Intrinsic value of Delek Logistics Partners - DKL

Previous Close

$29.55

  Intrinsic Value

$43.65

stock screener

  Rating & Target

buy

+48%

  Value-price divergence*

-45%

Previous close

$29.55

 
Intrinsic value

$43.65

 
Up/down potential

+48%

 
Rating

buy

 
Value-price divergence*

-45%

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

We calculate the intrinsic value of DKL 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 0.7

 

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, %
  -24.07
  24.00
  22.10
  20.39
  18.85
  17.47
  16.22
  15.10
  14.09
  13.18
  12.36
  11.62
  10.96
  10.37
  9.83
  9.35
  8.91
  8.52
  8.17
  7.85
  7.57
  7.31
  7.08
  6.87
  6.68
  6.52
  6.36
  6.23
  6.10
  5.99
  5.89
Revenue, $m
  448
  556
  678
  817
  971
  1,140
  1,325
  1,525
  1,740
  1,969
  2,213
  2,470
  2,740
  3,025
  3,322
  3,632
  3,956
  4,293
  4,644
  5,008
  5,387
  5,781
  6,190
  6,616
  7,058
  7,518
  7,996
  8,494
  9,013
  9,553
  10,116
Variable operating expenses, $m
 
  482
  588
  708
  841
  988
  1,148
  1,321
  1,507
  1,705
  1,916
  2,137
  2,371
  2,617
  2,874
  3,143
  3,423
  3,715
  4,018
  4,334
  4,662
  5,003
  5,357
  5,725
  6,107
  6,505
  6,919
  7,350
  7,799
  8,266
  8,754
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
  370
  482
  588
  708
  841
  988
  1,148
  1,321
  1,507
  1,705
  1,916
  2,137
  2,371
  2,617
  2,874
  3,143
  3,423
  3,715
  4,018
  4,334
  4,662
  5,003
  5,357
  5,725
  6,107
  6,505
  6,919
  7,350
  7,799
  8,266
  8,754
Operating income, $m
  78
  74
  90
  109
  130
  152
  177
  204
  233
  264
  297
  333
  369
  407
  447
  489
  533
  578
  625
  675
  726
  779
  834
  891
  951
  1,012
  1,077
  1,144
  1,214
  1,287
  1,362
EBITDA, $m
  99
  100
  122
  147
  174
  205
  238
  274
  312
  353
  397
  443
  492
  543
  596
  652
  710
  771
  834
  899
  967
  1,038
  1,111
  1,187
  1,267
  1,349
  1,435
  1,525
  1,618
  1,715
  1,816
Interest expense (income), $m
  12
  0
  1
  5
  9
  13
  18
  24
  30
  36
  43
  50
  57
  65
  73
  82
  91
  101
  111
  121
  131
  143
  154
  166
  178
  191
  205
  219
  233
  249
  264
Earnings before tax, $m
  63
  74
  89
  104
  121
  139
  159
  180
  204
  228
  254
  283
  312
  342
  374
  407
  442
  477
  515
  554
  594
  636
  680
  725
  772
  821
  872
  925
  980
  1,038
  1,098
Tax expense, $m
  0
  20
  24
  28
  33
  38
  43
  49
  55
  62
  69
  76
  84
  92
  101
  110
  119
  129
  139
  150
  160
  172
  184
  196
  208
  222
  235
  250
  265
  280
  296
Net income, $m
  63
  54
  65
  76
  88
  101
  116
  132
  149
  167
  186
  207
  228
  250
  273
  297
  322
  349
  376
  404
  434
  464
  496
  529
  564
  599
  637
  675
  716
  758
  802

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  416
  516
  630
  758
  901
  1,059
  1,230
  1,416
  1,615
  1,828
  2,054
  2,293
  2,545
  2,808
  3,084
  3,373
  3,673
  3,986
  4,312
  4,650
  5,002
  5,368
  5,748
  6,143
  6,553
  6,980
  7,425
  7,887
  8,368
  8,870
  9,393
Adjusted assets (=assets-cash), $m
  416
  516
  630
  758
  901
  1,059
  1,230
  1,416
  1,615
  1,828
  2,054
  2,293
  2,545
  2,808
  3,084
  3,373
  3,673
  3,986
  4,312
  4,650
  5,002
  5,368
  5,748
  6,143
  6,553
  6,980
  7,425
  7,887
  8,368
  8,870
  9,393
Revenue / Adjusted assets
  1.077
  1.078
  1.076
  1.078
  1.078
  1.076
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
Average production assets, $m
  267
  331
  404
  487
  578
  679
  790
  909
  1,037
  1,174
  1,319
  1,472
  1,633
  1,803
  1,980
  2,165
  2,358
  2,559
  2,768
  2,985
  3,211
  3,446
  3,689
  3,943
  4,207
  4,481
  4,766
  5,063
  5,372
  5,694
  6,029
Working capital, $m
  11
  14
  17
  20
  24
  29
  33
  38
  43
  49
  55
  62
  69
  76
  83
  91
  99
  107
  116
  125
  135
  145
  155
  165
  176
  188
  200
  212
  225
  239
  253
Total debt, $m
  0
  35
  138
  253
  382
  524
  678
  845
  1,025
  1,216
  1,420
  1,635
  1,861
  2,098
  2,347
  2,606
  2,877
  3,159
  3,452
  3,756
  4,073
  4,402
  4,744
  5,099
  5,469
  5,853
  6,253
  6,669
  7,103
  7,554
  8,025
Total liabilities, $m
  429
  464
  567
  682
  811
  953
  1,107
  1,274
  1,454
  1,645
  1,849
  2,064
  2,290
  2,527
  2,776
  3,035
  3,306
  3,588
  3,881
  4,185
  4,502
  4,831
  5,173
  5,528
  5,898
  6,282
  6,682
  7,098
  7,532
  7,983
  8,454
Total equity, $m
  -13
  52
  63
  76
  90
  106
  123
  142
  162
  183
  205
  229
  254
  281
  308
  337
  367
  399
  431
  465
  500
  537
  575
  614
  655
  698
  742
  789
  837
  887
  939
Total liabilities and equity, $m
  416
  516
  630
  758
  901
  1,059
  1,230
  1,416
  1,616
  1,828
  2,054
  2,293
  2,544
  2,808
  3,084
  3,372
  3,673
  3,987
  4,312
  4,650
  5,002
  5,368
  5,748
  6,142
  6,553
  6,980
  7,424
  7,887
  8,369
  8,870
  9,393
Debt-to-equity ratio
  0.000
  0.680
  2.190
  3.340
  4.240
  4.950
  5.510
  5.970
  6.340
  6.650
  6.910
  7.130
  7.310
  7.470
  7.610
  7.730
  7.830
  7.920
  8.010
  8.080
  8.140
  8.200
  8.250
  8.300
  8.350
  8.390
  8.420
  8.460
  8.490
  8.520
  8.540
Adjusted equity ratio
  -0.031
  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
  63
  54
  65
  76
  88
  101
  116
  132
  149
  167
  186
  207
  228
  250
  273
  297
  322
  349
  376
  404
  434
  464
  496
  529
  564
  599
  637
  675
  716
  758
  802
Depreciation, amort., depletion, $m
  21
  26
  32
  38
  45
  52
  61
  70
  79
  89
  100
  111
  123
  136
  149
  163
  177
  192
  208
  224
  241
  259
  277
  296
  316
  337
  358
  381
  404
  428
  453
Funds from operations, $m
  116
  80
  97
  114
  133
  154
  177
  201
  228
  256
  286
  317
  350
  385
  422
  460
  500
  541
  584
  629
  675
  723
  774
  826
  880
  936
  995
  1,056
  1,120
  1,186
  1,255
Change in working capital, $m
  15
  3
  3
  3
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  14
  14
Cash from operations, $m
  101
  77
  93
  110
  129
  149
  172
  196
  222
  250
  280
  311
  344
  378
  414
  452
  492
  533
  575
  620
  666
  714
  763
  815
  869
  925
  983
  1,044
  1,107
  1,172
  1,241
Maintenance CAPEX, $m
  0
  -20
  -25
  -30
  -37
  -43
  -51
  -59
  -68
  -78
  -88
  -99
  -111
  -123
  -136
  -149
  -163
  -177
  -192
  -208
  -224
  -241
  -259
  -277
  -296
  -316
  -337
  -358
  -381
  -404
  -428
New CAPEX, $m
  -11
  -64
  -73
  -82
  -92
  -101
  -110
  -119
  -128
  -137
  -145
  -153
  -161
  -169
  -177
  -185
  -193
  -201
  -209
  -217
  -226
  -235
  -244
  -254
  -264
  -274
  -285
  -297
  -309
  -322
  -336
Cash from investing activities, $m
  -73
  -84
  -98
  -112
  -129
  -144
  -161
  -178
  -196
  -215
  -233
  -252
  -272
  -292
  -313
  -334
  -356
  -378
  -401
  -425
  -450
  -476
  -503
  -531
  -560
  -590
  -622
  -655
  -690
  -726
  -764
Free cash flow, $m
  28
  -7
  -5
  -3
  1
  5
  11
  18
  26
  36
  47
  58
  72
  86
  102
  118
  136
  154
  174
  194
  215
  237
  260
  284
  309
  334
  361
  388
  417
  446
  477
Issuance/(repayment) of debt, $m
  315
  35
  103
  116
  129
  142
  155
  167
  180
  192
  203
  215
  226
  237
  248
  259
  271
  282
  293
  305
  317
  329
  342
  355
  370
  384
  400
  416
  433
  451
  471
Issuance/(repurchase) of shares, $m
  0
  11
  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  
  -4
  46
  103
  116
  129
  142
  155
  167
  180
  192
  203
  215
  226
  237
  248
  259
  271
  282
  293
  305
  317
  329
  342
  355
  370
  384
  400
  416
  433
  451
  471
Total cash flow (excl. dividends), $m
  24
  39
  98
  113
  129
  147
  165
  185
  206
  227
  250
  273
  298
  324
  350
  378
  406
  436
  467
  499
  532
  566
  602
  640
  678
  719
  761
  805
  850
  898
  948
Retained Cash Flow (-), $m
  2
  -65
  -11
  -13
  -14
  -16
  -17
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
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
 
  -26
  87
  100
  115
  131
  148
  166
  186
  206
  227
  249
  273
  297
  323
  349
  376
  405
  434
  465
  497
  530
  564
  600
  637
  676
  716
  758
  802
  848
  895
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
 
  -24
  79
  87
  95
  101
  107
  112
  116
  118
  119
  118
  116
  113
  108
  102
  96
  88
  80
  72
  63
  55
  47
  39
  32
  26
  21
  16
  12
  9
  7
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Delek Logistics Partners, LP owns and operates logistics and marketing assets for crude oil, and intermediate and refined products in the United States. It operates in two segments, Pipelines and Transportation, and Wholesale Marketing and Terminalling. The Pipelines and Transportation segment consists of assets, including pipelines and trucks, and ancillary assets that provide crude oil gathering and crude oil, intermediate and finished products transportation, and storage services primarily in support of the Tyler and El Dorado refineries, as well as offers crude oil and other products transportation services to third parties. This segment operates approximately 400 miles of crude oil transportation pipelines; 366 miles of refined product pipelines; and approximately 600 miles of crude oil gathering and trunk lines with an aggregate of approximately 7.3 million barrels of active shell capacity. The Wholesale Marketing and Terminalling segment offers marketing, transporting, storing, and terminalling refined products and services to independent third parties. Delek Logistics GP, LLC serves as the general partner of the company. Delek Logistics Partners, LP was founded in 2012 and is headquartered in Brentwood, Tennessee.

FINANCIAL RATIOS  of  Delek Logistics Partners (DKL)

Valuation Ratios
P/E Ratio 11.4
Price to Sales 1.6
Price to Book -55.3
Price to Tangible Book
Price to Cash Flow 7.1
Price to Free Cash Flow 8
Growth Rates
Sales Growth Rate -24.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -45%
Cap. Spend. - 3 Yr. Gr. Rate -15.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 6
Management Effectiveness
Return On Assets 19%
Ret/ On Assets - 3 Yr. Avg. 21.6%
Return On Total Capital -525%
Ret/ On T. Cap. - 3 Yr. Avg. 13.5%
Return On Equity -525%
Return On Equity - 3 Yr. Avg. 13.5%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 32.1%
Gross Margin - 3 Yr. Avg. 25.2%
EBITDA Margin 21.4%
EBITDA Margin - 3 Yr. Avg. 16.2%
Operating Margin 17.4%
Oper. Margin - 3 Yr. Avg. 13.3%
Pre-Tax Margin 14.1%
Pre-Tax Margin - 3 Yr. Avg. 11.2%
Net Profit Margin 14.1%
Net Profit Margin - 3 Yr. Avg. 11.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 38.1%

DKL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DKL stock intrinsic value calculation we used $448 million for the last fiscal year's total revenue generated by Delek Logistics Partners. The default revenue input number comes from 2016 income statement of Delek Logistics 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 DKL stock valuation model: a) initial revenue growth rate of 24% 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 DKL is calculated based on our internal credit rating of Delek Logistics 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 Delek Logistics 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 DKL 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 DKL stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Delek Logistics Partners.

Corporate tax rate of 27% is the nominal tax rate for Delek Logistics 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 DKL 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 DKL are equal to 59.6%.

Life of production assets of 13.3 years is the average useful life of capital assets used in Delek Logistics 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 DKL is equal to 2.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $-13 million for Delek Logistics 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 24.602 million for Delek Logistics 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 Delek Logistics Partners at the current share price and the inputted number of shares is $0.7 billion.

RELATED COMPANIES Price Int.Val. Rating
PAA Plains All Ame 19.70 9.98  str.sell
PBFX PBF Logistics 21.05 111.57  str.buy
DK Delek US Holdi 21.15 2,036.85  str.buy
NS NuSTAR Energy 38.75 28.66  sell
PSXP Phillips 66 Pa 45.57 14.56  str.sell
WNRL Western Refini 24.25 9.76  str.sell

COMPANY NEWS

▶ Delek US Holdings Reports Second Quarter 2017 Results   [Aug-02-17 05:45PM  GlobeNewswire]
▶ ALDW, DKL, HCLP: Last Weeks Key MLP Rating Updates   [Jul-10-17 03:13PM  Market Realist]
▶ These MLPs Took June in Stride   [Jul-07-17 09:09AM  Market Realist]
▶ Best Stocks For The Second Half of 2017   [Jul-03-17 11:43AM  Zacks]
▶ Alon USA Energy Stockholders Approve Merger Transaction   [Jun-28-17 06:21PM  PR Newswire]
▶ New Strong Buy Stocks for June 15th   [Jun-15-17 10:40AM  Zacks]
▶ New Strong Buy Stocks for June 8th   [Jun-08-17 10:49AM  Zacks]
▶ New Strong Buy Stocks for June 5th   [Jun-05-17 10:53AM  Zacks]
▶ New Strong Buy Stocks for May 25th   [May-25-17 09:20AM  Zacks]
▶ Top Ranked Income Stocks to Buy for May 22nd   [May-22-17 09:15AM  Zacks]
▶ Delek US Holdings Announces Investor Conference Schedule   [May-09-17 05:00PM  GlobeNewswire]
▶ Delek US Holdings Reports First Quarter 2017 Results   [May-08-17 04:15PM  GlobeNewswire]
▶ Delek US Holdings Announces Investor Conference Schedule   [Dec-29-16 05:30PM  GlobeNewswire]
▶ [$$] Delek-Alon Combo's Cash Synergies   [Dec-09-16 11:34AM  at Barrons.com]
Stock chart of DKL Financial statements of DKL
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.