Intrinsic value of Seadrill Partners - SDLP

Previous Close

$3.79

  Intrinsic Value

$44.86

stock screener

  Rating & Target

str. buy

+999%

  Value-price divergence*

-33%

Previous close

$3.79

 
Intrinsic value

$44.86

 
Up/down potential

+999%

 
Rating

str. buy

 
Value-price divergence*

-33%

*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 0.4

 

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
  199
  207
  217
  227
  238
  251
  264
  278
  293
  309
  327
  345
  364
  385
  407
  430
  454
  480
  507
  536
  566
  597
  631
  666
  703
  742
  783
Earnings before tax, $m
  632
  611
  624
  638
  653
  671
  690
  710
  732
  756
  781
  809
  838
  869
  901
  936
  973
  1,012
  1,053
  1,096
  1,142
  1,190
  1,241
  1,295
  1,351
  1,410
  1,473
  1,539
  1,608
  1,681
  1,758
Tax expense, $m
  86
  165
  168
  172
  176
  181
  186
  192
  198
  204
  211
  218
  226
  235
  243
  253
  263
  273
  284
  296
  308
  321
  335
  350
  365
  381
  398
  416
  434
  454
  475
Net income, $m
  281
  446
  455
  466
  477
  490
  503
  518
  535
  552
  570
  590
  612
  634
  658
  683
  710
  738
  768
  800
  833
  869
  906
  945
  986
  1,030
  1,075
  1,123
  1,174
  1,227
  1,283

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
  6,135
  6,276
  6,438
  6,619
  6,820
  7,040
  7,279
  7,539
  7,819
  8,119
  8,440
  8,782
  9,147
  9,534
  9,946
  10,382
  10,843
  11,331
  11,846
  12,391
  12,965
  13,571
  14,209
  14,882
  15,590
  16,336
  17,121
  17,948
  18,817
  19,731
Adjusted assets (=assets-cash), $m
  6,013
  6,135
  6,276
  6,438
  6,619
  6,820
  7,040
  7,279
  7,539
  7,819
  8,119
  8,440
  8,782
  9,147
  9,534
  9,946
  10,382
  10,843
  11,331
  11,846
  12,391
  12,965
  13,571
  14,209
  14,882
  15,590
  16,336
  17,121
  17,948
  18,817
  19,731
Revenue / Adjusted assets
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
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
  3,480
  3,605
  3,749
  3,910
  4,089
  4,285
  4,499
  4,730
  4,979
  5,247
  5,533
  5,838
  6,163
  6,508
  6,875
  7,263
  7,674
  8,109
  8,568
  9,053
  9,565
  10,104
  10,673
  11,273
  11,904
  12,569
  13,268
  14,004
  14,779
  15,593
Total liabilities, $m
  5,588
  5,467
  5,592
  5,736
  5,897
  6,076
  6,272
  6,486
  6,717
  6,966
  7,234
  7,520
  7,825
  8,150
  8,495
  8,862
  9,250
  9,661
  10,096
  10,555
  11,040
  11,552
  12,091
  12,660
  13,260
  13,891
  14,556
  15,255
  15,991
  16,766
  17,580
Total equity, $m
  1,193
  669
  684
  702
  721
  743
  767
  793
  822
  852
  885
  920
  957
  997
  1,039
  1,084
  1,132
  1,182
  1,235
  1,291
  1,351
  1,413
  1,479
  1,549
  1,622
  1,699
  1,781
  1,866
  1,956
  2,051
  2,151
Total liabilities and equity, $m
  6,781
  6,136
  6,276
  6,438
  6,618
  6,819
  7,039
  7,279
  7,539
  7,818
  8,119
  8,440
  8,782
  9,147
  9,534
  9,946
  10,382
  10,843
  11,331
  11,846
  12,391
  12,965
  13,570
  14,209
  14,882
  15,590
  16,337
  17,121
  17,947
  18,817
  19,731
Debt-to-equity ratio
  3.018
  5.200
  5.270
  5.340
  5.420
  5.500
  5.580
  5.670
  5.760
  5.840
  5.930
  6.010
  6.100
  6.180
  6.260
  6.340
  6.420
  6.490
  6.570
  6.640
  6.700
  6.770
  6.830
  6.890
  6.950
  7.010
  7.060
  7.110
  7.160
  7.210
  7.250
Adjusted equity ratio
  0.071
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  281
  446
  455
  466
  477
  490
  503
  518
  535
  552
  570
  590
  612
  634
  658
  683
  710
  738
  768
  800
  833
  869
  906
  945
  986
  1,030
  1,075
  1,123
  1,174
  1,227
  1,283
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
  840
  868
  897
  929
  963
  999
  1,038
  1,079
  1,122
  1,168
  1,217
  1,269
  1,323
  1,381
  1,441
  1,505
  1,572
  1,643
  1,718
  1,797
  1,879
  1,967
  2,058
  2,155
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
  732
  750
  769
  791
  814
  840
  867
  897
  929
  963
  999
  1,037
  1,078
  1,122
  1,168
  1,216
  1,268
  1,322
  1,380
  1,440
  1,504
  1,571
  1,642
  1,717
  1,796
  1,878
  1,965
  2,057
  2,153
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
  316
  320
  324
  328
  334
  340
  348
  355
  364
  373
  383
  394
  406
  418
  432
  446
  461
  478
  495
Issuance/(repayment) of debt, $m
  -355
  108
  126
  144
  161
  179
  196
  214
  231
  249
  267
  286
  305
  325
  345
  366
  388
  411
  435
  459
  485
  512
  540
  569
  599
  631
  665
  700
  736
  774
  815
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
  108
  126
  144
  161
  179
  196
  214
  231
  249
  267
  286
  305
  325
  345
  366
  388
  411
  435
  459
  485
  512
  540
  569
  599
  631
  665
  700
  736
  774
  815
Total cash flow (excl. dividends), $m
  556
  450
  460
  470
  482
  496
  510
  525
  542
  560
  579
  600
  621
  644
  669
  695
  722
  752
  782
  815
  849
  885
  923
  963
  1,005
  1,050
  1,097
  1,146
  1,198
  1,252
  1,309
Retained Cash Flow (-), $m
  -229
  -15
  -15
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -33
  -35
  -37
  -40
  -42
  -45
  -48
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -73
  -77
  -81
  -86
  -90
  -95
  -100
Prev. year cash balance distribution, $m
 
  539
  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
 
  974
  444
  453
  463
  474
  486
  499
  514
  530
  547
  565
  584
  605
  627
  650
  675
  701
  729
  758
  790
  822
  857
  894
  932
  973
  1,015
  1,060
  1,107
  1,157
  1,210
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
 
  902
  379
  352
  326
  300
  273
  247
  221
  196
  172
  149
  128
  108
  90
  74
  59
  47
  36
  28
  21
  15
  11
  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 is an offshore deepwater drilling company. The Company owns, operates and acquires offshore drilling units. The Company's subsidiaries include Seadrill Operating LP, Seadrill Capricorn Holdings LLC and Seadrill Partners Operating LLC (collectively, OPCO). The Company's segment is OPCO's fleet. The Company provides operations in oil and gas exploration and development in regions across the world and its customers include integrated oil and gas companies, state-owned national oil companies, and independent oil and gas companies. The Company's fleet includes semi-submersibles, including West Aquarius, West Capricorn, West Leo and West Sirius; the semi-tender rig West Vencedor; the tender rigs, T-15 and T-16, and drillships, such as West Auriga, West Vela, West Capella and West Polaris.

FINANCIAL RATIOS  of  Seadrill Partners (SDLP)

Valuation Ratios
P/E Ratio 1.2
Price to Sales 0.2
Price to Book 0.3
Price to Tangible Book
Price to Cash Flow 0.4
Price to Free Cash Flow 0.4
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 92.599 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 $0.4 billion.

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COMPANY NEWS

▶ Better Buy: Seadrill Partners LLC vs. Transocean LTD   [Sep-13-17 04:34PM  Motley Fool]
▶ Seadrill files for Chapter 11 bankruptcy   [Sep-12-17 08:29PM  Reuters]
▶ SDLP - Seadrill Limited Restructuring Update   [06:45PM  GlobeNewswire]
▶ Why Seadrill Partners LLC Jumped More Than 20% in August   [Sep-07-17 10:35AM  Motley Fool]
▶ Top MLPs Losers Last Week, Ended September 1   [Sep-05-17 12:01PM  Market Realist]
▶ Seadrill Gives Its Outlook for Offshore Drilling Industry   [Sep-01-17 07:39AM  Market Realist]
▶ Which MLPs Rose More than 6% Last Week?   [Aug-29-17 12:09PM  Market Realist]
▶ Oil and Gas Stock Roundup: The Calm Before the Storm   [Aug-26-17 12:47PM  Motley Fool]
▶ These MLPs Came out on Top on August 18   [Aug-22-17 12:10PM  Market Realist]
▶ Seadrill Partners Resumes Its Dividend Distribution   [Aug-21-17 07:36AM  Market Realist]
▶ [$$] Seadrill Warns Creditors of Big Losses   [11:20AM  The Wall Street Journal]
▶ 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]
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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