Intrinsic value of Genesis Energy - GEL

Previous Close

$21.46

  Intrinsic Value

$3.74

stock screener

  Rating & Target

str. sell

-83%

Previous close

$21.46

 
Intrinsic value

$3.74

 
Up/down potential

-83%

 
Rating

str. 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
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.11
  5.09
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
Revenue, $m
  0
  1,810
  1,911
  2,018
  2,129
  2,245
  2,367
  2,494
  2,627
  2,766
  2,912
  3,065
  3,225
  3,392
  3,568
  3,752
  3,945
  4,148
  4,360
  4,582
  4,816
  5,061
  5,318
  5,587
  5,870
  6,167
  6,478
  6,805
  7,148
  7,508
  7,886
Variable operating expenses, $m
 
  847
  893
  941
  991
  1,043
  1,098
  1,155
  1,215
  1,277
  1,343
  1,379
  1,451
  1,527
  1,606
  1,689
  1,775
  1,866
  1,962
  2,062
  2,167
  2,277
  2,393
  2,514
  2,642
  2,775
  2,915
  3,062
  3,217
  3,379
  3,549
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
  1,586
  1,651
  1,717
  1,787
  1,859
  1,934
  2,012
  2,093
  2,177
  2,266
  2,325
  2,421
  2,521
  2,625
  2,733
  2,845
  2,963
  3,087
  3,215
  3,348
  3,488
  3,634
  3,786
  3,946
  4,112
  4,285
  4,466
  4,656
  4,854
  5,061
Operating income, $m
  206
  224
  261
  301
  343
  387
  433
  482
  534
  588
  646
  740
  804
  872
  944
  1,019
  1,099
  1,184
  1,273
  1,368
  1,467
  1,572
  1,683
  1,801
  1,924
  2,055
  2,193
  2,338
  2,492
  2,654
  2,825
EBITDA, $m
  428
  474
  524
  576
  631
  689
  751
  815
  883
  954
  1,029
  1,109
  1,192
  1,280
  1,373
  1,471
  1,574
  1,683
  1,798
  1,919
  2,047
  2,182
  2,324
  2,473
  2,631
  2,797
  2,973
  3,158
  3,352
  3,558
  3,774
Interest expense (income), $m
  0
  108
  115
  122
  130
  138
  147
  156
  165
  175
  185
  195
  207
  218
  230
  243
  257
  271
  286
  301
  317
  334
  352
  371
  390
  411
  433
  455
  479
  504
  531
Earnings before tax, $m
  114
  116
  146
  178
  212
  248
  286
  326
  369
  414
  461
  544
  597
  654
  713
  776
  843
  913
  988
  1,067
  1,150
  1,238
  1,331
  1,430
  1,534
  1,644
  1,760
  1,883
  2,013
  2,150
  2,294
Tax expense, $m
  3
  31
  39
  48
  57
  67
  77
  88
  100
  112
  125
  147
  161
  176
  193
  210
  228
  247
  267
  288
  310
  334
  359
  386
  414
  444
  475
  508
  543
  580
  619
Net income, $m
  113
  84
  107
  130
  155
  181
  209
  238
  269
  302
  337
  397
  436
  477
  521
  567
  615
  667
  721
  779
  839
  904
  972
  1,044
  1,120
  1,200
  1,285
  1,375
  1,469
  1,569
  1,675

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
  6,012
  6,350
  6,704
  7,073
  7,459
  7,863
  8,286
  8,728
  9,190
  9,675
  10,182
  10,714
  11,271
  11,854
  12,466
  13,107
  13,779
  14,484
  15,224
  15,999
  16,813
  17,667
  18,562
  19,502
  20,488
  21,522
  22,608
  23,748
  24,944
  26,199
Adjusted assets (=assets-cash), $m
  5,696
  6,012
  6,350
  6,704
  7,073
  7,459
  7,863
  8,286
  8,728
  9,190
  9,675
  10,182
  10,714
  11,271
  11,854
  12,466
  13,107
  13,779
  14,484
  15,224
  15,999
  16,813
  17,667
  18,562
  19,502
  20,488
  21,522
  22,608
  23,748
  24,944
  26,199
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
  4,531
  4,786
  5,053
  5,331
  5,622
  5,927
  6,245
  6,578
  6,927
  7,292
  7,674
  8,075
  8,495
  8,934
  9,396
  9,879
  10,386
  10,917
  11,474
  12,059
  12,672
  13,315
  13,990
  14,699
  15,442
  16,222
  17,040
  17,899
  18,800
  19,747
Working capital, $m
  99
  98
  103
  109
  115
  121
  128
  135
  142
  149
  157
  166
  174
  183
  193
  203
  213
  224
  235
  247
  260
  273
  287
  302
  317
  333
  350
  367
  386
  405
  426
Total debt, $m
  3,091
  3,287
  3,500
  3,721
  3,953
  4,195
  4,448
  4,713
  4,990
  5,280
  5,584
  5,902
  6,235
  6,585
  6,951
  7,334
  7,736
  8,158
  8,600
  9,063
  9,550
  10,060
  10,595
  11,156
  11,746
  12,364
  13,013
  13,693
  14,408
  15,158
  15,945
Total liabilities, $m
  3,572
  3,769
  3,982
  4,203
  4,435
  4,677
  4,930
  5,195
  5,472
  5,762
  6,066
  6,384
  6,717
  7,067
  7,433
  7,816
  8,218
  8,640
  9,082
  9,545
  10,032
  10,542
  11,077
  11,638
  12,228
  12,846
  13,495
  14,175
  14,890
  15,640
  16,427
Total equity, $m
  2,130
  2,242
  2,369
  2,501
  2,638
  2,782
  2,933
  3,091
  3,255
  3,428
  3,609
  3,798
  3,996
  4,204
  4,422
  4,650
  4,889
  5,140
  5,403
  5,679
  5,968
  6,271
  6,590
  6,924
  7,274
  7,642
  8,028
  8,433
  8,858
  9,304
  9,772
Total liabilities and equity, $m
  5,702
  6,011
  6,351
  6,704
  7,073
  7,459
  7,863
  8,286
  8,727
  9,190
  9,675
  10,182
  10,713
  11,271
  11,855
  12,466
  13,107
  13,780
  14,485
  15,224
  16,000
  16,813
  17,667
  18,562
  19,502
  20,488
  21,523
  22,608
  23,748
  24,944
  26,199
Debt-to-equity ratio
  1.451
  1.470
  1.480
  1.490
  1.500
  1.510
  1.520
  1.530
  1.530
  1.540
  1.550
  1.550
  1.560
  1.570
  1.570
  1.580
  1.580
  1.590
  1.590
  1.600
  1.600
  1.600
  1.610
  1.610
  1.610
  1.620
  1.620
  1.620
  1.630
  1.630
  1.630
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
  84
  107
  130
  155
  181
  209
  238
  269
  302
  337
  397
  436
  477
  521
  567
  615
  667
  721
  779
  839
  904
  972
  1,044
  1,120
  1,200
  1,285
  1,375
  1,469
  1,569
  1,675
Depreciation, amort., depletion, $m
  222
  250
  263
  275
  289
  303
  317
  333
  349
  366
  383
  369
  388
  408
  430
  452
  475
  499
  525
  552
  580
  609
  640
  673
  707
  742
  780
  819
  861
  904
  949
Funds from operations, $m
  207
  335
  369
  406
  444
  484
  526
  571
  618
  668
  720
  766
  824
  886
  950
  1,018
  1,090
  1,166
  1,246
  1,330
  1,419
  1,513
  1,612
  1,716
  1,826
  1,942
  2,065
  2,194
  2,330
  2,473
  2,624
Change in working capital, $m
  -91
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  19
  20
Cash from operations, $m
  298
  329
  364
  400
  438
  478
  520
  564
  611
  660
  712
  758
  816
  876
  941
  1,008
  1,080
  1,155
  1,234
  1,318
  1,407
  1,500
  1,598
  1,702
  1,811
  1,926
  2,048
  2,176
  2,311
  2,454
  2,604
Maintenance CAPEX, $m
  0
  -206
  -218
  -230
  -243
  -256
  -270
  -285
  -300
  -316
  -333
  -351
  -369
  -388
  -408
  -430
  -452
  -475
  -499
  -525
  -552
  -580
  -609
  -640
  -673
  -707
  -742
  -780
  -819
  -861
  -904
New CAPEX, $m
  -463
  -244
  -255
  -266
  -278
  -291
  -304
  -318
  -333
  -349
  -365
  -382
  -401
  -420
  -440
  -461
  -483
  -507
  -531
  -557
  -585
  -613
  -643
  -675
  -708
  -743
  -780
  -818
  -859
  -902
  -946
Cash from investing activities, $m
  -450
  -450
  -473
  -496
  -521
  -547
  -574
  -603
  -633
  -665
  -698
  -733
  -770
  -808
  -848
  -891
  -935
  -982
  -1,030
  -1,082
  -1,137
  -1,193
  -1,252
  -1,315
  -1,381
  -1,450
  -1,522
  -1,598
  -1,678
  -1,763
  -1,850
Free cash flow, $m
  -152
  -121
  -109
  -97
  -84
  -70
  -55
  -39
  -23
  -5
  14
  25
  46
  69
  92
  118
  145
  173
  204
  236
  270
  307
  346
  387
  430
  477
  526
  578
  633
  692
  754
Issuance/(repayment) of debt, $m
  163
  196
  212
  222
  232
  242
  253
  265
  277
  290
  304
  318
  333
  349
  366
  384
  402
  422
  442
  464
  486
  510
  535
  561
  589
  618
  649
  681
  715
  750
  787
Issuance/(repurchase) of shares, $m
  298
  35
  20
  2
  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
  231
  232
  224
  232
  242
  253
  265
  277
  290
  304
  318
  333
  349
  366
  384
  402
  422
  442
  464
  486
  510
  535
  561
  589
  618
  649
  681
  715
  750
  787
Total cash flow (excl. dividends), $m
  306
  111
  123
  127
  148
  173
  198
  226
  255
  285
  318
  343
  379
  418
  458
  501
  547
  595
  646
  700
  757
  817
  881
  948
  1,019
  1,095
  1,174
  1,259
  1,348
  1,442
  1,541
Retained Cash Flow (-), $m
  -101
  -119
  -126
  -132
  -138
  -144
  -151
  -158
  -165
  -173
  -181
  -189
  -198
  -208
  -218
  -228
  -239
  -251
  -263
  -276
  -289
  -303
  -318
  -334
  -350
  -368
  -386
  -405
  -425
  -446
  -468
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
 
  -2
  -4
  -5
  10
  28
  48
  68
  90
  113
  137
  154
  181
  210
  241
  273
  308
  344
  383
  424
  467
  514
  562
  614
  669
  727
  789
  854
  923
  995
  1,073
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
 
  -2
  -3
  -4
  7
  17
  24
  29
  33
  35
  35
  32
  30
  27
  24
  21
  17
  14
  11
  8
  6
  5
  3
  2
  1
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  98.7
  98.0
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9

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 22.4
Price to Sales 1.5
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 8.5
Price to Free Cash Flow -15.3
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 5.7% 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 120.805 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 $2.6 billion.

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COMPANY NEWS

▶ 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]
▶ 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]
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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