Intrinsic value of AmeriGas Partners - APU

Previous Close

$43.18

  Intrinsic Value

$26.15

stock screener

  Rating & Target

sell

-39%

  Value-price divergence*

-4%

Previous close

$43.18

 
Intrinsic value

$26.15

 
Up/down potential

-39%

 
Rating

sell

 
Value-price divergence*

-4%

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

We calculate the intrinsic value of APU 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 4.1

 

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, %
  -19.86
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
Revenue, $m
  2,053
  2,416
  2,526
  2,642
  2,765
  2,894
  3,030
  3,173
  3,324
  3,483
  3,651
  3,827
  4,012
  4,207
  4,412
  4,628
  4,854
  5,093
  5,343
  5,606
  5,883
  6,173
  6,479
  6,799
  7,136
  7,490
  7,862
  8,253
  8,663
  9,094
  9,546
Variable operating expenses, $m
 
  2,088
  2,174
  2,265
  2,361
  2,462
  2,568
  2,681
  2,799
  2,923
  3,054
  2,994
  3,139
  3,292
  3,452
  3,621
  3,798
  3,985
  4,180
  4,386
  4,603
  4,830
  5,069
  5,320
  5,583
  5,860
  6,151
  6,457
  6,778
  7,115
  7,469
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
  1,938
  2,088
  2,174
  2,265
  2,361
  2,462
  2,568
  2,681
  2,799
  2,923
  3,054
  2,994
  3,139
  3,292
  3,452
  3,621
  3,798
  3,985
  4,180
  4,386
  4,603
  4,830
  5,069
  5,320
  5,583
  5,860
  6,151
  6,457
  6,778
  7,115
  7,469
Operating income, $m
  374
  328
  352
  377
  404
  432
  461
  493
  525
  560
  597
  833
  873
  915
  960
  1,007
  1,056
  1,108
  1,163
  1,220
  1,280
  1,343
  1,410
  1,480
  1,553
  1,630
  1,711
  1,796
  1,885
  1,979
  2,077
EBITDA, $m
  564
  610
  638
  667
  698
  731
  765
  801
  840
  880
  922
  967
  1,013
  1,063
  1,114
  1,169
  1,226
  1,286
  1,350
  1,416
  1,486
  1,559
  1,636
  1,717
  1,802
  1,892
  1,986
  2,084
  2,188
  2,297
  2,411
Interest expense (income), $m
  167
  170
  180
  190
  201
  212
  224
  236
  249
  263
  278
  293
  309
  326
  344
  362
  382
  403
  425
  447
  471
  497
  523
  551
  580
  611
  643
  677
  713
  751
  790
Earnings before tax, $m
  210
  157
  172
  187
  203
  220
  238
  256
  276
  297
  319
  540
  564
  590
  616
  645
  674
  705
  738
  772
  809
  847
  887
  928
  972
  1,019
  1,067
  1,118
  1,172
  1,228
  1,287
Tax expense, $m
  -1
  42
  46
  50
  55
  59
  64
  69
  75
  80
  86
  146
  152
  159
  166
  174
  182
  190
  199
  209
  218
  229
  239
  251
  263
  275
  288
  302
  316
  332
  348
Net income, $m
  207
  115
  125
  136
  148
  160
  173
  187
  202
  217
  233
  394
  412
  430
  450
  471
  492
  515
  539
  564
  590
  618
  647
  678
  710
  744
  779
  816
  856
  897
  940

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  16
  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
  4,058
  4,224
  4,416
  4,619
  4,833
  5,059
  5,297
  5,548
  5,812
  6,090
  6,383
  6,691
  7,015
  7,355
  7,714
  8,091
  8,487
  8,903
  9,341
  9,801
  10,285
  10,793
  11,326
  11,887
  12,476
  13,095
  13,745
  14,428
  15,145
  15,898
  16,689
Adjusted assets (=assets-cash), $m
  4,042
  4,224
  4,416
  4,619
  4,833
  5,059
  5,297
  5,548
  5,812
  6,090
  6,383
  6,691
  7,015
  7,355
  7,714
  8,091
  8,487
  8,903
  9,341
  9,801
  10,285
  10,793
  11,326
  11,887
  12,476
  13,095
  13,745
  14,428
  15,145
  15,898
  16,689
Revenue / Adjusted assets
  0.508
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
Average production assets, $m
  1,463
  1,529
  1,599
  1,672
  1,750
  1,832
  1,918
  2,009
  2,104
  2,205
  2,311
  2,422
  2,540
  2,663
  2,793
  2,929
  3,073
  3,224
  3,382
  3,549
  3,724
  3,908
  4,101
  4,304
  4,517
  4,741
  4,977
  5,224
  5,484
  5,756
  6,043
Working capital, $m
  -244
  -104
  -109
  -114
  -119
  -124
  -130
  -136
  -143
  -150
  -157
  -165
  -173
  -181
  -190
  -199
  -209
  -219
  -230
  -241
  -253
  -265
  -279
  -292
  -307
  -322
  -338
  -355
  -373
  -391
  -410
Total debt, $m
  2,487
  2,610
  2,756
  2,910
  3,072
  3,243
  3,423
  3,613
  3,812
  4,023
  4,245
  4,478
  4,723
  4,981
  5,252
  5,538
  5,838
  6,153
  6,484
  6,832
  7,198
  7,583
  7,987
  8,411
  8,857
  9,326
  9,818
  10,335
  10,878
  11,448
  12,047
Total liabilities, $m
  3,074
  3,197
  3,343
  3,497
  3,659
  3,830
  4,010
  4,200
  4,399
  4,610
  4,832
  5,065
  5,310
  5,568
  5,839
  6,125
  6,425
  6,740
  7,071
  7,419
  7,785
  8,170
  8,574
  8,998
  9,444
  9,913
  10,405
  10,922
  11,465
  12,035
  12,634
Total equity, $m
  984
  1,026
  1,073
  1,122
  1,174
  1,229
  1,287
  1,348
  1,412
  1,480
  1,551
  1,626
  1,705
  1,787
  1,874
  1,966
  2,062
  2,164
  2,270
  2,382
  2,499
  2,623
  2,752
  2,889
  3,032
  3,182
  3,340
  3,506
  3,680
  3,863
  4,056
Total liabilities and equity, $m
  4,058
  4,223
  4,416
  4,619
  4,833
  5,059
  5,297
  5,548
  5,811
  6,090
  6,383
  6,691
  7,015
  7,355
  7,713
  8,091
  8,487
  8,904
  9,341
  9,801
  10,284
  10,793
  11,326
  11,887
  12,476
  13,095
  13,745
  14,428
  15,145
  15,898
  16,690
Debt-to-equity ratio
  2.527
  2.540
  2.570
  2.590
  2.620
  2.640
  2.660
  2.680
  2.700
  2.720
  2.740
  2.750
  2.770
  2.790
  2.800
  2.820
  2.830
  2.840
  2.860
  2.870
  2.880
  2.890
  2.900
  2.910
  2.920
  2.930
  2.940
  2.950
  2.960
  2.960
  2.970
Adjusted equity ratio
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  207
  115
  125
  136
  148
  160
  173
  187
  202
  217
  233
  394
  412
  430
  450
  471
  492
  515
  539
  564
  590
  618
  647
  678
  710
  744
  779
  816
  856
  897
  940
Depreciation, amort., depletion, $m
  190
  282
  286
  290
  295
  299
  304
  309
  314
  320
  326
  134
  140
  147
  154
  162
  170
  178
  187
  196
  206
  216
  227
  238
  250
  262
  275
  289
  303
  318
  334
Funds from operations, $m
  449
  397
  412
  427
  443
  460
  477
  496
  516
  537
  558
  528
  552
  578
  604
  632
  662
  693
  726
  760
  796
  834
  874
  916
  959
  1,006
  1,054
  1,105
  1,158
  1,215
  1,274
Change in working capital, $m
  26
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -19
Cash from operations, $m
  423
  402
  416
  432
  448
  465
  483
  502
  522
  543
  566
  536
  560
  586
  613
  642
  672
  703
  736
  771
  808
  846
  887
  929
  974
  1,021
  1,070
  1,122
  1,176
  1,233
  1,293
Maintenance CAPEX, $m
  0
  -81
  -84
  -88
  -92
  -97
  -101
  -106
  -111
  -116
  -122
  -128
  -134
  -140
  -147
  -154
  -162
  -170
  -178
  -187
  -196
  -206
  -216
  -227
  -238
  -250
  -262
  -275
  -289
  -303
  -318
New CAPEX, $m
  -102
  -67
  -70
  -73
  -78
  -82
  -86
  -91
  -96
  -101
  -106
  -112
  -117
  -123
  -130
  -136
  -143
  -151
  -158
  -167
  -175
  -184
  -193
  -203
  -213
  -224
  -235
  -247
  -260
  -273
  -286
Cash from investing activities, $m
  -125
  -148
  -154
  -161
  -170
  -179
  -187
  -197
  -207
  -217
  -228
  -240
  -251
  -263
  -277
  -290
  -305
  -321
  -336
  -354
  -371
  -390
  -409
  -430
  -451
  -474
  -497
  -522
  -549
  -576
  -604
Free cash flow, $m
  298
  254
  262
  270
  278
  287
  296
  305
  316
  326
  338
  296
  309
  322
  336
  351
  366
  383
  400
  418
  437
  457
  478
  500
  523
  547
  573
  600
  628
  657
  689
Issuance/(repayment) of debt, $m
  95
  139
  145
  154
  162
  171
  180
  190
  200
  211
  222
  233
  245
  258
  271
  285
  300
  315
  331
  348
  366
  385
  404
  424
  446
  468
  492
  517
  543
  570
  599
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  91
  139
  145
  154
  162
  171
  180
  190
  200
  211
  222
  233
  245
  258
  271
  285
  300
  315
  331
  348
  366
  385
  404
  424
  446
  468
  492
  517
  543
  570
  599
Total cash flow (excl. dividends), $m
  389
  394
  408
  423
  440
  458
  476
  495
  516
  537
  559
  529
  554
  580
  608
  636
  666
  698
  731
  766
  803
  841
  882
  924
  969
  1,016
  1,065
  1,116
  1,171
  1,228
  1,287
Retained Cash Flow (-), $m
  180
  -42
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -83
  -87
  -92
  -96
  -101
  -106
  -112
  -117
  -123
  -130
  -136
  -143
  -150
  -158
  -166
  -174
  -183
  -192
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
 
  351
  361
  374
  388
  403
  418
  434
  451
  469
  488
  455
  475
  497
  520
  545
  570
  597
  625
  654
  685
  718
  752
  788
  826
  865
  907
  951
  996
  1,045
  1,095
Discount rate, %
 
  10.40
  10.92
  11.47
  12.04
  12.64
  13.27
  13.94
  14.63
  15.37
  16.13
  16.94
  17.79
  18.68
  19.61
  20.59
  21.62
  22.70
  23.84
  25.03
  26.28
  27.59
  28.97
  30.42
  31.94
  33.54
  35.22
  36.98
  38.83
  40.77
  42.81
PV of cash for distribution, $m
 
  318
  293
  270
  246
  222
  198
  174
  151
  130
  109
  81
  67
  54
  42
  33
  25
  18
  13
  9
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

AmeriGas Partners, L.P. through its subsidiary, AmeriGas Propane, L.P., distributes propane and related equipment and supplies in the United States. It serves approximately 1.9 million residential, commercial, industrial, agricultural, wholesale, and motor fuel customers in 50 states through approximately 1,900 propane distribution locations. The company’s propane is used for home heating, water heating, and cooking purposes; to fire furnaces, as a cutting gas, and in other process applications; as a supplemental fuel and motor fuel; and for tobacco curing, chicken brooding, crop drying, and orchard heating applications. It also sells, installs, and services propane appliances, such as heating systems; and offers residential heating, ventilation, air conditioning, plumbing, and related services. The company markets propane and other services primarily under the AmeriGas, America's Propane Company, Heritage Propane, Relationships Matter, Metro Lawn, and ServiceMark names. AmeriGas Propane, Inc. serves as the general partner of the company. AmeriGas Partners, L.P. was founded in 1994 and is based in King of Prussia, Pennsylvania.

FINANCIAL RATIOS  of  AmeriGas Partners (APU)

Valuation Ratios
P/E Ratio 19.4
Price to Sales 1.7
Price to Book 4.1
Price to Tangible Book
Price to Cash Flow 9.5
Price to Free Cash Flow 12.5
Growth Rates
Sales Growth Rate -19.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -1.7%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 236.4%
Total Debt to Equity 252.7%
Interest Coverage 2
Management Effectiveness
Return On Assets 9.2%
Ret/ On Assets - 3 Yr. Avg. 9.4%
Return On Total Capital 5.9%
Ret/ On T. Cap. - 3 Yr. Avg. 6.5%
Return On Equity 19.3%
Return On Equity - 3 Yr. Avg. 19.2%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 24.5%
EBITDA Margin - 3 Yr. Avg. 20.7%
Operating Margin 16.2%
Oper. Margin - 3 Yr. Avg. 13.9%
Pre-Tax Margin 9.1%
Pre-Tax Margin - 3 Yr. Avg. 8.2%
Net Profit Margin 9%
Net Profit Margin - 3 Yr. Avg. 8%
Effective Tax Rate -0.5%
Eff/ Tax Rate - 3 Yr. Avg. 0.6%
Payout Ratio 187.4%

APU stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the APU stock intrinsic value calculation we used $2312 million for the last fiscal year's total revenue generated by AmeriGas Partners. The default revenue input number comes from 2016 income statement of AmeriGas Partners. 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 APU stock valuation model: a) initial revenue growth rate of 4.5% 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 10.4%, whose default value for APU is calculated based on our internal credit rating of AmeriGas Partners, 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 AmeriGas Partners.
    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 APU stock the variable cost ratio is equal to 86.8%.

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 APU 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 6.9% for AmeriGas Partners.

Corporate tax rate of 27% is the nominal tax rate for AmeriGas Partners. 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 APU 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 APU are equal to 63.3%.

Life of production assets of 18.1 years is the average useful life of capital assets used in AmeriGas Partners 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 APU is equal to -4.3%. 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 - $984 million for AmeriGas Partners - 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 94.577 million for AmeriGas Partners 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 AmeriGas Partners at the current share price and the inputted number of shares is $4.1 billion.

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COMPANY NEWS

▶ AmeriGas Propane Declares Partnership Distribution   [Jul-24-17 06:23PM  Business Wire]
▶ 5 High-Yield Dividend Stocks to Avoid   [12:42PM  GuruFocus.com]
▶ ETFs with exposure to AmeriGas Partners LP : June 2, 2017   [Jun-02-17 01:51PM  Capital Cube]
▶ ETFs with exposure to AmeriGas Partners LP : May 23, 2017   [May-23-17 12:25PM  Capital Cube]
▶ UGI Corp.'s Investments Are Starting to Pay Off   [May-02-17 10:00AM  Motley Fool]
▶ AmeriGas Partners, L.P. Issues Notice of Redemption   [Mar-27-17 04:15PM  Business Wire]
▶ 5 Can't Miss Dividend Hikes Coming This Spring   [Mar-26-17 08:34AM  Forbes]
▶ AmeriGas Partners, L.P. to Issue Notes   [08:21AM  Business Wire]
▶ The Return of Cooler Weather Heats Up UGI Corp.'s Earnings   [Feb-02-17 10:00AM  at Motley Fool]
▶ AmeriGas Propane Declares Partnership Distribution   [Jan-23-17 04:45PM  Business Wire]
▶ Is ICON PLC (ICLR) A Good Stock To Buy?   [02:13AM  at Insider Monkey]
▶ AmeriGas Partners, L.P. to Issue Notes   [08:35AM  Business Wire]
▶ Is Patheon NV (PTHN) Worthy of Your Portfolio?   [Dec-11-16 05:14PM  at Insider Monkey]
▶ Transocean LTD (RIG) Hedge Funds Are Snapping Up   [03:28AM  at Insider Monkey]
▶ UGI Corp Overcomes a Hot September to Deliver a Record Year   [Nov-10-16 12:05PM  at Motley Fool]
▶ AmeriGas Partners Reports Fiscal Year 2016 Earnings   [Nov-09-16 06:00PM  Business Wire]
▶ AmeriGas Propane Declares Partnership Distribution   [Oct-27-16 04:15PM  Business Wire]
Stock chart of APU Financial statements of APU
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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