Intrinsic value of Dorchester Minerals - DMLP

Previous Close

$18.15

  Intrinsic Value

$282.62

stock screener

  Rating & Target

str. buy

+999%

Previous close

$18.15

 
Intrinsic value

$282.62

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of DMLP 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 0.6

 

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, %
  52.50
  47.75
  43.48
  39.63
  36.16
  33.05
  30.24
  27.72
  25.45
  23.40
  21.56
  19.91
  18.42
  17.07
  15.87
  14.78
  13.80
  12.92
  12.13
  11.42
  10.77
  10.20
  9.68
  9.21
  8.79
  8.41
  8.07
  7.76
  7.49
  7.24
Revenue, $m
  87
  128
  184
  257
  350
  466
  607
  775
  973
  1,200
  1,459
  1,750
  2,072
  2,425
  2,810
  3,226
  3,671
  4,145
  4,648
  5,179
  5,737
  6,322
  6,933
  7,572
  8,237
  8,930
  9,651
  10,400
  11,178
  11,988
Variable operating expenses, $m
  11
  16
  22
  31
  43
  57
  74
  95
  119
  146
  178
  213
  253
  296
  343
  394
  448
  506
  567
  632
  700
  771
  846
  924
  1,005
  1,089
  1,177
  1,269
  1,364
  1,462
Fixed operating expenses, $m
  13
  14
  14
  14
  14
  15
  15
  15
  16
  16
  17
  17
  17
  18
  18
  18
  19
  19
  20
  20
  21
  21
  21
  22
  22
  23
  23
  24
  24
  25
Total operating expenses, $m
  24
  30
  36
  45
  57
  72
  89
  110
  135
  162
  195
  230
  270
  314
  361
  412
  467
  525
  587
  652
  721
  792
  867
  946
  1,027
  1,112
  1,200
  1,293
  1,388
  1,487
Operating income, $m
  63
  99
  148
  212
  293
  394
  518
  665
  838
  1,038
  1,265
  1,519
  1,802
  2,112
  2,449
  2,814
  3,204
  3,620
  4,061
  4,527
  5,016
  5,529
  6,066
  6,626
  7,210
  7,818
  8,450
  9,107
  9,790
  10,500
EBITDA, $m
  72
  113
  167
  238
  330
  443
  581
  746
  939
  1,163
  1,416
  1,701
  2,017
  2,364
  2,742
  3,149
  3,586
  4,051
  4,545
  5,065
  5,613
  6,187
  6,787
  7,414
  8,067
  8,747
  9,454
  10,189
  10,953
  11,747
Interest expense (income), $m
  0
  0
  1
  4
  7
  12
  18
  26
  36
  47
  60
  75
  93
  112
  134
  157
  183
  211
  240
  272
  306
  341
  379
  418
  459
  501
  546
  592
  640
  690
  742
Earnings before tax, $m
  63
  98
  144
  204
  281
  376
  492
  630
  791
  978
  1,189
  1,427
  1,690
  1,978
  2,292
  2,631
  2,994
  3,380
  3,789
  4,221
  4,675
  5,151
  5,648
  6,168
  6,709
  7,272
  7,858
  8,467
  9,100
  9,758
Tax expense, $m
  17
  27
  39
  55
  76
  102
  133
  170
  214
  264
  321
  385
  456
  534
  619
  710
  808
  913
  1,023
  1,140
  1,262
  1,391
  1,525
  1,665
  1,811
  1,963
  2,122
  2,286
  2,457
  2,635
Net income, $m
  46
  72
  105
  149
  205
  274
  359
  460
  578
  714
  868
  1,041
  1,234
  1,444
  1,673
  1,921
  2,185
  2,467
  2,766
  3,081
  3,413
  3,760
  4,123
  4,502
  4,897
  5,309
  5,736
  6,181
  6,643
  7,123

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
  120
  177
  253
  354
  482
  641
  835
  1,067
  1,338
  1,651
  2,007
  2,407
  2,850
  3,336
  3,866
  4,437
  5,049
  5,702
  6,393
  7,123
  7,891
  8,696
  9,537
  10,415
  11,331
  12,284
  13,275
  14,305
  15,376
  16,489
Adjusted assets (=assets-cash), $m
  120
  177
  253
  354
  482
  641
  835
  1,067
  1,338
  1,651
  2,007
  2,407
  2,850
  3,336
  3,866
  4,437
  5,049
  5,702
  6,393
  7,123
  7,891
  8,696
  9,537
  10,415
  11,331
  12,284
  13,275
  14,305
  15,376
  16,489
Revenue / Adjusted assets
  0.725
  0.723
  0.727
  0.726
  0.726
  0.727
  0.727
  0.726
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
Average production assets, $m
  90
  134
  192
  268
  364
  485
  631
  806
  1,012
  1,248
  1,517
  1,820
  2,155
  2,522
  2,923
  3,355
  3,818
  4,311
  4,834
  5,386
  5,966
  6,575
  7,211
  7,875
  8,567
  9,287
  10,037
  10,816
  11,626
  12,467
Working capital, $m
  -1
  -1
  -2
  -3
  -4
  -5
  -6
  -8
  -10
  -12
  -15
  -17
  -21
  -24
  -28
  -32
  -37
  -41
  -46
  -52
  -57
  -63
  -69
  -76
  -82
  -89
  -97
  -104
  -112
  -120
Total debt, $m
  16
  67
  136
  226
  342
  485
  660
  868
  1,112
  1,394
  1,714
  2,074
  2,473
  2,911
  3,387
  3,901
  4,452
  5,040
  5,662
  6,319
  7,010
  7,734
  8,491
  9,282
  10,106
  10,963
  11,855
  12,783
  13,747
  14,748
Total liabilities, $m
  108
  159
  228
  319
  434
  577
  752
  960
  1,204
  1,486
  1,806
  2,166
  2,565
  3,003
  3,479
  3,993
  4,544
  5,132
  5,754
  6,411
  7,102
  7,826
  8,583
  9,374
  10,198
  11,055
  11,947
  12,875
  13,839
  14,840
Total equity, $m
  12
  18
  25
  35
  48
  64
  84
  107
  134
  165
  201
  241
  285
  334
  387
  444
  505
  570
  639
  712
  789
  870
  954
  1,042
  1,133
  1,228
  1,327
  1,431
  1,538
  1,649
Total liabilities and equity, $m
  120
  177
  253
  354
  482
  641
  836
  1,067
  1,338
  1,651
  2,007
  2,407
  2,850
  3,337
  3,866
  4,437
  5,049
  5,702
  6,393
  7,123
  7,891
  8,696
  9,537
  10,416
  11,331
  12,283
  13,274
  14,306
  15,377
  16,489
Debt-to-equity ratio
  1.300
  3.790
  5.370
  6.400
  7.090
  7.560
  7.900
  8.140
  8.310
  8.440
  8.540
  8.620
  8.680
  8.720
  8.760
  8.790
  8.820
  8.840
  8.860
  8.870
  8.880
  8.890
  8.900
  8.910
  8.920
  8.930
  8.930
  8.940
  8.940
  8.940
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
  46
  72
  105
  149
  205
  274
  359
  460
  578
  714
  868
  1,041
  1,234
  1,444
  1,673
  1,921
  2,185
  2,467
  2,766
  3,081
  3,413
  3,760
  4,123
  4,502
  4,897
  5,309
  5,736
  6,181
  6,643
  7,123
Depreciation, amort., depletion, $m
  9
  13
  19
  27
  36
  48
  63
  81
  101
  125
  152
  182
  215
  252
  292
  335
  382
  431
  483
  539
  597
  657
  721
  787
  857
  929
  1,004
  1,082
  1,163
  1,247
Funds from operations, $m
  55
  85
  124
  176
  241
  323
  422
  540
  679
  839
  1,020
  1,223
  1,449
  1,696
  1,966
  2,256
  2,567
  2,898
  3,249
  3,620
  4,009
  4,418
  4,844
  5,290
  5,754
  6,237
  6,740
  7,263
  7,806
  8,370
Change in working capital, $m
  0
  0
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
Cash from operations, $m
  55
  86
  125
  177
  242
  324
  423
  542
  681
  841
  1,023
  1,226
  1,452
  1,700
  1,969
  2,260
  2,572
  2,903
  3,255
  3,625
  4,015
  4,423
  4,851
  5,296
  5,761
  6,244
  6,747
  7,270
  7,813
  8,378
Maintenance CAPEX, $m
  -6
  -9
  -13
  -19
  -27
  -36
  -48
  -63
  -81
  -101
  -125
  -152
  -182
  -215
  -252
  -292
  -335
  -382
  -431
  -483
  -539
  -597
  -657
  -721
  -787
  -857
  -929
  -1,004
  -1,082
  -1,163
New CAPEX, $m
  -31
  -43
  -58
  -76
  -97
  -120
  -147
  -175
  -205
  -237
  -269
  -302
  -335
  -368
  -400
  -432
  -463
  -493
  -523
  -552
  -580
  -608
  -636
  -664
  -692
  -720
  -749
  -779
  -810
  -841
Cash from investing activities, $m
  -37
  -52
  -71
  -95
  -124
  -156
  -195
  -238
  -286
  -338
  -394
  -454
  -517
  -583
  -652
  -724
  -798
  -875
  -954
  -1,035
  -1,119
  -1,205
  -1,293
  -1,385
  -1,479
  -1,577
  -1,678
  -1,783
  -1,892
  -2,004
Free cash flow, $m
  19
  33
  54
  82
  119
  167
  228
  304
  395
  503
  629
  773
  935
  1,117
  1,317
  1,536
  1,773
  2,028
  2,301
  2,590
  2,896
  3,218
  3,557
  3,911
  4,281
  4,667
  5,069
  5,487
  5,922
  6,374
Issuance/(repayment) of debt, $m
  16
  51
  69
  90
  115
  143
  175
  208
  244
  282
  320
  360
  399
  438
  476
  514
  551
  587
  622
  657
  691
  724
  757
  791
  824
  858
  892
  927
  964
  1,002
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  
  16
  51
  69
  90
  115
  143
  175
  208
  244
  282
  320
  360
  399
  438
  476
  514
  551
  587
  622
  657
  691
  724
  757
  791
  824
  858
  892
  927
  964
  1,002
Total cash flow (excl. dividends), $m
  34
  85
  123
  172
  234
  311
  403
  512
  639
  785
  949
  1,132
  1,334
  1,555
  1,793
  2,050
  2,324
  2,615
  2,923
  3,247
  3,587
  3,943
  4,314
  4,702
  5,105
  5,525
  5,961
  6,415
  6,886
  7,376
Retained Cash Flow (-), $m
  -25
  -6
  -8
  -10
  -13
  -16
  -19
  -23
  -27
  -31
  -36
  -40
  -44
  -49
  -53
  -57
  -61
  -65
  -69
  -73
  -77
  -80
  -84
  -88
  -92
  -95
  -99
  -103
  -107
  -111
Prev. year cash balance distribution, $m
  13
  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
  22
  79
  115
  162
  221
  295
  384
  489
  612
  753
  913
  1,092
  1,290
  1,506
  1,740
  1,993
  2,263
  2,550
  2,854
  3,174
  3,510
  3,862
  4,230
  4,614
  5,014
  5,430
  5,862
  6,312
  6,779
  7,264
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  21
  72
  100
  133
  172
  214
  259
  306
  352
  395
  434
  466
  490
  506
  511
  506
  492
  470
  439
  403
  363
  320
  277
  235
  195
  158
  126
  98
  74
  55
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

Dorchester Minerals, L.P. is a limited partnership company. The Company is engaged in the acquisition, ownership and administration of Royalty Properties and net profits interests (NPIs). As of December 31, 2016, the Royalty Properties consisted of producing and nonproducing mineral, royalty, overriding royalty, net profits and leasehold interests located in 574 counties and parishes in 25 states. The NPIs represent net profits overriding royalty interests in various properties owned by the Company. As of December 31, 2016, the Company had completed 270 wells on its Royalty Properties in seven states, and 39 new wells completed on its Properties in three states. The Company owns both a royalty interest and a net profits interest. The Company's general partner is Dorchester Minerals Management LP.

FINANCIAL RATIOS  of  Dorchester Minerals (DMLP)

Valuation Ratios
P/E Ratio 26.5
Price to Sales 14.7
Price to Book 8.3
Price to Tangible Book
Price to Cash Flow 19.9
Price to Free Cash Flow 19.9
Growth Rates
Sales Growth Rate 18.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 29.8%
Ret/ On Assets - 3 Yr. Avg. 29.2%
Return On Total Capital 30%
Ret/ On T. Cap. - 3 Yr. Avg. 29.5%
Return On Equity 30%
Return On Equity - 3 Yr. Avg. 29.5%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 89.5%
Gross Margin - 3 Yr. Avg. 89.8%
EBITDA Margin 78.9%
EBITDA Margin - 3 Yr. Avg. 78.5%
Operating Margin 55.3%
Oper. Margin - 3 Yr. Avg. 54.5%
Pre-Tax Margin 55.3%
Pre-Tax Margin - 3 Yr. Avg. 55%
Net Profit Margin 55.3%
Net Profit Margin - 3 Yr. Avg. 55%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 128.6%

DMLP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DMLP stock intrinsic value calculation we used $57 million for the last fiscal year's total revenue generated by Dorchester Minerals. The default revenue input number comes from 2017 income statement of Dorchester 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 DMLP stock valuation model: a) initial revenue growth rate of 52.5% 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 4.3%, whose default value for DMLP is calculated based on our internal credit rating of Dorchester 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 Dorchester 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 DMLP stock the variable cost ratio is equal to 12.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $13 million in the base year in the intrinsic value calculation for DMLP 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 Dorchester Minerals.

Corporate tax rate of 27% is the nominal tax rate for Dorchester 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 DMLP 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 DMLP are equal to 104%.

Life of production assets of 10 years is the average useful life of capital assets used in Dorchester 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 DMLP is equal to -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 - $0 million for Dorchester 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 31 million for Dorchester 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 Dorchester Minerals at the current share price and the inputted number of shares is $0.6 billion.

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COMPANY NEWS

▶ Dorchester Minerals, L.P. Announces Second Quarter Results   [Aug-06-18 12:05PM  GlobeNewswire]
▶ Dorchester Minerals, L.P. Announces First Quarter Results   [May-03-18 11:48AM  GlobeNewswire]
▶ Dorchester Minerals, L.P. Announces 2017 Results   [Mar-08-18 12:42PM  GlobeNewswire]
▶ These MLPs Have the Highest Earnings Margins Today   [Dec-08-17 10:22AM  Market Realist]
▶ Where DMLPs Earnings Margin Stands among Top MLPs   [Dec-07-17 03:30PM  Market Realist]
▶ How BWP Correlates with Natural Gas   [Dec-01-17 12:50PM  Market Realist]
▶ Dorchester Minerals, L.P. Announces Third Quarter Results   [Nov-03-17 02:35PM  GlobeNewswire]
▶ Should You Buy Dorchester Minerals LP (DMLP) At This PE Ratio?   [Sep-11-17 01:33PM  Simply Wall St.]
▶ Dorchester Minerals, L.P. Announces Second Quarter Results   [Aug-03-17 03:20PM  GlobeNewswire]
▶ Dorchester Minerals, L.P. Announces First Quarter Results   [May-04-17 11:45AM  GlobeNewswire]
▶ Five Unheralded Energy Plays This Hedge Fund Likes   [Dec-01-16 08:37PM  Insider Monkey]
▶ Five Unheralded Energy Plays This Hedge Fund Likes   [08:37PM  at Insider Monkey]
▶ [$$] 2 MLPs That Offer Risks But Plenty of Reward   [Jun-07-16 05:41PM  at Barrons.com]
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