Intrinsic value of Tallgrass Energy GP Cl A - TEGP

Previous Close

$26.77

  Intrinsic Value

$14.44

stock screener

  Rating & Target

sell

-46%

Previous close

$26.77

 
Intrinsic value

$14.44

 
Up/down potential

-46%

 
Rating

sell

We calculate the intrinsic value of TEGP 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 4.2

 

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, %
  12.87
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.57
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.27
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
Revenue, $m
  605
  654
  705
  758
  813
  870
  930
  991
  1,056
  1,122
  1,192
  1,265
  1,340
  1,419
  1,501
  1,587
  1,676
  1,770
  1,867
  1,969
  2,076
  2,188
  2,304
  2,427
  2,555
  2,689
  2,829
  2,976
  3,130
  3,292
  3,461
Variable operating expenses, $m
 
  101
  106
  112
  117
  123
  129
  136
  142
  149
  156
  129
  137
  145
  154
  162
  171
  181
  191
  201
  212
  224
  236
  248
  261
  275
  289
  304
  320
  337
  354
Fixed operating expenses, $m
 
  268
  274
  281
  288
  295
  303
  310
  318
  326
  334
  342
  351
  360
  369
  378
  387
  397
  407
  417
  428
  438
  449
  461
  472
  484
  496
  508
  521
  534
  547
Total operating expenses, $m
  351
  369
  380
  393
  405
  418
  432
  446
  460
  475
  490
  471
  488
  505
  523
  540
  558
  578
  598
  618
  640
  662
  685
  709
  733
  759
  785
  812
  841
  871
  901
Operating income, $m
  254
  285
  324
  365
  407
  451
  497
  545
  595
  647
  702
  793
  852
  914
  979
  1,046
  1,117
  1,191
  1,269
  1,350
  1,436
  1,525
  1,619
  1,718
  1,821
  1,930
  2,044
  2,163
  2,289
  2,421
  2,560
EBITDA, $m
  346
  405
  451
  499
  548
  600
  654
  710
  768
  829
  892
  958
  1,028
  1,100
  1,175
  1,254
  1,337
  1,423
  1,514
  1,608
  1,708
  1,812
  1,921
  2,036
  2,156
  2,282
  2,414
  2,553
  2,699
  2,852
  3,013
Interest expense (income), $m
  34
  54
  63
  72
  82
  93
  103
  115
  126
  138
  151
  164
  178
  192
  207
  222
  239
  255
  273
  291
  311
  331
  352
  374
  397
  421
  446
  473
  501
  530
  560
Earnings before tax, $m
  261
  231
  262
  293
  325
  359
  394
  431
  469
  509
  551
  629
  674
  722
  772
  824
  879
  936
  996
  1,059
  1,125
  1,195
  1,267
  1,344
  1,424
  1,509
  1,597
  1,690
  1,788
  1,891
  2,000
Tax expense, $m
  18
  62
  71
  79
  88
  97
  106
  116
  127
  137
  149
  170
  182
  195
  208
  222
  237
  253
  269
  286
  304
  323
  342
  363
  385
  407
  431
  456
  483
  511
  540
Net income, $m
  27
  168
  191
  214
  237
  262
  288
  314
  342
  372
  402
  459
  492
  527
  563
  601
  641
  683
  727
  773
  821
  872
  925
  981
  1,040
  1,101
  1,166
  1,234
  1,306
  1,381
  1,460

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2
  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
  3,625
  3,916
  4,221
  4,538
  4,868
  5,210
  5,566
  5,936
  6,321
  6,721
  7,138
  7,572
  8,024
  8,496
  8,988
  9,501
  10,036
  10,596
  11,180
  11,792
  12,430
  13,099
  13,798
  14,530
  15,297
  16,099
  16,940
  17,821
  18,744
  19,712
  20,726
Adjusted assets (=assets-cash), $m
  3,623
  3,916
  4,221
  4,538
  4,868
  5,210
  5,566
  5,936
  6,321
  6,721
  7,138
  7,572
  8,024
  8,496
  8,988
  9,501
  10,036
  10,596
  11,180
  11,792
  12,430
  13,099
  13,798
  14,530
  15,297
  16,099
  16,940
  17,821
  18,744
  19,712
  20,726
Revenue / Adjusted assets
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
Average production assets, $m
  2,148
  2,322
  2,503
  2,691
  2,886
  3,089
  3,300
  3,519
  3,747
  3,985
  4,232
  4,489
  4,757
  5,037
  5,328
  5,633
  5,950
  6,282
  6,628
  6,991
  7,369
  7,766
  8,180
  8,614
  9,069
  9,545
  10,043
  10,565
  11,113
  11,686
  12,288
Working capital, $m
  -38
  -43
  -47
  -50
  -54
  -57
  -61
  -65
  -70
  -74
  -79
  -83
  -88
  -94
  -99
  -105
  -111
  -117
  -123
  -130
  -137
  -144
  -152
  -160
  -169
  -177
  -187
  -196
  -207
  -217
  -228
Total debt, $m
  1,556
  1,789
  2,063
  2,348
  2,645
  2,953
  3,273
  3,606
  3,953
  4,313
  4,688
  5,079
  5,486
  5,910
  6,353
  6,815
  7,297
  7,800
  8,326
  8,876
  9,451
  10,053
  10,682
  11,341
  12,031
  12,753
  13,510
  14,303
  15,134
  16,005
  16,918
Total liabilities, $m
  3,292
  3,525
  3,799
  4,084
  4,381
  4,689
  5,009
  5,342
  5,689
  6,049
  6,424
  6,815
  7,222
  7,646
  8,089
  8,551
  9,033
  9,536
  10,062
  10,612
  11,187
  11,789
  12,418
  13,077
  13,767
  14,489
  15,246
  16,039
  16,870
  17,741
  18,654
Total equity, $m
  333
  392
  422
  454
  487
  521
  557
  594
  632
  672
  714
  757
  802
  850
  899
  950
  1,004
  1,060
  1,118
  1,179
  1,243
  1,310
  1,380
  1,453
  1,530
  1,610
  1,694
  1,782
  1,874
  1,971
  2,073
Total liabilities and equity, $m
  3,625
  3,917
  4,221
  4,538
  4,868
  5,210
  5,566
  5,936
  6,321
  6,721
  7,138
  7,572
  8,024
  8,496
  8,988
  9,501
  10,037
  10,596
  11,180
  11,791
  12,430
  13,099
  13,798
  14,530
  15,297
  16,099
  16,940
  17,821
  18,744
  19,712
  20,727
Debt-to-equity ratio
  4.673
  4.570
  4.890
  5.170
  5.430
  5.670
  5.880
  6.080
  6.250
  6.420
  6.570
  6.710
  6.840
  6.960
  7.070
  7.170
  7.270
  7.360
  7.450
  7.530
  7.600
  7.670
  7.740
  7.810
  7.870
  7.920
  7.980
  8.030
  8.070
  8.120
  8.160
Adjusted equity ratio
  0.091
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  27
  168
  191
  214
  237
  262
  288
  314
  342
  372
  402
  459
  492
  527
  563
  601
  641
  683
  727
  773
  821
  872
  925
  981
  1,040
  1,101
  1,166
  1,234
  1,306
  1,381
  1,460
Depreciation, amort., depletion, $m
  92
  120
  127
  134
  141
  148
  156
  164
  173
  181
  190
  166
  176
  186
  197
  208
  220
  232
  245
  258
  272
  287
  302
  318
  335
  352
  371
  390
  410
  431
  453
Funds from operations, $m
  444
  288
  318
  347
  378
  410
  444
  479
  515
  553
  592
  625
  668
  713
  760
  809
  861
  915
  972
  1,031
  1,093
  1,159
  1,227
  1,299
  1,374
  1,453
  1,537
  1,624
  1,716
  1,812
  1,913
Change in working capital, $m
  41
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
Cash from operations, $m
  403
  292
  321
  351
  382
  414
  448
  483
  519
  557
  597
  629
  673
  718
  765
  815
  867
  921
  978
  1,038
  1,100
  1,166
  1,235
  1,307
  1,383
  1,462
  1,546
  1,634
  1,726
  1,823
  1,924
Maintenance CAPEX, $m
  0
  -79
  -86
  -92
  -99
  -106
  -114
  -122
  -130
  -138
  -147
  -156
  -166
  -176
  -186
  -197
  -208
  -220
  -232
  -245
  -258
  -272
  -287
  -302
  -318
  -335
  -352
  -371
  -390
  -410
  -431
New CAPEX, $m
  -71
  -174
  -181
  -188
  -195
  -203
  -211
  -219
  -228
  -237
  -247
  -257
  -268
  -280
  -292
  -304
  -318
  -332
  -347
  -362
  -379
  -396
  -415
  -434
  -454
  -476
  -498
  -522
  -547
  -574
  -601
Cash from investing activities, $m
  -582
  -253
  -267
  -280
  -294
  -309
  -325
  -341
  -358
  -375
  -394
  -413
  -434
  -456
  -478
  -501
  -526
  -552
  -579
  -607
  -637
  -668
  -702
  -736
  -772
  -811
  -850
  -893
  -937
  -984
  -1,032
Free cash flow, $m
  -179
  38
  55
  70
  87
  105
  123
  142
  161
  182
  203
  216
  239
  263
  288
  314
  341
  370
  400
  431
  464
  498
  534
  571
  610
  652
  695
  741
  789
  839
  892
Issuance/(repayment) of debt, $m
  662
  233
  275
  285
  297
  308
  320
  333
  346
  360
  375
  391
  407
  424
  443
  462
  482
  504
  526
  550
  575
  602
  629
  659
  690
  722
  757
  793
  831
  871
  913
Issuance/(repurchase) of shares, $m
  133
  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  
  181
  233
  275
  285
  297
  308
  320
  333
  346
  360
  375
  391
  407
  424
  443
  462
  482
  504
  526
  550
  575
  602
  629
  659
  690
  722
  757
  793
  831
  871
  913
Total cash flow (excl. dividends), $m
  2
  271
  329
  356
  384
  413
  443
  475
  508
  542
  578
  607
  646
  687
  731
  776
  824
  873
  926
  981
  1,039
  1,099
  1,163
  1,230
  1,300
  1,374
  1,452
  1,534
  1,619
  1,710
  1,805
Retained Cash Flow (-), $m
  89
  -61
  -31
  -32
  -33
  -34
  -36
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -97
  -101
Prev. year cash balance distribution, $m
 
  2
  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
 
  212
  299
  324
  351
  378
  407
  438
  469
  502
  536
  563
  601
  640
  681
  725
  770
  818
  867
  920
  975
  1,032
  1,093
  1,157
  1,224
  1,294
  1,368
  1,445
  1,527
  1,613
  1,703
Discount rate, %
 
  10.80
  11.34
  11.91
  12.50
  13.13
  13.78
  14.47
  15.20
  15.96
  16.75
  17.59
  18.47
  19.40
  20.37
  21.38
  22.45
  23.58
  24.75
  25.99
  27.29
  28.66
  30.09
  31.59
  33.17
  34.83
  36.57
  38.40
  40.32
  42.34
  44.45
PV of cash for distribution, $m
 
  192
  241
  231
  219
  204
  188
  170
  151
  132
  114
  95
  79
  64
  51
  40
  30
  22
  16
  11
  8
  5
  3
  2
  1
  1
  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

Tallgrass Energy GP, LP is a limited partnership company, which includes the operations of Tallgrass Equity, LLC (Tallgrass Equity), Tallgrass MLP GP, LLC, Tallgrass Energy Partners, LP (TEP), and TEP's subsidiaries. TEP owns, operates, acquires and develops midstream energy assets in North America. TEP's segments include Crude Oil Transportation & Logistics, which is engaged in the ownership and operation of a crude oil pipeline system, and crude oil storage and terminaling facilities; Natural Gas Transportation & Logistics, which is engaged in the ownership and operation of interstate natural gas pipelines and integrated natural gas storage facilities; Processing & Logistics, which is engaged in the ownership and operation of natural gas processing, treating and fractionation facilities, and the provision of water business services to the oil and gas exploration and production industry, and Corporate and Other.

FINANCIAL RATIOS  of  Tallgrass Energy GP Cl A (TEGP)

Valuation Ratios
P/E Ratio 155.9
Price to Sales 7
Price to Book 12.6
Price to Tangible Book
Price to Cash Flow 10.4
Price to Free Cash Flow 12.7
Growth Rates
Sales Growth Rate 12.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 9.2%
Cap. Spend. - 3 Yr. Gr. Rate -27.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 467.3%
Total Debt to Equity 467.3%
Interest Coverage 9
Management Effectiveness
Return On Assets 1.8%
Ret/ On Assets - 3 Yr. Avg. 1.5%
Return On Total Capital 1.7%
Ret/ On T. Cap. - 3 Yr. Avg. 2%
Return On Equity 7.2%
Return On Equity - 3 Yr. Avg. 6.8%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 74.4%
Gross Margin - 3 Yr. Avg. 64.3%
EBITDA Margin 64%
EBITDA Margin - 3 Yr. Avg. 49.4%
Operating Margin 42%
Oper. Margin - 3 Yr. Avg. 31.8%
Pre-Tax Margin 43.1%
Pre-Tax Margin - 3 Yr. Avg. 30.9%
Net Profit Margin 4.5%
Net Profit Margin - 3 Yr. Avg. 4.5%
Effective Tax Rate 6.9%
Eff/ Tax Rate - 3 Yr. Avg. 1%
Payout Ratio 7.4%

TEGP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TEGP stock intrinsic value calculation we used $605 million for the last fiscal year's total revenue generated by Tallgrass Energy GP Cl A. The default revenue input number comes from 2016 income statement of Tallgrass Energy GP Cl A. 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 TEGP stock valuation model: a) initial revenue growth rate of 8.1% 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 10.8%, whose default value for TEGP is calculated based on our internal credit rating of Tallgrass Energy GP Cl A, 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 Tallgrass Energy GP Cl A.
    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 TEGP stock the variable cost ratio is equal to 15.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $261 million in the base year in the intrinsic value calculation for TEGP 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 Tallgrass Energy GP Cl A.

Corporate tax rate of 27% is the nominal tax rate for Tallgrass Energy GP Cl A. 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 TEGP 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 TEGP are equal to 355%.

Life of production assets of 27.1 years is the average useful life of capital assets used in Tallgrass Energy GP Cl A 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 TEGP is equal to -6.6%. 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 - $333 million for Tallgrass Energy GP Cl A - 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 157.266 million for Tallgrass Energy GP Cl A 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 Tallgrass Energy GP Cl A at the current share price and the inputted number of shares is $4.2 billion.

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COMPANY NEWS

▶ TEP Ranks 3rd in Terms of 3-Year Total Returns among MLPs   [Oct-18-17 09:13AM  Market Realist]
▶ Why TEGP Should Not Have Strong Correlation With Crude Oil   [Oct-12-17 09:11AM  Market Realist]
▶ Top MLP Losers in the Week Ending September 22   [Sep-26-17 10:22AM  Market Realist]
▶ Oneok Sees IBD RS Rating Improve To 73   [Sep-15-17 03:00AM  Investor's Business Daily]
▶ These MLPs Increased Distribution in 3Q17   [Aug-11-17 04:19PM  Market Realist]
▶ Tallgrass Energy GP misses 2Q profit forecasts   [Aug-03-17 12:28AM  Associated Press]
▶ Tallgrass Energy Reports Strong Second Quarter 2017 Results   [Aug-02-17 04:05PM  Business Wire]
▶ Tallgrass Energy to Participate in MLPA Investor Conference   [May-30-17 11:00AM  Business Wire]
▶ ETFs with exposure to Telecom Egypt : May 23, 2017   [May-23-17 01:08PM  Capital Cube]
▶ Tallgrass Energy Wins Champions of Business Award   [May-12-17 02:26PM  Business Wire]
▶ Tallgrass Energy GP beats 1Q profit forecasts   [05:56PM  Associated Press]
▶ New Strong Buy Stocks for April 20th   [Apr-20-17 10:06AM  Zacks]
▶ Which MLPs Are Leading in Distribution Growth?   [Mar-10-17 05:07PM  Market Realist]
▶ KC executive joins energy business hall of fame   [Mar-08-17 02:45PM  at bizjournals.com]
▶ KC executive joins energy business hall of fame   [02:45PM  American City Business Journals]
▶ 10 High-Yield Dividend Stocks That Are Still Bargains   [Jan-25-17 02:20PM  at Kiplinger]
Financial statements of TEGP
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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