Intrinsic value of Ferrellgas Partners - FGP

Previous Close

$4.95

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

  Value-price divergence*

-23%

Previous close

$4.95

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence*

-23%

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

We calculate the intrinsic value of FGP 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 0.5

 

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, %
  0.74
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.11
  5.09
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
Revenue, $m
  2,039
  2,155
  2,277
  2,403
  2,536
  2,674
  2,819
  2,970
  3,129
  3,295
  3,468
  3,650
  3,841
  4,040
  4,250
  4,469
  4,699
  4,940
  5,193
  5,458
  5,736
  6,027
  6,333
  6,654
  6,991
  7,345
  7,716
  8,105
  8,513
  8,942
  9,392
Variable operating expenses, $m
 
  2,016
  2,128
  2,245
  2,367
  2,495
  2,629
  2,769
  2,915
  3,068
  3,228
  3,371
  3,547
  3,731
  3,924
  4,127
  4,339
  4,562
  4,795
  5,040
  5,297
  5,566
  5,848
  6,145
  6,456
  6,782
  7,125
  7,484
  7,862
  8,258
  8,673
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
  2,574
  2,016
  2,128
  2,245
  2,367
  2,495
  2,629
  2,769
  2,915
  3,068
  3,228
  3,371
  3,547
  3,731
  3,924
  4,127
  4,339
  4,562
  4,795
  5,040
  5,297
  5,566
  5,848
  6,145
  6,456
  6,782
  7,125
  7,484
  7,862
  8,258
  8,673
Operating income, $m
  -534
  139
  149
  158
  169
  179
  190
  202
  214
  227
  240
  279
  294
  309
  325
  342
  360
  378
  398
  418
  439
  461
  485
  509
  535
  562
  591
  620
  652
  685
  719
EBITDA, $m
  -383
  290
  306
  323
  341
  360
  379
  400
  421
  443
  467
  491
  517
  544
  572
  601
  632
  665
  699
  734
  772
  811
  852
  895
  941
  988
  1,038
  1,091
  1,146
  1,203
  1,264
Interest expense (income), $m
  118
  124
  81
  86
  92
  98
  104
  110
  117
  124
  131
  138
  146
  155
  163
  173
  182
  192
  203
  214
  225
  238
  250
  264
  278
  292
  308
  324
  341
  359
  378
Earnings before tax, $m
  -672
  15
  68
  72
  77
  81
  86
  92
  97
  103
  109
  141
  148
  155
  162
  170
  178
  186
  195
  204
  214
  224
  235
  246
  258
  270
  283
  296
  311
  326
  341
Tax expense, $m
  0
  4
  18
  19
  21
  22
  23
  25
  26
  28
  29
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
  60
  63
  66
  70
  73
  76
  80
  84
  88
  92
Net income, $m
  -665
  11
  49
  53
  56
  59
  63
  67
  71
  75
  80
  103
  108
  113
  118
  124
  130
  136
  142
  149
  156
  163
  171
  179
  188
  197
  206
  216
  227
  238
  249

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  5
  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
  1,683
  1,774
  1,874
  1,978
  2,087
  2,201
  2,320
  2,445
  2,575
  2,712
  2,855
  3,004
  3,161
  3,325
  3,498
  3,678
  3,867
  4,066
  4,274
  4,492
  4,721
  4,961
  5,213
  5,477
  5,754
  6,045
  6,350
  6,671
  7,007
  7,360
  7,730
Adjusted assets (=assets-cash), $m
  1,678
  1,774
  1,874
  1,978
  2,087
  2,201
  2,320
  2,445
  2,575
  2,712
  2,855
  3,004
  3,161
  3,325
  3,498
  3,678
  3,867
  4,066
  4,274
  4,492
  4,721
  4,961
  5,213
  5,477
  5,754
  6,045
  6,350
  6,671
  7,007
  7,360
  7,730
Revenue / Adjusted assets
  1.215
  1.215
  1.215
  1.215
  1.215
  1.215
  1.215
  1.215
  1.215
  1.215
  1.215
  1.215
  1.215
  1.215
  1.215
  1.215
  1.215
  1.215
  1.215
  1.215
  1.215
  1.215
  1.215
  1.215
  1.215
  1.215
  1.215
  1.215
  1.215
  1.215
  1.215
Average production assets, $m
  1,300
  1,375
  1,452
  1,533
  1,618
  1,706
  1,798
  1,895
  1,996
  2,102
  2,213
  2,329
  2,450
  2,578
  2,711
  2,851
  2,998
  3,152
  3,313
  3,482
  3,659
  3,845
  4,041
  4,245
  4,460
  4,686
  4,923
  5,171
  5,432
  5,705
  5,992
Working capital, $m
  -77
  88
  93
  99
  104
  110
  116
  122
  128
  135
  142
  150
  157
  166
  174
  183
  193
  203
  213
  224
  235
  247
  260
  273
  287
  301
  316
  332
  349
  367
  385
Total debt, $m
  2,107
  1,373
  1,463
  1,557
  1,655
  1,758
  1,865
  1,977
  2,095
  2,218
  2,346
  2,481
  2,622
  2,770
  2,925
  3,087
  3,258
  3,436
  3,623
  3,820
  4,026
  4,242
  4,468
  4,706
  4,956
  5,218
  5,492
  5,781
  6,083
  6,401
  6,734
Total liabilities, $m
  2,330
  1,596
  1,686
  1,780
  1,878
  1,981
  2,088
  2,200
  2,318
  2,441
  2,569
  2,704
  2,845
  2,993
  3,148
  3,310
  3,481
  3,659
  3,846
  4,043
  4,249
  4,465
  4,691
  4,929
  5,179
  5,441
  5,715
  6,004
  6,306
  6,624
  6,957
Total equity, $m
  -647
  177
  187
  198
  209
  220
  232
  244
  258
  271
  285
  300
  316
  333
  350
  368
  387
  407
  427
  449
  472
  496
  521
  548
  575
  605
  635
  667
  701
  736
  773
Total liabilities and equity, $m
  1,683
  1,773
  1,873
  1,978
  2,087
  2,201
  2,320
  2,444
  2,576
  2,712
  2,854
  3,004
  3,161
  3,326
  3,498
  3,678
  3,868
  4,066
  4,273
  4,492
  4,721
  4,961
  5,212
  5,477
  5,754
  6,046
  6,350
  6,671
  7,007
  7,360
  7,730
Debt-to-equity ratio
  -3.257
  7.740
  7.810
  7.870
  7.930
  7.990
  8.040
  8.090
  8.130
  8.180
  8.220
  8.260
  8.290
  8.330
  8.360
  8.390
  8.420
  8.450
  8.480
  8.500
  8.530
  8.550
  8.570
  8.590
  8.610
  8.630
  8.650
  8.670
  8.680
  8.700
  8.710
Adjusted equity ratio
  -0.386
  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
  -665
  11
  49
  53
  56
  59
  63
  67
  71
  75
  80
  103
  108
  113
  118
  124
  130
  136
  142
  149
  156
  163
  171
  179
  188
  197
  206
  216
  227
  238
  249
Depreciation, amort., depletion, $m
  151
  151
  158
  165
  173
  181
  189
  198
  207
  217
  227
  212
  223
  234
  246
  259
  273
  287
  301
  317
  333
  350
  367
  386
  405
  426
  448
  470
  494
  519
  545
Funds from operations, $m
  178
  162
  207
  218
  229
  240
  252
  265
  278
  292
  306
  315
  331
  347
  365
  383
  402
  422
  443
  465
  489
  513
  539
  565
  594
  623
  654
  686
  721
  756
  794
Change in working capital, $m
  -16
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  14
  15
  16
  17
  18
  18
Cash from operations, $m
  194
  157
  202
  212
  223
  234
  246
  259
  272
  285
  299
  307
  323
  339
  356
  374
  393
  412
  433
  455
  477
  501
  526
  552
  580
  609
  639
  671
  704
  739
  776
Maintenance CAPEX, $m
  0
  -118
  -125
  -132
  -139
  -147
  -155
  -163
  -172
  -181
  -191
  -201
  -212
  -223
  -234
  -246
  -259
  -273
  -287
  -301
  -317
  -333
  -350
  -367
  -386
  -405
  -426
  -448
  -470
  -494
  -519
New CAPEX, $m
  -118
  -75
  -77
  -81
  -84
  -88
  -92
  -97
  -101
  -106
  -111
  -116
  -122
  -127
  -133
  -140
  -147
  -154
  -161
  -169
  -177
  -186
  -195
  -205
  -215
  -226
  -237
  -248
  -261
  -274
  -287
Cash from investing activities, $m
  -116
  -193
  -202
  -213
  -223
  -235
  -247
  -260
  -273
  -287
  -302
  -317
  -334
  -350
  -367
  -386
  -406
  -427
  -448
  -470
  -494
  -519
  -545
  -572
  -601
  -631
  -663
  -696
  -731
  -768
  -806
Free cash flow, $m
  78
  -36
  0
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -3
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -27
  -29
  -30
Issuance/(repayment) of debt, $m
  173
  -729
  90
  94
  98
  103
  107
  112
  117
  123
  129
  135
  141
  148
  155
  162
  170
  179
  187
  196
  206
  216
  227
  238
  250
  262
  275
  288
  303
  318
  333
Issuance/(repurchase) of shares, $m
  -46
  813
  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  
  123
  84
  90
  94
  98
  103
  107
  112
  117
  123
  129
  135
  141
  148
  155
  162
  170
  179
  187
  196
  206
  216
  227
  238
  250
  262
  275
  288
  303
  318
  333
Total cash flow (excl. dividends), $m
  201
  48
  90
  93
  97
  102
  106
  111
  116
  121
  126
  125
  131
  137
  143
  150
  157
  165
  172
  181
  189
  198
  208
  218
  228
  239
  251
  263
  276
  289
  303
Retained Cash Flow (-), $m
  851
  -824
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -35
  -37
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
 
  -776
  80
  83
  87
  90
  94
  98
  103
  107
  112
  110
  115
  120
  126
  132
  138
  145
  152
  159
  166
  174
  183
  191
  201
  210
  220
  231
  242
  254
  266
Discount rate, %
 
  14.70
  15.44
  16.21
  17.02
  17.87
  18.76
  19.70
  20.68
  21.72
  22.80
  23.94
  25.14
  26.40
  27.72
  29.10
  30.56
  32.09
  33.69
  35.38
  37.15
  39.00
  40.95
  43.00
  45.15
  47.41
  49.78
  52.27
  54.88
  57.63
  60.51
PV of cash for distribution, $m
 
  -676
  60
  53
  46
  40
  34
  28
  23
  18
  14
  10
  8
  6
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
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

Ferrellgas Partners, L.P. is engaged in the retail distribution of propane and related equipment sales, and midstream operations, which include crude oil logistics. The Company's segments include propane and related equipment sales, midstream operations-crude oil logistics, and corporate and other. The propane and related equipment sales segment consists of the distribution of propane and related equipment and supplies. The midstream operations-crude oil logistics segment is engaged in providing crude oil transportation and logistics services. The corporate and other segment includes midstream operations-water solutions. The Company's two subsidiaries include Ferrellgas Partners Finance Corp. and the operating partnership. Its general partner performs all management functions for the Company and holds general partner interest in Ferrellgas Partners and the operating partnership. It is a distributor of propane and related equipment and supplies to customers in the United States.

FINANCIAL RATIOS  of  Ferrellgas Partners (FGP)

Valuation Ratios
P/E Ratio -0.7
Price to Sales 0.2
Price to Book -0.8
Price to Tangible Book
Price to Cash Flow 2.5
Price to Free Cash Flow 6.4
Growth Rates
Sales Growth Rate 0.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 63.9%
Cap. Spend. - 3 Yr. Gr. Rate 23.5%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity -300.2%
Total Debt to Equity -325.7%
Interest Coverage -5
Management Effectiveness
Return On Assets -26.5%
Ret/ On Assets - 3 Yr. Avg. -4.5%
Return On Total Capital -37.1%
Ret/ On T. Cap. - 3 Yr. Avg. -10.9%
Return On Equity 300.2%
Return On Equity - 3 Yr. Avg. 110.8%
Asset Turnover 1
Profitability Ratios
Gross Margin 43%
Gross Margin - 3 Yr. Avg. 38.6%
EBITDA Margin -19.8%
EBITDA Margin - 3 Yr. Avg. -0.2%
Operating Margin -26.2%
Oper. Margin - 3 Yr. Avg. -4.9%
Pre-Tax Margin -33%
Pre-Tax Margin - 3 Yr. Avg. -10%
Net Profit Margin -32.6%
Net Profit Margin - 3 Yr. Avg. -9.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 1.9%
Payout Ratio -30.7%

FGP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FGP stock intrinsic value calculation we used $2039 million for the last fiscal year's total revenue generated by Ferrellgas Partners. The default revenue input number comes from 2016 income statement of Ferrellgas 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 FGP stock valuation model: a) initial revenue growth rate of 5.7% 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 14.7%, whose default value for FGP is calculated based on our internal credit rating of Ferrellgas 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 Ferrellgas 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 FGP stock the variable cost ratio is equal to 93.6%.

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 FGP 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 5.9% for Ferrellgas Partners.

Corporate tax rate of 27% is the nominal tax rate for Ferrellgas 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 FGP 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 FGP are equal to 63.8%.

Life of production assets of 11 years is the average useful life of capital assets used in Ferrellgas 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 FGP is equal to 4.1%. 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 - $-647 million for Ferrellgas 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 99.256 million for Ferrellgas 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 Ferrellgas Partners at the current share price and the inputted number of shares is $0.5 billion.

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COMPANY NEWS

▶ Ferrellgas Partners, L.P. Reports Results for Fiscal 2017   [Sep-28-17 07:00AM  GlobeNewswire]
▶ Top MLP Losers in the Week Ending September 22   [Sep-26-17 10:22AM  Market Realist]
▶ Ferrellgas hires former Fortune 500 CFO   [Sep-22-17 01:25PM  American City Business Journals]
▶ Can Suburban Propane Partners Grow in the Long Term?   [Sep-21-17 04:06PM  Market Realist]
▶ These MLPs Rose More than 6% Last Week   [Sep-18-17 01:00PM  Market Realist]
▶ How Wall Street Analysts View Propane MLPs   [07:36AM  Market Realist]
▶ SGU, SPH, FGP: Are Institutional Investors Bullish?   [Sep-11-17 10:36AM  Market Realist]
▶ Factors behind the Propane MLPs High Yields   [Sep-08-17 10:37AM  Market Realist]
▶ Ferrellgas Partners Leverage: A Key Concern   [07:37AM  Market Realist]
▶ Ferrellgas Announces Acquisition of Service Plus Propane   [Sep-05-17 07:00AM  GlobeNewswire]
▶ MLP Winners Last Week   [Aug-15-17 03:54PM  Market Realist]
▶ At an All-Time Low, Is Ferrellgas Partners, L.P. a Buy?   [Jul-11-17 09:43AM  Motley Fool]
▶ Why This Propane Company Fell Over 18% in June   [Jul-07-17 11:29AM  Motley Fool]
▶ Story Stocks from Briefing.com   [Jun-09-17 11:04AM  Briefing.com]
▶ How Ferrellgas Partners, L.P. Makes Most of Its Money   [May-12-17 05:28PM  Motley Fool]
▶ 5 Central Florida companies land on Forbes 'America's Best Employers' list   [May-10-17 03:07PM  American City Business Journals]
▶ Which KC-area stocks had the best, worst March? Take a look   [Apr-03-17 04:50PM  at bizjournals.com]
▶ Which KC-area stocks had the best, worst March? Take a look   [04:50PM  American City Business Journals]
▶ Which KC-area stocks had the best, worst February? Take a look   [Mar-03-17 03:45PM  at bizjournals.com]
▶ Can Suburban Propane Partners' Big Dividend Survive?   [Feb-16-17 01:10PM  at Motley Fool]
▶ MLP Outperformers and Underperformers of the Week   [Feb-10-17 03:40PM  at Barrons.com]
Financial statements of FGP
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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