Intrinsic value of Kimbell Royalty Partners - KRP

Previous Close

$15.95

  Intrinsic Value

$2.89

stock screener

  Rating & Target

str. sell

-82%

Previous close

$15.95

 
Intrinsic value

$2.89

 
Up/down potential

-82%

 
Rating

str. sell

We calculate the intrinsic value of KRP 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 0.6

 

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, %
  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
  112
  173
  259
  375
  530
  728
  978
  1,284
  1,652
  2,086
  2,591
  3,167
  3,818
  4,542
  5,341
  6,213
  7,156
  8,171
  9,254
  10,404
  11,620
  12,900
  14,244
  15,650
  17,119
  18,651
  20,247
  21,907
  23,633
  25,426
Variable operating expenses, $m
  102
  158
  237
  343
  484
  666
  893
  1,173
  1,510
  1,907
  2,368
  2,895
  3,489
  4,152
  4,882
  5,678
  6,541
  7,468
  8,458
  9,509
  10,621
  11,791
  13,019
  14,304
  15,647
  17,047
  18,506
  20,023
  21,600
  23,240
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
  102
  158
  237
  343
  484
  666
  893
  1,173
  1,510
  1,907
  2,368
  2,895
  3,489
  4,152
  4,882
  5,678
  6,541
  7,468
  8,458
  9,509
  10,621
  11,791
  13,019
  14,304
  15,647
  17,047
  18,506
  20,023
  21,600
  23,240
Operating income, $m
  10
  15
  22
  32
  46
  63
  84
  110
  142
  179
  223
  272
  328
  391
  459
  534
  615
  703
  796
  895
  999
  1,109
  1,225
  1,346
  1,472
  1,604
  1,741
  1,884
  2,032
  2,187
EBITDA, $m
  50
  77
  115
  168
  236
  325
  436
  573
  737
  931
  1,156
  1,413
  1,704
  2,027
  2,383
  2,772
  3,194
  3,646
  4,130
  4,643
  5,185
  5,757
  6,356
  6,984
  7,640
  8,323
  9,035
  9,776
  10,546
  11,347
Interest expense (income), $m
  0
  6
  28
  68
  125
  202
  304
  435
  600
  802
  1,045
  1,332
  1,665
  2,046
  2,476
  2,955
  3,482
  4,058
  4,682
  5,352
  6,067
  6,827
  7,631
  8,476
  9,364
  10,293
  11,264
  12,276
  13,330
  14,426
  15,567
Earnings before tax, $m
  4
  -13
  -46
  -93
  -157
  -241
  -351
  -489
  -660
  -866
  -1,109
  -1,393
  -1,718
  -2,085
  -2,495
  -2,948
  -3,443
  -3,979
  -4,556
  -5,173
  -5,828
  -6,521
  -7,251
  -8,018
  -8,821
  -9,660
  -10,535
  -11,446
  -12,394
  -13,380
Tax expense, $m
  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
Net income, $m
  3
  -13
  -46
  -93
  -157
  -241
  -351
  -489
  -660
  -866
  -1,109
  -1,393
  -1,718
  -2,085
  -2,495
  -2,948
  -3,443
  -3,979
  -4,556
  -5,173
  -5,828
  -6,521
  -7,251
  -8,018
  -8,821
  -9,660
  -10,535
  -11,446
  -12,394
  -13,380

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
  1,191
  1,841
  2,753
  3,994
  5,636
  7,748
  10,400
  13,655
  17,571
  22,194
  27,560
  33,694
  40,613
  48,321
  56,817
  66,092
  76,133
  86,922
  98,444
  110,681
  123,615
  137,235
  151,530
  166,493
  182,122
  198,419
  215,391
  233,050
  251,410
  270,494
Adjusted assets (=assets-cash), $m
  1,191
  1,841
  2,753
  3,994
  5,636
  7,748
  10,400
  13,655
  17,571
  22,194
  27,560
  33,694
  40,613
  48,321
  56,817
  66,092
  76,133
  86,922
  98,444
  110,681
  123,615
  137,235
  151,530
  166,493
  182,122
  198,419
  215,391
  233,050
  251,410
  270,494
Revenue / Adjusted assets
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
Average production assets, $m
  795
  1,228
  1,837
  2,665
  3,760
  5,169
  6,938
  9,110
  11,722
  14,806
  18,385
  22,478
  27,094
  32,236
  37,904
  44,091
  50,789
  57,988
  65,674
  73,837
  82,466
  91,552
  101,089
  111,071
  121,497
  132,369
  143,691
  155,472
  167,720
  180,451
Working capital, $m
  29
  45
  67
  97
  137
  188
  252
  331
  426
  538
  668
  817
  985
  1,172
  1,378
  1,603
  1,846
  2,108
  2,387
  2,684
  2,998
  3,328
  3,675
  4,038
  4,417
  4,812
  5,224
  5,652
  6,097
  6,560
Total debt, $m
  406
  991
  1,812
  2,929
  4,406
  6,307
  8,694
  11,624
  15,148
  19,308
  24,138
  29,659
  35,886
  42,823
  50,470
  58,817
  67,853
  77,564
  87,934
  98,946
  110,588
  122,846
  135,711
  149,178
  163,244
  177,911
  193,186
  209,079
  225,603
  242,778
Total liabilities, $m
  1,072
  1,657
  2,478
  3,595
  5,072
  6,973
  9,360
  12,290
  15,814
  19,974
  24,804
  30,325
  36,552
  43,489
  51,136
  59,483
  68,519
  78,230
  88,600
  99,612
  111,254
  123,512
  136,377
  149,844
  163,910
  178,577
  193,852
  209,745
  226,269
  243,444
Total equity, $m
  119
  184
  275
  399
  564
  775
  1,040
  1,366
  1,757
  2,219
  2,756
  3,369
  4,061
  4,832
  5,682
  6,609
  7,613
  8,692
  9,844
  11,068
  12,362
  13,724
  15,153
  16,649
  18,212
  19,842
  21,539
  23,305
  25,141
  27,049
Total liabilities and equity, $m
  1,191
  1,841
  2,753
  3,994
  5,636
  7,748
  10,400
  13,656
  17,571
  22,193
  27,560
  33,694
  40,613
  48,321
  56,818
  66,092
  76,132
  86,922
  98,444
  110,680
  123,616
  137,236
  151,530
  166,493
  182,122
  198,419
  215,391
  233,050
  251,410
  270,493
Debt-to-equity ratio
  3.410
  5.380
  6.580
  7.330
  7.820
  8.140
  8.360
  8.510
  8.620
  8.700
  8.760
  8.800
  8.840
  8.860
  8.880
  8.900
  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
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
  3
  -13
  -46
  -93
  -157
  -241
  -351
  -489
  -660
  -866
  -1,109
  -1,393
  -1,718
  -2,085
  -2,495
  -2,948
  -3,443
  -3,979
  -4,556
  -5,173
  -5,828
  -6,521
  -7,251
  -8,018
  -8,821
  -9,660
  -10,535
  -11,446
  -12,394
  -13,380
Depreciation, amort., depletion, $m
  40
  62
  93
  135
  191
  262
  352
  462
  595
  752
  933
  1,141
  1,375
  1,636
  1,924
  2,238
  2,578
  2,944
  3,334
  3,748
  4,186
  4,647
  5,131
  5,638
  6,167
  6,719
  7,294
  7,892
  8,514
  9,160
Funds from operations, $m
  43
  49
  47
  43
  34
  21
  1
  -27
  -65
  -114
  -176
  -252
  -343
  -449
  -571
  -710
  -865
  -1,036
  -1,222
  -1,425
  -1,642
  -1,874
  -2,120
  -2,380
  -2,654
  -2,941
  -3,241
  -3,554
  -3,880
  -4,220
Change in working capital, $m
  11
  16
  22
  30
  40
  51
  64
  79
  95
  112
  130
  149
  168
  187
  206
  225
  244
  262
  279
  297
  314
  330
  347
  363
  379
  395
  412
  428
  445
  463
Cash from operations, $m
  32
  33
  25
  12
  -6
  -30
  -63
  -106
  -160
  -226
  -306
  -401
  -511
  -636
  -777
  -935
  -1,108
  -1,297
  -1,502
  -1,721
  -1,956
  -2,204
  -2,467
  -2,743
  -3,033
  -3,336
  -3,652
  -3,982
  -4,326
  -4,683
Maintenance CAPEX, $m
  -25
  -40
  -62
  -93
  -135
  -191
  -262
  -352
  -462
  -595
  -752
  -933
  -1,141
  -1,375
  -1,636
  -1,924
  -2,238
  -2,578
  -2,944
  -3,334
  -3,748
  -4,186
  -4,647
  -5,131
  -5,638
  -6,167
  -6,719
  -7,294
  -7,892
  -8,514
New CAPEX, $m
  -298
  -433
  -609
  -828
  -1,095
  -1,409
  -1,769
  -2,172
  -2,612
  -3,084
  -3,580
  -4,093
  -4,616
  -5,142
  -5,668
  -6,187
  -6,698
  -7,198
  -7,686
  -8,163
  -8,629
  -9,086
  -9,536
  -9,982
  -10,426
  -10,872
  -11,322
  -11,780
  -12,249
  -12,731
Cash from investing activities, $m
  -323
  -473
  -671
  -921
  -1,230
  -1,600
  -2,031
  -2,524
  -3,074
  -3,679
  -4,332
  -5,026
  -5,757
  -6,517
  -7,304
  -8,111
  -8,936
  -9,776
  -10,630
  -11,497
  -12,377
  -13,272
  -14,183
  -15,113
  -16,064
  -17,039
  -18,041
  -19,074
  -20,141
  -21,245
Free cash flow, $m
  -291
  -440
  -646
  -909
  -1,236
  -1,630
  -2,095
  -2,630
  -3,235
  -3,905
  -4,638
  -5,427
  -6,267
  -7,154
  -8,082
  -9,046
  -10,045
  -11,074
  -12,132
  -13,218
  -14,333
  -15,476
  -16,650
  -17,856
  -19,097
  -20,375
  -21,694
  -23,056
  -24,466
  -25,927
Issuance/(repayment) of debt, $m
  319
  584
  821
  1,117
  1,477
  1,901
  2,387
  2,930
  3,524
  4,160
  4,829
  5,521
  6,227
  6,938
  7,646
  8,347
  9,036
  9,711
  10,370
  11,013
  11,641
  12,258
  12,865
  13,467
  14,066
  14,667
  15,275
  15,892
  16,525
  17,175
Issuance/(repurchase) of shares, $m
  128
  78
  137
  217
  321
  453
  616
  815
  1,052
  1,328
  1,646
  2,007
  2,410
  2,856
  3,345
  3,876
  4,447
  5,058
  5,708
  6,396
  7,121
  7,883
  8,681
  9,514
  10,384
  11,290
  12,232
  13,212
  14,230
  15,288
Cash from financing (excl. dividends), $m  
  447
  662
  958
  1,334
  1,798
  2,354
  3,003
  3,745
  4,576
  5,488
  6,475
  7,528
  8,637
  9,794
  10,991
  12,223
  13,483
  14,769
  16,078
  17,409
  18,762
  20,141
  21,546
  22,981
  24,450
  25,957
  27,507
  29,104
  30,755
  32,463
Total cash flow (excl. dividends), $m
  156
  222
  312
  425
  562
  723
  908
  1,115
  1,341
  1,583
  1,838
  2,101
  2,370
  2,640
  2,910
  3,177
  3,439
  3,695
  3,946
  4,191
  4,430
  4,665
  4,896
  5,125
  5,353
  5,582
  5,813
  6,048
  6,288
  6,536
Retained Cash Flow (-), $m
  -131
  -78
  -137
  -217
  -321
  -453
  -616
  -815
  -1,052
  -1,328
  -1,646
  -2,007
  -2,410
  -2,856
  -3,345
  -3,876
  -4,447
  -5,058
  -5,708
  -6,396
  -7,121
  -7,883
  -8,681
  -9,514
  -10,384
  -11,290
  -12,232
  -13,212
  -14,230
  -15,288
Prev. year cash balance distribution, $m
  12
  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
  37
  144
  175
  208
  241
  271
  292
  300
  290
  255
  192
  95
  -40
  -216
  -435
  -699
  -1,008
  -1,363
  -1,762
  -2,205
  -2,691
  -3,218
  -3,785
  -4,390
  -5,031
  -5,708
  -6,419
  -7,164
  -7,942
  -8,752
Discount rate, %
  8.20
  8.61
  9.04
  9.49
  9.97
  10.47
  10.99
  11.54
  12.12
  12.72
  13.36
  14.02
  14.73
  15.46
  16.24
  17.05
  17.90
  18.79
  19.73
  20.72
  21.76
  22.84
  23.99
  25.19
  26.45
  27.77
  29.16
  30.61
  32.15
  33.75
PV of cash for distribution, $m
  34
  122
  135
  145
  150
  149
  141
  125
  103
  77
  48
  20
  -7
  -29
  -46
  -56
  -61
  -61
  -58
  -51
  -43
  -35
  -27
  -20
  -14
  -10
  -6
  -4
  -2
  -1
Current shareholders' claim on cash, %
  50.0
  30.2
  17.3
  9.7
  5.4
  3.0
  1.7
  0.9
  0.5
  0.3
  0.2
  0.1
  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

Kimbell Royalty Partners, LP owns and acquires mineral and royalty interests in oil and natural gas properties throughout the United States. As of December 31, 2015, the Company owned mineral and royalty interests in approximately 3.7 million gross acres and overriding royalty interests in approximately 0.9 million gross acres, with approximately 44% of its acres located in the Permian Basin. As of December 31, 2015, the Company's mineral and royalty interests were located in 20 states and in every onshore basin across the continental United States, and included ownership in over 48,000 gross producing wells, including over 29,000 wells in the Permian Basin. The Company's properties include Permian Basin, Mid-Continent, Terryville/Cotton Valley/Haynesville, Eagle Ford, Barnett Shale/Fort Worth Basin, Bakken/Williston Basin, San Juan Basin, Onshore California, DJ Basin/Rockies/Niobrara, Illinois Basin and others.

FINANCIAL RATIOS  of  Kimbell Royalty Partners (KRP)

Valuation Ratios
P/E Ratio -43.4
Price to Sales 65.1
Price to Book 28.9
Price to Tangible Book
Price to Cash Flow 260.5
Price to Free Cash Flow 260.5
Growth Rates
Sales Growth Rate -20%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -100%
Cap. Spend. - 3 Yr. Gr. Rate -100%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 122.2%
Total Debt to Equity 122.2%
Interest Coverage 0
Management Effectiveness
Return On Assets -24.5%
Ret/ On Assets - 3 Yr. Avg. -36.9%
Return On Total Capital -26.7%
Ret/ On T. Cap. - 3 Yr. Avg. -39.7%
Return On Equity -52.2%
Return On Equity - 3 Yr. Avg. -57%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -100%
EBITDA Margin - 3 Yr. Avg. -227.6%
Operating Margin -125%
Oper. Margin - 3 Yr. Avg. -281.7%
Pre-Tax Margin -150%
Pre-Tax Margin - 3 Yr. Avg. -290%
Net Profit Margin -150%
Net Profit Margin - 3 Yr. Avg. -290%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

KRP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KRP stock intrinsic value calculation we used $70 million for the last fiscal year's total revenue generated by Kimbell Royalty Partners. The default revenue input number comes from 0001 income statement of Kimbell Royalty 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 KRP 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 8.2%, whose default value for KRP is calculated based on our internal credit rating of Kimbell Royalty 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 Kimbell Royalty 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 KRP stock the variable cost ratio is equal to 91.4%.

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 KRP 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 6.9% for Kimbell Royalty Partners.

Corporate tax rate of 27% is the nominal tax rate for Kimbell Royalty 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 KRP 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 KRP are equal to 709.7%.

Life of production assets of 19.7 years is the average useful life of capital assets used in Kimbell Royalty 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 KRP is equal to 25.8%. 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 - $0 million for Kimbell Royalty 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 37.510 million for Kimbell Royalty 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 Kimbell Royalty Partners at the current share price and the inputted number of shares is $0.6 billion.

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