Intrinsic value of Genesis Energy - GEL

Previous Close

$26.75

  Intrinsic Value

$3.78

stock screener

  Rating & Target

str. sell

-86%

  Value-price divergence*

+14%

Previous close

$26.75

 
Intrinsic value

$3.78

 
Up/down potential

-86%

 
Rating

str. sell

 
Value-price divergence*

+14%

*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 3.2

 

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
  9.80
  9.32
  8.89
  8.50
  8.15
  7.83
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
Revenue, $m
  0
  1,880
  2,055
  2,238
  2,428
  2,626
  2,831
  3,045
  3,267
  3,498
  3,738
  3,988
  4,247
  4,517
  4,798
  5,091
  5,395
  5,713
  6,045
  6,390
  6,751
  7,128
  7,522
  7,934
  8,364
  8,814
  9,285
  9,779
  10,295
  10,835
  11,402
Variable operating expenses, $m
 
  878
  957
  1,039
  1,125
  1,214
  1,307
  1,403
  1,503
  1,607
  1,715
  1,794
  1,911
  2,033
  2,159
  2,291
  2,428
  2,571
  2,720
  2,876
  3,038
  3,208
  3,385
  3,570
  3,764
  3,967
  4,179
  4,401
  4,633
  4,876
  5,131
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
  1,617
  1,715
  1,815
  1,921
  2,030
  2,143
  2,260
  2,381
  2,507
  2,638
  2,740
  2,881
  3,027
  3,178
  3,335
  3,498
  3,668
  3,845
  4,029
  4,219
  4,419
  4,626
  4,842
  5,068
  5,304
  5,549
  5,805
  6,072
  6,351
  6,643
Operating income, $m
  206
  262
  340
  422
  507
  596
  689
  785
  886
  991
  1,100
  1,247
  1,366
  1,490
  1,620
  1,755
  1,897
  2,045
  2,200
  2,362
  2,532
  2,709
  2,896
  3,091
  3,296
  3,511
  3,737
  3,974
  4,222
  4,484
  4,758
EBITDA, $m
  428
  521
  620
  724
  832
  944
  1,062
  1,184
  1,312
  1,445
  1,583
  1,727
  1,877
  2,034
  2,198
  2,368
  2,547
  2,733
  2,928
  3,131
  3,344
  3,568
  3,801
  4,046
  4,303
  4,572
  4,855
  5,151
  5,462
  5,788
  6,131
Interest expense (income), $m
  157
  161
  179
  198
  217
  238
  259
  282
  305
  329
  354
  380
  407
  435
  464
  495
  526
  559
  594
  630
  667
  706
  747
  790
  834
  881
  930
  981
  1,034
  1,090
  1,149
Earnings before tax, $m
  114
  102
  162
  224
  290
  358
  429
  504
  581
  662
  747
  867
  959
  1,055
  1,156
  1,261
  1,371
  1,486
  1,606
  1,732
  1,865
  2,003
  2,149
  2,301
  2,462
  2,630
  2,807
  2,993
  3,188
  3,394
  3,610
Tax expense, $m
  3
  27
  44
  61
  78
  97
  116
  136
  157
  179
  202
  234
  259
  285
  312
  340
  370
  401
  434
  468
  503
  541
  580
  621
  665
  710
  758
  808
  861
  916
  975
Net income, $m
  113
  74
  118
  164
  211
  261
  313
  368
  424
  483
  545
  633
  700
  770
  844
  920
  1,001
  1,085
  1,172
  1,265
  1,361
  1,462
  1,569
  1,680
  1,797
  1,920
  2,049
  2,185
  2,327
  2,477
  2,635

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
  6,245
  6,827
  7,434
  8,066
  8,723
  9,406
  10,117
  10,855
  11,622
  12,419
  13,248
  14,110
  15,007
  15,940
  16,912
  17,925
  18,980
  20,081
  21,230
  22,429
  23,682
  24,990
  26,358
  27,788
  29,284
  30,849
  32,487
  34,202
  35,998
  37,879
Adjusted assets (=assets-cash), $m
  5,696
  6,245
  6,827
  7,434
  8,066
  8,723
  9,406
  10,117
  10,855
  11,622
  12,419
  13,248
  14,110
  15,007
  15,940
  16,912
  17,925
  18,980
  20,081
  21,230
  22,429
  23,682
  24,990
  26,358
  27,788
  29,284
  30,849
  32,487
  34,202
  35,998
  37,879
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
  4,707
  5,146
  5,603
  6,079
  6,575
  7,090
  7,625
  8,181
  8,759
  9,360
  9,985
  10,635
  11,311
  12,014
  12,747
  13,510
  14,306
  15,135
  16,001
  16,905
  17,849
  18,835
  19,866
  20,944
  22,071
  23,251
  24,485
  25,778
  27,132
  28,550
Working capital, $m
  99
  102
  111
  121
  131
  142
  153
  164
  176
  189
  202
  215
  229
  244
  259
  275
  291
  309
  326
  345
  365
  385
  406
  428
  452
  476
  501
  528
  556
  585
  616
Total debt, $m
  3,091
  3,434
  3,799
  4,179
  4,575
  4,987
  5,416
  5,861
  6,324
  6,805
  7,305
  7,824
  8,365
  8,927
  9,512
  10,122
  10,757
  11,419
  12,109
  12,829
  13,581
  14,366
  15,187
  16,044
  16,941
  17,879
  18,860
  19,887
  20,963
  22,089
  23,268
Total liabilities, $m
  3,572
  3,916
  4,281
  4,661
  5,057
  5,469
  5,898
  6,343
  6,806
  7,287
  7,787
  8,306
  8,847
  9,409
  9,994
  10,604
  11,239
  11,901
  12,591
  13,311
  14,063
  14,848
  15,669
  16,526
  17,423
  18,361
  19,342
  20,369
  21,445
  22,571
  23,750
Total equity, $m
  2,130
  2,329
  2,547
  2,773
  3,009
  3,254
  3,509
  3,774
  4,049
  4,335
  4,632
  4,941
  5,263
  5,597
  5,946
  6,308
  6,686
  7,080
  7,490
  7,919
  8,366
  8,833
  9,321
  9,831
  10,365
  10,923
  11,507
  12,118
  12,757
  13,427
  14,129
Total liabilities and equity, $m
  5,702
  6,245
  6,828
  7,434
  8,066
  8,723
  9,407
  10,117
  10,855
  11,622
  12,419
  13,247
  14,110
  15,006
  15,940
  16,912
  17,925
  18,981
  20,081
  21,230
  22,429
  23,681
  24,990
  26,357
  27,788
  29,284
  30,849
  32,487
  34,202
  35,998
  37,879
Debt-to-equity ratio
  1.451
  1.470
  1.490
  1.510
  1.520
  1.530
  1.540
  1.550
  1.560
  1.570
  1.580
  1.580
  1.590
  1.590
  1.600
  1.600
  1.610
  1.610
  1.620
  1.620
  1.620
  1.630
  1.630
  1.630
  1.630
  1.640
  1.640
  1.640
  1.640
  1.650
  1.650
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
  74
  118
  164
  211
  261
  313
  368
  424
  483
  545
  633
  700
  770
  844
  920
  1,001
  1,085
  1,172
  1,265
  1,361
  1,462
  1,569
  1,680
  1,797
  1,920
  2,049
  2,185
  2,327
  2,477
  2,635
Depreciation, amort., depletion, $m
  222
  259
  280
  302
  325
  349
  373
  399
  426
  454
  483
  480
  511
  544
  578
  613
  650
  688
  728
  769
  813
  858
  906
  955
  1,007
  1,061
  1,118
  1,177
  1,239
  1,304
  1,373
Funds from operations, $m
  207
  333
  398
  466
  536
  610
  687
  767
  850
  937
  1,028
  1,113
  1,212
  1,314
  1,421
  1,533
  1,650
  1,772
  1,900
  2,034
  2,174
  2,320
  2,474
  2,635
  2,804
  2,981
  3,167
  3,362
  3,567
  3,782
  4,008
Change in working capital, $m
  -91
  9
  9
  10
  10
  11
  11
  12
  12
  12
  13
  13
  14
  15
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
Cash from operations, $m
  298
  324
  388
  456
  526
  599
  676
  755
  838
  925
  1,015
  1,100
  1,198
  1,300
  1,406
  1,517
  1,634
  1,755
  1,882
  2,015
  2,154
  2,300
  2,453
  2,613
  2,781
  2,957
  3,142
  3,335
  3,539
  3,753
  3,977
Maintenance CAPEX, $m
  0
  -206
  -226
  -247
  -269
  -292
  -316
  -341
  -367
  -393
  -421
  -450
  -480
  -511
  -544
  -578
  -613
  -650
  -688
  -728
  -769
  -813
  -858
  -906
  -955
  -1,007
  -1,061
  -1,118
  -1,177
  -1,239
  -1,304
New CAPEX, $m
  -463
  -420
  -439
  -457
  -476
  -495
  -515
  -535
  -556
  -578
  -601
  -625
  -650
  -676
  -704
  -733
  -763
  -796
  -830
  -866
  -904
  -944
  -986
  -1,031
  -1,078
  -1,127
  -1,180
  -1,235
  -1,293
  -1,354
  -1,418
Cash from investing activities, $m
  -450
  -626
  -665
  -704
  -745
  -787
  -831
  -876
  -923
  -971
  -1,022
  -1,075
  -1,130
  -1,187
  -1,248
  -1,311
  -1,376
  -1,446
  -1,518
  -1,594
  -1,673
  -1,757
  -1,844
  -1,937
  -2,033
  -2,134
  -2,241
  -2,353
  -2,470
  -2,593
  -2,722
Free cash flow, $m
  -152
  -302
  -277
  -249
  -220
  -189
  -156
  -121
  -85
  -47
  -7
  25
  68
  112
  159
  207
  258
  310
  365
  422
  481
  543
  608
  677
  748
  823
  901
  983
  1,069
  1,160
  1,255
Issuance/(repayment) of debt, $m
  163
  343
  365
  380
  396
  412
  428
  445
  463
  481
  500
  520
  540
  562
  585
  609
  635
  662
  690
  720
  752
  785
  820
  858
  897
  938
  981
  1,027
  1,075
  1,126
  1,180
Issuance/(repurchase) of shares, $m
  298
  132
  99
  63
  24
  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
  475
  464
  443
  420
  412
  428
  445
  463
  481
  500
  520
  540
  562
  585
  609
  635
  662
  690
  720
  752
  785
  820
  858
  897
  938
  981
  1,027
  1,075
  1,126
  1,180
Total cash flow (excl. dividends), $m
  306
  173
  187
  194
  201
  224
  273
  324
  378
  434
  492
  545
  608
  675
  744
  817
  893
  972
  1,055
  1,142
  1,233
  1,329
  1,429
  1,534
  1,644
  1,760
  1,882
  2,010
  2,144
  2,286
  2,434
Retained Cash Flow (-), $m
  -101
  -206
  -217
  -226
  -236
  -245
  -255
  -265
  -275
  -286
  -297
  -309
  -322
  -334
  -348
  -363
  -378
  -394
  -411
  -428
  -447
  -467
  -488
  -510
  -533
  -558
  -584
  -611
  -640
  -670
  -702
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
 
  -27
  -30
  -32
  -35
  -22
  18
  59
  103
  148
  195
  236
  287
  340
  396
  454
  515
  578
  644
  713
  786
  862
  941
  1,024
  1,111
  1,202
  1,298
  1,399
  1,505
  1,616
  1,733
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
 
  -24
  -24
  -24
  -23
  -12
  9
  26
  38
  45
  49
  48
  47
  44
  39
  34
  29
  23
  19
  14
  11
  8
  5
  4
  2
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  96.0
  93.4
  91.9
  91.3
  91.3
  91.3
  91.3
  91.3
  91.3
  91.3
  91.3
  91.3
  91.3
  91.3
  91.3
  91.3
  91.3
  91.3
  91.3
  91.3
  91.3
  91.3
  91.3
  91.3
  91.3
  91.3
  91.3
  91.3
  91.3
  91.3

Genesis Energy, L.P. operates in the midstream segment of the oil and gas industry. The company operates through five segments: Offshore Pipeline Transportation, Onshore Pipeline Transportation, Refinery Services, Marine Transportation, and Supply and Logistics. The Offshore Pipeline Transportation segment engages in the pipeline transportation and processing of crude oil and natural gas. This segment owns interests in approximately 1,437 miles of crude oil pipelines located offshore in the Gulf of Mexico. The Onshore Pipeline Transportation segment transports crude oil and carbon dioxide (CO2). This segment owns 5 onshore crude oil pipeline systems with approximately 560 miles of pipe located primarily in Alabama, Florida, Louisiana, Mississippi, Texas, and Wyoming; and 2 CO2 pipelines with approximately 270 miles of pipe. The Refinery Services segment processes high sulfur gas streams to remove sulfur for refineries. This segment provides services to 10 refining operations; and sells the by-product sodium hydrosulfide and caustic soda to industrial and commercial companies involved in mining base metals, such as copper and molybdenum, as well as in the production of pulp and paper. The Marine Transportation segment offers waterborne transportation of petroleum products and crude oil in North America. This segment owns a fleet of 75 barges with a combined transportation capacity of 2.7 million barrels; and 39 push/tow boats. The Supply and Logistics segment provides services, primarily to Gulf Coast oil and gas producers and refineries through purchasing, transporting, storing, blending, and marketing crude oil and refined products. This segment operates a suite of approximately 300 trucks, 400 trailers, 522 rail cars, and terminals and tankage with 3.3 million barrels of storage capacity in various locations along the Gulf Coast. Genesis Energy, LLC serves as a general partner of the company. The company was founded in 1996 and is based in Houston, Texas.

FINANCIAL RATIOS  of  Genesis Energy (GEL)

Valuation Ratios
P/E Ratio 27.9
Price to Sales 1.8
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 10.6
Price to Free Cash Flow -19.1
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 2
Management Effectiveness
Return On Assets 4.8%
Ret/ On Assets - 3 Yr. Avg. 7.5%
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 28.8%
EBITDA Margin - 3 Yr. Avg. 21.8%
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 9.8% 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 5.2% 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 119.451 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 $3.2 billion.

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COMPANY NEWS

▶ 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]
▶ Is Genesis Energy, L.P. (GEL) a Good Stock to Buy?   [Dec-14-16 02:42PM  at Insider Monkey]
Stock chart of GEL 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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