Intrinsic value of HollyFrontier - HFC

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$27.88

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$27.88

 
Intrinsic value

$12.42

 
Up/down potential

-55%

 
Rating

str. sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of HFC 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 5.0

 

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, %
  -20.41
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  10,536
  10,747
  10,994
  11,276
  11,594
  11,945
  12,331
  12,751
  13,205
  13,695
  14,221
  14,783
  15,383
  16,022
  16,701
  17,421
  18,184
  18,993
  19,847
  20,750
  21,704
  22,710
  23,771
  24,889
  26,067
  27,308
  28,615
  29,990
  31,437
  32,960
  34,561
Variable operating expenses, $m
 
  5,369
  5,488
  5,624
  5,777
  5,946
  6,131
  6,333
  6,551
  6,787
  7,040
  7,108
  7,396
  7,703
  8,030
  8,376
  8,743
  9,132
  9,543
  9,977
  10,435
  10,919
  11,429
  11,967
  12,533
  13,130
  13,758
  14,419
  15,115
  15,847
  16,617
Fixed operating expenses, $m
 
  5,648
  5,789
  5,934
  6,082
  6,234
  6,390
  6,550
  6,713
  6,881
  7,053
  7,230
  7,410
  7,596
  7,785
  7,980
  8,180
  8,384
  8,594
  8,809
  9,029
  9,254
  9,486
  9,723
  9,966
  10,215
  10,471
  10,732
  11,001
  11,276
  11,558
Total operating expenses, $m
  10,644
  11,017
  11,277
  11,558
  11,859
  12,180
  12,521
  12,883
  13,264
  13,668
  14,093
  14,338
  14,806
  15,299
  15,815
  16,356
  16,923
  17,516
  18,137
  18,786
  19,464
  20,173
  20,915
  21,690
  22,499
  23,345
  24,229
  25,151
  26,116
  27,123
  28,175
Operating income, $m
  -109
  -270
  -283
  -281
  -265
  -234
  -190
  -132
  -60
  27
  128
  446
  576
  723
  885
  1,065
  1,262
  1,477
  1,711
  1,965
  2,240
  2,536
  2,856
  3,199
  3,568
  3,963
  4,386
  4,838
  5,321
  5,837
  6,386
EBITDA, $m
  254
  179
  172
  180
  204
  242
  296
  364
  446
  544
  657
  786
  930
  1,091
  1,269
  1,465
  1,680
  1,913
  2,167
  2,442
  2,739
  3,058
  3,402
  3,772
  4,167
  4,591
  5,044
  5,528
  6,044
  6,595
  7,181
Interest expense (income), $m
  54
  78
  82
  86
  90
  95
  101
  107
  113
  120
  128
  137
  145
  155
  165
  176
  187
  199
  212
  225
  240
  255
  271
  287
  305
  324
  343
  364
  386
  409
  433
Earnings before tax, $m
  -172
  -349
  -365
  -367
  -355
  -329
  -291
  -238
  -173
  -94
  0
  309
  431
  568
  720
  889
  1,074
  1,277
  1,499
  1,739
  2,000
  2,281
  2,585
  2,912
  3,263
  3,639
  4,043
  4,474
  4,935
  5,428
  5,954
Tax expense, $m
  19
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  83
  116
  153
  194
  240
  290
  345
  405
  470
  540
  616
  698
  786
  881
  983
  1,091
  1,208
  1,333
  1,466
  1,607
Net income, $m
  -260
  -349
  -365
  -367
  -355
  -329
  -291
  -238
  -173
  -94
  0
  226
  315
  415
  526
  649
  784
  933
  1,094
  1,270
  1,460
  1,665
  1,887
  2,125
  2,382
  2,657
  2,951
  3,266
  3,603
  3,962
  4,346

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,135
  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
  9,436
  8,469
  8,663
  8,886
  9,136
  9,413
  9,717
  10,048
  10,406
  10,792
  11,206
  11,649
  12,122
  12,625
  13,160
  13,728
  14,330
  14,967
  15,640
  16,352
  17,103
  17,896
  18,732
  19,613
  20,541
  21,519
  22,549
  23,633
  24,773
  25,973
  27,235
Adjusted assets (=assets-cash), $m
  8,301
  8,469
  8,663
  8,886
  9,136
  9,413
  9,717
  10,048
  10,406
  10,792
  11,206
  11,649
  12,122
  12,625
  13,160
  13,728
  14,330
  14,967
  15,640
  16,352
  17,103
  17,896
  18,732
  19,613
  20,541
  21,519
  22,549
  23,633
  24,773
  25,973
  27,235
Revenue / Adjusted assets
  1.269
  1.269
  1.269
  1.269
  1.269
  1.269
  1.269
  1.269
  1.269
  1.269
  1.269
  1.269
  1.269
  1.269
  1.269
  1.269
  1.269
  1.269
  1.269
  1.269
  1.269
  1.269
  1.269
  1.269
  1.269
  1.269
  1.269
  1.269
  1.269
  1.269
  1.269
Average production assets, $m
  4,361
  4,449
  4,551
  4,668
  4,800
  4,945
  5,105
  5,279
  5,467
  5,670
  5,887
  6,120
  6,369
  6,633
  6,914
  7,212
  7,528
  7,863
  8,217
  8,591
  8,985
  9,402
  9,841
  10,304
  10,792
  11,306
  11,846
  12,416
  13,015
  13,645
  14,308
Working capital, $m
  1,768
  645
  660
  677
  696
  717
  740
  765
  792
  822
  853
  887
  923
  961
  1,002
  1,045
  1,091
  1,140
  1,191
  1,245
  1,302
  1,363
  1,426
  1,493
  1,564
  1,638
  1,717
  1,799
  1,886
  1,978
  2,074
Total debt, $m
  2,235
  2,333
  2,444
  2,572
  2,715
  2,874
  3,048
  3,237
  3,443
  3,664
  3,901
  4,155
  4,426
  4,714
  5,021
  5,346
  5,691
  6,056
  6,442
  6,849
  7,280
  7,734
  8,213
  8,718
  9,250
  9,811
  10,401
  11,022
  11,675
  12,362
  13,086
Total liabilities, $m
  4,754
  4,853
  4,964
  5,092
  5,235
  5,394
  5,568
  5,757
  5,963
  6,184
  6,421
  6,675
  6,946
  7,234
  7,541
  7,866
  8,211
  8,576
  8,962
  9,369
  9,800
  10,254
  10,733
  11,238
  11,770
  12,331
  12,921
  13,542
  14,195
  14,882
  15,606
Total equity, $m
  4,681
  3,616
  3,699
  3,794
  3,901
  4,019
  4,149
  4,290
  4,443
  4,608
  4,785
  4,974
  5,176
  5,391
  5,620
  5,862
  6,119
  6,391
  6,678
  6,982
  7,303
  7,641
  7,998
  8,375
  8,771
  9,189
  9,628
  10,091
  10,578
  11,090
  11,629
Total liabilities and equity, $m
  9,435
  8,469
  8,663
  8,886
  9,136
  9,413
  9,717
  10,047
  10,406
  10,792
  11,206
  11,649
  12,122
  12,625
  13,161
  13,728
  14,330
  14,967
  15,640
  16,351
  17,103
  17,895
  18,731
  19,613
  20,541
  21,520
  22,549
  23,633
  24,773
  25,972
  27,235
Debt-to-equity ratio
  0.477
  0.650
  0.660
  0.680
  0.700
  0.710
  0.730
  0.750
  0.770
  0.800
  0.820
  0.840
  0.860
  0.870
  0.890
  0.910
  0.930
  0.950
  0.960
  0.980
  1.000
  1.010
  1.030
  1.040
  1.050
  1.070
  1.080
  1.090
  1.100
  1.110
  1.130
Adjusted equity ratio
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -260
  -349
  -365
  -367
  -355
  -329
  -291
  -238
  -173
  -94
  0
  226
  315
  415
  526
  649
  784
  933
  1,094
  1,270
  1,460
  1,665
  1,887
  2,125
  2,382
  2,657
  2,951
  3,266
  3,603
  3,962
  4,346
Depreciation, amort., depletion, $m
  363
  449
  455
  462
  469
  477
  486
  495
  506
  517
  529
  340
  354
  368
  384
  401
  418
  437
  456
  477
  499
  522
  547
  572
  600
  628
  658
  690
  723
  758
  795
Funds from operations, $m
  548
  101
  90
  95
  114
  147
  195
  257
  333
  424
  529
  566
  668
  783
  910
  1,050
  1,203
  1,369
  1,551
  1,747
  1,959
  2,188
  2,434
  2,698
  2,981
  3,285
  3,609
  3,956
  4,326
  4,721
  5,141
Change in working capital, $m
  -54
  13
  15
  17
  19
  21
  23
  25
  27
  29
  32
  34
  36
  38
  41
  43
  46
  48
  51
  54
  57
  60
  64
  67
  71
  74
  78
  83
  87
  91
  96
Cash from operations, $m
  602
  73
  75
  78
  95
  126
  172
  232
  306
  394
  497
  532
  632
  745
  869
  1,006
  1,157
  1,321
  1,499
  1,693
  1,902
  2,127
  2,370
  2,631
  2,911
  3,210
  3,531
  3,873
  4,239
  4,629
  5,045
Maintenance CAPEX, $m
  0
  -242
  -247
  -253
  -259
  -267
  -275
  -284
  -293
  -304
  -315
  -327
  -340
  -354
  -368
  -384
  -401
  -418
  -437
  -456
  -477
  -499
  -522
  -547
  -572
  -600
  -628
  -658
  -690
  -723
  -758
New CAPEX, $m
  -480
  -89
  -102
  -117
  -131
  -146
  -160
  -174
  -188
  -203
  -218
  -233
  -248
  -264
  -281
  -298
  -316
  -335
  -354
  -374
  -395
  -416
  -439
  -463
  -488
  -514
  -541
  -569
  -599
  -630
  -663
Cash from investing activities, $m
  -802
  -331
  -349
  -370
  -390
  -413
  -435
  -458
  -481
  -507
  -533
  -560
  -588
  -618
  -649
  -682
  -717
  -753
  -791
  -830
  -872
  -915
  -961
  -1,010
  -1,060
  -1,114
  -1,169
  -1,227
  -1,289
  -1,353
  -1,421
Free cash flow, $m
  -200
  -258
  -274
  -292
  -296
  -286
  -262
  -226
  -176
  -112
  -35
  -28
  44
  126
  220
  324
  440
  568
  709
  862
  1,030
  1,212
  1,408
  1,621
  1,850
  2,097
  2,362
  2,646
  2,950
  3,276
  3,624
Issuance/(repayment) of debt, $m
  1,188
  98
  112
  128
  143
  159
  174
  190
  205
  221
  237
  254
  271
  288
  307
  325
  345
  365
  386
  408
  431
  454
  479
  505
  532
  560
  590
  621
  653
  687
  723
Issuance/(repurchase) of shares, $m
  -8
  0
  246
  260
  259
  245
  218
  177
  123
  56
  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  
  1,077
  98
  358
  388
  402
  404
  392
  367
  328
  277
  237
  254
  271
  288
  307
  325
  345
  365
  386
  408
  431
  454
  479
  505
  532
  560
  590
  621
  653
  687
  723
Total cash flow (excl. dividends), $m
  878
  -161
  -163
  -164
  -153
  -127
  -88
  -36
  30
  109
  202
  226
  315
  415
  526
  649
  785
  933
  1,095
  1,270
  1,460
  1,666
  1,888
  2,126
  2,382
  2,657
  2,952
  3,267
  3,604
  3,963
  4,347
Retained Cash Flow (-), $m
  572
  -70
  -83
  -95
  -107
  -118
  -130
  -141
  -153
  -165
  -177
  -189
  -202
  -215
  -228
  -242
  -257
  -272
  -288
  -304
  -321
  -339
  -357
  -376
  -396
  -418
  -440
  -463
  -487
  -512
  -539
Prev. year cash balance distribution, $m
 
  1,135
  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
 
  904
  0
  0
  0
  0
  0
  0
  0
  0
  25
  37
  113
  200
  298
  407
  528
  661
  807
  966
  1,140
  1,327
  1,531
  1,750
  1,986
  2,240
  2,512
  2,804
  3,117
  3,451
  3,808
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  867
  0
  0
  0
  0
  0
  0
  0
  0
  13
  17
  48
  76
  100
  119
  134
  144
  149
  149
  145
  137
  127
  115
  101
  87
  73
  60
  48
  38
  29
Current shareholders' claim on cash, %
  100
  100.0
  94.0
  88.2
  82.9
  78.3
  74.6
  71.7
  69.8
  69.0
  69.0
  69.0
  69.0
  69.0
  69.0
  69.0
  69.0
  69.0
  69.0
  69.0
  69.0
  69.0
  69.0
  69.0
  69.0
  69.0
  69.0
  69.0
  69.0
  69.0
  69.0

HollyFrontier Corporation operates as an independent petroleum refiner in the United States. The company operates through two segments, Refining and HEP. It primarily produces high-value refined products, such as gasoline, diesel fuel, jet fuel, specialty lubricant products, and specialty and modified asphalt. The company offers its products to other refiners, convenience store chains, independent marketers, retailers, truck stop chains, wholesalers, railroads, governmental entities, paving contractors or manufacturers, and commercial and specialty markets, as well as for commercial airline use. It owns and operates five refineries with a combined crude oil processing capacity of approximately 457,000 barrels per day in El Dorado, Kansas; Tulsa, Oklahoma; Artesia, New Mexico; Cheyenne, Wyoming; Woods Cross, Utah; and vacuum distillation and other facilities in Lovington, New Mexico, as well as owns and operates asphalt terminals in Arizona, New Mexico, and Oklahoma. The company’s refineries serve markets in the Mid-Continent, Southwest, and Rocky Mountain regions of the United States. The company was formerly known as Holly Corporation and changed its name to HollyFrontier Corporation as a result of its merger with Frontier Oil Corporation in July 2011. HollyFrontier Corporation was founded in 1947 and is based in Dallas, Texas.

FINANCIAL RATIOS  of  HollyFrontier (HFC)

Valuation Ratios
P/E Ratio -19
Price to Sales 0.5
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 8.2
Price to Free Cash Flow 40.5
Growth Rates
Sales Growth Rate -20.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -29%
Cap. Spend. - 3 Yr. Gr. Rate 2.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 47.7%
Total Debt to Equity 47.7%
Interest Coverage -2
Management Effectiveness
Return On Assets -2.2%
Ret/ On Assets - 3 Yr. Avg. 3.3%
Return On Total Capital -3.9%
Ret/ On T. Cap. - 3 Yr. Avg. 3.9%
Return On Equity -5.2%
Return On Equity - 3 Yr. Avg. 4.5%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 19.5%
Gross Margin - 3 Yr. Avg. 17.4%
EBITDA Margin 2.3%
EBITDA Margin - 3 Yr. Avg. 6.3%
Operating Margin -1%
Oper. Margin - 3 Yr. Avg. 3.6%
Pre-Tax Margin -1.6%
Pre-Tax Margin - 3 Yr. Avg. 3.3%
Net Profit Margin -2.5%
Net Profit Margin - 3 Yr. Avg. 1.5%
Effective Tax Rate -11%
Eff/ Tax Rate - 3 Yr. Avg. 17.6%
Payout Ratio -90%

HFC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HFC stock intrinsic value calculation we used $10536 million for the last fiscal year's total revenue generated by HollyFrontier. The default revenue input number comes from 2016 income statement of HollyFrontier. 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 HFC stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for HFC is calculated based on our internal credit rating of HollyFrontier, 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 HollyFrontier.
    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 HFC stock the variable cost ratio is equal to 50%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $5510 million in the base year in the intrinsic value calculation for HFC 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 HollyFrontier.

Corporate tax rate of 27% is the nominal tax rate for HollyFrontier. 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 HFC 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 HFC are equal to 41.4%.

Life of production assets of 18 years is the average useful life of capital assets used in HollyFrontier 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 HFC is equal to 6%. 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 - $4681 million for HollyFrontier - 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 179.605 million for HollyFrontier 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 HollyFrontier at the current share price and the inputted number of shares is $5.0 billion.


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Stock chart of HFC Financial statements of HFC
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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