Intrinsic value of World Fuel Services - INT

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$36.54

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$36.54

 
Intrinsic value

$131.47

 
Up/down potential

+260%

 
Rating

str. buy

 
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 INT 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 2.6

 

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, %
  -11.08
  15.70
  14.63
  13.67
  12.80
  12.02
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.61
  6.45
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
Revenue, $m
  27,016
  31,258
  35,830
  40,727
  45,941
  51,463
  57,288
  63,410
  69,825
  76,533
  83,532
  90,825
  98,416
  106,311
  114,518
  123,047
  131,910
  141,121
  150,695
  160,650
  171,004
  181,779
  192,996
  204,680
  216,855
  229,549
  242,789
  256,607
  271,034
  286,104
  301,851
Variable operating expenses, $m
 
  30,713
  35,194
  39,993
  45,101
  50,512
  56,220
  62,219
  68,506
  75,078
  81,937
  89,000
  96,438
  104,174
  112,216
  120,574
  129,259
  138,285
  147,667
  157,422
  167,568
  178,127
  189,118
  200,567
  212,497
  224,936
  237,911
  251,451
  265,588
  280,355
  295,785
Fixed operating expenses, $m
 
  275
  282
  289
  296
  303
  311
  319
  327
  335
  343
  352
  360
  369
  379
  388
  398
  408
  418
  428
  439
  450
  461
  473
  485
  497
  509
  522
  535
  548
  562
Total operating expenses, $m
  26,827
  30,988
  35,476
  40,282
  45,397
  50,815
  56,531
  62,538
  68,833
  75,413
  82,280
  89,352
  96,798
  104,543
  112,595
  120,962
  129,657
  138,693
  148,085
  157,850
  168,007
  178,577
  189,579
  201,040
  212,982
  225,433
  238,420
  251,973
  266,123
  280,903
  296,347
Operating income, $m
  189
  270
  355
  446
  544
  647
  757
  872
  993
  1,120
  1,252
  1,473
  1,617
  1,767
  1,922
  2,084
  2,253
  2,428
  2,610
  2,800
  2,997
  3,203
  3,417
  3,640
  3,873
  4,116
  4,369
  4,634
  4,911
  5,201
  5,503
EBITDA, $m
  271
  392
  482
  580
  684
  794
  911
  1,033
  1,162
  1,297
  1,438
  1,585
  1,738
  1,897
  2,063
  2,235
  2,415
  2,601
  2,795
  2,997
  3,207
  3,425
  3,653
  3,891
  4,139
  4,397
  4,667
  4,949
  5,243
  5,551
  5,873
Interest expense (income), $m
  41
  49
  72
  97
  123
  151
  181
  213
  246
  280
  317
  354
  394
  435
  478
  522
  568
  616
  666
  717
  771
  827
  885
  946
  1,009
  1,075
  1,143
  1,215
  1,289
  1,367
  1,449
Earnings before tax, $m
  142
  221
  283
  349
  420
  496
  575
  659
  747
  839
  935
  1,119
  1,223
  1,332
  1,445
  1,563
  1,685
  1,812
  1,945
  2,082
  2,226
  2,376
  2,532
  2,694
  2,864
  3,041
  3,226
  3,420
  3,622
  3,833
  4,055
Tax expense, $m
  16
  60
  76
  94
  114
  134
  155
  178
  202
  227
  252
  302
  330
  360
  390
  422
  455
  489
  525
  562
  601
  641
  684
  727
  773
  821
  871
  923
  978
  1,035
  1,095
Net income, $m
  126
  161
  206
  255
  307
  362
  420
  481
  545
  613
  683
  817
  893
  972
  1,055
  1,141
  1,230
  1,323
  1,420
  1,520
  1,625
  1,734
  1,848
  1,967
  2,091
  2,220
  2,355
  2,496
  2,644
  2,798
  2,960

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  699
  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
  5,413
  5,454
  6,252
  7,107
  8,016
  8,980
  9,996
  11,064
  12,184
  13,354
  14,575
  15,848
  17,173
  18,550
  19,982
  21,470
  23,017
  24,624
  26,295
  28,032
  29,839
  31,719
  33,676
  35,715
  37,839
  40,054
  42,364
  44,775
  47,293
  49,922
  52,670
Adjusted assets (=assets-cash), $m
  4,714
  5,454
  6,252
  7,107
  8,016
  8,980
  9,996
  11,064
  12,184
  13,354
  14,575
  15,848
  17,173
  18,550
  19,982
  21,470
  23,017
  24,624
  26,295
  28,032
  29,839
  31,719
  33,676
  35,715
  37,839
  40,054
  42,364
  44,775
  47,293
  49,922
  52,670
Revenue / Adjusted assets
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
Average production assets, $m
  515
  594
  681
  774
  873
  978
  1,088
  1,205
  1,327
  1,454
  1,587
  1,726
  1,870
  2,020
  2,176
  2,338
  2,506
  2,681
  2,863
  3,052
  3,249
  3,454
  3,667
  3,889
  4,120
  4,361
  4,613
  4,876
  5,150
  5,436
  5,735
Working capital, $m
  1,654
  1,125
  1,290
  1,466
  1,654
  1,853
  2,062
  2,283
  2,514
  2,755
  3,007
  3,270
  3,543
  3,827
  4,123
  4,430
  4,749
  5,080
  5,425
  5,783
  6,156
  6,544
  6,948
  7,368
  7,807
  8,264
  8,740
  9,238
  9,757
  10,300
  10,867
Total debt, $m
  1,186
  1,718
  2,306
  2,936
  3,606
  4,316
  5,065
  5,852
  6,677
  7,540
  8,440
  9,378
  10,354
  11,369
  12,425
  13,522
  14,661
  15,846
  17,077
  18,357
  19,689
  21,075
  22,517
  24,020
  25,585
  27,218
  28,920
  30,697
  32,553
  34,491
  36,516
Total liabilities, $m
  3,488
  4,020
  4,608
  5,238
  5,908
  6,618
  7,367
  8,154
  8,979
  9,842
  10,742
  11,680
  12,656
  13,671
  14,727
  15,824
  16,963
  18,148
  19,379
  20,659
  21,991
  23,377
  24,819
  26,322
  27,887
  29,520
  31,222
  32,999
  34,855
  36,793
  38,818
Total equity, $m
  1,925
  1,434
  1,644
  1,869
  2,108
  2,362
  2,629
  2,910
  3,204
  3,512
  3,833
  4,168
  4,516
  4,879
  5,255
  5,647
  6,053
  6,476
  6,916
  7,372
  7,848
  8,342
  8,857
  9,393
  9,952
  10,534
  11,142
  11,776
  12,438
  13,130
  13,852
Total liabilities and equity, $m
  5,413
  5,454
  6,252
  7,107
  8,016
  8,980
  9,996
  11,064
  12,183
  13,354
  14,575
  15,848
  17,172
  18,550
  19,982
  21,471
  23,016
  24,624
  26,295
  28,031
  29,839
  31,719
  33,676
  35,715
  37,839
  40,054
  42,364
  44,775
  47,293
  49,923
  52,670
Debt-to-equity ratio
  0.616
  1.200
  1.400
  1.570
  1.710
  1.830
  1.930
  2.010
  2.080
  2.150
  2.200
  2.250
  2.290
  2.330
  2.360
  2.390
  2.420
  2.450
  2.470
  2.490
  2.510
  2.530
  2.540
  2.560
  2.570
  2.580
  2.600
  2.610
  2.620
  2.630
  2.640
Adjusted equity ratio
  0.260
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  126
  161
  206
  255
  307
  362
  420
  481
  545
  613
  683
  817
  893
  972
  1,055
  1,141
  1,230
  1,323
  1,420
  1,520
  1,625
  1,734
  1,848
  1,967
  2,091
  2,220
  2,355
  2,496
  2,644
  2,798
  2,960
Depreciation, amort., depletion, $m
  82
  122
  128
  134
  140
  147
  154
  161
  169
  177
  186
  111
  121
  130
  140
  151
  162
  173
  185
  197
  210
  223
  237
  251
  266
  281
  298
  315
  332
  351
  370
Funds from operations, $m
  222
  283
  334
  389
  447
  509
  574
  643
  715
  790
  869
  928
  1,014
  1,103
  1,195
  1,292
  1,392
  1,496
  1,604
  1,717
  1,835
  1,957
  2,085
  2,218
  2,357
  2,501
  2,653
  2,811
  2,976
  3,149
  3,330
Change in working capital, $m
  17
  153
  165
  176
  188
  199
  210
  220
  231
  241
  252
  263
  273
  284
  295
  307
  319
  332
  345
  358
  373
  388
  404
  421
  438
  457
  477
  497
  519
  543
  567
Cash from operations, $m
  205
  208
  169
  212
  259
  310
  364
  422
  484
  549
  617
  666
  740
  818
  900
  984
  1,073
  1,164
  1,260
  1,359
  1,462
  1,569
  1,681
  1,797
  1,918
  2,044
  2,176
  2,313
  2,457
  2,607
  2,763
Maintenance CAPEX, $m
  0
  -33
  -38
  -44
  -50
  -56
  -63
  -70
  -78
  -86
  -94
  -102
  -111
  -121
  -130
  -140
  -151
  -162
  -173
  -185
  -197
  -210
  -223
  -237
  -251
  -266
  -281
  -298
  -315
  -332
  -351
New CAPEX, $m
  -36
  -79
  -87
  -93
  -99
  -105
  -111
  -116
  -122
  -127
  -133
  -139
  -144
  -150
  -156
  -162
  -168
  -175
  -182
  -189
  -197
  -205
  -213
  -222
  -231
  -241
  -252
  -263
  -274
  -286
  -299
Cash from investing activities, $m
  -429
  -112
  -125
  -137
  -149
  -161
  -174
  -186
  -200
  -213
  -227
  -241
  -255
  -271
  -286
  -302
  -319
  -337
  -355
  -374
  -394
  -415
  -436
  -459
  -482
  -507
  -533
  -561
  -589
  -618
  -650
Free cash flow, $m
  -224
  96
  44
  75
  110
  149
  190
  236
  284
  335
  390
  425
  485
  548
  614
  682
  753
  828
  905
  985
  1,068
  1,155
  1,245
  1,339
  1,436
  1,537
  1,643
  1,753
  1,868
  1,988
  2,113
Issuance/(repayment) of debt, $m
  402
  547
  588
  630
  670
  710
  749
  787
  825
  863
  900
  938
  976
  1,015
  1,055
  1,097
  1,140
  1,185
  1,231
  1,280
  1,332
  1,386
  1,443
  1,502
  1,566
  1,632
  1,703
  1,777
  1,855
  1,938
  2,025
Issuance/(repurchase) of shares, $m
  -41
  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  
  358
  547
  588
  630
  670
  710
  749
  787
  825
  863
  900
  938
  976
  1,015
  1,055
  1,097
  1,140
  1,185
  1,231
  1,280
  1,332
  1,386
  1,443
  1,502
  1,566
  1,632
  1,703
  1,777
  1,855
  1,938
  2,025
Total cash flow (excl. dividends), $m
  133
  643
  632
  705
  781
  859
  940
  1,023
  1,109
  1,198
  1,290
  1,363
  1,461
  1,563
  1,669
  1,779
  1,893
  2,012
  2,136
  2,265
  2,400
  2,540
  2,687
  2,841
  3,002
  3,170
  3,346
  3,530
  3,724
  3,926
  4,138
Retained Cash Flow (-), $m
  -29
  -193
  -210
  -225
  -239
  -253
  -267
  -281
  -294
  -308
  -321
  -335
  -348
  -362
  -377
  -391
  -407
  -423
  -439
  -457
  -475
  -494
  -515
  -536
  -559
  -583
  -608
  -634
  -662
  -692
  -723
Prev. year cash balance distribution, $m
 
  684
  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
 
  1,133
  422
  480
  541
  605
  672
  742
  815
  890
  969
  1,028
  1,113
  1,201
  1,292
  1,387
  1,486
  1,589
  1,697
  1,808
  1,925
  2,046
  2,173
  2,305
  2,443
  2,587
  2,738
  2,896
  3,061
  3,234
  3,416
Discount rate, %
 
  4.80
  5.04
  5.29
  5.56
  5.83
  6.13
  6.43
  6.75
  7.09
  7.45
  7.82
  8.21
  8.62
  9.05
  9.50
  9.98
  10.48
  11.00
  11.55
  12.13
  12.74
  13.37
  14.04
  14.74
  15.48
  16.25
  17.07
  17.92
  18.82
  19.76
PV of cash for distribution, $m
 
  1,081
  383
  411
  436
  456
  471
  480
  483
  481
  472
  449
  432
  410
  384
  355
  324
  292
  259
  227
  195
  165
  137
  112
  90
  71
  55
  41
  30
  22
  15
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

World Fuel Services Corporation, an energy management company, provides energy procurement advisory, supply fulfillment and transaction, and payment management solutions to commercial and industrial customers in the aviation, marine, and transportation industries. It operates through three segments: Aviation, Marine, and Land. The Aviation segment offers fuel management; price risk management; ground handling; dispatch services; and international trip planning services, such as flight plans, weather reports, and overflight permits. This segment offers fuel and related products and services to commercial airlines, second and third tier airlines, cargo carriers, regional and low cost carriers, airports, fixed based operators, corporate fleets, fractional operators, private aircraft, military fleets, and to the United States (U.S.) and foreign governments, as well as intergovernmental organizations. The Marine segment provides fuel, lubricants, and related products and services to international container and tanker fleets, commercial cruise lines, yachts and time charter operators, offshore rig owners and operators, the U.S. and foreign governments, and other fuel suppliers. Its marine fuel-related services include management services to procure fuel, cost control, quality control, claims management, and card payment and related processing services. This segment also offers fueling of vessels in ports and at sea, and transportation and delivery of fuel and fuel-related products. The Land segment provides fuel, lubricants, power and natural gas solutions to petroleum distributors operating in the land transportation market; retail petroleum operators; and industrial, commercial, residential, and government customers. This segment also offers management services to procure fuel and price risk management; card payment solutions, merchant processing services, and payment solutions. The company was founded in 1984 and is headquartered in Miami, Florida.

FINANCIAL RATIOS  of  World Fuel Services (INT)

Valuation Ratios
P/E Ratio 20.3
Price to Sales 0.1
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 12.5
Price to Free Cash Flow 15.1
Growth Rates
Sales Growth Rate -11.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -29.4%
Cap. Spend. - 3 Yr. Gr. Rate -15.4%
Financial Strength
Quick Ratio 47
Current Ratio 0.1
LT Debt to Equity 60.8%
Total Debt to Equity 61.6%
Interest Coverage 4
Management Effectiveness
Return On Assets 3.3%
Ret/ On Assets - 3 Yr. Avg. 4.2%
Return On Total Capital 4.4%
Ret/ On T. Cap. - 3 Yr. Avg. 6.9%
Return On Equity 6.6%
Return On Equity - 3 Yr. Avg. 9.5%
Asset Turnover 5.4
Profitability Ratios
Gross Margin 3.3%
Gross Margin - 3 Yr. Avg. 2.7%
EBITDA Margin 1%
EBITDA Margin - 3 Yr. Avg. 1%
Operating Margin 0.7%
Oper. Margin - 3 Yr. Avg. 0.7%
Pre-Tax Margin 0.5%
Pre-Tax Margin - 3 Yr. Avg. 0.6%
Net Profit Margin 0.5%
Net Profit Margin - 3 Yr. Avg. 0.5%
Effective Tax Rate 11.3%
Eff/ Tax Rate - 3 Yr. Avg. 17.5%
Payout Ratio 13.5%

INT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the INT stock intrinsic value calculation we used $27016 million for the last fiscal year's total revenue generated by World Fuel Services. The default revenue input number comes from 2016 income statement of World Fuel Services. 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 INT stock valuation model: a) initial revenue growth rate of 15.7% 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 4.8%, whose default value for INT is calculated based on our internal credit rating of World Fuel Services, 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 World Fuel Services.
    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 INT stock the variable cost ratio is equal to 98.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $268 million in the base year in the intrinsic value calculation for INT 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 4.2% for World Fuel Services.

Corporate tax rate of 27% is the nominal tax rate for World Fuel Services. 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 INT 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 INT are equal to 1.9%.

Life of production assets of 15.5 years is the average useful life of capital assets used in World Fuel Services 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 INT is equal to 3.6%. 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 - $1925 million for World Fuel Services - 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 70.345 million for World Fuel Services 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 World Fuel Services at the current share price and the inputted number of shares is $2.6 billion.


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Stock chart of INT Financial statements of INT
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