Intrinsic value of Boardwalk Pipeline Partners - BWP

Previous Close

$13.21

  Intrinsic Value

$7.24

stock screener

  Rating & Target

sell

-45%

Previous close

$13.21

 
Intrinsic value

$7.24

 
Up/down potential

-45%

 
Rating

sell

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

We calculate the intrinsic value of BWP 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 2016), $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 3.3

 

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, %
  4.64
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
Revenue, $m
  1,234
  1,358
  1,412
  1,470
  1,532
  1,598
  1,667
  1,741
  1,819
  1,901
  1,988
  2,080
  2,177
  2,279
  2,386
  2,500
  2,619
  2,744
  2,877
  3,016
  3,162
  3,316
  3,478
  3,648
  3,827
  4,015
  4,212
  4,420
  4,638
  4,867
  5,108
Variable operating expenses, $m
 
  927
  963
  1,001
  1,042
  1,086
  1,132
  1,181
  1,233
  1,288
  1,345
  1,383
  1,447
  1,515
  1,587
  1,662
  1,741
  1,825
  1,913
  2,005
  2,102
  2,205
  2,312
  2,425
  2,544
  2,669
  2,801
  2,939
  3,084
  3,236
  3,396
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
  830
  927
  963
  1,001
  1,042
  1,086
  1,132
  1,181
  1,233
  1,288
  1,345
  1,383
  1,447
  1,515
  1,587
  1,662
  1,741
  1,825
  1,913
  2,005
  2,102
  2,205
  2,312
  2,425
  2,544
  2,669
  2,801
  2,939
  3,084
  3,236
  3,396
Operating income, $m
  478
  431
  450
  469
  490
  512
  535
  560
  586
  613
  643
  697
  729
  764
  800
  838
  878
  920
  964
  1,011
  1,060
  1,111
  1,166
  1,223
  1,282
  1,345
  1,412
  1,481
  1,554
  1,631
  1,712
EBITDA, $m
  796
  514
  535
  557
  580
  605
  631
  659
  689
  720
  753
  788
  824
  863
  904
  947
  992
  1,039
  1,089
  1,142
  1,198
  1,256
  1,317
  1,382
  1,449
  1,520
  1,595
  1,674
  1,757
  1,843
  1,935
Interest expense (income), $m
  171
  174
  183
  191
  200
  210
  220
  231
  242
  254
  267
  280
  294
  309
  325
  342
  359
  378
  397
  417
  439
  462
  485
  510
  537
  564
  593
  624
  656
  690
  725
Earnings before tax, $m
  303
  257
  267
  278
  290
  302
  315
  329
  344
  359
  376
  417
  435
  454
  475
  496
  518
  542
  567
  593
  621
  650
  680
  712
  746
  781
  818
  858
  899
  942
  987
Tax expense, $m
  1
  69
  72
  75
  78
  82
  85
  89
  93
  97
  101
  113
  117
  123
  128
  134
  140
  146
  153
  160
  168
  175
  184
  192
  201
  211
  221
  232
  243
  254
  266
Net income, $m
  302
  188
  195
  203
  211
  220
  230
  240
  251
  262
  274
  304
  318
  332
  346
  362
  378
  396
  414
  433
  453
  474
  497
  520
  545
  570
  597
  626
  656
  687
  720

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  5
  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
  8,638
  8,993
  9,354
  9,738
  10,147
  10,581
  11,041
  11,529
  12,045
  12,590
  13,166
  13,774
  14,415
  15,091
  15,803
  16,553
  17,344
  18,175
  19,051
  19,972
  20,941
  21,960
  23,031
  24,158
  25,342
  26,587
  27,896
  29,271
  30,715
  32,234
  33,829
Adjusted assets (=assets-cash), $m
  8,633
  8,993
  9,354
  9,738
  10,147
  10,581
  11,041
  11,529
  12,045
  12,590
  13,166
  13,774
  14,415
  15,091
  15,803
  16,553
  17,344
  18,175
  19,051
  19,972
  20,941
  21,960
  23,031
  24,158
  25,342
  26,587
  27,896
  29,271
  30,715
  32,234
  33,829
Revenue / Adjusted assets
  0.143
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
Average production assets, $m
  286
  296
  308
  321
  334
  348
  363
  380
  396
  414
  433
  453
  475
  497
  520
  545
  571
  598
  627
  657
  689
  723
  758
  795
  834
  875
  918
  964
  1,011
  1,061
  1,114
Working capital, $m
  -159
  -170
  -177
  -184
  -192
  -200
  -208
  -218
  -227
  -238
  -249
  -260
  -272
  -285
  -298
  -312
  -327
  -343
  -360
  -377
  -395
  -414
  -435
  -456
  -478
  -502
  -527
  -552
  -580
  -608
  -639
Total debt, $m
  3,558
  3,732
  3,903
  4,086
  4,281
  4,488
  4,707
  4,939
  5,184
  5,444
  5,718
  6,007
  6,312
  6,634
  6,973
  7,330
  7,707
  8,102
  8,519
  8,958
  9,419
  9,904
  10,414
  10,950
  11,514
  12,107
  12,729
  13,384
  14,072
  14,794
  15,553
Total liabilities, $m
  4,107
  4,281
  4,452
  4,635
  4,830
  5,037
  5,256
  5,488
  5,733
  5,993
  6,267
  6,556
  6,861
  7,183
  7,522
  7,879
  8,256
  8,651
  9,068
  9,507
  9,968
  10,453
  10,963
  11,499
  12,063
  12,656
  13,278
  13,933
  14,621
  15,343
  16,102
Total equity, $m
  4,531
  4,712
  4,901
  5,103
  5,317
  5,545
  5,786
  6,041
  6,311
  6,597
  6,899
  7,217
  7,553
  7,908
  8,281
  8,674
  9,088
  9,524
  9,983
  10,465
  10,973
  11,507
  12,068
  12,659
  13,279
  13,932
  14,617
  15,338
  16,095
  16,890
  17,726
Total liabilities and equity, $m
  8,638
  8,993
  9,353
  9,738
  10,147
  10,582
  11,042
  11,529
  12,044
  12,590
  13,166
  13,773
  14,414
  15,091
  15,803
  16,553
  17,344
  18,175
  19,051
  19,972
  20,941
  21,960
  23,031
  24,158
  25,342
  26,588
  27,895
  29,271
  30,716
  32,233
  33,828
Debt-to-equity ratio
  0.785
  0.790
  0.800
  0.800
  0.810
  0.810
  0.810
  0.820
  0.820
  0.830
  0.830
  0.830
  0.840
  0.840
  0.840
  0.850
  0.850
  0.850
  0.850
  0.860
  0.860
  0.860
  0.860
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.880
  0.880
Adjusted equity ratio
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  302
  188
  195
  203
  211
  220
  230
  240
  251
  262
  274
  304
  318
  332
  346
  362
  378
  396
  414
  433
  453
  474
  497
  520
  545
  570
  597
  626
  656
  687
  720
Depreciation, amort., depletion, $m
  318
  83
  85
  88
  91
  93
  96
  100
  103
  107
  110
  91
  95
  99
  104
  109
  114
  120
  125
  131
  138
  145
  152
  159
  167
  175
  184
  193
  202
  212
  223
Funds from operations, $m
  576
  271
  280
  291
  302
  314
  326
  340
  354
  369
  385
  395
  413
  431
  451
  471
  493
  515
  539
  565
  591
  619
  648
  679
  711
  745
  781
  819
  858
  900
  943
Change in working capital, $m
  -25
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
Cash from operations, $m
  601
  277
  287
  298
  310
  322
  335
  349
  364
  379
  396
  406
  425
  444
  464
  485
  508
  531
  556
  582
  609
  638
  668
  700
  734
  769
  806
  845
  885
  928
  973
Maintenance CAPEX, $m
  0
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -79
  -83
  -87
  -91
  -95
  -99
  -104
  -109
  -114
  -120
  -125
  -131
  -138
  -145
  -152
  -159
  -167
  -175
  -184
  -193
  -202
  -212
New CAPEX, $m
  -590
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
Cash from investing activities, $m
  -590
  -68
  -71
  -75
  -77
  -81
  -85
  -89
  -93
  -97
  -102
  -107
  -112
  -117
  -122
  -129
  -135
  -141
  -149
  -155
  -163
  -172
  -180
  -189
  -198
  -208
  -218
  -229
  -241
  -252
  -265
Free cash flow, $m
  11
  209
  216
  224
  232
  241
  250
  260
  271
  282
  294
  300
  313
  327
  341
  356
  373
  390
  407
  426
  446
  467
  489
  512
  536
  561
  588
  616
  645
  676
  709
Issuance/(repayment) of debt, $m
  93
  174
  172
  183
  195
  207
  219
  232
  246
  260
  274
  289
  305
  322
  339
  357
  376
  396
  417
  438
  461
  485
  510
  536
  564
  593
  623
  654
  688
  723
  759
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  3
  7
  11
  15
  19
  23
  27
  14
  18
  23
  27
  31
  36
  40
  45
  50
  55
  60
  65
  70
  76
  82
  88
  94
  101
  108
  115
Cash from financing (excl. dividends), $m  
  93
  174
  172
  183
  198
  214
  230
  247
  265
  283
  301
  303
  323
  345
  366
  388
  412
  436
  462
  488
  516
  545
  575
  606
  640
  675
  711
  748
  789
  831
  874
Total cash flow (excl. dividends), $m
  104
  383
  387
  407
  429
  455
  481
  508
  536
  565
  595
  603
  636
  671
  707
  745
  784
  826
  869
  914
  962
  1,011
  1,064
  1,118
  1,176
  1,236
  1,299
  1,365
  1,434
  1,507
  1,583
Retained Cash Flow (-), $m
  -204
  -186
  -189
  -201
  -214
  -227
  -241
  -255
  -270
  -286
  -302
  -318
  -336
  -354
  -373
  -393
  -414
  -436
  -459
  -483
  -508
  -534
  -561
  -590
  -621
  -652
  -686
  -720
  -757
  -795
  -836
Prev. year cash balance distribution, $m
 
  5
  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
 
  202
  198
  205
  215
  227
  239
  252
  265
  279
  294
  285
  300
  317
  334
  352
  370
  390
  410
  432
  454
  477
  502
  528
  555
  583
  613
  644
  677
  711
  747
Discount rate, %
 
  7.70
  8.09
  8.49
  8.91
  9.36
  9.83
  10.32
  10.83
  11.38
  11.95
  12.54
  13.17
  13.83
  14.52
  15.25
  16.01
  16.81
  17.65
  18.53
  19.46
  20.43
  21.45
  22.52
  23.65
  24.83
  26.07
  27.38
  28.75
  30.18
  31.69
PV of cash for distribution, $m
 
  187
  170
  161
  153
  145
  136
  127
  117
  106
  95
  78
  68
  59
  50
  42
  34
  28
  22
  17
  13
  10
  7
  5
  3
  2
  1
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  99.9
  99.7
  99.5
  99.1
  98.7
  98.2
  97.6
  97.4
  97.0
  96.6
  96.2
  95.7
  95.1
  94.6
  94.0
  93.3
  92.7
  92.0
  91.3
  90.6
  89.8
  89.1
  88.3
  87.5
  86.7
  85.9
  85.1

Boardwalk Pipeline Partners, LP is a limited partnership company. The Company's business includes integrated natural gas and natural gas liquids, and other hydrocarbons (referred to together as NGLs) pipeline and storage systems. The Company is engaged in the operation of interstate natural gas and NGLs pipeline systems, and integrated storage facilities, including interstate natural gas pipeline systems located in the Gulf Coast region, Oklahoma, Arkansas and the Midwestern states of Tennessee, Kentucky, Illinois, Indiana and Ohio, and its NGLs pipelines and storage facilities in Louisiana and Texas. The Company conducts business through its subsidiary, Boardwalk Pipelines, LP (Boardwalk Pipelines), and its subsidiaries, Gulf South Pipeline Company, LP, Texas Gas Transmission, LLC, Gulf Crossing Pipeline Company LLC, Boardwalk Louisiana Midstream, LLC, Boardwalk Petrochemical Pipeline, LLC and Boardwalk Field Services, LLC.

FINANCIAL RATIOS  of  Boardwalk Pipeline Partners (BWP)

Valuation Ratios
P/E Ratio 10.9
Price to Sales 2.5
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 5.5
Price to Free Cash Flow 300.6
Growth Rates
Sales Growth Rate 4.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 57.3%
Cap. Spend. - 3 Yr. Gr. Rate 14.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 78.5%
Total Debt to Equity 78.5%
Interest Coverage 3
Management Effectiveness
Return On Assets 5.6%
Ret/ On Assets - 3 Yr. Avg. 5%
Return On Total Capital 3.8%
Ret/ On T. Cap. - 3 Yr. Avg. 3.2%
Return On Equity 6.8%
Return On Equity - 3 Yr. Avg. 6%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 60.6%
EBITDA Margin - 3 Yr. Avg. 55.3%
Operating Margin 36.5%
Oper. Margin - 3 Yr. Avg. 33.5%
Pre-Tax Margin 23.2%
Pre-Tax Margin - 3 Yr. Avg. 17.6%
Net Profit Margin 23.1%
Net Profit Margin - 3 Yr. Avg. 19.9%
Effective Tax Rate 0.3%
Eff/ Tax Rate - 3 Yr. Avg. 0.3%
Payout Ratio 33.8%

BWP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BWP stock intrinsic value calculation we used $1307 million for the last fiscal year's total revenue generated by Boardwalk Pipeline Partners. The default revenue input number comes from 2016 income statement of Boardwalk Pipeline 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 BWP stock valuation model: a) initial revenue growth rate of 3.9% 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 7.7%, whose default value for BWP is calculated based on our internal credit rating of Boardwalk Pipeline 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 Boardwalk Pipeline 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 BWP stock the variable cost ratio is equal to 68.3%.

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 BWP 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 4.9% for Boardwalk Pipeline Partners.

Corporate tax rate of 27% is the nominal tax rate for Boardwalk Pipeline 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 BWP 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 BWP are equal to 21.8%.

Life of production assets of 1.6 years is the average useful life of capital assets used in Boardwalk Pipeline 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 BWP is equal to -12.5%. 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 - $4531 million for Boardwalk Pipeline 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 250.17 million for Boardwalk Pipeline 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 Boardwalk Pipeline Partners at the current share price and the inputted number of shares is $3.3 billion.

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COMPANY NEWS

▶ How BWP Correlates with Natural Gas   [Dec-01-17 12:50PM  Market Realist]
▶ This Is One Boardwalk You'll Want to Avoid   [Aug-23-17 12:26PM  TheStreet.com]
▶ 3 Bargain Stocks You Can Buy Today   [Aug-21-17 09:03PM  Motley Fool]
▶ Why Boardwalk Pipeline Saw Rating Downgrades   [Aug-10-17 01:34PM  Market Realist]
▶ Analysts Updated Their Ratings on These MLPs Last Week   [Aug-08-17 12:28PM  Market Realist]
▶ What BWPs Technical Indicators Say about Its 2Q17 Results   [Jul-28-17 07:37AM  Market Realist]
▶ A Sneak Peek into Boardwalk Pipeline Partners 2Q17 Volumes   [Jul-26-17 05:36PM  Market Realist]
▶ New Strong Buy Stocks for July 17th   [Jul-17-17 09:15AM  Zacks]
▶ New Strong Buy Stocks for July 11th   [Jul-11-17 10:42AM  Zacks]
▶ Boardwalk Pipeline on the Street: Analyst Recommendations   [Jul-05-17 09:06AM  Market Realist]
▶ Why BWP Expects a Decline in Firm Reservation Revenues   [Jun-30-17 05:35PM  Market Realist]
▶ 3 Value Stocks for Astute Investors   [May-26-17 04:33PM  Motley Fool]
▶ Short Interest: Which Midstream Stocks Could Be Bearish?   [Apr-27-17 04:35PM  Market Realist]
▶ Trump's tax cut proposal shines light on MLPs   [Apr-26-17 02:14PM  Reuters]
▶ Investors Should Watch These Midstream Stocks   [Apr-20-17 11:46AM  Market Realist]
▶ Hate Risk? You'll Love These 3 Stocks   [Apr-19-17 12:00PM  Motley Fool]
Financial statements of BWP
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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