Intrinsic value of Aegean Marine Petroleum Network - ANW

Previous Close

$4.90

  Intrinsic Value

$3.37

stock screener

  Rating & Target

sell

-31%

  Value-price divergence*

+21%

Previous close

$4.90

 
Intrinsic value

$3.37

 
Up/down potential

-31%

 
Rating

sell

 
Value-price divergence*

+21%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of ANW stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -3.69
  29.00
  26.60
  24.44
  22.50
  20.75
  19.17
  17.75
  16.48
  15.33
  14.30
  13.37
  12.53
  11.78
  11.10
  10.49
  9.94
  9.45
  9.00
  8.60
  8.24
  7.92
  7.63
  7.36
  7.13
  6.91
  6.72
  6.55
  6.40
  6.26
  6.13
Revenue, $m
  4,076
  5,258
  6,657
  8,284
  10,147
  12,252
  14,601
  17,194
  20,027
  23,097
  26,400
  29,929
  33,679
  37,646
  41,825
  46,213
  50,807
  55,607
  60,613
  65,827
  71,252
  76,894
  82,758
  88,852
  95,185
  101,766
  108,608
  115,722
  123,123
  130,826
  138,846
Variable operating expenses, $m
 
  5,161
  6,533
  8,128
  9,955
  12,018
  14,321
  16,863
  19,641
  22,651
  25,888
  29,342
  33,019
  36,908
  41,005
  45,306
  49,810
  54,516
  59,424
  64,536
  69,855
  75,386
  81,134
  87,109
  93,317
  99,769
  106,477
  113,452
  120,708
  128,259
  136,122
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  3,982
  5,161
  6,533
  8,128
  9,955
  12,018
  14,321
  16,863
  19,641
  22,651
  25,888
  29,342
  33,019
  36,908
  41,005
  45,306
  49,810
  54,516
  59,424
  64,536
  69,855
  75,386
  81,134
  87,109
  93,317
  99,769
  106,477
  113,452
  120,708
  128,259
  136,122
Operating income, $m
  94
  97
  124
  156
  192
  234
  280
  331
  386
  447
  511
  587
  661
  739
  821
  907
  997
  1,091
  1,189
  1,291
  1,398
  1,509
  1,624
  1,743
  1,867
  1,997
  2,131
  2,270
  2,416
  2,567
  2,724
EBITDA, $m
  137
  152
  193
  240
  294
  354
  422
  497
  579
  668
  764
  866
  974
  1,089
  1,210
  1,337
  1,470
  1,609
  1,753
  1,904
  2,061
  2,224
  2,394
  2,570
  2,753
  2,944
  3,142
  3,347
  3,562
  3,784
  4,016
Interest expense (income), $m
  26
  25
  35
  46
  58
  73
  90
  108
  129
  151
  175
  201
  229
  258
  289
  322
  357
  393
  431
  470
  511
  554
  598
  644
  692
  742
  794
  848
  904
  962
  1,022
Earnings before tax, $m
  56
  71
  89
  110
  134
  161
  190
  223
  258
  296
  336
  386
  432
  480
  531
  584
  640
  698
  758
  821
  887
  955
  1,025
  1,099
  1,175
  1,255
  1,337
  1,423
  1,512
  1,605
  1,702
Tax expense, $m
  4
  19
  24
  30
  36
  43
  51
  60
  70
  80
  91
  104
  117
  130
  143
  158
  173
  188
  205
  222
  239
  258
  277
  297
  317
  339
  361
  384
  408
  433
  459
Net income, $m
  52
  52
  65
  81
  98
  117
  139
  163
  188
  216
  246
  282
  315
  351
  388
  427
  467
  510
  554
  600
  647
  697
  749
  802
  858
  916
  976
  1,039
  1,104
  1,172
  1,242

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  94
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,601
  1,944
  2,461
  3,062
  3,751
  4,529
  5,398
  6,356
  7,404
  8,539
  9,760
  11,064
  12,451
  13,917
  15,462
  17,084
  18,783
  20,557
  22,408
  24,335
  26,341
  28,427
  30,594
  32,847
  35,188
  37,621
  40,151
  42,781
  45,517
  48,364
  51,329
Adjusted assets (=assets-cash), $m
  1,507
  1,944
  2,461
  3,062
  3,751
  4,529
  5,398
  6,356
  7,404
  8,539
  9,760
  11,064
  12,451
  13,917
  15,462
  17,084
  18,783
  20,557
  22,408
  24,335
  26,341
  28,427
  30,594
  32,847
  35,188
  37,621
  40,151
  42,781
  45,517
  48,364
  51,329
Revenue / Adjusted assets
  2.705
  2.705
  2.705
  2.705
  2.705
  2.705
  2.705
  2.705
  2.705
  2.705
  2.705
  2.705
  2.705
  2.705
  2.705
  2.705
  2.705
  2.705
  2.705
  2.705
  2.705
  2.705
  2.705
  2.705
  2.705
  2.705
  2.705
  2.705
  2.705
  2.705
  2.705
Average production assets, $m
  494
  636
  805
  1,002
  1,228
  1,483
  1,767
  2,080
  2,423
  2,795
  3,194
  3,621
  4,075
  4,555
  5,061
  5,592
  6,148
  6,728
  7,334
  7,965
  8,622
  9,304
  10,014
  10,751
  11,517
  12,314
  13,142
  14,002
  14,898
  15,830
  16,800
Working capital, $m
  411
  815
  1,032
  1,284
  1,573
  1,899
  2,263
  2,665
  3,104
  3,580
  4,092
  4,639
  5,220
  5,835
  6,483
  7,163
  7,875
  8,619
  9,395
  10,203
  11,044
  11,919
  12,828
  13,772
  14,754
  15,774
  16,834
  17,937
  19,084
  20,278
  21,521
Total debt, $m
  818
  989
  1,303
  1,669
  2,088
  2,561
  3,089
  3,672
  4,308
  4,999
  5,741
  6,534
  7,377
  8,269
  9,208
  10,194
  11,227
  12,306
  13,431
  14,603
  15,822
  17,090
  18,408
  19,778
  21,202
  22,681
  24,219
  25,818
  27,481
  29,213
  31,015
Total liabilities, $m
  1,011
  1,182
  1,496
  1,862
  2,281
  2,754
  3,282
  3,865
  4,501
  5,192
  5,934
  6,727
  7,570
  8,462
  9,401
  10,387
  11,420
  12,499
  13,624
  14,796
  16,015
  17,283
  18,601
  19,971
  21,395
  22,874
  24,412
  26,011
  27,674
  29,406
  31,208
Total equity, $m
  590
  762
  965
  1,200
  1,470
  1,776
  2,116
  2,492
  2,902
  3,347
  3,826
  4,337
  4,881
  5,456
  6,061
  6,697
  7,363
  8,058
  8,784
  9,539
  10,326
  11,143
  11,993
  12,876
  13,794
  14,748
  15,739
  16,770
  17,843
  18,959
  20,121
Total liabilities and equity, $m
  1,601
  1,944
  2,461
  3,062
  3,751
  4,530
  5,398
  6,357
  7,403
  8,539
  9,760
  11,064
  12,451
  13,918
  15,462
  17,084
  18,783
  20,557
  22,408
  24,335
  26,341
  28,426
  30,594
  32,847
  35,189
  37,622
  40,151
  42,781
  45,517
  48,365
  51,329
Debt-to-equity ratio
  1.386
  1.300
  1.350
  1.390
  1.420
  1.440
  1.460
  1.470
  1.480
  1.490
  1.500
  1.510
  1.510
  1.520
  1.520
  1.520
  1.520
  1.530
  1.530
  1.530
  1.530
  1.530
  1.530
  1.540
  1.540
  1.540
  1.540
  1.540
  1.540
  1.540
  1.540
Adjusted equity ratio
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  52
  52
  65
  81
  98
  117
  139
  163
  188
  216
  246
  282
  315
  351
  388
  427
  467
  510
  554
  600
  647
  697
  749
  802
  858
  916
  976
  1,039
  1,104
  1,172
  1,242
Depreciation, amort., depletion, $m
  43
  56
  69
  84
  101
  121
  143
  167
  193
  222
  252
  279
  313
  350
  389
  430
  473
  518
  564
  613
  663
  716
  770
  827
  886
  947
  1,011
  1,077
  1,146
  1,218
  1,292
Funds from operations, $m
  -242
  108
  134
  164
  199
  238
  281
  329
  381
  437
  498
  561
  629
  701
  777
  857
  940
  1,027
  1,118
  1,212
  1,311
  1,413
  1,519
  1,629
  1,744
  1,863
  1,987
  2,116
  2,250
  2,389
  2,535
Change in working capital, $m
  -194
  183
  217
  252
  289
  326
  364
  402
  439
  476
  512
  547
  581
  615
  648
  680
  712
  744
  776
  808
  841
  874
  909
  945
  982
  1,020
  1,060
  1,103
  1,147
  1,194
  1,243
Cash from operations, $m
  -48
  -76
  -83
  -88
  -90
  -88
  -83
  -73
  -58
  -38
  -14
  14
  48
  86
  129
  177
  228
  283
  342
  404
  470
  538
  610
  685
  762
  843
  926
  1,013
  1,103
  1,195
  1,291
Maintenance CAPEX, $m
  0
  -38
  -49
  -62
  -77
  -94
  -114
  -136
  -160
  -186
  -215
  -246
  -279
  -313
  -350
  -389
  -430
  -473
  -518
  -564
  -613
  -663
  -716
  -770
  -827
  -886
  -947
  -1,011
  -1,077
  -1,146
  -1,218
New CAPEX, $m
  -11
  -142
  -169
  -197
  -225
  -255
  -284
  -314
  -343
  -372
  -400
  -427
  -454
  -480
  -506
  -531
  -556
  -581
  -606
  -631
  -656
  -683
  -710
  -737
  -766
  -796
  -828
  -861
  -896
  -932
  -970
Cash from investing activities, $m
  -4
  -180
  -218
  -259
  -302
  -349
  -398
  -450
  -503
  -558
  -615
  -673
  -733
  -793
  -856
  -920
  -986
  -1,054
  -1,124
  -1,195
  -1,269
  -1,346
  -1,426
  -1,507
  -1,593
  -1,682
  -1,775
  -1,872
  -1,973
  -2,078
  -2,188
Free cash flow, $m
  -52
  -256
  -301
  -347
  -393
  -438
  -481
  -522
  -561
  -596
  -629
  -659
  -685
  -707
  -727
  -744
  -758
  -771
  -781
  -791
  -800
  -808
  -815
  -823
  -831
  -839
  -849
  -859
  -870
  -883
  -897
Issuance/(repayment) of debt, $m
  99
  265
  314
  366
  419
  473
  528
  583
  637
  690
  742
  793
  843
  892
  939
  986
  1,033
  1,079
  1,125
  1,172
  1,219
  1,268
  1,318
  1,370
  1,423
  1,479
  1,538
  1,599
  1,664
  1,731
  1,803
Issuance/(repurchase) of shares, $m
  -80
  120
  137
  155
  172
  188
  202
  213
  222
  229
  233
  229
  228
  224
  218
  209
  199
  186
  172
  156
  139
  121
  101
  81
  60
  38
  15
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  10
  385
  451
  521
  591
  661
  730
  796
  859
  919
  975
  1,022
  1,071
  1,116
  1,157
  1,195
  1,232
  1,265
  1,297
  1,328
  1,358
  1,389
  1,419
  1,451
  1,483
  1,517
  1,553
  1,599
  1,664
  1,731
  1,803
Total cash flow (excl. dividends), $m
  -41
  129
  151
  174
  199
  223
  249
  274
  298
  323
  347
  363
  386
  409
  430
  452
  473
  494
  516
  537
  559
  581
  604
  628
  652
  678
  705
  740
  793
  849
  906
Retained Cash Flow (-), $m
  32
  -172
  -203
  -236
  -270
  -305
  -340
  -376
  -411
  -445
  -479
  -511
  -544
  -575
  -606
  -636
  -666
  -696
  -725
  -756
  -786
  -818
  -850
  -883
  -918
  -954
  -991
  -1,031
  -1,073
  -1,116
  -1,162
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -43
  -52
  -62
  -72
  -82
  -92
  -102
  -112
  -122
  -132
  -148
  -157
  -166
  -175
  -184
  -193
  -201
  -210
  -219
  -227
  -237
  -246
  -255
  -265
  -276
  -287
  -291
  -279
  -268
  -256
Discount rate, %
 
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.85
  11.40
  11.97
  12.57
  13.19
  13.85
  14.55
  15.27
  16.04
  16.84
  17.68
  18.57
  19.49
  20.47
  21.49
  22.57
  23.69
  24.88
  26.12
  27.43
  28.80
  30.24
  31.75
  33.34
PV of cash for distribution, $m
 
  -40
  -44
  -48
  -50
  -51
  -51
  -50
  -47
  -44
  -40
  -38
  -33
  -28
  -24
  -20
  -16
  -13
  -10
  -7
  -5
  -4
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  77.5
  61.6
  50.1
  41.6
  35.2
  30.3
  26.4
  23.5
  21.1
  19.2
  17.7
  16.4
  15.4
  14.6
  13.9
  13.3
  12.9
  12.5
  12.2
  11.9
  11.7
  11.6
  11.5
  11.4
  11.4
  11.3
  11.3
  11.3
  11.3
  11.3

Aegean Marine Petroleum Network, Inc., together with its subsidiaries, operates as a marine fuel logistics company that markets and supplies refined marine fuel and lubricants to vessels in port, at sea, and on rivers worldwide. The company offers fueling services to ocean-going and a range of coastal vessels, including oil tankers, container ships, drybulk carriers, cruise ships, reefers, LNG/LPG carriers, car carriers, and ferries, as well as to marine fuel traders, brokers, and other end-users of marine fuel and lubricants. It also markets and distributes marine lubricants under the Alfa Marine Lubricants brand name; and provides a range of shipping services, such as technical support and maintenance, insurance arrangement and handling, financial administration, and accounting services. As of December 31, 2015, the company owned and operated a fleet of 51 bunkering vessels, including 49 double-hull vessels and 1 single hull special purpose vehicle; chartered 13 double hull bunkering vessels with an aggregate carrying capacity of approximately 388,000 deadweight ton (dwt); operated 12 land-based storage facilities with an aggregate storage capacity of approximately 1,160,000 cubic meters; and operated 1 vessel as a floating storage facility with a total cargo carrying capacity of approximately 19,900 dwt. Aegean Marine Petroleum Network, Inc. was founded in 1995 and is headquartered in Athens, Greece.

FINANCIAL RATIOS  of  Aegean Marine Petroleum Network (ANW)

Valuation Ratios
P/E Ratio 3.7
Price to Sales 0
Price to Book 0.3
Price to Tangible Book
Price to Cash Flow -4
Price to Free Cash Flow -3.3
Growth Rates
Sales Growth Rate -3.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 22.2%
Cap. Spend. - 3 Yr. Gr. Rate -30.7%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 85.4%
Total Debt to Equity 138.6%
Interest Coverage 3
Management Effectiveness
Return On Assets 5%
Ret/ On Assets - 3 Yr. Avg. 3.8%
Return On Total Capital 3.8%
Ret/ On T. Cap. - 3 Yr. Avg. 2.6%
Return On Equity 8.6%
Return On Equity - 3 Yr. Avg. 6%
Asset Turnover 2.7
Profitability Ratios
Gross Margin 8.7%
Gross Margin - 3 Yr. Avg. 7.2%
EBITDA Margin 3.1%
EBITDA Margin - 3 Yr. Avg. 2.2%
Operating Margin 2.3%
Oper. Margin - 3 Yr. Avg. 1.7%
Pre-Tax Margin 1.4%
Pre-Tax Margin - 3 Yr. Avg. 0.9%
Net Profit Margin 1.3%
Net Profit Margin - 3 Yr. Avg. 0.8%
Effective Tax Rate 7.1%
Eff/ Tax Rate - 3 Yr. Avg. 4.9%
Payout Ratio 7.7%

ANW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ANW stock intrinsic value calculation we used $4076 million for the last fiscal year's total revenue generated by Aegean Marine Petroleum Network. The default revenue input number comes from 2016 income statement of Aegean Marine Petroleum Network. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ANW stock valuation model: a) initial revenue growth rate of 29% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.1%, whose default value for ANW is calculated based on our internal credit rating of Aegean Marine Petroleum Network, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Aegean Marine Petroleum Network.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ANW stock the variable cost ratio is equal to 98.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ANW stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Aegean Marine Petroleum Network.

Corporate tax rate of 27% is the nominal tax rate for Aegean Marine Petroleum Network. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ANW stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ANW are equal to 12.1%.

Life of production assets of 13 years is the average useful life of capital assets used in Aegean Marine Petroleum Network operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ANW is equal to 15.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $590 million for Aegean Marine Petroleum Network - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 38.827 million for Aegean Marine Petroleum Network is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Aegean Marine Petroleum Network at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ Why Is US Crude Oil Production at a 2-Year High?   [Aug-17-17 10:00AM  Market Realist]
▶ Aegean Marine beats 2Q profit forecasts   [Aug-10-17 09:34PM  Associated Press]
▶ LD Micro Index Reconstitution as of August 1, 2017   [Aug-01-17 09:40AM  ACCESSWIRE]
▶ Aegean Marine misses 1Q profit forecasts   [May-23-17 04:33PM  Associated Press]
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▶ Should You Avoid XO Group Inc (XOXO)?   [04:24AM  at Insider Monkey]
▶ Do Hedge Funds Love Aegean Marine Petroleum Network Inc. (ANW)?   [Dec-04-16 06:17PM  at Insider Monkey]
Stock chart of ANW Financial statements of ANW
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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