Intrinsic value of Tallgrass Energy Partners - TEP

Previous Close

$45.93

  Intrinsic Value

$18.07

stock screener

  Rating & Target

str. sell

-61%

Previous close

$45.93

 
Intrinsic value

$18.07

 
Up/down potential

-61%

 
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

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 3.4

 

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, %
  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
 
  92
  97
  101
  106
  111
  116
  122
  128
  133
  140
  112
  118
  125
  133
  140
  148
  156
  165
  174
  183
  193
  203
  214
  226
  237
  250
  263
  276
  291
  306
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
  367
  379
  390
  402
  414
  427
  441
  455
  468
  483
  464
  478
  494
  512
  528
  546
  564
  583
  602
  622
  643
  664
  687
  711
  734
  759
  785
  811
  839
  868
Operating income, $m
  256
  287
  327
  368
  411
  456
  502
  551
  602
  654
  709
  801
  861
  924
  990
  1,058
  1,130
  1,205
  1,284
  1,367
  1,453
  1,544
  1,639
  1,739
  1,844
  1,954
  2,070
  2,191
  2,319
  2,453
  2,593
EBITDA, $m
  347
  406
  452
  501
  551
  603
  657
  714
  773
  834
  898
  965
  1,035
  1,108
  1,184
  1,264
  1,347
  1,435
  1,526
  1,622
  1,722
  1,828
  1,938
  2,054
  2,175
  2,303
  2,436
  2,577
  2,724
  2,879
  3,042
Interest expense (income), $m
  30
  49
  54
  58
  63
  68
  74
  79
  85
  91
  97
  103
  110
  117
  124
  131
  139
  147
  156
  165
  174
  184
  194
  205
  216
  228
  240
  253
  266
  280
  295
Earnings before tax, $m
  268
  238
  273
  310
  348
  387
  429
  472
  517
  564
  613
  698
  752
  808
  866
  927
  991
  1,058
  1,128
  1,202
  1,279
  1,360
  1,445
  1,535
  1,628
  1,727
  1,830
  1,938
  2,052
  2,172
  2,298
Tax expense, $m
  0
  64
  74
  84
  94
  105
  116
  127
  140
  152
  165
  189
  203
  218
  234
  250
  268
  286
  305
  325
  345
  367
  390
  414
  440
  466
  494
  523
  554
  587
  621
Net income, $m
  264
  174
  199
  226
  254
  283
  313
  345
  377
  412
  447
  510
  549
  589
  632
  677
  723
  772
  824
  877
  934
  993
  1,055
  1,120
  1,189
  1,260
  1,336
  1,415
  1,498
  1,586
  1,678

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
  3,354
  3,615
  3,887
  4,169
  4,462
  4,767
  5,084
  5,413
  5,756
  6,113
  6,485
  6,872
  7,276
  7,697
  8,137
  8,595
  9,074
  9,575
  10,098
  10,646
  11,218
  11,817
  12,444
  13,100
  13,788
  14,508
  15,262
  16,053
  16,881
  17,750
Adjusted assets (=assets-cash), $m
  3,100
  3,354
  3,615
  3,887
  4,169
  4,462
  4,767
  5,084
  5,413
  5,756
  6,113
  6,485
  6,872
  7,276
  7,697
  8,137
  8,595
  9,074
  9,575
  10,098
  10,646
  11,218
  11,817
  12,444
  13,100
  13,788
  14,508
  15,262
  16,053
  16,881
  17,750
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
  2,322
  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
  1,408
  1,536
  1,670
  1,808
  1,952
  2,102
  2,257
  2,419
  2,587
  2,762
  2,944
  3,133
  3,331
  3,537
  3,752
  3,976
  4,210
  4,454
  4,709
  4,976
  5,255
  5,547
  5,853
  6,172
  6,507
  6,858
  7,225
  7,610
  8,013
  8,436
  8,879
Total liabilities, $m
  1,582
  1,710
  1,844
  1,982
  2,126
  2,276
  2,431
  2,593
  2,761
  2,936
  3,118
  3,307
  3,505
  3,711
  3,926
  4,150
  4,384
  4,628
  4,883
  5,150
  5,429
  5,721
  6,027
  6,346
  6,681
  7,032
  7,399
  7,784
  8,187
  8,610
  9,053
Total equity, $m
  1,520
  1,643
  1,771
  1,904
  2,043
  2,186
  2,336
  2,491
  2,653
  2,821
  2,995
  3,178
  3,367
  3,565
  3,772
  3,987
  4,212
  4,446
  4,692
  4,948
  5,216
  5,497
  5,790
  6,098
  6,419
  6,756
  7,109
  7,478
  7,866
  8,272
  8,698
Total liabilities and equity, $m
  3,102
  3,353
  3,615
  3,886
  4,169
  4,462
  4,767
  5,084
  5,414
  5,757
  6,113
  6,485
  6,872
  7,276
  7,698
  8,137
  8,596
  9,074
  9,575
  10,098
  10,645
  11,218
  11,817
  12,444
  13,100
  13,788
  14,508
  15,262
  16,053
  16,882
  17,751
Debt-to-equity ratio
  0.926
  0.930
  0.940
  0.950
  0.960
  0.960
  0.970
  0.970
  0.980
  0.980
  0.980
  0.990
  0.990
  0.990
  0.990
  1.000
  1.000
  1.000
  1.000
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
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
  174
  199
  226
  254
  283
  313
  345
  377
  412
  447
  510
  549
  589
  632
  677
  723
  772
  824
  877
  934
  993
  1,055
  1,120
  1,189
  1,260
  1,336
  1,415
  1,498
  1,586
  1,678
Depreciation, amort., depletion, $m
  91
  119
  126
  132
  140
  147
  155
  163
  171
  180
  189
  164
  174
  184
  194
  206
  217
  229
  242
  255
  269
  283
  299
  314
  331
  348
  367
  386
  406
  427
  448
Funds from operations, $m
  450
  293
  325
  359
  393
  430
  468
  507
  548
  591
  636
  674
  722
  773
  827
  882
  941
  1,002
  1,066
  1,133
  1,203
  1,276
  1,354
  1,435
  1,520
  1,609
  1,702
  1,801
  1,904
  2,012
  2,126
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
  409
  296
  328
  362
  397
  434
  472
  511
  553
  596
  641
  678
  727
  779
  832
  888
  947
  1,008
  1,072
  1,139
  1,210
  1,284
  1,361
  1,443
  1,528
  1,618
  1,712
  1,810
  1,914
  2,023
  2,137
Maintenance CAPEX, $m
  0
  -78
  -85
  -91
  -98
  -105
  -113
  -120
  -128
  -137
  -145
  -154
  -164
  -174
  -184
  -194
  -206
  -217
  -229
  -242
  -255
  -269
  -283
  -299
  -314
  -331
  -348
  -367
  -386
  -406
  -427
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
  -252
  -266
  -279
  -293
  -308
  -324
  -339
  -356
  -374
  -392
  -411
  -432
  -454
  -476
  -498
  -524
  -549
  -576
  -604
  -634
  -665
  -698
  -733
  -768
  -807
  -846
  -889
  -933
  -980
  -1,028
Free cash flow, $m
  -173
  43
  63
  83
  104
  125
  148
  172
  196
  222
  248
  267
  295
  325
  357
  389
  423
  459
  496
  535
  576
  619
  663
  710
  759
  811
  865
  922
  981
  1,044
  1,109
Issuance/(repayment) of debt, $m
  662
  128
  133
  138
  144
  150
  155
  162
  168
  175
  182
  190
  198
  206
  215
  224
  234
  244
  255
  267
  279
  292
  305
  320
  335
  351
  367
  385
  403
  423
  443
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
  128
  133
  138
  144
  150
  155
  162
  168
  175
  182
  190
  198
  206
  215
  224
  234
  244
  255
  267
  279
  292
  305
  320
  335
  351
  367
  385
  403
  423
  443
Total cash flow (excl. dividends), $m
  293
  172
  196
  221
  247
  275
  303
  333
  364
  396
  430
  456
  493
  531
  571
  613
  657
  703
  752
  802
  855
  911
  969
  1,030
  1,094
  1,161
  1,232
  1,306
  1,384
  1,466
  1,553
Retained Cash Flow (-), $m
  -250
  -125
  -128
  -133
  -138
  -144
  -149
  -155
  -161
  -168
  -175
  -182
  -190
  -198
  -206
  -215
  -225
  -235
  -245
  -256
  -268
  -280
  -293
  -307
  -322
  -337
  -353
  -370
  -387
  -406
  -426
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
 
  48
  68
  88
  109
  131
  154
  178
  203
  228
  255
  274
  303
  333
  365
  398
  433
  469
  506
  546
  587
  630
  675
  723
  772
  825
  879
  937
  997
  1,060
  1,127
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
 
  45
  59
  70
  79
  86
  90
  93
  93
  91
  87
  80
  74
  67
  60
  53
  45
  38
  31
  25
  20
  15
  11
  8
  6
  4
  3
  2
  1
  1
  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 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 12.6
Price to Sales 5.5
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 8.1
Price to Free Cash Flow 9.9
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 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 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 74.026 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

▶ 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]
▶ 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]
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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