Intrinsic value of Enable Midstream Partners - ENBL

Previous Close

$14.93

  Intrinsic Value

$4.49

stock screener

  Rating & Target

str. sell

-70%

Previous close

$14.93

 
Intrinsic value

$4.49

 
Up/down potential

-70%

 
Rating

str. sell

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

We calculate the intrinsic value of ENBL 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, %
  -6.04
  13.70
  12.83
  12.05
  11.34
  10.71
  10.14
  9.62
  9.16
  8.75
  8.37
  8.03
  7.73
  7.46
  7.21
  6.99
  6.79
  6.61
  6.45
  6.31
  6.18
  6.06
  5.95
  5.86
  5.77
  5.69
  5.62
  5.56
  5.51
  5.46
  5.41
Revenue, $m
  2,272
  2,583
  2,915
  3,266
  3,636
  4,026
  4,434
  4,860
  5,306
  5,770
  6,253
  6,755
  7,277
  7,820
  8,384
  8,970
  9,579
  10,212
  10,871
  11,556
  12,270
  13,013
  13,788
  14,595
  15,438
  16,317
  17,235
  18,193
  19,195
  20,242
  21,337
Variable operating expenses, $m
 
  3,343
  3,772
  4,226
  4,705
  5,209
  5,737
  6,289
  6,866
  7,466
  8,091
  8,741
  9,417
  10,119
  10,848
  11,607
  12,395
  13,215
  14,067
  14,954
  15,878
  16,839
  17,842
  18,887
  19,977
  21,114
  22,302
  23,542
  24,838
  26,193
  27,610
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
  1,887
  3,343
  3,772
  4,226
  4,705
  5,209
  5,737
  6,289
  6,866
  7,466
  8,091
  8,741
  9,417
  10,119
  10,848
  11,607
  12,395
  13,215
  14,067
  14,954
  15,878
  16,839
  17,842
  18,887
  19,977
  21,114
  22,302
  23,542
  24,838
  26,193
  27,610
Operating income, $m
  385
  -759
  -857
  -960
  -1,069
  -1,184
  -1,304
  -1,429
  -1,560
  -1,696
  -1,838
  -1,986
  -2,139
  -2,299
  -2,465
  -2,637
  -2,816
  -3,002
  -3,196
  -3,398
  -3,607
  -3,826
  -4,054
  -4,291
  -4,539
  -4,797
  -5,067
  -5,349
  -5,643
  -5,951
  -6,273
EBITDA, $m
  723
  -363
  -410
  -459
  -511
  -566
  -623
  -683
  -746
  -811
  -879
  -950
  -1,023
  -1,099
  -1,179
  -1,261
  -1,347
  -1,436
  -1,528
  -1,625
  -1,725
  -1,830
  -1,939
  -2,052
  -2,171
  -2,294
  -2,423
  -2,558
  -2,699
  -2,846
  -3,000
Interest expense (income), $m
  0
  105
  121
  138
  157
  177
  197
  219
  241
  265
  289
  315
  341
  369
  397
  427
  458
  490
  523
  558
  594
  632
  671
  712
  755
  799
  846
  894
  945
  997
  1,053
Earnings before tax, $m
  314
  -864
  -978
  -1,099
  -1,226
  -1,360
  -1,501
  -1,648
  -1,801
  -1,961
  -2,127
  -2,301
  -2,481
  -2,668
  -2,862
  -3,064
  -3,274
  -3,492
  -3,720
  -3,956
  -4,202
  -4,458
  -4,725
  -5,003
  -5,293
  -5,596
  -5,913
  -6,243
  -6,588
  -6,949
  -7,326
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
  0
Net income, $m
  312
  -864
  -978
  -1,099
  -1,226
  -1,360
  -1,501
  -1,648
  -1,801
  -1,961
  -2,127
  -2,301
  -2,481
  -2,668
  -2,862
  -3,064
  -3,274
  -3,492
  -3,720
  -3,956
  -4,202
  -4,458
  -4,725
  -5,003
  -5,293
  -5,596
  -5,913
  -6,243
  -6,588
  -6,949
  -7,326

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  6
  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
  11,212
  12,725
  14,358
  16,088
  17,913
  19,831
  21,841
  23,943
  26,136
  28,422
  30,801
  33,275
  35,848
  38,521
  41,299
  44,186
  47,186
  50,306
  53,552
  56,928
  60,444
  64,105
  67,921
  71,899
  76,048
  80,378
  84,899
  89,622
  94,556
  99,714
  105,109
Adjusted assets (=assets-cash), $m
  11,206
  12,725
  14,358
  16,088
  17,913
  19,831
  21,841
  23,943
  26,136
  28,422
  30,801
  33,275
  35,848
  38,521
  41,299
  44,186
  47,186
  50,306
  53,552
  56,928
  60,444
  64,105
  67,921
  71,899
  76,048
  80,378
  84,899
  89,622
  94,556
  99,714
  105,109
Revenue / Adjusted assets
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
Average production assets, $m
  10,457
  11,888
  13,413
  15,029
  16,734
  18,526
  20,404
  22,368
  24,417
  26,552
  28,774
  31,086
  33,489
  35,986
  38,581
  41,278
  44,082
  46,997
  50,028
  53,183
  56,467
  59,888
  63,452
  67,168
  71,045
  75,090
  79,314
  83,725
  88,335
  93,154
  98,193
Working capital, $m
  34
  31
  35
  39
  44
  48
  53
  58
  64
  69
  75
  81
  87
  94
  101
  108
  115
  123
  130
  139
  147
  156
  165
  175
  185
  196
  207
  218
  230
  243
  256
Total debt, $m
  2,993
  3,457
  3,957
  4,486
  5,044
  5,631
  6,246
  6,890
  7,561
  8,260
  8,988
  9,745
  10,532
  11,350
  12,200
  13,084
  14,002
  14,957
  15,950
  16,983
  18,059
  19,179
  20,347
  21,564
  22,834
  24,159
  25,542
  26,987
  28,497
  30,076
  31,726
Total liabilities, $m
  3,430
  3,894
  4,394
  4,923
  5,481
  6,068
  6,683
  7,327
  7,998
  8,697
  9,425
  10,182
  10,969
  11,787
  12,637
  13,521
  14,439
  15,394
  16,387
  17,420
  18,496
  19,616
  20,784
  22,001
  23,271
  24,596
  25,979
  27,424
  28,934
  30,513
  32,163
Total equity, $m
  7,782
  8,831
  9,965
  11,165
  12,431
  13,762
  15,158
  16,616
  18,139
  19,725
  21,376
  23,093
  24,878
  26,733
  28,661
  30,665
  32,747
  34,913
  37,165
  39,508
  41,948
  44,489
  47,137
  49,898
  52,777
  55,783
  58,920
  62,197
  65,622
  69,202
  72,945
Total liabilities and equity, $m
  11,212
  12,725
  14,359
  16,088
  17,912
  19,830
  21,841
  23,943
  26,137
  28,422
  30,801
  33,275
  35,847
  38,520
  41,298
  44,186
  47,186
  50,307
  53,552
  56,928
  60,444
  64,105
  67,921
  71,899
  76,048
  80,379
  84,899
  89,621
  94,556
  99,715
  105,108
Debt-to-equity ratio
  0.385
  0.390
  0.400
  0.400
  0.410
  0.410
  0.410
  0.410
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  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
Adjusted equity ratio
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  312
  -864
  -978
  -1,099
  -1,226
  -1,360
  -1,501
  -1,648
  -1,801
  -1,961
  -2,127
  -2,301
  -2,481
  -2,668
  -2,862
  -3,064
  -3,274
  -3,492
  -3,720
  -3,956
  -4,202
  -4,458
  -4,725
  -5,003
  -5,293
  -5,596
  -5,913
  -6,243
  -6,588
  -6,949
  -7,326
Depreciation, amort., depletion, $m
  338
  396
  447
  501
  558
  618
  680
  746
  814
  885
  959
  1,036
  1,116
  1,200
  1,286
  1,376
  1,469
  1,567
  1,668
  1,773
  1,882
  1,996
  2,115
  2,239
  2,368
  2,503
  2,644
  2,791
  2,944
  3,105
  3,273
Funds from operations, $m
  753
  -468
  -531
  -598
  -668
  -743
  -820
  -902
  -987
  -1,076
  -1,168
  -1,264
  -1,364
  -1,468
  -1,576
  -1,688
  -1,805
  -1,926
  -2,052
  -2,183
  -2,320
  -2,462
  -2,610
  -2,764
  -2,925
  -3,093
  -3,269
  -3,452
  -3,643
  -3,843
  -4,053
Change in working capital, $m
  32
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
Cash from operations, $m
  721
  -472
  -535
  -602
  -673
  -747
  -825
  -907
  -992
  -1,081
  -1,174
  -1,270
  -1,371
  -1,475
  -1,583
  -1,695
  -1,812
  -1,934
  -2,060
  -2,191
  -2,328
  -2,471
  -2,619
  -2,774
  -2,935
  -3,104
  -3,280
  -3,463
  -3,655
  -3,856
  -4,066
Maintenance CAPEX, $m
  0
  -349
  -396
  -447
  -501
  -558
  -618
  -680
  -746
  -814
  -885
  -959
  -1,036
  -1,116
  -1,200
  -1,286
  -1,376
  -1,469
  -1,567
  -1,668
  -1,773
  -1,882
  -1,996
  -2,115
  -2,239
  -2,368
  -2,503
  -2,644
  -2,791
  -2,944
  -3,105
New CAPEX, $m
  -383
  -1,432
  -1,525
  -1,616
  -1,705
  -1,792
  -1,878
  -1,964
  -2,049
  -2,135
  -2,223
  -2,312
  -2,403
  -2,497
  -2,595
  -2,697
  -2,803
  -2,915
  -3,032
  -3,155
  -3,284
  -3,421
  -3,564
  -3,716
  -3,876
  -4,045
  -4,223
  -4,412
  -4,610
  -4,819
  -5,039
Cash from investing activities, $m
  -367
  -1,781
  -1,921
  -2,063
  -2,206
  -2,350
  -2,496
  -2,644
  -2,795
  -2,949
  -3,108
  -3,271
  -3,439
  -3,613
  -3,795
  -3,983
  -4,179
  -4,384
  -4,599
  -4,823
  -5,057
  -5,303
  -5,560
  -5,831
  -6,115
  -6,413
  -6,726
  -7,056
  -7,401
  -7,763
  -8,144
Free cash flow, $m
  354
  -2,252
  -2,456
  -2,665
  -2,878
  -3,097
  -3,321
  -3,551
  -3,787
  -4,031
  -4,282
  -4,541
  -4,810
  -5,088
  -5,377
  -5,678
  -5,991
  -6,318
  -6,658
  -7,014
  -7,385
  -7,774
  -8,180
  -8,605
  -9,051
  -9,517
  -10,006
  -10,519
  -11,056
  -11,619
  -12,210
Issuance/(repayment) of debt, $m
  -37
  464
  500
  529
  558
  587
  615
  643
  671
  699
  728
  757
  787
  818
  850
  883
  918
  955
  993
  1,033
  1,076
  1,120
  1,168
  1,217
  1,270
  1,325
  1,383
  1,445
  1,510
  1,578
  1,651
Issuance/(repurchase) of shares, $m
  499
  1,920
  2,111
  2,299
  2,492
  2,691
  2,896
  3,106
  3,323
  3,547
  3,778
  4,018
  4,266
  4,523
  4,790
  5,068
  5,357
  5,658
  5,972
  6,299
  6,642
  6,999
  7,373
  7,764
  8,173
  8,601
  9,050
  9,520
  10,012
  10,528
  11,069
Cash from financing (excl. dividends), $m  
  226
  2,384
  2,611
  2,828
  3,050
  3,278
  3,511
  3,749
  3,994
  4,246
  4,506
  4,775
  5,053
  5,341
  5,640
  5,951
  6,275
  6,613
  6,965
  7,332
  7,718
  8,119
  8,541
  8,981
  9,443
  9,926
  10,433
  10,965
  11,522
  12,106
  12,720
Total cash flow (excl. dividends), $m
  580
  132
  154
  163
  172
  181
  190
  199
  207
  216
  225
  234
  243
  253
  263
  273
  284
  295
  307
  319
  332
  346
  361
  376
  392
  409
  427
  446
  466
  487
  510
Retained Cash Flow (-), $m
  -263
  -1,920
  -2,111
  -2,299
  -2,492
  -2,691
  -2,896
  -3,106
  -3,323
  -3,547
  -3,778
  -4,018
  -4,266
  -4,523
  -4,790
  -5,068
  -5,357
  -5,658
  -5,972
  -6,299
  -6,642
  -6,999
  -7,373
  -7,764
  -8,173
  -8,601
  -9,050
  -9,520
  -10,012
  -10,528
  -11,069
Prev. year cash balance distribution, $m
 
  6
  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
 
  -1,782
  -1,957
  -2,136
  -2,320
  -2,510
  -2,706
  -2,908
  -3,116
  -3,331
  -3,554
  -3,784
  -4,023
  -4,270
  -4,527
  -4,795
  -5,073
  -5,363
  -5,665
  -5,980
  -6,309
  -6,653
  -7,012
  -7,388
  -7,781
  -8,192
  -8,623
  -9,074
  -9,546
  -10,041
  -10,560
Discount rate, %
 
  6.20
  6.51
  6.84
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.04
  20.00
  21.00
  22.05
  23.15
  24.30
  25.52
PV of cash for distribution, $m
 
  -1,678
  -1,725
  -1,751
  -1,758
  -1,745
  -1,713
  -1,663
  -1,596
  -1,514
  -1,419
  -1,313
  -1,200
  -1,082
  -963
  -844
  -729
  -620
  -518
  -426
  -343
  -272
  -211
  -160
  -119
  -86
  -61
  -42
  -28
  -18
  -12
Current shareholders' claim on cash, %
  100
  77.1
  59.9
  46.9
  36.9
  29.3
  23.4
  18.8
  15.1
  12.2
  9.9
  8.1
  6.6
  5.4
  4.5
  3.7
  3.1
  2.5
  2.1
  1.7
  1.4
  1.2
  1.0
  0.8
  0.7
  0.6
  0.5
  0.4
  0.3
  0.3
  0.2

Enable Midstream Partners LP owns, operates and develops midstream energy infrastructure assets strategically located to serve its customers. The Company operates in two business segments: Gathering and Processing, and Transportation and Storage. Its gathering and processing segment primarily provides natural gas and crude oil gathering and natural gas processing services to its producer customers. Its transportation and storage segment provides interstate and intrastate natural gas pipeline transportation and storage services primarily to its producer, power plant, Local distribution company (LDC) and industrial end user customers. As of December 31, 2016, the Company owned and operated natural gas and crude oil gathering and natural gas processing assets in five states. As of December 31, 2016, the Company owned and operated interstate and intrastate transportation and storage systems across nine states.

FINANCIAL RATIOS  of  Enable Midstream Partners (ENBL)

Valuation Ratios
P/E Ratio 20.7
Price to Sales 2.8
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 9
Price to Free Cash Flow 19.1
Growth Rates
Sales Growth Rate -6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -55.9%
Cap. Spend. - 3 Yr. Gr. Rate -7.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 38.5%
Total Debt to Equity 38.5%
Interest Coverage 0
Management Effectiveness
Return On Assets 2.8%
Ret/ On Assets - 3 Yr. Avg. 0.3%
Return On Total Capital 2.9%
Ret/ On T. Cap. - 3 Yr. Avg. 0.3%
Return On Equity 4.1%
Return On Equity - 3 Yr. Avg. 0.4%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 55.2%
Gross Margin - 3 Yr. Avg. 51%
EBITDA Margin 28.7%
EBITDA Margin - 3 Yr. Avg. 11.3%
Operating Margin 16.9%
Oper. Margin - 3 Yr. Avg. 1.6%
Pre-Tax Margin 13.8%
Pre-Tax Margin - 3 Yr. Avg. -0.7%
Net Profit Margin 13.7%
Net Profit Margin - 3 Yr. Avg. -0.5%
Effective Tax Rate 0.3%
Eff/ Tax Rate - 3 Yr. Avg. 0.2%
Payout Ratio 179.8%

ENBL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ENBL stock intrinsic value calculation we used $2272 million for the last fiscal year's total revenue generated by Enable Midstream Partners. The default revenue input number comes from 2016 income statement of Enable Midstream 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 ENBL stock valuation model: a) initial revenue growth rate of 13.7% 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 6.2%, whose default value for ENBL is calculated based on our internal credit rating of Enable Midstream 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 Enable Midstream 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 ENBL stock the variable cost ratio is equal to 129.4%.

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 ENBL 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 3.5% for Enable Midstream Partners.

Corporate tax rate of 27% is the nominal tax rate for Enable Midstream 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 ENBL 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 ENBL are equal to 460.2%.

Life of production assets of 30.9 years is the average useful life of capital assets used in Enable Midstream 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 ENBL is equal to 1.2%. 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 - $7782 million for Enable Midstream 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 433.193 million for Enable Midstream 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 Enable Midstream Partners at the current share price and the inputted number of shares is $6.5 billion.

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COMPANY NEWS

▶ Enable Midstream Partners Announces Quarterly Distributions   [Feb-09-18 04:30PM  Business Wire]
▶ Why PAA Was the Biggest MLP Loser Last Week   [Jan-22-18 04:50PM  Market Realist]
▶ Top MLP Gainers in the Week Ending January 12   [Jan-16-18 01:19PM  Market Realist]
▶ 3 High-Yield Stocks With Virtual Monopolies   [Dec-11-17 04:27PM  Motley Fool]
▶ Your MLP Ratings Today: Last Weeks Updates   [Dec-04-17 12:45PM  Market Realist]
▶ How Natural Gas Prices Could Affect ENBLs 2018 Earnings   [Dec-01-17 12:50PM  Market Realist]
▶ MLPs Rating Updates during the Week Ending November 24   [Nov-28-17 10:44AM  Market Realist]
▶ WES, ENLK, ENBL, DCP: Assessing Capital Spending Plans   [Nov-27-17 01:34PM  Market Realist]
▶ What Drove Enable Midstream Partners Earnings Growth in 3Q17   [Nov-10-17 02:29PM  Market Realist]
▶ Enable Midstream Completes Acquisition of Align Midstream   [Oct-04-17 04:19PM  Business Wire]
▶ What EnLink Midstream Partners Technical Indicators Show   [Sep-29-17 10:41AM  Market Realist]
▶ Analysts Views on Enable Midstream Partners   [Sep-20-17 07:36AM  Market Realist]
▶ What Enables Current Valuation Indicates   [07:36AM  Market Realist]
▶ A Look at Enables Leverage Position   [Sep-18-17 10:37AM  Market Realist]
▶ Reviewing Enables 2017 Operational and Financial Guidance   [Sep-15-17 10:40AM  Market Realist]
▶ CenterPoint JV to buy Dallas-based midstream company   [Sep-14-17 09:45AM  American City Business Journals]
▶ Enable Midstream Posted Strong 2Q17 Earnings Growth   [Aug-10-17 01:34PM  Market Realist]
▶ CenterPoint Energy Stock: 3 Reasons Bulls Are Excited   [Aug-01-17 09:46AM  Motley Fool]
▶ 3 Dividend Stocks I'd Buy Right Now   [Jul-22-17 07:13AM  Motley Fool]
▶ Where Will CenterPoint Energy Stock Be in 10 Years?   [Jul-11-17 03:08PM  Motley Fool]
▶ DCP Midstreams Short Interest Is the Highest among Its Peers   [Jul-04-17 10:36AM  Market Realist]
▶ A Look into the Shale Exposures of WES, ENLK, ENBL, and DCP   [Jun-30-17 03:06PM  Market Realist]
▶ Midstream Stocks: Returns and Implied Volatilities   [Apr-13-17 01:05PM  Market Realist]
Financial statements of ENBL
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