Intrinsic value of CVR Refining - CVRR

Previous Close

$8.85

  Intrinsic Value

$104.90

stock screener

  Rating & Target

str. buy

+999%

  Value-price divergence*

+3745%

Previous close

$8.85

 
Intrinsic value

$104.90

 
Up/down potential

+999%

 
Rating

str. buy

 
Value-price divergence*

+3745%

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

We calculate the intrinsic value of CVRR 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 1.4

 

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, %
  -14.16
  14.90
  13.91
  13.02
  12.22
  11.50
  10.85
  10.26
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.26
  7.04
  6.83
  6.65
  6.49
  6.34
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
Revenue, $m
  4,431
  5,091
  5,799
  6,554
  7,355
  8,201
  9,090
  10,023
  10,999
  12,017
  13,079
  14,185
  15,334
  16,530
  17,772
  19,063
  20,405
  21,800
  23,250
  24,758
  26,327
  27,960
  29,661
  31,433
  33,280
  35,207
  37,218
  39,317
  41,509
  43,799
  46,194
Variable operating expenses, $m
 
  3,106
  3,538
  3,998
  4,487
  5,002
  5,545
  6,114
  6,709
  7,331
  7,978
  8,653
  9,354
  10,083
  10,841
  11,629
  12,447
  13,298
  14,182
  15,102
  16,059
  17,056
  18,093
  19,174
  20,301
  21,476
  22,703
  23,983
  25,320
  26,718
  28,178
Fixed operating expenses, $m
 
  1,734
  1,778
  1,822
  1,868
  1,914
  1,962
  2,011
  2,062
  2,113
  2,166
  2,220
  2,276
  2,332
  2,391
  2,451
  2,512
  2,575
  2,639
  2,705
  2,773
  2,842
  2,913
  2,986
  3,060
  3,137
  3,215
  3,296
  3,378
  3,463
  3,549
Total operating expenses, $m
  4,354
  4,840
  5,316
  5,820
  6,355
  6,916
  7,507
  8,125
  8,771
  9,444
  10,144
  10,873
  11,630
  12,415
  13,232
  14,080
  14,959
  15,873
  16,821
  17,807
  18,832
  19,898
  21,006
  22,160
  23,361
  24,613
  25,918
  27,279
  28,698
  30,181
  31,727
Operating income, $m
  78
  251
  484
  734
  1,001
  1,284
  1,583
  1,898
  2,228
  2,574
  2,935
  3,312
  3,705
  4,114
  4,540
  4,984
  5,446
  5,927
  6,428
  6,951
  7,495
  8,063
  8,655
  9,273
  9,919
  10,594
  11,300
  12,038
  12,810
  13,619
  14,466
EBITDA, $m
  207
  399
  653
  925
  1,215
  1,522
  1,847
  2,189
  2,548
  2,923
  3,315
  3,724
  4,151
  4,595
  5,057
  5,539
  6,040
  6,561
  7,104
  7,670
  8,260
  8,875
  9,517
  10,187
  10,887
  11,618
  12,382
  13,181
  14,017
  14,893
  15,810
Interest expense (income), $m
  42
  41
  52
  64
  78
  92
  106
  122
  138
  155
  173
  192
  211
  231
  252
  274
  296
  320
  344
  370
  396
  423
  452
  482
  513
  545
  579
  614
  651
  689
  729
Earnings before tax, $m
  15
  211
  432
  670
  923
  1,192
  1,477
  1,776
  2,090
  2,418
  2,762
  3,120
  3,494
  3,883
  4,288
  4,710
  5,150
  5,608
  6,084
  6,581
  7,099
  7,639
  8,203
  8,791
  9,406
  10,049
  10,721
  11,424
  12,160
  12,930
  13,738
Tax expense, $m
  0
  57
  117
  181
  249
  322
  399
  479
  564
  653
  746
  842
  943
  1,048
  1,158
  1,272
  1,390
  1,514
  1,643
  1,777
  1,917
  2,063
  2,215
  2,374
  2,540
  2,713
  2,895
  3,084
  3,283
  3,491
  3,709
Net income, $m
  15
  154
  315
  489
  674
  870
  1,078
  1,296
  1,525
  1,765
  2,016
  2,278
  2,550
  2,835
  3,131
  3,439
  3,759
  4,093
  4,441
  4,804
  5,182
  5,577
  5,988
  6,418
  6,867
  7,336
  7,826
  8,340
  8,877
  9,439
  10,028

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  314
  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
  2,332
  2,318
  2,641
  2,985
  3,349
  3,734
  4,139
  4,564
  5,008
  5,472
  5,956
  6,459
  6,983
  7,527
  8,093
  8,681
  9,292
  9,927
  10,587
  11,274
  11,988
  12,732
  13,507
  14,314
  15,155
  16,032
  16,948
  17,904
  18,902
  19,945
  21,035
Adjusted assets (=assets-cash), $m
  2,018
  2,318
  2,641
  2,985
  3,349
  3,734
  4,139
  4,564
  5,008
  5,472
  5,956
  6,459
  6,983
  7,527
  8,093
  8,681
  9,292
  9,927
  10,587
  11,274
  11,988
  12,732
  13,507
  14,314
  15,155
  16,032
  16,948
  17,904
  18,902
  19,945
  21,035
Revenue / Adjusted assets
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
  2.196
Average production assets, $m
  1,532
  1,762
  2,007
  2,268
  2,545
  2,837
  3,145
  3,468
  3,806
  4,158
  4,525
  4,908
  5,306
  5,719
  6,149
  6,596
  7,060
  7,543
  8,044
  8,566
  9,109
  9,674
  10,263
  10,876
  11,515
  12,182
  12,877
  13,604
  14,362
  15,155
  15,983
Working capital, $m
  314
  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 debt, $m
  542
  694
  859
  1,035
  1,222
  1,419
  1,626
  1,844
  2,071
  2,309
  2,556
  2,814
  3,082
  3,361
  3,651
  3,952
  4,265
  4,590
  4,928
  5,279
  5,645
  6,026
  6,422
  6,836
  7,266
  7,716
  8,184
  8,674
  9,185
  9,719
  10,277
Total liabilities, $m
  1,035
  1,187
  1,352
  1,528
  1,715
  1,912
  2,119
  2,337
  2,564
  2,802
  3,049
  3,307
  3,575
  3,854
  4,144
  4,445
  4,758
  5,083
  5,421
  5,772
  6,138
  6,519
  6,915
  7,329
  7,759
  8,209
  8,677
  9,167
  9,678
  10,212
  10,770
Total equity, $m
  1,297
  1,131
  1,289
  1,457
  1,634
  1,822
  2,020
  2,227
  2,444
  2,671
  2,906
  3,152
  3,408
  3,673
  3,949
  4,236
  4,534
  4,844
  5,167
  5,502
  5,850
  6,213
  6,591
  6,985
  7,396
  7,824
  8,271
  8,737
  9,224
  9,733
  10,265
Total liabilities and equity, $m
  2,332
  2,318
  2,641
  2,985
  3,349
  3,734
  4,139
  4,564
  5,008
  5,473
  5,955
  6,459
  6,983
  7,527
  8,093
  8,681
  9,292
  9,927
  10,588
  11,274
  11,988
  12,732
  13,506
  14,314
  15,155
  16,033
  16,948
  17,904
  18,902
  19,945
  21,035
Debt-to-equity ratio
  0.418
  0.610
  0.670
  0.710
  0.750
  0.780
  0.810
  0.830
  0.850
  0.860
  0.880
  0.890
  0.900
  0.910
  0.920
  0.930
  0.940
  0.950
  0.950
  0.960
  0.960
  0.970
  0.970
  0.980
  0.980
  0.990
  0.990
  0.990
  1.000
  1.000
  1.000
Adjusted equity ratio
  0.487
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  15
  154
  315
  489
  674
  870
  1,078
  1,296
  1,525
  1,765
  2,016
  2,278
  2,550
  2,835
  3,131
  3,439
  3,759
  4,093
  4,441
  4,804
  5,182
  5,577
  5,988
  6,418
  6,867
  7,336
  7,826
  8,340
  8,877
  9,439
  10,028
Depreciation, amort., depletion, $m
  129
  148
  169
  191
  214
  238
  264
  291
  320
  349
  380
  412
  446
  481
  517
  554
  593
  634
  676
  720
  765
  813
  862
  914
  968
  1,024
  1,082
  1,143
  1,207
  1,273
  1,343
Funds from operations, $m
  328
  302
  484
  679
  888
  1,109
  1,342
  1,588
  1,845
  2,115
  2,396
  2,690
  2,996
  3,315
  3,647
  3,993
  4,353
  4,727
  5,117
  5,524
  5,948
  6,390
  6,850
  7,332
  7,834
  8,359
  8,908
  9,483
  10,084
  10,713
  11,372
Change in working capital, $m
  60
  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 operations, $m
  268
  302
  484
  679
  888
  1,109
  1,342
  1,588
  1,845
  2,115
  2,396
  2,690
  2,996
  3,315
  3,647
  3,993
  4,353
  4,727
  5,117
  5,524
  5,948
  6,390
  6,850
  7,332
  7,834
  8,359
  8,908
  9,483
  10,084
  10,713
  11,372
Maintenance CAPEX, $m
  0
  -129
  -148
  -169
  -191
  -214
  -238
  -264
  -291
  -320
  -349
  -380
  -412
  -446
  -481
  -517
  -554
  -593
  -634
  -676
  -720
  -765
  -813
  -862
  -914
  -968
  -1,024
  -1,082
  -1,143
  -1,207
  -1,273
New CAPEX, $m
  -102
  -230
  -245
  -261
  -277
  -293
  -308
  -323
  -338
  -352
  -367
  -382
  -398
  -414
  -430
  -447
  -464
  -483
  -502
  -522
  -543
  -565
  -589
  -613
  -639
  -667
  -696
  -726
  -758
  -793
  -828
Cash from investing activities, $m
  -108
  -359
  -393
  -430
  -468
  -507
  -546
  -587
  -629
  -672
  -716
  -762
  -810
  -860
  -911
  -964
  -1,018
  -1,076
  -1,136
  -1,198
  -1,263
  -1,330
  -1,402
  -1,475
  -1,553
  -1,635
  -1,720
  -1,808
  -1,901
  -2,000
  -2,101
Free cash flow, $m
  160
  -56
  91
  250
  420
  602
  796
  1,001
  1,216
  1,443
  1,680
  1,927
  2,186
  2,456
  2,737
  3,029
  3,334
  3,652
  3,982
  4,326
  4,685
  5,059
  5,449
  5,856
  6,281
  6,725
  7,189
  7,674
  8,182
  8,713
  9,270
Issuance/(repayment) of debt, $m
  -33
  154
  165
  176
  187
  197
  207
  217
  227
  238
  248
  258
  268
  279
  290
  301
  313
  325
  338
  352
  366
  381
  397
  413
  431
  449
  469
  489
  511
  534
  558
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  
  -33
  154
  165
  176
  187
  197
  207
  217
  227
  238
  248
  258
  268
  279
  290
  301
  313
  325
  338
  352
  366
  381
  397
  413
  431
  449
  469
  489
  511
  534
  558
Total cash flow (excl. dividends), $m
  127
  98
  256
  426
  607
  800
  1,003
  1,218
  1,444
  1,680
  1,927
  2,185
  2,454
  2,734
  3,026
  3,330
  3,647
  3,977
  4,320
  4,678
  5,051
  5,440
  5,846
  6,269
  6,712
  7,174
  7,658
  8,164
  8,693
  9,247
  9,828
Retained Cash Flow (-), $m
  -16
  -146
  -157
  -168
  -178
  -188
  -198
  -207
  -217
  -226
  -236
  -246
  -256
  -266
  -276
  -287
  -298
  -310
  -322
  -335
  -349
  -363
  -378
  -394
  -411
  -428
  -447
  -466
  -487
  -509
  -532
Prev. year cash balance distribution, $m
 
  312
  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
 
  263
  99
  258
  429
  612
  806
  1,011
  1,227
  1,454
  1,691
  1,939
  2,199
  2,469
  2,750
  3,044
  3,349
  3,667
  3,998
  4,343
  4,702
  5,077
  5,468
  5,875
  6,301
  6,746
  7,211
  7,697
  8,206
  8,738
  9,296
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  252
  90
  224
  353
  474
  585
  683
  767
  835
  887
  921
  938
  939
  923
  894
  851
  798
  736
  669
  597
  525
  454
  385
  321
  262
  210
  165
  127
  95
  70
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

CVR Refining, LP is an independent downstream energy limited partnership with refining and related logistics assets that operates in the mid-continent region. The Company is a petroleum refiner. It owned and operated a complex full coking medium-sour crude oil refinery in Coffeyville, Kansas with a rated capacity of 115,000 barrels per calendar day (bpcd) and a complex crude oil refinery in Wynnewood, Oklahoma with a rated capacity of 70,000 bpcd capable of processing 20,000 bpcd of light sour crude oils (within its rated capacity of 70,000 bpcd), as of December 31, 2016. In addition, it also controlled and operated supporting logistics assets, including approximately 340 miles of active owned and leased pipelines, approximately 150 crude oil transports, a network of crude oil gathering tank farms, approximately 6.4 million barrels of owned and leased crude oil storage and over 4.5 million barrels of combined refined products and feedstocks storage capacity, as of December 31, 2016.

FINANCIAL RATIOS  of  CVR Refining (CVRR)

Valuation Ratios
P/E Ratio 87.1
Price to Sales 0.3
Price to Book 1
Price to Tangible Book
Price to Cash Flow 4.9
Price to Free Cash Flow 7.9
Growth Rates
Sales Growth Rate -14.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -47.7%
Cap. Spend. - 3 Yr. Gr. Rate -13%
Financial Strength
Quick Ratio 157
Current Ratio 0
LT Debt to Equity 41.6%
Total Debt to Equity 41.8%
Interest Coverage 1
Management Effectiveness
Return On Assets 2.5%
Ret/ On Assets - 3 Yr. Avg. 10.9%
Return On Total Capital 0.8%
Ret/ On T. Cap. - 3 Yr. Avg. 11%
Return On Equity 1.2%
Return On Equity - 3 Yr. Avg. 15.5%
Asset Turnover 2
Profitability Ratios
Gross Margin 3.4%
Gross Margin - 3 Yr. Avg. 6.1%
EBITDA Margin 4.2%
EBITDA Margin - 3 Yr. Avg. 6.3%
Operating Margin 1.7%
Oper. Margin - 3 Yr. Avg. 3.7%
Pre-Tax Margin 0.3%
Pre-Tax Margin - 3 Yr. Avg. 3.3%
Net Profit Margin 0.3%
Net Profit Margin - 3 Yr. Avg. 3.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

CVRR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CVRR stock intrinsic value calculation we used $4431 million for the last fiscal year's total revenue generated by CVR Refining. The default revenue input number comes from 2016 income statement of CVR Refining. 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 CVRR stock valuation model: a) initial revenue growth rate of 14.9% 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 4.3%, whose default value for CVRR is calculated based on our internal credit rating of CVR Refining, 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 CVR Refining.
    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 CVRR stock the variable cost ratio is equal to 61%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1692 million in the base year in the intrinsic value calculation for CVRR 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 7.5% for CVR Refining.

Corporate tax rate of 27% is the nominal tax rate for CVR Refining. 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 CVRR 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 CVRR are equal to 34.6%.

Life of production assets of 11.9 years is the average useful life of capital assets used in CVR Refining 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 CVRR is equal to 0%. 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 - $1297 million for CVR Refining - 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 154.248 million for CVR Refining 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 CVR Refining at the current share price and the inputted number of shares is $1.4 billion.

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COMPANY NEWS

▶ Analysts Recommendations for Calumet Specialty   [Sep-19-17 07:37AM  Market Realist]
▶ Here's Why CVR Energy Rose 12.3% in August   [Sep-08-17 03:35PM  Motley Fool]
▶ ETFs with exposure to CVR Refining LP : August 15, 2017   [Aug-15-17 03:55PM  Capital Cube]
▶ Why these MLPs Fell More than 5% Last Week   [Aug-01-17 03:07PM  Market Realist]
▶ The Worst Energy Stocks from July 2428, 2017   [08:18AM  Market Realist]
▶ Icahn's biofuel bet faces significant headwinds   [Jul-31-17 04:44PM  Reuters]
▶ 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]
▶ 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]
▶ Which Energy Stocks Diverged from Oils Gains Last Week?   [Jul-17-17 11:16AM  Market Realist]
▶ CVR Refining Announces 2017 Second Quarter Earnings Call   [Jul-13-17 08:30AM  PR Newswire]
▶ Refiners Tumble on Proposed Biofuel Quotas   [Jul-06-17 04:01PM  GuruFocus.com]
▶ 3 Stocks Billionaires Own   [Jun-16-17 10:05AM  Motley Fool]
▶ Why Shares of CVR Energy Declined 12% in May   [Jun-09-17 11:47AM  Motley Fool]
▶ ETFs with exposure to CVR Refining LP : June 6, 2017   [Jun-06-17 11:40AM  Capital Cube]
▶ ETFs with exposure to CVR Refining LP : May 23, 2017   [May-23-17 12:36PM  Capital Cube]
▶ CVR Refining LP Value Analysis (NYSE:CVRR) : May 2, 2017   [May-02-17 05:12PM  Capital Cube]
▶ Oil and Gas Stock Roundup: Refining Comes Roaring Back   [Apr-29-17 04:29PM  Motley Fool]
▶ How CVR Refinings Refining Margin Improved in 1Q17   [Apr-28-17 01:06PM  Market Realist]
▶ CVR Refining Reports 2017 First Quarter Results   [Apr-27-17 08:30AM  PR Newswire]
▶ CVR Refining Announces 2017 First Quarter Earnings Call   [Apr-13-17 09:00AM  PR Newswire]
▶ Integrated Energy and Refiners: Options for Option Traders   [Apr-04-17 11:05AM  Market Realist]
▶ Integrated Energy and Refiner Stocks Implied Volatilities   [Mar-17-17 11:10AM  Market Realist]
▶ Nearly 75% of Analysts Rate Alon USA Partners a Hold   [Feb-23-17 05:06PM  Market Realist]
Financial statements of CVRR
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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