Intrinsic value of Noble Midstream Partners LP - NBLX

Previous Close

$32.25

  Intrinsic Value

$979.20

stock screener

  Rating & Target

str. buy

+999%

Previous close

$32.25

 
Intrinsic value

$979.20

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of NBLX 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 1.3

 

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
  794
  1,226
  1,834
  2,661
  3,754
  5,160
  6,927
  9,095
  11,703
  14,782
  18,356
  22,442
  27,051
  32,185
  37,844
  44,021
  50,709
  57,895
  65,569
  73,720
  82,335
  91,407
  100,928
  110,894
  121,304
  132,159
  143,463
  155,224
  167,454
  180,164
Variable operating expenses, $m
  242
  351
  505
  713
  989
  1,344
  1,790
  2,337
  2,995
  3,772
  4,632
  5,663
  6,825
  8,121
  9,549
  11,108
  12,795
  14,608
  16,545
  18,601
  20,775
  23,064
  25,466
  27,981
  30,608
  33,347
  36,199
  39,167
  42,252
  45,460
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
  242
  351
  505
  713
  989
  1,344
  1,790
  2,337
  2,995
  3,772
  4,632
  5,663
  6,825
  8,121
  9,549
  11,108
  12,795
  14,608
  16,545
  18,601
  20,775
  23,064
  25,466
  27,981
  30,608
  33,347
  36,199
  39,167
  42,252
  45,460
Operating income, $m
  551
  875
  1,329
  1,947
  2,765
  3,816
  5,137
  6,758
  8,708
  11,010
  13,725
  16,780
  20,225
  24,064
  28,295
  32,914
  37,914
  43,287
  49,025
  55,118
  61,560
  68,343
  75,461
  82,913
  90,696
  98,812
  107,264
  116,058
  125,201
  134,705
EBITDA, $m
  689
  1,064
  1,592
  2,309
  3,258
  4,479
  6,013
  7,895
  10,159
  12,832
  15,934
  19,481
  23,481
  27,938
  32,850
  38,212
  44,017
  50,256
  56,917
  63,992
  71,470
  79,345
  87,610
  96,261
  105,297
  114,719
  124,532
  134,741
  145,357
  156,390
Interest expense (income), $m
  0
  30
  82
  167
  286
  448
  662
  938
  1,284
  1,709
  2,220
  2,824
  3,524
  4,325
  5,228
  6,234
  7,343
  8,553
  9,864
  11,272
  12,776
  14,373
  16,062
  17,839
  19,705
  21,658
  23,698
  25,826
  28,041
  30,346
  32,742
Earnings before tax, $m
  521
  792
  1,162
  1,661
  2,316
  3,154
  4,199
  5,474
  6,999
  8,790
  10,901
  13,256
  15,900
  18,836
  22,061
  25,571
  29,360
  33,423
  37,752
  42,342
  47,187
  52,281
  57,622
  63,208
  69,038
  75,114
  81,438
  88,017
  94,856
  101,962
Tax expense, $m
  141
  214
  314
  449
  625
  852
  1,134
  1,478
  1,890
  2,373
  2,943
  3,579
  4,293
  5,086
  5,956
  6,904
  7,927
  9,024
  10,193
  11,432
  12,740
  14,116
  15,558
  17,066
  18,640
  20,281
  21,988
  23,765
  25,611
  27,530
Net income, $m
  380
  579
  848
  1,213
  1,691
  2,302
  3,065
  3,996
  5,109
  6,417
  7,958
  9,677
  11,607
  13,750
  16,104
  18,667
  21,433
  24,399
  27,559
  30,910
  34,446
  38,165
  42,064
  46,142
  50,398
  54,833
  59,450
  64,252
  69,245
  74,433

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
  3,200
  4,944
  7,394
  10,728
  15,136
  20,808
  27,930
  36,674
  47,191
  59,606
  74,017
  90,493
  109,075
  129,777
  152,595
  177,505
  204,470
  233,449
  264,393
  297,256
  331,996
  368,575
  406,967
  447,153
  489,128
  532,898
  578,479
  625,905
  675,216
  726,469
Adjusted assets (=assets-cash), $m
  3,200
  4,944
  7,394
  10,728
  15,136
  20,808
  27,930
  36,674
  47,191
  59,606
  74,017
  90,493
  109,075
  129,777
  152,595
  177,505
  204,470
  233,449
  264,393
  297,256
  331,996
  368,575
  406,967
  447,153
  489,128
  532,898
  578,479
  625,905
  675,216
  726,469
Revenue / Adjusted assets
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
Average production assets, $m
  1,834
  2,834
  4,238
  6,148
  8,675
  11,926
  16,008
  21,019
  27,046
  34,162
  42,421
  51,864
  62,514
  74,379
  87,456
  101,733
  117,188
  133,796
  151,531
  170,366
  190,276
  211,241
  233,244
  256,276
  280,333
  305,419
  331,543
  358,723
  386,985
  416,360
Working capital, $m
  -72
  -112
  -167
  -242
  -342
  -470
  -630
  -828
  -1,065
  -1,345
  -1,670
  -2,042
  -2,462
  -2,929
  -3,444
  -4,006
  -4,614
  -5,268
  -5,967
  -6,708
  -7,492
  -8,318
  -9,184
  -10,091
  -11,039
  -12,026
  -13,055
  -14,125
  -15,238
  -16,395
Total debt, $m
  1,523
  3,093
  5,298
  8,299
  12,265
  17,371
  23,781
  31,650
  41,115
  52,289
  65,259
  80,087
  96,811
  115,443
  135,979
  158,398
  182,667
  208,747
  236,597
  266,174
  297,440
  330,361
  364,914
  401,081
  438,859
  478,251
  519,275
  561,958
  606,338
  652,465
Total liabilities, $m
  2,880
  4,450
  6,654
  9,655
  13,622
  18,727
  25,137
  33,007
  42,472
  53,645
  66,615
  81,444
  98,167
  116,800
  137,335
  159,754
  184,023
  210,104
  237,954
  267,531
  298,796
  331,718
  366,270
  402,438
  440,215
  479,608
  520,632
  563,314
  607,694
  653,822
Total equity, $m
  320
  494
  739
  1,073
  1,514
  2,081
  2,793
  3,667
  4,719
  5,961
  7,402
  9,049
  10,907
  12,978
  15,259
  17,750
  20,447
  23,345
  26,439
  29,726
  33,200
  36,858
  40,697
  44,715
  48,913
  53,290
  57,848
  62,590
  67,522
  72,647
Total liabilities and equity, $m
  3,200
  4,944
  7,393
  10,728
  15,136
  20,808
  27,930
  36,674
  47,191
  59,606
  74,017
  90,493
  109,074
  129,778
  152,594
  177,504
  204,470
  233,449
  264,393
  297,257
  331,996
  368,576
  406,967
  447,153
  489,128
  532,898
  578,480
  625,904
  675,216
  726,469
Debt-to-equity ratio
  4.760
  6.260
  7.170
  7.740
  8.100
  8.350
  8.510
  8.630
  8.710
  8.770
  8.820
  8.850
  8.880
  8.900
  8.910
  8.920
  8.930
  8.940
  8.950
  8.950
  8.960
  8.960
  8.970
  8.970
  8.970
  8.970
  8.980
  8.980
  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
  380
  579
  848
  1,213
  1,691
  2,302
  3,065
  3,996
  5,109
  6,417
  7,958
  9,677
  11,607
  13,750
  16,104
  18,667
  21,433
  24,399
  27,559
  30,910
  34,446
  38,165
  42,064
  46,142
  50,398
  54,833
  59,450
  64,252
  69,245
  74,433
Depreciation, amort., depletion, $m
  138
  190
  263
  362
  494
  663
  876
  1,137
  1,451
  1,821
  2,209
  2,701
  3,256
  3,874
  4,555
  5,299
  6,104
  6,969
  7,892
  8,873
  9,910
  11,002
  12,148
  13,348
  14,601
  15,907
  17,268
  18,684
  20,155
  21,685
Funds from operations, $m
  518
  768
  1,111
  1,575
  2,185
  2,966
  3,941
  5,133
  6,560
  8,238
  10,167
  12,378
  14,863
  17,624
  20,659
  23,965
  27,537
  31,367
  35,452
  39,783
  44,356
  49,167
  54,212
  59,489
  64,998
  70,740
  76,718
  82,936
  89,400
  96,118
Change in working capital, $m
  -27
  -39
  -55
  -75
  -99
  -128
  -161
  -197
  -237
  -280
  -325
  -372
  -419
  -467
  -515
  -562
  -609
  -654
  -698
  -742
  -784
  -826
  -866
  -907
  -947
  -988
  -1,029
  -1,070
  -1,113
  -1,157
Cash from operations, $m
  545
  807
  1,166
  1,650
  2,284
  3,094
  4,102
  5,330
  6,797
  8,518
  10,492
  12,750
  15,283
  18,091
  21,174
  24,527
  28,145
  32,021
  36,150
  40,525
  45,140
  49,993
  55,079
  60,396
  65,946
  71,728
  77,747
  84,006
  90,513
  97,275
Maintenance CAPEX, $m
  -60
  -96
  -148
  -221
  -320
  -452
  -621
  -834
  -1,095
  -1,409
  -1,779
  -2,209
  -2,701
  -3,256
  -3,874
  -4,555
  -5,299
  -6,104
  -6,969
  -7,892
  -8,873
  -9,910
  -11,002
  -12,148
  -13,348
  -14,601
  -15,907
  -17,268
  -18,684
  -20,155
New CAPEX, $m
  -688
  -1,000
  -1,404
  -1,911
  -2,526
  -3,251
  -4,082
  -5,011
  -6,027
  -7,115
  -8,259
  -9,443
  -10,650
  -11,865
  -13,077
  -14,276
  -15,455
  -16,608
  -17,735
  -18,835
  -19,910
  -20,965
  -22,003
  -23,032
  -24,057
  -25,085
  -26,124
  -27,181
  -28,262
  -29,374
Cash from investing activities, $m
  -748
  -1,096
  -1,552
  -2,132
  -2,846
  -3,703
  -4,703
  -5,845
  -7,122
  -8,524
  -10,038
  -11,652
  -13,351
  -15,121
  -16,951
  -18,831
  -20,754
  -22,712
  -24,704
  -26,727
  -28,783
  -30,875
  -33,005
  -35,180
  -37,405
  -39,686
  -42,031
  -44,449
  -46,946
  -49,529
Free cash flow, $m
  -202
  -288
  -385
  -482
  -562
  -609
  -601
  -515
  -325
  -6
  454
  1,097
  1,932
  2,970
  4,223
  5,696
  7,392
  9,309
  11,446
  13,798
  16,357
  19,118
  22,073
  25,216
  28,541
  32,042
  35,715
  39,558
  43,568
  47,745
Issuance/(repayment) of debt, $m
  964
  1,570
  2,205
  3,001
  3,967
  5,105
  6,410
  7,870
  9,465
  11,174
  12,970
  14,828
  16,723
  18,632
  20,536
  22,419
  24,269
  26,081
  27,850
  29,577
  31,266
  32,921
  34,553
  36,168
  37,777
  39,392
  41,024
  42,683
  44,380
  46,127
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  
  964
  1,570
  2,205
  3,001
  3,967
  5,105
  6,410
  7,870
  9,465
  11,174
  12,970
  14,828
  16,723
  18,632
  20,536
  22,419
  24,269
  26,081
  27,850
  29,577
  31,266
  32,921
  34,553
  36,168
  37,777
  39,392
  41,024
  42,683
  44,380
  46,127
Total cash flow (excl. dividends), $m
  762
  1,282
  1,819
  2,519
  3,405
  4,496
  5,809
  7,355
  9,140
  11,168
  13,424
  15,926
  18,655
  21,603
  24,759
  28,115
  31,661
  35,390
  39,296
  43,375
  47,623
  52,039
  56,626
  61,384
  66,318
  71,434
  76,739
  82,240
  87,948
  93,872
Retained Cash Flow (-), $m
  -238
  -174
  -245
  -333
  -441
  -567
  -712
  -874
  -1,052
  -1,242
  -1,441
  -1,648
  -1,858
  -2,070
  -2,282
  -2,491
  -2,697
  -2,898
  -3,094
  -3,286
  -3,474
  -3,658
  -3,839
  -4,019
  -4,197
  -4,377
  -4,558
  -4,743
  -4,931
  -5,125
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
  525
  1,108
  1,574
  2,186
  2,964
  3,929
  5,096
  6,480
  8,089
  9,926
  11,983
  14,278
  16,797
  19,532
  22,477
  25,624
  28,964
  32,492
  36,202
  40,088
  44,149
  48,381
  52,786
  57,365
  62,121
  67,057
  72,181
  77,498
  83,017
  88,747
Discount rate, %
  8.70
  9.14
  9.59
  10.07
  10.57
  11.10
  11.66
  12.24
  12.85
  13.50
  14.17
  14.88
  15.62
  16.41
  17.23
  18.09
  18.99
  19.94
  20.94
  21.98
  23.08
  24.24
  25.45
  26.72
  28.06
  29.46
  30.93
  32.48
  34.11
  35.81
PV of cash for distribution, $m
  483
  930
  1,196
  1,489
  1,793
  2,089
  2,355
  2,572
  2,724
  2,799
  2,789
  2,702
  2,545
  2,329
  2,072
  1,792
  1,507
  1,231
  977
  753
  563
  408
  287
  195
  128
  81
  50
  29
  17
  9
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

Noble Midstream Partners LP is engaged in owning, operating, developing and acquiring a range of domestic midstream infrastructure assets. The Company's areas of focus are in the area of Denver-Julesburg (DJ) Basin in Colorado and the Southern Delaware Basin position of the Permian Basin in Texas (Delaware Basin). Its segments include Gathering Systems, Fresh Water Delivery, and Investments in White Cliffs and Other. The Gathering Systems segment includes crude oil, natural gas and produced water gathering, as well as crude oil treating. It holds interest in White Cliffs Pipeline L.L.C. (the White Cliffs Interest). The Investments in White Cliffs and Other segment includes activity associated with the White Cliffs Interest. As of December 31, 2016, the White Cliffs Pipeline system consisted of two 527-mile crude oil pipelines that extended from the DJ Basin to the Cushing, Oklahoma. It provides crude oil, natural gas, and water-related midstream services for Noble Energy, Inc.

FINANCIAL RATIOS  of  Noble Midstream Partners LP (NBLX)

Valuation Ratios
P/E Ratio 11.9
Price to Sales 6.4
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 8.7
Price to Free Cash Flow 13.3
Growth Rates
Sales Growth Rate 83%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -22.6%
Cap. Spend. - 3 Yr. Gr. Rate -15.6%
Financial Strength
Quick Ratio 11
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 1.8%
Interest Coverage 0
Management Effectiveness
Return On Assets 25.5%
Ret/ On Assets - 3 Yr. Avg. 10.6%
Return On Total Capital 31.8%
Ret/ On T. Cap. - 3 Yr. Avg. 13%
Return On Equity 32.1%
Return On Equity - 3 Yr. Avg. 13.1%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 82%
Gross Margin - 3 Yr. Avg. -45.8%
EBITDA Margin 76.4%
EBITDA Margin - 3 Yr. Avg. -165.4%
Operating Margin 70.2%
Oper. Margin - 3 Yr. Avg. -370.2%
Pre-Tax Margin 70.8%
Pre-Tax Margin - 3 Yr. Avg. -353.3%
Net Profit Margin 53.4%
Net Profit Margin - 3 Yr. Avg. -217.8%
Effective Tax Rate 24.6%
Eff/ Tax Rate - 3 Yr. Avg. 33.3%
Payout Ratio 0%

NBLX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NBLX stock intrinsic value calculation we used $496 million for the last fiscal year's total revenue generated by Noble Midstream Partners LP. The default revenue input number comes from 0001 income statement of Noble Midstream Partners LP. 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 NBLX 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 8.7%, whose default value for NBLX is calculated based on our internal credit rating of Noble Midstream Partners LP, 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 Noble Midstream Partners LP.
    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 NBLX stock the variable cost ratio is equal to 33.7%.

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 NBLX 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 Noble Midstream Partners LP.

Corporate tax rate of 27% is the nominal tax rate for Noble Midstream Partners LP. 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 NBLX 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 NBLX are equal to 231.1%.

Life of production assets of 19.2 years is the average useful life of capital assets used in Noble Midstream Partners LP 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 NBLX is equal to -9.1%. 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 - $82.317 million for Noble Midstream Partners LP - 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 39.732 million for Noble Midstream Partners LP 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 Noble Midstream Partners LP at the current share price and the inputted number of shares is $1.3 billion.

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