Intrinsic value of Western Gas Partners - WES

Previous Close

$47.23

  Intrinsic Value

$6.02

stock screener

  Rating & Target

str. sell

-87%

Previous close

$47.23

 
Intrinsic value

$6.02

 
Up/down potential

-87%

 
Rating

str. sell

We calculate the intrinsic value of WES 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, %
  2.97
  19.30
  17.87
  16.58
  15.42
  14.38
  13.44
  12.60
  11.84
  11.16
  10.54
  9.99
  9.49
  9.04
  8.63
  8.27
  7.94
  7.65
  7.38
  7.15
  6.93
  6.74
  6.56
  6.41
  6.27
  6.14
  6.03
  5.92
  5.83
  5.75
  5.67
Revenue, $m
  1,804
  2,152
  2,537
  2,957
  3,414
  3,905
  4,429
  4,988
  5,578
  6,200
  6,854
  7,538
  8,254
  9,000
  9,777
  10,585
  11,426
  12,300
  13,209
  14,153
  15,134
  16,153
  17,214
  18,317
  19,465
  20,660
  21,905
  23,203
  24,556
  25,968
  27,441
Variable operating expenses, $m
 
  1,950
  2,291
  2,665
  3,069
  3,504
  3,970
  4,465
  4,989
  5,540
  6,120
  6,685
  7,319
  7,981
  8,670
  9,387
  10,133
  10,908
  11,714
  12,551
  13,421
  14,325
  15,266
  16,244
  17,262
  18,322
  19,426
  20,577
  21,777
  23,029
  24,335
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
  1,096
  1,950
  2,291
  2,665
  3,069
  3,504
  3,970
  4,465
  4,989
  5,540
  6,120
  6,685
  7,319
  7,981
  8,670
  9,387
  10,133
  10,908
  11,714
  12,551
  13,421
  14,325
  15,266
  16,244
  17,262
  18,322
  19,426
  20,577
  21,777
  23,029
  24,335
Operating income, $m
  708
  202
  245
  293
  345
  400
  459
  523
  589
  660
  734
  853
  934
  1,018
  1,106
  1,198
  1,293
  1,392
  1,495
  1,602
  1,713
  1,828
  1,948
  2,073
  2,203
  2,338
  2,479
  2,626
  2,779
  2,939
  3,106
EBITDA, $m
  981
  547
  645
  752
  868
  992
  1,126
  1,268
  1,418
  1,576
  1,742
  1,916
  2,098
  2,287
  2,485
  2,690
  2,904
  3,126
  3,357
  3,597
  3,846
  4,105
  4,375
  4,655
  4,947
  5,251
  5,567
  5,897
  6,241
  6,599
  6,974
Interest expense (income), $m
  106
  114
  140
  169
  201
  235
  272
  311
  353
  398
  444
  493
  545
  598
  654
  713
  773
  836
  902
  970
  1,041
  1,115
  1,191
  1,271
  1,354
  1,440
  1,530
  1,623
  1,720
  1,822
  1,928
Earnings before tax, $m
  611
  87
  105
  124
  144
  165
  188
  211
  236
  262
  290
  360
  389
  420
  452
  485
  520
  556
  593
  631
  672
  713
  757
  802
  849
  898
  949
  1,003
  1,059
  1,117
  1,178
Tax expense, $m
  9
  24
  28
  33
  39
  45
  51
  57
  64
  71
  78
  97
  105
  113
  122
  131
  140
  150
  160
  170
  181
  193
  204
  217
  229
  243
  256
  271
  286
  302
  318
Net income, $m
  591
  64
  77
  90
  105
  120
  137
  154
  172
  192
  211
  263
  284
  307
  330
  354
  379
  406
  433
  461
  490
  521
  552
  585
  620
  656
  693
  732
  773
  815
  860

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  358
  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
  7,733
  8,784
  10,354
  12,071
  13,933
  15,937
  18,080
  20,358
  22,768
  25,308
  27,975
  30,769
  33,688
  36,733
  39,905
  43,205
  46,638
  50,206
  53,913
  57,766
  61,770
  65,932
  70,261
  74,763
  79,449
  84,328
  89,410
  94,706
  100,229
  105,991
  112,004
Adjusted assets (=assets-cash), $m
  7,375
  8,784
  10,354
  12,071
  13,933
  15,937
  18,080
  20,358
  22,768
  25,308
  27,975
  30,769
  33,688
  36,733
  39,905
  43,205
  46,638
  50,206
  53,913
  57,766
  61,770
  65,932
  70,261
  74,763
  79,449
  84,328
  89,410
  94,706
  100,229
  105,991
  112,004
Revenue / Adjusted assets
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
Average production assets, $m
  5,773
  6,887
  8,118
  9,464
  10,924
  12,495
  14,174
  15,960
  17,850
  19,841
  21,933
  24,123
  26,411
  28,799
  31,285
  33,873
  36,564
  39,361
  42,268
  45,288
  48,428
  51,691
  55,084
  58,614
  62,288
  66,113
  70,097
  74,250
  78,580
  83,097
  87,811
Working capital, $m
  279
  -95
  -112
  -130
  -150
  -172
  -195
  -219
  -245
  -273
  -302
  -332
  -363
  -396
  -430
  -466
  -503
  -541
  -581
  -623
  -666
  -711
  -757
  -806
  -856
  -909
  -964
  -1,021
  -1,080
  -1,143
  -1,207
Total debt, $m
  3,091
  3,795
  4,575
  5,428
  6,354
  7,350
  8,415
  9,547
  10,745
  12,007
  13,333
  14,721
  16,172
  17,685
  19,262
  20,902
  22,608
  24,381
  26,224
  28,139
  30,129
  32,197
  34,349
  36,586
  38,915
  41,340
  43,866
  46,498
  49,243
  52,106
  55,095
Total liabilities, $m
  3,662
  4,366
  5,146
  5,999
  6,925
  7,921
  8,986
  10,118
  11,316
  12,578
  13,904
  15,292
  16,743
  18,256
  19,833
  21,473
  23,179
  24,952
  26,795
  28,710
  30,700
  32,768
  34,920
  37,157
  39,486
  41,911
  44,437
  47,069
  49,814
  52,677
  55,666
Total equity, $m
  4,071
  4,419
  5,208
  6,072
  7,008
  8,016
  9,094
  10,240
  11,452
  12,730
  14,072
  15,477
  16,945
  18,477
  20,072
  21,732
  23,459
  25,253
  27,118
  29,056
  31,070
  33,164
  35,341
  37,606
  39,963
  42,417
  44,973
  47,637
  50,415
  53,313
  56,338
Total liabilities and equity, $m
  7,733
  8,785
  10,354
  12,071
  13,933
  15,937
  18,080
  20,358
  22,768
  25,308
  27,976
  30,769
  33,688
  36,733
  39,905
  43,205
  46,638
  50,205
  53,913
  57,766
  61,770
  65,932
  70,261
  74,763
  79,449
  84,328
  89,410
  94,706
  100,229
  105,990
  112,004
Debt-to-equity ratio
  0.759
  0.860
  0.880
  0.890
  0.910
  0.920
  0.930
  0.930
  0.940
  0.940
  0.950
  0.950
  0.950
  0.960
  0.960
  0.960
  0.960
  0.970
  0.970
  0.970
  0.970
  0.970
  0.970
  0.970
  0.970
  0.970
  0.980
  0.980
  0.980
  0.980
  0.980
Adjusted equity ratio
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  591
  64
  77
  90
  105
  120
  137
  154
  172
  192
  211
  263
  284
  307
  330
  354
  379
  406
  433
  461
  490
  521
  552
  585
  620
  656
  693
  732
  773
  815
  860
Depreciation, amort., depletion, $m
  273
  345
  399
  459
  523
  592
  666
  745
  828
  916
  1,008
  1,063
  1,163
  1,269
  1,378
  1,492
  1,611
  1,734
  1,862
  1,995
  2,133
  2,277
  2,427
  2,582
  2,744
  2,912
  3,088
  3,271
  3,462
  3,661
  3,868
Funds from operations, $m
  923
  409
  476
  549
  628
  713
  803
  899
  1,001
  1,107
  1,219
  1,325
  1,448
  1,575
  1,708
  1,846
  1,990
  2,140
  2,295
  2,456
  2,624
  2,798
  2,979
  3,168
  3,364
  3,568
  3,781
  4,003
  4,234
  4,476
  4,728
Change in working capital, $m
  5
  -15
  -17
  -19
  -20
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -65
Cash from operations, $m
  918
  424
  493
  567
  648
  734
  826
  924
  1,027
  1,135
  1,248
  1,355
  1,479
  1,608
  1,742
  1,882
  2,027
  2,178
  2,335
  2,498
  2,667
  2,843
  3,026
  3,216
  3,414
  3,621
  3,836
  4,060
  4,294
  4,538
  4,793
Maintenance CAPEX, $m
  0
  -254
  -303
  -358
  -417
  -481
  -550
  -624
  -703
  -786
  -874
  -966
  -1,063
  -1,163
  -1,269
  -1,378
  -1,492
  -1,611
  -1,734
  -1,862
  -1,995
  -2,133
  -2,277
  -2,427
  -2,582
  -2,744
  -2,912
  -3,088
  -3,271
  -3,462
  -3,661
New CAPEX, $m
  -480
  -1,114
  -1,231
  -1,346
  -1,460
  -1,571
  -1,680
  -1,786
  -1,890
  -1,991
  -2,091
  -2,190
  -2,289
  -2,387
  -2,487
  -2,588
  -2,691
  -2,797
  -2,907
  -3,021
  -3,139
  -3,263
  -3,393
  -3,530
  -3,674
  -3,825
  -3,984
  -4,153
  -4,330
  -4,517
  -4,715
Cash from investing activities, $m
  -1,106
  -1,368
  -1,534
  -1,704
  -1,877
  -2,052
  -2,230
  -2,410
  -2,593
  -2,777
  -2,965
  -3,156
  -3,352
  -3,550
  -3,756
  -3,966
  -4,183
  -4,408
  -4,641
  -4,883
  -5,134
  -5,396
  -5,670
  -5,957
  -6,256
  -6,569
  -6,896
  -7,241
  -7,601
  -7,979
  -8,376
Free cash flow, $m
  -188
  -944
  -1,041
  -1,136
  -1,229
  -1,318
  -1,404
  -1,487
  -1,566
  -1,643
  -1,717
  -1,801
  -1,872
  -1,943
  -2,013
  -2,084
  -2,156
  -2,230
  -2,306
  -2,385
  -2,468
  -2,554
  -2,645
  -2,740
  -2,841
  -2,948
  -3,061
  -3,180
  -3,307
  -3,441
  -3,582
Issuance/(repayment) of debt, $m
  397
  704
  780
  853
  925
  996
  1,065
  1,132
  1,198
  1,262
  1,326
  1,388
  1,451
  1,513
  1,576
  1,640
  1,706
  1,773
  1,843
  1,915
  1,990
  2,069
  2,151
  2,238
  2,329
  2,425
  2,526
  2,632
  2,745
  2,863
  2,989
Issuance/(repurchase) of shares, $m
  712
  642
  713
  773
  832
  888
  941
  992
  1,040
  1,086
  1,130
  1,143
  1,184
  1,225
  1,265
  1,306
  1,347
  1,389
  1,432
  1,477
  1,524
  1,573
  1,625
  1,679
  1,737
  1,798
  1,863
  1,932
  2,005
  2,083
  2,165
Cash from financing (excl. dividends), $m  
  1,120
  1,346
  1,493
  1,626
  1,757
  1,884
  2,006
  2,124
  2,238
  2,348
  2,456
  2,531
  2,635
  2,738
  2,841
  2,946
  3,053
  3,162
  3,275
  3,392
  3,514
  3,642
  3,776
  3,917
  4,066
  4,223
  4,389
  4,564
  4,750
  4,946
  5,154
Total cash flow (excl. dividends), $m
  932
  401
  452
  490
  528
  565
  602
  637
  672
  706
  739
  730
  763
  796
  829
  863
  897
  932
  969
  1,007
  1,046
  1,088
  1,131
  1,177
  1,224
  1,275
  1,328
  1,384
  1,443
  1,506
  1,571
Retained Cash Flow (-), $m
  -220
  -706
  -790
  -864
  -937
  -1,008
  -1,078
  -1,146
  -1,212
  -1,278
  -1,342
  -1,405
  -1,468
  -1,532
  -1,595
  -1,660
  -1,726
  -1,795
  -1,865
  -1,938
  -2,014
  -2,094
  -2,177
  -2,265
  -2,357
  -2,454
  -2,556
  -2,664
  -2,778
  -2,898
  -3,025
Prev. year cash balance distribution, $m
 
  358
  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
 
  54
  -338
  -373
  -408
  -443
  -476
  -509
  -541
  -572
  -603
  -675
  -706
  -736
  -767
  -798
  -830
  -862
  -896
  -931
  -968
  -1,006
  -1,046
  -1,088
  -1,132
  -1,179
  -1,228
  -1,280
  -1,335
  -1,392
  -1,453
Discount rate, %
 
  6.20
  6.51
  6.84
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.04
  20.00
  21.00
  22.05
  23.15
  24.30
  25.52
PV of cash for distribution, $m
 
  50
  -298
  -306
  -309
  -308
  -301
  -291
  -277
  -260
  -241
  -234
  -211
  -187
  -163
  -140
  -119
  -100
  -82
  -66
  -53
  -41
  -31
  -24
  -17
  -12
  -9
  -6
  -4
  -3
  -2
Current shareholders' claim on cash, %
  100
  91.1
  83.4
  76.9
  71.4
  66.6
  62.4
  58.8
  55.6
  52.7
  50.2
  48.0
  46.0
  44.2
  42.5
  41.0
  39.6
  38.3
  37.1
  36.0
  35.0
  34.0
  33.1
  32.2
  31.4
  30.6
  29.9
  29.2
  28.5
  27.8
  27.2

Western Gas Partners, LP is a master limited partnership (MLP) that acquires, owns, develops and operates midstream energy assets. The Company is engaged in the business of gathering, processing, compressing, treating and transporting natural gas, condensate, natural gas liquids (NGLs) and crude oil in the United States. The Company provides midstream services for Anadarko Petroleum Corporation (Anadarko), as well as for third-party producers and customers. The Company's operations and activities are managed by its general partner, which is indirectly controlled by Anadarko through Western Gas Equity Partners, LP (WGP). As of December 31, 2016, its assets and investments consisted of gathering systems, treating facilities, natural gas processing plants/trains, NGL pipelines, natural gas pipelines and oil pipelines. These assets and investments are located in the Rocky Mountains (Colorado, Utah and Wyoming), North-central Pennsylvania and Texas.

FINANCIAL RATIOS  of  Western Gas Partners (WES)

Valuation Ratios
P/E Ratio 11.4
Price to Sales 3.7
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 7.4
Price to Free Cash Flow 15.4
Growth Rates
Sales Growth Rate 3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -24.8%
Cap. Spend. - 3 Yr. Gr. Rate -6.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 75.9%
Total Debt to Equity 75.9%
Interest Coverage 7
Management Effectiveness
Return On Assets 9.3%
Ret/ On Assets - 3 Yr. Avg. 6.1%
Return On Total Capital 8.6%
Ret/ On T. Cap. - 3 Yr. Avg. 5.6%
Return On Equity 14.9%
Return On Equity - 3 Yr. Avg. 9.3%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 72.6%
Gross Margin - 3 Yr. Avg. 70.9%
EBITDA Margin 54.9%
EBITDA Margin - 3 Yr. Avg. 43.3%
Operating Margin 39.2%
Oper. Margin - 3 Yr. Avg. 28.1%
Pre-Tax Margin 33.9%
Pre-Tax Margin - 3 Yr. Avg. 23.2%
Net Profit Margin 32.8%
Net Profit Margin - 3 Yr. Avg. 20.6%
Effective Tax Rate 1.5%
Eff/ Tax Rate - 3 Yr. Avg. 28.7%
Payout Ratio 113.7%

WES stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WES stock intrinsic value calculation we used $1804 million for the last fiscal year's total revenue generated by Western Gas Partners. The default revenue input number comes from 2016 income statement of Western Gas 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 WES stock valuation model: a) initial revenue growth rate of 19.3% 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 6.2%, whose default value for WES is calculated based on our internal credit rating of Western Gas 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 Western Gas 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 WES stock the variable cost ratio is equal to 91%.

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 WES 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 3.7% for Western Gas Partners.

Corporate tax rate of 27% is the nominal tax rate for Western Gas 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 WES 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 WES are equal to 320%.

Life of production assets of 22.7 years is the average useful life of capital assets used in Western Gas 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 WES is equal to -4.4%. 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 - $4071 million for Western Gas 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 151.799 million for Western Gas 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 Western Gas Partners at the current share price and the inputted number of shares is $7.2 billion.

RELATED COMPANIES Price Int.Val. Rating
KMI Kinder Morgan 16.66 5.99  str.sell
TEP Tallgrass Ener 39.30 20.92  str.sell
EPD Enterprise Pro 25.72 1.90  str.sell
ETP Energy Transfe 18.99 12.97  sell
APC Anadarko Petro 58.28 5.57  str.sell
WMB Williams 28.56 1.40  str.sell

COMPANY NEWS

▶ Wesfarmers 1H Profit Slumps to 15-Year Low   [02:11AM  Bloomberg Video]
▶ Western Gas Annual Reports Available   [Feb-20-18 06:30PM  PR Newswire]
▶ The Wesfarmers result was disappointing   [Feb-04-18 04:38PM  CNBC Videos]
▶ WES, EQM, and CEQP among Gathering MLPs on Barclays Radar   [Jan-25-18 02:45PM  Market Realist]
▶ What Energy Transfer Partners Technical Indicators Say   [Jan-10-18 09:03AM  Market Realist]
▶ MLP Rating Updates for Week Ended January 5   [Jan-08-18 02:20PM  Market Realist]
▶ Analyst Ratings: WMB Has the Most Buys, WGP the Most Holds   [Dec-20-17 07:30AM  Market Realist]
▶ Williams Companies Has the Lowest Valuation among Its Peers   [Dec-18-17 10:32AM  Market Realist]
▶ ETE, PAGP, WGP, WMB: Analyzing Earnings Growth in 3Q17   [Dec-15-17 05:30PM  Market Realist]
▶ Western Gas Announces 2018 Outlook   [Dec-05-17 04:05PM  PR Newswire]
▶ WES, ENLK, ENBL, DCP: Gauging Technical Indicators   [Nov-27-17 01:35PM  Market Realist]
▶ What Led to Western Gas Partners Lower Earnings in 3Q17   [Nov-10-17 02:29PM  Market Realist]
▶ Western Gas Equity posts 3Q profit   [Oct-31-17 06:26PM  Associated Press]
▶ MLP Rating Updates Last Week   [03:42PM  Market Realist]
▶ Western Gas Could Outperform Peers In 2018   [Oct-26-17 09:37AM  Benzinga]
▶ Are Analysts Bullish on Western Gas ahead of 3Q17 Results?   [Oct-23-17 07:39AM  Market Realist]
▶ Western Gas Partners Announced 1.7% Distribution Increase   [Oct-19-17 04:07PM  Market Realist]
▶ MLPs Rating Updates during the Week Ending October 13   [Oct-17-17 03:06PM  Market Realist]
▶ Which MLP General Partner Has the Most Buys and Holds?   [Sep-25-17 09:06AM  Market Realist]
▶ Why Western Gas Partners LP (WES) Could Be A Buy   [Sep-22-17 07:11PM  Simply Wall St.]
▶ Western Gas Partners Earns Buy Ratings from 53% of Analysts   [Aug-23-17 09:06AM  Market Realist]
▶ How Institutional Investors Feel about Western Gas Partners   [Aug-22-17 10:36AM  Market Realist]
▶ Comparing Western Gas Partnerss Valuation   [09:06AM  Market Realist]
▶ Why Western Gas Partners is Underperforming AMLP   [Aug-18-17 05:47PM  Market Realist]
▶ Wesfarmers CEO Says in Talks on Sale of Coal Mines   [Aug-17-17 04:21AM  Bloomberg Video]
▶ First Reserve GP XIII Ltd Buys Western Gas Partners, LP   [Aug-14-17 09:38AM  GuruFocus.com]
Financial statements of WES
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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