Intrinsic value of DCP Midstream LP - DCP

Previous Close

$29.96

  Intrinsic Value

$6.01

stock screener

  Rating & Target

str. sell

-80%

Previous close

$29.96

 
Intrinsic value

$6.01

 
Up/down potential

-80%

 
Rating

str. sell

We calculate the intrinsic value of DCP 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 0001), $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 4.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  11.60
  10.94
  10.35
  9.81
  9.33
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.86
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
Revenue, $m
  10,961
  12,161
  13,419
  14,735
  16,110
  17,543
  19,036
  20,589
  22,203
  23,881
  25,624
  27,436
  29,320
  31,278
  33,314
  35,432
  37,637
  39,933
  42,325
  44,819
  47,419
  50,133
  52,965
  55,923
  59,014
  62,244
  65,622
  69,155
  72,852
  76,721
Variable operating expenses, $m
  10,673
  11,837
  13,058
  14,336
  15,670
  17,061
  18,510
  20,017
  21,584
  23,213
  24,873
  26,631
  28,459
  30,360
  32,336
  34,392
  36,533
  38,761
  41,083
  43,504
  46,028
  48,662
  51,411
  54,283
  57,283
  60,418
  63,697
  67,126
  70,714
  74,470
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
  10,673
  11,837
  13,058
  14,336
  15,670
  17,061
  18,510
  20,017
  21,584
  23,213
  24,873
  26,631
  28,459
  30,360
  32,336
  34,392
  36,533
  38,761
  41,083
  43,504
  46,028
  48,662
  51,411
  54,283
  57,283
  60,418
  63,697
  67,126
  70,714
  74,470
Operating income, $m
  289
  324
  361
  400
  440
  482
  526
  571
  619
  668
  752
  805
  860
  918
  977
  1,040
  1,104
  1,172
  1,242
  1,315
  1,391
  1,471
  1,554
  1,641
  1,731
  1,826
  1,925
  2,029
  2,137
  2,251
EBITDA, $m
  747
  829
  914
  1,004
  1,098
  1,195
  1,297
  1,403
  1,513
  1,627
  1,746
  1,870
  1,998
  2,131
  2,270
  2,414
  2,565
  2,721
  2,884
  3,054
  3,231
  3,416
  3,609
  3,811
  4,021
  4,241
  4,472
  4,712
  4,964
  5,228
Interest expense (income), $m
  84
  287
  356
  428
  503
  582
  665
  751
  841
  934
  1,031
  1,132
  1,237
  1,346
  1,459
  1,577
  1,699
  1,827
  1,959
  2,097
  2,241
  2,391
  2,548
  2,711
  2,881
  3,059
  3,245
  3,439
  3,642
  3,854
  4,077
Earnings before tax, $m
  2
  -32
  -67
  -104
  -143
  -183
  -226
  -270
  -316
  -364
  -381
  -432
  -486
  -542
  -600
  -660
  -723
  -788
  -856
  -926
  -1,000
  -1,077
  -1,157
  -1,240
  -1,327
  -1,418
  -1,514
  -1,613
  -1,717
  -1,826
Tax expense, $m
  1
  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
Net income, $m
  2
  -32
  -67
  -104
  -143
  -183
  -226
  -270
  -316
  -364
  -381
  -432
  -486
  -542
  -600
  -660
  -723
  -788
  -856
  -926
  -1,000
  -1,077
  -1,157
  -1,240
  -1,327
  -1,418
  -1,514
  -1,613
  -1,717
  -1,826

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
  15,932
  17,675
  19,504
  21,417
  23,416
  25,499
  27,668
  29,925
  32,272
  34,711
  37,245
  39,878
  42,616
  45,461
  48,421
  51,500
  54,705
  58,042
  61,519
  65,144
  68,924
  72,868
  76,985
  81,284
  85,776
  90,471
  95,381
  100,516
  105,889
  111,513
Adjusted assets (=assets-cash), $m
  15,932
  17,675
  19,504
  21,417
  23,416
  25,499
  27,668
  29,925
  32,272
  34,711
  37,245
  39,878
  42,616
  45,461
  48,421
  51,500
  54,705
  58,042
  61,519
  65,144
  68,924
  72,868
  76,985
  81,284
  85,776
  90,471
  95,381
  100,516
  105,889
  111,513
Revenue / Adjusted assets
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
Average production assets, $m
  10,293
  11,419
  12,600
  13,836
  15,127
  16,473
  17,875
  19,333
  20,849
  22,424
  24,061
  25,763
  27,531
  29,370
  31,281
  33,271
  35,341
  37,497
  39,743
  42,085
  44,527
  47,075
  49,735
  52,512
  55,414
  58,447
  61,619
  64,937
  68,408
  72,041
Working capital, $m
  -121
  -134
  -148
  -162
  -177
  -193
  -209
  -226
  -244
  -263
  -282
  -302
  -323
  -344
  -366
  -390
  -414
  -439
  -466
  -493
  -522
  -551
  -583
  -615
  -649
  -685
  -722
  -761
  -801
  -844
Total debt, $m
  6,585
  7,920
  9,321
  10,787
  12,317
  13,913
  15,575
  17,304
  19,101
  20,969
  22,911
  24,928
  27,025
  29,205
  31,471
  33,830
  36,285
  38,841
  41,505
  44,281
  47,177
  50,198
  53,351
  56,645
  60,086
  63,682
  67,443
  71,376
  75,492
  79,800
Total liabilities, $m
  12,204
  13,539
  14,940
  16,406
  17,936
  19,532
  21,194
  22,923
  24,720
  26,588
  28,530
  30,547
  32,644
  34,824
  37,090
  39,449
  41,904
  44,460
  47,124
  49,900
  52,796
  55,817
  58,970
  62,264
  65,705
  69,301
  73,062
  76,995
  81,111
  85,419
Total equity, $m
  3,728
  4,136
  4,564
  5,012
  5,479
  5,967
  6,474
  7,003
  7,552
  8,122
  8,715
  9,332
  9,972
  10,638
  11,331
  12,051
  12,801
  13,582
  14,396
  15,244
  16,128
  17,051
  18,014
  19,020
  20,072
  21,170
  22,319
  23,521
  24,778
  26,094
Total liabilities and equity, $m
  15,932
  17,675
  19,504
  21,418
  23,415
  25,499
  27,668
  29,926
  32,272
  34,710
  37,245
  39,879
  42,616
  45,462
  48,421
  51,500
  54,705
  58,042
  61,520
  65,144
  68,924
  72,868
  76,984
  81,284
  85,777
  90,471
  95,381
  100,516
  105,889
  111,513
Debt-to-equity ratio
  1.770
  1.910
  2.040
  2.150
  2.250
  2.330
  2.410
  2.470
  2.530
  2.580
  2.630
  2.670
  2.710
  2.750
  2.780
  2.810
  2.830
  2.860
  2.880
  2.900
  2.930
  2.940
  2.960
  2.980
  2.990
  3.010
  3.020
  3.030
  3.050
  3.060
Adjusted equity ratio
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2
  -32
  -67
  -104
  -143
  -183
  -226
  -270
  -316
  -364
  -381
  -432
  -486
  -542
  -600
  -660
  -723
  -788
  -856
  -926
  -1,000
  -1,077
  -1,157
  -1,240
  -1,327
  -1,418
  -1,514
  -1,613
  -1,717
  -1,826
Depreciation, amort., depletion, $m
  458
  505
  553
  605
  658
  714
  771
  832
  894
  959
  994
  1,065
  1,138
  1,214
  1,293
  1,375
  1,460
  1,549
  1,642
  1,739
  1,840
  1,945
  2,055
  2,170
  2,290
  2,415
  2,546
  2,683
  2,827
  2,977
Funds from operations, $m
  460
  473
  487
  501
  515
  530
  546
  562
  579
  596
  614
  632
  652
  672
  693
  715
  738
  762
  787
  813
  840
  869
  898
  930
  962
  997
  1,033
  1,070
  1,110
  1,151
Change in working capital, $m
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
Cash from operations, $m
  472
  486
  501
  515
  530
  546
  562
  579
  596
  614
  633
  652
  672
  693
  715
  738
  762
  787
  813
  840
  869
  898
  930
  962
  996
  1,032
  1,070
  1,109
  1,151
  1,194
Maintenance CAPEX, $m
  -381
  -425
  -472
  -521
  -572
  -625
  -681
  -739
  -799
  -862
  -927
  -994
  -1,065
  -1,138
  -1,214
  -1,293
  -1,375
  -1,460
  -1,549
  -1,642
  -1,739
  -1,840
  -1,945
  -2,055
  -2,170
  -2,290
  -2,415
  -2,546
  -2,683
  -2,827
New CAPEX, $m
  -1,067
  -1,126
  -1,181
  -1,236
  -1,291
  -1,346
  -1,401
  -1,458
  -1,516
  -1,576
  -1,637
  -1,701
  -1,768
  -1,838
  -1,912
  -1,989
  -2,070
  -2,156
  -2,246
  -2,342
  -2,442
  -2,548
  -2,660
  -2,778
  -2,902
  -3,033
  -3,172
  -3,317
  -3,471
  -3,633
Cash from investing activities, $m
  -1,448
  -1,551
  -1,653
  -1,757
  -1,863
  -1,971
  -2,082
  -2,197
  -2,315
  -2,438
  -2,564
  -2,695
  -2,833
  -2,976
  -3,126
  -3,282
  -3,445
  -3,616
  -3,795
  -3,984
  -4,181
  -4,388
  -4,605
  -4,833
  -5,072
  -5,323
  -5,587
  -5,863
  -6,154
  -6,460
Free cash flow, $m
  -976
  -1,065
  -1,153
  -1,242
  -1,332
  -1,425
  -1,520
  -1,618
  -1,718
  -1,823
  -1,931
  -2,043
  -2,160
  -2,283
  -2,410
  -2,544
  -2,683
  -2,829
  -2,983
  -3,144
  -3,312
  -3,489
  -3,675
  -3,871
  -4,076
  -4,291
  -4,517
  -4,754
  -5,004
  -5,266
Issuance/(repayment) of debt, $m
  1,278
  1,335
  1,401
  1,466
  1,531
  1,596
  1,662
  1,729
  1,797
  1,868
  1,941
  2,017
  2,097
  2,180
  2,267
  2,359
  2,455
  2,556
  2,663
  2,776
  2,895
  3,021
  3,154
  3,293
  3,441
  3,597
  3,761
  3,933
  4,116
  4,308
Issuance/(repurchase) of shares, $m
  387
  439
  495
  552
  610
  671
  733
  798
  865
  934
  974
  1,048
  1,126
  1,208
  1,292
  1,380
  1,473
  1,569
  1,669
  1,774
  1,884
  2,000
  2,120
  2,246
  2,379
  2,517
  2,662
  2,815
  2,974
  3,142
Cash from financing (excl. dividends), $m  
  1,665
  1,774
  1,896
  2,018
  2,141
  2,267
  2,395
  2,527
  2,662
  2,802
  2,915
  3,065
  3,223
  3,388
  3,559
  3,739
  3,928
  4,125
  4,332
  4,550
  4,779
  5,021
  5,274
  5,539
  5,820
  6,114
  6,423
  6,748
  7,090
  7,450
Total cash flow (excl. dividends), $m
  688
  709
  743
  776
  809
  842
  875
  909
  944
  980
  984
  1,022
  1,063
  1,105
  1,149
  1,195
  1,244
  1,296
  1,350
  1,407
  1,467
  1,531
  1,598
  1,669
  1,744
  1,823
  1,906
  1,994
  2,086
  2,183
Retained Cash Flow (-), $m
  -388
  -439
  -495
  -552
  -610
  -671
  -733
  -798
  -865
  -934
  -974
  -1,048
  -1,126
  -1,208
  -1,292
  -1,380
  -1,473
  -1,569
  -1,669
  -1,774
  -1,884
  -2,000
  -2,120
  -2,246
  -2,379
  -2,517
  -2,662
  -2,815
  -2,974
  -3,142
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
  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
  300
  270
  248
  224
  198
  171
  142
  111
  79
  45
  10
  -26
  -64
  -103
  -143
  -185
  -228
  -273
  -319
  -367
  -417
  -468
  -522
  -577
  -635
  -694
  -756
  -821
  -888
  -958
Discount rate, %
  9.40
  9.87
  10.36
  10.88
  11.43
  12.00
  12.60
  13.23
  13.89
  14.58
  15.31
  16.08
  16.88
  17.73
  18.61
  19.54
  20.52
  21.54
  22.62
  23.75
  24.94
  26.19
  27.50
  28.87
  30.32
  31.83
  33.42
  35.09
  36.85
  38.69
PV of cash for distribution, $m
  274
  224
  185
  148
  115
  87
  62
  41
  24
  12
  2
  -4
  -8
  -10
  -11
  -11
  -10
  -8
  -7
  -5
  -4
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  91.7
  84.0
  76.9
  70.3
  64.2
  58.6
  53.5
  48.8
  44.5
  40.6
  37.1
  34.0
  31.0
  28.4
  25.9
  23.7
  21.6
  19.7
  18.0
  16.4
  15.0
  13.7
  12.5
  11.4
  10.4
  9.4
  8.6
  7.8
  7.1
  6.5

DCP Midstream, LP, formerly DCP Midstream Partners, LP, is a producer and marketer of natural gas liquids (NGLs) in the United States. The Company is engaged in the business of gathering, compressing, treating, processing, transporting, storing and selling natural gas; producing, fractionating, transporting, storing and selling NGLs and recovering, and selling condensate, and transporting, storing and selling propane in wholesale markets. Its segments include Natural Gas Services, NGL Logistics and Wholesale Propane Logistics. The Natural Gas Services segment consists of various assets and ownership interests that provide a range of wellhead to market services for its producer customers. It owns and operates assets for its NGL Logistics business in the states of Colorado, Kansas, Louisiana, Michigan, Oklahoma and Texas. DCP Midstream LP operates as a 50/50 joint venture between Phillips 66 and Spectra Energy Corp., which is ultimately owned by Enbridge Inc.

FINANCIAL RATIOS  of  DCP Midstream LP (DCP)

Valuation Ratios
P/E Ratio 11
Price to Sales 2.3
Price to Book 0.5
Price to Tangible Book
Price to Cash Flow 6
Price to Free Cash Flow 6.4
Growth Rates
Sales Growth Rate -21.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -86.8%
Cap. Spend. - 3 Yr. Gr. Rate -36.7%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 71.9%
Total Debt to Equity 79.3%
Interest Coverage 5
Management Effectiveness
Return On Assets 4.1%
Ret/ On Assets - 3 Yr. Avg. 6.5%
Return On Total Capital 3.6%
Ret/ On T. Cap. - 3 Yr. Avg. 5.7%
Return On Equity 6.5%
Return On Equity - 3 Yr. Avg. 10.5%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 36.8%
Gross Margin - 3 Yr. Avg. 31.5%
EBITDA Margin 35%
EBITDA Margin - 3 Yr. Avg. 25%
Operating Margin 13.2%
Oper. Margin - 3 Yr. Avg. 11.1%
Pre-Tax Margin 21.2%
Pre-Tax Margin - 3 Yr. Avg. 15.1%
Net Profit Margin 20.8%
Net Profit Margin - 3 Yr. Avg. 14.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. -0.3%
Payout Ratio 154.8%

DCP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DCP stock intrinsic value calculation we used $9822 million for the last fiscal year's total revenue generated by DCP Midstream LP. The default revenue input number comes from 0001 income statement of DCP Midstream LP. 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 DCP stock valuation model: a) initial revenue growth rate of 11.6% 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 9.4%, whose default value for DCP is calculated based on our internal credit rating of DCP Midstream LP, 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 DCP Midstream LP.
    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 DCP stock the variable cost ratio is equal to 97.4%.

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 DCP 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 DCP Midstream LP.

Corporate tax rate of 27% is the nominal tax rate for DCP Midstream LP. 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 DCP 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 DCP are equal to 93.9%.

Life of production assets of 24.2 years is the average useful life of capital assets used in DCP Midstream LP 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 DCP is equal to -1.1%. 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 - $3340 million for DCP Midstream LP - 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 143.224 million for DCP Midstream LP 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 DCP Midstream LP at the current share price and the inputted number of shares is $4.3 billion.

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