Intrinsic value of EV Energy Partners - EVEP

Previous Close

$0.13

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$0.13

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of EVEP 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 2016), $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 0.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  22.10
  20.39
  18.85
  17.47
  16.22
  15.10
  14.09
  13.18
  12.36
  11.62
  10.96
  10.37
  9.83
  9.35
  8.91
  8.52
  8.17
  7.85
  7.57
  7.31
  7.08
  6.87
  6.68
  6.52
  6.36
  6.23
  6.10
  5.99
  5.89
  5.81
Revenue, $m
  276
  332
  395
  464
  539
  620
  708
  801
  900
  1,005
  1,115
  1,230
  1,351
  1,478
  1,609
  1,747
  1,889
  2,038
  2,192
  2,352
  2,518
  2,691
  2,871
  3,058
  3,253
  3,456
  3,667
  3,886
  4,116
  4,354
Variable operating expenses, $m
  600
  723
  859
  1,009
  1,173
  1,350
  1,540
  1,743
  1,959
  2,186
  2,426
  2,677
  2,941
  3,216
  3,502
  3,800
  4,111
  4,434
  4,769
  5,118
  5,480
  5,857
  6,248
  6,655
  7,079
  7,520
  7,979
  8,457
  8,955
  9,475
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
  600
  723
  859
  1,009
  1,173
  1,350
  1,540
  1,743
  1,959
  2,186
  2,426
  2,677
  2,941
  3,216
  3,502
  3,800
  4,111
  4,434
  4,769
  5,118
  5,480
  5,857
  6,248
  6,655
  7,079
  7,520
  7,979
  8,457
  8,955
  9,475
Operating income, $m
  -325
  -391
  -464
  -545
  -634
  -730
  -832
  -942
  -1,059
  -1,182
  -1,311
  -1,447
  -1,589
  -1,738
  -1,893
  -2,054
  -2,222
  -2,396
  -2,577
  -2,766
  -2,962
  -3,165
  -3,377
  -3,597
  -3,826
  -4,064
  -4,312
  -4,570
  -4,840
  -5,121
EBITDA, $m
  -123
  -149
  -177
  -207
  -241
  -277
  -317
  -358
  -403
  -449
  -499
  -550
  -604
  -661
  -720
  -781
  -845
  -911
  -980
  -1,052
  -1,126
  -1,204
  -1,284
  -1,368
  -1,455
  -1,545
  -1,640
  -1,738
  -1,840
  -1,947
Interest expense (income), $m
  40
  38
  49
  72
  97
  125
  155
  188
  224
  261
  302
  344
  389
  435
  484
  535
  589
  644
  702
  762
  825
  890
  957
  1,027
  1,100
  1,176
  1,255
  1,337
  1,422
  1,511
  1,604
Earnings before tax, $m
  -363
  -439
  -536
  -642
  -759
  -885
  -1,021
  -1,166
  -1,320
  -1,483
  -1,655
  -1,836
  -2,025
  -2,222
  -2,428
  -2,643
  -2,866
  -3,098
  -3,340
  -3,591
  -3,851
  -4,122
  -4,404
  -4,697
  -5,001
  -5,318
  -5,649
  -5,992
  -6,351
  -6,725
Tax expense, $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
Net income, $m
  -363
  -439
  -536
  -642
  -759
  -885
  -1,021
  -1,166
  -1,320
  -1,483
  -1,655
  -1,836
  -2,025
  -2,222
  -2,428
  -2,643
  -2,866
  -3,098
  -3,340
  -3,591
  -3,851
  -4,122
  -4,404
  -4,697
  -5,001
  -5,318
  -5,649
  -5,992
  -6,351
  -6,725

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
  1,971
  2,373
  2,820
  3,313
  3,850
  4,431
  5,056
  5,722
  6,429
  7,177
  7,963
  8,789
  9,653
  10,555
  11,496
  12,475
  13,494
  14,554
  15,655
  16,799
  17,989
  19,225
  20,510
  21,846
  23,236
  24,683
  26,190
  27,760
  29,397
  31,103
Adjusted assets (=assets-cash), $m
  1,971
  2,373
  2,820
  3,313
  3,850
  4,431
  5,056
  5,722
  6,429
  7,177
  7,963
  8,789
  9,653
  10,555
  11,496
  12,475
  13,494
  14,554
  15,655
  16,799
  17,989
  19,225
  20,510
  21,846
  23,236
  24,683
  26,190
  27,760
  29,397
  31,103
Revenue / Adjusted assets
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
Average production assets, $m
  2,011
  2,421
  2,878
  3,380
  3,928
  4,521
  5,158
  5,838
  6,560
  7,323
  8,125
  8,968
  9,849
  10,770
  11,729
  12,729
  13,769
  14,850
  15,973
  17,141
  18,354
  19,615
  20,926
  22,290
  23,708
  25,185
  26,722
  28,324
  29,994
  31,735
Working capital, $m
  -46
  -55
  -66
  -77
  -89
  -103
  -117
  -133
  -149
  -167
  -185
  -204
  -224
  -245
  -267
  -290
  -314
  -338
  -364
  -390
  -418
  -447
  -477
  -508
  -540
  -574
  -609
  -645
  -683
  -723
Total debt, $m
  774
  1,136
  1,538
  1,982
  2,465
  2,988
  3,550
  4,150
  4,787
  5,459
  6,167
  6,910
  7,688
  8,500
  9,346
  10,228
  11,145
  12,099
  13,090
  14,120
  15,190
  16,302
  17,459
  18,662
  19,913
  21,215
  22,571
  23,984
  25,457
  26,993
Total liabilities, $m
  1,774
  2,136
  2,538
  2,982
  3,465
  3,988
  4,550
  5,150
  5,786
  6,459
  7,167
  7,910
  8,688
  9,500
  10,346
  11,228
  12,145
  13,098
  14,090
  15,120
  16,190
  17,302
  18,459
  19,661
  20,913
  22,215
  23,571
  24,984
  26,457
  27,993
Total equity, $m
  197
  237
  282
  331
  385
  443
  506
  572
  643
  718
  796
  879
  965
  1,056
  1,150
  1,248
  1,349
  1,455
  1,566
  1,680
  1,799
  1,922
  2,051
  2,185
  2,324
  2,468
  2,619
  2,776
  2,940
  3,110
Total liabilities and equity, $m
  1,971
  2,373
  2,820
  3,313
  3,850
  4,431
  5,056
  5,722
  6,429
  7,177
  7,963
  8,789
  9,653
  10,556
  11,496
  12,476
  13,494
  14,553
  15,656
  16,800
  17,989
  19,224
  20,510
  21,846
  23,237
  24,683
  26,190
  27,760
  29,397
  31,103
Debt-to-equity ratio
  3.930
  4.790
  5.450
  5.980
  6.400
  6.740
  7.020
  7.250
  7.440
  7.610
  7.740
  7.860
  7.960
  8.050
  8.130
  8.200
  8.260
  8.310
  8.360
  8.400
  8.440
  8.480
  8.510
  8.540
  8.570
  8.590
  8.620
  8.640
  8.660
  8.680
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
  -363
  -439
  -536
  -642
  -759
  -885
  -1,021
  -1,166
  -1,320
  -1,483
  -1,655
  -1,836
  -2,025
  -2,222
  -2,428
  -2,643
  -2,866
  -3,098
  -3,340
  -3,591
  -3,851
  -4,122
  -4,404
  -4,697
  -5,001
  -5,318
  -5,649
  -5,992
  -6,351
  -6,725
Depreciation, amort., depletion, $m
  201
  242
  288
  338
  393
  452
  516
  584
  656
  732
  813
  897
  985
  1,077
  1,173
  1,273
  1,377
  1,485
  1,597
  1,714
  1,835
  1,962
  2,093
  2,229
  2,371
  2,518
  2,672
  2,832
  2,999
  3,174
Funds from operations, $m
  -162
  -197
  -248
  -304
  -366
  -433
  -505
  -582
  -664
  -751
  -843
  -939
  -1,040
  -1,145
  -1,255
  -1,370
  -1,489
  -1,613
  -1,742
  -1,876
  -2,016
  -2,161
  -2,311
  -2,468
  -2,630
  -2,800
  -2,976
  -3,160
  -3,351
  -3,551
Change in working capital, $m
  -8
  -9
  -10
  -11
  -12
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -40
Cash from operations, $m
  -153
  -188
  -238
  -293
  -353
  -419
  -490
  -566
  -648
  -734
  -824
  -920
  -1,020
  -1,124
  -1,233
  -1,347
  -1,466
  -1,589
  -1,717
  -1,850
  -1,988
  -2,132
  -2,281
  -2,437
  -2,598
  -2,766
  -2,941
  -3,124
  -3,313
  -3,511
Maintenance CAPEX, $m
  -164
  -201
  -242
  -288
  -338
  -393
  -452
  -516
  -584
  -656
  -732
  -813
  -897
  -985
  -1,077
  -1,173
  -1,273
  -1,377
  -1,485
  -1,597
  -1,714
  -1,835
  -1,962
  -2,093
  -2,229
  -2,371
  -2,518
  -2,672
  -2,832
  -2,999
New CAPEX, $m
  -366
  -410
  -456
  -503
  -548
  -593
  -637
  -680
  -722
  -763
  -803
  -842
  -881
  -921
  -960
  -999
  -1,040
  -1,081
  -1,124
  -1,168
  -1,213
  -1,261
  -1,311
  -1,363
  -1,419
  -1,476
  -1,538
  -1,602
  -1,670
  -1,741
Cash from investing activities, $m
  -530
  -611
  -698
  -791
  -886
  -986
  -1,089
  -1,196
  -1,306
  -1,419
  -1,535
  -1,655
  -1,778
  -1,906
  -2,037
  -2,172
  -2,313
  -2,458
  -2,609
  -2,765
  -2,927
  -3,096
  -3,273
  -3,456
  -3,648
  -3,847
  -4,056
  -4,274
  -4,502
  -4,740
Free cash flow, $m
  -684
  -799
  -936
  -1,083
  -1,240
  -1,405
  -1,579
  -1,762
  -1,953
  -2,152
  -2,359
  -2,574
  -2,798
  -3,030
  -3,270
  -3,519
  -3,778
  -4,047
  -4,325
  -4,615
  -4,916
  -5,228
  -5,554
  -5,893
  -6,246
  -6,614
  -6,997
  -7,398
  -7,816
  -8,252
Issuance/(repayment) of debt, $m
  167
  362
  403
  443
  484
  523
  562
  600
  637
  673
  708
  743
  778
  812
  847
  882
  917
  954
  991
  1,030
  1,070
  1,112
  1,156
  1,203
  1,251
  1,302
  1,356
  1,413
  1,473
  1,536
Issuance/(repurchase) of shares, $m
  560
  480
  581
  692
  812
  943
  1,083
  1,232
  1,391
  1,558
  1,734
  1,918
  2,111
  2,312
  2,522
  2,741
  2,968
  3,204
  3,450
  3,705
  3,970
  4,246
  4,532
  4,830
  5,140
  5,463
  5,799
  6,149
  6,515
  6,895
Cash from financing (excl. dividends), $m  
  727
  842
  984
  1,135
  1,296
  1,466
  1,645
  1,832
  2,028
  2,231
  2,442
  2,661
  2,889
  3,124
  3,369
  3,623
  3,885
  4,158
  4,441
  4,735
  5,040
  5,358
  5,688
  6,033
  6,391
  6,765
  7,155
  7,562
  7,988
  8,431
Total cash flow (excl. dividends), $m
  43
  42
  47
  52
  56
  61
  66
  70
  74
  78
  83
  87
  91
  95
  99
  103
  107
  111
  116
  120
  125
  130
  135
  140
  146
  152
  158
  165
  172
  179
Retained Cash Flow (-), $m
  -560
  -480
  -581
  -692
  -812
  -943
  -1,083
  -1,232
  -1,391
  -1,558
  -1,734
  -1,918
  -2,111
  -2,312
  -2,522
  -2,741
  -2,968
  -3,204
  -3,450
  -3,705
  -3,970
  -4,246
  -4,532
  -4,830
  -5,140
  -5,463
  -5,799
  -6,149
  -6,515
  -6,895
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
  4
  5
  6
  8
  9
  10
  12
  13
  15
  17
  19
  21
  23
  26
  28
  31
  33
  36
  39
  42
  45
  48
  51
  55
  58
  62
  66
  70
  74
  78
Cash available for distribution, $m
  -517
  -437
  -534
  -640
  -756
  -882
  -1,018
  -1,162
  -1,316
  -1,479
  -1,651
  -1,831
  -2,020
  -2,218
  -2,423
  -2,638
  -2,861
  -3,093
  -3,334
  -3,585
  -3,845
  -4,116
  -4,397
  -4,690
  -4,994
  -5,311
  -5,641
  -5,985
  -6,343
  -6,716
Discount rate, %
  13.90
  14.60
  15.32
  16.09
  16.90
  17.74
  18.63
  19.56
  20.54
  21.56
  22.64
  23.77
  24.96
  26.21
  27.52
  28.90
  30.34
  31.86
  33.45
  35.12
  36.88
  38.72
  40.66
  42.69
  44.83
  47.07
  49.42
  51.90
  54.49
  57.21
PV of cash for distribution, $m
  -454
  -333
  -348
  -352
  -346
  -331
  -308
  -278
  -245
  -210
  -175
  -142
  -112
  -85
  -63
  -45
  -32
  -21
  -14
  -9
  -5
  -3
  -2
  -1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  14.6
  4.2
  1.2
  0.4
  0.1
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

EV Energy Partners, L.P. is engaged in the acquisition, development and production of oil and natural gas properties and all of its operations are located in the United States. The Company's oil and natural gas properties are located in the Appalachian Basin, which includes the Utica Shale; the San Juan Basin; Michigan; Central Texas, which includes the Austin Chalk area; the Mid-Continent areas in Oklahoma, Texas, Arkansas, Kansas and Louisiana; the Monroe Field in Northern Louisiana, and the Permian Basin. Its activities are concentrated in the Ohio and West Virginia areas of the Appalachian Basin. Its properties are located in Rio Arriba County, New Mexico and La Plata County in Colorado. It owns Eagle Ford oil and natural gas properties in Karnes County, including Eagle Ford and Austin Chalk reserves. It holds interest in approximately 9,150 acres in Karnes County. Its properties are located in the Antrim Shale reservoir in Otsego and Montmorency counties in northern Michigan.

FINANCIAL RATIOS  of  EV Energy Partners (EVEP)

Valuation Ratios
P/E Ratio -0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0.2
Price to Free Cash Flow 0.3
Growth Rates
Sales Growth Rate 3.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -95.3%
Cap. Spend. - 3 Yr. Gr. Rate -37.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 80.1%
Total Debt to Equity 80.1%
Interest Coverage -5
Management Effectiveness
Return On Assets -11.5%
Ret/ On Assets - 3 Yr. Avg. -0.1%
Return On Total Capital -15.9%
Ret/ On T. Cap. - 3 Yr. Avg. -2.8%
Return On Equity -27.7%
Return On Equity - 3 Yr. Avg. -4.5%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 39.5%
Gross Margin - 3 Yr. Avg. 47.7%
EBITDA Margin -46.5%
EBITDA Margin - 3 Yr. Avg. -13.3%
Operating Margin -91.4%
Oper. Margin - 3 Yr. Avg. -82.4%
Pre-Tax Margin -132.4%
Pre-Tax Margin - 3 Yr. Avg. -86.1%
Net Profit Margin -131.4%
Net Profit Margin - 3 Yr. Avg. -27.1%
Effective Tax Rate 0.8%
Eff/ Tax Rate - 3 Yr. Avg. 2%
Payout Ratio -1.6%

EVEP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EVEP stock intrinsic value calculation we used $226 million for the last fiscal year's total revenue generated by EV Energy Partners. The default revenue input number comes from 2016 income statement of EV Energy 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 EVEP stock valuation model: a) initial revenue growth rate of 22.1% 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 13.9%, whose default value for EVEP is calculated based on our internal credit rating of EV Energy 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 EV Energy 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 EVEP stock the variable cost ratio is equal to 217.6%.

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 EVEP 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 6.3% for EV Energy Partners.

Corporate tax rate of 27% is the nominal tax rate for EV Energy 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 EVEP stock is equal to 1.9%.

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 EVEP are equal to 728.8%.

Life of production assets of 10 years is the average useful life of capital assets used in EV Energy 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 EVEP is equal to -16.6%. 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 EV Energy 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 49 million for EV Energy 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 EV Energy Partners at the current share price and the inputted number of shares is $0.0 billion.

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