Intrinsic value of Genesis Energy - GEL

Previous Close

$22.45

  Intrinsic Value

$17.33

stock screener

  Rating & Target

sell

-23%

Previous close

$22.45

 
Intrinsic value

$17.33

 
Up/down potential

-23%

 
Rating

sell

We calculate the intrinsic value of GEL 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  -23.81
  18.50
  17.15
  15.94
  14.84
  13.86
  12.97
  12.17
  11.46
  10.81
  10.23
  9.71
  9.24
  8.81
  8.43
  8.09
  7.78
  7.50
  7.25
  7.03
  6.82
  6.64
  6.48
  6.33
  6.20
  6.08
  5.97
  5.87
  5.79
  5.71
  5.64
Revenue, $m
  0
  2,403
  2,815
  3,264
  3,748
  4,268
  4,821
  5,408
  6,028
  6,680
  7,363
  8,078
  8,824
  9,602
  10,411
  11,253
  12,129
  13,038
  13,984
  14,966
  15,988
  17,050
  18,154
  19,303
  20,499
  21,745
  23,043
  24,396
  25,807
  27,280
  28,817
Variable operating expenses, $m
 
  2,105
  2,458
  2,841
  3,256
  3,700
  4,173
  4,675
  5,205
  5,762
  6,346
  6,907
  7,544
  8,209
  8,901
  9,621
  10,370
  11,148
  11,956
  12,796
  13,670
  14,577
  15,522
  16,504
  17,527
  18,592
  19,701
  20,858
  22,065
  23,324
  24,639
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
  1,506
  2,105
  2,458
  2,841
  3,256
  3,700
  4,173
  4,675
  5,205
  5,762
  6,346
  6,907
  7,544
  8,209
  8,901
  9,621
  10,370
  11,148
  11,956
  12,796
  13,670
  14,577
  15,522
  16,504
  17,527
  18,592
  19,701
  20,858
  22,065
  23,324
  24,639
Operating income, $m
  206
  298
  358
  423
  493
  568
  648
  734
  823
  918
  1,017
  1,171
  1,279
  1,392
  1,510
  1,632
  1,759
  1,891
  2,028
  2,170
  2,318
  2,472
  2,632
  2,799
  2,972
  3,153
  3,341
  3,537
  3,742
  3,956
  4,179
EBITDA, $m
  428
  981
  1,149
  1,333
  1,530
  1,743
  1,969
  2,208
  2,461
  2,727
  3,006
  3,298
  3,603
  3,920
  4,251
  4,595
  4,952
  5,324
  5,710
  6,111
  6,528
  6,961
  7,412
  7,881
  8,370
  8,878
  9,408
  9,961
  10,537
  11,138
  11,766
Interest expense (income), $m
  0
  200
  253
  323
  400
  483
  572
  667
  767
  873
  985
  1,102
  1,224
  1,352
  1,485
  1,623
  1,767
  1,917
  2,073
  2,235
  2,403
  2,578
  2,759
  2,948
  3,145
  3,350
  3,563
  3,785
  4,016
  4,258
  4,510
Earnings before tax, $m
  114
  98
  105
  99
  93
  85
  76
  67
  56
  45
  32
  70
  55
  41
  25
  8
  -9
  -27
  -45
  -65
  -85
  -105
  -127
  -149
  -173
  -197
  -222
  -247
  -274
  -302
  -331
Tax expense, $m
  3
  26
  28
  27
  25
  23
  21
  18
  15
  12
  9
  19
  15
  11
  7
  2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  113
  72
  76
  72
  68
  62
  56
  49
  41
  33
  24
  51
  41
  30
  18
  6
  -9
  -27
  -45
  -65
  -85
  -105
  -127
  -149
  -173
  -197
  -222
  -247
  -274
  -302
  -331

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  7
  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
  5,703
  8,462
  9,913
  11,493
  13,198
  15,027
  16,977
  19,044
  21,225
  23,520
  25,926
  28,443
  31,070
  33,808
  36,659
  39,624
  42,706
  45,910
  49,239
  52,699
  56,295
  60,034
  63,922
  67,968
  72,180
  76,566
  81,136
  85,901
  90,870
  96,056
  101,469
Adjusted assets (=assets-cash), $m
  5,696
  8,462
  9,913
  11,493
  13,198
  15,027
  16,977
  19,044
  21,225
  23,520
  25,926
  28,443
  31,070
  33,808
  36,659
  39,624
  42,706
  45,910
  49,239
  52,699
  56,295
  60,034
  63,922
  67,968
  72,180
  76,566
  81,136
  85,901
  90,870
  96,056
  101,469
Revenue / Adjusted assets
  0.000
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
Average production assets, $m
  4,287
  6,328
  7,413
  8,594
  9,869
  11,237
  12,695
  14,240
  15,872
  17,588
  19,387
  21,269
  23,233
  25,281
  27,412
  29,630
  31,935
  34,330
  36,820
  39,407
  42,096
  44,891
  47,799
  50,825
  53,974
  57,254
  60,671
  64,234
  67,950
  71,828
  75,876
Working capital, $m
  99
  -216
  -253
  -294
  -337
  -384
  -434
  -487
  -543
  -601
  -663
  -727
  -794
  -864
  -937
  -1,013
  -1,092
  -1,173
  -1,259
  -1,347
  -1,439
  -1,534
  -1,634
  -1,737
  -1,845
  -1,957
  -2,074
  -2,196
  -2,323
  -2,455
  -2,594
Total debt, $m
  3,091
  4,683
  5,989
  7,411
  8,946
  10,592
  12,347
  14,207
  16,170
  18,236
  20,401
  22,666
  25,031
  27,495
  30,061
  32,729
  35,503
  38,387
  41,383
  44,497
  47,733
  51,098
  54,597
  58,239
  62,029
  65,977
  70,090
  74,378
  78,851
  83,518
  88,390
Total liabilities, $m
  3,572
  7,616
  8,922
  10,343
  11,879
  13,525
  15,279
  17,139
  19,103
  21,168
  23,334
  25,599
  27,963
  30,427
  32,993
  35,661
  38,436
  41,319
  44,315
  47,429
  50,665
  54,030
  57,530
  61,171
  64,962
  68,909
  73,023
  77,311
  81,783
  86,450
  91,322
Total equity, $m
  2,130
  846
  991
  1,149
  1,320
  1,503
  1,698
  1,904
  2,123
  2,352
  2,593
  2,844
  3,107
  3,381
  3,666
  3,962
  4,271
  4,591
  4,924
  5,270
  5,629
  6,003
  6,392
  6,797
  7,218
  7,657
  8,114
  8,590
  9,087
  9,606
  10,147
Total liabilities and equity, $m
  5,702
  8,462
  9,913
  11,492
  13,199
  15,028
  16,977
  19,043
  21,226
  23,520
  25,927
  28,443
  31,070
  33,808
  36,659
  39,623
  42,707
  45,910
  49,239
  52,699
  56,294
  60,033
  63,922
  67,968
  72,180
  76,566
  81,137
  85,901
  90,870
  96,056
  101,469
Debt-to-equity ratio
  1.451
  5.530
  6.040
  6.450
  6.780
  7.050
  7.270
  7.460
  7.620
  7.750
  7.870
  7.970
  8.060
  8.130
  8.200
  8.260
  8.310
  8.360
  8.400
  8.440
  8.480
  8.510
  8.540
  8.570
  8.590
  8.620
  8.640
  8.660
  8.680
  8.690
  8.710
Adjusted equity ratio
  0.373
  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
  113
  72
  76
  72
  68
  62
  56
  49
  41
  33
  24
  51
  41
  30
  18
  6
  -9
  -27
  -45
  -65
  -85
  -105
  -127
  -149
  -173
  -197
  -222
  -247
  -274
  -302
  -331
Depreciation, amort., depletion, $m
  222
  683
  792
  910
  1,038
  1,174
  1,320
  1,475
  1,638
  1,809
  1,989
  2,127
  2,323
  2,528
  2,741
  2,963
  3,193
  3,433
  3,682
  3,941
  4,210
  4,489
  4,780
  5,082
  5,397
  5,725
  6,067
  6,423
  6,795
  7,183
  7,588
Funds from operations, $m
  207
  755
  868
  982
  1,105
  1,236
  1,376
  1,523
  1,679
  1,842
  2,013
  2,178
  2,364
  2,558
  2,759
  2,969
  3,185
  3,406
  3,637
  3,876
  4,125
  4,384
  4,653
  4,933
  5,225
  5,529
  5,846
  6,176
  6,521
  6,880
  7,256
Change in working capital, $m
  -91
  -34
  -37
  -40
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -88
  -92
  -96
  -99
  -103
  -108
  -112
  -117
  -122
  -127
  -133
  -138
Cash from operations, $m
  298
  789
  905
  1,023
  1,149
  1,283
  1,426
  1,576
  1,735
  1,901
  2,074
  2,242
  2,431
  2,628
  2,832
  3,045
  3,264
  3,488
  3,722
  3,965
  4,217
  4,479
  4,752
  5,037
  5,332
  5,641
  5,962
  6,298
  6,648
  7,013
  7,394
Maintenance CAPEX, $m
  0
  -534
  -633
  -741
  -859
  -987
  -1,124
  -1,269
  -1,424
  -1,587
  -1,759
  -1,939
  -2,127
  -2,323
  -2,528
  -2,741
  -2,963
  -3,193
  -3,433
  -3,682
  -3,941
  -4,210
  -4,489
  -4,780
  -5,082
  -5,397
  -5,725
  -6,067
  -6,423
  -6,795
  -7,183
New CAPEX, $m
  -463
  -986
  -1,085
  -1,181
  -1,275
  -1,368
  -1,458
  -1,546
  -1,632
  -1,716
  -1,799
  -1,882
  -1,964
  -2,048
  -2,132
  -2,217
  -2,305
  -2,396
  -2,489
  -2,587
  -2,689
  -2,796
  -2,908
  -3,025
  -3,149
  -3,280
  -3,418
  -3,563
  -3,716
  -3,878
  -4,048
Cash from investing activities, $m
  -450
  -1,520
  -1,718
  -1,922
  -2,134
  -2,355
  -2,582
  -2,815
  -3,056
  -3,303
  -3,558
  -3,821
  -4,091
  -4,371
  -4,660
  -4,958
  -5,268
  -5,589
  -5,922
  -6,269
  -6,630
  -7,006
  -7,397
  -7,805
  -8,231
  -8,677
  -9,143
  -9,630
  -10,139
  -10,673
  -11,231
Free cash flow, $m
  -152
  -732
  -812
  -900
  -986
  -1,071
  -1,156
  -1,239
  -1,321
  -1,402
  -1,484
  -1,579
  -1,660
  -1,743
  -1,827
  -1,914
  -2,004
  -2,101
  -2,201
  -2,304
  -2,413
  -2,526
  -2,645
  -2,769
  -2,899
  -3,036
  -3,181
  -3,332
  -3,492
  -3,660
  -3,836
Issuance/(repayment) of debt, $m
  163
  985
  1,306
  1,422
  1,535
  1,646
  1,754
  1,860
  1,964
  2,065
  2,166
  2,265
  2,364
  2,464
  2,565
  2,669
  2,774
  2,883
  2,996
  3,114
  3,236
  3,365
  3,500
  3,641
  3,790
  3,948
  4,113
  4,288
  4,472
  4,667
  4,872
Issuance/(repurchase) of shares, $m
  298
  268
  69
  86
  103
  121
  139
  158
  177
  197
  217
  201
  222
  244
  267
  290
  317
  347
  378
  411
  444
  479
  516
  554
  594
  635
  679
  724
  771
  821
  873
Cash from financing (excl. dividends), $m  
  458
  1,253
  1,375
  1,508
  1,638
  1,767
  1,893
  2,018
  2,141
  2,262
  2,383
  2,466
  2,586
  2,708
  2,832
  2,959
  3,091
  3,230
  3,374
  3,525
  3,680
  3,844
  4,016
  4,195
  4,384
  4,583
  4,792
  5,012
  5,243
  5,488
  5,745
Total cash flow (excl. dividends), $m
  306
  521
  562
  608
  652
  696
  738
  779
  820
  860
  899
  887
  926
  965
  1,005
  1,045
  1,087
  1,129
  1,174
  1,220
  1,268
  1,318
  1,371
  1,426
  1,485
  1,546
  1,611
  1,680
  1,752
  1,828
  1,909
Retained Cash Flow (-), $m
  -101
  -339
  -145
  -158
  -171
  -183
  -195
  -207
  -218
  -229
  -241
  -252
  -263
  -274
  -285
  -297
  -317
  -347
  -378
  -411
  -444
  -479
  -516
  -554
  -594
  -635
  -679
  -724
  -771
  -821
  -873
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
 
  -6
  -7
  -8
  -10
  -11
  -13
  -14
  -16
  -18
  -20
  -22
  -24
  -26
  -29
  -31
  -34
  -36
  -39
  -42
  -45
  -48
  -51
  -54
  -58
  -61
  -65
  -69
  -73
  -77
  -82
Cash available for distribution, $m
 
  182
  417
  450
  482
  513
  543
  573
  602
  630
  658
  636
  664
  692
  720
  749
  770
  783
  796
  809
  824
  839
  855
  873
  891
  911
  933
  956
  981
  1,007
  1,036
Discount rate, %
 
  12.30
  12.92
  13.56
  14.24
  14.95
  15.70
  16.48
  17.31
  18.17
  19.08
  20.04
  21.04
  22.09
  23.19
  24.35
  25.57
  26.85
  28.19
  29.60
  31.08
  32.64
  34.27
  35.98
  37.78
  39.67
  41.65
  43.73
  45.92
  48.22
  50.63
PV of cash for distribution, $m
 
  162
  327
  307
  283
  255
  226
  197
  168
  140
  115
  85
  67
  52
  39
  28
  20
  14
  9
  6
  4
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  91.1
  89.7
  88.3
  86.9
  85.4
  84.0
  82.6
  81.2
  79.8
  78.5
  77.4
  76.3
  75.2
  74.1
  73.0
  72.0
  70.9
  69.8
  68.8
  67.7
  66.7
  65.6
  64.6
  63.5
  62.5
  61.5
  60.5
  59.5
  58.6
  57.6

Genesis Energy L.P. is a limited partnership focused on the midstream segment of the oil and gas industry. The Company operates through four segments: Offshore Pipeline Transportation, Refinery Services, Marine Transportation, and Supply and Logistics. The Offshore Pipeline Transportation segment is engaged in the offshore transportation of crude oil and natural gas in the Gulf of Mexico. The Refinery Services segment is involved in the processing of high sulfur (or sour) gas streams as part of refining operations to remove the sulfur and selling the related by-product, sodium hydrosulfide (NaHS). The Marine Transportation segment provides waterborne transportation of petroleum products and crude oil throughout North America. The Supply and Logistics segment is engaged in terminaling, blending, storing, marketing, and transporting crude oil and petroleum products (fuel oil, asphalt and other heavy refined products) and carbon dioxide.

FINANCIAL RATIOS  of  Genesis Energy (GEL)

Valuation Ratios
P/E Ratio 23.4
Price to Sales 1.5
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 8.9
Price to Free Cash Flow -16.1
Growth Rates
Sales Growth Rate -23.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -6.7%
Cap. Spend. - 3 Yr. Gr. Rate 6.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 145.1%
Total Debt to Equity 145.1%
Interest Coverage 0
Management Effectiveness
Return On Assets 2%
Ret/ On Assets - 3 Yr. Avg. 6.6%
Return On Total Capital 2.2%
Ret/ On T. Cap. - 3 Yr. Avg. 5.7%
Return On Equity 5.4%
Return On Equity - 3 Yr. Avg. 13.5%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 19.6%
EBITDA Margin - 3 Yr. Avg. 18.8%
Operating Margin 12%
Oper. Margin - 3 Yr. Avg. 12.4%
Pre-Tax Margin 6.7%
Pre-Tax Margin - 3 Yr. Avg. 9.5%
Net Profit Margin 6.6%
Net Profit Margin - 3 Yr. Avg. 9.4%
Effective Tax Rate 2.6%
Eff/ Tax Rate - 3 Yr. Avg. 2.1%
Payout Ratio 274.3%

GEL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GEL stock intrinsic value calculation we used $2028 million for the last fiscal year's total revenue generated by Genesis Energy. The default revenue input number comes from 2016 income statement of Genesis Energy. 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 GEL stock valuation model: a) initial revenue growth rate of 18.5% 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 12.3%, whose default value for GEL is calculated based on our internal credit rating of Genesis Energy, 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 Genesis Energy.
    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 GEL stock the variable cost ratio is equal to 88%.

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 GEL 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 5.4% for Genesis Energy.

Corporate tax rate of 27% is the nominal tax rate for Genesis Energy. 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 GEL stock is equal to -0.3%.

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 GEL are equal to 263.3%.

Life of production assets of 10 years is the average useful life of capital assets used in Genesis Energy 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 GEL is equal to -9%. 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 - $507 million for Genesis Energy - 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 122 million for Genesis Energy 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 Genesis Energy at the current share price and the inputted number of shares is $2.7 billion.

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COMPANY NEWS

▶ Genesis Energy, L.P. Declares Quarterly Distribution   [Jul-17-18 06:00AM  Business Wire]
▶ The Mighty Middle of the Market   [Jun-13-18 12:55PM  InvestorPlace]
▶ Genesis Energy, L.P. Reports First Quarter 2018 Results   [May-04-18 06:00AM  Business Wire]
▶ Genesis Energy, L.P. Declares Quarterly Distribution   [Apr-11-18 06:00AM  Business Wire]
▶ FERC to change tax policy for pipeline MLPs. Heres how Houston cos. responded   [Mar-16-18 09:05AM  American City Business Journals]
▶ 7 Cheap Energy Stocks That Can Soar   [Mar-01-18 12:45PM  Investopedia]
▶ Genesis Energy, L.P. Files Form 10-K   [Feb-26-18 04:07PM  Business Wire]
▶ Genesis Energy, L.P. Reports Fourth Quarter 2017 Results   [Feb-15-18 06:00AM  Business Wire]
▶ February Top Energy Dividend Payers   [Feb-06-18 08:02AM  Simply Wall St.]
▶ Houston midstream co. to close out $145 million in debt, VP resigns   [Jan-16-18 04:00PM  American City Business Journals]
▶ Genesis Energy, L.P. Declares Quarterly Distribution   [Jan-11-18 06:00AM  Business Wire]
▶ December Best Energy Dividend Paying Stocks   [Dec-26-17 08:02AM  Simply Wall St.]
▶ What is Behind Genesis Energy Limiteds (NZE:GNE) Superior ROE?   [Dec-18-17 07:25PM  Simply Wall St.]
▶ Genesis Energy Ranks Ninth in Upside Potential among MLPs   [Dec-11-17 09:03AM  Market Realist]
▶ Genesis Energy, L.P. Prices Public Offering of Senior Notes   [Dec-04-17 04:58PM  Business Wire]
▶ Weekly CFO Buys Highlight   [Nov-25-17 03:34PM  GuruFocus.com]
▶ [$$] Exxon Mobil Buys Crude-Oil Terminal From Genesis Energy   [Oct-18-17 04:33PM  The Wall Street Journal]
▶ Analyzing Genesis Energys Technical Indicators   [Oct-17-17 03:06PM  Market Realist]
▶ Top MLP Losers in the Week Ending October 13   [01:22PM  Market Realist]
▶ Genesis Energy: Rating Updates and Target Price Cuts   [Oct-16-17 03:05PM  Market Realist]
▶ Genesis Energy Announced a Distribution Cut   [11:57AM  Market Realist]
▶ Enterprise Sets a New Pace For Pipelines: Slow   [Oct-13-17 11:09AM  Bloomberg]
▶ How Golar LNG Partners Correlation with Crude Oil Compares   [Oct-12-17 10:38AM  Market Realist]
▶ At $2.385, Is Genesis Energy Limited (NZSE:GNE) A Buy?   [Oct-08-17 03:59PM  Simply Wall St.]
▶ Top MLP Losers in the Week Ending September 22   [Sep-26-17 10:22AM  Market Realist]
▶ ETFs with exposure to Genesis Energy LP : August 31, 2017   [Aug-31-17 06:31PM  Capital Cube]
▶ Genesis Energy, L.P. Operational Update   [Aug-28-17 03:40PM  Business Wire]
▶ MLP Rating Updates for the Week Ended August 11   [Aug-15-17 05:35PM  Market Realist]
▶ Tronox Will Sell Its Alkali Chemicals Business   [Aug-09-17 07:38AM  Market Realist]
▶ Genesis Energy, L.P. Prices Public Offering of Senior Notes   [Aug-08-17 06:00AM  Business Wire]
▶ Houston MLP to buy alkali chemicals business for $1.3B   [09:30AM  American City Business Journals]
Financial statements of GEL
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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