Intrinsic value of Westlake Chemical Partners - WLKP

Previous Close

$23.40

  Intrinsic Value

$419.10

stock screener

  Rating & Target

str. buy

+999%

Previous close

$23.40

 
Intrinsic value

$419.10

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of WLKP 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, %
  -1.99
  29.70
  27.23
  25.01
  23.01
  21.21
  19.59
  18.13
  16.81
  15.63
  14.57
  13.61
  12.75
  11.98
  11.28
  10.65
  10.09
  9.58
  9.12
  8.71
  8.34
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.60
  6.44
  6.29
  6.16
Revenue, $m
  987
  1,280
  1,629
  2,036
  2,504
  3,036
  3,630
  4,288
  5,009
  5,792
  6,636
  7,539
  8,501
  9,519
  10,592
  11,720
  12,902
  14,138
  15,427
  16,770
  18,169
  19,623
  21,134
  22,705
  24,337
  26,033
  27,797
  29,630
  31,537
  33,522
  35,588
Variable operating expenses, $m
 
  823
  1,047
  1,309
  1,609
  1,951
  2,332
  2,755
  3,218
  3,721
  4,263
  4,843
  5,461
  6,115
  6,804
  7,529
  8,288
  9,082
  9,910
  10,773
  11,671
  12,605
  13,576
  14,585
  15,634
  16,724
  17,856
  19,034
  20,259
  21,534
  22,861
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
  620
  823
  1,047
  1,309
  1,609
  1,951
  2,332
  2,755
  3,218
  3,721
  4,263
  4,843
  5,461
  6,115
  6,804
  7,529
  8,288
  9,082
  9,910
  10,773
  11,671
  12,605
  13,576
  14,585
  15,634
  16,724
  17,856
  19,034
  20,259
  21,534
  22,861
Operating income, $m
  366
  457
  582
  727
  895
  1,085
  1,298
  1,533
  1,791
  2,071
  2,372
  2,696
  3,040
  3,404
  3,788
  4,191
  4,614
  5,056
  5,517
  5,997
  6,497
  7,017
  7,558
  8,119
  8,703
  9,310
  9,940
  10,596
  11,278
  11,988
  12,726
EBITDA, $m
  464
  584
  743
  929
  1,143
  1,385
  1,657
  1,957
  2,286
  2,643
  3,029
  3,441
  3,880
  4,344
  4,834
  5,349
  5,888
  6,452
  7,041
  7,654
  8,292
  8,956
  9,645
  10,362
  11,107
  11,881
  12,686
  13,523
  14,393
  15,299
  16,242
Interest expense (income), $m
  0
  21
  30
  46
  65
  87
  112
  140
  171
  204
  241
  281
  323
  368
  415
  466
  519
  574
  632
  692
  755
  820
  888
  959
  1,033
  1,109
  1,188
  1,271
  1,357
  1,446
  1,539
Earnings before tax, $m
  354
  436
  552
  681
  830
  998
  1,185
  1,393
  1,620
  1,866
  2,131
  2,416
  2,717
  3,036
  3,372
  3,725
  4,095
  4,482
  4,885
  5,305
  5,742
  6,197
  6,669
  7,160
  7,670
  8,201
  8,752
  9,325
  9,921
  10,542
  11,188
Tax expense, $m
  1
  118
  149
  184
  224
  269
  320
  376
  437
  504
  575
  652
  734
  820
  911
  1,006
  1,106
  1,210
  1,319
  1,432
  1,550
  1,673
  1,801
  1,933
  2,071
  2,214
  2,363
  2,518
  2,679
  2,846
  3,021
Net income, $m
  41
  319
  403
  497
  606
  728
  865
  1,017
  1,183
  1,362
  1,556
  1,763
  1,983
  2,216
  2,462
  2,720
  2,990
  3,272
  3,566
  3,873
  4,192
  4,524
  4,869
  5,227
  5,599
  5,986
  6,389
  6,807
  7,242
  7,695
  8,167

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  89
  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
  1,555
  1,902
  2,420
  3,025
  3,721
  4,510
  5,394
  6,371
  7,443
  8,606
  9,860
  11,202
  12,631
  14,143
  15,739
  17,415
  19,171
  21,007
  22,923
  24,919
  26,996
  29,157
  31,403
  33,737
  36,162
  38,683
  41,303
  44,027
  46,861
  49,809
  52,879
Adjusted assets (=assets-cash), $m
  1,466
  1,902
  2,420
  3,025
  3,721
  4,510
  5,394
  6,371
  7,443
  8,606
  9,860
  11,202
  12,631
  14,143
  15,739
  17,415
  19,171
  21,007
  22,923
  24,919
  26,996
  29,157
  31,403
  33,737
  36,162
  38,683
  41,303
  44,027
  46,861
  49,809
  52,879
Revenue / Adjusted assets
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
Average production assets, $m
  1,121
  1,454
  1,850
  2,313
  2,845
  3,448
  4,124
  4,871
  5,690
  6,580
  7,538
  8,565
  9,657
  10,813
  12,033
  13,314
  14,657
  16,061
  17,525
  19,051
  20,639
  22,291
  24,008
  25,793
  27,647
  29,574
  31,577
  33,660
  35,826
  38,081
  40,428
Working capital, $m
  194
  136
  173
  216
  265
  322
  385
  455
  531
  614
  703
  799
  901
  1,009
  1,123
  1,242
  1,368
  1,499
  1,635
  1,778
  1,926
  2,080
  2,240
  2,407
  2,580
  2,760
  2,946
  3,141
  3,343
  3,553
  3,772
Total debt, $m
  595
  854
  1,320
  1,865
  2,491
  3,201
  3,996
  4,876
  5,841
  6,888
  8,016
  9,224
  10,510
  11,871
  13,307
  14,815
  16,396
  18,049
  19,773
  21,569
  23,439
  25,383
  27,404
  29,505
  31,688
  33,956
  36,314
  38,766
  41,317
  43,970
  46,733
Total liabilities, $m
  1,453
  1,712
  2,178
  2,723
  3,349
  4,059
  4,854
  5,734
  6,699
  7,746
  8,874
  10,082
  11,368
  12,729
  14,165
  15,673
  17,254
  18,907
  20,631
  22,427
  24,297
  26,241
  28,262
  30,363
  32,546
  34,814
  37,172
  39,624
  42,175
  44,828
  47,591
Total equity, $m
  102
  190
  242
  303
  372
  451
  539
  637
  744
  861
  986
  1,120
  1,263
  1,414
  1,574
  1,741
  1,917
  2,101
  2,292
  2,492
  2,700
  2,916
  3,140
  3,374
  3,616
  3,868
  4,130
  4,403
  4,686
  4,981
  5,288
Total liabilities and equity, $m
  1,555
  1,902
  2,420
  3,026
  3,721
  4,510
  5,393
  6,371
  7,443
  8,607
  9,860
  11,202
  12,631
  14,143
  15,739
  17,414
  19,171
  21,008
  22,923
  24,919
  26,997
  29,157
  31,402
  33,737
  36,162
  38,682
  41,302
  44,027
  46,861
  49,809
  52,879
Debt-to-equity ratio
  5.833
  4.490
  5.450
  6.160
  6.690
  7.100
  7.410
  7.650
  7.850
  8.000
  8.130
  8.230
  8.320
  8.390
  8.450
  8.510
  8.550
  8.590
  8.630
  8.660
  8.680
  8.710
  8.730
  8.750
  8.760
  8.780
  8.790
  8.810
  8.820
  8.830
  8.840
Adjusted equity ratio
  0.009
  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
  41
  319
  403
  497
  606
  728
  865
  1,017
  1,183
  1,362
  1,556
  1,763
  1,983
  2,216
  2,462
  2,720
  2,990
  3,272
  3,566
  3,873
  4,192
  4,524
  4,869
  5,227
  5,599
  5,986
  6,389
  6,807
  7,242
  7,695
  8,167
Depreciation, amort., depletion, $m
  98
  127
  161
  202
  248
  300
  359
  424
  495
  573
  656
  745
  840
  940
  1,046
  1,158
  1,275
  1,397
  1,524
  1,657
  1,795
  1,938
  2,088
  2,243
  2,404
  2,572
  2,746
  2,927
  3,115
  3,311
  3,515
Funds from operations, $m
  120
  446
  564
  699
  854
  1,029
  1,225
  1,441
  1,678
  1,935
  2,212
  2,508
  2,823
  3,157
  3,508
  3,877
  4,264
  4,668
  5,090
  5,529
  5,987
  6,462
  6,956
  7,470
  8,004
  8,558
  9,135
  9,734
  10,358
  11,007
  11,682
Change in working capital, $m
  -168
  31
  37
  43
  50
  56
  63
  70
  76
  83
  89
  96
  102
  108
  114
  120
  125
  131
  137
  142
  148
  154
  160
  167
  173
  180
  187
  194
  202
  210
  219
Cash from operations, $m
  288
  415
  527
  656
  804
  973
  1,162
  1,371
  1,602
  1,852
  2,123
  2,412
  2,721
  3,049
  3,394
  3,758
  4,139
  4,537
  4,953
  5,387
  5,838
  6,308
  6,796
  7,303
  7,830
  8,378
  8,948
  9,540
  10,156
  10,796
  11,463
Maintenance CAPEX, $m
  0
  -97
  -126
  -161
  -201
  -247
  -300
  -359
  -424
  -495
  -572
  -656
  -745
  -840
  -940
  -1,046
  -1,158
  -1,275
  -1,397
  -1,524
  -1,657
  -1,795
  -1,938
  -2,088
  -2,243
  -2,404
  -2,572
  -2,746
  -2,927
  -3,115
  -3,311
New CAPEX, $m
  -300
  -333
  -396
  -463
  -532
  -603
  -675
  -747
  -819
  -890
  -959
  -1,026
  -1,092
  -1,156
  -1,220
  -1,282
  -1,343
  -1,404
  -1,465
  -1,526
  -1,588
  -1,652
  -1,717
  -1,784
  -1,854
  -1,927
  -2,003
  -2,083
  -2,166
  -2,254
  -2,347
Cash from investing activities, $m
  -299
  -430
  -522
  -624
  -733
  -850
  -975
  -1,106
  -1,243
  -1,385
  -1,531
  -1,682
  -1,837
  -1,996
  -2,160
  -2,328
  -2,501
  -2,679
  -2,862
  -3,050
  -3,245
  -3,447
  -3,655
  -3,872
  -4,097
  -4,331
  -4,575
  -4,829
  -5,093
  -5,369
  -5,658
Free cash flow, $m
  -11
  -16
  5
  32
  71
  122
  186
  265
  359
  468
  592
  731
  884
  1,053
  1,235
  1,430
  1,638
  1,859
  2,092
  2,337
  2,594
  2,861
  3,141
  3,431
  3,733
  4,047
  4,373
  4,711
  5,062
  5,427
  5,805
Issuance/(repayment) of debt, $m
  211
  259
  466
  545
  626
  710
  795
  880
  964
  1,047
  1,128
  1,208
  1,286
  1,361
  1,436
  1,509
  1,581
  1,652
  1,724
  1,796
  1,870
  1,944
  2,021
  2,101
  2,183
  2,269
  2,358
  2,452
  2,550
  2,654
  2,763
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  -34
  259
  466
  545
  626
  710
  795
  880
  964
  1,047
  1,128
  1,208
  1,286
  1,361
  1,436
  1,509
  1,581
  1,652
  1,724
  1,796
  1,870
  1,944
  2,021
  2,101
  2,183
  2,269
  2,358
  2,452
  2,550
  2,654
  2,763
Total cash flow (excl. dividends), $m
  -46
  243
  471
  577
  697
  832
  981
  1,145
  1,323
  1,515
  1,720
  1,939
  2,170
  2,414
  2,670
  2,939
  3,219
  3,512
  3,816
  4,134
  4,463
  4,806
  5,162
  5,532
  5,916
  6,316
  6,731
  7,163
  7,613
  8,080
  8,568
Retained Cash Flow (-), $m
  -5
  -177
  -52
  -61
  -70
  -79
  -88
  -98
  -107
  -116
  -125
  -134
  -143
  -151
  -160
  -168
  -176
  -184
  -192
  -200
  -208
  -216
  -225
  -233
  -243
  -252
  -262
  -272
  -283
  -295
  -307
Prev. year cash balance distribution, $m
 
  89
  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
 
  155
  419
  516
  628
  753
  893
  1,047
  1,216
  1,399
  1,595
  1,804
  2,027
  2,263
  2,511
  2,771
  3,043
  3,328
  3,625
  3,934
  4,255
  4,590
  4,937
  5,298
  5,674
  6,064
  6,469
  6,891
  7,329
  7,786
  8,261
Discount rate, %
 
  5.00
  5.25
  5.51
  5.79
  6.08
  6.38
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
PV of cash for distribution, $m
 
  147
  379
  440
  501
  561
  616
  665
  706
  736
  756
  763
  757
  740
  711
  672
  625
  572
  514
  454
  394
  335
  280
  229
  184
  144
  111
  83
  61
  43
  30
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

Westlake Chemical Partners LP is a limited partnership formed by Westlake Chemical Corporation (Westlake). The Company operates, acquires and develops ethylene production facilities and other assets. Its business and operations are conducted through Westlake Chemical OpCo LP (OpCo). OpCo sells ethylene to Westlake and others, as well as sells co-products of ethylene production, including propylene, crude butadiene, pyrolysis gasoline and hydrogen. As of December 31, 2016, OpCo's assets included three ethylene production facilities, which primarily convert ethane into ethylene, and a 200-mile ethylene pipeline. As of December 31, 2016, OpCo owned two ethylene production facilities at Westlake's Lake Charles, Louisiana site (Petro 1 and Petro 2, collectively Lake Charles Olefins), and one ethylene production facility at Westlake's Calvert City, Kentucky site (Calvert City Olefins), with an annual capacity of approximately 630 million pounds.

FINANCIAL RATIOS  of  Westlake Chemical Partners (WLKP)

Valuation Ratios
P/E Ratio 15.4
Price to Sales 0.6
Price to Book 6.2
Price to Tangible Book
Price to Cash Flow 2.2
Price to Free Cash Flow -52.8
Growth Rates
Sales Growth Rate -2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 29.9%
Cap. Spend. - 3 Yr. Gr. Rate 6.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 583.3%
Total Debt to Equity 583.3%
Interest Coverage 0
Management Effectiveness
Return On Assets 2.9%
Ret/ On Assets - 3 Yr. Avg. 13.8%
Return On Total Capital 7%
Ret/ On T. Cap. - 3 Yr. Avg. 30.1%
Return On Equity 41.2%
Return On Equity - 3 Yr. Avg. 74.2%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 39.6%
Gross Margin - 3 Yr. Avg. 40.1%
EBITDA Margin 45.8%
EBITDA Margin - 3 Yr. Avg. 44.7%
Operating Margin 37.2%
Oper. Margin - 3 Yr. Avg. 37.9%
Pre-Tax Margin 35.9%
Pre-Tax Margin - 3 Yr. Avg. 37.2%
Net Profit Margin 4.2%
Net Profit Margin - 3 Yr. Avg. 9.9%
Effective Tax Rate 0.3%
Eff/ Tax Rate - 3 Yr. Avg. 9.5%
Payout Ratio 85.4%

WLKP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WLKP stock intrinsic value calculation we used $987 million for the last fiscal year's total revenue generated by Westlake Chemical Partners. The default revenue input number comes from 2016 income statement of Westlake Chemical 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 WLKP stock valuation model: a) initial revenue growth rate of 29.7% 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 5%, whose default value for WLKP is calculated based on our internal credit rating of Westlake Chemical 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 Westlake Chemical 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 WLKP stock the variable cost ratio is equal to 64.3%.

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 WLKP 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 Westlake Chemical Partners.

Corporate tax rate of 27% is the nominal tax rate for Westlake Chemical 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 WLKP 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 WLKP are equal to 113.6%.

Life of production assets of 11.5 years is the average useful life of capital assets used in Westlake Chemical 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 WLKP is equal to 10.6%. 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 - $102 million for Westlake Chemical 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 31.653 million for Westlake Chemical 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 Westlake Chemical Partners at the current share price and the inputted number of shares is $0.7 billion.

RELATED COMPANIES Price Int.Val. Rating
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WMB Williams 28.74 1.40  str.sell
GEVO Gevo 0.470 0.78  buy

COMPANY NEWS

▶ Westlake misses Street 4Q forecasts   [06:55AM  Associated Press]
▶ Westlake Chemical Partners posts 4Q profit   [06:53AM  Associated Press]
▶ MLP Rating Updates for Week Ended January 5   [Jan-08-18 02:20PM  Market Realist]
▶ Westlake Announces Optional Redemption of Senior Notes   [Dec-26-17 11:30AM  Market Realist]
▶ Whats Eastman Chemicals Short Interest?   [10:30AM  Market Realist]
▶ Westlake Chemical Earns Membership In 95-Plus Composite Rating Club   [Dec-19-17 03:00AM  Investor's Business Daily]
▶ Westlake Chemicals Valuation: Still Better Than Peers   [Dec-07-17 09:01AM  Market Realist]
▶ Why Westlake Chemicals Dividend Yield Continues to Slide   [Dec-06-17 10:45AM  Market Realist]
▶ Weekly CEO Buys Highlight   [Dec-04-17 11:32AM  GuruFocus.com]
▶ Westlake Chemical Prices Its 2017 Revenue Refunding Bonds   [Nov-27-17 12:20PM  Market Realist]
▶ Westlake Chemical Partners LP to Host Earnings Call   [Nov-07-17 09:20AM  ACCESSWIRE]
▶ Westlake tops 3Q profit forecasts   [06:53AM  Associated Press]
▶ Westlake Chemical Partners posts 3Q profit   [06:41AM  Associated Press]
▶ At $22.7, Is Westlake Chemical Partners LP (WLKP) A Buy?   [Oct-02-17 11:57AM  Simply Wall St.]
▶ These 3 Stocks Just Raised Their Dividends   [Sep-02-17 06:33AM  Motley Fool]
▶ Analyzing Westlake Chemicals Stock Performance   [Sep-01-17 09:06AM  Market Realist]
▶ Analysts Consensus on Westlake Chemical   [Aug-31-17 10:37AM  Market Realist]
▶ Westlake Chemical Has a Low Dividend Yield   [09:07AM  Market Realist]
▶ Company News For August 22, 2017   [Aug-22-17 10:11AM  Zacks]
▶ Westlake Chemical Partners posts 2Q profit   [08:29AM  Associated Press]
▶ Westlake tops 2Q profit forecasts   [07:49AM  Associated Press]
Financial statements of WLKP
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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