Natural Resource Partners Lp

Energy
Coal Mining
www.nrplp.com

Earnings Score
Moat Score
Safety Score

Market Cap $1.42B
PE 8
Debt $211.90M
Cash $30.90M
EV $1.60B
FCF $260.06M

Earnings

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Sales & Net Margins

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Earnings	$174.97M
EBIT	$221.80M
ROE	34%
ROA	28%
FCF	$260.06M
Equity	$517.19M
Growth Stability	-292%
PE	8.1
PEG	0.13
PB	2.74
P/FCF	5.45
P/S	5.82
Price/Cash	0.02
Debt/Equity	0.41
Debt/FCF	0.81
Net Margins	66%
Gross Margins	89%
Op. Margins	91%
Earnings CAGR	8%
Sales Growth YoY	-26%
Sales Growth QoQ	-8%
Sales CAGR	-3%
FCF CAGR	11%
Equity CAGR	8%
Earnings Stability	0.17
Earnings Growth YoY	-38%
Earnings Growth QoQ	-12%

Earnings CAGR 5Y	61%
Sales CAGR 5Y	12%
FCF CAGR 5Y	33%
Equity CAGR 5Y	23%
Earnings CAGR 3Y	-2%
Sales CAGR 3Y	-2%
FCF CAGR 3Y	30%
Equity CAGR 3Y	25%
Market Cap	$1.42B
Revenue	$243.49M
Assets	$789.87M
Total Debt	$211.90M
Cash	$30.90M
Shares Outstanding	13.24M
EV	1.6B
Earnings Score	9%
Moat Score	98%
Safety Score	64%
Final Score	57%
Working Capital	39.55M
Current Ratio	2.33
Gross Profit	$216.24M
Shares Growth 3y	2%
Equity Growth QoQ	4%
Equity Growth YoY	3%

Assets & ROA

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Stockholders Equity & ROE

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Natural Resources Partners LP is a diversified natural resource company. It is primarily engaged in the business of owning, managing and leasing a diversified portfolio of mineral properties in the United States, including interests in coal, trona and soda ash, crude oil and natural gas, construction aggregates, frac sand, and other natural resources. The company leases coal reserves to experience mine operators under long-term leases that grant the operator the right to mine its coal reserves in exchange for royalty payments. The company operates in two reportable segments namely: Mineral Rights and Soda Ash. the majority of the revenue is generated from the Mineral Rights segment. The business activity of the group primarily functions through the United States.

SEC Filings

Direct access to Natural Resource Partners Lp (NRP) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Natural Resource Partners Lp compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Natural Resource Partners Lp compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 8%

Stability 17%

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Natural Resource Partners Lp Discounted Cash Flow

Fully customizable DCF calculator online for Natural Resource Partners Lp.

Years

Calculation mode

= $5.7B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$260M	$290M	$322M	$359M	$400M	$445M	$496M	$552M	$615M	$685M	$762M	$7.6B
DCF		$263M	$266M	$270M	$273M	$276M	$280M	$283M	$287M	$290M	$294M	$2.9B
Value	$5.7B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	27%	-117%	39%	26%	44%	-21%	-82%	36%	78%	72%	66%
ROA	-	-28%	13%	13%	14%	5%	-5%	15%	35%	37%	28%
ROE	-	-749%	64%	24%	26%	-16%	-56%	30%	50%	38%	34%

Good Net Margins (65.74%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	9.26	12.46	7.55	4.25	3.96	5.79	3.92	0.78	0.6	0.81
Debt over Equity	2.16	19.23	8.43	3.42	1.89	1.68	2.53	1.87	0.44	0.35	0.41
Growth Stability	-	-	-	-	-	-61%	-292%	-	-	100%	-292%

Good Debt/FCF ratio (0.81)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Good Debt/Equity ratio (0.41)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (-292%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	22%	-49%	-3%	3%	3%	-46%	55%	42%	-9%	12%
Earnings YoY growth	-	-625%	-117%	-35%	73%	-150%	111%	-167%	209%	-16%	61%
Equity YoY growth	-	-89%	99%	75%	60%	-20%	-40%	25%	86%	11%	23%
FCF YoY growth	-	-149%	-35%	17%	57%	-24%	-38%	36%	119%	17%	33%