Intrinsic value of Calumet Specialty Products Partners - CLMT

Previous Close

$8.20

  Intrinsic Value

$0.14

stock screener

  Rating & Target

str. sell

-98%

Previous close

$8.20

 
Intrinsic value

$0.14

 
Up/down potential

-98%

 
Rating

str. sell

We calculate the intrinsic value of CLMT 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 0.6

 

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, %
  -14.57
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
  5.25
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
Revenue, $m
  3,599
  3,815
  4,040
  4,275
  4,520
  4,775
  5,042
  5,321
  5,613
  5,917
  6,236
  6,570
  6,919
  7,284
  7,667
  8,068
  8,488
  8,928
  9,389
  9,873
  10,380
  10,912
  11,469
  12,054
  12,667
  13,311
  13,986
  14,694
  15,437
  16,217
  17,036
Variable operating expenses, $m
 
  2,952
  3,125
  3,305
  3,494
  3,690
  3,896
  4,110
  4,334
  4,569
  4,814
  5,053
  5,321
  5,602
  5,897
  6,205
  6,528
  6,867
  7,221
  7,593
  7,983
  8,392
  8,821
  9,270
  9,742
  10,237
  10,756
  11,301
  11,873
  12,473
  13,102
Fixed operating expenses, $m
 
  1,037
  1,063
  1,090
  1,117
  1,145
  1,174
  1,203
  1,233
  1,264
  1,295
  1,328
  1,361
  1,395
  1,430
  1,466
  1,502
  1,540
  1,578
  1,618
  1,658
  1,700
  1,742
  1,786
  1,830
  1,876
  1,923
  1,971
  2,020
  2,071
  2,123
Total operating expenses, $m
  3,771
  3,989
  4,188
  4,395
  4,611
  4,835
  5,070
  5,313
  5,567
  5,833
  6,109
  6,381
  6,682
  6,997
  7,327
  7,671
  8,030
  8,407
  8,799
  9,211
  9,641
  10,092
  10,563
  11,056
  11,572
  12,113
  12,679
  13,272
  13,893
  14,544
  15,225
Operating income, $m
  -172
  -174
  -148
  -120
  -91
  -60
  -27
  8
  45
  85
  127
  189
  237
  287
  341
  397
  458
  522
  590
  662
  739
  820
  906
  998
  1,095
  1,198
  1,306
  1,422
  1,544
  1,674
  1,811
EBITDA, $m
  -1
  8
  44
  82
  122
  164
  208
  255
  305
  358
  414
  473
  535
  601
  672
  746
  824
  907
  995
  1,088
  1,187
  1,291
  1,401
  1,518
  1,641
  1,772
  1,910
  2,056
  2,211
  2,374
  2,547
Interest expense (income), $m
  130
  138
  144
  155
  166
  177
  189
  202
  215
  228
  243
  258
  273
  290
  307
  325
  344
  363
  384
  406
  428
  452
  477
  503
  531
  559
  590
  621
  655
  689
  726
Earnings before tax, $m
  -336
  -312
  -292
  -275
  -257
  -237
  -216
  -193
  -169
  -143
  -116
  -68
  -37
  -3
  34
  73
  114
  159
  206
  256
  310
  368
  429
  494
  564
  638
  717
  801
  890
  984
  1,085
Tax expense, $m
  -7
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  9
  20
  31
  43
  56
  69
  84
  99
  116
  134
  152
  172
  194
  216
  240
  266
  293
Net income, $m
  -329
  -312
  -292
  -275
  -257
  -237
  -216
  -193
  -169
  -143
  -116
  -68
  -37
  -3
  25
  53
  83
  116
  150
  187
  227
  269
  313
  361
  412
  466
  523
  584
  650
  719
  792

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  4
  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
  2,725
  2,884
  3,054
  3,231
  3,416
  3,609
  3,811
  4,022
  4,242
  4,473
  4,714
  4,966
  5,230
  5,506
  5,795
  6,098
  6,416
  6,748
  7,097
  7,463
  7,846
  8,248
  8,669
  9,111
  9,575
  10,061
  10,571
  11,107
  11,669
  12,258
  12,877
Adjusted assets (=assets-cash), $m
  2,721
  2,884
  3,054
  3,231
  3,416
  3,609
  3,811
  4,022
  4,242
  4,473
  4,714
  4,966
  5,230
  5,506
  5,795
  6,098
  6,416
  6,748
  7,097
  7,463
  7,846
  8,248
  8,669
  9,111
  9,575
  10,061
  10,571
  11,107
  11,669
  12,258
  12,877
Revenue / Adjusted assets
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
Average production assets, $m
  1,865
  1,976
  2,093
  2,214
  2,341
  2,474
  2,612
  2,756
  2,907
  3,065
  3,230
  3,403
  3,584
  3,773
  3,972
  4,179
  4,397
  4,625
  4,864
  5,114
  5,377
  5,652
  5,941
  6,244
  6,562
  6,895
  7,245
  7,612
  7,997
  8,401
  8,825
Working capital, $m
  143
  153
  162
  171
  181
  191
  202
  213
  225
  237
  249
  263
  277
  291
  307
  323
  340
  357
  376
  395
  415
  436
  459
  482
  507
  532
  559
  588
  617
  649
  681
Total debt, $m
  1,997
  2,086
  2,239
  2,399
  2,566
  2,739
  2,921
  3,111
  3,309
  3,516
  3,733
  3,960
  4,198
  4,446
  4,707
  4,979
  5,265
  5,565
  5,878
  6,207
  6,552
  6,914
  7,293
  7,691
  8,108
  8,546
  9,005
  9,487
  9,993
  10,523
  11,080
Total liabilities, $m
  2,507
  2,595
  2,748
  2,908
  3,075
  3,248
  3,430
  3,620
  3,818
  4,025
  4,242
  4,469
  4,707
  4,955
  5,216
  5,488
  5,774
  6,074
  6,387
  6,716
  7,061
  7,423
  7,802
  8,200
  8,617
  9,055
  9,514
  9,996
  10,502
  11,032
  11,589
Total equity, $m
  219
  288
  305
  323
  342
  361
  381
  402
  424
  447
  471
  497
  523
  551
  580
  610
  642
  675
  710
  746
  785
  825
  867
  911
  957
  1,006
  1,057
  1,111
  1,167
  1,226
  1,288
Total liabilities and equity, $m
  2,726
  2,883
  3,053
  3,231
  3,417
  3,609
  3,811
  4,022
  4,242
  4,472
  4,713
  4,966
  5,230
  5,506
  5,796
  6,098
  6,416
  6,749
  7,097
  7,462
  7,846
  8,248
  8,669
  9,111
  9,574
  10,061
  10,571
  11,107
  11,669
  12,258
  12,877
Debt-to-equity ratio
  9.119
  7.230
  7.330
  7.420
  7.510
  7.590
  7.660
  7.730
  7.800
  7.860
  7.920
  7.970
  8.030
  8.080
  8.120
  8.170
  8.210
  8.250
  8.280
  8.320
  8.350
  8.380
  8.410
  8.440
  8.470
  8.490
  8.520
  8.540
  8.560
  8.580
  8.600
Adjusted equity ratio
  0.079
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -329
  -312
  -292
  -275
  -257
  -237
  -216
  -193
  -169
  -143
  -116
  -68
  -37
  -3
  25
  53
  83
  116
  150
  187
  227
  269
  313
  361
  412
  466
  523
  584
  650
  719
  792
Depreciation, amort., depletion, $m
  171
  182
  192
  202
  213
  224
  235
  247
  260
  273
  287
  284
  299
  314
  331
  348
  366
  385
  405
  426
  448
  471
  495
  520
  547
  575
  604
  634
  666
  700
  735
Funds from operations, $m
  3
  -129
  -100
  -73
  -44
  -13
  19
  54
  91
  130
  171
  215
  262
  312
  356
  401
  450
  501
  556
  613
  675
  740
  808
  881
  959
  1,040
  1,127
  1,219
  1,316
  1,419
  1,527
Change in working capital, $m
  -1
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  18
  19
  20
  21
  22
  23
  25
  26
  27
  28
  30
  31
  33
Cash from operations, $m
  4
  -138
  -109
  -82
  -54
  -23
  9
  43
  79
  118
  158
  202
  248
  297
  340
  385
  433
  484
  537
  594
  654
  718
  786
  858
  934
  1,015
  1,100
  1,190
  1,286
  1,387
  1,495
Maintenance CAPEX, $m
  0
  -155
  -165
  -174
  -185
  -195
  -206
  -218
  -230
  -242
  -255
  -269
  -284
  -299
  -314
  -331
  -348
  -366
  -385
  -405
  -426
  -448
  -471
  -495
  -520
  -547
  -575
  -604
  -634
  -666
  -700
New CAPEX, $m
  -139
  -112
  -117
  -122
  -127
  -132
  -138
  -144
  -151
  -158
  -165
  -173
  -181
  -189
  -198
  -208
  -218
  -228
  -239
  -250
  -263
  -275
  -289
  -303
  -318
  -333
  -350
  -367
  -385
  -404
  -424
Cash from investing activities, $m
  -154
  -267
  -282
  -296
  -312
  -327
  -344
  -362
  -381
  -400
  -420
  -442
  -465
  -488
  -512
  -539
  -566
  -594
  -624
  -655
  -689
  -723
  -760
  -798
  -838
  -880
  -925
  -971
  -1,019
  -1,070
  -1,124
Free cash flow, $m
  -150
  -405
  -390
  -378
  -365
  -351
  -336
  -319
  -302
  -283
  -262
  -240
  -216
  -191
  -172
  -153
  -133
  -111
  -87
  -62
  -34
  -5
  26
  60
  96
  134
  176
  220
  267
  317
  371
Issuance/(repayment) of debt, $m
  209
  93
  153
  160
  167
  174
  182
  190
  198
  207
  217
  227
  237
  249
  260
  273
  286
  299
  314
  329
  345
  362
  379
  398
  417
  438
  459
  482
  506
  531
  557
Issuance/(repurchase) of shares, $m
  -2
  381
  309
  293
  275
  256
  236
  215
  191
  166
  140
  94
  63
  30
  4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  206
  474
  462
  453
  442
  430
  418
  405
  389
  373
  357
  321
  300
  279
  264
  273
  286
  299
  314
  329
  345
  362
  379
  398
  417
  438
  459
  482
  506
  531
  557
Total cash flow (excl. dividends), $m
  56
  69
  72
  74
  77
  79
  82
  85
  88
  91
  95
  80
  84
  88
  92
  119
  153
  189
  227
  267
  310
  356
  406
  458
  513
  572
  635
  702
  772
  848
  928
Retained Cash Flow (-), $m
  385
  -381
  -309
  -293
  -275
  -256
  -236
  -215
  -191
  -166
  -140
  -94
  -63
  -30
  -29
  -30
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -56
  -59
  -62
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
 
  -312
  -237
  -218
  -198
  -177
  -154
  -130
  -103
  -75
  -45
  -13
  21
  58
  63
  89
  121
  155
  192
  231
  272
  316
  363
  413
  467
  524
  584
  648
  716
  789
  866
Discount rate, %
 
  14.60
  15.33
  16.10
  16.90
  17.75
  18.63
  19.57
  20.54
  21.57
  22.65
  23.78
  24.97
  26.22
  27.53
  28.91
  30.35
  31.87
  33.46
  35.14
  36.89
  38.74
  40.68
  42.71
  44.84
  47.09
  49.44
  51.91
  54.51
  57.23
  60.10
PV of cash for distribution, $m
 
  -272
  -178
  -140
  -106
  -78
  -55
  -37
  -23
  -13
  -6
  -1
  1
  3
  2
  2
  2
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  62.3
  45.4
  34.0
  26.2
  20.8
  16.9
  14.2
  12.2
  10.7
  9.6
  9.0
  8.6
  8.5
  8.4
  8.4
  8.4
  8.4
  8.4
  8.4
  8.4
  8.4
  8.4
  8.4
  8.4
  8.4
  8.4
  8.4
  8.4
  8.4
  8.4

Calumet Specialty Products Partners, L.P. is a producer of specialty hydrocarbon products in North America. The Company operates through three segments: specialty products, fuel products and oilfield services. In its specialty products segment, the Company processes crude oil and other feedstocks into a range of customized lubricating oils, white mineral oils, solvents, petrolatums and waxes. Its specialty products are sold to domestic and international customers using its products as raw material components for basic industrial, consumer and automotive goods. It also blends and market specialty products through its Royal Purple, Bel-Ray, TruFuel and Quantum brands. In its fuel products segment, the Company processes crude oil into a range of fuel and fuel-related products, including gasoline, diesel, jet fuel, asphalt and heavy fuel oils, and resells purchased crude oil to third-party customers.

FINANCIAL RATIOS  of  Calumet Specialty Products Partners (CLMT)

Valuation Ratios
P/E Ratio -1.9
Price to Sales 0.2
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 156.6
Price to Free Cash Flow -4.6
Growth Rates
Sales Growth Rate -14.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -59%
Cap. Spend. - 3 Yr. Gr. Rate -2.9%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 910%
Total Debt to Equity 911.9%
Interest Coverage -2
Management Effectiveness
Return On Assets -7.1%
Ret/ On Assets - 3 Yr. Avg. -2.9%
Return On Total Capital -14.3%
Ret/ On T. Cap. - 3 Yr. Avg. -8.3%
Return On Equity -80%
Return On Equity - 3 Yr. Avg. -37.2%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 11.3%
Gross Margin - 3 Yr. Avg. 11.5%
EBITDA Margin -1%
EBITDA Margin - 3 Yr. Avg. 1.2%
Operating Margin -4.8%
Oper. Margin - 3 Yr. Avg. -2.1%
Pre-Tax Margin -9.3%
Pre-Tax Margin - 3 Yr. Avg. -5.1%
Net Profit Margin -9.1%
Net Profit Margin - 3 Yr. Avg. -4.8%
Effective Tax Rate 2.1%
Eff/ Tax Rate - 3 Yr. Avg. 6.7%
Payout Ratio -17.3%

CLMT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CLMT stock intrinsic value calculation we used $3599 million for the last fiscal year's total revenue generated by Calumet Specialty Products Partners. The default revenue input number comes from 2016 income statement of Calumet Specialty Products 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 CLMT stock valuation model: a) initial revenue growth rate of 6% 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 14.6%, whose default value for CLMT is calculated based on our internal credit rating of Calumet Specialty Products 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 Calumet Specialty Products 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 CLMT stock the variable cost ratio is equal to 77.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1012 million in the base year in the intrinsic value calculation for CLMT 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 Calumet Specialty Products Partners.

Corporate tax rate of 27% is the nominal tax rate for Calumet Specialty Products 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 CLMT 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 CLMT are equal to 51.8%.

Life of production assets of 12 years is the average useful life of capital assets used in Calumet Specialty Products 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 CLMT is equal to 4%. 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 - $219 million for Calumet Specialty Products 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 76.73 million for Calumet Specialty Products 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 Calumet Specialty Products Partners at the current share price and the inputted number of shares is $0.6 billion.

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COMPANY NEWS

▶ Ten MLPs That Outperformed the Sector in 2017   [Nov-17-17 05:37PM  Market Realist]
▶ Calumet Specialty Expects Lower Capital Spending in 2018   [Nov-13-17 12:15PM  Market Realist]
▶ EV Energy Partners Was the Top MLP Gainer Last Week   [Nov-07-17 11:40AM  Market Realist]
▶ Improved Refining Margin Drove CVR Refinings 3Q17 Earnings   [Nov-02-17 03:00PM  Market Realist]
▶ Top MLP Losers in the Week Ending October 13   [Oct-17-17 01:22PM  Market Realist]
▶ Analysts Recommendations for Calumet Specialty   [Sep-19-17 07:37AM  Market Realist]
▶ Calumet Specialty Products Short Interest Rose   [Sep-18-17 10:38AM  Market Realist]
▶ Analyzing Calumet Specialtys Distributable Cash Flows   [Sep-15-17 04:36PM  Market Realist]
▶ Calumet Specialty Stock Has Doubled in 2017   [01:26PM  Market Realist]
▶ How to Trade the Oil Rally with ETFs & Stocks   [Sep-14-17 09:45AM  Zacks]
▶ 5 Oil Stocks that Outperformed in August   [Sep-06-17 05:40PM  Zacks]
▶ Downstream MLPs among Top MLP Gainers Last Week   [Sep-05-17 01:36PM  Market Realist]
▶ Oil and Gas Stock Roundup: Harvey Looms Large   [Sep-01-17 07:05PM  Motley Fool]
▶ Why US Crude Oil Production Is Bearish for Oil Prices   [Aug-24-17 12:55PM  Market Realist]
▶ These MLPs Came out on Top on August 18   [Aug-22-17 12:10PM  Market Realist]
▶ These Energy Stocks Rose the Most Last Week   [Aug-21-17 11:21AM  Market Realist]
▶ Why Is US Crude Oil Production at a 2-Year High?   [Aug-17-17 10:00AM  Market Realist]
▶ What Lies ahead for Refining MLPs after Their 2Q17 Results?   [Jul-31-17 10:42AM  Market Realist]
▶ Analysts Seem Uncertain about Refining MLPs Future   [Jul-25-17 10:37AM  Market Realist]
▶ Short Interest In ALDW, CVRR, and CLMT Falls   [09:07AM  Market Realist]
▶ Who Were the Top Energy Gainers Last Week?   [08:11AM  Market Realist]
▶ Why CLMT and ALDW Have Risen despite Sector Weakness   [Jul-24-17 10:38AM  Market Realist]
▶ Could CVR Refining Pay Distributions in 2Q17?   [07:40AM  Market Realist]
▶ ALDW, CVRR, CLMT: Could Refining Margins Improve In 2Q17?   [Jul-21-17 04:36PM  Market Realist]
▶ These MLPs Took June in Stride   [Jul-07-17 09:09AM  Market Realist]
▶ A Look at the Top-Performing MLPs in May 2017   [Jun-07-17 09:07AM  Market Realist]
▶ Top Movers in Energy for May 812, 2017   [May-16-17 07:39AM  Market Realist]
▶ How CVR Refinings Refining Margin Improved in 1Q17   [Apr-28-17 01:06PM  Market Realist]
▶ Where Calumet Specialty Products May Be Headed   [Apr-11-17 10:36AM  Market Realist]
▶ Inside Calumet Segmental Performances   [04:05PM  Market Realist]
▶ Calumet Stock: Any Sign of Recovery?   [02:08PM  Market Realist]
▶ Integrated Energy and Refiners: Options for Option Traders   [Apr-04-17 11:05AM  Market Realist]
Financial statements of CLMT
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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