Intrinsic value of Holly Energy Partners - HEP

Previous Close

$33.68

  Intrinsic Value

$21.73

stock screener

  Rating & Target

sell

-35%

Previous close

$33.68

 
Intrinsic value

$21.73

 
Up/down potential

-35%

 
Rating

sell

We calculate the intrinsic value of HEP 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 2.2

 

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, %
  11.98
  14.70
  13.73
  12.86
  12.07
  11.36
  10.73
  10.15
  9.64
  9.18
  8.76
  8.38
  8.04
  7.74
  7.47
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
Revenue, $m
  402
  461
  524
  592
  663
  739
  818
  901
  988
  1,078
  1,173
  1,271
  1,373
  1,480
  1,590
  1,705
  1,824
  1,948
  2,077
  2,211
  2,351
  2,496
  2,647
  2,805
  2,969
  3,141
  3,320
  3,507
  3,702
  3,906
  4,119
Variable operating expenses, $m
 
  229
  257
  287
  318
  351
  386
  423
  461
  501
  543
  561
  606
  653
  701
  752
  805
  859
  916
  975
  1,037
  1,101
  1,168
  1,237
  1,310
  1,385
  1,464
  1,547
  1,633
  1,723
  1,817
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
  207
  229
  257
  287
  318
  351
  386
  423
  461
  501
  543
  561
  606
  653
  701
  752
  805
  859
  916
  975
  1,037
  1,101
  1,168
  1,237
  1,310
  1,385
  1,464
  1,547
  1,633
  1,723
  1,817
Operating income, $m
  195
  232
  267
  305
  345
  387
  431
  478
  526
  577
  630
  710
  768
  827
  889
  953
  1,020
  1,089
  1,161
  1,236
  1,314
  1,395
  1,480
  1,568
  1,660
  1,756
  1,856
  1,960
  2,069
  2,183
  2,302
EBITDA, $m
  265
  325
  370
  418
  468
  521
  577
  636
  697
  761
  828
  897
  969
  1,044
  1,122
  1,203
  1,287
  1,375
  1,466
  1,561
  1,659
  1,762
  1,868
  1,980
  2,096
  2,217
  2,343
  2,475
  2,612
  2,756
  2,907
Interest expense (income), $m
  39
  44
  51
  60
  68
  78
  88
  98
  109
  120
  132
  144
  157
  171
  185
  199
  214
  230
  246
  263
  281
  299
  318
  338
  358
  380
  402
  426
  450
  476
  502
Earnings before tax, $m
  158
  188
  216
  246
  277
  309
  344
  380
  418
  457
  498
  566
  610
  656
  704
  754
  805
  859
  915
  973
  1,033
  1,096
  1,162
  1,230
  1,301
  1,376
  1,453
  1,534
  1,619
  1,707
  1,800
Tax expense, $m
  0
  51
  58
  66
  75
  84
  93
  103
  113
  123
  134
  153
  165
  177
  190
  204
  217
  232
  247
  263
  279
  296
  314
  332
  351
  371
  392
  414
  437
  461
  486
Net income, $m
  148
  138
  158
  179
  202
  226
  251
  277
  305
  333
  363
  413
  446
  479
  514
  550
  588
  627
  668
  710
  754
  800
  848
  898
  950
  1,004
  1,061
  1,120
  1,182
  1,246
  1,314

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,884
  2,155
  2,450
  2,766
  3,099
  3,452
  3,822
  4,210
  4,616
  5,039
  5,481
  5,940
  6,418
  6,915
  7,431
  7,967
  8,525
  9,104
  9,707
  10,333
  10,985
  11,664
  12,371
  13,108
  13,876
  14,677
  15,513
  16,386
  17,298
  18,251
  19,247
Adjusted assets (=assets-cash), $m
  1,880
  2,155
  2,450
  2,766
  3,099
  3,452
  3,822
  4,210
  4,616
  5,039
  5,481
  5,940
  6,418
  6,915
  7,431
  7,967
  8,525
  9,104
  9,707
  10,333
  10,985
  11,664
  12,371
  13,108
  13,876
  14,677
  15,513
  16,386
  17,298
  18,251
  19,247
Revenue / Adjusted assets
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
Average production assets, $m
  1,381
  1,584
  1,801
  2,033
  2,278
  2,537
  2,809
  3,095
  3,393
  3,704
  4,029
  4,366
  4,718
  5,083
  5,462
  5,857
  6,266
  6,692
  7,135
  7,596
  8,075
  8,574
  9,094
  9,636
  10,200
  10,789
  11,404
  12,045
  12,716
  13,416
  14,148
Working capital, $m
  -8
  -14
  -16
  -18
  -20
  -22
  -25
  -27
  -30
  -32
  -35
  -38
  -41
  -44
  -48
  -51
  -55
  -58
  -62
  -66
  -71
  -75
  -79
  -84
  -89
  -94
  -100
  -105
  -111
  -117
  -124
Total debt, $m
  1,244
  1,464
  1,701
  1,953
  2,221
  2,503
  2,799
  3,110
  3,435
  3,774
  4,128
  4,496
  4,879
  5,277
  5,690
  6,120
  6,566
  7,030
  7,513
  8,015
  8,537
  9,081
  9,647
  10,237
  10,853
  11,494
  12,164
  12,863
  13,594
  14,357
  15,154
Total liabilities, $m
  1,506
  1,726
  1,963
  2,215
  2,483
  2,765
  3,061
  3,372
  3,697
  4,036
  4,390
  4,758
  5,141
  5,539
  5,952
  6,382
  6,828
  7,292
  7,775
  8,277
  8,799
  9,343
  9,909
  10,499
  11,115
  11,756
  12,426
  13,125
  13,856
  14,619
  15,416
Total equity, $m
  378
  429
  488
  550
  617
  687
  761
  838
  919
  1,003
  1,091
  1,182
  1,277
  1,376
  1,479
  1,585
  1,696
  1,812
  1,932
  2,056
  2,186
  2,321
  2,462
  2,608
  2,761
  2,921
  3,087
  3,261
  3,442
  3,632
  3,830
Total liabilities and equity, $m
  1,884
  2,155
  2,451
  2,765
  3,100
  3,452
  3,822
  4,210
  4,616
  5,039
  5,481
  5,940
  6,418
  6,915
  7,431
  7,967
  8,524
  9,104
  9,707
  10,333
  10,985
  11,664
  12,371
  13,107
  13,876
  14,677
  15,513
  16,386
  17,298
  18,251
  19,246
Debt-to-equity ratio
  3.291
  3.410
  3.490
  3.550
  3.600
  3.640
  3.680
  3.710
  3.740
  3.760
  3.780
  3.800
  3.820
  3.830
  3.850
  3.860
  3.870
  3.880
  3.890
  3.900
  3.910
  3.910
  3.920
  3.920
  3.930
  3.940
  3.940
  3.940
  3.950
  3.950
  3.960
Adjusted equity ratio
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  148
  138
  158
  179
  202
  226
  251
  277
  305
  333
  363
  413
  446
  479
  514
  550
  588
  627
  668
  710
  754
  800
  848
  898
  950
  1,004
  1,061
  1,120
  1,182
  1,246
  1,314
Depreciation, amort., depletion, $m
  70
  93
  103
  113
  123
  134
  146
  158
  171
  184
  198
  187
  202
  217
  233
  250
  268
  286
  305
  325
  345
  366
  389
  412
  436
  461
  487
  515
  543
  573
  605
Funds from operations, $m
  254
  231
  260
  292
  325
  360
  397
  435
  476
  517
  561
  600
  647
  696
  747
  801
  856
  913
  973
  1,035
  1,100
  1,167
  1,237
  1,310
  1,386
  1,465
  1,548
  1,635
  1,725
  1,820
  1,918
Change in working capital, $m
  11
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
Cash from operations, $m
  243
  233
  262
  294
  327
  362
  399
  438
  478
  520
  564
  603
  650
  700
  751
  804
  859
  917
  977
  1,039
  1,104
  1,171
  1,241
  1,315
  1,391
  1,470
  1,554
  1,640
  1,731
  1,826
  1,925
Maintenance CAPEX, $m
  0
  -59
  -68
  -77
  -87
  -97
  -108
  -120
  -132
  -145
  -158
  -172
  -187
  -202
  -217
  -233
  -250
  -268
  -286
  -305
  -325
  -345
  -366
  -389
  -412
  -436
  -461
  -487
  -515
  -543
  -573
New CAPEX, $m
  -60
  -203
  -217
  -232
  -245
  -259
  -272
  -285
  -298
  -311
  -324
  -338
  -351
  -365
  -379
  -394
  -410
  -426
  -443
  -461
  -479
  -499
  -520
  -542
  -565
  -589
  -615
  -642
  -670
  -700
  -732
Cash from investing activities, $m
  -143
  -262
  -285
  -309
  -332
  -356
  -380
  -405
  -430
  -456
  -482
  -510
  -538
  -567
  -596
  -627
  -660
  -694
  -729
  -766
  -804
  -844
  -886
  -931
  -977
  -1,025
  -1,076
  -1,129
  -1,185
  -1,243
  -1,305
Free cash flow, $m
  100
  -29
  -23
  -15
  -5
  6
  19
  32
  48
  64
  81
  93
  112
  133
  154
  176
  199
  223
  248
  273
  300
  327
  355
  384
  414
  446
  478
  511
  546
  582
  619
Issuance/(repayment) of debt, $m
  235
  220
  237
  252
  267
  282
  297
  311
  325
  339
  354
  368
  383
  398
  413
  430
  447
  464
  483
  502
  522
  544
  566
  590
  615
  642
  670
  699
  730
  763
  798
Issuance/(repurchase) of shares, $m
  122
  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  
  81
  220
  237
  252
  267
  282
  297
  311
  325
  339
  354
  368
  383
  398
  413
  430
  447
  464
  483
  502
  522
  544
  566
  590
  615
  642
  670
  699
  730
  763
  798
Total cash flow (excl. dividends), $m
  181
  191
  214
  238
  262
  288
  315
  343
  373
  403
  435
  461
  495
  531
  568
  606
  646
  687
  730
  775
  822
  871
  922
  974
  1,030
  1,087
  1,148
  1,211
  1,276
  1,345
  1,417
Retained Cash Flow (-), $m
  154
  -55
  -59
  -63
  -66
  -70
  -74
  -77
  -81
  -84
  -88
  -91
  -95
  -99
  -103
  -107
  -111
  -115
  -120
  -125
  -130
  -135
  -141
  -147
  -153
  -159
  -166
  -174
  -181
  -190
  -198
Prev. year cash balance distribution, $m
 
  4
  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
 
  140
  155
  175
  196
  218
  241
  266
  292
  319
  347
  369
  400
  432
  465
  499
  535
  572
  611
  651
  692
  736
  781
  828
  877
  928
  981
  1,037
  1,095
  1,156
  1,219
Discount rate, %
 
  10.60
  11.13
  11.69
  12.27
  12.88
  13.53
  14.21
  14.92
  15.66
  16.44
  17.27
  18.13
  19.04
  19.99
  20.99
  22.04
  23.14
  24.30
  25.51
  26.79
  28.12
  29.53
  31.01
  32.56
  34.19
  35.90
  37.69
  39.57
  41.55
  43.63
PV of cash for distribution, $m
 
  127
  126
  126
  123
  119
  113
  105
  96
  86
  76
  64
  54
  45
  36
  29
  22
  17
  12
  9
  6
  4
  3
  2
  1
  1
  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

Holly Energy Partners, L.P., (HEP) is engaged in the business of operating a system of petroleum product and crude pipelines, storage tanks, distribution terminals, loading rack facilities and refinery processing units in West Texas, New Mexico, Utah, Nevada, Oklahoma, Wyoming, Kansas, Arizona, Idaho and Washington. The Company operates through segments, including pipelines and terminals segment and a refinery processing unit segment. As of December 31, 2016, its pipelines and terminals segment consisted of 24 main pipeline segments; Crude gathering networks in Texas and New Mexico; 10 refined product terminals; one crude terminal; 8,300 track feet of rail storage located at one facility; seven locations with truck and/or rail racks, and Tankage at all six of HollyFrontier Corporation's (HFC's) refining facility locations. As of December 31, 2016, the Company's refinery processing unit segment consisted of five refinery processing units at two of HFC's refining facility locations.

FINANCIAL RATIOS  of  Holly Energy Partners (HEP)

Valuation Ratios
P/E Ratio 14.3
Price to Sales 5.3
Price to Book 5.6
Price to Tangible Book
Price to Cash Flow 8.7
Price to Free Cash Flow 11.6
Growth Rates
Sales Growth Rate 12%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 53.8%
Cap. Spend. - 3 Yr. Gr. Rate 2.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 329.1%
Total Debt to Equity 329.1%
Interest Coverage 5
Management Effectiveness
Return On Assets 10.2%
Ret/ On Assets - 3 Yr. Avg. 8.7%
Return On Total Capital 9.4%
Ret/ On T. Cap. - 3 Yr. Avg. 9.3%
Return On Equity 32.5%
Return On Equity - 3 Yr. Avg. 31.5%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 69.2%
Gross Margin - 3 Yr. Avg. 69.2%
EBITDA Margin 66.4%
EBITDA Margin - 3 Yr. Avg. 59.1%
Operating Margin 48.5%
Oper. Margin - 3 Yr. Avg. 47.3%
Pre-Tax Margin 39.3%
Pre-Tax Margin - 3 Yr. Avg. 37.9%
Net Profit Margin 36.8%
Net Profit Margin - 3 Yr. Avg. 35.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 129.7%

HEP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HEP stock intrinsic value calculation we used $402 million for the last fiscal year's total revenue generated by Holly Energy Partners. The default revenue input number comes from 2016 income statement of Holly Energy Partners. 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 HEP stock valuation model: a) initial revenue growth rate of 14.7% 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 10.6%, whose default value for HEP is calculated based on our internal credit rating of Holly Energy Partners, 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 Holly Energy Partners.
    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 HEP stock the variable cost ratio is equal to 50.5%.

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 HEP 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 Holly Energy Partners.

Corporate tax rate of 27% is the nominal tax rate for Holly Energy Partners. 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 HEP 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 HEP are equal to 343.5%.

Life of production assets of 23.4 years is the average useful life of capital assets used in Holly Energy Partners 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 HEP is equal to -3%. 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 - $378 million for Holly Energy Partners - 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 64.43 million for Holly Energy Partners 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 Holly Energy Partners at the current share price and the inputted number of shares is $2.2 billion.

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COMPANY NEWS

▶ What Drove Holly Energy Partners 3-Year Total Returns?   [Oct-18-17 10:40AM  Market Realist]
▶ Top MLP Gainers in Week Ended September 8   [Sep-12-17 08:10AM  Market Realist]
▶ Holly Energy Partners, L.P. Reports Second Quarter Results   [Aug-01-17 06:30AM  Business Wire]
▶ 2 Stocks Everyone Is Wrong About   [Jun-23-17 10:05AM  Motley Fool]
▶ 3 Stocks to Help You Make Money in Retirement   [Jun-14-17 08:16AM  Motley Fool]
▶ How Holly Energy Partners, L.P. Makes Most of Its Money   [May-24-17 11:08AM  Motley Fool]
▶ 2 Stocks That Pay You Big Distributions   [May-16-17 11:27AM  Motley Fool]
▶ Holly Energy Partners, L.P. Reports First Quarter Results   [May-02-17 06:30AM  Business Wire]
▶ 3 Stocks to Buy With Dividends Yielding More Than 6%   [Apr-15-17 10:33AM  Motley Fool]
▶ The 3 Best-Kept Secret Stocks of the Oil & Gas Sector   [Apr-12-17 08:34AM  Motley Fool]
▶ Better Buy: Phillips 66 vs. HollyFrontier Corp.   [Mar-31-17 07:20AM  at Motley Fool]
▶ 3 Stocks to Buy With Dividends Yielding More Than 6%   [Mar-22-17 12:18PM  Motley Fool]
▶ HollyFrontier's Management Has 1 Major Focus in 2017   [Mar-07-17 09:48AM  Motley Fool]
▶ Holly Energy Partners Finished 2016 on a Strong Note   [Feb-23-17 11:05AM  Motley Fool]
▶ Holly Energy Partners, L.P. Files 2016 Form 10-K   [Feb-22-17 05:00PM  Business Wire]
▶ The Biggest Risk Facing Holly Energy Partners   [Jan-27-17 11:59AM  at Motley Fool]
Financial statements of HEP
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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