Intrinsic value of EnLink Midstream, LLC - ENLC

Previous Close

$12.63

  Intrinsic Value

$6.37

stock screener

  Rating & Target

sell

-50%

Previous close

$12.63

 
Intrinsic value

$6.37

 
Up/down potential

-50%

 
Rating

sell

We calculate the intrinsic value of ENLC 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 6.9

 

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, %
  17.20
  15.98
  14.88
  13.89
  13.00
  12.20
  11.48
  10.84
  10.25
  9.73
  9.25
  8.83
  8.45
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.57
Revenue, $m
  9,023
  10,465
  12,023
  13,693
  15,474
  17,362
  19,356
  21,453
  23,652
  25,953
  28,355
  30,858
  33,464
  36,175
  38,993
  41,922
  44,966
  48,130
  51,417
  54,836
  58,391
  62,090
  65,940
  69,950
  74,128
  78,484
  83,027
  87,767
  92,716
  97,885
Variable operating expenses, $m
  8,517
  9,835
  11,259
  12,786
  14,413
  16,140
  17,962
  19,879
  21,890
  23,993
  25,920
  28,208
  30,591
  33,069
  35,645
  38,323
  41,105
  43,997
  47,003
  50,127
  53,377
  56,759
  60,278
  63,944
  67,764
  71,745
  75,898
  80,231
  84,755
  89,480
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
  8,517
  9,835
  11,259
  12,786
  14,413
  16,140
  17,962
  19,879
  21,890
  23,993
  25,920
  28,208
  30,591
  33,069
  35,645
  38,323
  41,105
  43,997
  47,003
  50,127
  53,377
  56,759
  60,278
  63,944
  67,764
  71,745
  75,898
  80,231
  84,755
  89,480
Operating income, $m
  506
  630
  764
  907
  1,060
  1,222
  1,394
  1,574
  1,762
  1,960
  2,435
  2,650
  2,873
  3,106
  3,348
  3,600
  3,861
  4,132
  4,415
  4,708
  5,014
  5,331
  5,662
  6,006
  6,365
  6,739
  7,129
  7,536
  7,961
  8,405
EBITDA, $m
  1,350
  1,566
  1,799
  2,048
  2,315
  2,597
  2,896
  3,209
  3,538
  3,882
  4,242
  4,616
  5,006
  5,412
  5,833
  6,271
  6,727
  7,200
  7,692
  8,203
  8,735
  9,288
  9,864
  10,464
  11,089
  11,741
  12,421
  13,130
  13,870
  14,643
Interest expense (income), $m
  134
  239
  322
  413
  511
  616
  728
  846
  972
  1,103
  1,242
  1,386
  1,537
  1,695
  1,858
  2,029
  2,206
  2,390
  2,581
  2,780
  2,987
  3,202
  3,425
  3,657
  3,899
  4,152
  4,414
  4,688
  4,973
  5,271
  5,582
Earnings before tax, $m
  267
  308
  351
  397
  444
  495
  547
  602
  659
  718
  1,048
  1,112
  1,179
  1,248
  1,319
  1,394
  1,471
  1,551
  1,635
  1,722
  1,812
  1,906
  2,004
  2,107
  2,213
  2,325
  2,441
  2,562
  2,689
  2,822
Tax expense, $m
  72
  83
  95
  107
  120
  134
  148
  163
  178
  194
  283
  300
  318
  337
  356
  376
  397
  419
  441
  465
  489
  515
  541
  569
  598
  628
  659
  692
  726
  762
Net income, $m
  195
  225
  256
  289
  324
  361
  399
  439
  481
  524
  765
  812
  860
  911
  963
  1,017
  1,074
  1,132
  1,193
  1,257
  1,323
  1,391
  1,463
  1,538
  1,616
  1,697
  1,782
  1,871
  1,963
  2,060

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
  12,532
  14,535
  16,698
  19,018
  21,491
  24,114
  26,883
  29,796
  32,851
  36,046
  39,381
  42,858
  46,478
  50,243
  54,157
  58,226
  62,453
  66,847
  71,413
  76,161
  81,098
  86,236
  91,584
  97,153
  102,956
  109,006
  115,315
  121,899
  128,772
  135,951
Adjusted assets (=assets-cash), $m
  12,532
  14,535
  16,698
  19,018
  21,491
  24,114
  26,883
  29,796
  32,851
  36,046
  39,381
  42,858
  46,478
  50,243
  54,157
  58,226
  62,453
  66,847
  71,413
  76,161
  81,098
  86,236
  91,584
  97,153
  102,956
  109,006
  115,315
  121,899
  128,772
  135,951
Revenue / Adjusted assets
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
Average production assets, $m
  9,547
  11,072
  12,720
  14,487
  16,371
  18,369
  20,478
  22,697
  25,024
  27,458
  29,999
  32,648
  35,405
  38,273
  41,255
  44,354
  47,574
  50,921
  54,400
  58,016
  61,777
  65,691
  69,765
  74,007
  78,428
  83,036
  87,842
  92,858
  98,094
  103,562
Working capital, $m
  63
  73
  84
  96
  108
  122
  135
  150
  166
  182
  198
  216
  234
  253
  273
  293
  315
  337
  360
  384
  409
  435
  462
  490
  519
  549
  581
  614
  649
  685
Total debt, $m
  5,968
  7,646
  9,459
  11,403
  13,475
  15,673
  17,994
  20,435
  22,994
  25,672
  28,467
  31,381
  34,414
  37,569
  40,850
  44,259
  47,801
  51,483
  55,310
  59,288
  63,426
  67,731
  72,213
  76,880
  81,743
  86,812
  92,100
  97,617
  103,377
  109,392
Total liabilities, $m
  10,502
  12,180
  13,993
  15,937
  18,010
  20,207
  22,528
  24,969
  27,529
  30,206
  33,002
  35,915
  38,948
  42,104
  45,384
  48,793
  52,336
  56,017
  59,844
  63,823
  67,960
  72,266
  76,747
  81,414
  86,277
  91,347
  96,634
  102,151
  107,911
  113,927
Total equity, $m
  2,030
  2,355
  2,705
  3,081
  3,482
  3,906
  4,355
  4,827
  5,322
  5,839
  6,380
  6,943
  7,529
  8,139
  8,774
  9,433
  10,117
  10,829
  11,569
  12,338
  13,138
  13,970
  14,837
  15,739
  16,679
  17,659
  18,681
  19,748
  20,861
  22,024
Total liabilities and equity, $m
  12,532
  14,535
  16,698
  19,018
  21,492
  24,113
  26,883
  29,796
  32,851
  36,045
  39,382
  42,858
  46,477
  50,243
  54,158
  58,226
  62,453
  66,846
  71,413
  76,161
  81,098
  86,236
  91,584
  97,153
  102,956
  109,006
  115,315
  121,899
  128,772
  135,951
Debt-to-equity ratio
  2.940
  3.250
  3.500
  3.700
  3.870
  4.010
  4.130
  4.230
  4.320
  4.400
  4.460
  4.520
  4.570
  4.620
  4.660
  4.690
  4.720
  4.750
  4.780
  4.810
  4.830
  4.850
  4.870
  4.880
  4.900
  4.920
  4.930
  4.940
  4.960
  4.970
Adjusted equity ratio
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  195
  225
  256
  289
  324
  361
  399
  439
  481
  524
  765
  812
  860
  911
  963
  1,017
  1,074
  1,132
  1,193
  1,257
  1,323
  1,391
  1,463
  1,538
  1,616
  1,697
  1,782
  1,871
  1,963
  2,060
Depreciation, amort., depletion, $m
  843
  935
  1,035
  1,141
  1,255
  1,375
  1,502
  1,636
  1,776
  1,923
  1,807
  1,967
  2,133
  2,306
  2,485
  2,672
  2,866
  3,068
  3,277
  3,495
  3,722
  3,957
  4,203
  4,458
  4,725
  5,002
  5,292
  5,594
  5,909
  6,239
Funds from operations, $m
  1,038
  1,160
  1,291
  1,431
  1,579
  1,736
  1,901
  2,075
  2,257
  2,447
  2,572
  2,779
  2,993
  3,216
  3,448
  3,689
  3,940
  4,200
  4,470
  4,752
  5,044
  5,349
  5,666
  5,996
  6,340
  6,699
  7,074
  7,464
  7,873
  8,299
Change in working capital, $m
  9
  10
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  18
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  35
  36
Cash from operations, $m
  1,029
  1,150
  1,280
  1,419
  1,567
  1,723
  1,888
  2,060
  2,242
  2,431
  2,556
  2,761
  2,975
  3,197
  3,429
  3,669
  3,918
  4,178
  4,447
  4,728
  5,019
  5,323
  5,639
  5,968
  6,311
  6,669
  7,042
  7,431
  7,838
  8,263
Maintenance CAPEX, $m
  -491
  -575
  -667
  -766
  -873
  -986
  -1,107
  -1,234
  -1,367
  -1,507
  -1,654
  -1,807
  -1,967
  -2,133
  -2,306
  -2,485
  -2,672
  -2,866
  -3,068
  -3,277
  -3,495
  -3,722
  -3,957
  -4,203
  -4,458
  -4,725
  -5,002
  -5,292
  -5,594
  -5,909
New CAPEX, $m
  -1,399
  -1,526
  -1,648
  -1,767
  -1,884
  -1,998
  -2,109
  -2,219
  -2,327
  -2,434
  -2,541
  -2,648
  -2,757
  -2,868
  -2,982
  -3,099
  -3,220
  -3,347
  -3,478
  -3,617
  -3,761
  -3,914
  -4,074
  -4,243
  -4,421
  -4,608
  -4,806
  -5,015
  -5,236
  -5,468
Cash from investing activities, $m
  -1,890
  -2,101
  -2,315
  -2,533
  -2,757
  -2,984
  -3,216
  -3,453
  -3,694
  -3,941
  -4,195
  -4,455
  -4,724
  -5,001
  -5,288
  -5,584
  -5,892
  -6,213
  -6,546
  -6,894
  -7,256
  -7,636
  -8,031
  -8,446
  -8,879
  -9,333
  -9,808
  -10,307
  -10,830
  -11,377
Free cash flow, $m
  -861
  -951
  -1,035
  -1,115
  -1,190
  -1,261
  -1,328
  -1,392
  -1,453
  -1,511
  -1,639
  -1,694
  -1,749
  -1,804
  -1,859
  -1,915
  -1,974
  -2,035
  -2,099
  -2,166
  -2,237
  -2,312
  -2,392
  -2,477
  -2,568
  -2,664
  -2,767
  -2,876
  -2,992
  -3,115
Issuance/(repayment) of debt, $m
  1,537
  1,678
  1,813
  1,944
  2,073
  2,198
  2,321
  2,441
  2,560
  2,678
  2,795
  2,914
  3,033
  3,155
  3,280
  3,409
  3,543
  3,682
  3,827
  3,978
  4,138
  4,305
  4,481
  4,667
  4,863
  5,070
  5,287
  5,517
  5,760
  6,016
Issuance/(repurchase) of shares, $m
  106
  100
  94
  86
  76
  64
  49
  32
  14
  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  
  1,643
  1,778
  1,907
  2,030
  2,149
  2,262
  2,370
  2,473
  2,574
  2,678
  2,795
  2,914
  3,033
  3,155
  3,280
  3,409
  3,543
  3,682
  3,827
  3,978
  4,138
  4,305
  4,481
  4,667
  4,863
  5,070
  5,287
  5,517
  5,760
  6,016
Total cash flow (excl. dividends), $m
  783
  827
  872
  916
  959
  1,000
  1,041
  1,081
  1,121
  1,167
  1,156
  1,219
  1,284
  1,352
  1,421
  1,494
  1,569
  1,647
  1,728
  1,813
  1,901
  1,993
  2,089
  2,190
  2,295
  2,405
  2,521
  2,641
  2,768
  2,901
Retained Cash Flow (-), $m
  -301
  -324
  -350
  -376
  -401
  -425
  -449
  -472
  -495
  -518
  -540
  -563
  -586
  -610
  -634
  -659
  -685
  -712
  -740
  -769
  -800
  -832
  -866
  -902
  -940
  -980
  -1,022
  -1,067
  -1,113
  -1,163
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
  481
  503
  522
  540
  558
  575
  593
  609
  626
  649
  615
  656
  698
  742
  787
  835
  884
  935
  988
  1,044
  1,101
  1,161
  1,223
  1,288
  1,355
  1,425
  1,499
  1,575
  1,655
  1,738
Discount rate, %
  9.60
  10.08
  10.58
  11.11
  11.67
  12.25
  12.86
  13.51
  14.18
  14.89
  15.64
  16.42
  17.24
  18.10
  19.01
  19.96
  20.96
  22.00
  23.10
  24.26
  25.47
  26.75
  28.08
  29.49
  30.96
  32.51
  34.13
  35.84
  37.63
  39.51
PV of cash for distribution, $m
  439
  415
  386
  354
  321
  288
  254
  221
  190
  162
  124
  106
  88
  72
  58
  45
  35
  26
  19
  14
  9
  6
  4
  3
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  98.5
  97.3
  96.3
  95.6
  95.0
  94.5
  94.2
  94.1
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0

EnLink Midstream, LLC is an integrated midstream company. The Company's assets consist of equity interests in EnLink Midstream Partners, LP (the Partnership) and EnLink Oklahoma Gas Processing, LP (EnLink Oklahoma T.O.). The Partnership is engaged in the gathering, transmission, processing and marketing of natural gas and natural gas liquids (NGLs), condensate and crude oil, as well as providing crude oil, condensate and brine services to producers. EnLink Oklahoma T.O., a partnership owned by the Partnership and the Company, is engaged in the gathering and processing of natural gas. The Partnership's segments include Texas, Oklahoma, Louisiana, Crude and Condensate, and Corporate. The Partnership connects the wells of producers in its market areas to its gathering systems, processes natural gas to remove NGLs, fractionates NGLs into purity products and markets those products for a fee, transports natural gas and provides natural gas to a range of markets.

FINANCIAL RATIOS  of  EnLink Midstream, LLC (ENLC)

Valuation Ratios
P/E Ratio -4.9
Price to Sales 0.5
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 3.4
Price to Free Cash Flow 758
Growth Rates
Sales Growth Rate -4.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 15.9%
Cap. Spend. - 3 Yr. Gr. Rate 22.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 175.2%
Total Debt to Equity 175.2%
Interest Coverage -6
Management Effectiveness
Return On Assets -3.3%
Ret/ On Assets - 3 Yr. Avg. -1%
Return On Total Capital -8.7%
Ret/ On T. Cap. - 3 Yr. Avg. -4%
Return On Equity -22.1%
Return On Equity - 3 Yr. Avg. -10.2%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 29.1%
Gross Margin - 3 Yr. Avg. 28.4%
EBITDA Margin -5.8%
EBITDA Margin - 3 Yr. Avg. -2.2%
Operating Margin -15.9%
Oper. Margin - 3 Yr. Avg. -11.6%
Pre-Tax Margin -20.8%
Pre-Tax Margin - 3 Yr. Avg. -14.2%
Net Profit Margin -10.8%
Net Profit Margin - 3 Yr. Avg. -5.1%
Effective Tax Rate -0.5%
Eff/ Tax Rate - 3 Yr. Avg. 7%
Payout Ratio -40.2%

ENLC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ENLC stock intrinsic value calculation we used $7699 million for the last fiscal year's total revenue generated by EnLink Midstream, LLC. The default revenue input number comes from 0001 income statement of EnLink Midstream, LLC. 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 ENLC stock valuation model: a) initial revenue growth rate of 17.2% 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 9.6%, whose default value for ENLC is calculated based on our internal credit rating of EnLink Midstream, LLC, 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 EnLink Midstream, LLC.
    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 ENLC stock the variable cost ratio is equal to 94.9%.

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 ENLC 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 EnLink Midstream, LLC.

Corporate tax rate of 27% is the nominal tax rate for EnLink Midstream, LLC. 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 ENLC 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 ENLC are equal to 105.8%.

Life of production assets of 16.6 years is the average useful life of capital assets used in EnLink Midstream, LLC 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 ENLC is equal to 0.7%. 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 - $1728.9 million for EnLink Midstream, LLC - 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 545.906 million for EnLink Midstream, LLC 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 EnLink Midstream, LLC at the current share price and the inputted number of shares is $6.9 billion.

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