Intrinsic value of Ferrellgas Partners - FGP

Previous Close

$4.51

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

  Value-price divergence*

-10%

Previous close

$4.51

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence*

-10%

*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 0.4

 

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, %
  0.74
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,039
  2,080
  2,128
  2,182
  2,244
  2,312
  2,386
  2,468
  2,556
  2,650
  2,752
  2,861
  2,977
  3,101
  3,232
  3,371
  3,519
  3,676
  3,841
  4,016
  4,200
  4,395
  4,600
  4,817
  5,045
  5,285
  5,538
  5,804
  6,084
  6,379
  6,688
Variable operating expenses, $m
 
  1,946
  1,990
  2,041
  2,098
  2,160
  2,229
  2,304
  2,386
  2,473
  2,567
  2,642
  2,749
  2,863
  2,985
  3,113
  3,250
  3,394
  3,547
  3,708
  3,879
  4,058
  4,248
  4,448
  4,658
  4,880
  5,114
  5,360
  5,618
  5,890
  6,176
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
  1,946
  1,990
  2,041
  2,098
  2,160
  2,229
  2,304
  2,386
  2,473
  2,567
  2,642
  2,749
  2,863
  2,985
  3,113
  3,250
  3,394
  3,547
  3,708
  3,879
  4,058
  4,248
  4,448
  4,658
  4,880
  5,114
  5,360
  5,618
  5,890
  6,176
Operating income, $m
  -534
  134
  137
  141
  146
  151
  157
  163
  170
  177
  185
  219
  228
  237
  247
  258
  269
  281
  294
  307
  322
  336
  352
  369
  386
  405
  424
  444
  466
  488
  512
EBITDA, $m
  -383
  280
  286
  294
  302
  311
  321
  332
  344
  357
  370
  385
  401
  417
  435
  454
  474
  495
  517
  540
  565
  591
  619
  648
  679
  711
  745
  781
  819
  858
  900
Interest expense (income), $m
  118
  124
  78
  80
  82
  85
  88
  91
  95
  99
  103
  107
  112
  117
  123
  128
  135
  141
  148
  155
  163
  171
  179
  188
  198
  208
  218
  229
  241
  253
  266
Earnings before tax, $m
  -672
  9
  59
  61
  64
  66
  69
  72
  75
  78
  82
  112
  116
  120
  125
  130
  135
  140
  146
  152
  159
  166
  173
  180
  188
  197
  206
  215
  225
  235
  246
Tax expense, $m
  0
  3
  16
  17
  17
  18
  19
  19
  20
  21
  22
  30
  31
  32
  34
  35
  36
  38
  39
  41
  43
  45
  47
  49
  51
  53
  56
  58
  61
  63
  66
Net income, $m
  -665
  7
  43
  45
  47
  48
  50
  52
  55
  57
  60
  81
  84
  88
  91
  95
  98
  102
  107
  111
  116
  121
  126
  132
  137
  144
  150
  157
  164
  171
  179

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
  1,716
  1,755
  1,801
  1,851
  1,907
  1,969
  2,036
  2,109
  2,187
  2,271
  2,360
  2,456
  2,558
  2,667
  2,782
  2,904
  3,033
  3,169
  3,313
  3,466
  3,626
  3,796
  3,974
  4,162
  4,360
  4,569
  4,789
  5,020
  5,263
  5,519
Adjusted assets (=assets-cash), $m
  1,678
  1,716
  1,755
  1,801
  1,851
  1,907
  1,969
  2,036
  2,109
  2,187
  2,271
  2,360
  2,456
  2,558
  2,667
  2,782
  2,904
  3,033
  3,169
  3,313
  3,466
  3,626
  3,796
  3,974
  4,162
  4,360
  4,569
  4,789
  5,020
  5,263
  5,519
Revenue / Adjusted assets
  1.215
  1.212
  1.213
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
Average production assets, $m
  1,300
  1,327
  1,357
  1,392
  1,431
  1,475
  1,522
  1,574
  1,630
  1,691
  1,756
  1,825
  1,899
  1,978
  2,062
  2,151
  2,245
  2,345
  2,451
  2,562
  2,680
  2,804
  2,935
  3,073
  3,219
  3,372
  3,533
  3,703
  3,882
  4,070
  4,267
Working capital, $m
  -77
  85
  87
  89
  92
  95
  98
  101
  105
  109
  113
  117
  122
  127
  133
  138
  144
  151
  157
  165
  172
  180
  189
  197
  207
  217
  227
  238
  249
  262
  274
Total debt, $m
  2,107
  1,321
  1,357
  1,398
  1,443
  1,494
  1,549
  1,609
  1,675
  1,745
  1,821
  1,901
  1,988
  2,079
  2,177
  2,281
  2,390
  2,506
  2,629
  2,759
  2,896
  3,041
  3,193
  3,354
  3,523
  3,701
  3,889
  4,087
  4,295
  4,514
  4,744
Total liabilities, $m
  2,330
  1,544
  1,580
  1,621
  1,666
  1,717
  1,772
  1,832
  1,898
  1,968
  2,044
  2,124
  2,211
  2,302
  2,400
  2,504
  2,613
  2,729
  2,852
  2,982
  3,119
  3,264
  3,416
  3,577
  3,746
  3,924
  4,112
  4,310
  4,518
  4,737
  4,967
Total equity, $m
  -647
  172
  176
  180
  185
  191
  197
  204
  211
  219
  227
  236
  246
  256
  267
  278
  290
  303
  317
  331
  347
  363
  380
  397
  416
  436
  457
  479
  502
  526
  552
Total liabilities and equity, $m
  1,683
  1,716
  1,756
  1,801
  1,851
  1,908
  1,969
  2,036
  2,109
  2,187
  2,271
  2,360
  2,457
  2,558
  2,667
  2,782
  2,903
  3,032
  3,169
  3,313
  3,466
  3,627
  3,796
  3,974
  4,162
  4,360
  4,569
  4,789
  5,020
  5,263
  5,519
Debt-to-equity ratio
  -3.257
  7.700
  7.730
  7.760
  7.800
  7.830
  7.870
  7.900
  7.940
  7.980
  8.020
  8.060
  8.090
  8.130
  8.160
  8.200
  8.230
  8.260
  8.300
  8.330
  8.360
  8.390
  8.410
  8.440
  8.460
  8.490
  8.510
  8.530
  8.560
  8.580
  8.600
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
  7
  43
  45
  47
  48
  50
  52
  55
  57
  60
  81
  84
  88
  91
  95
  98
  102
  107
  111
  116
  121
  126
  132
  137
  144
  150
  157
  164
  171
  179
Depreciation, amort., depletion, $m
  151
  146
  149
  152
  156
  160
  164
  169
  174
  179
  185
  166
  173
  180
  187
  196
  204
  213
  223
  233
  244
  255
  267
  279
  293
  307
  321
  337
  353
  370
  388
Funds from operations, $m
  178
  153
  192
  197
  202
  208
  214
  221
  229
  237
  245
  247
  257
  268
  279
  290
  303
  316
  329
  344
  360
  376
  393
  411
  430
  450
  471
  493
  517
  541
  567
Change in working capital, $m
  -16
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
Cash from operations, $m
  194
  151
  190
  195
  200
  205
  211
  218
  225
  233
  241
  243
  252
  262
  273
  284
  297
  309
  323
  337
  352
  368
  385
  402
  421
  440
  461
  483
  505
  529
  555
Maintenance CAPEX, $m
  0
  -118
  -121
  -123
  -127
  -130
  -134
  -138
  -143
  -148
  -154
  -160
  -166
  -173
  -180
  -187
  -196
  -204
  -213
  -223
  -233
  -244
  -255
  -267
  -279
  -293
  -307
  -321
  -337
  -353
  -370
New CAPEX, $m
  -118
  -27
  -31
  -35
  -39
  -43
  -48
  -52
  -56
  -60
  -65
  -69
  -74
  -79
  -84
  -89
  -94
  -100
  -106
  -111
  -118
  -124
  -131
  -138
  -145
  -153
  -161
  -170
  -179
  -188
  -198
Cash from investing activities, $m
  -116
  -145
  -152
  -158
  -166
  -173
  -182
  -190
  -199
  -208
  -219
  -229
  -240
  -252
  -264
  -276
  -290
  -304
  -319
  -334
  -351
  -368
  -386
  -405
  -424
  -446
  -468
  -491
  -516
  -541
  -568
Free cash flow, $m
  78
  6
  39
  36
  34
  32
  30
  28
  26
  24
  22
  14
  12
  11
  9
  8
  7
  5
  4
  3
  1
  0
  -1
  -3
  -4
  -6
  -7
  -8
  -10
  -11
  -13
Issuance/(repayment) of debt, $m
  173
  -786
  36
  41
  46
  51
  55
  60
  65
  70
  76
  81
  86
  92
  98
  104
  110
  116
  123
  130
  137
  145
  152
  161
  169
  178
  188
  198
  208
  219
  230
Issuance/(repurchase) of shares, $m
  -46
  812
  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
  26
  36
  41
  46
  51
  55
  60
  65
  70
  76
  81
  86
  92
  98
  104
  110
  116
  123
  130
  137
  145
  152
  161
  169
  178
  188
  198
  208
  219
  230
Total cash flow (excl. dividends), $m
  201
  32
  75
  77
  80
  82
  85
  88
  91
  94
  98
  95
  99
  103
  107
  112
  116
  121
  127
  132
  138
  145
  151
  158
  165
  173
  181
  189
  198
  207
  217
Retained Cash Flow (-), $m
  851
  -819
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
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
 
  -786
  71
  73
  75
  77
  79
  81
  84
  87
  90
  86
  89
  93
  96
  100
  104
  109
  113
  118
  123
  128
  134
  140
  146
  153
  160
  167
  175
  183
  191
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
 
  -685
  53
  46
  40
  34
  28
  23
  19
  15
  11
  8
  6
  4
  3
  2
  1
  1
  1
  0
  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. distributes and sells propane and related equipment and supplies primarily in the United States. The company transports propane to propane distribution locations, tanks on customers’ premises, or to portable propane tanks delivered to retailers. It conducts its portable tank exchange operations under the Blue Rhino brand name through a network of independent and partnership-owned distribution outlets. The company’s propane is primarily used for space heating, water heating, cooking, outdoor cooking using gas grills, crop drying, space heating, irrigation, weed control, and other propane fueled appliances; as an engine fuel for combustion engine vehicles and forklifts; and as a heating or energy source in manufacturing and drying processes. It serves residential, industrial/commercial, portable tank exchange, agricultural, wholesale, and other customers in 50 States, the District of Columbia, and Puerto Rico. As of July 31, 2016, it had 56 service centers and 855 propane distribution locations. The company is also involved in the sale of refined fuels; provision of common carrier services; retail sale of propane appliances and related parts and fittings, as well as other retail propane related services and consumer products; sale of gas grills, grilling tools and accessories, patio heaters, fireplace and garden accessories, mosquito traps, and other outdoor products; and treatment and disposal of salt water generated from crude oil production, as well as in the sale of crude oil. In addition, it operates salt water disposal wells in the Eagle Ford shale region of south Texas. Ferrellgas Partners, L.P. was founded in 1939 and is headquartered in Overland Park, Kansas.

FINANCIAL RATIOS  of  Ferrellgas Partners (FGP)

Valuation Ratios
P/E Ratio -0.7
Price to Sales 0.2
Price to Book -0.7
Price to Tangible Book
Price to Cash Flow 2.3
Price to Free Cash Flow 5.9
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 2% 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 98.656 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 $0.4 billion.

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COMPANY NEWS

▶ 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]
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▶ These 2 Hated Dividend Stocks Are Buys   [Dec-20-16 10:51AM  at Motley Fool]
▶ How Sustainable Is Suburban Propane Partners' Dividend?   [Dec-09-16 01:49PM  at Motley Fool]
▶ Shares of Ferrellgas Partners Rally on Analyst Upgrade   [Dec-08-16 12:53PM  at Motley Fool]
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▶ Why Alcoa, Nokia, and Ferrellgas Partners Jumped Today   [Dec-05-16 05:58PM  at Motley Fool]
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Stock chart of FGP 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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