Intrinsic value of Williams - WMB

Previous Close

$30.31

  Intrinsic Value

$5.26

stock screener

  Rating & Target

str. sell

-83%

Previous close

$30.31

 
Intrinsic value

$5.26

 
Up/down potential

-83%

 
Rating

str. sell

We calculate the intrinsic value of WMB 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 25.0

 

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, %
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
Revenue, $m
  8,601
  9,194
  9,810
  10,451
  11,117
  11,811
  12,533
  13,286
  14,070
  14,888
  15,741
  16,632
  17,563
  18,534
  19,550
  20,612
  21,723
  22,885
  24,102
  25,375
  26,709
  28,105
  29,569
  31,102
  32,710
  34,394
  36,161
  38,013
  39,955
  41,993
Variable operating expenses, $m
  7,739
  8,212
  8,703
  9,214
  9,745
  10,299
  10,875
  11,475
  12,101
  12,753
  12,554
  13,265
  14,007
  14,782
  15,592
  16,439
  17,325
  18,252
  19,222
  20,238
  21,301
  22,415
  23,582
  24,805
  26,087
  27,431
  28,840
  30,317
  31,866
  33,491
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
  7,739
  8,212
  8,703
  9,214
  9,745
  10,299
  10,875
  11,475
  12,101
  12,753
  12,554
  13,265
  14,007
  14,782
  15,592
  16,439
  17,325
  18,252
  19,222
  20,238
  21,301
  22,415
  23,582
  24,805
  26,087
  27,431
  28,840
  30,317
  31,866
  33,491
Operating income, $m
  862
  982
  1,107
  1,237
  1,372
  1,512
  1,658
  1,811
  1,970
  2,135
  3,187
  3,367
  3,556
  3,753
  3,958
  4,173
  4,398
  4,633
  4,880
  5,138
  5,408
  5,690
  5,987
  6,297
  6,622
  6,964
  7,321
  7,696
  8,089
  8,502
EBITDA, $m
  5,762
  6,160
  6,572
  7,002
  7,448
  7,913
  8,397
  8,901
  9,426
  9,974
  10,546
  11,143
  11,766
  12,417
  13,098
  13,809
  14,554
  15,332
  16,147
  17,000
  17,894
  18,830
  19,810
  20,837
  21,914
  23,043
  24,226
  25,467
  26,769
  28,134
Interest expense (income), $m
  1,152
  1,130
  1,275
  1,422
  1,574
  1,732
  1,897
  2,069
  2,247
  2,433
  2,627
  2,829
  3,040
  3,261
  3,491
  3,731
  3,982
  4,245
  4,519
  4,806
  5,107
  5,422
  5,752
  6,097
  6,459
  6,838
  7,235
  7,652
  8,088
  8,546
  9,026
Earnings before tax, $m
  -268
  -293
  -315
  -337
  -361
  -385
  -410
  -437
  -464
  -492
  358
  327
  295
  262
  227
  191
  154
  114
  73
  30
  -14
  -61
  -110
  -162
  -215
  -272
  -330
  -392
  -457
  -524
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  97
  88
  80
  71
  61
  52
  41
  31
  20
  8
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -268
  -293
  -315
  -337
  -361
  -385
  -410
  -437
  -464
  -492
  261
  239
  215
  191
  166
  140
  112
  83
  53
  22
  -14
  -61
  -110
  -162
  -215
  -272
  -330
  -392
  -457
  -524

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
  49,718
  53,143
  56,705
  60,408
  64,261
  68,271
  72,446
  76,796
  81,330
  86,058
  90,991
  96,140
  101,518
  107,135
  113,007
  119,146
  125,567
  132,285
  139,316
  146,677
  154,385
  162,459
  170,918
  179,782
  189,073
  198,811
  209,022
  219,728
  230,956
  242,732
Adjusted assets (=assets-cash), $m
  49,718
  53,143
  56,705
  60,408
  64,261
  68,271
  72,446
  76,796
  81,330
  86,058
  90,991
  96,140
  101,518
  107,135
  113,007
  119,146
  125,567
  132,285
  139,316
  146,677
  154,385
  162,459
  170,918
  179,782
  189,073
  198,811
  209,022
  219,728
  230,956
  242,732
Revenue / Adjusted assets
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
Average production assets, $m
  40,211
  42,981
  45,861
  48,856
  51,972
  55,216
  58,593
  62,111
  65,778
  69,602
  73,591
  77,756
  82,105
  86,648
  91,397
  96,362
  101,555
  106,989
  112,675
  118,629
  124,863
  131,393
  138,234
  145,404
  152,917
  160,794
  169,051
  177,711
  186,791
  196,316
Working capital, $m
  -929
  -993
  -1,059
  -1,129
  -1,201
  -1,276
  -1,354
  -1,435
  -1,520
  -1,608
  -1,700
  -1,796
  -1,897
  -2,002
  -2,111
  -2,226
  -2,346
  -2,472
  -2,603
  -2,741
  -2,885
  -3,035
  -3,193
  -3,359
  -3,533
  -3,715
  -3,905
  -4,105
  -4,315
  -4,535
Total debt, $m
  23,616
  26,329
  29,149
  32,082
  35,133
  38,309
  41,616
  45,061
  48,652
  52,397
  56,304
  60,382
  64,641
  69,090
  73,740
  78,602
  83,688
  89,009
  94,577
  100,407
  106,512
  112,907
  119,606
  126,627
  133,985
  141,698
  149,784
  158,264
  167,156
  176,483
Total liabilities, $m
  39,377
  42,090
  44,910
  47,843
  50,894
  54,070
  57,377
  60,822
  64,413
  68,158
  72,065
  76,143
  80,402
  84,851
  89,501
  94,363
  99,449
  104,770
  110,338
  116,168
  122,273
  128,668
  135,367
  142,388
  149,746
  157,459
  165,545
  174,025
  182,917
  192,244
Total equity, $m
  10,341
  11,054
  11,795
  12,565
  13,366
  14,200
  15,069
  15,974
  16,917
  17,900
  18,926
  19,997
  21,116
  22,284
  23,505
  24,782
  26,118
  27,515
  28,978
  30,509
  32,112
  33,792
  35,551
  37,395
  39,327
  41,353
  43,477
  45,703
  48,039
  50,488
Total liabilities and equity, $m
  49,718
  53,144
  56,705
  60,408
  64,260
  68,270
  72,446
  76,796
  81,330
  86,058
  90,991
  96,140
  101,518
  107,135
  113,006
  119,145
  125,567
  132,285
  139,316
  146,677
  154,385
  162,460
  170,918
  179,783
  189,073
  198,812
  209,022
  219,728
  230,956
  242,732
Debt-to-equity ratio
  2.280
  2.380
  2.470
  2.550
  2.630
  2.700
  2.760
  2.820
  2.880
  2.930
  2.970
  3.020
  3.060
  3.100
  3.140
  3.170
  3.200
  3.230
  3.260
  3.290
  3.320
  3.340
  3.360
  3.390
  3.410
  3.430
  3.450
  3.460
  3.480
  3.500
Adjusted equity ratio
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -268
  -293
  -315
  -337
  -361
  -385
  -410
  -437
  -464
  -492
  261
  239
  215
  191
  166
  140
  112
  83
  53
  22
  -14
  -61
  -110
  -162
  -215
  -272
  -330
  -392
  -457
  -524
Depreciation, amort., depletion, $m
  4,900
  5,177
  5,465
  5,765
  6,076
  6,401
  6,738
  7,090
  7,457
  7,839
  7,359
  7,776
  8,210
  8,665
  9,140
  9,636
  10,156
  10,699
  11,268
  11,863
  12,486
  13,139
  13,823
  14,540
  15,292
  16,079
  16,905
  17,771
  18,679
  19,632
Funds from operations, $m
  4,632
  4,884
  5,151
  5,427
  5,716
  6,016
  6,328
  6,654
  6,993
  7,347
  7,620
  8,014
  8,426
  8,856
  9,306
  9,776
  10,268
  10,782
  11,321
  11,885
  12,472
  13,078
  13,713
  14,379
  15,076
  15,808
  16,575
  17,379
  18,222
  19,107
Change in working capital, $m
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -85
  -88
  -92
  -96
  -100
  -105
  -110
  -115
  -120
  -126
  -131
  -138
  -144
  -151
  -158
  -166
  -174
  -182
  -191
  -200
  -210
  -220
Cash from operations, $m
  4,694
  4,948
  5,217
  5,497
  5,788
  6,091
  6,406
  6,735
  7,078
  7,436
  7,712
  8,111
  8,526
  8,961
  9,415
  9,891
  10,388
  10,908
  11,452
  12,023
  12,616
  13,229
  13,871
  14,544
  15,250
  15,990
  16,765
  17,579
  18,432
  19,327
Maintenance CAPEX, $m
  -3,755
  -4,021
  -4,298
  -4,586
  -4,886
  -5,197
  -5,522
  -5,859
  -6,211
  -6,578
  -6,960
  -7,359
  -7,776
  -8,210
  -8,665
  -9,140
  -9,636
  -10,156
  -10,699
  -11,268
  -11,863
  -12,486
  -13,139
  -13,823
  -14,540
  -15,292
  -16,079
  -16,905
  -17,771
  -18,679
New CAPEX, $m
  -2,664
  -2,771
  -2,880
  -2,995
  -3,116
  -3,243
  -3,377
  -3,518
  -3,667
  -3,824
  -3,990
  -4,165
  -4,349
  -4,544
  -4,749
  -4,965
  -5,193
  -5,433
  -5,687
  -5,953
  -6,234
  -6,530
  -6,841
  -7,169
  -7,514
  -7,876
  -8,258
  -8,659
  -9,081
  -9,524
Cash from investing activities, $m
  -6,419
  -6,792
  -7,178
  -7,581
  -8,002
  -8,440
  -8,899
  -9,377
  -9,878
  -10,402
  -10,950
  -11,524
  -12,125
  -12,754
  -13,414
  -14,105
  -14,829
  -15,589
  -16,386
  -17,221
  -18,097
  -19,016
  -19,980
  -20,992
  -22,054
  -23,168
  -24,337
  -25,564
  -26,852
  -28,203
Free cash flow, $m
  -1,725
  -1,843
  -1,961
  -2,085
  -2,214
  -2,350
  -2,492
  -2,642
  -2,800
  -2,966
  -3,238
  -3,413
  -3,598
  -3,793
  -3,998
  -4,214
  -4,442
  -4,681
  -4,933
  -5,198
  -5,481
  -5,788
  -6,110
  -6,448
  -6,804
  -7,178
  -7,572
  -7,985
  -8,420
  -8,876
Issuance/(repayment) of debt, $m
  2,681
  2,713
  2,820
  2,933
  3,051
  3,176
  3,307
  3,445
  3,591
  3,745
  3,907
  4,078
  4,259
  4,449
  4,650
  4,862
  5,085
  5,321
  5,569
  5,830
  6,105
  6,395
  6,699
  7,020
  7,358
  7,713
  8,087
  8,479
  8,892
  9,327
Issuance/(repurchase) of shares, $m
  953
  1,005
  1,055
  1,108
  1,162
  1,219
  1,279
  1,341
  1,407
  1,476
  765
  832
  903
  977
  1,055
  1,137
  1,223
  1,314
  1,409
  1,509
  1,618
  1,741
  1,870
  2,005
  2,148
  2,297
  2,454
  2,619
  2,792
  2,974
Cash from financing (excl. dividends), $m  
  3,634
  3,718
  3,875
  4,041
  4,213
  4,395
  4,586
  4,786
  4,998
  5,221
  4,672
  4,910
  5,162
  5,426
  5,705
  5,999
  6,308
  6,635
  6,978
  7,339
  7,723
  8,136
  8,569
  9,025
  9,506
  10,010
  10,541
  11,098
  11,684
  12,301
Total cash flow (excl. dividends), $m
  1,909
  1,875
  1,915
  1,956
  1,999
  2,045
  2,093
  2,144
  2,198
  2,254
  1,434
  1,497
  1,564
  1,634
  1,707
  1,785
  1,867
  1,954
  2,045
  2,140
  2,241
  2,348
  2,460
  2,578
  2,701
  2,832
  2,969
  3,113
  3,265
  3,424
Retained Cash Flow (-), $m
  -953
  -1,005
  -1,055
  -1,108
  -1,162
  -1,219
  -1,279
  -1,341
  -1,407
  -1,476
  -1,026
  -1,071
  -1,118
  -1,168
  -1,221
  -1,277
  -1,336
  -1,397
  -1,462
  -1,531
  -1,618
  -1,741
  -1,870
  -2,005
  -2,148
  -2,297
  -2,454
  -2,619
  -2,792
  -2,974
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
  80
  86
  92
  98
  105
  111
  118
  125
  133
  141
  149
  157
  166
  176
  185
  196
  206
  217
  229
  241
  254
  267
  281
  296
  311
  327
  344
  362
  380
  400
Cash available for distribution, $m
  955
  870
  859
  848
  837
  826
  814
  803
  791
  778
  408
  426
  445
  465
  486
  508
  532
  556
  582
  609
  624
  607
  590
  572
  554
  535
  515
  494
  473
  450
Discount rate, %
  9.60
  10.08
  10.58
  11.11
  11.67
  12.25
  12.86
  13.51
  14.18
  14.89
  15.64
  16.42
  17.24
  18.10
  19.01
  19.96
  20.96
  22.00
  23.10
  24.26
  25.47
  26.75
  28.08
  29.49
  30.96
  32.51
  34.13
  35.84
  37.63
  39.51
PV of cash for distribution, $m
  872
  718
  635
  557
  482
  413
  349
  291
  240
  194
  83
  69
  56
  45
  36
  28
  21
  16
  11
  8
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  96.3
  92.8
  89.6
  86.4
  83.4
  80.6
  77.9
  75.3
  72.8
  70.5
  69.3
  68.2
  67.0
  65.8
  64.7
  63.5
  62.3
  61.1
  59.9
  58.7
  57.6
  56.4
  55.2
  54.0
  52.9
  51.7
  50.5
  49.4
  48.2
  47.1

The Williams Companies, Inc. is an energy infrastructure company. The Company is focused on connecting North America's hydrocarbon resource plays to markets for natural gas, natural gas liquids (NGL), and olefins. As of December 31, 2016, its interstate gas pipelines, midstream and olefins production interests were held through its investment in Williams Partners L.P. (WPZ). The Company's segments include Williams Partners, Williams NGL & Petchem Services and Other. The Williams Partners segment includes its consolidated master limited partnership, WPZ. The gas pipeline business includes interstate natural gas pipelines and pipeline joint project investments. The midstream business provides natural gas gathering, treating, processing and compression services. The Williams NGL & Petchem Services segment includes its Texas Belle pipeline and certain other domestic olefins pipeline assets. Other segment includes its corporate operations and Canadian construction services company.

FINANCIAL RATIOS  of  Williams (WMB)

Valuation Ratios
P/E Ratio -53.6
Price to Sales 3
Price to Book 4.9
Price to Tangible Book
Price to Cash Flow 6.2
Price to Free Cash Flow 14.1
Growth Rates
Sales Growth Rate 1.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -35.2%
Cap. Spend. - 3 Yr. Gr. Rate -10.5%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 487.3%
Total Debt to Equity 506.2%
Interest Coverage 1
Management Effectiveness
Return On Assets 1.4%
Ret/ On Assets - 3 Yr. Avg. 2.8%
Return On Total Capital -1.4%
Ret/ On T. Cap. - 3 Yr. Avg. 1.9%
Return On Equity -7.9%
Return On Equity - 3 Yr. Avg. 5.2%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 77%
Gross Margin - 3 Yr. Avg. 71.1%
EBITDA Margin 33.9%
EBITDA Margin - 3 Yr. Avg. 39.8%
Operating Margin 3.6%
Oper. Margin - 3 Yr. Avg. 2.9%
Pre-Tax Margin -5%
Pre-Tax Margin - 3 Yr. Avg. 6.2%
Net Profit Margin -5.7%
Net Profit Margin - 3 Yr. Avg. 4.8%
Effective Tax Rate 6.7%
Eff/ Tax Rate - 3 Yr. Avg. 21.6%
Payout Ratio -297.4%

WMB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WMB stock intrinsic value calculation we used $8031 million for the last fiscal year's total revenue generated by Williams. The default revenue input number comes from 2017 income statement of Williams. 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 WMB stock valuation model: a) initial revenue growth rate of 7.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 9.6%, whose default value for WMB is calculated based on our internal credit rating of Williams, 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 Williams.
    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 WMB stock the variable cost ratio is equal to 90.7%.

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 WMB 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 Williams.

Corporate tax rate of 27% is the nominal tax rate for Williams. 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 WMB stock is equal to 1%.

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 WMB are equal to 467.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Williams 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 WMB is equal to -10.8%. 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 - $9656 million for Williams - 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 826 million for Williams 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 Williams at the current share price and the inputted number of shares is $25.0 billion.

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COMPANY NEWS

▶ Williams Announces Quarterly Cash Dividend   [Aug-15-18 02:00PM  Business Wire]
▶ 3 Top Energy Stocks to Buy in August   [Aug-11-18 07:17AM  Motley Fool]
▶ Earnings pops & drops in the trader blitz   [01:52PM  CNBC Videos]
▶ Williams Cos.: 2Q Earnings Snapshot   [04:56PM  Associated Press]
▶ Williams Appoints Vicki Fuller to Board of Directors   [Jul-31-18 05:30PM  Business Wire]
▶ TPGs middle market fund sells Dallas energy company for $1.2B   [12:00PM  American City Business Journals]
▶ KKR, Williams to Buy Shale Pipe Operator for $1.2B   [Jul-29-18 08:00PM  Rigzone.com]
▶ Williams Partners Announces Quarterly Cash Distribution   [Jul-23-18 04:30PM  Business Wire]
▶ Jefferies Issues MLP Update With New Franchise Pick   [Jul-22-18 05:00PM  Benzinga]
▶ Better Buy: Kinder Morgan, Inc. vs. Williams Partners   [Jul-20-18 08:06AM  Motley Fool]
▶ 2 Dividend Stocks I'd Buy Right Now   [Jul-14-18 10:22AM  Motley Fool]
▶ The 3 Worst Energy Stocks of 2018 (So Far)   [Jul-09-18 10:19AM  Motley Fool]
▶ WBI Factor Dividend ETF Tops $50M in AUM   [Jun-26-18 11:01AM  ETF Trends]
▶ Why This Time It May Be Different for Kinder Morgan Stock   [Jun-22-18 01:02PM  InvestorPlace]
▶ 2 Dividend Stocks to Buy on Sale   [Jun-17-18 05:32PM  Motley Fool]
▶ Williams Appoints Nancy K. Buese to Board of Directors   [Jun-04-18 06:45AM  Business Wire]
▶ This High-Yield Stock Has High-Octane Growth Ahead   [May-30-18 02:37PM  Motley Fool]
▶ [$$] The Tax-Free Investment Causing Massive Tax Headaches   [May-25-18 11:25PM  The Wall Street Journal]
▶ [$$] The'Tax-Free'Investment Causing Massive Tax Headaches   [05:57AM  The Wall Street Journal]
▶ Why You Should Williams Companies Stock Now   [May-22-18 05:07PM  Zacks]
▶ Tulsa-based Williams buys all shares of unit in $10.5B deal   [May-18-18 03:55PM  Associated Press]
▶ Company News For May 18, 2018   [09:58AM  Zacks]
▶ 'Florida Poly 2.0' envisions a research park and mini-city in Lakeland   [02:13PM  American City Business Journals]
▶ Williams Announces Quarterly Cash Dividend   [May-10-18 11:00AM  Business Wire]
▶ MARKETS: Wall Street braces for Trump-Iran announcement   [May-08-18 10:59AM  Yahoo Finance Video]
▶ 9 Energy Stocks With 15% Upside: Goldman   [May-04-18 08:00AM  Investopedia]
▶ Williams Companies Inc. Is Off to a Great Start in 2018   [May-03-18 04:16PM  Motley Fool]
▶ Williams Cos.: 1Q Earnings Snapshot   [May-02-18 04:43PM  Associated Press]
▶ U.S. Pipeline Companies Face Hefty Overcharge Payback   [Apr-28-18 03:00PM  Oilprice.com]
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