Intrinsic value of Hi-Crush Partners - HCLP

Previous Close

$12.90

  Intrinsic Value

$120.29

stock screener

  Rating & Target

str. buy

+832%

Previous close

$12.90

 
Intrinsic value

$120.29

 
Up/down potential

+832%

 
Rating

str. buy

We calculate the intrinsic value of HCLP 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 2017), $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 1.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  965
  1,491
  2,229
  3,234
  4,563
  6,274
  8,421
  11,057
  14,228
  17,971
  22,316
  27,284
  32,886
  39,128
  46,007
  53,518
  61,648
  70,385
  79,714
  89,623
  100,097
  111,125
  122,701
  134,817
  147,472
  160,669
  174,412
  188,710
  203,578
  219,030
Variable operating expenses, $m
  555
  857
  1,282
  1,860
  2,623
  3,606
  4,840
  6,355
  8,177
  10,328
  12,825
  15,679
  18,899
  22,486
  26,439
  30,755
  35,427
  40,448
  45,810
  51,504
  57,523
  63,861
  70,513
  77,476
  84,748
  92,332
  100,230
  108,447
  116,991
  125,871
Fixed operating expenses, $m
  164
  167
  171
  175
  178
  182
  186
  190
  195
  199
  203
  208
  212
  217
  222
  227
  232
  237
  242
  247
  253
  258
  264
  270
  276
  282
  288
  294
  301
  307
Total operating expenses, $m
  719
  1,024
  1,453
  2,035
  2,801
  3,788
  5,026
  6,545
  8,372
  10,527
  13,028
  15,887
  19,111
  22,703
  26,661
  30,982
  35,659
  40,685
  46,052
  51,751
  57,776
  64,119
  70,777
  77,746
  85,024
  92,614
  100,518
  108,741
  117,292
  126,178
Operating income, $m
  246
  466
  777
  1,200
  1,762
  2,485
  3,395
  4,512
  5,856
  7,444
  9,288
  11,397
  13,775
  16,425
  19,346
  22,536
  25,989
  29,700
  33,663
  37,872
  42,321
  47,006
  51,924
  57,071
  62,448
  68,055
  73,894
  79,969
  86,286
  92,852
EBITDA, $m
  364
  647
  1,047
  1,593
  2,315
  3,246
  4,415
  5,852
  7,580
  9,621
  11,991
  14,701
  17,757
  21,164
  24,918
  29,017
  33,454
  38,223
  43,316
  48,725
  54,443
  60,464
  66,783
  73,398
  80,307
  87,512
  95,015
  102,822
  110,939
  119,377
Interest expense (income), $m
  11
  11
  40
  91
  161
  257
  384
  548
  753
  1,005
  1,307
  1,665
  2,080
  2,555
  3,090
  3,686
  4,343
  5,061
  5,837
  6,672
  7,563
  8,510
  9,511
  10,564
  11,670
  12,827
  14,036
  15,297
  16,610
  17,976
  19,396
Earnings before tax, $m
  235
  426
  686
  1,039
  1,505
  2,101
  2,847
  3,759
  4,852
  6,137
  7,623
  9,317
  11,220
  13,335
  15,660
  18,193
  20,928
  23,862
  26,991
  30,308
  33,811
  37,496
  41,360
  45,402
  49,621
  54,019
  58,597
  63,359
  68,310
  73,456
Tax expense, $m
  63
  115
  185
  281
  406
  567
  769
  1,015
  1,310
  1,657
  2,058
  2,515
  3,029
  3,601
  4,228
  4,912
  5,651
  6,443
  7,287
  8,183
  9,129
  10,124
  11,167
  12,258
  13,398
  14,585
  15,821
  17,107
  18,444
  19,833
Net income, $m
  171
  311
  501
  759
  1,098
  1,534
  2,078
  2,744
  3,542
  4,480
  5,565
  6,801
  8,191
  9,735
  11,432
  13,281
  15,277
  17,420
  19,703
  22,125
  24,682
  27,372
  30,193
  33,143
  36,223
  39,434
  42,776
  46,252
  49,867
  53,623

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
  1,797
  2,776
  4,151
  6,023
  8,498
  11,683
  15,682
  20,591
  26,495
  33,466
  41,557
  50,808
  61,240
  72,864
  85,675
  99,660
  114,800
  131,070
  148,444
  166,895
  186,400
  206,937
  228,493
  251,055
  274,622
  299,197
  324,789
  351,416
  379,102
  407,878
Adjusted assets (=assets-cash), $m
  1,797
  2,776
  4,151
  6,023
  8,498
  11,683
  15,682
  20,591
  26,495
  33,466
  41,557
  50,808
  61,240
  72,864
  85,675
  99,660
  114,800
  131,070
  148,444
  166,895
  186,400
  206,937
  228,493
  251,055
  274,622
  299,197
  324,789
  351,416
  379,102
  407,878
Revenue / Adjusted assets
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
Average production assets, $m
  1,168
  1,805
  2,700
  3,917
  5,526
  7,597
  10,198
  13,390
  17,230
  21,763
  27,025
  33,041
  39,825
  47,384
  55,715
  64,810
  74,656
  85,236
  96,534
  108,533
  121,217
  134,573
  148,590
  163,263
  178,589
  194,570
  211,212
  228,528
  246,532
  265,246
Working capital, $m
  -24
  -37
  -56
  -81
  -114
  -157
  -211
  -276
  -356
  -449
  -558
  -682
  -822
  -978
  -1,150
  -1,338
  -1,541
  -1,760
  -1,993
  -2,241
  -2,502
  -2,778
  -3,068
  -3,370
  -3,687
  -4,017
  -4,360
  -4,718
  -5,089
  -5,476
Total debt, $m
  708
  1,590
  2,827
  4,512
  6,739
  9,606
  13,205
  17,623
  22,937
  29,211
  36,493
  44,818
  54,207
  64,669
  76,199
  88,786
  102,412
  117,055
  132,691
  149,297
  166,851
  185,335
  204,735
  225,041
  246,251
  268,368
  291,401
  315,365
  340,283
  366,181
Total liabilities, $m
  1,617
  2,498
  3,736
  5,421
  7,648
  10,514
  14,113
  18,532
  23,846
  30,119
  37,401
  45,727
  55,116
  65,577
  77,107
  89,694
  103,320
  117,963
  133,600
  150,206
  167,760
  186,244
  205,643
  225,950
  247,160
  269,277
  292,310
  316,274
  341,192
  367,090
Total equity, $m
  180
  278
  415
  602
  850
  1,168
  1,568
  2,059
  2,650
  3,347
  4,156
  5,081
  6,124
  7,286
  8,567
  9,966
  11,480
  13,107
  14,844
  16,690
  18,640
  20,694
  22,849
  25,106
  27,462
  29,920
  32,479
  35,142
  37,910
  40,788
Total liabilities and equity, $m
  1,797
  2,776
  4,151
  6,023
  8,498
  11,682
  15,681
  20,591
  26,496
  33,466
  41,557
  50,808
  61,240
  72,863
  85,674
  99,660
  114,800
  131,070
  148,444
  166,896
  186,400
  206,938
  228,492
  251,056
  274,622
  299,197
  324,789
  351,416
  379,102
  407,878
Debt-to-equity ratio
  3.940
  5.730
  6.810
  7.490
  7.930
  8.220
  8.420
  8.560
  8.660
  8.730
  8.780
  8.820
  8.850
  8.880
  8.890
  8.910
  8.920
  8.930
  8.940
  8.950
  8.950
  8.960
  8.960
  8.960
  8.970
  8.970
  8.970
  8.970
  8.980
  8.980
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
  171
  311
  501
  759
  1,098
  1,534
  2,078
  2,744
  3,542
  4,480
  5,565
  6,801
  8,191
  9,735
  11,432
  13,281
  15,277
  17,420
  19,703
  22,125
  24,682
  27,372
  30,193
  33,143
  36,223
  39,434
  42,776
  46,252
  49,867
  53,623
Depreciation, amort., depletion, $m
  118
  181
  271
  392
  553
  761
  1,021
  1,340
  1,724
  2,177
  2,702
  3,304
  3,982
  4,738
  5,571
  6,481
  7,466
  8,524
  9,653
  10,853
  12,122
  13,457
  14,859
  16,326
  17,859
  19,457
  21,121
  22,853
  24,653
  26,525
Funds from operations, $m
  289
  492
  772
  1,151
  1,652
  2,294
  3,099
  4,084
  5,266
  6,657
  8,268
  10,105
  12,173
  14,473
  17,004
  19,762
  22,743
  25,943
  29,357
  32,978
  36,804
  40,829
  45,052
  49,469
  54,082
  58,891
  63,897
  69,105
  74,520
  80,147
Change in working capital, $m
  -9
  -13
  -18
  -25
  -33
  -43
  -54
  -66
  -79
  -94
  -109
  -124
  -140
  -156
  -172
  -188
  -203
  -218
  -233
  -248
  -262
  -276
  -289
  -303
  -316
  -330
  -344
  -357
  -372
  -386
Cash from operations, $m
  298
  505
  790
  1,176
  1,685
  2,337
  3,153
  4,150
  5,345
  6,750
  8,376
  10,229
  12,313
  14,629
  17,176
  19,949
  22,946
  26,162
  29,590
  33,226
  37,066
  41,105
  45,341
  49,772
  54,398
  59,220
  64,241
  69,463
  74,892
  80,534
Maintenance CAPEX, $m
  -73
  -117
  -181
  -270
  -392
  -553
  -760
  -1,020
  -1,339
  -1,723
  -2,176
  -2,702
  -3,304
  -3,982
  -4,738
  -5,571
  -6,481
  -7,466
  -8,524
  -9,653
  -10,853
  -12,122
  -13,457
  -14,859
  -16,326
  -17,859
  -19,457
  -21,121
  -22,853
  -24,653
New CAPEX, $m
  -439
  -637
  -894
  -1,217
  -1,609
  -2,071
  -2,601
  -3,193
  -3,840
  -4,533
  -5,262
  -6,016
  -6,784
  -7,559
  -8,331
  -9,095
  -9,846
  -10,581
  -11,298
  -11,999
  -12,684
  -13,356
  -14,017
  -14,673
  -15,326
  -15,981
  -16,643
  -17,316
  -18,004
  -18,713
Cash from investing activities, $m
  -512
  -754
  -1,075
  -1,487
  -2,001
  -2,624
  -3,361
  -4,213
  -5,179
  -6,256
  -7,438
  -8,718
  -10,088
  -11,541
  -13,069
  -14,666
  -16,327
  -18,047
  -19,822
  -21,652
  -23,537
  -25,478
  -27,474
  -29,532
  -31,652
  -33,840
  -36,100
  -38,437
  -40,857
  -43,366
Free cash flow, $m
  -214
  -248
  -285
  -311
  -316
  -287
  -208
  -62
  166
  494
  938
  1,511
  2,225
  3,088
  4,106
  5,283
  6,620
  8,115
  9,768
  11,574
  13,528
  15,628
  17,866
  20,241
  22,746
  25,381
  28,141
  31,026
  34,034
  37,167
Issuance/(repayment) of debt, $m
  511
  881
  1,238
  1,685
  2,227
  2,866
  3,599
  4,418
  5,314
  6,273
  7,282
  8,325
  9,389
  10,461
  11,530
  12,587
  13,626
  14,643
  15,636
  16,606
  17,554
  18,484
  19,400
  20,306
  21,210
  22,117
  23,033
  23,964
  24,917
  25,898
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  511
  881
  1,238
  1,685
  2,227
  2,866
  3,599
  4,418
  5,314
  6,273
  7,282
  8,325
  9,389
  10,461
  11,530
  12,587
  13,626
  14,643
  15,636
  16,606
  17,554
  18,484
  19,400
  20,306
  21,210
  22,117
  23,033
  23,964
  24,917
  25,898
Total cash flow (excl. dividends), $m
  297
  633
  953
  1,374
  1,911
  2,580
  3,391
  4,356
  5,480
  6,768
  8,220
  9,837
  11,614
  13,549
  15,636
  17,870
  20,246
  22,759
  25,404
  28,180
  31,083
  34,111
  37,266
  40,547
  43,957
  47,498
  51,174
  54,990
  58,952
  63,066
Retained Cash Flow (-), $m
  -163
  -98
  -138
  -187
  -247
  -318
  -400
  -491
  -590
  -697
  -809
  -925
  -1,043
  -1,162
  -1,281
  -1,399
  -1,514
  -1,627
  -1,737
  -1,845
  -1,950
  -2,054
  -2,156
  -2,256
  -2,357
  -2,457
  -2,559
  -2,663
  -2,769
  -2,878
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
  5
  9
  13
  20
  29
  41
  56
  76
  100
  128
  162
  201
  246
  296
  352
  414
  482
  555
  633
  717
  807
  901
  1,000
  1,104
  1,213
  1,327
  1,446
  1,570
  1,698
  1,832
Cash available for distribution, $m
  135
  535
  815
  1,187
  1,664
  2,261
  2,991
  3,865
  4,890
  6,071
  7,411
  8,912
  10,571
  12,387
  14,355
  16,471
  18,732
  21,132
  23,667
  26,335
  29,132
  32,058
  35,110
  38,291
  41,600
  45,040
  48,615
  52,327
  56,183
  60,188
Discount rate, %
  14.10
  14.81
  15.55
  16.32
  17.14
  18.00
  18.90
  19.84
  20.83
  21.87
  22.97
  24.12
  25.32
  26.59
  27.92
  29.31
  30.78
  32.32
  33.93
  35.63
  37.41
  39.28
  41.25
  43.31
  45.47
  47.75
  50.13
  52.64
  55.27
  58.04
PV of cash for distribution, $m
  118
  406
  529
  648
  754
  838
  891
  909
  891
  840
  762
  667
  562
  457
  357
  269
  196
  137
  92
  59
  37
  22
  12
  7
  4
  2
  1
  0
  0
  0
Current shareholders' claim on cash, %
  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
  100.0

Hi-Crush Partners LP is an integrated producer, transporter, marketer and distributor of monocrystalline sand, a specialized mineral that is used as a proppant to manage the recovery rates of hydrocarbons from oil and natural gas wells. Its reserves consist of northern white sand, a resource in Wisconsin and limited portions of the upper Midwest region of the United States. It owns and operates a portfolio of sand facilities with on-site wet and dry plant assets, including direct access to the United States railroads for distribution to in-basin terminals. It owns and operates a network of strategically located terminals and an integrated distribution system throughout North America, including its PropStream integrated logistics solution, which delivers proppant into the blender at the well site. The Company's Blair facility, as of December 31, 2016, contained 117.7 million tons of proven recoverable reserves of frac sand meeting API specifications.

FINANCIAL RATIOS  of  Hi-Crush Partners (HCLP)

Valuation Ratios
P/E Ratio -10.1
Price to Sales 4
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow -30.4
Price to Free Cash Flow -11.7
Growth Rates
Sales Growth Rate -40%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -64.5%
Cap. Spend. - 3 Yr. Gr. Rate 31.3%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 64.3%
Total Debt to Equity 65.3%
Interest Coverage -6
Management Effectiveness
Return On Assets -11.7%
Ret/ On Assets - 3 Yr. Avg. 9.8%
Return On Total Capital -18.4%
Ret/ On T. Cap. - 3 Yr. Avg. 8.5%
Return On Equity -37.3%
Return On Equity - 3 Yr. Avg. 18.5%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 21.5%
EBITDA Margin -26%
EBITDA Margin - 3 Yr. Avg. 9.2%
Operating Margin -33.3%
Oper. Margin - 3 Yr. Avg. 4.4%
Pre-Tax Margin -39.7%
Pre-Tax Margin - 3 Yr. Avg. -0%
Net Profit Margin -39.7%
Net Profit Margin - 3 Yr. Avg. -0.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

HCLP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HCLP stock intrinsic value calculation we used $603 million for the last fiscal year's total revenue generated by Hi-Crush Partners. The default revenue input number comes from 2017 income statement of Hi-Crush 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 HCLP stock valuation model: a) initial revenue growth rate of 60% 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 14.1%, whose default value for HCLP is calculated based on our internal credit rating of Hi-Crush 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 Hi-Crush 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 HCLP stock the variable cost ratio is equal to 57.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $160 million in the base year in the intrinsic value calculation for HCLP 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 5.7% for Hi-Crush Partners.

Corporate tax rate of 27% is the nominal tax rate for Hi-Crush 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 HCLP stock is equal to 0.9%.

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 HCLP are equal to 121.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Hi-Crush 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 HCLP is equal to -2.5%. 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 - $17 million for Hi-Crush 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 87 million for Hi-Crush 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 Hi-Crush Partners at the current share price and the inputted number of shares is $1.1 billion.

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COMPANY NEWS

▶ Fracking creating billion-dollar demand for sand   [08:46AM  Fox Business Videos]
▶ Hi-Crush Partners LP Reports Second Quarter 2018 Results   [Jul-31-18 04:10PM  GlobeNewswire]
▶ 3 Top Stocks to Buy Under $20   [Jul-27-18 04:46PM  Motley Fool]
▶ 3 Top Energy Stocks to Buy in July   [Jul-19-18 08:47AM  Motley Fool]
▶ 5 Top-Ranked Stocks to Ride on Rising P/E Investing   [Jul-16-18 12:35PM  InvestorPlace]
▶ Demand for Frac Sand and Concrete Drives Scarcity   [Jul-05-18 03:21PM  Investopedia]
▶ June Undervalued Stock Picks   [Jun-26-18 10:02AM  Simply Wall St.]
▶ 5 Value Stocks for Market-Beating Returns   [Jun-20-18 01:25PM  InvestorPlace]
▶ Is It Time To Buy Hi-Crush Partners LP (NYSE:HCLP)?   [Jun-06-18 05:06PM  Simply Wall St.]
▶ Top Ranked Income Stocks to Buy for May 30th   [May-30-18 09:19AM  Zacks]
▶ New Strong Buy Stocks for May 29th   [May-29-18 10:49AM  Zacks]
▶ Hi-Crush Issues Update Regarding Whitehall Incident   [May-25-18 05:49PM  GlobeNewswire]
▶ New Strong Buy Stocks for May 22nd   [May-22-18 10:14AM  Zacks]
▶ Robust Dividend Stocks That Are Now Undervalued   [May-21-18 04:05PM  Simply Wall St.]
▶ May Top Cheap Stock To Invest In   [May-11-18 10:02AM  Simply Wall St.]
▶ New Strong Buy Stocks for May 9th   [May-09-18 11:26AM  Zacks]
▶ Top NYSE Energy Dividend Picks For The Day   [09:02AM  Simply Wall St.]
▶ Hi-Crush Partners LP Reports First Quarter 2018 Results   [May-01-18 04:20PM  GlobeNewswire]
▶ 3 Top Oil Stocks to Buy Right Now   [Apr-30-18 10:34AM  Motley Fool]
▶ April Top Cheap Dividend Paying Stocks   [Apr-16-18 04:05PM  Simply Wall St.]
▶ A Mixed Outlook for Frac Sand Stocks   [Apr-13-18 11:05AM  Barrons.com]
▶ Is Hi-Crush Partners LP a Buy?   [07:17AM  Motley Fool]
▶ Value-Adding Discounted Stocks To Buy Now   [Mar-08-18 09:02AM  Simply Wall St.]
▶ Undervalued NasdaqGS Dividend Stocks   [03:05PM  Simply Wall St.]
▶ Hi-Crush Partners Earnings Preview   [11:15AM  Benzinga]
▶ Scott Black's Top 5 New Buys of the 4th Quarter   [Feb-05-18 12:50PM  GuruFocus.com]
▶ Hedge Your Bet With These Energy Dividend Payers   [Jan-23-18 08:02AM  Simply Wall St.]
▶ [$$] Scott Black: Making Chips and Crushing Sand   [Jan-20-18 12:01AM  Barrons.com]
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