Intrinsic value of TC PipeLines - TCP

Previous Close

$31.02

  Intrinsic Value

$7.23

stock screener

  Rating & Target

str. sell

-77%

Previous close

$31.02

 
Intrinsic value

$7.23

 
Up/down potential

-77%

 
Rating

str. sell

We calculate the intrinsic value of TCP 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  3.78
  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
  357
  430
  440
  452
  464
  478
  494
  511
  529
  549
  570
  592
  616
  642
  669
  698
  728
  761
  795
  831
  869
  910
  952
  997
  1,044
  1,094
  1,146
  1,201
  1,259
  1,320
  1,384
Variable operating expenses, $m
 
  190
  194
  198
  203
  209
  216
  222
  230
  238
  247
  243
  253
  263
  274
  286
  299
  312
  326
  341
  357
  373
  391
  409
  428
  449
  470
  493
  516
  542
  568
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
  162
  190
  194
  198
  203
  209
  216
  222
  230
  238
  247
  243
  253
  263
  274
  286
  299
  312
  326
  341
  357
  373
  391
  409
  428
  449
  470
  493
  516
  542
  568
Operating income, $m
  195
  241
  247
  253
  261
  269
  278
  288
  299
  311
  323
  349
  363
  378
  395
  412
  430
  449
  469
  490
  513
  536
  562
  588
  616
  645
  676
  708
  743
  779
  816
EBITDA, $m
  281
  487
  498
  511
  525
  541
  558
  577
  598
  620
  644
  669
  696
  725
  756
  789
  823
  860
  899
  939
  983
  1,028
  1,076
  1,127
  1,180
  1,236
  1,296
  1,358
  1,423
  1,492
  1,565
Interest expense (income), $m
  63
  130
  132
  135
  138
  142
  146
  151
  156
  161
  167
  173
  180
  187
  195
  203
  212
  221
  231
  241
  252
  263
  275
  288
  301
  315
  330
  346
  362
  380
  398
Earnings before tax, $m
  244
  111
  115
  119
  123
  127
  132
  137
  143
  149
  156
  176
  183
  191
  200
  208
  218
  228
  238
  249
  261
  273
  286
  300
  315
  330
  346
  363
  380
  399
  419
Tax expense, $m
  0
  30
  31
  32
  33
  34
  36
  37
  39
  40
  42
  47
  49
  52
  54
  56
  59
  62
  64
  67
  70
  74
  77
  81
  85
  89
  93
  98
  103
  108
  113
Net income, $m
  244
  81
  84
  87
  90
  93
  96
  100
  105
  109
  114
  128
  134
  140
  146
  152
  159
  166
  174
  182
  191
  200
  209
  219
  230
  241
  252
  265
  278
  291
  306

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
  0
Total assets, $m
  3,354
  3,617
  3,700
  3,795
  3,902
  4,021
  4,150
  4,292
  4,445
  4,609
  4,786
  4,976
  5,178
  5,393
  5,621
  5,864
  6,121
  6,393
  6,680
  6,984
  7,305
  7,644
  8,001
  8,377
  8,774
  9,191
  9,631
  10,094
  10,581
  11,094
  11,633
Adjusted assets (=assets-cash), $m
  3,290
  3,617
  3,700
  3,795
  3,902
  4,021
  4,150
  4,292
  4,445
  4,609
  4,786
  4,976
  5,178
  5,393
  5,621
  5,864
  6,121
  6,393
  6,680
  6,984
  7,305
  7,644
  8,001
  8,377
  8,774
  9,191
  9,631
  10,094
  10,581
  11,094
  11,633
Revenue / Adjusted assets
  0.109
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
Average production assets, $m
  2,065
  2,327
  2,380
  2,442
  2,510
  2,586
  2,670
  2,761
  2,859
  2,965
  3,079
  3,201
  3,331
  3,469
  3,616
  3,772
  3,937
  4,112
  4,297
  4,493
  4,699
  4,917
  5,147
  5,389
  5,644
  5,913
  6,196
  6,494
  6,807
  7,137
  7,483
Working capital, $m
  23
  -30
  -30
  -31
  -32
  -33
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -72
  -75
  -79
  -83
  -87
  -91
  -96
Total debt, $m
  1,911
  2,441
  2,496
  2,558
  2,629
  2,707
  2,792
  2,885
  2,986
  3,095
  3,211
  3,336
  3,469
  3,611
  3,761
  3,921
  4,090
  4,270
  4,459
  4,660
  4,871
  5,094
  5,329
  5,578
  5,839
  6,114
  6,404
  6,709
  7,030
  7,368
  7,723
Total liabilities, $m
  2,127
  2,384
  2,439
  2,501
  2,572
  2,650
  2,735
  2,828
  2,929
  3,038
  3,154
  3,279
  3,412
  3,554
  3,704
  3,864
  4,033
  4,213
  4,402
  4,603
  4,814
  5,037
  5,272
  5,521
  5,782
  6,057
  6,347
  6,652
  6,973
  7,311
  7,666
Total equity, $m
  1,227
  1,233
  1,262
  1,294
  1,331
  1,371
  1,415
  1,463
  1,516
  1,572
  1,632
  1,697
  1,766
  1,839
  1,917
  1,999
  2,087
  2,180
  2,278
  2,382
  2,491
  2,606
  2,728
  2,857
  2,992
  3,134
  3,284
  3,442
  3,608
  3,783
  3,967
Total liabilities and equity, $m
  3,354
  3,617
  3,701
  3,795
  3,903
  4,021
  4,150
  4,291
  4,445
  4,610
  4,786
  4,976
  5,178
  5,393
  5,621
  5,863
  6,120
  6,393
  6,680
  6,985
  7,305
  7,643
  8,000
  8,378
  8,774
  9,191
  9,631
  10,094
  10,581
  11,094
  11,633
Debt-to-equity ratio
  1.557
  1.980
  1.980
  1.980
  1.980
  1.970
  1.970
  1.970
  1.970
  1.970
  1.970
  1.970
  1.960
  1.960
  1.960
  1.960
  1.960
  1.960
  1.960
  1.960
  1.960
  1.950
  1.950
  1.950
  1.950
  1.950
  1.950
  1.950
  1.950
  1.950
  1.950
Adjusted equity ratio
  0.353
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  244
  81
  84
  87
  90
  93
  96
  100
  105
  109
  114
  128
  134
  140
  146
  152
  159
  166
  174
  182
  191
  200
  209
  219
  230
  241
  252
  265
  278
  291
  306
Depreciation, amort., depletion, $m
  86
  246
  251
  257
  264
  272
  280
  289
  299
  310
  321
  320
  333
  347
  362
  377
  394
  411
  430
  449
  470
  492
  515
  539
  564
  591
  620
  649
  681
  714
  748
Funds from operations, $m
  546
  327
  335
  344
  354
  365
  376
  389
  403
  419
  435
  448
  467
  486
  507
  529
  553
  578
  604
  631
  661
  691
  724
  758
  794
  832
  872
  914
  958
  1,005
  1,054
Change in working capital, $m
  165
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
Cash from operations, $m
  381
  327
  336
  345
  355
  366
  378
  391
  405
  420
  436
  450
  469
  488
  509
  531
  555
  580
  606
  634
  663
  694
  727
  761
  797
  835
  876
  918
  962
  1,009
  1,058
Maintenance CAPEX, $m
  0
  -228
  -233
  -238
  -244
  -251
  -259
  -267
  -276
  -286
  -297
  -308
  -320
  -333
  -347
  -362
  -377
  -394
  -411
  -430
  -449
  -470
  -492
  -515
  -539
  -564
  -591
  -620
  -649
  -681
  -714
New CAPEX, $m
  -28
  -45
  -54
  -61
  -69
  -76
  -84
  -91
  -98
  -106
  -114
  -122
  -130
  -138
  -147
  -156
  -165
  -175
  -185
  -196
  -206
  -218
  -230
  -242
  -255
  -269
  -283
  -298
  -313
  -330
  -347
Cash from investing activities, $m
  -229
  -273
  -287
  -299
  -313
  -327
  -343
  -358
  -374
  -392
  -411
  -430
  -450
  -471
  -494
  -518
  -542
  -569
  -596
  -626
  -655
  -688
  -722
  -757
  -794
  -833
  -874
  -918
  -962
  -1,011
  -1,061
Free cash flow, $m
  152
  54
  49
  45
  42
  38
  35
  33
  30
  28
  26
  20
  19
  17
  15
  14
  12
  11
  10
  9
  7
  6
  5
  4
  3
  2
  1
  1
  0
  -1
  -2
Issuance/(repayment) of debt, $m
  -45
  38
  55
  63
  70
  78
  86
  93
  101
  109
  117
  125
  133
  142
  151
  160
  169
  179
  190
  200
  211
  223
  235
  248
  261
  275
  290
  305
  321
  338
  355
Issuance/(repurchase) of shares, $m
  167
  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  
  121
  38
  55
  63
  70
  78
  86
  93
  101
  109
  117
  125
  133
  142
  151
  160
  169
  179
  190
  200
  211
  223
  235
  248
  261
  275
  290
  305
  321
  338
  355
Total cash flow (excl. dividends), $m
  273
  91
  104
  108
  112
  116
  121
  126
  131
  137
  142
  145
  152
  159
  166
  174
  182
  190
  199
  209
  219
  229
  241
  252
  265
  278
  291
  306
  321
  336
  353
Retained Cash Flow (-), $m
  -76
  -20
  -28
  -32
  -36
  -40
  -44
  -48
  -52
  -56
  -60
  -65
  -69
  -73
  -78
  -83
  -88
  -93
  -98
  -104
  -109
  -115
  -122
  -128
  -135
  -142
  -150
  -158
  -166
  -175
  -184
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
 
  71
  76
  76
  76
  76
  77
  78
  79
  80
  82
  81
  83
  85
  88
  91
  94
  98
  101
  105
  109
  114
  119
  124
  129
  135
  141
  148
  155
  162
  169
Discount rate, %
 
  9.50
  9.98
  10.47
  11.00
  11.55
  12.12
  12.73
  13.37
  14.04
  14.74
  15.47
  16.25
  17.06
  17.91
  18.81
  19.75
  20.74
  21.77
  22.86
  24.01
  25.21
  26.47
  27.79
  29.18
  30.64
  32.17
  33.78
  35.47
  37.24
  39.10
PV of cash for distribution, $m
 
  65
  63
  56
  50
  44
  39
  34
  29
  25
  21
  17
  14
  11
  9
  7
  5
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  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

TC PipeLines, LP is a master limited partnership. The Company acquires, owns and participates in the management of energy infrastructure businesses in North America. The Company's pipeline systems transport natural gas in the United States. As of December 31, 2016, the Company had four pipelines and equity ownership interests in three natural gas interstate pipeline systems that are collectively designed to transport approximately 9.1 billion cubic feet per day of natural gas from producing regions and import facilities to market hubs and consuming markets primarily in the Western, Midwestern and Eastern United States. The Company's pipeline systems include Gas Transmission Northwest LLC (GTN), Bison Pipeline LLC (Bison), North Baja Pipeline, LLC (North Baja), Tuscarora Gas Transmission Company (Tuscarora), Northern Border Pipeline Company (Northern Border), Portland Natural Gas Transmission System (PNGTS), and Great Lakes Gas Transmission Limited Partnership (Great Lakes).

FINANCIAL RATIOS  of  TC PipeLines (TCP)

Valuation Ratios
P/E Ratio 8.8
Price to Sales 6
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 5.6
Price to Free Cash Flow 6.1
Growth Rates
Sales Growth Rate 3.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -48.1%
Cap. Spend. - 3 Yr. Gr. Rate 13.3%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 151.5%
Total Debt to Equity 155.7%
Interest Coverage 5
Management Effectiveness
Return On Assets 9.5%
Ret/ On Assets - 3 Yr. Avg. 5.9%
Return On Total Capital 7.9%
Ret/ On T. Cap. - 3 Yr. Avg. 4.6%
Return On Equity 20.5%
Return On Equity - 3 Yr. Avg. 11.1%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 110.1%
EBITDA Margin - 3 Yr. Avg. 85.5%
Operating Margin 54.6%
Oper. Margin - 3 Yr. Avg. 51.9%
Pre-Tax Margin 68.3%
Pre-Tax Margin - 3 Yr. Avg. 45%
Net Profit Margin 68.3%
Net Profit Margin - 3 Yr. Avg. 39.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 107.4%

TCP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TCP stock intrinsic value calculation we used $422 million for the last fiscal year's total revenue generated by TC PipeLines. The default revenue input number comes from 2016 income statement of TC PipeLines. 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 TCP 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 9.5%, whose default value for TCP is calculated based on our internal credit rating of TC PipeLines, 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 TC PipeLines.
    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 TCP stock the variable cost ratio is equal to 44.1%.

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 TCP 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 5.4% for TC PipeLines.

Corporate tax rate of 27% is the nominal tax rate for TC PipeLines. 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 TCP 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 TCP are equal to 540.6%.

Life of production assets of 10 years is the average useful life of capital assets used in TC PipeLines 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 TCP is equal to -6.9%. 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 - $1213 million for TC PipeLines - 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 69 million for TC PipeLines 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 TC PipeLines at the current share price and the inputted number of shares is $2.1 billion.

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COMPANY NEWS

▶ These MLPs Are on Fire Today   [Jul-19-18 11:52AM  Motley Fool]
▶ A Holistic Look At TC PipeLines LP (NYSE:TCP)   [Jun-25-18 08:37AM  Simply Wall St.]
▶ Is TC PipeLines LP (NYSE:TCP) Undervalued?   [Jun-12-18 12:12PM  Simply Wall St.]
▶ Alerian Index Series June 2018 Index Review   [Jun-08-18 08:30AM  PR Newswire]
▶ Is TC PipeLines LP (NYSE:TCP) A Buy At Its Current PE Ratio?   [May-22-18 09:39AM  Simply Wall St.]
▶ Top NYSE Energy Dividend Picks For The Day   [May-08-18 09:02AM  Simply Wall St.]
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▶ Energy Dividend Stocks Investors Love   [Apr-03-18 09:02AM  Simply Wall St.]
▶ TC PipeLines, LP Provides Initial Response to FERC Orders   [Mar-19-18 07:00AM  GlobeNewswire]
▶ TC PipeLines, LP to Host Earnings Call   [Feb-23-18 08:30AM  ACCESSWIRE]
▶ Energy Dividend Stocks Investors Love   [Feb-20-18 08:02AM  Simply Wall St.]
▶ Will 2018 Be TransCanada Corporation's Best Year Yet?   [Dec-20-17 09:46AM  Motley Fool]
▶ Key MLP Ratings Updates as of December 8   [Dec-12-17 09:03AM  Market Realist]
▶ How TC PipeLines Comes in 6th Place among Top MLPs   [Dec-07-17 05:00PM  Market Realist]
▶ Is It Time To Buy TC PipeLines LP (TCP)?   [Nov-17-17 05:54PM  Simply Wall St.]
▶ TC PipeLines Reports Flat Earnings in 3Q17   [Nov-10-17 02:29PM  Market Realist]
▶ ETFs with exposure to TC Pipelines LP : September 1, 2017   [Aug-31-17 09:22PM  Capital Cube]
▶ ETFs with exposure to TC Pipelines LP : June 30, 2017   [Jun-30-17 03:27PM  Capital Cube]
▶ ETFs with exposure to TC Pipelines LP : June 20, 2017   [Jun-20-17 03:17PM  Capital Cube]
▶ 3 ways to play rising oil: Gartman   [Apr-11-17 05:52PM  CNBC Videos]
Financial statements of TCP
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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