Intrinsic value of Ferrellgas Partners - FGP

Previous Close

$4.27

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$4.27

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

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 2017), $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
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -5.35
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
Revenue, $m
  1,930
  2,038
  2,151
  2,269
  2,392
  2,521
  2,656
  2,798
  2,946
  3,100
  3,263
  3,433
  3,611
  3,797
  3,993
  4,198
  4,413
  4,639
  4,876
  5,124
  5,384
  5,657
  5,944
  6,244
  6,560
  6,891
  7,239
  7,603
  7,986
  8,388
  8,810
Variable operating expenses, $m
 
  2,571
  2,712
  2,859
  3,013
  3,174
  3,343
  3,519
  3,704
  3,897
  4,100
  4,287
  4,509
  4,742
  4,986
  5,243
  5,511
  5,793
  6,088
  6,398
  6,723
  7,064
  7,422
  7,798
  8,192
  8,605
  9,039
  9,495
  9,973
  10,474
  11,001
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
  1,835
  2,571
  2,712
  2,859
  3,013
  3,174
  3,343
  3,519
  3,704
  3,897
  4,100
  4,287
  4,509
  4,742
  4,986
  5,243
  5,511
  5,793
  6,088
  6,398
  6,723
  7,064
  7,422
  7,798
  8,192
  8,605
  9,039
  9,495
  9,973
  10,474
  11,001
Operating income, $m
  95
  -533
  -561
  -590
  -621
  -653
  -686
  -721
  -758
  -797
  -837
  -854
  -898
  -945
  -993
  -1,044
  -1,098
  -1,154
  -1,213
  -1,274
  -1,339
  -1,407
  -1,478
  -1,553
  -1,632
  -1,714
  -1,801
  -1,891
  -1,986
  -2,086
  -2,191
EBITDA, $m
  198
  -420
  -443
  -468
  -493
  -520
  -548
  -577
  -607
  -639
  -673
  -708
  -744
  -783
  -823
  -865
  -910
  -956
  -1,005
  -1,056
  -1,110
  -1,166
  -1,225
  -1,287
  -1,352
  -1,421
  -1,492
  -1,567
  -1,646
  -1,729
  -1,816
Interest expense (income), $m
  143
  144
  87
  93
  99
  105
  112
  119
  126
  134
  141
  150
  158
  167
  177
  187
  197
  208
  220
  232
  244
  258
  272
  286
  301
  317
  334
  352
  371
  390
  410
Earnings before tax, $m
  -56
  -677
  -648
  -683
  -720
  -758
  -798
  -840
  -884
  -930
  -979
  -1,004
  -1,057
  -1,112
  -1,170
  -1,231
  -1,295
  -1,362
  -1,432
  -1,506
  -1,584
  -1,665
  -1,750
  -1,839
  -1,933
  -2,032
  -2,135
  -2,243
  -2,357
  -2,476
  -2,602
Tax expense, $m
  -1
  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
Net income, $m
  -54
  -677
  -648
  -683
  -720
  -758
  -798
  -840
  -884
  -930
  -979
  -1,004
  -1,057
  -1,112
  -1,170
  -1,231
  -1,295
  -1,362
  -1,432
  -1,506
  -1,584
  -1,665
  -1,750
  -1,839
  -1,933
  -2,032
  -2,135
  -2,243
  -2,357
  -2,476
  -2,602

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  6
  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
  1,610
  1,694
  1,788
  1,886
  1,989
  2,096
  2,208
  2,326
  2,449
  2,577
  2,712
  2,853
  3,001
  3,157
  3,319
  3,490
  3,669
  3,856
  4,053
  4,259
  4,475
  4,703
  4,941
  5,191
  5,453
  5,728
  6,017
  6,320
  6,639
  6,973
  7,323
Adjusted assets (=assets-cash), $m
  1,604
  1,694
  1,788
  1,886
  1,989
  2,096
  2,208
  2,326
  2,449
  2,577
  2,712
  2,853
  3,001
  3,157
  3,319
  3,490
  3,669
  3,856
  4,053
  4,259
  4,475
  4,703
  4,941
  5,191
  5,453
  5,728
  6,017
  6,320
  6,639
  6,973
  7,323
Revenue / Adjusted assets
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
  1.203
Average production assets, $m
  1,019
  1,076
  1,136
  1,198
  1,263
  1,331
  1,403
  1,477
  1,555
  1,637
  1,723
  1,812
  1,906
  2,005
  2,108
  2,217
  2,330
  2,449
  2,574
  2,705
  2,843
  2,987
  3,138
  3,297
  3,464
  3,638
  3,822
  4,015
  4,217
  4,429
  4,652
Working capital, $m
  -44
  84
  88
  93
  98
  103
  109
  115
  121
  127
  134
  141
  148
  156
  164
  172
  181
  190
  200
  210
  221
  232
  244
  256
  269
  283
  297
  312
  327
  344
  361
Total debt, $m
  2,125
  1,286
  1,370
  1,459
  1,551
  1,647
  1,748
  1,854
  1,965
  2,081
  2,202
  2,329
  2,462
  2,602
  2,748
  2,902
  3,063
  3,232
  3,409
  3,594
  3,789
  3,993
  4,208
  4,433
  4,669
  4,916
  5,176
  5,449
  5,736
  6,036
  6,352
Total liabilities, $m
  2,364
  1,525
  1,609
  1,698
  1,790
  1,886
  1,987
  2,093
  2,204
  2,320
  2,441
  2,568
  2,701
  2,841
  2,987
  3,141
  3,302
  3,471
  3,648
  3,833
  4,028
  4,232
  4,447
  4,672
  4,908
  5,155
  5,415
  5,688
  5,975
  6,275
  6,591
Total equity, $m
  -754
  169
  179
  189
  199
  210
  221
  233
  245
  258
  271
  285
  300
  316
  332
  349
  367
  386
  405
  426
  448
  470
  494
  519
  545
  573
  602
  632
  664
  697
  732
Total liabilities and equity, $m
  1,610
  1,694
  1,788
  1,887
  1,989
  2,096
  2,208
  2,326
  2,449
  2,578
  2,712
  2,853
  3,001
  3,157
  3,319
  3,490
  3,669
  3,857
  4,053
  4,259
  4,476
  4,702
  4,941
  5,191
  5,453
  5,728
  6,017
  6,320
  6,639
  6,972
  7,323
Debt-to-equity ratio
  -2.818
  7.590
  7.660
  7.730
  7.800
  7.860
  7.920
  7.970
  8.020
  8.070
  8.120
  8.160
  8.200
  8.240
  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
  8.620
  8.640
  8.660
  8.670
Adjusted equity ratio
  -0.470
  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
  -54
  -677
  -648
  -683
  -720
  -758
  -798
  -840
  -884
  -930
  -979
  -1,004
  -1,057
  -1,112
  -1,170
  -1,231
  -1,295
  -1,362
  -1,432
  -1,506
  -1,584
  -1,665
  -1,750
  -1,839
  -1,933
  -2,032
  -2,135
  -2,243
  -2,357
  -2,476
  -2,602
Depreciation, amort., depletion, $m
  103
  112
  117
  122
  127
  133
  139
  145
  151
  158
  165
  146
  154
  162
  170
  179
  188
  198
  208
  218
  229
  241
  253
  266
  279
  293
  308
  324
  340
  357
  375
Funds from operations, $m
  168
  -564
  -531
  -561
  -592
  -625
  -660
  -696
  -733
  -773
  -814
  -857
  -903
  -950
  -1,000
  -1,052
  -1,107
  -1,165
  -1,225
  -1,288
  -1,354
  -1,424
  -1,497
  -1,573
  -1,654
  -1,738
  -1,827
  -1,919
  -2,017
  -2,119
  -2,227
Change in working capital, $m
  41
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
Cash from operations, $m
  127
  -569
  -535
  -566
  -597
  -631
  -665
  -701
  -739
  -779
  -821
  -864
  -910
  -958
  -1,008
  -1,061
  -1,116
  -1,174
  -1,235
  -1,298
  -1,365
  -1,435
  -1,509
  -1,586
  -1,667
  -1,752
  -1,841
  -1,934
  -2,033
  -2,136
  -2,244
Maintenance CAPEX, $m
  0
  -82
  -87
  -92
  -97
  -102
  -107
  -113
  -119
  -125
  -132
  -139
  -146
  -154
  -162
  -170
  -179
  -188
  -198
  -208
  -218
  -229
  -241
  -253
  -266
  -279
  -293
  -308
  -324
  -340
  -357
New CAPEX, $m
  -50
  -58
  -60
  -62
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -90
  -94
  -99
  -103
  -108
  -114
  -119
  -125
  -131
  -137
  -144
  -151
  -159
  -167
  -175
  -183
  -193
  -202
  -212
  -223
Cash from investing activities, $m
  -46
  -140
  -147
  -154
  -162
  -170
  -178
  -188
  -197
  -207
  -218
  -229
  -240
  -253
  -265
  -278
  -293
  -307
  -323
  -339
  -355
  -373
  -392
  -412
  -433
  -454
  -476
  -501
  -526
  -552
  -580
Free cash flow, $m
  81
  -708
  -682
  -720
  -759
  -801
  -844
  -889
  -937
  -986
  -1,038
  -1,093
  -1,150
  -1,210
  -1,273
  -1,339
  -1,408
  -1,481
  -1,557
  -1,637
  -1,721
  -1,809
  -1,901
  -1,998
  -2,099
  -2,206
  -2,318
  -2,435
  -2,559
  -2,688
  -2,824
Issuance/(repayment) of debt, $m
  20
  -833
  84
  88
  92
  97
  101
  106
  111
  116
  121
  127
  133
  140
  146
  153
  161
  169
  177
  186
  195
  204
  214
  225
  236
  248
  260
  273
  286
  301
  316
Issuance/(repurchase) of shares, $m
  -16
  1,600
  657
  693
  730
  769
  810
  852
  897
  943
  992
  1,018
  1,071
  1,128
  1,186
  1,248
  1,313
  1,381
  1,452
  1,527
  1,605
  1,687
  1,774
  1,864
  1,959
  2,059
  2,164
  2,274
  2,389
  2,510
  2,637
Cash from financing (excl. dividends), $m  
  -1
  767
  741
  781
  822
  866
  911
  958
  1,008
  1,059
  1,113
  1,145
  1,204
  1,268
  1,332
  1,401
  1,474
  1,550
  1,629
  1,713
  1,800
  1,891
  1,988
  2,089
  2,195
  2,307
  2,424
  2,547
  2,675
  2,811
  2,953
Total cash flow (excl. dividends), $m
  81
  58
  60
  62
  63
  65
  67
  69
  71
  73
  75
  52
  54
  57
  60
  63
  66
  69
  72
  76
  79
  83
  87
  92
  96
  101
  106
  111
  117
  122
  129
Retained Cash Flow (-), $m
  107
  -1,600
  -657
  -693
  -730
  -769
  -810
  -852
  -897
  -943
  -992
  -1,018
  -1,071
  -1,128
  -1,186
  -1,248
  -1,313
  -1,381
  -1,452
  -1,527
  -1,605
  -1,687
  -1,774
  -1,864
  -1,959
  -2,059
  -2,164
  -2,274
  -2,389
  -2,510
  -2,637
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
 
  -1,542
  -597
  -631
  -667
  -704
  -743
  -783
  -826
  -870
  -917
  -966
  -1,017
  -1,071
  -1,127
  -1,186
  -1,247
  -1,312
  -1,380
  -1,451
  -1,526
  -1,604
  -1,686
  -1,773
  -1,863
  -1,958
  -2,058
  -2,162
  -2,272
  -2,387
  -2,508
Discount rate, %
 
  15.50
  16.28
  17.09
  17.94
  18.84
  19.78
  20.77
  21.81
  22.90
  24.05
  25.25
  26.51
  27.84
  29.23
  30.69
  32.22
  33.83
  35.53
  37.30
  39.17
  41.13
  43.18
  45.34
  47.61
  49.99
  52.49
  55.11
  57.87
  60.76
  63.80
PV of cash for distribution, $m
 
  -1,335
  -442
  -393
  -345
  -297
  -251
  -209
  -170
  -136
  -106
  -81
  -61
  -44
  -31
  -21
  -14
  -9
  -6
  -4
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  10.2
  2.1
  0.4
  0.1
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

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 -7.8
Price to Sales 0.2
Price to Book -0.6
Price to Tangible Book
Price to Cash Flow 3.3
Price to Free Cash Flow 5.4
Growth Rates
Sales Growth Rate -5.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -57.6%
Cap. Spend. - 3 Yr. Gr. Rate -1.2%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity -264.7%
Total Debt to Equity -281.8%
Interest Coverage 1
Management Effectiveness
Return On Assets 5.3%
Ret/ On Assets - 3 Yr. Avg. -5.1%
Return On Total Capital -3.8%
Ret/ On T. Cap. - 3 Yr. Avg. -13.1%
Return On Equity 7.7%
Return On Equity - 3 Yr. Avg. 124.4%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 38.3%
Gross Margin - 3 Yr. Avg. 40.3%
EBITDA Margin 9.8%
EBITDA Margin - 3 Yr. Avg. 0.3%
Operating Margin 4.9%
Oper. Margin - 3 Yr. Avg. -5%
Pre-Tax Margin -2.9%
Pre-Tax Margin - 3 Yr. Avg. -11.5%
Net Profit Margin -2.8%
Net Profit Margin - 3 Yr. Avg. -11.3%
Effective Tax Rate 1.8%
Eff/ Tax Rate - 3 Yr. Avg. 0.6%
Payout Ratio -148.1%

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 $1930 million for the last fiscal year's total revenue generated by Ferrellgas Partners. The default revenue input number comes from 2017 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 5.6% 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 15.5%, 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 126.2%.

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 6.8% 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 52.8%.

Life of production assets of 12.4 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 - $-754 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 97.152 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

▶ 63% of Analysts Rate AmeriGas Partners as a Hold   [Nov-10-17 09:40AM  Market Realist]
▶ Ferrellgas Shares Winter Weather Preparedness Tips   [Nov-01-17 09:00AM  GlobeNewswire]
▶ Better Buy: Ferrellgas Partners, L.P. vs. WGL Holdings   [Oct-25-17 09:34PM  Motley Fool]
▶ 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]
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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