Intrinsic value of ONEOK - OKE

Previous Close

$56.10

  Intrinsic Value

$77.65

stock screener

  Rating & Target

buy

+38%

Previous close

$56.10

 
Intrinsic value

$77.65

 
Up/down potential

+38%

 
Rating

buy

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

We calculate the intrinsic value of OKE 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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of ONEOK (OKE) stock.

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, %
  14.92
  23.20
  21.38
  19.74
  18.27
  16.94
  15.75
  14.67
  13.71
  12.83
  12.05
  11.35
  10.71
  10.14
  9.63
  9.16
  8.75
  8.37
  8.04
  7.73
  7.46
  7.21
  6.99
  6.79
  6.61
  6.45
  6.31
  6.18
  6.06
  5.95
  5.86
Revenue, $m
  0
  10,991
  13,340
  15,974
  18,892
  22,093
  25,572
  29,324
  33,343
  37,622
  42,156
  46,939
  51,966
  57,236
  62,746
  68,495
  74,487
  80,723
  87,209
  93,952
  100,960
  108,242
  115,809
  123,675
  131,854
  140,361
  149,213
  158,428
  168,026
  178,028
  188,456
Variable operating expenses, $m
 
  6,505
  7,885
  9,431
  11,144
  13,023
  15,066
  17,269
  19,628
  22,141
  24,802
  27,558
  30,510
  33,603
  36,838
  40,214
  43,731
  47,393
  51,201
  55,160
  59,274
  63,549
  67,992
  72,610
  77,412
  82,406
  87,604
  93,014
  98,649
  104,521
  110,643
Fixed operating expenses, $m
 
  2,461
  2,523
  2,586
  2,650
  2,717
  2,784
  2,854
  2,925
  2,999
  3,073
  3,150
  3,229
  3,310
  3,393
  3,477
  3,564
  3,653
  3,745
  3,838
  3,934
  4,033
  4,133
  4,237
  4,343
  4,451
  4,563
  4,677
  4,794
  4,913
  5,036
Total operating expenses, $m
  7,635
  8,966
  10,408
  12,017
  13,794
  15,740
  17,850
  20,123
  22,553
  25,140
  27,875
  30,708
  33,739
  36,913
  40,231
  43,691
  47,295
  51,046
  54,946
  58,998
  63,208
  67,582
  72,125
  76,847
  81,755
  86,857
  92,167
  97,691
  103,443
  109,434
  115,679
Operating income, $m
  1,286
  2,024
  2,933
  3,957
  5,098
  6,353
  7,721
  9,201
  10,789
  12,483
  14,280
  16,230
  18,228
  20,323
  22,515
  24,804
  27,191
  29,677
  32,264
  34,954
  37,752
  40,660
  43,684
  46,828
  50,099
  53,503
  57,047
  60,738
  64,584
  68,594
  72,776
EBITDA, $m
  1,678
  2,196
  3,130
  4,183
  5,354
  6,644
  8,050
  9,570
  11,202
  12,942
  14,788
  16,737
  18,789
  20,941
  23,193
  25,544
  27,995
  30,549
  33,206
  35,969
  38,842
  41,829
  44,934
  48,164
  51,523
  55,019
  58,658
  62,449
  66,399
  70,516
  74,812
Interest expense (income), $m
  461
  460
  556
  745
  956
  1,190
  1,447
  1,726
  2,027
  2,349
  2,692
  3,056
  3,440
  3,843
  4,266
  4,708
  5,169
  5,649
  6,150
  6,670
  7,211
  7,773
  8,357
  8,964
  9,595
  10,251
  10,933
  11,644
  12,383
  13,153
  13,955
Earnings before tax, $m
  958
  1,565
  2,377
  3,213
  4,142
  5,163
  6,275
  7,475
  8,762
  10,134
  11,588
  13,174
  14,788
  16,480
  18,249
  20,096
  22,022
  24,027
  26,114
  28,284
  30,541
  32,887
  35,327
  37,864
  40,504
  43,252
  46,113
  49,094
  52,201
  55,441
  58,821
Tax expense, $m
  212
  422
  642
  867
  1,118
  1,394
  1,694
  2,018
  2,366
  2,736
  3,129
  3,557
  3,993
  4,450
  4,927
  5,426
  5,946
  6,487
  7,051
  7,637
  8,246
  8,879
  9,538
  10,223
  10,936
  11,678
  12,451
  13,255
  14,094
  14,969
  15,882
Net income, $m
  352
  1,142
  1,735
  2,345
  3,024
  3,769
  4,581
  5,457
  6,396
  7,398
  8,459
  9,617
  10,795
  12,030
  13,322
  14,670
  16,076
  17,540
  19,063
  20,647
  22,295
  24,007
  25,788
  27,641
  29,568
  31,574
  33,663
  35,839
  38,107
  40,472
  42,940

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  249
  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
  16,139
  19,591
  23,780
  28,474
  33,676
  39,381
  45,582
  52,270
  59,434
  67,062
  75,144
  83,670
  92,632
  102,025
  111,846
  122,095
  132,775
  143,892
  155,454
  167,473
  179,964
  192,944
  206,434
  220,455
  235,034
  250,198
  265,977
  282,403
  299,512
  317,341
  335,928
Adjusted assets (=assets-cash), $m
  15,890
  19,591
  23,780
  28,474
  33,676
  39,381
  45,582
  52,270
  59,434
  67,062
  75,144
  83,670
  92,632
  102,025
  111,846
  122,095
  132,775
  143,892
  155,454
  167,473
  179,964
  192,944
  206,434
  220,455
  235,034
  250,198
  265,977
  282,403
  299,512
  317,341
  335,928
Revenue / Adjusted assets
  0.000
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
Average production assets, $m
  486
  593
  720
  863
  1,020
  1,193
  1,381
  1,583
  1,800
  2,032
  2,276
  2,535
  2,806
  3,091
  3,388
  3,699
  4,022
  4,359
  4,709
  5,073
  5,452
  5,845
  6,254
  6,678
  7,120
  7,579
  8,058
  8,555
  9,073
  9,614
  10,177
Working capital, $m
  -1,407
  -165
  -200
  -240
  -283
  -331
  -384
  -440
  -500
  -564
  -632
  -704
  -779
  -859
  -941
  -1,027
  -1,117
  -1,211
  -1,308
  -1,409
  -1,514
  -1,624
  -1,737
  -1,855
  -1,978
  -2,105
  -2,238
  -2,376
  -2,520
  -2,670
  -2,827
Total debt, $m
  9,441
  11,123
  14,893
  19,118
  23,799
  28,934
  34,515
  40,534
  46,982
  53,847
  61,120
  68,794
  76,860
  85,313
  94,152
  103,377
  112,988
  122,993
  133,399
  144,217
  155,459
  167,141
  179,281
  191,901
  205,022
  218,669
  232,870
  247,654
  263,052
  279,098
  295,826
Total liabilities, $m
  15,950
  17,632
  21,402
  25,627
  30,308
  35,443
  41,024
  47,043
  53,491
  60,356
  67,629
  75,303
  83,369
  91,822
  100,661
  109,886
  119,497
  129,502
  139,908
  150,726
  161,968
  173,650
  185,790
  198,410
  211,531
  225,178
  239,379
  254,163
  269,561
  285,607
  302,335
Total equity, $m
  189
  1,959
  2,378
  2,847
  3,368
  3,938
  4,558
  5,227
  5,943
  6,706
  7,514
  8,367
  9,263
  10,202
  11,185
  12,210
  13,277
  14,389
  15,545
  16,747
  17,996
  19,294
  20,643
  22,046
  23,503
  25,020
  26,598
  28,240
  29,951
  31,734
  33,593
Total liabilities and equity, $m
  16,139
  19,591
  23,780
  28,474
  33,676
  39,381
  45,582
  52,270
  59,434
  67,062
  75,143
  83,670
  92,632
  102,024
  111,846
  122,096
  132,774
  143,891
  155,453
  167,473
  179,964
  192,944
  206,433
  220,456
  235,034
  250,198
  265,977
  282,403
  299,512
  317,341
  335,928
Debt-to-equity ratio
  49.952
  5.680
  6.260
  6.710
  7.070
  7.350
  7.570
  7.750
  7.900
  8.030
  8.130
  8.220
  8.300
  8.360
  8.420
  8.470
  8.510
  8.550
  8.580
  8.610
  8.640
  8.660
  8.680
  8.700
  8.720
  8.740
  8.760
  8.770
  8.780
  8.790
  8.810
Adjusted equity ratio
  0.012
  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
  352
  1,142
  1,735
  2,345
  3,024
  3,769
  4,581
  5,457
  6,396
  7,398
  8,459
  9,617
  10,795
  12,030
  13,322
  14,670
  16,076
  17,540
  19,063
  20,647
  22,295
  24,007
  25,788
  27,641
  29,568
  31,574
  33,663
  35,839
  38,107
  40,472
  42,940
Depreciation, amort., depletion, $m
  392
  171
  197
  225
  257
  291
  329
  369
  413
  459
  508
  507
  561
  618
  678
  740
  804
  872
  942
  1,015
  1,090
  1,169
  1,251
  1,336
  1,424
  1,516
  1,612
  1,711
  1,815
  1,923
  2,035
Funds from operations, $m
  1,453
  1,314
  1,932
  2,570
  3,280
  4,060
  4,909
  5,826
  6,809
  7,857
  8,967
  10,124
  11,356
  12,648
  14,000
  15,410
  16,881
  18,412
  20,005
  21,662
  23,385
  25,177
  27,039
  28,977
  30,992
  33,090
  35,274
  37,550
  39,922
  42,395
  44,975
Change in working capital, $m
  102
  -31
  -35
  -40
  -44
  -48
  -52
  -56
  -60
  -64
  -68
  -72
  -75
  -79
  -83
  -86
  -90
  -94
  -97
  -101
  -105
  -109
  -114
  -118
  -123
  -128
  -133
  -138
  -144
  -150
  -156
Cash from operations, $m
  1,351
  1,345
  1,967
  2,610
  3,324
  4,108
  4,962
  5,883
  6,869
  7,921
  9,035
  10,196
  11,432
  12,727
  14,082
  15,496
  16,971
  18,505
  20,102
  21,763
  23,490
  25,286
  27,153
  29,095
  31,115
  33,218
  35,407
  37,688
  40,066
  42,545
  45,131
Maintenance CAPEX, $m
  0
  -97
  -119
  -144
  -173
  -204
  -239
  -276
  -317
  -360
  -406
  -455
  -507
  -561
  -618
  -678
  -740
  -804
  -872
  -942
  -1,015
  -1,090
  -1,169
  -1,251
  -1,336
  -1,424
  -1,516
  -1,612
  -1,711
  -1,815
  -1,923
New CAPEX, $m
  -625
  -107
  -127
  -142
  -158
  -173
  -188
  -203
  -217
  -231
  -245
  -258
  -271
  -285
  -298
  -310
  -324
  -337
  -350
  -364
  -378
  -393
  -409
  -425
  -442
  -459
  -478
  -498
  -518
  -540
  -563
Cash from investing activities, $m
  -615
  -204
  -246
  -286
  -331
  -377
  -427
  -479
  -534
  -591
  -651
  -713
  -778
  -846
  -916
  -988
  -1,064
  -1,141
  -1,222
  -1,306
  -1,393
  -1,483
  -1,578
  -1,676
  -1,778
  -1,883
  -1,994
  -2,110
  -2,229
  -2,355
  -2,486
Free cash flow, $m
  736
  1,140
  1,721
  2,324
  2,994
  3,731
  4,535
  5,404
  6,336
  7,330
  8,384
  9,482
  10,653
  11,882
  13,167
  14,508
  15,907
  17,364
  18,880
  20,457
  22,097
  23,802
  25,575
  27,419
  29,337
  31,334
  33,413
  35,579
  37,836
  40,190
  42,646
Issuance/(repayment) of debt, $m
  456
  1,931
  3,770
  4,225
  4,681
  5,135
  5,581
  6,019
  6,447
  6,865
  7,274
  7,673
  8,066
  8,454
  8,839
  9,224
  9,612
  10,005
  10,406
  10,817
  11,242
  11,682
  12,141
  12,619
  13,121
  13,647
  14,201
  14,784
  15,398
  16,046
  16,729
Issuance/(repurchase) of shares, $m
  22
  628
  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  
  -67
  2,559
  3,770
  4,225
  4,681
  5,135
  5,581
  6,019
  6,447
  6,865
  7,274
  7,673
  8,066
  8,454
  8,839
  9,224
  9,612
  10,005
  10,406
  10,817
  11,242
  11,682
  12,141
  12,619
  13,121
  13,647
  14,201
  14,784
  15,398
  16,046
  16,729
Total cash flow (excl. dividends), $m
  669
  3,699
  5,491
  6,549
  7,675
  8,866
  10,116
  11,423
  12,783
  14,195
  15,657
  17,156
  18,719
  20,335
  22,006
  23,732
  25,519
  27,369
  29,286
  31,275
  33,339
  35,484
  37,716
  40,038
  42,458
  44,982
  47,614
  50,363
  53,234
  56,236
  59,374
Retained Cash Flow (-), $m
  147
  -1,770
  -419
  -469
  -520
  -571
  -620
  -669
  -716
  -763
  -808
  -853
  -896
  -939
  -982
  -1,025
  -1,068
  -1,112
  -1,156
  -1,202
  -1,249
  -1,298
  -1,349
  -1,402
  -1,458
  -1,516
  -1,578
  -1,643
  -1,711
  -1,783
  -1,859
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
 
  1,929
  5,072
  6,079
  7,155
  8,295
  9,496
  10,754
  12,067
  13,432
  14,849
  16,303
  17,823
  19,396
  21,023
  22,708
  24,451
  26,257
  28,130
  30,073
  32,090
  34,186
  36,367
  38,636
  41,001
  43,465
  46,036
  48,720
  51,523
  54,453
  57,516
Discount rate, %
 
  13.50
  14.18
  14.88
  15.63
  16.41
  17.23
  18.09
  19.00
  19.95
  20.94
  21.99
  23.09
  24.24
  25.46
  26.73
  28.07
  29.47
  30.94
  32.49
  34.11
  35.82
  37.61
  39.49
  41.47
  43.54
  45.72
  48.00
  50.40
  52.92
  55.57
PV of cash for distribution, $m
 
  1,699
  3,891
  4,009
  4,003
  3,881
  3,659
  3,358
  3,001
  2,614
  2,218
  1,831
  1,473
  1,154
  879
  650
  467
  325
  220
  143
  91
  55
  32
  18
  10
  5
  3
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1

ONEOK, Inc. is an energy midstream service provider in the United States. The Company owns and operates natural gas liquids (NGL) systems, and is engaged in the gathering, processing, storage and transportation of natural gas. THe Company's operations include a 38,000-mile integrated network of NGL and natural gas pipelines, processing plants, fractionators and storage facilities in the Mid-Continent, Williston, Permian and Rocky Mountain regions. The Company operates through three business segments. The Natural Gas Gathering and Processing segment provides midstream services to contracted producers in North Dakota, Montana, Wyoming, Kansas and Oklahoma. The Natural Gas Liquids segment owns and operates facilities that gather, fractionate, treat and distribute NGLs and store NGL products primarily in the Mid-Continental, Permian Basin and the Rocky Mountain regions. The Natural Gas Pipelines segment provides transportation and storage services to end users.

FINANCIAL RATIOS  of  ONEOK (OKE)

Valuation Ratios
P/E Ratio 33.6
Price to Sales 1.3
Price to Book 62.5
Price to Tangible Book
Price to Cash Flow 8.7
Price to Free Cash Flow 16.3
Growth Rates
Sales Growth Rate 14.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -47.4%
Cap. Spend. - 3 Yr. Gr. Rate -22.6%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 4190.5%
Total Debt to Equity 4995.2%
Interest Coverage 3
Management Effectiveness
Return On Assets 4.5%
Ret/ On Assets - 3 Yr. Avg. 3.8%
Return On Total Capital 3.7%
Ret/ On T. Cap. - 3 Yr. Avg. 3.2%
Return On Equity 134.1%
Return On Equity - 3 Yr. Avg. 69.4%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 20.3%
EBITDA Margin - 3 Yr. Avg. 16.1%
Operating Margin 14.4%
Oper. Margin - 3 Yr. Avg. 11.4%
Pre-Tax Margin 10.7%
Pre-Tax Margin - 3 Yr. Avg. 8.1%
Net Profit Margin 3.9%
Net Profit Margin - 3 Yr. Avg. 3.2%
Effective Tax Rate 22.1%
Eff/ Tax Rate - 3 Yr. Avg. 22.3%
Payout Ratio 147.2%

OKE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the OKE stock intrinsic value calculation we used $8921 million for the last fiscal year's total revenue generated by ONEOK. The default revenue input number comes from 2016 income statement of ONEOK. 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 OKE stock valuation model: a) initial revenue growth rate of 23.2% 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 13.5%, whose default value for OKE is calculated based on our internal credit rating of ONEOK, 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 ONEOK.
    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 OKE stock the variable cost ratio is equal to 59.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2401 million in the base year in the intrinsic value calculation for OKE 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% for ONEOK.

Corporate tax rate of 27% is the nominal tax rate for ONEOK. 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 OKE 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 OKE are equal to 5.4%.

Life of production assets of 2.6 years is the average useful life of capital assets used in ONEOK 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 OKE is equal to -1.5%. 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 - $189 million for ONEOK - 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 383.723 million for ONEOK 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 ONEOK at the current share price and the inputted number of shares is $21.5 billion.

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COMPANY NEWS

▶ ONEOK Posts Schedule K-1 Online   [Feb-15-18 04:15PM  PR Newswire]
▶ Get Paid While You Wait: 3 Top Dividend Stocks in Energy   [Feb-12-18 08:01AM  Motley Fool]
▶ This Stock Is a No-Brainer for Value Investors   [Jan-28-18 11:32AM  Motley Fool]
▶ ONEOK, Inc. Expects 2018 to Be a Big Year   [Jan-23-18 01:36PM  Motley Fool]
▶ ONEOK Announces 2018 Financial Guidance   [Jan-22-18 04:15PM  PR Newswire]
▶ 3 Top Oil Stocks to Buy Right Now   [Jan-20-18 06:31AM  Motley Fool]
▶ Whats Driving Williams Partners Strong Stock Performance?   [Jan-19-18 12:52PM  Market Realist]
▶ ONEOK Increases Quarterly Dividend   [Jan-17-18 04:15PM  PR Newswire]
▶ Stocks Down, Energy Play Holds Firm; This Bitcoin ETF Finds 50-Day Support   [Jan-16-18 03:08PM  Investor's Business Daily]
▶ Where Energy Transfer Equity Could Trade in the Next 7 Days   [Jan-12-18 12:00PM  Market Realist]
▶ Can Oil Break The $70 Threshold?   [Jan-09-18 03:00PM  Oilprice.com]
▶ ONEOK to Participate in UBS Midstream and MLP Conference   [Jan-08-18 04:15PM  PR Newswire]
▶ 3 Utility Stocks You May Be Overlooking   [Jan-06-18 11:37AM  Motley Fool]
▶ 5 Energy Dividend Stocks for Your Portfolio   [Jan-05-18 11:00PM  Motley Fool]
▶ 7 Dividend Growth Stocks Worth Owning   [03:09PM  InvestorPlace]
▶ ONEOK Announces Pricing of Common Stock Offering   [Jan-04-18 09:59PM  PR Newswire]
▶ Bullish on ONEOK, Inc.? You'll Love These Stocks   [Jan-03-18 08:32AM  Motley Fool]
▶ ETFs with exposure to ONEOK, Inc. : December 26, 2017   [Dec-26-17 11:55AM  Capital Cube]
▶ ONEOKs Leverage Has Fallen over the Years   [07:32AM  Market Realist]
▶ What Makes ONEOK an Interesting Stock for 2018?   [Dec-25-17 10:31AM  Market Realist]
▶ 2 Stocks With Better Dividends Than A. O. Smith Corp.   [Dec-23-17 10:31AM  Motley Fool]
▶ ONEOKs Natural Gas Liquids Volumes Are Rising   [Dec-22-17 04:20PM  Market Realist]
▶ 7 Dividend Stocks That Make the Grade   [07:30AM  InvestorPlace]
▶ 3 Top Dividend Stocks With Yields Over 3%   [Dec-21-17 07:48AM  Motley Fool]
▶ 3 Great Stocks for Your Roth IRA   [Dec-20-17 07:50AM  Motley Fool]
▶ ONEOK Receives Hold Ratings from 75% of Surveyed Analysts   [Dec-19-17 09:01AM  Market Realist]
▶ What ONEOKs Current Valuation Indicates   [07:32AM  Market Realist]
▶ 3 Dividend Stocks That Are Minting Money   [Dec-18-17 11:32AM  Motley Fool]
▶ Could ONEOK Stock Gain Upward Momentum?   [09:04AM  Market Realist]
▶ Why ONEOK Stock Is Down 10% Year-to-Date   [07:35AM  Market Realist]
▶ ETFs with exposure to ONEOK, Inc. : December 15, 2017   [Dec-15-17 01:59PM  Capital Cube]
▶ 5 Energy Dividend Stocks You Can Buy Right Now   [Dec-11-17 08:45PM  Motley Fool]
▶ 3 Top Pipeline Stocks to Buy Now   [Dec-10-17 11:38AM  Motley Fool]
▶ ETFs with exposure to ONEOK, Inc. : December 5, 2017   [Dec-05-17 01:12PM  Capital Cube]
▶ ONEOK to Present at Wells Fargo Energy Symposium   [Dec-04-17 04:15PM  PR Newswire]
▶ Love Dividends? 3 Stocks You Might Want to Buy   [Nov-26-17 02:46PM  Motley Fool]
▶ Will ONEOK Incs (OKE) Earnings Grow Over The Next Year?   [Nov-15-17 05:17PM  Simply Wall St.]
▶ Get Paid While You Wait: 3 Top Dividend Stocks in Oil   [Nov-12-17 09:04AM  Motley Fool]
▶ ETFs with exposure to ONEOK, Inc. : November 7, 2017   [Nov-07-17 10:34AM  Capital Cube]
▶ Top NYSE Dividend Payers   [09:02AM  Simply Wall St.]
▶ ONEOK Inc. Overcomes Hurricane Harvey With Ease   [Nov-01-17 10:30AM  Motley Fool]
▶ ONEOK, Inc. to Host Earnings Call   [08:20AM  ACCESSWIRE]
▶ Oneok misses 3Q profit forecasts   [Oct-31-17 04:35PM  Associated Press]
▶ November Top Energy Dividend Payers   [09:02AM  Simply Wall St.]
▶ 3 High-Yield Stocks for Building a Nest Egg   [Oct-30-17 09:02PM  Motley Fool]
▶ ONEOK, Inc. Value Analysis (NYSE:OKE) : October 27, 2017   [Oct-27-17 11:40AM  Capital Cube]
▶ Which Segment Could Drive ONEOKs 3Q17 Earnings Growth?   [Oct-26-17 03:36PM  Market Realist]
▶ Will ONEOK Report Higher Earnings for 3Q17?   [02:06PM  Market Realist]
▶ ONEOK Declared Flat Dividends for 3Q17   [12:31PM  Market Realist]
▶ ONEOK Declares Quarterly Dividend   [Oct-25-17 04:15PM  PR Newswire]
Financial statements of OKE
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