Intrinsic value of EQT - EQT

Previous Close

$57.16

  Intrinsic Value

$5.48

stock screener

  Rating & Target

str. sell

-90%

Previous close

$57.16

 
Intrinsic value

$5.48

 
Up/down potential

-90%

 
Rating

str. sell

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

We calculate the intrinsic value of EQT 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, %
  -31.28
  18.50
  17.15
  15.94
  14.84
  13.86
  12.97
  12.17
  11.46
  10.81
  10.23
  9.71
  9.24
  8.81
  8.43
  8.09
  7.78
  7.50
  7.25
  7.03
  6.82
  6.64
  6.48
  6.33
  6.20
  6.08
  5.97
  5.87
  5.79
  5.71
  5.64
Revenue, $m
  1,857
  1,905
  2,232
  2,588
  2,972
  3,384
  3,823
  4,288
  4,780
  5,296
  5,838
  6,405
  6,996
  7,613
  8,255
  8,923
  9,617
  10,338
  11,088
  11,867
  12,677
  13,519
  14,394
  15,305
  16,254
  17,241
  18,271
  19,343
  20,462
  21,630
  22,849
Variable operating expenses, $m
 
  1,446
  1,694
  1,964
  2,256
  2,568
  2,902
  3,255
  3,628
  4,020
  4,431
  4,861
  5,310
  5,778
  6,266
  6,772
  7,299
  7,847
  8,416
  9,007
  9,622
  10,261
  10,925
  11,617
  12,337
  13,086
  13,867
  14,682
  15,531
  16,417
  17,343
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
  1,446
  1,694
  1,964
  2,256
  2,568
  2,902
  3,255
  3,628
  4,020
  4,431
  4,861
  5,310
  5,778
  6,266
  6,772
  7,299
  7,847
  8,416
  9,007
  9,622
  10,261
  10,925
  11,617
  12,337
  13,086
  13,867
  14,682
  15,531
  16,417
  17,343
Operating income, $m
  -278
  459
  538
  624
  716
  816
  921
  1,033
  1,152
  1,276
  1,407
  1,544
  1,686
  1,835
  1,989
  2,150
  2,318
  2,492
  2,672
  2,860
  3,055
  3,258
  3,469
  3,689
  3,917
  4,155
  4,403
  4,662
  4,931
  5,213
  5,507
EBITDA, $m
  650
  1,557
  1,824
  2,114
  2,428
  2,764
  3,123
  3,503
  3,905
  4,327
  4,769
  5,232
  5,716
  6,219
  6,744
  7,289
  7,856
  8,446
  9,058
  9,695
  10,356
  11,044
  11,759
  12,503
  13,278
  14,085
  14,926
  15,802
  16,717
  17,671
  18,666
Interest expense (income), $m
  145
  148
  229
  317
  413
  517
  628
  746
  872
  1,004
  1,143
  1,289
  1,442
  1,602
  1,768
  1,941
  2,121
  2,308
  2,503
  2,705
  2,915
  3,133
  3,360
  3,596
  3,842
  4,097
  4,364
  4,641
  4,931
  5,232
  5,547
Earnings before tax, $m
  -395
  311
  309
  306
  303
  299
  294
  287
  280
  272
  264
  254
  244
  233
  222
  209
  197
  183
  170
  155
  140
  125
  109
  92
  75
  58
  39
  21
  1
  -19
  -40
Tax expense, $m
  -264
  84
  83
  83
  82
  81
  79
  78
  76
  74
  71
  69
  66
  63
  60
  57
  53
  50
  46
  42
  38
  34
  29
  25
  20
  16
  11
  6
  0
  0
  0
Net income, $m
  -453
  227
  225
  224
  221
  218
  214
  210
  205
  199
  192
  186
  178
  170
  162
  153
  144
  134
  124
  113
  102
  91
  79
  67
  55
  42
  29
  15
  1
  -19
  -40

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,390
  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
  15,473
  16,715
  19,581
  22,702
  26,071
  29,684
  33,534
  37,617
  41,926
  46,459
  51,212
  56,183
  61,373
  66,781
  72,412
  78,269
  84,358
  90,686
  97,262
  104,096
  111,199
  118,584
  126,265
  134,257
  142,576
  151,240
  160,268
  169,679
  179,495
  189,738
  200,431
Adjusted assets (=assets-cash), $m
  14,083
  16,715
  19,581
  22,702
  26,071
  29,684
  33,534
  37,617
  41,926
  46,459
  51,212
  56,183
  61,373
  66,781
  72,412
  78,269
  84,358
  90,686
  97,262
  104,096
  111,199
  118,584
  126,265
  134,257
  142,576
  151,240
  160,268
  169,679
  179,495
  189,738
  200,431
Revenue / Adjusted assets
  0.132
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
Average production assets, $m
  12,317
  14,596
  17,099
  19,824
  22,766
  25,921
  29,283
  32,848
  36,612
  40,570
  44,720
  49,061
  53,593
  58,316
  63,233
  68,347
  73,665
  79,191
  84,933
  90,901
  97,103
  103,552
  110,260
  117,238
  124,503
  132,069
  139,952
  148,171
  156,742
  165,687
  175,025
Working capital, $m
  1,023
  -434
  -509
  -590
  -678
  -772
  -872
  -978
  -1,090
  -1,208
  -1,331
  -1,460
  -1,595
  -1,736
  -1,882
  -2,034
  -2,193
  -2,357
  -2,528
  -2,706
  -2,890
  -3,082
  -3,282
  -3,490
  -3,706
  -3,931
  -4,166
  -4,410
  -4,665
  -4,932
  -5,210
Total debt, $m
  3,289
  5,092
  7,050
  9,181
  11,482
  13,950
  16,580
  19,368
  22,312
  25,408
  28,654
  32,049
  35,593
  39,288
  43,133
  47,134
  51,292
  55,614
  60,106
  64,773
  69,625
  74,669
  79,915
  85,373
  91,055
  96,973
  103,139
  109,567
  116,271
  123,267
  130,571
Total liabilities, $m
  9,613
  11,416
  13,374
  15,505
  17,806
  20,274
  22,904
  25,692
  28,636
  31,732
  34,978
  38,373
  41,917
  45,612
  49,457
  53,458
  57,616
  61,938
  66,430
  71,097
  75,949
  80,993
  86,239
  91,697
  97,379
  103,297
  109,463
  115,891
  122,595
  129,591
  136,895
Total equity, $m
  5,860
  5,299
  6,207
  7,196
  8,264
  9,410
  10,630
  11,924
  13,291
  14,728
  16,234
  17,810
  19,455
  21,170
  22,955
  24,811
  26,741
  28,747
  30,832
  32,998
  35,250
  37,591
  40,026
  42,559
  45,197
  47,943
  50,805
  53,788
  56,900
  60,147
  63,537
Total liabilities and equity, $m
  15,473
  16,715
  19,581
  22,701
  26,070
  29,684
  33,534
  37,616
  41,927
  46,460
  51,212
  56,183
  61,372
  66,782
  72,412
  78,269
  84,357
  90,685
  97,262
  104,095
  111,199
  118,584
  126,265
  134,256
  142,576
  151,240
  160,268
  169,679
  179,495
  189,738
  200,432
Debt-to-equity ratio
  0.561
  0.960
  1.140
  1.280
  1.390
  1.480
  1.560
  1.620
  1.680
  1.730
  1.770
  1.800
  1.830
  1.860
  1.880
  1.900
  1.920
  1.930
  1.950
  1.960
  1.980
  1.990
  2.000
  2.010
  2.010
  2.020
  2.030
  2.040
  2.040
  2.050
  2.060
Adjusted equity ratio
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -453
  227
  225
  224
  221
  218
  214
  210
  205
  199
  192
  186
  178
  170
  162
  153
  144
  134
  124
  113
  102
  91
  79
  67
  55
  42
  29
  15
  1
  -19
  -40
Depreciation, amort., depletion, $m
  928
  1,097
  1,286
  1,491
  1,712
  1,949
  2,202
  2,470
  2,753
  3,050
  3,362
  3,689
  4,030
  4,385
  4,754
  5,139
  5,539
  5,954
  6,386
  6,835
  7,301
  7,786
  8,290
  8,815
  9,361
  9,930
  10,523
  11,141
  11,785
  12,458
  13,160
Funds from operations, $m
  891
  1,325
  1,511
  1,714
  1,933
  2,167
  2,416
  2,680
  2,957
  3,249
  3,555
  3,874
  4,208
  4,555
  4,916
  5,292
  5,682
  6,088
  6,510
  6,948
  7,403
  7,877
  8,370
  8,882
  9,416
  9,972
  10,551
  11,156
  11,786
  12,438
  13,119
Change in working capital, $m
  -173
  -68
  -75
  -81
  -88
  -94
  -100
  -106
  -112
  -118
  -124
  -129
  -135
  -141
  -146
  -152
  -158
  -164
  -171
  -178
  -185
  -192
  -200
  -208
  -216
  -225
  -235
  -245
  -255
  -266
  -278
Cash from operations, $m
  1,064
  1,392
  1,586
  1,795
  2,021
  2,261
  2,516
  2,786
  3,069
  3,367
  3,678
  4,004
  4,343
  4,695
  5,062
  5,444
  5,840
  6,253
  6,681
  7,126
  7,588
  8,069
  8,569
  9,090
  9,632
  10,197
  10,786
  11,400
  12,041
  12,705
  13,397
Maintenance CAPEX, $m
  0
  -926
  -1,097
  -1,286
  -1,491
  -1,712
  -1,949
  -2,202
  -2,470
  -2,753
  -3,050
  -3,362
  -3,689
  -4,030
  -4,385
  -4,754
  -5,139
  -5,539
  -5,954
  -6,386
  -6,835
  -7,301
  -7,786
  -8,290
  -8,815
  -9,361
  -9,930
  -10,523
  -11,141
  -11,785
  -12,458
New CAPEX, $m
  -1,539
  -2,279
  -2,503
  -2,725
  -2,942
  -3,155
  -3,362
  -3,565
  -3,763
  -3,958
  -4,150
  -4,341
  -4,532
  -4,723
  -4,917
  -5,115
  -5,317
  -5,526
  -5,742
  -5,968
  -6,203
  -6,449
  -6,707
  -6,979
  -7,265
  -7,566
  -7,883
  -8,218
  -8,572
  -8,945
  -9,338
Cash from investing activities, $m
  -2,961
  -3,205
  -3,600
  -4,011
  -4,433
  -4,867
  -5,311
  -5,767
  -6,233
  -6,711
  -7,200
  -7,703
  -8,221
  -8,753
  -9,302
  -9,869
  -10,456
  -11,065
  -11,696
  -12,354
  -13,038
  -13,750
  -14,493
  -15,269
  -16,080
  -16,927
  -17,813
  -18,741
  -19,713
  -20,730
  -21,796
Free cash flow, $m
  -1,897
  -1,813
  -2,015
  -2,215
  -2,412
  -2,606
  -2,795
  -2,981
  -3,164
  -3,344
  -3,522
  -3,700
  -3,878
  -4,057
  -4,239
  -4,425
  -4,616
  -4,812
  -5,016
  -5,228
  -5,449
  -5,681
  -5,924
  -6,179
  -6,447
  -6,730
  -7,027
  -7,341
  -7,671
  -8,025
  -8,398
Issuance/(repayment) of debt, $m
  -304
  1,803
  1,958
  2,131
  2,301
  2,467
  2,630
  2,788
  2,944
  3,096
  3,246
  3,395
  3,544
  3,694
  3,846
  4,000
  4,159
  4,322
  4,491
  4,668
  4,851
  5,044
  5,246
  5,458
  5,682
  5,918
  6,166
  6,428
  6,704
  6,996
  7,304
Issuance/(repurchase) of shares, $m
  1,943
  601
  683
  765
  847
  927
  1,006
  1,084
  1,162
  1,238
  1,314
  1,390
  1,467
  1,544
  1,623
  1,704
  1,787
  1,872
  1,961
  2,053
  2,149
  2,250
  2,355
  2,466
  2,582
  2,704
  2,833
  2,968
  3,111
  3,266
  3,430
Cash from financing (excl. dividends), $m  
  1,419
  2,404
  2,641
  2,896
  3,148
  3,394
  3,636
  3,872
  4,106
  4,334
  4,560
  4,785
  5,011
  5,238
  5,469
  5,704
  5,946
  6,194
  6,452
  6,721
  7,000
  7,294
  7,601
  7,924
  8,264
  8,622
  8,999
  9,396
  9,815
  10,262
  10,734
Total cash flow (excl. dividends), $m
  -478
  592
  626
  681
  736
  789
  841
  892
  941
  990
  1,038
  1,086
  1,133
  1,181
  1,230
  1,279
  1,330
  1,382
  1,436
  1,493
  1,551
  1,613
  1,678
  1,745
  1,817
  1,892
  1,972
  2,056
  2,144
  2,237
  2,336
Retained Cash Flow (-), $m
  -782
  -829
  -909
  -989
  -1,068
  -1,145
  -1,221
  -1,294
  -1,366
  -1,437
  -1,507
  -1,576
  -1,645
  -1,715
  -1,785
  -1,857
  -1,930
  -2,006
  -2,085
  -2,166
  -2,252
  -2,341
  -2,435
  -2,533
  -2,637
  -2,747
  -2,862
  -2,983
  -3,112
  -3,266
  -3,430
Prev. year cash balance distribution, $m
 
  1,390
  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
 
  1,153
  -283
  -308
  -332
  -356
  -380
  -403
  -425
  -447
  -469
  -490
  -512
  -533
  -555
  -577
  -600
  -624
  -648
  -674
  -700
  -728
  -757
  -788
  -820
  -854
  -890
  -928
  -968
  -1,029
  -1,095
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
 
  1,106
  -259
  -268
  -274
  -276
  -276
  -272
  -266
  -257
  -246
  -233
  -218
  -203
  -186
  -170
  -153
  -136
  -119
  -104
  -89
  -75
  -63
  -52
  -42
  -33
  -26
  -20
  -15
  -11
  -8
Current shareholders' claim on cash, %
  100
  95.1
  90.6
  86.5
  82.8
  79.4
  76.2
  73.4
  70.7
  68.3
  66.0
  63.9
  62.0
  60.2
  58.4
  56.8
  55.3
  53.8
  52.5
  51.2
  49.9
  48.7
  47.6
  46.5
  45.4
  44.4
  43.4
  42.5
  41.6
  40.7
  39.8

EQT Corporation is a natural gas company. The Company operates through three segments: EQT Production, EQT Gathering and EQT Transmission. The EQT Production segment includes its exploration for, and development and production of, natural gas, natural gas liquids and a limited amount of crude oil, primarily in the Appalachian Basin. The EQT Production segment also includes the marketing activities of the Company. EQT Production's properties are located in Pennsylvania, West Virginia, Kentucky and Virginia. The operations of EQT Gathering include the natural gas gathering activities of the Company, consisting solely of assets that are owned and operated by EQT Midstream Partners, LP (EQM). The operations of EQT Transmission include the natural gas transmission and storage activities of the Company, consisting solely of assets that are owned and operated by EQM. EQT Transmission focuses on various transmission projects, including Mountain Valley Pipeline and Transmission Expansion.

FINANCIAL RATIOS  of  EQT (EQT)

Valuation Ratios
P/E Ratio -21.8
Price to Sales 6.1
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 9.3
Price to Free Cash Flow -20.8
Growth Rates
Sales Growth Rate -31.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -37.2%
Cap. Spend. - 3 Yr. Gr. Rate -2.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 56.1%
Total Debt to Equity 56.1%
Interest Coverage -2
Management Effectiveness
Return On Assets -2.7%
Ret/ On Assets - 3 Yr. Avg. 1%
Return On Total Capital -5.2%
Ret/ On T. Cap. - 3 Yr. Avg. 0.4%
Return On Equity -8.3%
Return On Equity - 3 Yr. Avg. 0.8%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 42.2%
EBITDA Margin - 3 Yr. Avg. 54.6%
Operating Margin -17.4%
Oper. Margin - 3 Yr. Avg. 13.8%
Pre-Tax Margin -24.6%
Pre-Tax Margin - 3 Yr. Avg. 7.7%
Net Profit Margin -28.2%
Net Profit Margin - 3 Yr. Avg. -3%
Effective Tax Rate 66.8%
Eff/ Tax Rate - 3 Yr. Avg. 40.3%
Payout Ratio -4.4%

EQT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EQT stock intrinsic value calculation we used $1608 million for the last fiscal year's total revenue generated by EQT. The default revenue input number comes from 2016 income statement of EQT. 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 EQT stock valuation model: a) initial revenue growth rate of 18.5% 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 EQT is calculated based on our internal credit rating of EQT, 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 EQT.
    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 EQT stock the variable cost ratio is equal to 75.9%.

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 EQT 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 4.5% for EQT.

Corporate tax rate of 27% is the nominal tax rate for EQT. 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 EQT 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 EQT are equal to 766%.

Life of production assets of 13.3 years is the average useful life of capital assets used in EQT 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 EQT is equal to -22.8%. 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 - $5860 million for EQT - 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 267.393 million for EQT 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 EQT at the current share price and the inputted number of shares is $15.3 billion.

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COMPANY NEWS

▶ EQT Declares Quarterly Cash Dividend   [Jan-17-18 04:20PM  Business Wire]
▶ Has Oil Become Overbought?   [Jan-16-18 03:00PM  Oilprice.com]
▶ Short Interest in Chesapeake Energy: Reading the Trends   [Jan-15-18 07:33AM  Market Realist]
▶ 3 Fast-Growing Dividend Stocks for 2018   [Jan-11-18 03:36PM  Motley Fool]
▶ Is Oil Influencing Natural GasWeighted Stocks?   [Jan-04-18 10:04AM  Market Realist]
▶ What Are EIAs Forecasts for Production in the Eagle Ford?   [Jan-03-18 03:41PM  Market Realist]
▶ Cramer's top energy stock picks on rising oil   [Jan-02-18 07:30PM  CNBC Videos]
▶ Bull Market in US Stock Exchanges   [Dec-28-17 03:49PM  GuruFocus.com]
▶ Why EQTs Normalized Free Cash Flow Is Improving   [Dec-22-17 09:03AM  Market Realist]
▶ These Stocks Could Suffer from Weakness in Natural Gas   [Dec-21-17 11:40AM  Market Realist]
▶ A Look at the Rig Count and Natural Gas   [07:33AM  Market Realist]
▶ Natgas producer EQT to spend $2.4 bln in 2018   [Dec-13-17 11:59AM  Reuters]
▶ EQT expects increased production for 2018   [08:29AM  American City Business Journals]
▶ EQT Announces 2018 Operational Forecast   [06:30AM  Business Wire]
▶ Are Gas-Weighted Stocks Deviating from Natural Gas Prices?   [Dec-05-17 01:05PM  Market Realist]
▶ 2 Top Gas Stocks to Buy Now   [Dec-02-17 10:47AM  Motley Fool]
▶ Free Research Report as EQTs Revenue Increased 18.6%   [Dec-01-17 07:20AM  ACCESSWIRE]
▶ 3 Top Natural Gas Stocks to Buy Now   [Nov-27-17 10:07AM  Motley Fool]
▶ Which Natural-Gas-Weighted Stocks Are Following Oil?   [Nov-14-17 04:15PM  Market Realist]
▶ Chesapeake Energys Stock Price Range Forecast   [03:10PM  Market Realist]
▶ EQT Announces Appointment of Two New Directors   [Nov-13-17 04:41PM  Business Wire]
▶ EQT Completes Acquisition of Rice Energy   [08:35AM  Business Wire]
▶ ETFs with exposure to EQT Corp. : November 10, 2017   [Nov-10-17 12:20PM  Capital Cube]
▶ EQT Shareholders Approve Rice Energy Acquisition   [Nov-09-17 09:14AM  Business Wire]
▶ Natural Gas Below $3: Does It Matter to GasWeighted Stocks?   [Oct-31-17 02:15PM  Market Realist]
▶ Jana's Campaign to Block EQT-Rice Takes Second Major Hit   [Oct-30-17 05:06PM  TheStreet.com]
▶ Whats in Store for Chesapeake Energy in 3Q17?   [Oct-26-17 04:06PM  Market Realist]
▶ EQT: 'Status quo' unlikely as committee studies company's future   [01:10PM  American City Business Journals]
▶ EQT tops Street 3Q forecasts   [06:47AM  Associated Press]
▶ EQT Reports Third Quarter 2017 Earnings   [06:30AM  Business Wire]
▶ 6 Undervalued Stocks That Top Money Managers Are Buying Today   [Oct-25-17 12:51PM  Harvest Exchange]
▶ Oils Moves Are Vital for Gas-Weighted Stocks   [01:29PM  Market Realist]
▶ EQT to add board members after Rice Energy deal   [Oct-23-17 11:51AM  American City Business Journals]
▶ Where Natural Gas Prices Stand next to Oil Prices   [Oct-19-17 11:57AM  Market Realist]
▶ Noble Energys 3Q17 Earnings: What to Expect   [10:59AM  Market Realist]
▶ EQT Corp. Value Analysis (NYSE:EQT) : October 18, 2017   [Oct-18-17 10:12AM  Capital Cube]
▶ Are Natural GasWeighted Stocks Underperforming Natural Gas?   [Oct-17-17 08:56AM  Market Realist]
▶ EQTs Implied Volatility Trends: What We Can Expect   [Oct-13-17 10:37AM  Market Realist]
▶ Key Updates on the EQT-RICE Merger   [07:41AM  Market Realist]
Financial statements of EQT
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