Intrinsic value of Black Stone Minerals - BSM

Previous Close

$18.47

  Intrinsic Value

$190.12

stock screener

  Rating & Target

str. buy

+929%

Previous close

$18.47

 
Intrinsic value

$190.12

 
Up/down potential

+929%

 
Rating

str. buy

We calculate the intrinsic value of BSM stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  688
  1,063
  1,590
  2,307
  3,254
  4,474
  6,005
  7,885
  10,146
  12,815
  15,914
  19,456
  23,451
  27,902
  32,808
  38,163
  43,961
  50,192
  56,845
  63,910
  71,379
  79,244
  87,498
  96,138
  105,163
  114,573
  124,373
  134,569
  145,171
  156,191
Variable operating expenses, $m
  123
  190
  285
  413
  582
  801
  1,075
  1,411
  1,816
  2,294
  2,849
  3,483
  4,198
  4,994
  5,873
  6,831
  7,869
  8,984
  10,175
  11,440
  12,777
  14,185
  15,662
  17,209
  18,824
  20,509
  22,263
  24,088
  25,986
  27,958
Fixed operating expenses, $m
  194
  198
  203
  207
  212
  217
  221
  226
  231
  236
  241
  247
  252
  258
  263
  269
  275
  281
  287
  294
  300
  307
  313
  320
  327
  335
  342
  349
  357
  365
Total operating expenses, $m
  317
  388
  488
  620
  794
  1,018
  1,296
  1,637
  2,047
  2,530
  3,090
  3,730
  4,450
  5,252
  6,136
  7,100
  8,144
  9,265
  10,462
  11,734
  13,077
  14,492
  15,975
  17,529
  19,151
  20,844
  22,605
  24,437
  26,343
  28,323
Operating income, $m
  371
  674
  1,102
  1,686
  2,460
  3,456
  4,709
  6,247
  8,099
  10,285
  12,824
  15,727
  19,001
  22,650
  26,672
  31,063
  35,817
  40,926
  46,382
  52,177
  58,302
  64,752
  71,522
  78,609
  86,011
  93,730
  101,768
  110,132
  118,829
  127,868
EBITDA, $m
  573
  987
  1,570
  2,364
  3,417
  4,772
  6,474
  8,566
  11,082
  14,053
  17,502
  21,447
  25,896
  30,853
  36,317
  42,283
  48,742
  55,682
  63,094
  70,966
  79,288
  88,050
  97,247
  106,874
  116,929
  127,414
  138,334
  149,696
  161,509
  173,788
Interest expense (income), $m
  7
  21
  58
  125
  219
  346
  515
  732
  1,005
  1,340
  1,742
  2,217
  2,769
  3,399
  4,111
  4,903
  5,776
  6,730
  7,762
  8,871
  10,055
  11,313
  12,643
  14,043
  15,512
  17,050
  18,657
  20,332
  22,077
  23,892
  25,780
Earnings before tax, $m
  350
  616
  977
  1,468
  2,113
  2,941
  3,977
  5,243
  6,759
  8,543
  10,607
  12,958
  15,602
  18,539
  21,769
  25,287
  29,087
  33,164
  37,511
  42,121
  46,989
  52,110
  57,479
  63,097
  68,961
  75,073
  81,436
  88,055
  94,936
  102,088
Tax expense, $m
  94
  166
  264
  396
  571
  794
  1,074
  1,415
  1,825
  2,307
  2,864
  3,499
  4,212
  5,006
  5,878
  6,827
  7,854
  8,954
  10,128
  11,373
  12,687
  14,070
  15,519
  17,036
  18,619
  20,270
  21,988
  23,775
  25,633
  27,564
Net income, $m
  255
  450
  713
  1,071
  1,543
  2,147
  2,903
  3,827
  4,934
  6,236
  7,743
  9,459
  11,389
  13,534
  15,891
  18,459
  21,234
  24,210
  27,383
  30,748
  34,302
  38,040
  41,960
  46,061
  50,341
  54,803
  59,448
  64,280
  69,304
  74,524

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  2,520
  3,894
  5,823
  8,449
  11,920
  16,387
  21,996
  28,883
  37,165
  46,942
  58,292
  71,267
  85,901
  102,206
  120,176
  139,793
  161,030
  183,852
  208,222
  234,103
  261,462
  290,270
  320,505
  352,154
  385,211
  419,681
  455,579
  492,929
  531,763
  572,127
Adjusted assets (=assets-cash), $m
  2,520
  3,894
  5,823
  8,449
  11,920
  16,387
  21,996
  28,883
  37,165
  46,942
  58,292
  71,267
  85,901
  102,206
  120,176
  139,793
  161,030
  183,852
  208,222
  234,103
  261,462
  290,270
  320,505
  352,154
  385,211
  419,681
  455,579
  492,929
  531,763
  572,127
Revenue / Adjusted assets
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
Average production assets, $m
  2,023
  3,125
  4,674
  6,781
  9,567
  13,153
  17,655
  23,182
  29,829
  37,677
  46,786
  57,201
  68,946
  82,032
  96,455
  112,201
  129,246
  147,563
  167,123
  187,896
  209,855
  232,976
  257,244
  282,646
  309,178
  336,845
  365,657
  395,634
  426,804
  459,201
Working capital, $m
  -4
  -6
  -10
  -14
  -20
  -27
  -36
  -47
  -61
  -77
  -95
  -117
  -141
  -167
  -197
  -229
  -264
  -301
  -341
  -383
  -428
  -475
  -525
  -577
  -631
  -687
  -746
  -807
  -871
  -937
Total debt, $m
  1,080
  2,316
  4,052
  6,415
  9,540
  13,560
  18,608
  24,806
  32,260
  41,060
  51,274
  62,952
  76,123
  90,797
  106,970
  124,625
  143,738
  164,278
  186,211
  209,504
  234,127
  260,054
  287,266
  315,750
  345,501
  376,525
  408,833
  442,447
  477,399
  513,726
Total liabilities, $m
  2,268
  3,504
  5,241
  7,604
  10,728
  14,749
  19,797
  25,994
  33,449
  42,248
  52,463
  64,141
  77,311
  91,985
  108,158
  125,814
  144,927
  165,467
  187,399
  210,693
  235,316
  261,243
  288,455
  316,938
  346,690
  377,713
  410,021
  443,636
  478,587
  514,915
Total equity, $m
  252
  389
  582
  845
  1,192
  1,639
  2,200
  2,888
  3,717
  4,694
  5,829
  7,127
  8,590
  10,221
  12,018
  13,979
  16,103
  18,385
  20,822
  23,410
  26,146
  29,027
  32,051
  35,215
  38,521
  41,968
  45,558
  49,293
  53,176
  57,213
Total liabilities and equity, $m
  2,520
  3,893
  5,823
  8,449
  11,920
  16,388
  21,997
  28,882
  37,166
  46,942
  58,292
  71,268
  85,901
  102,206
  120,176
  139,793
  161,030
  183,852
  208,221
  234,103
  261,462
  290,270
  320,506
  352,153
  385,211
  419,681
  455,579
  492,929
  531,763
  572,128
Debt-to-equity ratio
  4.280
  5.950
  6.960
  7.590
  8.000
  8.270
  8.460
  8.590
  8.680
  8.750
  8.800
  8.830
  8.860
  8.880
  8.900
  8.910
  8.930
  8.940
  8.940
  8.950
  8.950
  8.960
  8.960
  8.970
  8.970
  8.970
  8.970
  8.980
  8.980
  8.980
Adjusted equity ratio
  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
  255
  450
  713
  1,071
  1,543
  2,147
  2,903
  3,827
  4,934
  6,236
  7,743
  9,459
  11,389
  13,534
  15,891
  18,459
  21,234
  24,210
  27,383
  30,748
  34,302
  38,040
  41,960
  46,061
  50,341
  54,803
  59,448
  64,280
  69,304
  74,524
Depreciation, amort., depletion, $m
  202
  313
  467
  678
  957
  1,315
  1,765
  2,318
  2,983
  3,768
  4,679
  5,720
  6,895
  8,203
  9,646
  11,220
  12,925
  14,756
  16,712
  18,790
  20,985
  23,298
  25,724
  28,265
  30,918
  33,684
  36,566
  39,563
  42,680
  45,920
Funds from operations, $m
  458
  762
  1,181
  1,749
  2,499
  3,462
  4,668
  6,145
  7,917
  10,004
  12,421
  15,179
  18,284
  21,737
  25,537
  29,679
  34,158
  38,966
  44,095
  49,538
  55,287
  61,338
  67,684
  74,325
  81,259
  88,488
  96,014
  103,844
  111,984
  120,444
Change in working capital, $m
  -2
  -2
  -3
  -4
  -6
  -7
  -9
  -11
  -14
  -16
  -19
  -21
  -24
  -27
  -29
  -32
  -35
  -37
  -40
  -42
  -45
  -47
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -66
Cash from operations, $m
  459
  764
  1,184
  1,754
  2,505
  3,470
  4,678
  6,157
  7,931
  10,020
  12,440
  15,201
  18,308
  21,764
  25,566
  29,712
  34,193
  39,004
  44,135
  49,580
  55,332
  61,385
  67,734
  74,377
  81,313
  88,544
  96,073
  103,905
  112,048
  120,511
Maintenance CAPEX, $m
  -126
  -202
  -313
  -467
  -678
  -957
  -1,315
  -1,765
  -2,318
  -2,983
  -3,768
  -4,679
  -5,720
  -6,895
  -8,203
  -9,646
  -11,220
  -12,925
  -14,756
  -16,712
  -18,790
  -20,985
  -23,298
  -25,724
  -28,265
  -30,918
  -33,684
  -36,566
  -39,563
  -42,680
New CAPEX, $m
  -760
  -1,102
  -1,548
  -2,108
  -2,786
  -3,586
  -4,502
  -5,527
  -6,648
  -7,848
  -9,109
  -10,414
  -11,745
  -13,086
  -14,423
  -15,745
  -17,045
  -18,317
  -19,560
  -20,773
  -21,959
  -23,122
  -24,267
  -25,402
  -26,532
  -27,667
  -28,812
  -29,977
  -31,170
  -32,397
Cash from investing activities, $m
  -886
  -1,304
  -1,861
  -2,575
  -3,464
  -4,543
  -5,817
  -7,292
  -8,966
  -10,831
  -12,877
  -15,093
  -17,465
  -19,981
  -22,626
  -25,391
  -28,265
  -31,242
  -34,316
  -37,485
  -40,749
  -44,107
  -47,565
  -51,126
  -54,797
  -58,585
  -62,496
  -66,543
  -70,733
  -75,077
Free cash flow, $m
  -427
  -540
  -677
  -821
  -959
  -1,072
  -1,140
  -1,136
  -1,035
  -810
  -437
  108
  842
  1,783
  2,940
  4,321
  5,928
  7,762
  9,819
  12,095
  14,584
  17,277
  20,169
  23,251
  26,516
  29,960
  33,576
  37,362
  41,314
  45,433
Issuance/(repayment) of debt, $m
  692
  1,236
  1,736
  2,363
  3,124
  4,021
  5,048
  6,198
  7,454
  8,800
  10,214
  11,678
  13,170
  14,674
  16,173
  17,656
  19,113
  20,540
  21,933
  23,293
  24,623
  25,927
  27,212
  28,484
  29,751
  31,023
  32,308
  33,615
  34,951
  36,327
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
Cash from financing (excl. dividends), $m  
  692
  1,236
  1,736
  2,363
  3,124
  4,021
  5,048
  6,198
  7,454
  8,800
  10,214
  11,678
  13,170
  14,674
  16,173
  17,656
  19,113
  20,540
  21,933
  23,293
  24,623
  25,927
  27,212
  28,484
  29,751
  31,023
  32,308
  33,615
  34,951
  36,327
Total cash flow (excl. dividends), $m
  265
  696
  1,059
  1,542
  2,165
  2,948
  3,909
  5,062
  6,419
  7,989
  9,777
  11,786
  14,013
  16,457
  19,113
  21,976
  25,041
  28,301
  31,752
  35,388
  39,207
  43,205
  47,381
  51,734
  56,268
  60,983
  65,884
  70,976
  76,266
  81,761
Retained Cash Flow (-), $m
  -252
  -137
  -193
  -263
  -347
  -447
  -561
  -689
  -828
  -978
  -1,135
  -1,298
  -1,463
  -1,630
  -1,797
  -1,962
  -2,124
  -2,282
  -2,437
  -2,588
  -2,736
  -2,881
  -3,024
  -3,165
  -3,306
  -3,447
  -3,590
  -3,735
  -3,883
  -4,036
Prev. year cash balance distribution, $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 flow adjustment, $m
  33
  53
  82
  122
  178
  251
  344
  462
  607
  781
  987
  1,225
  1,498
  1,806
  2,148
  2,526
  2,939
  3,385
  3,865
  4,377
  4,921
  5,496
  6,102
  6,737
  7,403
  8,098
  8,822
  9,577
  10,362
  11,178
Cash available for distribution, $m
  13
  559
  866
  1,279
  1,818
  2,501
  3,348
  4,373
  5,591
  7,012
  8,643
  10,488
  12,549
  14,826
  17,316
  20,015
  22,917
  26,019
  29,315
  32,800
  36,471
  40,324
  44,357
  48,570
  52,962
  57,536
  62,294
  67,241
  72,382
  77,724
Discount rate, %
  7.30
  7.67
  8.05
  8.45
  8.87
  9.32
  9.78
  10.27
  10.79
  11.32
  11.89
  12.49
  13.11
  13.77
  14.45
  15.18
  15.93
  16.73
  17.57
  18.45
  19.37
  20.34
  21.35
  22.42
  23.54
  24.72
  25.96
  27.25
  28.62
  30.05
PV of cash for distribution, $m
  12
  482
  687
  925
  1,188
  1,466
  1,742
  2,000
  2,224
  2,398
  2,511
  2,556
  2,530
  2,437
  2,286
  2,087
  1,856
  1,607
  1,354
  1,110
  886
  687
  517
  378
  268
  184
  123
  79
  49
  29
Current shareholders' claim on cash, %
  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

Black Stone Minerals, L.P. is an owner of oil and natural gas mineral interests in the United States. The Company's principal business is maximizing the value of its existing portfolio of mineral and royalty assets through active management and expanding its asset base through acquisitions of additional mineral and royalty interests. As of December 31, 2016, it owned mineral interests in approximately 15.5 million acres, with an average 45.7% ownership interest in that acreage. As of December 31, 2016, it also owned nonparticipating royalty interests in 1.5 million acres and overriding royalty interests in 1.5 million acres. As of December 31, 2016, these non-cost-bearing interests, which it referred to collectively as its mineral and royalty interests, included ownership in 50,000 producing wells. As of December 31, 2016, its mineral and royalty interests were located in 41 states and in 64 onshore basins in the continental United States.

FINANCIAL RATIOS  of  Black Stone Minerals (BSM)

Valuation Ratios
P/E Ratio 176.3
Price to Sales 13.5
Price to Book 4.9
Price to Tangible Book
Price to Cash Flow 17.9
Price to Free Cash Flow -141
Growth Rates
Sales Growth Rate -33.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 89.7%
Cap. Spend. - 3 Yr. Gr. Rate 2.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 43.5%
Total Debt to Equity 43.5%
Interest Coverage 4
Management Effectiveness
Return On Assets 2.5%
Ret/ On Assets - 3 Yr. Avg. 2.6%
Return On Total Capital 2%
Ret/ On T. Cap. - 3 Yr. Avg. 2.1%
Return On Equity 2.4%
Return On Equity - 3 Yr. Avg. 3.6%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 79.3%
Gross Margin - 3 Yr. Avg. 83.8%
EBITDA Margin 49.4%
EBITDA Margin - 3 Yr. Avg. 35%
Operating Margin 10.7%
Oper. Margin - 3 Yr. Avg. 6.4%
Pre-Tax Margin 7.7%
Pre-Tax Margin - 3 Yr. Avg. 4.3%
Net Profit Margin 7.7%
Net Profit Margin - 3 Yr. Avg. 4.4%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 910%

BSM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BSM stock intrinsic value calculation we used $430 million for the last fiscal year's total revenue generated by Black Stone Minerals. The default revenue input number comes from 2017 income statement of Black Stone Minerals. 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 BSM stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.3%, whose default value for BSM is calculated based on our internal credit rating of Black Stone Minerals, 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 Black Stone Minerals.
    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 BSM stock the variable cost ratio is equal to 17.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $190 million in the base year in the intrinsic value calculation for BSM 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 5.4% for Black Stone Minerals.

Corporate tax rate of 27% is the nominal tax rate for Black Stone Minerals. 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 BSM stock is equal to 7.7%.

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 BSM are equal to 294%.

Life of production assets of 10 years is the average useful life of capital assets used in Black Stone Minerals 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 BSM is equal to -0.6%. 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 - $0 million for Black Stone Minerals - 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 193 million for Black Stone Minerals 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 Black Stone Minerals at the current share price and the inputted number of shares is $3.6 billion.

RELATED COMPANIES Price Int.Val. Rating
DMLP Dorchester Min 18.15 282.62  str.buy
VNOM Viper Energy P 38.37 0.37  str.sell

COMPANY NEWS

▶ Black Stone Minerals LP to Host Earnings Call   [Aug-07-18 08:00AM  ACCESSWIRE]
▶ Black Stone Minerals: 2Q Earnings Snapshot   [Aug-06-18 06:57PM  Associated Press]
▶ Top Ranked Income Stocks to Buy for July 5th   [Jul-05-18 09:46AM  Zacks]
▶ Black Stone Minerals: 1Q Earnings Snapshot   [May-07-18 06:22PM  Associated Press]
▶ Black Stone Minerals LP to Host Earnings Call   [Feb-27-18 08:15AM  ACCESSWIRE]
▶ Black Stone Minerals posts 4Q profit   [05:01AM  Associated Press]
▶ Why BSMs Correlation with Natural Gas Could Fall   [Dec-04-17 09:02AM  Market Realist]
▶ Noble Energy selling more assets in $340M deal   [09:10AM  American City Business Journals]
▶ Black Stone Minerals posts 3Q profit   [Nov-06-17 06:43PM  Associated Press]
▶ Are Institutional Investors Bearish on VNOM and BSM?   [Oct-10-17 10:37AM  Market Realist]
▶ Why High Leverage Is Not a Concern for VNOM and BSM   [Oct-09-17 10:38AM  Market Realist]
▶ Why VNOM Has Higher Margins than BSM   [Oct-06-17 05:36PM  Market Realist]
▶ Behind VNOMs and BSMs Net Royalty Acres   [04:06PM  Market Realist]
▶ Behind Viper Energys Outperformance   [02:07PM  Market Realist]
▶ What Is Black Stone Minerals LPs (BSM) Share Price Doing?   [Sep-15-17 07:31PM  Simply Wall St.]
▶ MLP Winners Last Week   [Aug-15-17 03:54PM  Market Realist]
▶ Black Stone Minerals tops Street 2Q forecasts   [Aug-07-17 11:28PM  Associated Press]
▶ Black Stone Minerals, L.P. Announces Investor Presentation   [Jun-06-17 06:00AM  Business Wire]
▶ Black Stone Minerals tops Street 1Q forecasts   [May-08-17 06:38PM  Associated Press]
▶ Black Stone Minerals misses Street 4Q forecasts   [Feb-27-17 07:25PM  Associated Press]
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