Black Stone Minerals, L.P.

AI-generated fair value estimate for this company.

Method: Gordon-growth valuation on cash distributions: current annualized distribution of $1.28 per unit (recently raised quarterly distribution of $0.32, +7%); 0% long-run growth assumption (natural production decline on the mineral/royalty acreage is assumed to be roughly offset by continued bolt-on mineral acquisitions and new drilling on existing acreage, net of commodity-price variability); 10.5% discount rate (commodity-price-exposed upstream royalty MLP); value = distribution / discount rate = $12.19 per unit.

Reasoning: Black Stone Minerals is a mineral and royalty interest owner (non-operator) whose per-unit value is best captured by its sustainable cash distribution rather than GAAP net income, which can be distorted by non-cash reserve revaluations; a flat long-term growth assumption reflects the offsetting dynamics of natural reservoir decline against the partnership's active mineral-acquisition and drilling-participation strategy across its 16.9 million gross acres.