Noble Midstream Partners LP Stock Is Believed To Be Modestly Overvalued

GuruFocus.com
·4 min read

- By GF Value

The stock of Noble Midstream Partners LP (NAS:NBLX, 30-year Financials) is estimated to be modestly overvalued, according to GuruFocus Value calculation. GuruFocus Value is GuruFocus' estimate of the fair value at which the stock should be traded. It is calculated based on the historical multiples that the stock has traded at, the past business growth and analyst estimates of future business performance. If the price of a stock is significantly above the GF Value Line, it is overvalued and its future return is likely to be poor. On the other hand, if it is significantly below the GF Value Line, its future return will likely be higher. At its current price of $14.7 per share and the market cap of $1.3 billion, Noble Midstream Partners LP stock gives every indication of being modestly overvalued. GF Value for Noble Midstream Partners LP is shown in the chart below.


Noble Midstream Partners LP Stock Is Believed To Be Modestly Overvalued
Noble Midstream Partners LP Stock Is Believed To Be Modestly Overvalued

Because Noble Midstream Partners LP is relatively overvalued, the long-term return of its stock is likely to be lower than its business growth.

Link: These companies may deliever higher future returns at reduced risk.

Companies with poor financial strength offer investors a high risk of permanent capital loss. To avoid permanent capital loss, an investor must do their research and review a company's financial strength before deciding to purchase shares. Both the cash-to-debt ratio and interest coverage of a company are a great way to to understand its financial strength. Noble Midstream Partners LP has a cash-to-debt ratio of 0.01, which which ranks in the bottom 10% of the companies in Oil & Gas industry. The overall financial strength of Noble Midstream Partners LP is 3 out of 10, which indicates that the financial strength of Noble Midstream Partners LP is poor. This is the debt and cash of Noble Midstream Partners LP over the past years:

Noble Midstream Partners LP Stock Is Believed To Be Modestly Overvalued
Noble Midstream Partners LP Stock Is Believed To Be Modestly Overvalued

Companies that have been consistently profitable over the long term offer less risk for investors who may want to purchase shares. Higher profit margins usually dictate a better investment compared to a company with lower profit margins. Noble Midstream Partners LP has been profitable 6 over the past 10 years. Over the past twelve months, the company had a revenue of $764.6 million and earnings of $1.49 a share. Its operating margin is 34.85%, which ranks better than 91% of the companies in Oil & Gas industry. Overall, the profitability of Noble Midstream Partners LP is ranked 7 out of 10, which indicates fair profitability. This is the revenue and net income of Noble Midstream Partners LP over the past years:

Noble Midstream Partners LP Stock Is Believed To Be Modestly Overvalued
Noble Midstream Partners LP Stock Is Believed To Be Modestly Overvalued

One of the most important factors in the valuation of a company is growth. Long-term stock performance is closely correlated with growth according to GuruFocus research. Companies that grow faster create more value for shareholders, especially if that growth is profitable. The average annual revenue growth of Noble Midstream Partners LP is -18.9%, which ranks worse than 81% of the companies in Oil & Gas industry. The 3-year average EBITDA growth is -40.1%, which ranks worse than 86% of the companies in Oil & Gas industry.

Another method of determining the profitability of a company is to compare its return on invested capital to the weighted average cost of capital. Return on invested capital (ROIC) measures how well a company generates cash flow relative to the capital it has invested in its business. The weighted average cost of capital (WACC) is the rate that a company is expected to pay on average to all its security holders to finance its assets. When the ROIC is higher than the WACC, it implies the company is creating value for shareholders. For the past 12 months, Noble Midstream Partners LP's return on invested capital is 8.51, and its cost of capital is 11.57. The historical ROIC vs WACC comparison of Noble Midstream Partners LP is shown below:

Noble Midstream Partners LP Stock Is Believed To Be Modestly Overvalued
Noble Midstream Partners LP Stock Is Believed To Be Modestly Overvalued

Overall, Noble Midstream Partners LP (NAS:NBLX, 30-year Financials) stock is believed to be modestly overvalued. The company's financial condition is poor and its profitability is fair. Its growth ranks worse than 86% of the companies in Oil & Gas industry. To learn more about Noble Midstream Partners LP stock, you can check out its 30-year Financials here.

To find out the high quality companies that may deliever above average returns, please check out GuruFocus High Quality Low Capex Screener.

This article first appeared on GuruFocus.

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