Intrinsic value of Buckeye Partners - BPL

Previous Close

$50.79

  Intrinsic Value

$5.90

stock screener

  Rating & Target

str. sell

-88%

Previous close

$50.79

 
Intrinsic value

$5.90

 
Up/down potential

-88%

 
Rating

str. sell

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

We calculate the intrinsic value of BPL 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, %
  -5.94
  20.30
  18.77
  17.39
  16.15
  15.04
  14.03
  13.13
  12.32
  11.59
  10.93
  10.33
  9.80
  9.32
  8.89
  8.50
  8.15
  7.84
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
Revenue, $m
  3,248
  3,907
  4,641
  5,448
  6,328
  7,280
  8,301
  9,391
  10,548
  11,770
  13,056
  14,406
  15,818
  17,292
  18,829
  20,430
  22,095
  23,826
  25,625
  27,495
  29,438
  31,457
  33,557
  35,740
  38,012
  40,376
  42,839
  45,404
  48,078
  50,867
  53,777
Variable operating expenses, $m
 
  3,203
  3,786
  4,426
  5,125
  5,881
  6,692
  7,558
  8,476
  9,447
  10,468
  11,439
  12,560
  13,731
  14,951
  16,222
  17,545
  18,919
  20,348
  21,833
  23,375
  24,979
  26,646
  28,380
  30,184
  32,061
  34,016
  36,054
  38,177
  40,392
  42,702
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
  2,515
  3,203
  3,786
  4,426
  5,125
  5,881
  6,692
  7,558
  8,476
  9,447
  10,468
  11,439
  12,560
  13,731
  14,951
  16,222
  17,545
  18,919
  20,348
  21,833
  23,375
  24,979
  26,646
  28,380
  30,184
  32,061
  34,016
  36,054
  38,177
  40,392
  42,702
Operating income, $m
  733
  704
  855
  1,021
  1,203
  1,399
  1,609
  1,834
  2,072
  2,323
  2,588
  2,967
  3,258
  3,561
  3,878
  4,207
  4,550
  4,907
  5,277
  5,662
  6,062
  6,478
  6,911
  7,360
  7,828
  8,315
  8,822
  9,351
  9,901
  10,476
  11,075
EBITDA, $m
  988
  1,077
  1,280
  1,502
  1,745
  2,007
  2,289
  2,590
  2,909
  3,246
  3,600
  3,972
  4,362
  4,768
  5,192
  5,633
  6,092
  6,570
  7,066
  7,581
  8,117
  8,674
  9,253
  9,855
  10,481
  11,133
  11,812
  12,520
  13,257
  14,026
  14,829
Interest expense (income), $m
  175
  181
  225
  273
  327
  385
  448
  516
  588
  665
  746
  831
  920
  1,014
  1,111
  1,213
  1,319
  1,430
  1,544
  1,663
  1,787
  1,916
  2,050
  2,189
  2,334
  2,484
  2,641
  2,804
  2,974
  3,151
  3,336
Earnings before tax, $m
  550
  523
  630
  748
  876
  1,014
  1,161
  1,318
  1,484
  1,659
  1,843
  2,136
  2,337
  2,547
  2,766
  2,994
  3,231
  3,477
  3,733
  3,999
  4,275
  4,562
  4,861
  5,172
  5,495
  5,831
  6,182
  6,547
  6,928
  7,325
  7,739
Tax expense, $m
  1
  141
  170
  202
  236
  274
  313
  356
  401
  448
  498
  577
  631
  688
  747
  808
  872
  939
  1,008
  1,080
  1,154
  1,232
  1,312
  1,396
  1,484
  1,574
  1,669
  1,768
  1,870
  1,978
  2,090
Net income, $m
  536
  382
  460
  546
  639
  740
  847
  962
  1,083
  1,211
  1,345
  1,559
  1,706
  1,860
  2,019
  2,186
  2,359
  2,538
  2,725
  2,919
  3,121
  3,331
  3,548
  3,775
  4,011
  4,257
  4,513
  4,779
  5,057
  5,347
  5,650

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  640
  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
  9,421
  10,560
  12,543
  14,724
  17,103
  19,675
  22,436
  25,382
  28,508
  31,811
  35,288
  38,934
  42,751
  46,735
  50,890
  55,215
  59,716
  64,394
  69,257
  74,310
  79,562
  85,020
  90,694
  96,595
  102,735
  109,126
  115,780
  122,714
  129,941
  137,479
  145,344
Adjusted assets (=assets-cash), $m
  8,781
  10,560
  12,543
  14,724
  17,103
  19,675
  22,436
  25,382
  28,508
  31,811
  35,288
  38,934
  42,751
  46,735
  50,890
  55,215
  59,716
  64,394
  69,257
  74,310
  79,562
  85,020
  90,694
  96,595
  102,735
  109,126
  115,780
  122,714
  129,941
  137,479
  145,344
Revenue / Adjusted assets
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
Average production assets, $m
  6,800
  8,182
  9,718
  11,408
  13,251
  15,243
  17,383
  19,665
  22,088
  24,647
  27,340
  30,166
  33,122
  36,210
  39,428
  42,780
  46,266
  49,891
  53,659
  57,574
  61,643
  65,872
  70,268
  74,840
  79,597
  84,548
  89,704
  95,076
  100,676
  106,516
  112,609
Working capital, $m
  919
  336
  399
  469
  544
  626
  714
  808
  907
  1,012
  1,123
  1,239
  1,360
  1,487
  1,619
  1,757
  1,900
  2,049
  2,204
  2,365
  2,532
  2,705
  2,886
  3,074
  3,269
  3,472
  3,684
  3,905
  4,135
  4,375
  4,625
Total debt, $m
  4,218
  5,228
  6,358
  7,602
  8,957
  10,423
  11,997
  13,677
  15,459
  17,341
  19,323
  21,402
  23,577
  25,848
  28,216
  30,682
  33,247
  35,914
  38,686
  41,566
  44,559
  47,670
  50,905
  54,268
  57,768
  61,411
  65,204
  69,156
  73,276
  77,572
  82,055
Total liabilities, $m
  5,009
  6,019
  7,149
  8,393
  9,748
  11,214
  12,788
  14,468
  16,250
  18,132
  20,114
  22,193
  24,368
  26,639
  29,007
  31,473
  34,038
  36,705
  39,477
  42,357
  45,350
  48,461
  51,696
  55,059
  58,559
  62,202
  65,995
  69,947
  74,067
  78,363
  82,846
Total equity, $m
  4,412
  4,541
  5,393
  6,331
  7,354
  8,460
  9,647
  10,914
  12,259
  13,679
  15,174
  16,742
  18,383
  20,096
  21,883
  23,743
  25,678
  27,690
  29,781
  31,953
  34,212
  36,559
  38,998
  41,536
  44,176
  46,924
  49,786
  52,767
  55,875
  59,116
  62,498
Total liabilities and equity, $m
  9,421
  10,560
  12,542
  14,724
  17,102
  19,674
  22,435
  25,382
  28,509
  31,811
  35,288
  38,935
  42,751
  46,735
  50,890
  55,216
  59,716
  64,395
  69,258
  74,310
  79,562
  85,020
  90,694
  96,595
  102,735
  109,126
  115,781
  122,714
  129,942
  137,479
  145,344
Debt-to-equity ratio
  0.956
  1.150
  1.180
  1.200
  1.220
  1.230
  1.240
  1.250
  1.260
  1.270
  1.270
  1.280
  1.280
  1.290
  1.290
  1.290
  1.290
  1.300
  1.300
  1.300
  1.300
  1.300
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
Adjusted equity ratio
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  536
  382
  460
  546
  639
  740
  847
  962
  1,083
  1,211
  1,345
  1,559
  1,706
  1,860
  2,019
  2,186
  2,359
  2,538
  2,725
  2,919
  3,121
  3,331
  3,548
  3,775
  4,011
  4,257
  4,513
  4,779
  5,057
  5,347
  5,650
Depreciation, amort., depletion, $m
  255
  373
  424
  481
  542
  609
  680
  756
  837
  922
  1,012
  1,006
  1,104
  1,207
  1,314
  1,426
  1,542
  1,663
  1,789
  1,919
  2,055
  2,196
  2,342
  2,495
  2,653
  2,818
  2,990
  3,169
  3,356
  3,551
  3,754
Funds from operations, $m
  491
  755
  885
  1,027
  1,182
  1,348
  1,527
  1,718
  1,920
  2,133
  2,357
  2,565
  2,810
  3,067
  3,334
  3,612
  3,901
  4,201
  4,514
  4,838
  5,176
  5,526
  5,891
  6,270
  6,664
  7,075
  7,503
  7,948
  8,413
  8,898
  9,403
Change in working capital, $m
  -227
  57
  63
  69
  76
  82
  88
  94
  99
  105
  111
  116
  121
  127
  132
  138
  143
  149
  155
  161
  167
  174
  181
  188
  195
  203
  212
  221
  230
  240
  250
Cash from operations, $m
  718
  698
  822
  957
  1,106
  1,267
  1,439
  1,624
  1,820
  2,028
  2,246
  2,449
  2,689
  2,940
  3,201
  3,474
  3,758
  4,052
  4,359
  4,678
  5,009
  5,353
  5,710
  6,082
  6,469
  6,872
  7,291
  7,728
  8,183
  8,658
  9,153
Maintenance CAPEX, $m
  0
  -227
  -273
  -324
  -380
  -442
  -508
  -579
  -656
  -736
  -822
  -911
  -1,006
  -1,104
  -1,207
  -1,314
  -1,426
  -1,542
  -1,663
  -1,789
  -1,919
  -2,055
  -2,196
  -2,342
  -2,495
  -2,653
  -2,818
  -2,990
  -3,169
  -3,356
  -3,551
New CAPEX, $m
  -486
  -1,382
  -1,536
  -1,690
  -1,843
  -1,993
  -2,139
  -2,283
  -2,422
  -2,559
  -2,693
  -2,826
  -2,957
  -3,087
  -3,219
  -3,351
  -3,487
  -3,625
  -3,768
  -3,915
  -4,069
  -4,229
  -4,396
  -4,572
  -4,757
  -4,951
  -5,156
  -5,372
  -5,600
  -5,840
  -6,093
Cash from investing activities, $m
  -482
  -1,609
  -1,809
  -2,014
  -2,223
  -2,435
  -2,647
  -2,862
  -3,078
  -3,295
  -3,515
  -3,737
  -3,963
  -4,191
  -4,426
  -4,665
  -4,913
  -5,167
  -5,431
  -5,704
  -5,988
  -6,284
  -6,592
  -6,914
  -7,252
  -7,604
  -7,974
  -8,362
  -8,769
  -9,196
  -9,644
Free cash flow, $m
  236
  -910
  -987
  -1,057
  -1,117
  -1,168
  -1,208
  -1,238
  -1,258
  -1,268
  -1,268
  -1,288
  -1,273
  -1,252
  -1,224
  -1,192
  -1,155
  -1,115
  -1,072
  -1,026
  -979
  -931
  -882
  -832
  -783
  -733
  -683
  -634
  -586
  -538
  -491
Issuance/(repayment) of debt, $m
  375
  1,010
  1,130
  1,243
  1,356
  1,466
  1,574
  1,679
  1,782
  1,883
  1,981
  2,079
  2,175
  2,271
  2,368
  2,466
  2,565
  2,667
  2,772
  2,880
  2,993
  3,111
  3,234
  3,364
  3,500
  3,643
  3,793
  3,952
  4,120
  4,296
  4,483
Issuance/(repurchase) of shares, $m
  689
  387
  392
  392
  383
  366
  340
  305
  261
  209
  150
  9
  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  
  1,041
  1,397
  1,522
  1,635
  1,739
  1,832
  1,914
  1,984
  2,043
  2,092
  2,131
  2,088
  2,175
  2,271
  2,368
  2,466
  2,565
  2,667
  2,772
  2,880
  2,993
  3,111
  3,234
  3,364
  3,500
  3,643
  3,793
  3,952
  4,120
  4,296
  4,483
Total cash flow (excl. dividends), $m
  1,277
  487
  535
  579
  622
  664
  706
  746
  786
  825
  863
  799
  902
  1,020
  1,144
  1,274
  1,410
  1,552
  1,700
  1,854
  2,014
  2,180
  2,352
  2,531
  2,717
  2,910
  3,110
  3,318
  3,534
  3,758
  3,992
Retained Cash Flow (-), $m
  -677
  -769
  -852
  -938
  -1,023
  -1,106
  -1,187
  -1,267
  -1,344
  -1,420
  -1,495
  -1,568
  -1,641
  -1,713
  -1,786
  -1,860
  -1,935
  -2,012
  -2,091
  -2,173
  -2,258
  -2,347
  -2,440
  -2,538
  -2,640
  -2,748
  -2,862
  -2,981
  -3,108
  -3,241
  -3,382
Prev. year cash balance distribution, $m
 
  640
  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
 
  358
  -317
  -359
  -401
  -442
  -481
  -520
  -558
  -596
  -632
  -769
  -739
  -694
  -643
  -586
  -525
  -460
  -391
  -319
  -244
  -167
  -87
  -6
  77
  162
  248
  336
  426
  517
  610
Discount rate, %
 
  6.80
  7.14
  7.50
  7.87
  8.27
  8.68
  9.11
  9.57
  10.05
  10.55
  11.08
  11.63
  12.21
  12.82
  13.46
  14.14
  14.84
  15.59
  16.37
  17.18
  18.04
  18.94
  19.89
  20.89
  21.93
  23.03
  24.18
  25.39
  26.66
  27.99
PV of cash for distribution, $m
 
  335
  -276
  -289
  -296
  -297
  -292
  -283
  -269
  -252
  -232
  -242
  -197
  -155
  -119
  -88
  -63
  -44
  -29
  -18
  -10
  -5
  -2
  0
  1
  1
  1
  1
  1
  1
  0
Current shareholders' claim on cash, %
  100
  94.2
  89.5
  85.8
  82.8
  80.3
  78.4
  77.0
  75.9
  75.1
  74.6
  74.6
  74.6
  74.6
  74.6
  74.6
  74.6
  74.6
  74.6
  74.6
  74.6
  74.6
  74.6
  74.6
  74.6
  74.6
  74.6
  74.6
  74.6
  74.6
  74.6

Buckeye Partners, L.P. (Buckeye) owns and operates a network of integrated assets providing midstream logistic solutions, primarily consisting of the transportation, storage, processing and marketing of liquid petroleum products. Its segments include Domestic Pipelines & Terminals, Global Marine Terminals and Merchant Services. As of December 31, 2016, the Domestic Pipelines & Terminals segment owned and operated approximately 6,000 miles of pipeline located primarily in the northeastern and upper Midwestern portions of the United States, and serviced approximately 110 delivery locations. The Global Marine Terminals segment provides marine accessible bulk storage and blending services, rail and truck rack loading/unloading, along with petroleum processing services in the East Coast and Gulf Coast regions of the United States and in the Caribbean. The Merchant Services segment is a wholesale distributor of petroleum products in the continental United States and in the Caribbean.

FINANCIAL RATIOS  of  Buckeye Partners (BPL)

Valuation Ratios
P/E Ratio 13.3
Price to Sales 2.2
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 9.9
Price to Free Cash Flow 30.7
Growth Rates
Sales Growth Rate -5.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -18.3%
Cap. Spend. - 3 Yr. Gr. Rate 6.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 95.6%
Total Debt to Equity 95.6%
Interest Coverage 4
Management Effectiveness
Return On Assets 8%
Ret/ On Assets - 3 Yr. Avg. 7%
Return On Total Capital 6.6%
Ret/ On T. Cap. - 3 Yr. Avg. 5.5%
Return On Equity 13.2%
Return On Equity - 3 Yr. Avg. 11%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 54.1%
Gross Margin - 3 Yr. Avg. 39.4%
EBITDA Margin 30.2%
EBITDA Margin - 3 Yr. Avg. 21.4%
Operating Margin 22.6%
Oper. Margin - 3 Yr. Avg. 15.8%
Pre-Tax Margin 16.9%
Pre-Tax Margin - 3 Yr. Avg. 11.6%
Net Profit Margin 16.5%
Net Profit Margin - 3 Yr. Avg. 11.1%
Effective Tax Rate 0.2%
Eff/ Tax Rate - 3 Yr. Avg. 0.1%
Payout Ratio 119.8%

BPL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BPL stock intrinsic value calculation we used $3248 million for the last fiscal year's total revenue generated by Buckeye Partners. The default revenue input number comes from 2016 income statement of Buckeye 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 BPL stock valuation model: a) initial revenue growth rate of 20.3% 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 6.8%, whose default value for BPL is calculated based on our internal credit rating of Buckeye 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 Buckeye 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 BPL stock the variable cost ratio is equal to 82.5%.

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 BPL 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 4.3% for Buckeye Partners.

Corporate tax rate of 27% is the nominal tax rate for Buckeye 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 BPL 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 BPL are equal to 209.4%.

Life of production assets of 30.6 years is the average useful life of capital assets used in Buckeye 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 BPL is equal to 8.6%. 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 - $4412 million for Buckeye 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 144.299 million for Buckeye 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 Buckeye Partners at the current share price and the inputted number of shares is $7.3 billion.

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COMPANY NEWS

▶ Buckeye Partners, L.P. to Host Earnings Call   [Feb-09-18 08:30AM  ACCESSWIRE]
▶ New Strong Sell Stocks for January 26th   [Jan-26-18 06:47AM  Zacks]
▶ Barclays Downgrades Plains All American Pipeline   [Jan-25-18 02:45PM  Market Realist]
▶ New Strong Sell Stocks for January 24th   [Jan-24-18 07:47AM  Zacks]
▶ These Energy Stocks Gained despite Oils Fall Last Week   [Jan-22-18 12:35PM  Market Realist]
▶ New Strong Sell Stocks for January 10th   [Jan-10-18 06:55AM  Zacks]
▶ 3 Top Value Stocks to Buy in January   [Jan-08-18 11:32AM  Motley Fool]
▶ Analysts Views on BPL, NS, EEP, and ANDX   [Jan-03-18 09:00AM  Market Realist]
▶ Institutional Investors Positions in BPL, NS, EEP, and ANDX   [Jan-02-18 10:31AM  Market Realist]
▶ BPL, NS, EEP, ANDX: Earnings Growth in 3Q17   [Dec-29-17 01:16PM  Market Realist]
▶ 3 Top Energy Stocks to Buy in December   [Dec-13-17 06:32AM  Motley Fool]
▶ Buckeye Partners Distribution Growth Stops in 3Q17   [Nov-10-17 04:00PM  Market Realist]
▶ What Buckeye Partners Current Valuation Indicates   [Nov-06-17 07:32AM  Market Realist]
▶ Where Buckeye Partners Could Trade in the Next 7 Days   [Nov-03-17 10:32AM  Market Realist]
▶ Buckeye Partners: Analysts Ratings before Its 3Q17 Results   [Oct-20-17 07:38AM  Market Realist]
▶ Analyzing Buckeye Partners Technical Indicators   [Oct-19-17 10:37AM  Market Realist]
▶ What Buckeye Partners Valuation Indicates   [09:09AM  Market Realist]
▶ Will Buckeye Partners Cover Its Distribution in 3Q17?   [Oct-18-17 01:36PM  Market Realist]
▶ 2 Stocks That Pay You With Big Yields   [10:31AM  Motley Fool]
▶ 3 High-Yield Hedge Fund Stocks to Buy   [06:04AM  Motley Fool]
▶ 3 High-Yield Stocks for Conservative Investors   [Sep-26-17 09:00AM  Motley Fool]
▶ Searching for Value Stocks   [Sep-21-17 01:57PM  GuruFocus.com]
▶ What Wall Street Analysts Think about Buckeye Partners   [Sep-14-17 09:06AM  Market Realist]
▶ Is This the Right Time for Buckeye Partners?   [09:07AM  Market Realist]
▶ What Are Buckeye Partners Current Expansion Plans?   [Sep-12-17 10:37AM  Market Realist]
▶ How Hurricanes Have Impacted Buckeye Partners in the Past   [Sep-11-17 01:36PM  Market Realist]
▶ How Institutional Investors Feel about Buckeye Partners   [Aug-30-17 01:06PM  Market Realist]
Financial statements of BPL
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