Intrinsic value of Tallgrass Energy Partners - TEP

Previous Close

$45.20

  Intrinsic Value

$20.92

stock screener

  Rating & Target

str. sell

-54%

Previous close

$45.20

 
Intrinsic value

$20.92

 
Up/down potential

-54%

 
Rating

str. sell

We calculate the intrinsic value of TEP 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, %
  12.87
  15.00
  14.00
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
Revenue, $m
  605
  696
  793
  897
  1,007
  1,124
  1,246
  1,375
  1,509
  1,650
  1,796
  1,949
  2,107
  2,272
  2,443
  2,622
  2,807
  2,999
  3,199
  3,407
  3,623
  3,848
  4,083
  4,327
  4,582
  4,848
  5,125
  5,414
  5,716
  6,032
  6,362
Variable operating expenses, $m
 
  96
  104
  114
  123
  134
  144
  156
  168
  180
  193
  172
  186
  201
  216
  231
  248
  265
  282
  301
  320
  340
  361
  382
  405
  428
  453
  478
  505
  533
  562
Fixed operating expenses, $m
 
  275
  282
  289
  296
  303
  311
  319
  327
  335
  343
  352
  360
  369
  379
  388
  398
  408
  418
  428
  439
  450
  461
  473
  485
  497
  509
  522
  535
  548
  562
Total operating expenses, $m
  349
  371
  386
  403
  419
  437
  455
  475
  495
  515
  536
  524
  546
  570
  595
  619
  646
  673
  700
  729
  759
  790
  822
  855
  890
  925
  962
  1,000
  1,040
  1,081
  1,124
Operating income, $m
  256
  325
  407
  495
  588
  687
  791
  901
  1,015
  1,135
  1,260
  1,425
  1,561
  1,702
  1,849
  2,002
  2,161
  2,326
  2,498
  2,678
  2,864
  3,058
  3,261
  3,472
  3,693
  3,923
  4,163
  4,414
  4,677
  4,951
  5,238
EBITDA, $m
  347
  450
  544
  645
  753
  867
  987
  1,113
  1,245
  1,383
  1,527
  1,677
  1,834
  1,996
  2,166
  2,342
  2,525
  2,715
  2,913
  3,119
  3,334
  3,557
  3,790
  4,033
  4,286
  4,551
  4,827
  5,116
  5,417
  5,733
  6,062
Interest expense (income), $m
  30
  49
  58
  67
  76
  86
  97
  108
  120
  132
  145
  158
  172
  187
  202
  218
  234
  251
  268
  287
  306
  326
  346
  368
  390
  413
  438
  463
  490
  517
  546
Earnings before tax, $m
  268
  276
  350
  428
  512
  601
  694
  793
  895
  1,003
  1,115
  1,267
  1,388
  1,515
  1,647
  1,784
  1,927
  2,075
  2,230
  2,391
  2,558
  2,733
  2,915
  3,105
  3,303
  3,509
  3,725
  3,951
  4,187
  4,434
  4,692
Tax expense, $m
  0
  75
  94
  116
  138
  162
  187
  214
  242
  271
  301
  342
  375
  409
  445
  482
  520
  560
  602
  646
  691
  738
  787
  838
  892
  948
  1,006
  1,067
  1,130
  1,197
  1,267
Net income, $m
  264
  202
  255
  313
  374
  439
  507
  579
  654
  732
  814
  925
  1,014
  1,106
  1,202
  1,303
  1,407
  1,515
  1,628
  1,745
  1,868
  1,995
  2,128
  2,266
  2,411
  2,562
  2,720
  2,884
  3,057
  3,237
  3,425

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
  3,102
  3,568
  4,067
  4,600
  5,166
  5,763
  6,391
  7,051
  7,740
  8,461
  9,211
  9,993
  10,806
  11,652
  12,531
  13,444
  14,393
  15,379
  16,405
  17,471
  18,581
  19,735
  20,938
  22,191
  23,498
  24,860
  26,281
  27,765
  29,315
  30,934
  32,626
Adjusted assets (=assets-cash), $m
  3,100
  3,568
  4,067
  4,600
  5,166
  5,763
  6,391
  7,051
  7,740
  8,461
  9,211
  9,993
  10,806
  11,652
  12,531
  13,444
  14,393
  15,379
  16,405
  17,471
  18,581
  19,735
  20,938
  22,191
  23,498
  24,860
  26,281
  27,765
  29,315
  30,934
  32,626
Revenue / Adjusted assets
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
Average production assets, $m
  2,148
  2,470
  2,816
  3,185
  3,576
  3,989
  4,424
  4,881
  5,358
  5,857
  6,377
  6,918
  7,481
  8,066
  8,674
  9,306
  9,963
  10,646
  11,356
  12,094
  12,862
  13,662
  14,494
  15,362
  16,266
  17,209
  18,193
  19,220
  20,293
  21,414
  22,586
Working capital, $m
  -38
  -46
  -52
  -59
  -66
  -74
  -82
  -91
  -100
  -109
  -119
  -129
  -139
  -150
  -161
  -173
  -185
  -198
  -211
  -225
  -239
  -254
  -269
  -286
  -302
  -320
  -338
  -357
  -377
  -398
  -420
Total debt, $m
  1,408
  1,646
  1,900
  2,172
  2,460
  2,765
  3,086
  3,422
  3,774
  4,141
  4,524
  4,922
  5,337
  5,768
  6,217
  6,682
  7,166
  7,669
  8,192
  8,736
  9,302
  9,891
  10,504
  11,144
  11,810
  12,505
  13,229
  13,986
  14,777
  15,602
  16,465
Total liabilities, $m
  1,582
  1,820
  2,074
  2,346
  2,634
  2,939
  3,260
  3,596
  3,948
  4,315
  4,698
  5,096
  5,511
  5,942
  6,391
  6,856
  7,340
  7,843
  8,366
  8,910
  9,476
  10,065
  10,678
  11,318
  11,984
  12,679
  13,403
  14,160
  14,951
  15,776
  16,639
Total equity, $m
  1,520
  1,748
  1,993
  2,254
  2,531
  2,824
  3,132
  3,455
  3,793
  4,146
  4,514
  4,897
  5,295
  5,709
  6,140
  6,587
  7,052
  7,536
  8,038
  8,561
  9,104
  9,670
  10,260
  10,874
  11,514
  12,181
  12,878
  13,605
  14,364
  15,158
  15,987
Total liabilities and equity, $m
  3,102
  3,568
  4,067
  4,600
  5,165
  5,763
  6,392
  7,051
  7,741
  8,461
  9,212
  9,993
  10,806
  11,651
  12,531
  13,443
  14,392
  15,379
  16,404
  17,471
  18,580
  19,735
  20,938
  22,192
  23,498
  24,860
  26,281
  27,765
  29,315
  30,934
  32,626
Debt-to-equity ratio
  0.926
  0.940
  0.950
  0.960
  0.970
  0.980
  0.990
  0.990
  0.990
  1.000
  1.000
  1.010
  1.010
  1.010
  1.010
  1.010
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
Adjusted equity ratio
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  264
  202
  255
  313
  374
  439
  507
  579
  654
  732
  814
  925
  1,014
  1,106
  1,202
  1,303
  1,407
  1,515
  1,628
  1,745
  1,868
  1,995
  2,128
  2,266
  2,411
  2,562
  2,720
  2,884
  3,057
  3,237
  3,425
Depreciation, amort., depletion, $m
  91
  124
  137
  151
  165
  180
  196
  212
  230
  248
  267
  252
  273
  294
  317
  340
  364
  389
  414
  441
  469
  499
  529
  561
  594
  628
  664
  701
  741
  782
  824
Funds from operations, $m
  450
  326
  392
  463
  539
  619
  703
  791
  884
  980
  1,081
  1,177
  1,287
  1,400
  1,519
  1,642
  1,770
  1,904
  2,042
  2,187
  2,337
  2,494
  2,657
  2,827
  3,005
  3,190
  3,383
  3,586
  3,797
  4,018
  4,250
Change in working capital, $m
  41
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
Cash from operations, $m
  409
  332
  399
  470
  546
  626
  711
  800
  892
  990
  1,091
  1,187
  1,297
  1,411
  1,530
  1,654
  1,783
  1,916
  2,056
  2,200
  2,351
  2,508
  2,672
  2,843
  3,021
  3,207
  3,402
  3,605
  3,817
  4,039
  4,271
Maintenance CAPEX, $m
  0
  -78
  -90
  -103
  -116
  -131
  -146
  -161
  -178
  -196
  -214
  -233
  -252
  -273
  -294
  -317
  -340
  -364
  -389
  -414
  -441
  -469
  -499
  -529
  -561
  -594
  -628
  -664
  -701
  -741
  -782
New CAPEX, $m
  -71
  -322
  -346
  -369
  -391
  -413
  -435
  -456
  -477
  -499
  -520
  -541
  -563
  -585
  -608
  -632
  -657
  -683
  -710
  -738
  -768
  -799
  -833
  -867
  -904
  -943
  -984
  -1,027
  -1,073
  -1,121
  -1,172
Cash from investing activities, $m
  -582
  -400
  -436
  -472
  -507
  -544
  -581
  -617
  -655
  -695
  -734
  -774
  -815
  -858
  -902
  -949
  -997
  -1,047
  -1,099
  -1,152
  -1,209
  -1,268
  -1,332
  -1,396
  -1,465
  -1,537
  -1,612
  -1,691
  -1,774
  -1,862
  -1,954
Free cash flow, $m
  -173
  -69
  -37
  -1
  38
  82
  130
  182
  237
  295
  357
  413
  482
  553
  628
  705
  786
  870
  957
  1,048
  1,142
  1,240
  1,341
  1,447
  1,556
  1,671
  1,790
  1,914
  2,043
  2,178
  2,318
Issuance/(repayment) of debt, $m
  662
  238
  255
  272
  288
  305
  321
  336
  352
  367
  383
  399
  415
  431
  448
  466
  484
  503
  523
  544
  566
  589
  613
  639
  666
  695
  725
  757
  790
  826
  863
Issuance/(repurchase) of shares, $m
  223
  29
  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  
  465
  267
  255
  272
  288
  305
  321
  336
  352
  367
  383
  399
  415
  431
  448
  466
  484
  503
  523
  544
  566
  589
  613
  639
  666
  695
  725
  757
  790
  826
  863
Total cash flow (excl. dividends), $m
  293
  198
  218
  270
  327
  387
  451
  518
  589
  663
  740
  812
  896
  984
  1,076
  1,171
  1,270
  1,373
  1,480
  1,592
  1,708
  1,829
  1,954
  2,086
  2,223
  2,366
  2,515
  2,670
  2,833
  3,003
  3,181
Retained Cash Flow (-), $m
  -250
  -230
  -245
  -261
  -277
  -293
  -308
  -323
  -338
  -353
  -368
  -383
  -398
  -414
  -431
  -447
  -465
  -483
  -502
  -523
  -544
  -566
  -589
  -614
  -640
  -668
  -697
  -727
  -759
  -793
  -829
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
 
  -31
  -27
  9
  50
  94
  143
  195
  251
  310
  372
  429
  498
  570
  645
  723
  805
  890
  978
  1,069
  1,164
  1,263
  1,365
  1,472
  1,583
  1,698
  1,818
  1,943
  2,074
  2,210
  2,352
Discount rate, %
 
  7.30
  7.67
  8.05
  8.45
  8.87
  9.32
  9.78
  10.27
  10.79
  11.32
  11.89
  12.49
  13.11
  13.77
  14.45
  15.18
  15.93
  16.73
  17.57
  18.45
  19.37
  20.34
  21.35
  22.42
  23.54
  24.72
  25.96
  27.25
  28.62
  30.05
PV of cash for distribution, $m
 
  -29
  -23
  7
  36
  62
  84
  101
  115
  123
  127
  125
  121
  115
  106
  95
  84
  72
  60
  49
  39
  31
  23
  17
  12
  9
  6
  4
  2
  1
  1
Current shareholders' claim on cash, %
  100
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2

Tallgrass Energy Partners, LP owns, operates, acquires and develops midstream energy assets in North America. The Company operates through three segments: Crude Oil Transportation & Logistics, Natural Gas Transportation & Logistics and Processing & Logistics. The Crude Oil Transportation & Logistics segment includes the ownership and operation of a Federal Energy Regulatory Commission (FERC) crude oil pipeline system, and crude oil storage and terminaling facilities. The Natural Gas Transportation & Logistics segment is engaged in the ownership and operation of FERC regulated interstate natural gas pipelines and integrated natural gas storage facilities. The Processing & Logistics segment is engaged in the ownership and operation of natural gas processing, treating and fractionation facilities; the provision of water business services primarily to the oil and gas exploration and production industry, and the transportation of natural gas liquids (NGLs).

FINANCIAL RATIOS  of  Tallgrass Energy Partners (TEP)

Valuation Ratios
P/E Ratio 12.4
Price to Sales 5.4
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 8
Price to Free Cash Flow 9.7
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 92.6%
Total Debt to Equity 92.6%
Interest Coverage 10
Management Effectiveness
Return On Assets 10.4%
Ret/ On Assets - 3 Yr. Avg. 7.1%
Return On Total Capital 10.7%
Ret/ On T. Cap. - 3 Yr. Avg. 8.3%
Return On Equity 18.9%
Return On Equity - 3 Yr. Avg. 13.3%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 78.5%
Gross Margin - 3 Yr. Avg. 67.6%
EBITDA Margin 64.3%
EBITDA Margin - 3 Yr. Avg. 49.5%
Operating Margin 42.3%
Oper. Margin - 3 Yr. Avg. 31.2%
Pre-Tax Margin 44.3%
Pre-Tax Margin - 3 Yr. Avg. 31.6%
Net Profit Margin 43.6%
Net Profit Margin - 3 Yr. Avg. 30.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 111%

TEP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TEP stock intrinsic value calculation we used $605 million for the last fiscal year's total revenue generated by Tallgrass Energy Partners. The default revenue input number comes from 2016 income statement of Tallgrass Energy 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 TEP stock valuation model: a) initial revenue growth rate of 15% 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 7.3%, whose default value for TEP is calculated based on our internal credit rating of Tallgrass Energy 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 Tallgrass Energy 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 TEP stock the variable cost ratio is equal to 14.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $268 million in the base year in the intrinsic value calculation for TEP 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 Partners.

Corporate tax rate of 27% is the nominal tax rate for Tallgrass Energy 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 TEP 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 TEP are equal to 355%.

Life of production assets of 27.4 years is the average useful life of capital assets used in Tallgrass Energy 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 TEP 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 - $1520 million for Tallgrass Energy 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 74.809 million for Tallgrass Energy 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 Tallgrass Energy Partners at the current share price and the inputted number of shares is $3.4 billion.

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COMPANY NEWS

▶ MLP Rating Updates for the Week Ending January 12   [Jan-16-18 02:50PM  Market Realist]
▶ MLP Rating Updates for Week Ended January 5   [02:20PM  Market Realist]
▶ Top MLP Losers in Week Ended January 5   [12:50PM  Market Realist]
▶ Tallgrass Energy CFO to Present at EMG Investor Conference   [Dec-04-17 05:00PM  Business Wire]
▶ Weekly CEO Buys Highlight   [11:32AM  GuruFocus.com]
▶ Weekly CEO Buys Highlight   [03:41PM  GuruFocus.com]
▶ Tallgrass Energy Announces Pony Express Open Seasons   [Nov-13-17 05:27PM  Business Wire]
▶ .   [Nov-03-17 06:01PM  Reuters]
▶ Tallgrass Energy GP misses 3Q profit forecasts   [Nov-02-17 06:21PM  Associated Press]
▶ TEP Ranks 3rd in Terms of 3-Year Total Returns among MLPs   [Oct-18-17 09:13AM  Market Realist]
▶ Top 10 MLPs Ranked Based on Total Returns   [07:43AM  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]
▶ Weekly CEO Buys Highlights   [Aug-28-17 12:26PM  GuruFocus.com]
▶ 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 Pony Express Pipeline Announces Open Season   [Jul-31-17 06:56PM  Business Wire]
▶ Tallgrass Energy to Participate in MLPA Investor Conference   [May-30-17 11:00AM  Business Wire]
▶ 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]
Financial statements of TEP
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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