Intrinsic value of Rice Midstream Partners - RMP

Previous Close

$19.72

  Intrinsic Value

$2.04

stock screener

  Rating & Target

str. sell

-90%

  Value-price divergence*

0%

Previous close

$19.72

 
Intrinsic value

$2.04

 
Up/down potential

-90%

 
Rating

str. sell

 
Value-price divergence*

0%

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

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 2.0

 

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, %
  77.19
  14.50
  13.55
  12.70
  11.93
  11.23
  10.61
  10.05
  9.54
  9.09
  8.68
  8.31
  7.98
  7.68
  7.41
  7.17
  6.96
  6.76
  6.58
  6.43
  6.28
  6.15
  6.04
  5.94
  5.84
  5.76
  5.68
  5.61
  5.55
  5.50
  5.45
Revenue, $m
  202
  231
  263
  296
  331
  368
  408
  449
  491
  536
  583
  631
  681
  734
  788
  845
  903
  964
  1,028
  1,094
  1,163
  1,234
  1,309
  1,386
  1,467
  1,552
  1,640
  1,732
  1,828
  1,929
  2,034
Variable operating expenses, $m
 
  53
  54
  55
  55
  56
  56
  57
  58
  59
  59
  11
  12
  12
  13
  14
  15
  16
  17
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  33
  34
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
  77
  78
  80
  80
  82
  83
  84
  86
  88
  88
  41
  43
  44
  45
  47
  49
  51
  53
  56
  58
  60
  62
  65
  67
  69
  72
  74
  77
  80
  82
Operating income, $m
  127
  154
  185
  217
  251
  287
  324
  364
  405
  449
  494
  590
  639
  690
  742
  797
  854
  913
  975
  1,039
  1,105
  1,175
  1,247
  1,322
  1,401
  1,483
  1,569
  1,658
  1,751
  1,849
  1,951
EBITDA, $m
  154
  232
  266
  302
  340
  381
  423
  468
  515
  563
  614
  667
  721
  778
  838
  899
  963
  1,030
  1,099
  1,171
  1,246
  1,324
  1,406
  1,491
  1,579
  1,671
  1,768
  1,868
  1,973
  2,083
  2,198
Interest expense (income), $m
  3
  7
  8
  9
  10
  12
  13
  14
  16
  18
  19
  21
  23
  25
  27
  29
  31
  33
  35
  38
  40
  43
  45
  48
  51
  54
  57
  61
  64
  68
  72
Earnings before tax, $m
  122
  148
  177
  208
  241
  275
  312
  350
  390
  431
  474
  569
  616
  665
  716
  768
  823
  880
  939
  1,001
  1,065
  1,132
  1,202
  1,274
  1,350
  1,429
  1,511
  1,597
  1,687
  1,781
  1,880
Tax expense, $m
  0
  40
  48
  56
  65
  74
  84
  94
  105
  116
  128
  154
  166
  180
  193
  207
  222
  238
  254
  270
  288
  306
  324
  344
  364
  386
  408
  431
  456
  481
  507
Net income, $m
  122
  108
  129
  152
  176
  201
  227
  255
  284
  315
  346
  415
  450
  485
  522
  561
  601
  642
  686
  731
  777
  826
  877
  930
  985
  1,043
  1,103
  1,166
  1,232
  1,300
  1,372

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
  1,573
  1,787
  2,013
  2,254
  2,507
  2,773
  3,051
  3,342
  3,646
  3,963
  4,292
  4,635
  4,991
  5,361
  5,745
  6,145
  6,560
  6,992
  7,442
  7,909
  8,396
  8,903
  9,432
  9,983
  10,557
  11,157
  11,784
  12,438
  13,122
  13,836
Adjusted assets (=assets-cash), $m
  1,377
  1,573
  1,787
  2,013
  2,254
  2,507
  2,773
  3,051
  3,342
  3,646
  3,963
  4,292
  4,635
  4,991
  5,361
  5,745
  6,145
  6,560
  6,992
  7,442
  7,909
  8,396
  8,903
  9,432
  9,983
  10,557
  11,157
  11,784
  12,438
  13,122
  13,836
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
  842
  956
  1,077
  1,205
  1,341
  1,483
  1,632
  1,788
  1,950
  2,120
  2,296
  2,479
  2,670
  2,868
  3,073
  3,287
  3,509
  3,740
  3,981
  4,231
  4,491
  4,763
  5,045
  5,340
  5,648
  5,968
  6,303
  6,653
  7,019
  7,402
Working capital, $m
  20
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
Total debt, $m
  190
  222
  255
  291
  329
  369
  411
  455
  501
  549
  599
  651
  705
  762
  820
  881
  944
  1,010
  1,078
  1,149
  1,223
  1,300
  1,380
  1,463
  1,550
  1,641
  1,736
  1,835
  1,938
  2,046
  2,159
Total liabilities, $m
  217
  249
  282
  318
  356
  396
  438
  482
  528
  576
  626
  678
  732
  789
  847
  908
  971
  1,037
  1,105
  1,176
  1,250
  1,327
  1,407
  1,490
  1,577
  1,668
  1,763
  1,862
  1,965
  2,073
  2,186
Total equity, $m
  1,182
  1,325
  1,504
  1,695
  1,897
  2,111
  2,335
  2,569
  2,814
  3,070
  3,337
  3,614
  3,902
  4,202
  4,514
  4,838
  5,174
  5,524
  5,888
  6,266
  6,660
  7,070
  7,497
  7,941
  8,405
  8,889
  9,394
  9,922
  10,473
  11,048
  11,650
Total liabilities and equity, $m
  1,399
  1,574
  1,786
  2,013
  2,253
  2,507
  2,773
  3,051
  3,342
  3,646
  3,963
  4,292
  4,634
  4,991
  5,361
  5,746
  6,145
  6,561
  6,993
  7,442
  7,910
  8,397
  8,904
  9,431
  9,982
  10,557
  11,157
  11,784
  12,438
  13,121
  13,836
Debt-to-equity ratio
  0.161
  0.170
  0.170
  0.170
  0.170
  0.170
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  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
  108
  129
  152
  176
  201
  227
  255
  284
  315
  346
  415
  450
  485
  522
  561
  601
  642
  686
  731
  777
  826
  877
  930
  985
  1,043
  1,103
  1,166
  1,232
  1,300
  1,372
Depreciation, amort., depletion, $m
  27
  78
  81
  85
  90
  94
  99
  104
  109
  115
  120
  77
  83
  89
  96
  102
  110
  117
  125
  133
  141
  150
  159
  168
  178
  188
  199
  210
  222
  234
  247
Funds from operations, $m
  155
  185
  210
  237
  265
  295
  326
  359
  393
  429
  467
  492
  532
  574
  618
  663
  710
  759
  810
  863
  919
  976
  1,036
  1,098
  1,163
  1,231
  1,302
  1,376
  1,453
  1,534
  1,619
Change in working capital, $m
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Cash from operations, $m
  154
  186
  211
  237
  266
  295
  327
  360
  394
  430
  467
  492
  533
  575
  618
  664
  711
  760
  811
  864
  919
  977
  1,037
  1,099
  1,164
  1,232
  1,303
  1,377
  1,454
  1,535
  1,620
Maintenance CAPEX, $m
  0
  -25
  -28
  -32
  -36
  -40
  -45
  -49
  -54
  -60
  -65
  -71
  -77
  -83
  -89
  -96
  -102
  -110
  -117
  -125
  -133
  -141
  -150
  -159
  -168
  -178
  -188
  -199
  -210
  -222
  -234
New CAPEX, $m
  -121
  -107
  -114
  -121
  -128
  -135
  -142
  -149
  -156
  -163
  -169
  -176
  -183
  -190
  -198
  -206
  -214
  -222
  -231
  -240
  -250
  -260
  -271
  -283
  -295
  -307
  -321
  -335
  -350
  -366
  -382
Cash from investing activities, $m
  -721
  -132
  -142
  -153
  -164
  -175
  -187
  -198
  -210
  -223
  -234
  -247
  -260
  -273
  -287
  -302
  -316
  -332
  -348
  -365
  -383
  -401
  -421
  -442
  -463
  -485
  -509
  -534
  -560
  -588
  -616
Free cash flow, $m
  -567
  54
  69
  84
  101
  120
  140
  161
  184
  208
  233
  246
  273
  302
  332
  363
  395
  428
  463
  499
  536
  575
  616
  658
  701
  747
  794
  843
  894
  948
  1,004
Issuance/(repayment) of debt, $m
  47
  32
  34
  36
  38
  40
  42
  44
  46
  48
  50
  52
  54
  56
  58
  61
  63
  66
  68
  71
  74
  77
  80
  83
  87
  91
  95
  99
  103
  108
  113
Issuance/(repurchase) of shares, $m
  620
  57
  50
  39
  27
  12
  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  
  653
  89
  84
  75
  65
  52
  42
  44
  46
  48
  50
  52
  54
  56
  58
  61
  63
  66
  68
  71
  74
  77
  80
  83
  87
  91
  95
  99
  103
  108
  113
Total cash flow (excl. dividends), $m
  86
  143
  153
  159
  166
  172
  182
  205
  230
  256
  283
  298
  327
  358
  390
  423
  458
  494
  531
  570
  610
  652
  696
  741
  788
  837
  889
  942
  998
  1,056
  1,116
Retained Cash Flow (-), $m
  -670
  -165
  -180
  -191
  -202
  -213
  -224
  -235
  -245
  -256
  -267
  -277
  -288
  -300
  -312
  -324
  -337
  -350
  -364
  -378
  -394
  -410
  -427
  -445
  -464
  -484
  -505
  -527
  -551
  -576
  -602
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
 
  0
  -27
  -32
  -36
  -41
  -42
  -29
  -15
  0
  16
  20
  39
  58
  78
  100
  121
  144
  167
  192
  217
  242
  269
  296
  324
  353
  384
  415
  447
  480
  515
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
 
  0
  -24
  -28
  -30
  -32
  -31
  -20
  -10
  0
  8
  10
  17
  22
  26
  29
  31
  31
  31
  30
  28
  25
  22
  19
  17
  14
  11
  9
  7
  5
  4
Current shareholders' claim on cash, %
  100
  97.2
  95.1
  93.7
  92.9
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6

Rice Midstream Partners LP gathers and compresses natural gas in the United States. It operates through Gathering and Compression, and Water Services segments. The company owns, operates, develops, and acquires midstream assets in the Appalachian Basin. It also provides water services, such as collection and recycle or disposal of flowback and produced water in Washington and Greene Counties, Pennsylvania, and Belmont County, Ohio. Rice Midstream Partners LP was founded in 2014 and is headquartered in Canonsburg, Pennsylvania.

FINANCIAL RATIOS  of  Rice Midstream Partners (RMP)

Valuation Ratios
P/E Ratio 16.5
Price to Sales 10
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 13.1
Price to Free Cash Flow 61.1
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 14.5% 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 103.865 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 $2.0 billion.

RELATED COMPANIES Price Int.Val. Rating
GPOR Gulfport Energ 12.17 3.53  str.sell
RICE Rice Energy 26.32 2.50  str.sell
EQGP EQT GP Holding 25.90 11.72  str.sell
WGP Western Gas Eq 39.57 28.58  sell
EQT EQT 60.25 8.55  str.sell

COMPANY NEWS

▶ 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]
Stock chart of RMP 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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