Discounted Cash Flow

Natural Resource Partners L.P. LP

NRP · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $371.0m $96.9m $102.6m 26.1%
2017 $374.2m (0.9%) $88.7m (-8.5%) $119.8m (16.9%) 23.7% (-9.3%)
2018 $202.8m (-45.8%) $139.5m (57.4%) $188.9m (57.6%) 68.8% (190.4%)
2019 $210.3m (3.7%) $-24.5m (-117.5%) $137.3m (-27.3%) -11.6% (-116.9%)
2020 $129.0m (-38.7%) $-84.8m (-246.8%) $89.3m (-35.0%) -65.7% (-465.4%)
2021 $194.2m (50.6%) $77.3m (191.1%) $121.8m (36.4%) 39.8% (160.5%)
2022 $307.0m (58.1%) $238.5m (208.6%) $266.7m (119.0%) 77.7% (95.2%)
2023 $278.7m (-9.2%) $200.8m (-15.8%) $311.0m (16.6%) 72.0% (-7.3%)
2024 $232.4m (-16.6%) $154.9m (-22.8%) $248.5m (-20.1%) 66.7% (-7.4%)
2025 $117.4m (-49.5%) $136.4m (-12.0%) $165.9m (-33.3%) 116.2% (74.2%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model