Intrinsic value of Western Gas Equity Partners - WGP

Previous Close

$37.30

  Intrinsic Value

$12.01

stock screener

  Rating & Target

str. sell

-68%

Previous close

$37.30

 
Intrinsic value

$12.01

 
Up/down potential

-68%

 
Rating

str. sell

We calculate the intrinsic value of WGP 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
 
  1,955
  2,297
  2,670
  3,076
  3,512
  3,979
  4,475
  5,000
  5,553
  6,134
  6,700
  7,336
  7,999
  8,690
  9,409
  10,156
  10,933
  11,740
  12,579
  13,451
  14,358
  15,300
  16,281
  17,301
  18,363
  19,470
  20,624
  21,826
  23,081
  24,390
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
  1,100
  1,955
  2,297
  2,670
  3,076
  3,512
  3,979
  4,475
  5,000
  5,553
  6,134
  6,700
  7,336
  7,999
  8,690
  9,409
  10,156
  10,933
  11,740
  12,579
  13,451
  14,358
  15,300
  16,281
  17,301
  18,363
  19,470
  20,624
  21,826
  23,081
  24,390
Operating income, $m
  705
  197
  240
  287
  338
  392
  451
  513
  578
  648
  720
  838
  918
  1,000
  1,087
  1,177
  1,270
  1,367
  1,468
  1,573
  1,682
  1,796
  1,914
  2,036
  2,164
  2,297
  2,435
  2,579
  2,730
  2,887
  3,051
EBITDA, $m
  978
  543
  640
  746
  861
  984
  1,117
  1,258
  1,406
  1,563
  1,728
  1,901
  2,081
  2,269
  2,465
  2,669
  2,881
  3,101
  3,330
  3,568
  3,816
  4,073
  4,340
  4,618
  4,908
  5,209
  5,523
  5,850
  6,192
  6,547
  6,919
Interest expense (income), $m
  108
  115
  160
  213
  270
  332
  399
  470
  546
  626
  711
  800
  893
  990
  1,091
  1,197
  1,307
  1,421
  1,540
  1,663
  1,792
  1,925
  2,063
  2,208
  2,358
  2,514
  2,676
  2,845
  3,022
  3,206
  3,397
Earnings before tax, $m
  605
  82
  80
  74
  68
  60
  52
  43
  32
  21
  9
  39
  25
  11
  -4
  -20
  -36
  -54
  -71
  -90
  -109
  -129
  -150
  -171
  -194
  -217
  -241
  -266
  -292
  -319
  -347
Tax expense, $m
  8
  22
  22
  20
  18
  16
  14
  12
  9
  6
  3
  10
  7
  3
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  346
  60
  58
  54
  49
  44
  38
  31
  24
  16
  7
  28
  18
  8
  -4
  -20
  -36
  -54
  -71
  -90
  -109
  -129
  -150
  -171
  -194
  -217
  -241
  -266
  -292
  -319
  -347

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  359
  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
  7,736
  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
  7,377
  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
  281
  -93
  -109
  -127
  -147
  -168
  -190
  -214
  -240
  -267
  -295
  -324
  -355
  -387
  -420
  -455
  -491
  -529
  -568
  -609
  -651
  -695
  -740
  -788
  -837
  -888
  -942
  -998
  -1,056
  -1,117
  -1,180
Total debt, $m
  3,119
  4,337
  5,750
  7,295
  8,971
  10,774
  12,703
  14,753
  16,922
  19,208
  21,609
  24,123
  26,750
  29,491
  32,345
  35,316
  38,405
  41,616
  44,953
  48,420
  52,024
  55,770
  59,666
  63,718
  67,935
  72,326
  76,900
  81,667
  86,637
  91,823
  97,235
Total liabilities, $m
  6,688
  7,906
  9,319
  10,864
  12,540
  14,343
  16,272
  18,322
  20,491
  22,777
  25,178
  27,692
  30,319
  33,060
  35,914
  38,885
  41,974
  45,185
  48,522
  51,989
  55,593
  59,339
  63,235
  67,287
  71,504
  75,895
  80,469
  85,236
  90,206
  95,392
  100,804
Total equity, $m
  1,048
  878
  1,035
  1,207
  1,393
  1,594
  1,808
  2,036
  2,277
  2,531
  2,798
  3,077
  3,369
  3,673
  3,990
  4,321
  4,664
  5,021
  5,391
  5,777
  6,177
  6,593
  7,026
  7,476
  7,945
  8,433
  8,941
  9,471
  10,023
  10,599
  11,200
Total liabilities and equity, $m
  7,736
  8,784
  10,354
  12,071
  13,933
  15,937
  18,080
  20,358
  22,768
  25,308
  27,976
  30,769
  33,688
  36,733
  39,904
  43,206
  46,638
  50,206
  53,913
  57,766
  61,770
  65,932
  70,261
  74,763
  79,449
  84,328
  89,410
  94,707
  100,229
  105,991
  112,004
Debt-to-equity ratio
  2.976
  4.940
  5.550
  6.040
  6.440
  6.760
  7.030
  7.250
  7.430
  7.590
  7.720
  7.840
  7.940
  8.030
  8.110
  8.170
  8.230
  8.290
  8.340
  8.380
  8.420
  8.460
  8.490
  8.520
  8.550
  8.580
  8.600
  8.620
  8.640
  8.660
  8.680
Adjusted equity ratio
  0.093
  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
  346
  60
  58
  54
  49
  44
  38
  31
  24
  16
  7
  28
  18
  8
  -4
  -20
  -36
  -54
  -71
  -90
  -109
  -129
  -150
  -171
  -194
  -217
  -241
  -266
  -292
  -319
  -347
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
  1,000
  405
  458
  513
  572
  636
  704
  776
  852
  931
  1,015
  1,091
  1,182
  1,276
  1,374
  1,472
  1,574
  1,680
  1,791
  1,905
  2,024
  2,148
  2,277
  2,411
  2,550
  2,696
  2,847
  3,005
  3,170
  3,342
  3,522
Change in working capital, $m
  87
  -15
  -17
  -18
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -47
  -49
  -51
  -54
  -56
  -58
  -61
  -63
Cash from operations, $m
  913
  420
  474
  531
  592
  657
  727
  800
  877
  958
  1,043
  1,120
  1,213
  1,309
  1,407
  1,507
  1,610
  1,718
  1,830
  1,946
  2,066
  2,192
  2,322
  2,458
  2,600
  2,747
  2,901
  3,061
  3,228
  3,403
  3,585
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
  -193
  -949
  -1,060
  -1,173
  -1,285
  -1,395
  -1,503
  -1,610
  -1,716
  -1,819
  -1,922
  -2,036
  -2,139
  -2,242
  -2,348
  -2,459
  -2,573
  -2,690
  -2,811
  -2,937
  -3,068
  -3,205
  -3,348
  -3,498
  -3,656
  -3,822
  -3,996
  -4,180
  -4,373
  -4,576
  -4,790
Issuance/(repayment) of debt, $m
  423
  1,218
  1,413
  1,545
  1,676
  1,804
  1,928
  2,050
  2,169
  2,286
  2,401
  2,514
  2,627
  2,740
  2,855
  2,971
  3,089
  3,211
  3,337
  3,468
  3,604
  3,746
  3,895
  4,052
  4,217
  4,391
  4,574
  4,767
  4,971
  5,185
  5,412
Issuance/(repurchase) of shares, $m
  687
  130
  99
  118
  137
  156
  176
  197
  217
  238
  260
  251
  274
  297
  321
  350
  380
  410
  442
  475
  510
  545
  583
  622
  662
  705
  749
  795
  844
  895
  948
Cash from financing (excl. dividends), $m  
  826
  1,348
  1,512
  1,663
  1,813
  1,960
  2,104
  2,247
  2,386
  2,524
  2,661
  2,765
  2,901
  3,037
  3,176
  3,321
  3,469
  3,621
  3,779
  3,943
  4,114
  4,291
  4,478
  4,674
  4,879
  5,096
  5,323
  5,562
  5,815
  6,080
  6,360
Total cash flow (excl. dividends), $m
  633
  399
  452
  490
  528
  565
  601
  637
  671
  705
  738
  729
  762
  795
  828
  862
  896
  931
  968
  1,006
  1,045
  1,087
  1,130
  1,175
  1,223
  1,274
  1,327
  1,383
  1,442
  1,504
  1,570
Retained Cash Flow (-), $m
  443
  -189
  -157
  -172
  -186
  -200
  -214
  -228
  -241
  -254
  -267
  -279
  -292
  -304
  -321
  -350
  -380
  -410
  -442
  -475
  -510
  -545
  -583
  -622
  -662
  -705
  -749
  -795
  -844
  -895
  -948
Prev. year cash balance distribution, $m
 
  359
  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
 
  568
  295
  318
  342
  365
  387
  409
  430
  451
  471
  450
  470
  490
  507
  512
  516
  521
  526
  531
  536
  541
  547
  554
  561
  569
  578
  587
  598
  609
  622
Discount rate, %
 
  8.50
  8.93
  9.37
  9.84
  10.33
  10.85
  11.39
  11.96
  12.56
  13.19
  13.85
  14.54
  15.26
  16.03
  16.83
  17.67
  18.55
  19.48
  20.46
  21.48
  22.55
  23.68
  24.86
  26.11
  27.41
  28.78
  30.22
  31.73
  33.32
  34.99
PV of cash for distribution, $m
 
  524
  248
  243
  235
  223
  209
  192
  174
  155
  137
  108
  92
  77
  63
  50
  38
  29
  21
  15
  11
  8
  5
  3
  2
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  97.6
  96.2
  94.8
  93.5
  92.1
  90.8
  89.6
  88.3
  87.2
  86.0
  85.0
  84.1
  83.1
  82.2
  81.3
  80.4
  79.4
  78.6
  77.7
  76.8
  75.9
  75.1
  74.2
  73.4
  72.5
  71.7
  70.9
  70.1
  69.3
  68.5

Western Gas Equity Partners, LP is a limited partnership. The Company is formed to own approximately three types of partnership interests in Western Gas Partners, LP (WES). WES is an master limited partnership (MLP) engaged in the business of gathering, compressing, treating, processing and transporting natural gas, and gathering, stabilizing and transporting condensate, natural gas liquids (NGLs) and crude oil. WES provides these midstream services for Anadarko Petroleum Corporation (Anadarko), as well as for third-party producers and customers. Its assets and investments are located in the Rocky Mountains (Colorado, Utah and Wyoming), North-central Pennsylvania and Texas. The Bison treating facility treats and compresses gas from coal-bed methane wells in the Powder River Basin of Wyoming. MIGC, LLC receives gas from various coal-bed methane gathering systems in the Powder River Basin and the Hilight system, as well as from WBI Energy Transmission, Inc.

FINANCIAL RATIOS  of  Western Gas Equity Partners (WGP)

Valuation Ratios
P/E Ratio 23.6
Price to Sales 4.5
Price to Book 7.8
Price to Tangible Book
Price to Cash Flow 8.9
Price to Free Cash Flow 18.9
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 297.6%
Total Debt to Equity 297.6%
Interest Coverage 7
Management Effectiveness
Return On Assets 6%
Ret/ On Assets - 3 Yr. Avg. 4.6%
Return On Total Capital 8.3%
Ret/ On T. Cap. - 3 Yr. Avg. 6.6%
Return On Equity 27.3%
Return On Equity - 3 Yr. Avg. 19.1%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 72.6%
Gross Margin - 3 Yr. Avg. 69.9%
EBITDA Margin 54.7%
EBITDA Margin - 3 Yr. Avg. 43.1%
Operating Margin 39%
Oper. Margin - 3 Yr. Avg. 27.4%
Pre-Tax Margin 33.5%
Pre-Tax Margin - 3 Yr. Avg. 22.3%
Net Profit Margin 19.2%
Net Profit Margin - 3 Yr. Avg. 15.3%
Effective Tax Rate 1.3%
Eff/ Tax Rate - 3 Yr. Avg. 28.2%
Payout Ratio 108.1%

WGP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WGP stock intrinsic value calculation we used $1804 million for the last fiscal year's total revenue generated by Western Gas Equity Partners. The default revenue input number comes from 2016 income statement of Western Gas Equity 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 WGP 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 8.5%, whose default value for WGP is calculated based on our internal credit rating of Western Gas Equity 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 Equity 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 WGP stock the variable cost ratio is equal to 91.2%.

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 WGP 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 Equity Partners.

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

Life of production assets of 22.7 years is the average useful life of capital assets used in Western Gas Equity 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 WGP is equal to -4.3%. 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 - $1048 million for Western Gas Equity 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 217.169 million for Western Gas Equity 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 Equity Partners at the current share price and the inputted number of shares is $8.1 billion.

RELATED COMPANIES Price Int.Val. Rating
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PSX Phillips 66 91.83 414.62  str.buy

COMPANY NEWS

▶ Western Gas Annual Reports Available   [Feb-20-18 06:30PM  PR Newswire]
▶ Western Gas Equity Partners LP to Host Earnings Call   [Feb-16-18 06:40AM  ACCESSWIRE]
▶ Western Gas Equity posts 4Q profit   [Feb-15-18 06:11PM  Associated Press]
▶ Why PAA Was the Biggest MLP Loser Last Week   [Jan-22-18 04:50PM  Market Realist]
▶ What Do Energy Transfer Equitys Technical Indicators Hint?   [Jan-12-18 10:27AM  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.]
▶ Analysts Ratings for Energy Transfer Equity   [Sep-08-17 07:37AM  Market Realist]
▶ 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]
▶ What Analysts Recommend for ETE   [Aug-17-17 10:37AM  Market Realist]
▶ First Reserve GP XIII Ltd Buys Western Gas Partners, LP   [Aug-14-17 09:38AM  GuruFocus.com]
▶ MLP Earnings: Wrap-Up for Last Week   [Aug-01-17 05:05PM  Market Realist]
▶ Western Gas Equity posts 2Q profit   [Jul-25-17 11:14PM  Associated Press]
▶ What Analysts Recommend for ETE   [Jul-20-17 10:37AM  Market Realist]
Financial statements of WGP
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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