Summit Midstream stock: fair value
SMCThe fair value of Summit Midstream under our model is $60.20, the price is 48% below.
The fair value is an estimate from our model, not a price target.
Daily figure as of 13 Nov 2026
Valuation signal
Possible value trapIn our model the price counts as cheap below $46.31 and expensive above $86.00 (uncertainty medium, based on the price swings of the past year).
Calculated with a cost of equity of 9.1%. At 10.1% the fair value would be $50.89, at 8.1% it would be $73.88.
Possible value trap: looks cheap, but score below 50.
Where the number comes from
From the cash-flow model alone; without earnings there is no industry value.
Ten-year cash-flow model from smoothed free cash flow and its past growth until it reaches 3.8%. Discounted at 9.1% (government bond yield 3.8% plus beta 1.18 times a risk premium of 4.4%); no analyst estimates were available.
Calculate with your own assumptionsThe calculation step by step
With these figures the cash flow model arrives at $60.20 per share: free cash flow for the next ten years, each year discounted to today at 9.1%, plus the terminal value for the years after. The table explains the calculation; it is not a recommendation.
Calculation as a table
| Year | Free cash flow | Source | Discount factor | Present value (discounted at 9.1%) |
|---|---|---|---|---|
| 2026 | $57.17M | extrapolated at −9.4% | 0.9168 | $52.41M |
| 2027 | $54.08M | extrapolated at −5.4% | 0.8406 | $45.45M |
| 2028 | $52.65M | extrapolated at −2.6% | 0.7707 | $40.57M |
| 2029 | $52.28M | extrapolated at −0.7% | 0.7066 | $36.94M |
| 2030 | $52.63M | extrapolated at 0.7% | 0.6478 | $34.09M |
| 2031 | $53.48M | extrapolated at 1.6% | 0.5939 | $31.76M |
| 2032 | $54.7M | extrapolated at 2.3% | 0.5445 | $29.78M |
| 2033 | $56.2M | extrapolated at 2.7% | 0.4992 | $28.05M |
| 2034 | $57.92M | extrapolated at 3.1% | 0.4577 | $26.51M |
| 2035 | $59.83M | extrapolated at 3.3% | 0.4196 | $25.11M |
| Step | Value |
|---|---|
| Sum of present values (ten years) | $350.68M |
| Terminal value: cash flow 2035 × (1 + 3.8%) / (9.1% − 3.8%) | $1.19B |
| Present value of terminal value (× 0.4196) | $497.26M |
| Equity value (sum plus present value of terminal value) | $847.95M |
| Shares (diluted) | 14.09M |
| Value per share (equity value divided by shares) | $60.20 |
| Fair value (from the cash flow model alone) | $60.20 |
The model uses free cash flow after interest, which belongs to shareholders, discounted at the cost of equity. Net debt is therefore not deducted again.
Data status and sources
- Score
- Daily value of 13 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Weak, published since 7 Nov 2026 (in the score history since 25 Jul 2025)
- Valuation signal Fairly valued since 7 Nov 2026
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.