Intrinsic value of Enable Midstream Partners, LP - ENBL

Previous Close

$14.21

  Intrinsic Value

$3.17

stock screener

  Rating & Target

str. sell

-78%

Previous close

$14.21

 
Intrinsic value

$3.17

 
Up/down potential

-78%

 
Rating

str. sell

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

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 6.2

 

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, %
  17.90
  16.61
  15.45
  14.40
  13.46
  12.62
  11.86
  11.17
  10.55
  10.00
  9.50
  9.05
  8.64
  8.28
  7.95
  7.66
  7.39
  7.15
  6.94
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.93
  5.83
  5.75
  5.68
  5.61
Revenue, $m
  4,045
  4,717
  5,446
  6,230
  7,069
  7,961
  8,905
  9,899
  10,944
  12,038
  13,182
  14,374
  15,617
  16,910
  18,254
  19,652
  21,104
  22,613
  24,182
  25,812
  27,508
  29,271
  31,107
  33,018
  35,008
  37,083
  39,246
  41,503
  43,858
  46,318
Variable operating expenses, $m
  3,259
  3,788
  4,361
  4,978
  5,638
  6,340
  7,083
  7,865
  8,687
  9,548
  10,372
  11,310
  12,288
  13,305
  14,363
  15,462
  16,605
  17,793
  19,027
  20,310
  21,644
  23,031
  24,475
  25,979
  27,545
  29,178
  30,880
  32,655
  34,509
  36,444
Fixed operating expenses, $m
  8
  8
  9
  9
  9
  9
  9
  10
  10
  10
  10
  10
  11
  11
  11
  11
  12
  12
  12
  12
  13
  13
  13
  13
  14
  14
  14
  15
  15
  15
Total operating expenses, $m
  3,267
  3,796
  4,370
  4,987
  5,647
  6,349
  7,092
  7,875
  8,697
  9,558
  10,382
  11,320
  12,299
  13,316
  14,374
  15,473
  16,617
  17,805
  19,039
  20,322
  21,657
  23,044
  24,488
  25,992
  27,559
  29,192
  30,894
  32,670
  34,524
  36,459
Operating income, $m
  778
  921
  1,076
  1,243
  1,422
  1,612
  1,813
  2,025
  2,247
  2,480
  2,800
  3,054
  3,319
  3,594
  3,880
  4,178
  4,487
  4,809
  5,143
  5,490
  5,851
  6,227
  6,618
  7,025
  7,449
  7,891
  8,352
  8,833
  9,335
  9,859
EBITDA, $m
  1,311
  1,529
  1,767
  2,022
  2,296
  2,586
  2,894
  3,218
  3,558
  3,915
  4,287
  4,676
  5,081
  5,502
  5,940
  6,395
  6,869
  7,360
  7,872
  8,403
  8,955
  9,530
  10,128
  10,751
  11,400
  12,076
  12,781
  13,516
  14,284
  15,085
Interest expense (income), $m
  0
  231
  288
  407
  535
  673
  821
  978
  1,144
  1,319
  1,503
  1,696
  1,897
  2,107
  2,326
  2,554
  2,790
  3,037
  3,292
  3,558
  3,834
  4,121
  4,420
  4,730
  5,054
  5,390
  5,741
  6,106
  6,487
  6,884
  7,299
Earnings before tax, $m
  547
  633
  670
  708
  749
  791
  835
  881
  928
  977
  1,104
  1,157
  1,211
  1,268
  1,327
  1,388
  1,451
  1,517
  1,585
  1,656
  1,730
  1,807
  1,888
  1,972
  2,059
  2,151
  2,246
  2,346
  2,450
  2,560
Tax expense, $m
  148
  171
  181
  191
  202
  214
  225
  238
  251
  264
  298
  312
  327
  342
  358
  375
  392
  409
  428
  447
  467
  488
  510
  532
  556
  581
  606
  633
  662
  691
Net income, $m
  399
  462
  489
  517
  547
  577
  609
  643
  677
  713
  806
  844
  884
  926
  968
  1,013
  1,059
  1,107
  1,157
  1,209
  1,263
  1,319
  1,378
  1,439
  1,503
  1,570
  1,640
  1,713
  1,789
  1,869

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
  14,656
  17,091
  19,731
  22,573
  25,612
  28,844
  32,264
  35,867
  39,653
  43,617
  47,760
  52,081
  56,583
  61,267
  66,138
  71,202
  76,464
  81,932
  87,615
  93,523
  99,666
  106,056
  112,706
  119,630
  126,842
  134,359
  142,197
  150,373
  158,907
  167,818
Adjusted assets (=assets-cash), $m
  14,656
  17,091
  19,731
  22,573
  25,612
  28,844
  32,264
  35,867
  39,653
  43,617
  47,760
  52,081
  56,583
  61,267
  66,138
  71,202
  76,464
  81,932
  87,615
  93,523
  99,666
  106,056
  112,706
  119,630
  126,842
  134,359
  142,197
  150,373
  158,907
  167,818
Revenue / Adjusted assets
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
Average production assets, $m
  12,872
  15,010
  17,328
  19,825
  22,494
  25,332
  28,335
  31,500
  34,824
  38,306
  41,944
  45,739
  49,693
  53,807
  58,085
  62,532
  67,153
  71,956
  76,947
  82,135
  87,530
  93,142
  98,982
  105,063
  111,397
  117,998
  124,882
  132,063
  139,557
  147,383
Working capital, $m
  -44
  -52
  -60
  -69
  -78
  -88
  -98
  -109
  -120
  -132
  -145
  -158
  -172
  -186
  -201
  -216
  -232
  -249
  -266
  -284
  -303
  -322
  -342
  -363
  -385
  -408
  -432
  -457
  -482
  -509
Total debt, $m
  5,342
  7,533
  9,909
  12,467
  15,202
  18,111
  21,188
  24,432
  27,838
  31,406
  35,135
  39,024
  43,075
  47,291
  51,676
  56,233
  60,969
  65,890
  71,005
  76,322
  81,850
  87,601
  93,586
  99,818
  106,309
  113,074
  120,128
  127,487
  135,167
  143,187
Total liabilities, $m
  13,191
  15,382
  17,758
  20,316
  23,051
  25,960
  29,037
  32,281
  35,687
  39,255
  42,984
  46,873
  50,924
  55,140
  59,525
  64,082
  68,818
  73,739
  78,854
  84,171
  89,699
  95,450
  101,435
  107,667
  114,158
  120,923
  127,977
  135,336
  143,016
  151,036
Total equity, $m
  1,466
  1,709
  1,973
  2,257
  2,561
  2,884
  3,226
  3,587
  3,965
  4,362
  4,776
  5,208
  5,658
  6,127
  6,614
  7,120
  7,646
  8,193
  8,762
  9,352
  9,967
  10,606
  11,271
  11,963
  12,684
  13,436
  14,220
  15,037
  15,891
  16,782
Total liabilities and equity, $m
  14,657
  17,091
  19,731
  22,573
  25,612
  28,844
  32,263
  35,868
  39,652
  43,617
  47,760
  52,081
  56,582
  61,267
  66,139
  71,202
  76,464
  81,932
  87,616
  93,523
  99,666
  106,056
  112,706
  119,630
  126,842
  134,359
  142,197
  150,373
  158,907
  167,818
Debt-to-equity ratio
  3.640
  4.410
  5.020
  5.520
  5.940
  6.280
  6.570
  6.810
  7.020
  7.200
  7.360
  7.490
  7.610
  7.720
  7.810
  7.900
  7.970
  8.040
  8.100
  8.160
  8.210
  8.260
  8.300
  8.340
  8.380
  8.420
  8.450
  8.480
  8.510
  8.530
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
  399
  462
  489
  517
  547
  577
  609
  643
  677
  713
  806
  844
  884
  926
  968
  1,013
  1,059
  1,107
  1,157
  1,209
  1,263
  1,319
  1,378
  1,439
  1,503
  1,570
  1,640
  1,713
  1,789
  1,869
Depreciation, amort., depletion, $m
  533
  608
  691
  779
  874
  974
  1,081
  1,193
  1,311
  1,434
  1,487
  1,622
  1,762
  1,908
  2,060
  2,217
  2,381
  2,552
  2,729
  2,913
  3,104
  3,303
  3,510
  3,726
  3,950
  4,184
  4,428
  4,683
  4,949
  5,226
Funds from operations, $m
  932
  1,070
  1,179
  1,296
  1,420
  1,552
  1,690
  1,836
  1,988
  2,148
  2,293
  2,466
  2,646
  2,834
  3,028
  3,230
  3,440
  3,659
  3,886
  4,121
  4,367
  4,622
  4,888
  5,165
  5,453
  5,754
  6,068
  6,396
  6,738
  7,095
Change in working capital, $m
  -7
  -7
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
Cash from operations, $m
  939
  1,078
  1,187
  1,305
  1,430
  1,562
  1,701
  1,847
  2,000
  2,160
  2,306
  2,479
  2,660
  2,848
  3,043
  3,246
  3,456
  3,675
  3,903
  4,139
  4,386
  4,642
  4,908
  5,186
  5,475
  5,777
  6,092
  6,420
  6,764
  7,122
Maintenance CAPEX, $m
  -387
  -456
  -532
  -614
  -703
  -798
  -898
  -1,005
  -1,117
  -1,235
  -1,358
  -1,487
  -1,622
  -1,762
  -1,908
  -2,060
  -2,217
  -2,381
  -2,552
  -2,729
  -2,913
  -3,104
  -3,303
  -3,510
  -3,726
  -3,950
  -4,184
  -4,428
  -4,683
  -4,949
New CAPEX, $m
  -1,953
  -2,138
  -2,319
  -2,496
  -2,669
  -2,838
  -3,003
  -3,165
  -3,324
  -3,482
  -3,638
  -3,795
  -3,953
  -4,114
  -4,278
  -4,447
  -4,621
  -4,802
  -4,991
  -5,188
  -5,395
  -5,612
  -5,840
  -6,081
  -6,334
  -6,601
  -6,883
  -7,181
  -7,495
  -7,826
Cash from investing activities, $m
  -2,340
  -2,594
  -2,851
  -3,110
  -3,372
  -3,636
  -3,901
  -4,170
  -4,441
  -4,717
  -4,996
  -5,282
  -5,575
  -5,876
  -6,186
  -6,507
  -6,838
  -7,183
  -7,543
  -7,917
  -8,308
  -8,716
  -9,143
  -9,591
  -10,060
  -10,551
  -11,067
  -11,609
  -12,178
  -12,775
Free cash flow, $m
  -1,401
  -1,517
  -1,664
  -1,806
  -1,943
  -2,074
  -2,201
  -2,323
  -2,441
  -2,557
  -2,691
  -2,803
  -2,915
  -3,028
  -3,143
  -3,261
  -3,382
  -3,508
  -3,640
  -3,777
  -3,922
  -4,074
  -4,235
  -4,405
  -4,585
  -4,775
  -4,976
  -5,189
  -5,414
  -5,653
Issuance/(repayment) of debt, $m
  1,064
  2,191
  2,376
  2,558
  2,735
  2,908
  3,078
  3,243
  3,407
  3,568
  3,728
  3,889
  4,051
  4,216
  4,384
  4,557
  4,736
  4,921
  5,115
  5,317
  5,529
  5,751
  5,985
  6,231
  6,491
  6,765
  7,054
  7,359
  7,680
  8,020
Issuance/(repurchase) of shares, $m
  749
  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  
  1,813
  2,191
  2,376
  2,558
  2,735
  2,908
  3,078
  3,243
  3,407
  3,568
  3,728
  3,889
  4,051
  4,216
  4,384
  4,557
  4,736
  4,921
  5,115
  5,317
  5,529
  5,751
  5,985
  6,231
  6,491
  6,765
  7,054
  7,359
  7,680
  8,020
Total cash flow (excl. dividends), $m
  412
  674
  713
  752
  793
  834
  877
  921
  965
  1,011
  1,038
  1,086
  1,136
  1,188
  1,241
  1,296
  1,353
  1,413
  1,475
  1,539
  1,607
  1,677
  1,750
  1,827
  1,907
  1,990
  2,078
  2,170
  2,266
  2,367
Retained Cash Flow (-), $m
  -1,149
  -243
  -264
  -284
  -304
  -323
  -342
  -360
  -379
  -396
  -414
  -432
  -450
  -468
  -487
  -506
  -526
  -547
  -568
  -591
  -614
  -639
  -665
  -692
  -721
  -752
  -784
  -818
  -853
  -891
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
  -737
  431
  449
  468
  489
  511
  535
  560
  587
  615
  623
  654
  686
  719
  754
  790
  827
  866
  907
  949
  992
  1,038
  1,085
  1,134
  1,185
  1,239
  1,294
  1,352
  1,413
  1,476
Discount rate, %
  11.90
  12.50
  13.12
  13.78
  14.46
  15.19
  15.95
  16.74
  17.58
  18.46
  19.38
  20.35
  21.37
  22.44
  23.56
  24.74
  25.98
  27.28
  28.64
  30.07
  31.57
  33.15
  34.81
  36.55
  38.38
  40.30
  42.31
  44.43
  46.65
  48.98
PV of cash for distribution, $m
  -659
  340
  310
  279
  249
  219
  190
  162
  137
  113
  89
  71
  55
  42
  32
  23
  16
  11
  8
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9

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, LP (ENBL)

Valuation Ratios
P/E Ratio 19.7
Price to Sales 2.7
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 8.5
Price to Free Cash Flow 18.2
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 $3431 million for the last fiscal year's total revenue generated by Enable Midstream Partners, LP. The default revenue input number comes from 0001 income statement of Enable Midstream Partners, 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 ENBL stock valuation model: a) initial revenue growth rate of 17.9% 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 11.9%, whose default value for ENBL is calculated based on our internal credit rating of Enable Midstream Partners, 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 Enable Midstream Partners, 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 ENBL stock the variable cost ratio is equal to 80.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $8 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 5.4% for Enable Midstream Partners, LP.

Corporate tax rate of 27% is the nominal tax rate for Enable Midstream Partners, 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 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 318.2%.

Life of production assets of 28.2 years is the average useful life of capital assets used in Enable Midstream Partners, 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 ENBL 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 - $317 million for Enable Midstream Partners, 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 433.173 million for Enable Midstream Partners, 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 Enable Midstream Partners, LP at the current share price and the inputted number of shares is $6.2 billion.

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