  4,515
  5,027
  5,563
  6,125
  6,712
  7,323
  7,960
  8,622
  9,311
  10,026
  10,770
  11,543
  12,346
  13,181
  14,050
  14,954
  15,894
  16,874
  17,894
  18,958
  20,067
  21,225
Total liabilities, $m
  1,293
  1,554
  1,846
  2,167
  2,517
  2,896
  3,302
  3,736
  4,196
  4,682
  5,194
  5,730
  6,292
  6,879
  7,490
  8,127
  8,789
  9,478
  10,193
  10,937
  11,710
  12,513
  13,348
  14,217
  15,121
  16,061
  17,041
  18,061
  19,125
  20,234
  21,392
Total equity, $m
  152
  182
  217
  254
  295
  340
  387
  438
  492
  549
  609
  672
  738
  807
  879
  953
  1,031
  1,112
  1,196
  1,283
  1,374
  1,468
  1,566
  1,668
  1,774
  1,884
  1,999
  2,119
  2,244
  2,374
  2,510
Total liabilities and equity, $m
  1,445
  1,736
  2,063
  2,421
  2,812
  3,236
  3,689
  4,174
  4,688
  5,231
  5,803
  6,402
  7,030
  7,686
  8,369
  9,080
  9,820
  10,590
  11,389
  12,220
  13,084
  13,981
  14,914
  15,885
  16,895
  17,945
  19,040
  20,180
  21,369
  22,608
  23,902
Debt-to-equity ratio
  7.408
  7.610
  7.750
  7.870
  7.960
  8.030
  8.090
  8.140
  8.180
  8.220
  8.250
  8.280
  8.300
  8.320
  8.330
  8.350
  8.360
  8.370
  8.380
  8.390
  8.400
  8.410
  8.420
  8.420
  8.430
  8.440
  8.440
  8.440
  8.450
  8.450
  8.460
Adjusted equity ratio
  0.080
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  97
  -255
  -306
  -363
  -425
  -492
  -565
  -642
  -725
  -812
  -904
  -1,000
  -1,101
  -1,207
  -1,317
  -1,432
  -1,552
  -1,676
  -1,805
  -1,939
  -2,079
  -2,224
  -2,374
  -2,531
  -2,694
  -2,864
  -3,041
  -3,225
  -3,416
  -3,616
  -3,825
Depreciation, amort., depletion, $m
  46
  55
  66
  77
  90
  103
  118
  133
  150
  167
  185
  204
  224
  245
  267
  290
  313
  338
  363
  390
  417
  446
  476
  507
  539
  572
  607
  644
  681
  721
  762
Funds from operations, $m
  64
  -199
  -240
  -285
  -335
  -389
  -447
  -509
  -575
  -645
  -719
  -796
  -877
  -962
  -1,050
  -1,142
  -1,238
  -1,338
  -1,442
  -1,550
  -1,661
  -1,778
  -1,899
  -2,025
  -2,155
  -2,292
  -2,433
  -2,581
  -2,735
  -2,895
  -3,063
Change in working capital, $m
  -44
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
Cash from operations, $m
  108
  -202
  -244
  -289
  -339
  -393
  -452
  -514
  -580
  -650
  -724
  -802
  -884
  -969
  -1,057
  -1,150
  -1,246
  -1,346
  -1,450
  -1,558
  -1,670
  -1,787
  -1,908
  -2,035
  -2,166
  -2,302
  -2,445
  -2,593
  -2,747
  -2,908
  -3,076
Maintenance CAPEX, $m
  0
  -46
  -55
  -66
  -77
  -90
  -103
  -118
  -133
  -150
  -167
  -185
  -204
  -224
  -245
  -267
  -290
  -313
  -338
  -363
  -390
  -417
  -446
  -476
  -507
  -539
  -572
  -607
  -644
  -681
  -721
New CAPEX, $m
  -5
  -219
  -244
  -269
  -293
  -317
  -340
  -363
  -385
  -407
  -428
  -449
  -470
  -491
  -512
  -533
  -555
  -577
  -599
  -623
  -647
  -673
  -699
  -727
  -757
  -788
  -820
  -854
  -891
  -929
  -969
Cash from investing activities, $m
  167
  -265
  -299
  -335
  -370
  -407
  -443
  -481
  -518
  -557
  -595
  -634
  -674
  -715
  -757
  -800
  -845
  -890
  -937
  -986
  -1,037
  -1,090
  -1,145
  -1,203
  -1,264
  -1,327
  -1,392
  -1,461
  -1,535
  -1,610
  -1,690
Free cash flow, $m
  275
  -468
  -543
  -624
  -709
  -800
  -895
  -995
  -1,099
  -1,207
  -1,320
  -1,437
  -1,558
  -1,684
  -1,814
  -1,950
  -2,090
  -2,236
  -2,387
  -2,544
  -2,707
  -2,877
  -3,054
  -3,237
  -3,429
  -3,629
  -3,837
  -4,054
  -4,281
  -4,518
  -4,766
Issuance/(repayment) of debt, $m
  -163
  261
  292
  321
  350
  379
  406
  434
  460
  486
  512
  537
  562
  586
  611
  637
  662
  689
  716
  744
  773
  803
  835
  869
  904
  941
  979
  1,020
  1,064
  1,109
  1,158
Issuance/(repurchase) of shares, $m
  0
  285
  340
  400
  466
  537
  612
  693
  779
  869
  964
  1,063
  1,167
  1,276
  1,389
  1,507
  1,629
  1,757
  1,889
  2,026
  2,169
  2,318
  2,472
  2,633
  2,800
  2,974
  3,155
  3,344
  3,541
  3,746
  3,961
Cash from financing (excl. dividends), $m  
  -264
  546
  632
  721
  816
  916
  1,018
  1,127
  1,239
  1,355
  1,476
  1,600
  1,729
  1,862
  2,000
  2,144
  2,291
  2,446
  2,605
  2,770
  2,942
  3,121
  3,307
  3,502
  3,704
  3,915
  4,134
  4,364
  4,605
  4,855
  5,119
Total cash flow (excl. dividends), $m
  11
  79
  89
  98
  106
  115
  124
  132
  140
  148
  156
  163
  171
  178
  186
  194
  201
  209
  218
  226
  235
  244
  254
  264
  275
  286
  298
  310
  324
  337
  352
Retained Cash Flow (-), $m
  -76
  -285
  -340
  -400
  -466
  -537
  -612
  -693
  -779
  -869
  -964
  -1,063
  -1,167
  -1,276
  -1,389
  -1,507
  -1,629
  -1,757
  -1,889
  -2,026
  -2,169
  -2,318
  -2,472
  -2,633
  -2,800
  -2,974
  -3,155
  -3,344
  -3,541
  -3,746
  -3,961
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
 
  -207
  -251
  -303
  -359
  -421
  -489
  -561
  -639
  -721
  -808
  -900
  -996
  -1,097
  -1,203
  -1,313
  -1,428
  -1,547
  -1,671
  -1,800
  -1,934
  -2,074
  -2,218
  -2,369
  -2,525
  -2,688
  -2,858
  -3,034
  -3,218
  -3,409
  -3,609
Discount rate, %
 
  12.20
  12.81
  13.45
  14.12
  14.83
  15.57
  16.35
  17.17
  18.02
  18.93
  19.87
  20.87
  21.91
  23.00
  24.16
  25.36
  26.63
  27.96
  29.36
  30.83
  32.37
  33.99
  35.69
  37.47
  39.35
  41.31
  43.38
  45.55
  47.83
  50.22
PV of cash for distribution, $m
 
  -184
  -198
  -207
  -212
  -211
  -205
  -194
  -180
  -162
  -143
  -123
  -103
  -84
  -66
  -51
  -38
  -28
  -20
  -14
  -9
  -6
  -4
  -2
  -1
  -1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  52.7
  27.9
  14.8
  7.9
  4.2
  2.3
  1.2
  0.7
  0.4
  0.2
  0.1
  0.1
  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
  0.0
  0.0
  0.0

Natural Resource Partners L.P., through its subsidiaries, owns, operates, manages, and leases mineral properties in the United States. The company operates through four segments: Coal, Hard Mineral Royalty and Other; Soda Ash; VantaCore; and Oil and Gas. It owns interests in coal; trona and soda ash; construction aggregates, such as limestone, sand and gravel, and asphalt; crude oil and natural gas; frac sand; and other natural resource properties. The company’s coal reserves are primarily located in Appalachia, the Illinois Basin, and the Western United States; lignite reserves are located in the Gulf Coast region; trona ore mining operations are located in the Green River Basin, Wyoming; and oil and gas properties are located in the Williston Basin, the Appalachian Basin, Louisiana, and Oklahoma. It owns and leases coal reserves, and aggregates and industrial minerals reserves in exchange for royalty payments. The company also operates marine terminals; and owns, operates, and leases transportation and processing infrastructure related to coal and aggregates properties. NRP (GP) LP serves as the general partner of the company. Natural Resource Partners L.P. was founded in 2002 and is headquartered in Houston, Texas.

FINANCIAL RATIOS  of  Natural Resource Partners (NRP)

Valuation Ratios
P/E Ratio 3.2
Price to Sales 0.8
Price to Book 2
Price to Tangible Book
Price to Cash Flow 2.8
Price to Free Cash Flow 3
Growth Rates
Sales Growth Rate -14.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -90.2%
Cap. Spend. - 3 Yr. Gr. Rate -41.3%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 649.3%
Total Debt to Equity 740.8%
Interest Coverage 2
Management Effectiveness
Return On Assets 11.6%
Ret/ On Assets - 3 Yr. Avg. -1.2%
Return On Total Capital 7.3%
Ret/ On T. Cap. - 3 Yr. Avg. -6.4%
Return On Equity 85.1%
Return On Equity - 3 Yr. Avg. -14%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 60.6%
EBITDA Margin - 3 Yr. Avg. 38.8%
Operating Margin 50.1%
Oper. Margin - 3 Yr. Avg. 20.5%
Pre-Tax Margin 25.6%
Pre-Tax Margin - 3 Yr. Avg. -2.2%
Net Profit Margin 26.1%
Net Profit Margin - 3 Yr. Avg. -24.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 22.7%

NRP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NRP stock intrinsic value calculation we used $371 million for the last fiscal year's total revenue generated by Natural Resource Partners. The default revenue input number comes from 2016 income statement of Natural Resource 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 NRP stock valuation model: a) initial revenue growth rate of 20.3% 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 12.2%, whose default value for NRP is calculated based on our internal credit rating of Natural Resource 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 Natural Resource 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 NRP stock the variable cost ratio is equal to 139.4%.

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 NRP 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 7% for Natural Resource Partners.

Corporate tax rate of 27% is the nominal tax rate for Natural Resource 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 NRP 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 NRP are equal to 291.6%.

Life of production assets of 23.5 years is the average useful life of capital assets used in Natural Resource 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 NRP is equal to 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 - $152 million for Natural Resource 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 12.648 million for Natural Resource 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 Natural Resource Partners at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

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Stock chart of NRP Financial statements of NRP
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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