Intrinsic value of Rice Midstream Partners - RMP

Previous Close

$21.24

  Intrinsic Value

$1.68

stock screener

  Rating & Target

str. sell

-92%

Previous close

$21.24

 
Intrinsic value

$1.68

 
Up/down potential

-92%

 
Rating

str. sell

We calculate the intrinsic value of RMP 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 2.2

 

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, %
  77.19
  53.20
  48.38
  44.04
  40.14
  36.62
  33.46
  30.62
  28.05
  25.75
  23.67
  21.81
  20.13
  18.61
  17.25
  16.03
  14.92
  13.93
  13.04
  12.23
  11.51
  10.86
  10.27
  9.75
  9.27
  8.84
  8.46
  8.11
  7.80
  7.52
  7.27
Revenue, $m
  202
  309
  459
  661
  927
  1,266
  1,690
  2,208
  2,827
  3,555
  4,396
  5,355
  6,433
  7,630
  8,946
  10,380
  11,929
  13,591
  15,363
  17,243
  19,227
  21,316
  23,506
  25,796
  28,188
  30,682
  33,277
  35,977
  38,785
  41,702
  44,734
Variable operating expenses, $m
 
  55
  57
  61
  65
  71
  78
  87
  97
  110
  124
  91
  109
  129
  152
  176
  202
  230
  260
  292
  326
  361
  398
  437
  478
  520
  564
  610
  657
  707
  758
Fixed operating expenses, $m
 
  24
  24
  25
  25
  26
  27
  27
  28
  29
  29
  30
  31
  32
  32
  33
  34
  35
  36
  37
  38
  39
  40
  41
  42
  43
  44
  45
  46
  47
  48
Total operating expenses, $m
  75
  79
  81
  86
  90
  97
  105
  114
  125
  139
  153
  121
  140
  161
  184
  209
  236
  265
  296
  329
  364
  400
  438
  478
  520
  563
  608
  655
  703
  754
  806
Operating income, $m
  127
  231
  378
  576
  836
  1,169
  1,585
  2,093
  2,701
  3,416
  4,243
  5,234
  6,293
  7,469
  8,762
  10,171
  11,693
  13,326
  15,067
  16,914
  18,864
  20,916
  23,067
  25,319
  27,669
  30,119
  32,669
  35,323
  38,081
  40,948
  43,928
EBITDA, $m
  154
  318
  483
  706
  998
  1,372
  1,840
  2,411
  3,094
  3,897
  4,826
  5,883
  7,073
  8,394
  9,847
  11,430
  13,140
  14,974
  16,930
  19,005
  21,196
  23,501
  25,919
  28,448
  31,088
  33,840
  36,706
  39,687
  42,786
  46,007
  49,354
Interest expense (income), $m
  3
  7
  11
  16
  24
  34
  47
  63
  82
  105
  133
  164
  201
  241
  286
  336
  390
  448
  510
  577
  648
  722
  801
  883
  969
  1,059
  1,153
  1,251
  1,352
  1,458
  1,568
Earnings before tax, $m
  122
  224
  367
  560
  812
  1,135
  1,539
  2,031
  2,619
  3,311
  4,110
  5,070
  6,092
  7,228
  8,476
  9,835
  11,303
  12,878
  14,556
  16,337
  18,216
  20,193
  22,267
  24,435
  26,699
  29,059
  31,516
  34,072
  36,729
  39,490
  42,360
Tax expense, $m
  0
  61
  99
  151
  219
  307
  415
  548
  707
  894
  1,110
  1,369
  1,645
  1,952
  2,289
  2,655
  3,052
  3,477
  3,930
  4,411
  4,918
  5,452
  6,012
  6,598
  7,209
  7,846
  8,509
  9,199
  9,917
  10,662
  11,437
Net income, $m
  122
  164
  268
  409
  593
  829
  1,123
  1,482
  1,912
  2,417
  3,000
  3,701
  4,447
  5,276
  6,187
  7,180
  8,251
  9,401
  10,626
  11,926
  13,298
  14,741
  16,255
  17,838
  19,491
  21,213
  23,007
  24,872
  26,812
  28,828
  30,923

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  22
  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
  1,399
  2,105
  3,124
  4,499
  6,305
  8,615
  11,497
  15,017
  19,230
  24,182
  29,906
  36,428
  43,759
  51,904
  60,859
  70,612
  81,150
  92,456
  104,510
  117,297
  130,799
  145,004
  159,901
  175,486
  191,757
  208,718
  226,376
  244,745
  263,841
  283,689
  304,314
Adjusted assets (=assets-cash), $m
  1,377
  2,105
  3,124
  4,499
  6,305
  8,615
  11,497
  15,017
  19,230
  24,182
  29,906
  36,428
  43,759
  51,904
  60,859
  70,612
  81,150
  92,456
  104,510
  117,297
  130,799
  145,004
  159,901
  175,486
  191,757
  208,718
  226,376
  244,745
  263,841
  283,689
  304,314
Revenue / Adjusted assets
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
Average production assets, $m
  735
  1,126
  1,671
  2,407
  3,373
  4,608
  6,150
  8,033
  10,287
  12,936
  15,998
  19,486
  23,408
  27,765
  32,555
  37,773
  43,410
  49,458
  55,906
  62,746
  69,969
  77,567
  85,537
  93,873
  102,577
  111,650
  121,096
  130,922
  141,138
  151,755
  162,788
Working capital, $m
  20
  -3
  -5
  -7
  -9
  -13
  -17
  -22
  -28
  -36
  -44
  -54
  -64
  -76
  -89
  -104
  -119
  -136
  -154
  -172
  -192
  -213
  -235
  -258
  -282
  -307
  -333
  -360
  -388
  -417
  -447
Total debt, $m
  190
  306
  467
  684
  969
  1,334
  1,790
  2,346
  3,011
  3,794
  4,698
  5,729
  6,887
  8,174
  9,589
  11,130
  12,795
  14,581
  16,486
  18,506
  20,639
  22,884
  25,237
  27,700
  30,271
  32,950
  35,740
  38,643
  41,660
  44,796
  48,055
Total liabilities, $m
  217
  333
  494
  711
  996
  1,361
  1,817
  2,373
  3,038
  3,821
  4,725
  5,756
  6,914
  8,201
  9,616
  11,157
  12,822
  14,608
  16,513
  18,533
  20,666
  22,911
  25,264
  27,727
  30,298
  32,977
  35,767
  38,670
  41,687
  44,823
  48,082
Total equity, $m
  1,182
  1,773
  2,630
  3,789
  5,309
  7,254
  9,681
  12,645
  16,192
  20,361
  25,181
  30,672
  36,845
  43,703
  51,243
  59,455
  68,328
  77,848
  87,998
  98,764
  110,133
  122,093
  134,637
  147,759
  161,460
  175,740
  190,608
  206,075
  222,155
  238,866
  256,232
Total liabilities and equity, $m
  1,399
  2,106
  3,124
  4,500
  6,305
  8,615
  11,498
  15,018
  19,230
  24,182
  29,906
  36,428
  43,759
  51,904
  60,859
  70,612
  81,150
  92,456
  104,511
  117,297
  130,799
  145,004
  159,901
  175,486
  191,758
  208,717
  226,375
  244,745
  263,842
  283,689
  304,314
Debt-to-equity ratio
  0.161
  0.170
  0.180
  0.180
  0.180
  0.180
  0.180
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
Adjusted equity ratio
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  122
  164
  268
  409
  593
  829
  1,123
  1,482
  1,912
  2,417
  3,000
  3,701
  4,447
  5,276
  6,187
  7,180
  8,251
  9,401
  10,626
  11,926
  13,298
  14,741
  16,255
  17,838
  19,491
  21,213
  23,007
  24,872
  26,812
  28,828
  30,923
Depreciation, amort., depletion, $m
  27
  87
  105
  130
  162
  203
  255
  317
  392
  481
  583
  650
  780
  926
  1,085
  1,259
  1,447
  1,649
  1,864
  2,092
  2,332
  2,586
  2,851
  3,129
  3,419
  3,722
  4,037
  4,364
  4,705
  5,058
  5,426
Funds from operations, $m
  155
  251
  373
  538
  755
  1,032
  1,378
  1,800
  2,304
  2,898
  3,583
  4,350
  5,228
  6,202
  7,273
  8,439
  9,698
  11,049
  12,490
  14,017
  15,630
  17,327
  19,106
  20,967
  22,910
  24,935
  27,043
  29,237
  31,517
  33,886
  36,349
Change in working capital, $m
  1
  -1
  -1
  -2
  -3
  -3
  -4
  -5
  -6
  -7
  -8
  -10
  -11
  -12
  -13
  -14
  -15
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
Cash from operations, $m
  154
  252
  375
  540
  758
  1,035
  1,382
  1,805
  2,311
  2,905
  3,591
  4,360
  5,238
  6,214
  7,286
  8,453
  9,714
  11,066
  12,507
  14,036
  15,650
  17,348
  19,128
  20,990
  22,934
  24,960
  27,069
  29,264
  31,545
  33,916
  36,379
Maintenance CAPEX, $m
  0
  -25
  -38
  -56
  -80
  -112
  -154
  -205
  -268
  -343
  -431
  -533
  -650
  -780
  -926
  -1,085
  -1,259
  -1,447
  -1,649
  -1,864
  -2,092
  -2,332
  -2,586
  -2,851
  -3,129
  -3,419
  -3,722
  -4,037
  -4,364
  -4,705
  -5,058
New CAPEX, $m
  -121
  -391
  -545
  -736
  -966
  -1,235
  -1,542
  -1,883
  -2,254
  -2,649
  -3,062
  -3,489
  -3,922
  -4,357
  -4,790
  -5,218
  -5,637
  -6,048
  -6,448
  -6,840
  -7,223
  -7,599
  -7,969
  -8,337
  -8,704
  -9,073
  -9,446
  -9,826
  -10,216
  -10,617
  -11,033
Cash from investing activities, $m
  -721
  -416
  -583
  -792
  -1,046
  -1,347
  -1,696
  -2,088
  -2,522
  -2,992
  -3,493
  -4,022
  -4,572
  -5,137
  -5,716
  -6,303
  -6,896
  -7,495
  -8,097
  -8,704
  -9,315
  -9,931
  -10,555
  -11,188
  -11,833
  -12,492
  -13,168
  -13,863
  -14,580
  -15,322
  -16,091
Free cash flow, $m
  -567
  -164
  -208
  -251
  -289
  -312
  -314
  -283
  -211
  -87
  98
  338
  667
  1,077
  1,570
  2,150
  2,818
  3,571
  4,410
  5,333
  6,336
  7,417
  8,573
  9,802
  11,101
  12,468
  13,902
  15,401
  16,965
  18,594
  20,288
Issuance/(repayment) of debt, $m
  47
  116
  161
  217
  285
  365
  455
  556
  666
  782
  905
  1,030
  1,158
  1,287
  1,415
  1,541
  1,665
  1,786
  1,905
  2,020
  2,133
  2,244
  2,354
  2,462
  2,571
  2,680
  2,790
  2,902
  3,017
  3,136
  3,259
Issuance/(repurchase) of shares, $m
  620
  449
  590
  750
  928
  1,116
  1,304
  1,481
  1,635
  1,752
  1,820
  1,790
  1,726
  1,582
  1,352
  1,033
  622
  118
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  653
  565
  751
  967
  1,213
  1,481
  1,759
  2,037
  2,301
  2,534
  2,725
  2,820
  2,884
  2,869
  2,767
  2,574
  2,287
  1,904
  1,905
  2,020
  2,133
  2,244
  2,354
  2,462
  2,571
  2,680
  2,790
  2,902
  3,017
  3,136
  3,259
Total cash flow (excl. dividends), $m
  86
  401
  543
  716
  924
  1,168
  1,446
  1,754
  2,090
  2,448
  2,822
  3,159
  3,551
  3,945
  4,337
  4,724
  5,104
  5,476
  6,315
  7,353
  8,469
  9,661
  10,927
  12,264
  13,672
  15,148
  16,692
  18,303
  19,982
  21,730
  23,546
Retained Cash Flow (-), $m
  -670
  -613
  -858
  -1,158
  -1,521
  -1,944
  -2,427
  -2,964
  -3,547
  -4,169
  -4,820
  -5,491
  -6,173
  -6,858
  -7,540
  -8,212
  -8,873
  -9,519
  -10,150
  -10,766
  -11,369
  -11,960
  -12,544
  -13,123
  -13,700
  -14,281
  -14,868
  -15,466
  -16,080
  -16,712
  -17,366
Prev. year cash balance distribution, $m
 
  22
  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
 
  -190
  -315
  -443
  -596
  -776
  -981
  -1,209
  -1,457
  -1,721
  -1,998
  -2,332
  -2,622
  -2,913
  -3,202
  -3,488
  -3,769
  -4,043
  -3,835
  -3,413
  -2,900
  -2,299
  -1,617
  -858
  -29
  867
  1,824
  2,837
  3,903
  5,018
  6,180
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
 
  -182
  -288
  -385
  -491
  -602
  -712
  -817
  -911
  -989
  -1,047
  -1,108
  -1,119
  -1,108
  -1,075
  -1,024
  -958
  -880
  -706
  -526
  -368
  -238
  -134
  -56
  -1
  34
  53
  61
  60
  55
  47
Current shareholders' claim on cash, %
  100
  82.6
  70.0
  60.6
  53.5
  48.0
  43.7
  40.4
  37.7
  35.6
  34.0
  32.7
  31.8
  31.0
  30.5
  30.2
  30.0
  30.0
  30.0
  30.0
  30.0
  30.0
  30.0
  30.0
  30.0
  30.0
  30.0
  30.0
  30.0
  30.0
  30.0

Rice Midstream Partners LP owns, operates, develops and acquires midstream assets in the Appalachian Basin. The Company's segments are gathering and compression, and water services. The gathering and compression segment provides natural gas gathering and compression services for Rice Energy Inc. (Rice Energy) and third parties in the Appalachian Basin. The water services segment provides water services to support well completion activities, and to collect and recycle or dispose of flowback and produced water for Rice Energy and third parties in the Appalachian Basin. Its gas gathering and compression assets are located within the dry gas core of the Marcellus Shale and, consists of approximately 3.3 million dekatherms per day (MMDth/d) high-pressure dry gas gathering system and associated compression in Washington County, Pennsylvania, and an approximately 840 thousand dekatherms per day (MDth/d) high-pressure dry gas gathering system in Greene County, Pennsylvania.

FINANCIAL RATIOS  of  Rice Midstream Partners (RMP)

Valuation Ratios
P/E Ratio 17.8
Price to Sales 10.8
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 14.1
Price to Free Cash Flow 65.8
Growth Rates
Sales Growth Rate 77.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -51.2%
Cap. Spend. - 3 Yr. Gr. Rate 26.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 16.1%
Total Debt to Equity 16.1%
Interest Coverage 42
Management Effectiveness
Return On Assets 12%
Ret/ On Assets - 3 Yr. Avg. 3.2%
Return On Total Capital 12%
Ret/ On T. Cap. - 3 Yr. Avg. 3%
Return On Equity 14.4%
Return On Equity - 3 Yr. Avg. 4.3%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 75.2%
EBITDA Margin - 3 Yr. Avg. -168.5%
Operating Margin 62.9%
Oper. Margin - 3 Yr. Avg. -133.1%
Pre-Tax Margin 60.4%
Pre-Tax Margin - 3 Yr. Avg. -207.4%
Net Profit Margin 60.4%
Net Profit Margin - 3 Yr. Avg. -136.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 13.3%
Payout Ratio 59%

RMP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RMP stock intrinsic value calculation we used $202 million for the last fiscal year's total revenue generated by Rice Midstream Partners. The default revenue input number comes from 2016 income statement of Rice 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 RMP stock valuation model: a) initial revenue growth rate of 53.2% 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 RMP is calculated based on our internal credit rating of Rice 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 Rice 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 RMP 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 $23 million in the base year in the intrinsic value calculation for RMP 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 Rice Midstream Partners.

Corporate tax rate of 27% is the nominal tax rate for Rice 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 RMP 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 RMP are equal to 363.9%.

Life of production assets of 37.1 years is the average useful life of capital assets used in Rice 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 RMP is equal to -1%. 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 - $1182 million for Rice 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 102.465 million for Rice 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 Rice Midstream Partners at the current share price and the inputted number of shares is $2.2 billion.

RELATED COMPANIES Price Int.Val. Rating
GPOR Gulfport Energ 12.71 2.99  str.sell
RICE Rice Energy 29.32 2.37  str.sell
EQGP EQT GP Holding 26.09 13.82  str.sell
WGP Western Gas Eq 36.78 14.23  str.sell
EQT EQT 56.81 8.43  str.sell

COMPANY NEWS

▶ Rice Midstream beats 3Q profit forecasts   [Nov-02-17 05:36PM  Associated Press]
▶ Rice Midstream Partners Increases Quarterly Distribution   [Oct-20-17 08:00AM  PR Newswire]
▶ Top 10 MLPs Ranked Based on Total Returns   [Oct-18-17 07:43AM  Market Realist]
▶ Teekay Offshore Partners Upgrade Last Week   [Sep-18-17 02:36PM  Market Realist]
▶ EQT said it'll make decision on valuation strategy by early '18   [Sep-14-17 11:00AM  American City Business Journals]
▶ MLP Rating Updates for the Week Ended September 8   [Sep-12-17 10:07AM  Market Realist]
▶ Recent Analyst Recommendations for Antero Midstream Partners   [Aug-28-17 10:36AM  Market Realist]
▶ Antero Midstream Partners Is Outperforming AMLP: Heres Why   [Aug-24-17 02:11PM  Market Realist]
▶ Rice CEO talks up EQT deal, channels Timberlake   [Aug-03-17 03:31PM  American City Business Journals]
▶ Rice Midstream beats 2Q profit forecasts   [12:07AM  Associated Press]
▶ New Strong Sell Stocks for July 25th   [Jul-25-17 08:59AM  Zacks]
▶ Rice Midstream Partners Increases Quarterly Distribution   [Jul-21-17 08:00AM  PR Newswire]
▶ What Really Happened to Rice Midstream in June?   [Jul-07-17 09:09AM  Market Realist]
▶ How EQT and RICE Responded to Jana Partners Stance   [Jul-05-17 09:35AM  Market Realist]
▶ RMP, MMP, HCLP: Key MLP Ratings Updates Last Week   [Jun-27-17 07:42AM  Market Realist]
▶ MLPs Follow Crude Oil Prices, Fall for 5th Consecutive Week   [Jun-26-17 04:33PM  Market Realist]
▶ 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]
▶ EQT Acquires Rice Energy for $6.7 Billion   [11:15AM  24/7 Wall St.]
▶ Antero Midstreams Current Valuation: Take a Closer Look   [Jun-01-17 09:06AM  Market Realist]
▶ Antero Midstreams Marcellus Well Completion Costs Decline   [May-31-17 07:37AM  Market Realist]
▶ Rice Energy could sell part of unit to midstream MLP   [May-04-17 11:45AM  American City Business Journals]
▶ Rice Midstream meets 1Q profit forecasts   [May-03-17 06:01PM  Associated Press]
▶ Rice Midstream Partners Increases Quarterly Distribution   [Apr-21-17 08:00AM  PR Newswire]
▶ Why This Energy Firm May Hold Key To The 'Product Of The Future'   [Mar-24-17 04:30PM  Investor's Business Daily]
▶ Rice Midstream Has the Lowest Leverage among Its Peers   [Mar-23-17 10:36AM  Market Realist]
▶ Alerian Index Series March 2017 Index Review   [Mar-10-17 08:30AM  PR Newswire]
Financial statements of RMP
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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