Intrinsic value of Genesis Energy - GEL

Previous Close

$23.92

  Intrinsic Value

$3.67

stock screener

  Rating & Target

str. sell

-85%

  Value-price divergence*

-33%

Previous close

$23.92

 
Intrinsic value

$3.67

 
Up/down potential

-85%

 
Rating

str. sell

 
Value-price divergence*

-33%

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

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

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 2.9

 

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
  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
  0
  1,746
  1,786
  1,832
  1,884
  1,941
  2,004
  2,072
  2,146
  2,225
  2,311
  2,402
  2,500
  2,603
  2,714
  2,831
  2,955
  3,086
  3,225
  3,372
  3,527
  3,690
  3,862
  4,044
  4,236
  4,437
  4,650
  4,873
  5,108
  5,356
  5,616
Variable operating expenses, $m
 
  818
  836
  857
  880
  906
  934
  965
  998
  1,034
  1,072
  1,081
  1,125
  1,172
  1,221
  1,274
  1,330
  1,389
  1,451
  1,517
  1,587
  1,661
  1,738
  1,820
  1,906
  1,997
  2,092
  2,193
  2,299
  2,410
  2,527
Fixed operating expenses, $m
 
  739
  758
  776
  796
  816
  836
  857
  878
  900
  923
  946
  970
  994
  1,019
  1,044
  1,070
  1,097
  1,125
  1,153
  1,181
  1,211
  1,241
  1,272
  1,304
  1,337
  1,370
  1,404
  1,439
  1,475
  1,512
Total operating expenses, $m
  1,506
  1,557
  1,594
  1,633
  1,676
  1,722
  1,770
  1,822
  1,876
  1,934
  1,995
  2,027
  2,095
  2,166
  2,240
  2,318
  2,400
  2,486
  2,576
  2,670
  2,768
  2,872
  2,979
  3,092
  3,210
  3,334
  3,462
  3,597
  3,738
  3,885
  4,039
Operating income, $m
  206
  189
  192
  199
  208
  219
  233
  250
  269
  291
  315
  375
  405
  438
  474
  513
  555
  600
  649
  702
  758
  819
  883
  952
  1,025
  1,104
  1,187
  1,276
  1,370
  1,470
  1,576
EBITDA, $m
  428
  432
  440
  452
  467
  485
  507
  532
  560
  591
  626
  664
  706
  751
  800
  853
  910
  972
  1,037
  1,108
  1,183
  1,263
  1,348
  1,439
  1,535
  1,638
  1,747
  1,862
  1,985
  2,115
  2,252
Interest expense (income), $m
  0
  108
  110
  113
  117
  120
  125
  129
  134
  140
  145
  152
  158
  165
  173
  181
  190
  199
  208
  218
  229
  240
  252
  265
  278
  292
  307
  322
  338
  356
  374
Earnings before tax, $m
  114
  81
  82
  85
  91
  99
  109
  121
  135
  151
  170
  223
  247
  273
  301
  332
  365
  402
  441
  484
  529
  578
  631
  687
  747
  812
  880
  954
  1,032
  1,114
  1,203
Tax expense, $m
  3
  22
  22
  23
  25
  27
  29
  33
  36
  41
  46
  60
  67
  74
  81
  90
  99
  108
  119
  131
  143
  156
  170
  186
  202
  219
  238
  257
  279
  301
  325
Net income, $m
  113
  59
  60
  62
  66
  72
  79
  88
  99
  111
  124
  163
  180
  199
  220
  242
  267
  293
  322
  353
  386
  422
  461
  502
  546
  593
  643
  696
  753
  814
  878

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
  5,801
  5,935
  6,087
  6,259
  6,448
  6,657
  6,883
  7,129
  7,393
  7,677
  7,980
  8,304
  8,649
  9,016
  9,404
  9,817
  10,253
  10,714
  11,202
  11,716
  12,259
  12,832
  13,436
  14,072
  14,742
  15,447
  16,190
  16,971
  17,793
  18,657
Adjusted assets (=assets-cash), $m
  5,696
  5,801
  5,935
  6,087
  6,259
  6,448
  6,657
  6,883
  7,129
  7,393
  7,677
  7,980
  8,304
  8,649
  9,016
  9,404
  9,817
  10,253
  10,714
  11,202
  11,716
  12,259
  12,832
  13,436
  14,072
  14,742
  15,447
  16,190
  16,971
  17,793
  18,657
Revenue / Adjusted assets
  0.000
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
Average production assets, $m
  4,287
  4,373
  4,473
  4,588
  4,717
  4,860
  5,017
  5,188
  5,373
  5,572
  5,786
  6,015
  6,259
  6,519
  6,795
  7,088
  7,399
  7,728
  8,075
  8,443
  8,831
  9,240
  9,672
  10,127
  10,606
  11,111
  11,643
  12,202
  12,791
  13,410
  14,062
Working capital, $m
  99
  94
  96
  99
  102
  105
  108
  112
  116
  120
  125
  130
  135
  141
  147
  153
  160
  167
  174
  182
  190
  199
  209
  218
  229
  240
  251
  263
  276
  289
  303
Total debt, $m
  3,091
  3,156
  3,239
  3,335
  3,442
  3,561
  3,692
  3,834
  3,988
  4,153
  4,331
  4,522
  4,725
  4,941
  5,171
  5,415
  5,673
  5,947
  6,236
  6,541
  6,864
  7,205
  7,564
  7,942
  8,341
  8,761
  9,203
  9,669
  10,159
  10,674
  11,216
Total liabilities, $m
  3,572
  3,638
  3,721
  3,817
  3,924
  4,043
  4,174
  4,316
  4,470
  4,635
  4,813
  5,004
  5,207
  5,423
  5,653
  5,897
  6,155
  6,429
  6,718
  7,023
  7,346
  7,687
  8,046
  8,424
  8,823
  9,243
  9,685
  10,151
  10,641
  11,156
  11,698
Total equity, $m
  2,130
  2,164
  2,214
  2,271
  2,334
  2,405
  2,483
  2,567
  2,659
  2,758
  2,863
  2,977
  3,097
  3,226
  3,363
  3,508
  3,662
  3,824
  3,996
  4,178
  4,370
  4,573
  4,786
  5,012
  5,249
  5,499
  5,762
  6,039
  6,330
  6,637
  6,959
Total liabilities and equity, $m
  5,702
  5,802
  5,935
  6,088
  6,258
  6,448
  6,657
  6,883
  7,129
  7,393
  7,676
  7,981
  8,304
  8,649
  9,016
  9,405
  9,817
  10,253
  10,714
  11,201
  11,716
  12,260
  12,832
  13,436
  14,072
  14,742
  15,447
  16,190
  16,971
  17,793
  18,657
Debt-to-equity ratio
  1.451
  1.460
  1.460
  1.470
  1.470
  1.480
  1.490
  1.490
  1.500
  1.510
  1.510
  1.520
  1.530
  1.530
  1.540
  1.540
  1.550
  1.550
  1.560
  1.570
  1.570
  1.580
  1.580
  1.580
  1.590
  1.590
  1.600
  1.600
  1.600
  1.610
  1.610
Adjusted equity ratio
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  113
  59
  60
  62
  66
  72
  79
  88
  99
  111
  124
  163
  180
  199
  220
  242
  267
  293
  322
  353
  386
  422
  461
  502
  546
  593
  643
  696
  753
  814
  878
Depreciation, amort., depletion, $m
  222
  243
  248
  253
  259
  266
  274
  282
  291
  300
  311
  289
  301
  313
  327
  341
  356
  372
  388
  406
  425
  444
  465
  487
  510
  534
  560
  587
  615
  645
  676
Funds from operations, $m
  207
  302
  307
  315
  326
  338
  353
  370
  389
  411
  435
  452
  481
  512
  546
  583
  622
  665
  710
  759
  811
  866
  926
  989
  1,056
  1,127
  1,202
  1,283
  1,368
  1,458
  1,554
Change in working capital, $m
  -91
  2
  2
  2
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
Cash from operations, $m
  298
  300
  305
  313
  323
  335
  350
  366
  385
  407
  430
  447
  476
  507
  540
  577
  616
  658
  703
  751
  802
  858
  916
  979
  1,045
  1,116
  1,191
  1,271
  1,355
  1,445
  1,540
Maintenance CAPEX, $m
  0
  -206
  -210
  -215
  -221
  -227
  -234
  -241
  -249
  -258
  -268
  -278
  -289
  -301
  -313
  -327
  -341
  -356
  -372
  -388
  -406
  -425
  -444
  -465
  -487
  -510
  -534
  -560
  -587
  -615
  -645
New CAPEX, $m
  -463
  -86
  -101
  -115
  -129
  -143
  -157
  -171
  -185
  -199
  -214
  -229
  -244
  -260
  -276
  -293
  -311
  -329
  -348
  -367
  -388
  -409
  -432
  -455
  -479
  -505
  -532
  -560
  -589
  -619
  -652
Cash from investing activities, $m
  -450
  -292
  -311
  -330
  -350
  -370
  -391
  -412
  -434
  -457
  -482
  -507
  -533
  -561
  -589
  -620
  -652
  -685
  -720
  -755
  -794
  -834
  -876
  -920
  -966
  -1,015
  -1,066
  -1,120
  -1,176
  -1,234
  -1,297
Free cash flow, $m
  -152
  8
  -6
  -17
  -27
  -35
  -41
  -46
  -49
  -51
  -52
  -60
  -57
  -54
  -49
  -43
  -36
  -27
  -17
  -5
  9
  24
  40
  59
  79
  101
  125
  151
  180
  211
  244
Issuance/(repayment) of debt, $m
  163
  65
  84
  96
  107
  119
  131
  142
  154
  166
  178
  190
  203
  216
  230
  244
  258
  274
  289
  306
  323
  341
  359
  379
  399
  420
  442
  465
  490
  515
  542
Issuance/(repurchase) of shares, $m
  298
  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  
  458
  65
  84
  96
  107
  119
  131
  142
  154
  166
  178
  190
  203
  216
  230
  244
  258
  274
  289
  306
  323
  341
  359
  379
  399
  420
  442
  465
  490
  515
  542
Total cash flow (excl. dividends), $m
  306
  73
  78
  79
  81
  84
  90
  96
  105
  115
  126
  131
  146
  162
  180
  201
  223
  247
  273
  301
  331
  364
  399
  437
  478
  521
  567
  617
  670
  726
  786
Retained Cash Flow (-), $m
  -101
  -41
  -50
  -57
  -64
  -71
  -78
  -85
  -92
  -99
  -106
  -113
  -121
  -129
  -137
  -145
  -154
  -163
  -172
  -182
  -192
  -203
  -214
  -225
  -237
  -250
  -263
  -277
  -291
  -307
  -322
Prev. year cash balance distribution, $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
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
 
  39
  28
  22
  17
  14
  12
  12
  13
  16
  21
  18
  25
  34
  44
  56
  69
  84
  101
  119
  139
  162
  186
  212
  241
  271
  304
  340
  378
  419
  463
Discount rate, %
 
  9.50
  9.98
  10.47
  11.00
  11.55
  12.12
  12.73
  13.37
  14.04
  14.74
  15.47
  16.25
  17.06
  17.91
  18.81
  19.75
  20.74
  21.77
  22.86
  24.01
  25.21
  26.47
  27.79
  29.18
  30.64
  32.17
  33.78
  35.47
  37.24
  39.10
PV of cash for distribution, $m
 
  35
  23
  16
  11
  8
  6
  5
  5
  5
  5
  4
  4
  4
  4
  4
  4
  3
  3
  2
  2
  1
  1
  1
  1
  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

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 25
Price to Sales 1.6
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 9.5
Price to Free Cash Flow -17.1
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 $1712 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 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 9.5%, 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 46.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $721 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 3.5% 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%.

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 250.4%.

Life of production assets of 20.8 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 5.4%. 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 - $2130 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 123.094 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 $2.9 billion.

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COMPANY NEWS

▶ [$$] 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]
▶ ETFs with exposure to Genesis Energy LP : July 24, 2017   [Jul-24-17 04:04PM  Capital Cube]
▶ ETFs with exposure to Genesis Energy LP : July 14, 2017   [Jul-14-17 02:32PM  Capital Cube]
▶ EEP, ETP, PAA, GEL: What Do the Current Valuations Indicate?   [Jun-29-17 10:36AM  Market Realist]
▶ ETP, EEP, PAA, and GEL: A Leverage Analysis   [Jun-28-17 10:36AM  Market Realist]
▶ Analyzing the Yields Offered by ETP, EEP, PAA, and GEL   [Jun-27-17 10:38AM  Market Realist]
▶ Are Energy Transfer Partners Earnings Stable?   [09:09AM  Market Realist]
▶ The Factors Driving Genesis Energys Weak YTD Performance   [Jun-23-17 09:09AM  Market Realist]
▶ ETFs with exposure to Genesis Energy LP : June 12, 2017   [Jun-12-17 02:06PM  Capital Cube]
▶ ETFs with exposure to Genesis Energy LP : May 31, 2017   [May-31-17 12:34PM  Capital Cube]
▶ Genesis Energy Upgraded by Credit Suisse after 1Q17 Earnings   [May-11-17 01:23PM  Market Realist]
▶ Genesis Energy, L.P. Reports First Quarter 2017 Results   [May-04-17 06:00AM  Business Wire]
▶ Genesis Energy, L.P. Increases Quarterly Distribution   [Apr-11-17 04:40PM  Business Wire]
▶ Steer Clear of These 5 Energy MLPs in April   [Mar-31-17 04:19PM  Zacks]
▶ Genesis Energy, L.P. Prices Public Offering of Common Units   [Mar-20-17 07:30PM  Business Wire]
▶ Genesis Energy, L.P. Files Form 10-K   [Feb-27-17 01:33PM  Business Wire]
▶ 2016 K-1 Tax Packages for Genesis Energy, L.P.   [Feb-21-17 04:57PM  Business Wire]
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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