Intrinsic value of Seadrill Partners - SDLP

Previous Close

$2.67

  Intrinsic Value

$41.75

stock screener

  Rating & Target

str. buy

+999%

  Value-price divergence*

-30%

Previous close

$2.67

 
Intrinsic value

$41.75

 
Up/down potential

+999%

 
Rating

str. buy

 
Value-price divergence*

-30%

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

We calculate the intrinsic value of SDLP 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 0.2

 

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, %
  -8.15
  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
  1,600
  1,632
  1,670
  1,712
  1,761
  1,814
  1,873
  1,936
  2,005
  2,080
  2,160
  2,245
  2,336
  2,433
  2,536
  2,646
  2,761
  2,884
  3,014
  3,151
  3,296
  3,449
  3,610
  3,780
  3,959
  4,147
  4,345
  4,554
  4,774
  5,005
  5,248
Variable operating expenses, $m
 
  842
  861
  884
  908
  936
  966
  999
  1,035
  1,073
  1,114
  1,158
  1,205
  1,255
  1,308
  1,365
  1,424
  1,488
  1,555
  1,625
  1,700
  1,779
  1,862
  1,950
  2,042
  2,139
  2,241
  2,349
  2,463
  2,582
  2,707
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
  782
  842
  861
  884
  908
  936
  966
  999
  1,035
  1,073
  1,114
  1,158
  1,205
  1,255
  1,308
  1,365
  1,424
  1,488
  1,555
  1,625
  1,700
  1,779
  1,862
  1,950
  2,042
  2,139
  2,241
  2,349
  2,463
  2,582
  2,707
Operating income, $m
  818
  790
  808
  829
  852
  878
  906
  937
  971
  1,007
  1,045
  1,087
  1,131
  1,178
  1,228
  1,281
  1,337
  1,397
  1,459
  1,526
  1,596
  1,670
  1,748
  1,830
  1,917
  2,008
  2,104
  2,205
  2,312
  2,423
  2,541
EBITDA, $m
  1,084
  1,061
  1,086
  1,113
  1,145
  1,179
  1,218
  1,259
  1,304
  1,352
  1,404
  1,460
  1,519
  1,582
  1,649
  1,720
  1,795
  1,875
  1,960
  2,049
  2,143
  2,242
  2,347
  2,457
  2,574
  2,696
  2,825
  2,961
  3,104
  3,254
  3,412
Interest expense (income), $m
  196
  179
  184
  191
  198
  207
  216
  227
  238
  250
  263
  277
  293
  309
  326
  344
  364
  384
  406
  429
  453
  479
  506
  534
  565
  596
  630
  665
  702
  741
  782
Earnings before tax, $m
  632
  611
  624
  638
  654
  671
  690
  711
  733
  757
  782
  810
  839
  869
  902
  937
  973
  1,012
  1,053
  1,097
  1,143
  1,191
  1,242
  1,296
  1,352
  1,412
  1,474
  1,540
  1,610
  1,683
  1,759
Tax expense, $m
  86
  165
  169
  172
  177
  181
  186
  192
  198
  204
  211
  219
  226
  235
  244
  253
  263
  273
  284
  296
  309
  322
  335
  350
  365
  381
  398
  416
  435
  454
  475
Net income, $m
  281
  446
  456
  466
  477
  490
  504
  519
  535
  552
  571
  591
  612
  635
  658
  684
  711
  739
  769
  801
  834
  869
  907
  946
  987
  1,030
  1,076
  1,124
  1,175
  1,228
  1,284

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  768
  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
  6,781
  6,607
  6,759
  6,933
  7,128
  7,344
  7,581
  7,839
  8,119
  8,420
  8,743
  9,089
  9,458
  9,850
  10,268
  10,711
  11,180
  11,677
  12,202
  12,758
  13,344
  13,962
  14,615
  15,302
  16,027
  16,790
  17,593
  18,438
  19,328
  20,264
  21,249
Adjusted assets (=assets-cash), $m
  6,013
  6,607
  6,759
  6,933
  7,128
  7,344
  7,581
  7,839
  8,119
  8,420
  8,743
  9,089
  9,458
  9,850
  10,268
  10,711
  11,180
  11,677
  12,202
  12,758
  13,344
  13,962
  14,615
  15,302
  16,027
  16,790
  17,593
  18,438
  19,328
  20,264
  21,249
Revenue / Adjusted assets
  0.266
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
Average production assets, $m
  5,444
  5,554
  5,681
  5,827
  5,991
  6,173
  6,372
  6,589
  6,824
  7,077
  7,349
  7,640
  7,950
  8,280
  8,631
  9,003
  9,397
  9,815
  10,257
  10,723
  11,216
  11,736
  12,284
  12,862
  13,471
  14,112
  14,788
  15,498
  16,246
  17,033
  17,860
Working capital, $m
  549
  10
  10
  10
  11
  11
  11
  12
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
Total debt, $m
  3,601
  3,471
  3,596
  3,740
  3,901
  4,079
  4,275
  4,488
  4,719
  4,968
  5,235
  5,520
  5,825
  6,149
  6,494
  6,860
  7,248
  7,658
  8,092
  8,551
  9,035
  9,546
  10,085
  10,653
  11,251
  11,881
  12,545
  13,243
  13,978
  14,751
  15,564
Total liabilities, $m
  5,588
  5,458
  5,583
  5,727
  5,888
  6,066
  6,262
  6,475
  6,706
  6,955
  7,222
  7,507
  7,812
  8,136
  8,481
  8,847
  9,235
  9,645
  10,079
  10,538
  11,022
  11,533
  12,072
  12,640
  13,238
  13,868
  14,532
  15,230
  15,965
  16,738
  17,551
Total equity, $m
  1,193
  1,150
  1,176
  1,206
  1,240
  1,278
  1,319
  1,364
  1,413
  1,465
  1,521
  1,581
  1,646
  1,714
  1,787
  1,864
  1,945
  2,032
  2,123
  2,220
  2,322
  2,429
  2,543
  2,663
  2,789
  2,921
  3,061
  3,208
  3,363
  3,526
  3,697
Total liabilities and equity, $m
  6,781
  6,608
  6,759
  6,933
  7,128
  7,344
  7,581
  7,839
  8,119
  8,420
  8,743
  9,088
  9,458
  9,850
  10,268
  10,711
  11,180
  11,677
  12,202
  12,758
  13,344
  13,962
  14,615
  15,303
  16,027
  16,789
  17,593
  18,438
  19,328
  20,264
  21,248
Debt-to-equity ratio
  3.018
  3.020
  3.060
  3.100
  3.150
  3.190
  3.240
  3.290
  3.340
  3.390
  3.440
  3.490
  3.540
  3.590
  3.630
  3.680
  3.730
  3.770
  3.810
  3.850
  3.890
  3.930
  3.970
  4.000
  4.030
  4.070
  4.100
  4.130
  4.160
  4.180
  4.210
Adjusted equity ratio
  0.071
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  281
  446
  456
  466
  477
  490
  504
  519
  535
  552
  571
  591
  612
  635
  658
  684
  711
  739
  769
  801
  834
  869
  907
  946
  987
  1,030
  1,076
  1,124
  1,175
  1,228
  1,284
Depreciation, amort., depletion, $m
  266
  271
  277
  285
  293
  301
  311
  322
  333
  346
  359
  373
  388
  404
  421
  439
  458
  479
  500
  523
  547
  572
  599
  627
  657
  688
  721
  756
  792
  831
  871
Funds from operations, $m
  907
  717
  733
  750
  770
  791
  815
  841
  868
  898
  930
  964
  1,000
  1,038
  1,080
  1,123
  1,169
  1,218
  1,269
  1,324
  1,381
  1,442
  1,506
  1,573
  1,644
  1,719
  1,798
  1,880
  1,968
  2,059
  2,156
Change in working capital, $m
  33
  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
  1
Cash from operations, $m
  874
  717
  733
  750
  770
  791
  815
  840
  868
  897
  929
  963
  999
  1,038
  1,079
  1,122
  1,168
  1,217
  1,269
  1,323
  1,380
  1,441
  1,505
  1,572
  1,643
  1,718
  1,796
  1,879
  1,966
  2,058
  2,154
Maintenance CAPEX, $m
  0
  -266
  -271
  -277
  -284
  -292
  -301
  -311
  -321
  -333
  -345
  -358
  -373
  -388
  -404
  -421
  -439
  -458
  -479
  -500
  -523
  -547
  -572
  -599
  -627
  -657
  -688
  -721
  -756
  -792
  -831
New CAPEX, $m
  -13
  -110
  -128
  -146
  -164
  -182
  -199
  -217
  -235
  -253
  -272
  -291
  -310
  -330
  -351
  -372
  -395
  -418
  -442
  -467
  -493
  -520
  -548
  -578
  -609
  -641
  -675
  -711
  -748
  -787
  -828
Cash from investing activities, $m
  98
  -376
  -399
  -423
  -448
  -474
  -500
  -528
  -556
  -586
  -617
  -649
  -683
  -718
  -755
  -793
  -834
  -876
  -921
  -967
  -1,016
  -1,067
  -1,120
  -1,177
  -1,236
  -1,298
  -1,363
  -1,432
  -1,504
  -1,579
  -1,659
Free cash flow, $m
  972
  342
  334
  327
  321
  317
  314
  312
  311
  311
  312
  314
  317
  320
  324
  329
  335
  341
  348
  356
  365
  374
  384
  395
  407
  419
  433
  447
  462
  479
  496
Issuance/(repayment) of debt, $m
  -355
  99
  126
  143
  161
  178
  196
  213
  231
  249
  267
  286
  305
  324
  345
  366
  388
  410
  434
  459
  484
  511
  539
  568
  598
  630
  664
  698
  735
  773
  813
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  -415
  99
  126
  143
  161
  178
  196
  213
  231
  249
  267
  286
  305
  324
  345
  366
  388
  410
  434
  459
  484
  511
  539
  568
  598
  630
  664
  698
  735
  773
  813
Total cash flow (excl. dividends), $m
  556
  440
  460
  471
  483
  496
  510
  526
  542
  560
  579
  600
  621
  644
  669
  695
  722
  751
  782
  815
  849
  885
  923
  963
  1,005
  1,050
  1,096
  1,146
  1,197
  1,252
  1,309
Retained Cash Flow (-), $m
  -229
  -20
  -26
  -30
  -34
  -38
  -41
  -45
  -49
  -52
  -56
  -60
  -64
  -68
  -73
  -77
  -82
  -86
  -91
  -97
  -102
  -108
  -113
  -120
  -126
  -133
  -140
  -147
  -155
  -163
  -171
Prev. year cash balance distribution, $m
 
  64
  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
 
  484
  433
  440
  449
  458
  469
  481
  494
  508
  523
  539
  557
  576
  596
  618
  641
  665
  691
  718
  747
  777
  809
  843
  879
  917
  957
  998
  1,042
  1,089
  1,138
Discount rate, %
 
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.42
  17.24
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
  28.09
  29.49
  30.97
  32.52
PV of cash for distribution, $m
 
  448
  369
  343
  316
  290
  263
  238
  212
  188
  165
  142
  122
  103
  85
  70
  56
  44
  35
  26
  20
  14
  10
  7
  5
  3
  2
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Seadrill Partners LLC owns, operates, and acquires offshore drilling units. The company primarily serves various oil and gas companies. As of March 31, 2016, its fleet consisted of four semi-submersible drilling rigs, four drillships, and three tender rigs. The company was founded in 2012 and is headquartered in London, the United Kingdom.

FINANCIAL RATIOS  of  Seadrill Partners (SDLP)

Valuation Ratios
P/E Ratio 0.9
Price to Sales 0.2
Price to Book 0.2
Price to Tangible Book
Price to Cash Flow 0.3
Price to Free Cash Flow 0.3
Growth Rates
Sales Growth Rate -8.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -31.6%
Cap. Spend. - 3 Yr. Gr. Rate -39.4%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 282.6%
Total Debt to Equity 301.8%
Interest Coverage 4
Management Effectiveness
Return On Assets 6.6%
Ret/ On Assets - 3 Yr. Avg. 6.2%
Return On Total Capital 5.9%
Ret/ On T. Cap. - 3 Yr. Avg. 5.1%
Return On Equity 26.1%
Return On Equity - 3 Yr. Avg. 25.2%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 74.8%
Gross Margin - 3 Yr. Avg. 69.7%
EBITDA Margin 68.4%
EBITDA Margin - 3 Yr. Avg. 60.3%
Operating Margin 51.1%
Oper. Margin - 3 Yr. Avg. 48.5%
Pre-Tax Margin 39.5%
Pre-Tax Margin - 3 Yr. Avg. 33.1%
Net Profit Margin 17.6%
Net Profit Margin - 3 Yr. Avg. 14.2%
Effective Tax Rate 13.6%
Eff/ Tax Rate - 3 Yr. Avg. 13.5%
Payout Ratio 38.1%

SDLP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SDLP stock intrinsic value calculation we used $1600 million for the last fiscal year's total revenue generated by Seadrill Partners. The default revenue input number comes from 2016 income statement of Seadrill 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 SDLP 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 7.9%, whose default value for SDLP is calculated based on our internal credit rating of Seadrill 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 Seadrill 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 SDLP stock the variable cost ratio is equal to 51.6%.

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 SDLP 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 5.3% for Seadrill Partners.

Corporate tax rate of 27% is the nominal tax rate for Seadrill 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 SDLP 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 SDLP are equal to 340.3%.

Life of production assets of 20.5 years is the average useful life of capital assets used in Seadrill 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 SDLP is equal to 0.6%. 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 - $1193 million for Seadrill 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 85.762 million for Seadrill 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 Seadrill Partners at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ Why Seadrill Partners LLC Dropped Almost 15% in July   [Aug-09-17 04:59PM  Motley Fool]
▶ Why these MLPs Fell More than 5% Last Week   [Aug-01-17 03:07PM  Market Realist]
▶ Drilling into Enscos 2Q17 Results   [10:34AM  Market Realist]
▶ Offshore Drillers with the Highest and Lowest Backlogs   [Jun-28-17 10:37AM  Market Realist]
▶ Seadrill Partners Financial Health after Its 1Q17 Results   [May-31-17 10:37AM  Market Realist]
▶ Seadrill Partners Expects Its EBITDA to Fall   [07:38AM  Market Realist]
▶ What Were Seadrill Partners Expenses in 1Q17?   [04:35PM  Market Realist]
▶ Is Seadrill Worth the Risk?   [08:46AM  Investopedia]
▶ Seadrills 1Q17 Results: What Can Investors Expect?   [May-22-17 07:39AM  Market Realist]
▶ SDLP - Deferral of First Quarter Distribution Decision   [Apr-28-17 08:18AM  GlobeNewswire]
▶ SDLP - West Capricorn Returns to Operation   [Apr-26-17 08:11AM  GlobeNewswire]
▶ These 3 Dividend Stocks Could Slash Their Payouts   [Apr-20-17 10:47AM  Motley Fool]
▶ Seadrill Partners Stock Up on BP Canada Contract   [Apr-07-17 11:58AM  TheStreet.com]
▶ Here's Why Seadrill Partners LLC Is Plunging Today   [Apr-04-17 03:50PM  Motley Fool]
▶ Oil and Gas Stock Roundup: A Small Dose of Optimism   [Mar-18-17 10:00AM  Motley Fool]
▶ Seadrill Partners LLC (SDLP): How It Stacks Up Against Its Peers   [Dec-15-16 01:55AM  at Insider Monkey]
▶ RigNet Inc's Stock Caught Fire on Friday   [Dec-09-16 03:41PM  at Motley Fool]
▶ Offshore Drillers: As the Cycle Turns   [01:43PM  at Barrons.com]
Stock chart of SDLP Financial statements of SDLP
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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