Intrinsic value of AmeriGas Partners - APU

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$45.02

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$45.02

 
Intrinsic value

$26.73

 
Up/down potential

-41%

 
Rating

sell

 
Value-price divergence* premium content

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*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 4.2

 

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, %
  -19.86
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
  5.02
  5.02
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.00
Revenue, $m
  2,053
  2,430
  2,554
  2,683
  2,819
  2,962
  3,112
  3,269
  3,434
  3,608
  3,789
  3,980
  4,180
  4,391
  4,611
  4,843
  5,086
  5,341
  5,609
  5,891
  6,186
  6,496
  6,822
  7,163
  7,522
  7,899
  8,294
  8,710
  9,145
  9,603
  10,084
Variable operating expenses, $m
 
  2,099
  2,196
  2,297
  2,404
  2,516
  2,633
  2,756
  2,885
  3,021
  3,163
  3,114
  3,271
  3,435
  3,608
  3,789
  3,979
  4,179
  4,389
  4,609
  4,840
  5,082
  5,337
  5,605
  5,885
  6,180
  6,489
  6,814
  7,155
  7,514
  7,890
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
  2,099
  2,196
  2,297
  2,404
  2,516
  2,633
  2,756
  2,885
  3,021
  3,163
  3,114
  3,271
  3,435
  3,608
  3,789
  3,979
  4,179
  4,389
  4,609
  4,840
  5,082
  5,337
  5,605
  5,885
  6,180
  6,489
  6,814
  7,155
  7,514
  7,890
Operating income, $m
  374
  331
  358
  386
  416
  447
  479
  514
  549
  587
  627
  866
  910
  955
  1,003
  1,054
  1,107
  1,162
  1,221
  1,282
  1,346
  1,414
  1,484
  1,559
  1,637
  1,719
  1,805
  1,895
  1,990
  2,090
  2,194
EBITDA, $m
  564
  614
  645
  678
  712
  748
  786
  826
  867
  911
  957
  1,005
  1,056
  1,109
  1,165
  1,223
  1,285
  1,349
  1,417
  1,488
  1,562
  1,641
  1,723
  1,809
  1,900
  1,995
  2,095
  2,200
  2,310
  2,425
  2,547
Interest expense (income), $m
  167
  170
  181
  193
  205
  217
  230
  244
  258
  273
  289
  306
  323
  341
  360
  381
  402
  424
  447
  472
  497
  524
  553
  582
  614
  646
  681
  717
  755
  795
  836
Earnings before tax, $m
  210
  160
  176
  193
  211
  230
  249
  270
  291
  314
  338
  561
  587
  614
  643
  673
  705
  738
  773
  810
  849
  889
  932
  976
  1,023
  1,072
  1,124
  1,178
  1,235
  1,295
  1,358
Tax expense, $m
  -1
  43
  48
  52
  57
  62
  67
  73
  79
  85
  91
  151
  158
  166
  174
  182
  190
  199
  209
  219
  229
  240
  252
  264
  276
  290
  303
  318
  334
  350
  367
Net income, $m
  207
  117
  129
  141
  154
  168
  182
  197
  213
  229
  247
  409
  428
  448
  469
  491
  515
  539
  565
  591
  620
  649
  680
  713
  747
  783
  821
  860
  902
  945
  991

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
  4,248
  4,464
  4,691
  4,929
  5,179
  5,441
  5,716
  6,004
  6,307
  6,625
  6,958
  7,309
  7,676
  8,062
  8,467
  8,892
  9,338
  9,806
  10,298
  10,815
  11,357
  11,926
  12,523
  13,150
  13,809
  14,500
  15,226
  15,989
  16,789
  17,629
Adjusted assets (=assets-cash), $m
  4,042
  4,248
  4,464
  4,691
  4,929
  5,179
  5,441
  5,716
  6,004
  6,307
  6,625
  6,958
  7,309
  7,676
  8,062
  8,467
  8,892
  9,338
  9,806
  10,298
  10,815
  11,357
  11,926
  12,523
  13,150
  13,809
  14,500
  15,226
  15,989
  16,789
  17,629
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
  1,538
  1,616
  1,699
  1,785
  1,875
  1,970
  2,070
  2,174
  2,284
  2,399
  2,519
  2,646
  2,779
  2,919
  3,066
  3,220
  3,381
  3,551
  3,729
  3,916
  4,112
  4,318
  4,534
  4,761
  5,000
  5,250
  5,513
  5,789
  6,079
  6,383
Working capital, $m
  -244
  -104
  -110
  -115
  -121
  -127
  -134
  -141
  -148
  -155
  -163
  -171
  -180
  -189
  -198
  -208
  -219
  -230
  -241
  -253
  -266
  -279
  -293
  -308
  -323
  -340
  -357
  -375
  -393
  -413
  -434
Total debt, $m
  2,487
  2,629
  2,792
  2,964
  3,144
  3,333
  3,532
  3,740
  3,958
  4,187
  4,428
  4,681
  4,946
  5,224
  5,516
  5,822
  6,144
  6,482
  6,837
  7,209
  7,600
  8,010
  8,441
  8,893
  9,368
  9,866
  10,390
  10,939
  11,516
  12,122
  12,758
Total liabilities, $m
  3,074
  3,216
  3,379
  3,551
  3,731
  3,920
  4,119
  4,327
  4,545
  4,774
  5,015
  5,268
  5,533
  5,811
  6,103
  6,409
  6,731
  7,069
  7,424
  7,796
  8,187
  8,597
  9,028
  9,480
  9,955
  10,453
  10,977
  11,526
  12,103
  12,709
  13,345
Total equity, $m
  984
  1,032
  1,085
  1,140
  1,198
  1,258
  1,322
  1,389
  1,459
  1,533
  1,610
  1,691
  1,776
  1,865
  1,959
  2,057
  2,161
  2,269
  2,383
  2,502
  2,628
  2,760
  2,898
  3,043
  3,196
  3,356
  3,524
  3,700
  3,885
  4,080
  4,284
Total liabilities and equity, $m
  4,058
  4,248
  4,464
  4,691
  4,929
  5,178
  5,441
  5,716
  6,004
  6,307
  6,625
  6,959
  7,309
  7,676
  8,062
  8,466
  8,892
  9,338
  9,807
  10,298
  10,815
  11,357
  11,926
  12,523
  13,151
  13,809
  14,501
  15,226
  15,988
  16,789
  17,629
Debt-to-equity ratio
  2.527
  2.550
  2.570
  2.600
  2.630
  2.650
  2.670
  2.690
  2.710
  2.730
  2.750
  2.770
  2.780
  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
  2.980
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
  117
  129
  141
  154
  168
  182
  197
  213
  229
  247
  409
  428
  448
  469
  491
  515
  539
  565
  591
  620
  649
  680
  713
  747
  783
  821
  860
  902
  945
  991
Depreciation, amort., depletion, $m
  190
  283
  287
  292
  297
  301
  307
  312
  318
  324
  330
  139
  146
  154
  161
  169
  178
  187
  196
  206
  216
  227
  239
  251
  263
  276
  290
  305
  320
  336
  353
Funds from operations, $m
  449
  400
  416
  433
  451
  469
  489
  509
  531
  553
  577
  548
  574
  602
  631
  661
  693
  726
  761
  797
  836
  876
  919
  963
  1,010
  1,059
  1,111
  1,165
  1,222
  1,281
  1,344
Change in working capital, $m
  26
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
Cash from operations, $m
  423
  366
  421
  438
  456
  475
  495
  516
  538
  561
  585
  557
  583
  611
  640
  671
  703
  737
  772
  809
  849
  890
  933
  978
  1,025
  1,075
  1,128
  1,183
  1,240
  1,301
  1,365
Maintenance CAPEX, $m
  0
  -81
  -85
  -89
  -94
  -99
  -104
  -109
  -114
  -120
  -126
  -133
  -139
  -146
  -154
  -161
  -169
  -178
  -187
  -196
  -206
  -216
  -227
  -239
  -251
  -263
  -276
  -290
  -305
  -320
  -336
New CAPEX, $m
  -102
  -76
  -78
  -82
  -86
  -90
  -95
  -100
  -104
  -110
  -115
  -121
  -127
  -133
  -140
  -147
  -154
  -162
  -170
  -178
  -187
  -196
  -206
  -216
  -227
  -238
  -250
  -263
  -276
  -290
  -304
Cash from investing activities, $m
  -125
  -157
  -163
  -171
  -180
  -189
  -199
  -209
  -218
  -230
  -241
  -254
  -266
  -279
  -294
  -308
  -323
  -340
  -357
  -374
  -393
  -412
  -433
  -455
  -478
  -501
  -526
  -553
  -581
  -610
  -640
Free cash flow, $m
  298
  210
  258
  267
  276
  286
  297
  308
  319
  331
  344
  303
  317
  332
  347
  363
  380
  397
  416
  435
  456
  477
  499
  523
  548
  574
  601
  630
  660
  691
  724
Issuance/(repayment) of debt, $m
  95
  158
  164
  172
  180
  189
  198
  208
  218
  229
  241
  253
  265
  278
  292
  307
  322
  338
  355
  372
  391
  410
  431
  452
  475
  499
  523
  550
  577
  606
  636
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
  158
  164
  172
  180
  189
  198
  208
  218
  229
  241
  253
  265
  278
  292
  307
  322
  338
  355
  372
  391
  410
  431
  452
  475
  499
  523
  550
  577
  606
  636
Total cash flow (excl. dividends), $m
  389
  368
  422
  439
  457
  475
  495
  516
  537
  560
  584
  556
  582
  610
  639
  669
  701
  735
  770
  808
  846
  887
  930
  975
  1,023
  1,072
  1,124
  1,179
  1,237
  1,297
  1,360
Retained Cash Flow (-), $m
  180
  -48
  -53
  -55
  -58
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -85
  -89
  -94
  -98
  -103
  -108
  -114
  -120
  -125
  -132
  -138
  -145
  -152
  -160
  -168
  -176
  -185
  -194
  -204
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
 
  320
  369
  384
  399
  415
  431
  449
  467
  487
  507
  475
  497
  521
  545
  571
  598
  627
  657
  688
  721
  756
  792
  830
  870
  912
  956
  1,003
  1,051
  1,103
  1,156
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
 
  289
  300
  277
  253
  229
  204
  180
  157
  134
  114
  85
  70
  56
  44
  34
  26
  19
  14
  10
  7
  5
  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 20.2
Price to Sales 1.8
Price to Book 4.3
Price to Tangible Book
Price to Cash Flow 9.9
Price to Free Cash Flow 13
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 5.1% 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 94.075 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 $4.2 billion.


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COMPANY NEWS

▶ 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]
▶ 7 Dividend Stocks With Big Yields to Buy ASAP   [Oct-11-16 10:20AM  at Kiplinger]
▶ 5 Top Propane Stocks to Buy   [Sep-22-16 01:32PM  at Motley Fool]
▶ AmeriGas Propane Declares Partnership Distribution   [Jul-25-16 05:53PM  Business Wire]
▶ 6 Incredibly Cheap High-Yield Dividend Stocks   [Jul-10-16 11:47AM  at Motley Fool]
▶ 2 High Yield Utility Stocks to Buy and 2 to Sell Now   [Jul-08-16 10:37AM  at Forbes]
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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