Intrinsic value of Cedar Fair Dep Rec - FUN

Previous Close

$66.40

  Intrinsic Value

$18.92

stock screener

  Rating & Target

str. sell

-72%

  Value-price divergence*

-8%

Previous close

$66.40

 
Intrinsic value

$18.92

 
Up/down potential

-72%

 
Rating

str. sell

 
Value-price divergence*

-8%

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

We calculate the intrinsic value of FUN 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 3.7

 

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, %
  4.29
  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
  1,289
  1,315
  1,345
  1,380
  1,418
  1,461
  1,509
  1,560
  1,616
  1,675
  1,740
  1,809
  1,882
  1,960
  2,043
  2,131
  2,225
  2,324
  2,428
  2,539
  2,655
  2,778
  2,908
  3,045
  3,189
  3,341
  3,501
  3,669
  3,846
  4,032
  4,228
Variable operating expenses, $m
 
  794
  812
  832
  855
  880
  908
  938
  971
  1,007
  1,045
  1,067
  1,110
  1,157
  1,206
  1,258
  1,313
  1,371
  1,433
  1,498
  1,567
  1,639
  1,716
  1,797
  1,882
  1,971
  2,066
  2,165
  2,269
  2,379
  2,495
Fixed operating expenses, $m
 
  204
  209
  214
  220
  225
  231
  237
  242
  249
  255
  261
  268
  274
  281
  288
  295
  303
  310
  318
  326
  334
  343
  351
  360
  369
  378
  388
  397
  407
  417
Total operating expenses, $m
  972
  998
  1,021
  1,046
  1,075
  1,105
  1,139
  1,175
  1,213
  1,256
  1,300
  1,328
  1,378
  1,431
  1,487
  1,546
  1,608
  1,674
  1,743
  1,816
  1,893
  1,973
  2,059
  2,148
  2,242
  2,340
  2,444
  2,553
  2,666
  2,786
  2,912
Operating income, $m
  317
  317
  324
  333
  344
  356
  370
  385
  402
  420
  441
  480
  504
  529
  556
  586
  617
  650
  685
  723
  762
  805
  850
  897
  947
  1,001
  1,057
  1,117
  1,179
  1,246
  1,316
EBITDA, $m
  449
  455
  465
  477
  491
  507
  525
  545
  567
  591
  617
  645
  676
  708
  743
  780
  820
  862
  907
  954
  1,005
  1,058
  1,115
  1,175
  1,238
  1,305
  1,376
  1,451
  1,530
  1,614
  1,702
Interest expense (income), $m
  82
  81
  76
  78
  81
  84
  87
  90
  94
  98
  103
  107
  112
  118
  123
  129
  136
  143
  150
  157
  166
  174
  183
  193
  203
  213
  224
  236
  248
  261
  275
Earnings before tax, $m
  249
  236
  248
  255
  263
  272
  283
  295
  308
  322
  338
  373
  392
  412
  433
  456
  481
  507
  535
  565
  597
  631
  667
  705
  745
  788
  833
  881
  931
  985
  1,041
Tax expense, $m
  71
  64
  67
  69
  71
  74
  76
  80
  83
  87
  91
  101
  106
  111
  117
  123
  130
  137
  145
  153
  161
  170
  180
  190
  201
  213
  225
  238
  251
  266
  281
Net income, $m
  178
  172
  181
  186
  192
  199
  206
  215
  225
  235
  247
  272
  286
  301
  316
  333
  351
  370
  391
  413
  436
  460
  487
  514
  544
  575
  608
  643
  680
  719
  760

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  123
  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
  1,973
  2,013
  2,060
  2,113
  2,172
  2,238
  2,310
  2,389
  2,474
  2,566
  2,664
  2,770
  2,882
  3,002
  3,129
  3,264
  3,407
  3,558
  3,718
  3,888
  4,066
  4,255
  4,454
  4,663
  4,884
  5,116
  5,361
  5,619
  5,890
  6,175
  6,475
Adjusted assets (=assets-cash), $m
  1,850
  2,013
  2,060
  2,113
  2,172
  2,238
  2,310
  2,389
  2,474
  2,566
  2,664
  2,770
  2,882
  3,002
  3,129
  3,264
  3,407
  3,558
  3,718
  3,888
  4,066
  4,255
  4,454
  4,663
  4,884
  5,116
  5,361
  5,619
  5,890
  6,175
  6,475
Revenue / Adjusted assets
  0.697
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
Average production assets, $m
  1,564
  1,595
  1,632
  1,673
  1,721
  1,773
  1,830
  1,892
  1,960
  2,032
  2,110
  2,194
  2,283
  2,378
  2,478
  2,585
  2,699
  2,819
  2,945
  3,079
  3,221
  3,370
  3,528
  3,694
  3,868
  4,053
  4,246
  4,451
  4,665
  4,891
  5,129
Working capital, $m
  -47
  -131
  -135
  -138
  -142
  -146
  -151
  -156
  -162
  -168
  -174
  -181
  -188
  -196
  -204
  -213
  -222
  -232
  -243
  -254
  -266
  -278
  -291
  -304
  -319
  -334
  -350
  -367
  -385
  -403
  -423
Total debt, $m
  1,537
  1,437
  1,479
  1,526
  1,580
  1,639
  1,704
  1,775
  1,852
  1,934
  2,023
  2,118
  2,219
  2,327
  2,441
  2,563
  2,691
  2,828
  2,972
  3,124
  3,285
  3,454
  3,633
  3,822
  4,020
  4,230
  4,450
  4,682
  4,926
  5,183
  5,453
Total liabilities, $m
  1,913
  1,812
  1,854
  1,901
  1,955
  2,014
  2,079
  2,150
  2,227
  2,309
  2,398
  2,493
  2,594
  2,702
  2,816
  2,938
  3,066
  3,203
  3,347
  3,499
  3,660
  3,829
  4,008
  4,197
  4,395
  4,605
  4,825
  5,057
  5,301
  5,558
  5,828
Total equity, $m
  61
  201
  206
  211
  217
  224
  231
  239
  247
  257
  266
  277
  288
  300
  313
  326
  341
  356
  372
  389
  407
  425
  445
  466
  488
  512
  536
  562
  589
  618
  648
Total liabilities and equity, $m
  1,974
  2,013
  2,060
  2,112
  2,172
  2,238
  2,310
  2,389
  2,474
  2,566
  2,664
  2,770
  2,882
  3,002
  3,129
  3,264
  3,407
  3,559
  3,719
  3,888
  4,067
  4,254
  4,453
  4,663
  4,883
  5,117
  5,361
  5,619
  5,890
  6,176
  6,476
Debt-to-equity ratio
  25.197
  7.140
  7.180
  7.230
  7.270
  7.320
  7.380
  7.430
  7.480
  7.540
  7.590
  7.650
  7.700
  7.750
  7.800
  7.850
  7.900
  7.950
  7.990
  8.040
  8.080
  8.120
  8.160
  8.200
  8.230
  8.270
  8.300
  8.330
  8.360
  8.390
  8.420
Adjusted equity ratio
  -0.034
  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
  178
  172
  181
  186
  192
  199
  206
  215
  225
  235
  247
  272
  286
  301
  316
  333
  351
  370
  391
  413
  436
  460
  487
  514
  544
  575
  608
  643
  680
  719
  760
Depreciation, amort., depletion, $m
  132
  138
  141
  144
  147
  151
  156
  160
  165
  171
  177
  165
  172
  179
  186
  194
  203
  212
  221
  232
  242
  253
  265
  278
  291
  305
  319
  335
  351
  368
  386
Funds from operations, $m
  382
  310
  322
  330
  339
  350
  362
  375
  390
  406
  423
  437
  458
  479
  503
  527
  554
  582
  612
  644
  678
  714
  752
  792
  835
  880
  927
  978
  1,031
  1,087
  1,146
Change in working capital, $m
  25
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
Cash from operations, $m
  357
  312
  325
  333
  343
  354
  367
  381
  396
  412
  430
  444
  465
  487
  511
  536
  563
  592
  623
  655
  690
  726
  765
  806
  849
  895
  943
  994
  1,048
  1,105
  1,165
Maintenance CAPEX, $m
  0
  -118
  -120
  -123
  -126
  -129
  -133
  -138
  -142
  -147
  -153
  -159
  -165
  -172
  -179
  -186
  -194
  -203
  -212
  -221
  -232
  -242
  -253
  -265
  -278
  -291
  -305
  -319
  -335
  -351
  -368
New CAPEX, $m
  -161
  -31
  -37
  -42
  -47
  -52
  -57
  -62
  -67
  -73
  -78
  -83
  -89
  -95
  -101
  -107
  -113
  -120
  -127
  -134
  -141
  -149
  -157
  -166
  -175
  -184
  -194
  -204
  -215
  -226
  -238
Cash from investing activities, $m
  -161
  -149
  -157
  -165
  -173
  -181
  -190
  -200
  -209
  -220
  -231
  -242
  -254
  -267
  -280
  -293
  -307
  -323
  -339
  -355
  -373
  -391
  -410
  -431
  -453
  -475
  -499
  -523
  -550
  -577
  -606
Free cash flow, $m
  196
  164
  168
  169
  170
  173
  176
  181
  186
  192
  199
  202
  211
  221
  231
  243
  256
  269
  284
  300
  317
  335
  354
  375
  397
  420
  445
  471
  499
  529
  560
Issuance/(repayment) of debt, $m
  0
  -100
  42
  48
  53
  59
  65
  71
  77
  83
  89
  95
  101
  108
  114
  121
  129
  136
  144
  152
  161
  170
  179
  189
  199
  209
  220
  232
  244
  257
  270
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  
  -7
  -100
  42
  48
  53
  59
  65
  71
  77
  83
  89
  95
  101
  108
  114
  121
  129
  136
  144
  152
  161
  170
  179
  189
  199
  209
  220
  232
  244
  257
  270
Total cash flow (excl. dividends), $m
  190
  64
  210
  216
  224
  232
  241
  251
  263
  275
  288
  297
  312
  328
  346
  364
  384
  405
  428
  452
  477
  504
  533
  563
  595
  629
  665
  703
  743
  785
  830
Retained Cash Flow (-), $m
  -4
  -140
  -5
  -5
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
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
 
  -76
  205
  211
  218
  225
  234
  244
  254
  265
  278
  286
  301
  316
  333
  351
  370
  390
  412
  435
  459
  485
  513
  542
  573
  606
  640
  677
  716
  757
  800
Discount rate, %
 
  11.50
  12.08
  12.68
  13.31
  13.98
  14.68
  15.41
  16.18
  16.99
  17.84
  18.73
  19.67
  20.65
  21.68
  22.77
  23.91
  25.10
  26.36
  27.68
  29.06
  30.51
  32.04
  33.64
  35.32
  37.09
  38.94
  40.89
  42.93
  45.08
  47.34
PV of cash for distribution, $m
 
  -68
  163
  148
  132
  117
  103
  89
  77
  65
  54
  43
  35
  28
  21
  16
  12
  9
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
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

Cedar Fair, L.P. owns and operates amusement and water parks, and hotels in the United States and Canada. As of February 17, 2016, the company operated approximately 11 amusement parks, 3 outdoor water parks, 1 indoor water park, and 5 hotels. Its amusement parks include Cedar Point located on Lake Erie between Cleveland and Toledo in Sandusky, Ohio; Kings Island near Cincinnati, Ohio; Canada's Wonderland near Toronto, Canada; Dorney Park & Wildwater Kingdom located near Allentown in South Whitehall Township, Pennsylvania; Valleyfair located near Minneapolis/St. Paul in Shakopee, Minnesota; Michigan's Adventure located near Muskegon, Michigan; Kings Dominion located near Richmond, Virginia; Carowinds in Charlotte, North Carolina; Worlds of Fun located in Kansas City, Missouri; Knott's Berry Farm located near Los Angeles in Buena Park, California; and California's Great America located in Santa Clara, California. The company also manages and operates Gilroy Gardens Family Theme Park in Gilroy, California; and owns and operates the Castaway Bay Indoor Waterpark Resort in Sandusky, Ohio, as well as three gated outdoor water parks. Cedar Fair Management, Inc. serves as the general partner of Cedar Fair, L.P. The company was founded in 1983 and is based in Sandusky, Ohio.

FINANCIAL RATIOS  of  Cedar Fair Dep Rec (FUN)

Valuation Ratios
P/E Ratio 21
Price to Sales 2.9
Price to Book 61.2
Price to Tangible Book
Price to Cash Flow 10.5
Price to Free Cash Flow 19
Growth Rates
Sales Growth Rate 4.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -8.5%
Cap. Spend. - 3 Yr. Gr. Rate 6.1%
Financial Strength
Quick Ratio 41
Current Ratio 0
LT Debt to Equity 2514.8%
Total Debt to Equity 2519.7%
Interest Coverage 4
Management Effectiveness
Return On Assets 12%
Ret/ On Assets - 3 Yr. Avg. 10.3%
Return On Total Capital 11.1%
Ret/ On T. Cap. - 3 Yr. Avg. 8.1%
Return On Equity 301.7%
Return On Equity - 3 Yr. Avg. 178.9%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 91.7%
Gross Margin - 3 Yr. Avg. 91.6%
EBITDA Margin 35.9%
EBITDA Margin - 3 Yr. Avg. 31.1%
Operating Margin 24.6%
Oper. Margin - 3 Yr. Avg. 23.3%
Pre-Tax Margin 19.3%
Pre-Tax Margin - 3 Yr. Avg. 13.3%
Net Profit Margin 13.8%
Net Profit Margin - 3 Yr. Avg. 10.6%
Effective Tax Rate 28.5%
Eff/ Tax Rate - 3 Yr. Avg. 17.9%
Payout Ratio 105.1%

FUN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FUN stock intrinsic value calculation we used $1289 million for the last fiscal year's total revenue generated by Cedar Fair Dep Rec. The default revenue input number comes from 2016 income statement of Cedar Fair Dep Rec. 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 FUN 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 11.5%, whose default value for FUN is calculated based on our internal credit rating of Cedar Fair Dep Rec, 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 Cedar Fair Dep Rec.
    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 FUN stock the variable cost ratio is equal to 60.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $199 million in the base year in the intrinsic value calculation for FUN 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 5.3% for Cedar Fair Dep Rec.

Corporate tax rate of 27% is the nominal tax rate for Cedar Fair Dep Rec. 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 FUN 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 FUN are equal to 121.3%.

Life of production assets of 13.3 years is the average useful life of capital assets used in Cedar Fair Dep Rec 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 FUN is equal to -10%. 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 - $61 million for Cedar Fair Dep Rec - 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 56.059 million for Cedar Fair Dep Rec 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 Cedar Fair Dep Rec at the current share price and the inputted number of shares is $3.7 billion.

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COMPANY NEWS

▶ /C O R R E C T I O N -- Knott's Berry Farm/   [Aug-17-17 11:54AM  PR Newswire]
▶ Cedar Fair Conference Call Notice   [Aug-01-17 09:37AM  PR Newswire]
▶ New Strong Buy Stocks for July 19th   [Jul-19-17 10:11AM  Zacks]
▶ New Strong Buy Stocks for July 17th   [Jul-17-17 09:15AM  Zacks]
▶ New Strong Buy Stocks for July 13th   [Jul-13-17 07:41AM  Zacks]
▶ Dorney Park Introduces New Summer Culinary Series   [Jul-03-17 11:00AM  PR Newswire]
▶ Cedar Fair LP Value Analysis (NYSE:FUN) : June 28, 2017   [Jun-28-17 03:26PM  Capital Cube]
▶ California's Great America To Host Fireworks July 1-4   [Jun-16-17 07:34PM  PR Newswire]
▶ 3 Dividend Stocks for Daring Investors   [Jun-04-17 02:22PM  Motley Fool]
▶ If You're in Your 70s, Consider Buying This Stock   [May-22-17 07:48AM  Motley Fool]
▶ Cool Off In The Currents Of #CarolinaHarbor   [May-17-17 12:23PM  PR Newswire]
▶ A Battle is Brewing at Kings Dominion   [10:30AM  PR Newswire]
▶ Early-Season Trends Bode Well for Cedar Fair LP   [May-05-17 08:00PM  Motley Fool]
▶ Cedar Fair Conference Call Notice   [May-02-17 08:54AM  PR Newswire]
▶ Cedar Point, Knott's Berry Farm adds metal detectors   [Apr-30-17 10:27AM  Associated Press]
▶ Stifel Likes Cedar Fair, Six Flags, and SeaWorld Stocks   [Apr-21-17 01:08PM  Motley Fool]
▶ Celebrate All That's Worth Savoring   [Apr-18-17 11:43AM  PR Newswire]
▶ A New Season of FUN at Worlds of Fun   [Apr-12-17 03:30PM  PR Newswire]
▶ Photos: Great America goes patriotic (and floorless) with new coaster   [06:05PM  American City Business Journals]
▶ How Theme Parks Are Tackling VR, Augmented Reality   [Mar-24-17 03:42PM  Investopedia]
▶ Cedar Fair Looks in Good Shape   [Mar-09-17 08:18AM  TheStreet.com]
▶ 2 Stocks to Buy with Dividends Yielding 5% or More   [Mar-04-17 01:08PM  Motley Fool]
▶ Cedar Fair 2016 K-1 Tax Packages Now Available   [Mar-03-17 06:02PM  PR Newswire]
▶ Cedar Fair Offers More FUN for Investors   [Feb-23-17 12:03PM  TheStreet.com]
▶ Cedar Fair Declares 2017 First-Quarter Cash Distribution   [Feb-22-17 12:45PM  PR Newswire]
▶ Record Attendance Drives Cedar Fair, L.P. Earnings Higher   [Feb-17-17 04:40PM  at Motley Fool]
▶ Cedar Fair Conference Call Notice   [Feb-14-17 09:00AM  PR Newswire]
▶ Why Cedar Fair, L.P. Stock Gained 15% Last Year   [Jan-19-17 11:41AM  at Motley Fool]
▶ 2 Stocks to Buy With Dividends Yielding More Than 5%   [Jan-06-17 12:00PM  at Motley Fool]
▶ Is Cedar Fair, L.P. (FUN) a Good Stock to Buy?   [Dec-12-16 04:29PM  at Insider Monkey]
▶ Sports to be Part of Cedar Fair's Offerings (FUN)   [Dec-07-16 04:48PM  at Investopedia]
▶ Hedge Funds Are Crazy About Colfax Corp (CFX)   [Nov-26-16 05:37PM  at Insider Monkey]
▶ The New Theme at Theme Parks? Your Smart Phone (FUN)   [Nov-18-16 02:20PM  at Investopedia]
▶ Can Disney Follow the Lead of Cedar Fair and Six Flags?   [Nov-03-16 12:18PM  at Motley Fool]
Stock chart of FUN Financial statements of FUN
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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