Intrinsic value of Tallgrass Energy Partners - TEP

Previous Close

$44.66

  Intrinsic Value

$15.83

stock screener

  Rating & Target

str. sell

-65%

  Value-price divergence*

+415%

Previous close

$44.66

 
Intrinsic value

$15.83

 
Up/down potential

-65%

 
Rating

str. sell

 
Value-price divergence*

+415%

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

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

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 3.3

 

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
  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
  605
  617
  631
  648
  666
  686
  708
  732
  758
  786
  817
  849
  883
  920
  959
  1,000
  1,044
  1,091
  1,140
  1,192
  1,246
  1,304
  1,365
  1,429
  1,497
  1,568
  1,643
  1,722
  1,805
  1,893
  1,985
Variable operating expenses, $m
 
  89
  90
  91
  93
  95
  97
  99
  101
  104
  106
  75
  78
  81
  85
  88
  92
  96
  101
  105
  110
  115
  121
  126
  132
  138
  145
  152
  159
  167
  175
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
  364
  372
  380
  389
  398
  408
  418
  428
  439
  449
  427
  438
  450
  464
  476
  490
  504
  519
  533
  549
  565
  582
  599
  617
  635
  654
  674
  694
  715
  737
Operating income, $m
  256
  254
  260
  267
  277
  288
  300
  315
  330
  348
  367
  422
  445
  469
  496
  524
  554
  586
  621
  658
  697
  739
  783
  830
  880
  933
  989
  1,048
  1,111
  1,177
  1,247
EBITDA, $m
  347
  368
  376
  386
  397
  411
  426
  444
  463
  484
  507
  532
  559
  589
  620
  653
  689
  728
  769
  812
  859
  908
  960
  1,015
  1,074
  1,136
  1,202
  1,271
  1,345
  1,422
  1,504
Interest expense (income), $m
  30
  49
  50
  52
  53
  55
  57
  59
  61
  63
  66
  69
  72
  75
  78
  82
  85
  89
  94
  98
  103
  108
  113
  119
  125
  131
  137
  144
  152
  159
  167
Earnings before tax, $m
  268
  204
  209
  216
  224
  233
  244
  256
  270
  285
  301
  354
  373
  395
  417
  442
  469
  497
  527
  560
  594
  631
  670
  711
  755
  802
  851
  904
  959
  1,018
  1,080
Tax expense, $m
  0
  55
  57
  58
  60
  63
  66
  69
  73
  77
  81
  95
  101
  107
  113
  119
  127
  134
  142
  151
  160
  170
  181
  192
  204
  216
  230
  244
  259
  275
  292
Net income, $m
  264
  149
  153
  157
  163
  170
  178
  187
  197
  208
  220
  258
  272
  288
  305
  323
  342
  363
  385
  409
  434
  460
  489
  519
  551
  585
  621
  660
  700
  743
  788

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
  3,165
  3,237
  3,321
  3,414
  3,518
  3,631
  3,755
  3,889
  4,033
  4,188
  4,353
  4,530
  4,718
  4,918
  5,130
  5,355
  5,593
  5,844
  6,110
  6,391
  6,687
  7,000
  7,329
  7,676
  8,041
  8,426
  8,831
  9,257
  9,706
  10,177
Adjusted assets (=assets-cash), $m
  3,100
  3,165
  3,237
  3,321
  3,414
  3,518
  3,631
  3,755
  3,889
  4,033
  4,188
  4,353
  4,530
  4,718
  4,918
  5,130
  5,355
  5,593
  5,844
  6,110
  6,391
  6,687
  7,000
  7,329
  7,676
  8,041
  8,426
  8,831
  9,257
  9,706
  10,177
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
  2,191
  2,241
  2,299
  2,363
  2,435
  2,514
  2,599
  2,692
  2,792
  2,899
  3,013
  3,136
  3,266
  3,404
  3,551
  3,707
  3,872
  4,046
  4,230
  4,424
  4,629
  4,846
  5,074
  5,314
  5,567
  5,833
  6,113
  6,408
  6,719
  7,045
Working capital, $m
  -38
  -41
  -42
  -43
  -44
  -45
  -47
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -94
  -99
  -103
  -108
  -114
  -119
  -125
  -131
Total debt, $m
  1,408
  1,440
  1,477
  1,520
  1,567
  1,620
  1,678
  1,741
  1,809
  1,883
  1,962
  2,046
  2,136
  2,232
  2,334
  2,442
  2,557
  2,678
  2,807
  2,942
  3,085
  3,237
  3,396
  3,564
  3,741
  3,927
  4,123
  4,330
  4,547
  4,776
  5,016
Total liabilities, $m
  1,582
  1,614
  1,651
  1,694
  1,741
  1,794
  1,852
  1,915
  1,983
  2,057
  2,136
  2,220
  2,310
  2,406
  2,508
  2,616
  2,731
  2,852
  2,981
  3,116
  3,259
  3,411
  3,570
  3,738
  3,915
  4,101
  4,297
  4,504
  4,721
  4,950
  5,190
Total equity, $m
  1,520
  1,551
  1,586
  1,627
  1,673
  1,724
  1,779
  1,840
  1,905
  1,976
  2,052
  2,133
  2,220
  2,312
  2,410
  2,514
  2,624
  2,740
  2,864
  2,994
  3,132
  3,277
  3,430
  3,591
  3,761
  3,940
  4,129
  4,327
  4,536
  4,756
  4,987
Total liabilities and equity, $m
  3,102
  3,165
  3,237
  3,321
  3,414
  3,518
  3,631
  3,755
  3,888
  4,033
  4,188
  4,353
  4,530
  4,718
  4,918
  5,130
  5,355
  5,592
  5,845
  6,110
  6,391
  6,688
  7,000
  7,329
  7,676
  8,041
  8,426
  8,831
  9,257
  9,706
  10,177
Debt-to-equity ratio
  0.926
  0.930
  0.930
  0.930
  0.940
  0.940
  0.940
  0.950
  0.950
  0.950
  0.960
  0.960
  0.960
  0.970
  0.970
  0.970
  0.970
  0.980
  0.980
  0.980
  0.990
  0.990
  0.990
  0.990
  0.990
  1.000
  1.000
  1.000
  1.000
  1.000
  1.010
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
  149
  153
  157
  163
  170
  178
  187
  197
  208
  220
  258
  272
  288
  305
  323
  342
  363
  385
  409
  434
  460
  489
  519
  551
  585
  621
  660
  700
  743
  788
Depreciation, amort., depletion, $m
  91
  114
  116
  118
  121
  123
  126
  129
  133
  136
  140
  110
  114
  119
  124
  130
  135
  141
  148
  154
  161
  169
  177
  185
  194
  203
  213
  223
  234
  245
  257
Funds from operations, $m
  450
  263
  269
  276
  284
  293
  304
  316
  329
  344
  360
  368
  387
  407
  429
  452
  477
  504
  533
  563
  595
  629
  666
  704
  745
  789
  834
  883
  934
  988
  1,046
Change in working capital, $m
  41
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
Cash from operations, $m
  409
  264
  270
  277
  285
  295
  305
  318
  331
  346
  362
  370
  389
  410
  432
  455
  480
  507
  536
  566
  599
  633
  670
  709
  750
  793
  839
  888
  940
  994
  1,052
Maintenance CAPEX, $m
  0
  -78
  -80
  -82
  -84
  -86
  -89
  -92
  -95
  -98
  -102
  -106
  -110
  -114
  -119
  -124
  -130
  -135
  -141
  -148
  -154
  -161
  -169
  -177
  -185
  -194
  -203
  -213
  -223
  -234
  -245
New CAPEX, $m
  -71
  -43
  -50
  -58
  -65
  -72
  -79
  -86
  -93
  -100
  -107
  -115
  -122
  -130
  -138
  -147
  -156
  -165
  -174
  -184
  -194
  -205
  -216
  -228
  -240
  -253
  -266
  -280
  -295
  -310
  -326
Cash from investing activities, $m
  -582
  -121
  -130
  -140
  -149
  -158
  -168
  -178
  -188
  -198
  -209
  -221
  -232
  -244
  -257
  -271
  -286
  -300
  -315
  -332
  -348
  -366
  -385
  -405
  -425
  -447
  -469
  -493
  -518
  -544
  -571
Free cash flow, $m
  -173
  143
  139
  137
  136
  137
  138
  140
  144
  148
  153
  150
  157
  165
  174
  184
  195
  207
  220
  235
  250
  267
  285
  304
  324
  346
  370
  395
  421
  450
  480
Issuance/(repayment) of debt, $m
  662
  32
  37
  42
  48
  53
  58
  63
  68
  74
  79
  84
  90
  96
  102
  108
  115
  121
  128
  136
  143
  151
  159
  168
  177
  186
  196
  207
  217
  229
  241
Issuance/(repurchase) of shares, $m
  223
  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  
  465
  32
  37
  42
  48
  53
  58
  63
  68
  74
  79
  84
  90
  96
  102
  108
  115
  121
  128
  136
  143
  151
  159
  168
  177
  186
  196
  207
  217
  229
  241
Total cash flow (excl. dividends), $m
  293
  175
  177
  180
  184
  189
  196
  203
  212
  221
  232
  234
  247
  261
  276
  292
  310
  329
  349
  370
  393
  418
  444
  472
  501
  533
  566
  601
  639
  678
  720
Retained Cash Flow (-), $m
  -250
  -33
  -36
  -41
  -46
  -51
  -56
  -61
  -66
  -71
  -76
  -81
  -87
  -92
  -98
  -104
  -110
  -117
  -123
  -130
  -138
  -145
  -153
  -161
  -170
  -179
  -189
  -198
  -209
  -220
  -231
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
 
  144
  141
  139
  138
  139
  140
  143
  146
  151
  156
  153
  160
  169
  178
  188
  200
  212
  225
  240
  256
  273
  291
  310
  331
  354
  377
  403
  430
  459
  489
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
 
  134
  122
  110
  100
  91
  82
  74
  67
  60
  53
  44
  39
  34
  29
  25
  21
  17
  14
  11
  9
  7
  5
  4
  3
  2
  1
  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

Tallgrass Energy Partners, LP acquires, owns, develops, and operates midstream energy assets in North America. It operates in three segments: Crude Oil Transportation & Logistics, Natural Gas Transportation & Logistics, and Processing & Logistics. The Crude Oil Transportation & Logistics segment engages in the ownership and operation of the Pony Express System, a crude oil pipeline serving the Bakken Shale, Denver-Julesburg, and Powder River Basins, as well as other nearby oil producing basins. The Natural Gas Transportation & Logistics segment owns and operates interstate natural gas pipelines and integrated natural gas storage facilities with approximately 4,655 miles of transportation pipelines in Wyoming, Colorado, Kansas, Missouri, and Nebraska. This segment provides its services to on-system customers, including third-party local distribution companies, industrial users, and other shippers. The Processing & Logistics segment owns and operates natural gas processing, treating, and fractionation facilities that produce natural gas liquids and residue gas for sale in local wholesale markets or delivers into pipelines for transportation to additional end markets. This segment also provides water business services primarily to the oil and gas exploration and production industry. The company was founded in 2013 and is based in Leawood, Kansas.

FINANCIAL RATIOS  of  Tallgrass Energy Partners (TEP)

Valuation Ratios
P/E Ratio 12.3
Price to Sales 5.4
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 7.9
Price to Free Cash Flow 9.6
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 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 7.3%, 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 73.248 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 $3.3 billion.

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COMPANY NEWS

▶ 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]
▶ 5 Dividend Stocks That Ensure Solid Growth   [Apr-07-17 09:18AM  Zacks]
▶ 5 Top Dividend Stocks for a Whimsical April   [Apr-04-17 08:17AM  Zacks]
▶ Handle with Care: Whats Volatile in Midstream Now   [Mar-14-17 11:12AM  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]
▶ Tallgrass Energy Expanding in Several Places (TEP)   [Jan-09-17 09:42AM  at Investopedia]
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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