Dorchester Minerals, L.P.

AI-generated fair value estimate for this company.

Method: 10-year declining-FCF distribution model: $156.70M TTM free cash flow base declining 3%/year for years 1-10 (net natural reservoir depletion after modest reinvestment/acquisitions); 9% discount rate; -1% perpetual terminal decline rate; +$0.07B net cash; 49.09M units outstanding.

Reasoning: Dorchester is a non-operated oil & gas mineral/royalty partnership that distributes nearly all cash flow to unitholders from a depleting (but periodically acquisition-replenished) asset base, so a declining-annuity distribution model fits its economics better than a growth-oriented DCF.