Intrinsic value of Holly Energy Partners - HEP

Previous Close

$30.32

  Intrinsic Value

$15.63

stock screener

  Rating & Target

sell

-48%

  Value-price divergence*

+82%

Previous close

$30.32

 
Intrinsic value

$15.63

 
Up/down potential

-48%

 
Rating

sell

 
Value-price divergence*

+82%

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

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 1.9

 

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, %
  11.98
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
Revenue, $m
  402
  418
  434
  452
  471
  491
  513
  535
  559
  585
  611
  640
  669
  701
  734
  769
  806
  844
  885
  928
  973
  1,020
  1,070
  1,122
  1,177
  1,235
  1,296
  1,359
  1,427
  1,497
  1,571
Variable operating expenses, $m
 
  210
  217
  225
  234
  242
  252
  262
  272
  284
  295
  282
  295
  309
  324
  339
  355
  372
  390
  409
  429
  450
  472
  495
  519
  545
  571
  600
  629
  660
  693
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
  210
  217
  225
  234
  242
  252
  262
  272
  284
  295
  282
  295
  309
  324
  339
  355
  372
  390
  409
  429
  450
  472
  495
  519
  545
  571
  600
  629
  660
  693
Operating income, $m
  195
  208
  217
  227
  238
  249
  261
  274
  287
  301
  316
  358
  374
  392
  410
  430
  450
  472
  495
  518
  544
  570
  598
  627
  658
  690
  724
  760
  797
  837
  878
EBITDA, $m
  265
  295
  307
  319
  333
  347
  362
  378
  395
  413
  432
  451
  472
  495
  518
  543
  568
  596
  624
  655
  686
  720
  755
  792
  831
  871
  914
  959
  1,007
  1,057
  1,109
Interest expense (income), $m
  39
  44
  46
  48
  50
  53
  55
  58
  61
  64
  67
  71
  75
  79
  83
  87
  92
  96
  101
  107
  112
  118
  124
  131
  138
  145
  153
  161
  169
  178
  187
Earnings before tax, $m
  158
  164
  172
  179
  188
  196
  206
  216
  226
  237
  249
  287
  300
  313
  328
  343
  359
  375
  393
  412
  431
  452
  473
  496
  520
  545
  572
  599
  628
  659
  691
Tax expense, $m
  0
  44
  46
  48
  51
  53
  56
  58
  61
  64
  67
  77
  81
  85
  88
  93
  97
  101
  106
  111
  116
  122
  128
  134
  140
  147
  154
  162
  170
  178
  187
Net income, $m
  148
  120
  125
  131
  137
  143
  150
  157
  165
  173
  182
  209
  219
  229
  239
  250
  262
  274
  287
  301
  315
  330
  346
  362
  380
  398
  417
  437
  459
  481
  505

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
  1,952
  2,030
  2,113
  2,202
  2,296
  2,396
  2,502
  2,614
  2,732
  2,857
  2,989
  3,128
  3,275
  3,430
  3,593
  3,764
  3,945
  4,135
  4,334
  4,545
  4,766
  4,998
  5,243
  5,500
  5,770
  6,054
  6,353
  6,666
  6,996
  7,342
Adjusted assets (=assets-cash), $m
  1,880
  1,952
  2,030
  2,113
  2,202
  2,296
  2,396
  2,502
  2,614
  2,732
  2,857
  2,989
  3,128
  3,275
  3,430
  3,593
  3,764
  3,945
  4,135
  4,334
  4,545
  4,766
  4,998
  5,243
  5,500
  5,770
  6,054
  6,353
  6,666
  6,996
  7,342
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
  1,435
  1,492
  1,554
  1,619
  1,688
  1,761
  1,839
  1,922
  2,009
  2,100
  2,197
  2,300
  2,407
  2,521
  2,641
  2,767
  2,900
  3,039
  3,186
  3,341
  3,503
  3,674
  3,854
  4,043
  4,242
  4,450
  4,670
  4,900
  5,142
  5,397
Working capital, $m
  -8
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
Total debt, $m
  1,244
  1,301
  1,364
  1,431
  1,502
  1,577
  1,657
  1,742
  1,832
  1,927
  2,027
  2,132
  2,244
  2,361
  2,485
  2,616
  2,753
  2,898
  3,050
  3,210
  3,378
  3,555
  3,742
  3,938
  4,143
  4,360
  4,587
  4,826
  5,078
  5,341
  5,619
Total liabilities, $m
  1,506
  1,563
  1,626
  1,693
  1,764
  1,839
  1,919
  2,004
  2,094
  2,189
  2,289
  2,394
  2,506
  2,623
  2,747
  2,878
  3,015
  3,160
  3,312
  3,472
  3,640
  3,817
  4,004
  4,200
  4,405
  4,622
  4,849
  5,088
  5,340
  5,603
  5,881
Total equity, $m
  378
  388
  404
  421
  438
  457
  477
  498
  520
  544
  569
  595
  623
  652
  683
  715
  749
  785
  823
  863
  904
  948
  995
  1,043
  1,094
  1,148
  1,205
  1,264
  1,327
  1,392
  1,461
Total liabilities and equity, $m
  1,884
  1,951
  2,030
  2,114
  2,202
  2,296
  2,396
  2,502
  2,614
  2,733
  2,858
  2,989
  3,129
  3,275
  3,430
  3,593
  3,764
  3,945
  4,135
  4,335
  4,544
  4,765
  4,999
  5,243
  5,499
  5,770
  6,054
  6,352
  6,667
  6,995
  7,342
Debt-to-equity ratio
  3.291
  3.350
  3.380
  3.400
  3.430
  3.450
  3.480
  3.500
  3.520
  3.540
  3.560
  3.580
  3.600
  3.620
  3.640
  3.660
  3.680
  3.690
  3.710
  3.720
  3.740
  3.750
  3.760
  3.770
  3.790
  3.800
  3.810
  3.820
  3.830
  3.840
  3.850
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
  120
  125
  131
  137
  143
  150
  157
  165
  173
  182
  209
  219
  229
  239
  250
  262
  274
  287
  301
  315
  330
  346
  362
  380
  398
  417
  437
  459
  481
  505
Depreciation, amort., depletion, $m
  70
  87
  89
  92
  95
  98
  101
  104
  108
  112
  115
  94
  98
  103
  108
  113
  118
  124
  130
  136
  143
  150
  157
  165
  173
  181
  190
  200
  209
  220
  231
Funds from operations, $m
  254
  207
  215
  223
  232
  241
  251
  262
  273
  285
  297
  303
  317
  332
  347
  363
  380
  398
  417
  437
  458
  480
  503
  527
  552
  579
  607
  637
  668
  701
  735
Change in working capital, $m
  11
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Cash from operations, $m
  243
  207
  215
  224
  232
  242
  252
  262
  274
  285
  298
  304
  318
  332
  348
  364
  381
  399
  418
  438
  459
  481
  504
  528
  554
  581
  609
  639
  670
  703
  737
Maintenance CAPEX, $m
  0
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -94
  -98
  -103
  -108
  -113
  -118
  -124
  -130
  -136
  -143
  -150
  -157
  -165
  -173
  -181
  -190
  -200
  -209
  -220
New CAPEX, $m
  -60
  -54
  -58
  -61
  -65
  -69
  -73
  -78
  -82
  -87
  -92
  -97
  -102
  -108
  -114
  -120
  -126
  -133
  -140
  -147
  -155
  -163
  -171
  -180
  -189
  -199
  -209
  -219
  -230
  -242
  -254
Cash from investing activities, $m
  -143
  -113
  -119
  -125
  -131
  -138
  -145
  -153
  -161
  -169
  -178
  -187
  -196
  -206
  -217
  -228
  -239
  -251
  -264
  -277
  -291
  -306
  -321
  -337
  -354
  -372
  -390
  -409
  -430
  -451
  -474
Free cash flow, $m
  100
  95
  96
  98
  101
  103
  106
  109
  113
  116
  120
  117
  122
  126
  131
  137
  142
  148
  155
  161
  168
  176
  183
  192
  200
  210
  219
  229
  240
  251
  263
Issuance/(repayment) of debt, $m
  235
  57
  63
  67
  71
  75
  80
  85
  90
  95
  100
  106
  111
  118
  124
  130
  137
  145
  152
  160
  168
  177
  186
  196
  206
  216
  227
  239
  251
  264
  277
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
  57
  63
  67
  71
  75
  80
  85
  90
  95
  100
  106
  111
  118
  124
  130
  137
  145
  152
  160
  168
  177
  186
  196
  206
  216
  227
  239
  251
  264
  277
Total cash flow (excl. dividends), $m
  181
  152
  159
  165
  172
  179
  186
  194
  202
  211
  220
  223
  233
  244
  255
  267
  280
  293
  307
  321
  337
  353
  370
  388
  406
  426
  447
  468
  491
  515
  540
Retained Cash Flow (-), $m
  154
  -14
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -59
  -62
  -66
  -69
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
 
  142
  143
  149
  154
  160
  166
  173
  180
  187
  195
  197
  205
  215
  224
  235
  245
  257
  269
  282
  295
  309
  323
  339
  355
  372
  390
  409
  429
  450
  472
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
 
  128
  116
  107
  97
  87
  78
  68
  59
  51
  43
  34
  28
  22
  18
  13
  10
  7
  5
  4
  3
  2
  1
  1
  0
  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

Holly Energy Partners, L.P. owns and operates petroleum product and crude pipelines, storage tanks, distribution terminals, loading rack facilities, and refinery processing units that support the refining and marketing operations of HollyFrontier Corporation in West Texas, New Mexico, Utah, Nevada, Oklahoma, Wyoming, Kansas, Arizona, Idaho, and Washington. It operates through two segments, Pipelines and Terminals, and Refinery Processing Units. The company operates refined product pipelines that transport conventional gasolines, reformulated gasolines, low-octane gasolines for oxygenate blending, as well as distillates, such as high- and low-sulfur diesel and jet fuels, and liquefied petroleum gases; intermediate product pipelines that transport intermediate feedstocks and crude oils, and gases; crude oil trunk, gathering, and connection pipelines that delivers crude oil. It operates 24 main pipelines; crude gathering networks; 10 refined product terminals; 1 crude terminal; 8,300 track feet of rail storage; 7 locations with truck and/or rail racks; and tankages at 6 refining facility locations, as well as 5 refinery processing units. The company serves as the general partner of Holly Logistic Services, L.L.C. Holly Energy Partners, L.P. was founded in 2004 and is based in Dallas, Texas.

FINANCIAL RATIOS  of  Holly Energy Partners (HEP)

Valuation Ratios
P/E Ratio 12.9
Price to Sales 4.7
Price to Book 5
Price to Tangible Book
Price to Cash Flow 7.8
Price to Free Cash Flow 10.4
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 3.9% 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 62.846 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 $1.9 billion.

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COMPANY NEWS

▶ 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]
▶ 3 Top High-Yield Dividend Stocks   [Dec-21-16 10:52AM  at Motley Fool]
▶ 3 Small-Cap Stocks to Buy in December   [Dec-03-16 08:19AM  at Motley Fool]
▶ 3 Dividend Stocks I'd Buy Right Now   [Nov-19-16 10:52AM  at Motley Fool]
Stock chart of HEP 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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