Intrinsic value of Murphy USA - MUSA

Previous Close

$66.68

  Intrinsic Value

$34.95

stock screener

  Rating & Target

sell

-48%

  Value-price divergence*

-29%

Previous close

$66.68

 
Intrinsic value

$34.95

 
Up/down potential

-48%

 
Rating

sell

 
Value-price divergence*

-29%

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

We calculate the intrinsic value of MUSA 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 2.3

 

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, %
  -8.69
  20.50
  18.95
  17.56
  16.30
  15.17
  14.15
  13.24
  12.41
  11.67
  11.01
  10.40
  9.86
  9.38
  8.94
  8.55
  8.19
  7.87
  7.58
  7.33
  7.09
  6.88
  6.70
  6.53
  6.37
  6.24
  6.11
  6.00
  5.90
  5.81
  5.73
Revenue, $m
  11,595
  13,972
  16,620
  19,537
  22,722
  26,169
  29,872
  33,826
  38,025
  42,464
  47,137
  52,041
  57,175
  62,536
  68,127
  73,949
  80,006
  86,305
  92,851
  99,654
  106,723
  114,070
  121,708
  129,651
  137,915
  146,516
  155,472
  164,803
  174,528
  184,670
  195,252
Variable operating expenses, $m
 
  13,693
  16,287
  19,147
  22,267
  25,645
  29,275
  33,150
  37,265
  41,614
  46,194
  51,000
  56,031
  61,286
  66,764
  72,470
  78,406
  84,579
  90,994
  97,660
  104,588
  111,789
  119,274
  127,058
  135,157
  143,586
  152,363
  161,507
  171,038
  180,977
  191,347
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
  11,295
  13,693
  16,287
  19,147
  22,267
  25,645
  29,275
  33,150
  37,265
  41,614
  46,194
  51,000
  56,031
  61,286
  66,764
  72,470
  78,406
  84,579
  90,994
  97,660
  104,588
  111,789
  119,274
  127,058
  135,157
  143,586
  152,363
  161,507
  171,038
  180,977
  191,347
Operating income, $m
  300
  279
  332
  391
  454
  523
  597
  677
  761
  849
  943
  1,041
  1,143
  1,251
  1,363
  1,479
  1,600
  1,726
  1,857
  1,993
  2,134
  2,281
  2,434
  2,593
  2,758
  2,930
  3,109
  3,296
  3,491
  3,693
  3,905
EBITDA, $m
  399
  398
  474
  557
  648
  746
  851
  964
  1,084
  1,210
  1,344
  1,483
  1,630
  1,782
  1,942
  2,108
  2,280
  2,460
  2,647
  2,840
  3,042
  3,251
  3,469
  3,696
  3,931
  4,176
  4,431
  4,697
  4,975
  5,264
  5,565
Interest expense (income), $m
  71
  77
  110
  148
  190
  235
  284
  336
  393
  452
  515
  582
  652
  724
  801
  880
  963
  1,049
  1,138
  1,231
  1,328
  1,429
  1,533
  1,642
  1,754
  1,872
  1,994
  2,121
  2,254
  2,392
  2,536
Earnings before tax, $m
  352
  203
  222
  243
  265
  289
  314
  340
  368
  397
  427
  459
  492
  526
  562
  599
  637
  677
  719
  762
  806
  853
  901
  951
  1,004
  1,058
  1,115
  1,175
  1,237
  1,301
  1,369
Tax expense, $m
  131
  55
  60
  66
  72
  78
  85
  92
  99
  107
  115
  124
  133
  142
  152
  162
  172
  183
  194
  206
  218
  230
  243
  257
  271
  286
  301
  317
  334
  351
  370
Net income, $m
  221
  148
  162
  177
  193
  211
  229
  248
  269
  290
  312
  335
  359
  384
  410
  437
  465
  494
  525
  556
  589
  623
  658
  695
  733
  773
  814
  857
  903
  950
  999

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  154
  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
  2,089
  2,332
  2,774
  3,261
  3,792
  4,367
  4,985
  5,645
  6,346
  7,087
  7,867
  8,685
  9,542
  10,437
  11,370
  12,341
  13,352
  14,403
  15,496
  16,631
  17,811
  19,037
  20,312
  21,637
  23,017
  24,452
  25,947
  27,504
  29,127
  30,819
  32,585
Adjusted assets (=assets-cash), $m
  1,935
  2,332
  2,774
  3,261
  3,792
  4,367
  4,985
  5,645
  6,346
  7,087
  7,867
  8,685
  9,542
  10,437
  11,370
  12,341
  13,352
  14,403
  15,496
  16,631
  17,811
  19,037
  20,312
  21,637
  23,017
  24,452
  25,947
  27,504
  29,127
  30,819
  32,585
Revenue / Adjusted assets
  5.992
  5.991
  5.991
  5.991
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
Average production assets, $m
  1,452
  1,746
  2,077
  2,442
  2,840
  3,271
  3,734
  4,228
  4,753
  5,308
  5,892
  6,505
  7,147
  7,817
  8,516
  9,244
  10,001
  10,788
  11,606
  12,457
  13,340
  14,259
  15,214
  16,206
  17,239
  18,314
  19,434
  20,600
  21,816
  23,084
  24,407
Working capital, $m
  1
  -140
  -166
  -195
  -227
  -262
  -299
  -338
  -380
  -425
  -471
  -520
  -572
  -625
  -681
  -739
  -800
  -863
  -929
  -997
  -1,067
  -1,141
  -1,217
  -1,297
  -1,379
  -1,465
  -1,555
  -1,648
  -1,745
  -1,847
  -1,953
Total debt, $m
  670
  906
  1,214
  1,554
  1,925
  2,326
  2,758
  3,218
  3,708
  4,225
  4,769
  5,340
  5,938
  6,563
  7,214
  7,892
  8,598
  9,332
  10,094
  10,887
  11,710
  12,566
  13,456
  14,381
  15,344
  16,345
  17,389
  18,476
  19,609
  20,790
  22,023
Total liabilities, $m
  1,392
  1,628
  1,936
  2,276
  2,647
  3,048
  3,480
  3,940
  4,430
  4,947
  5,491
  6,062
  6,660
  7,285
  7,936
  8,614
  9,320
  10,054
  10,816
  11,609
  12,432
  13,288
  14,178
  15,103
  16,066
  17,067
  18,111
  19,198
  20,331
  21,512
  22,745
Total equity, $m
  697
  704
  838
  985
  1,145
  1,319
  1,506
  1,705
  1,916
  2,140
  2,376
  2,623
  2,882
  3,152
  3,434
  3,727
  4,032
  4,350
  4,680
  5,023
  5,379
  5,749
  6,134
  6,534
  6,951
  7,384
  7,836
  8,306
  8,796
  9,307
  9,841
Total liabilities and equity, $m
  2,089
  2,332
  2,774
  3,261
  3,792
  4,367
  4,986
  5,645
  6,346
  7,087
  7,867
  8,685
  9,542
  10,437
  11,370
  12,341
  13,352
  14,404
  15,496
  16,632
  17,811
  19,037
  20,312
  21,637
  23,017
  24,451
  25,947
  27,504
  29,127
  30,819
  32,586
Debt-to-equity ratio
  0.961
  1.290
  1.450
  1.580
  1.680
  1.760
  1.830
  1.890
  1.930
  1.970
  2.010
  2.040
  2.060
  2.080
  2.100
  2.120
  2.130
  2.150
  2.160
  2.170
  2.180
  2.190
  2.190
  2.200
  2.210
  2.210
  2.220
  2.220
  2.230
  2.230
  2.240
Adjusted equity ratio
  0.281
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  221
  148
  162
  177
  193
  211
  229
  248
  269
  290
  312
  335
  359
  384
  410
  437
  465
  494
  525
  556
  589
  623
  658
  695
  733
  773
  814
  857
  903
  950
  999
Depreciation, amort., depletion, $m
  99
  119
  141
  166
  193
  223
  254
  288
  323
  361
  401
  443
  486
  532
  579
  629
  680
  734
  790
  847
  908
  970
  1,035
  1,102
  1,173
  1,246
  1,322
  1,401
  1,484
  1,570
  1,660
Funds from operations, $m
  391
  267
  303
  343
  387
  433
  483
  536
  592
  651
  713
  778
  845
  916
  989
  1,066
  1,146
  1,228
  1,314
  1,403
  1,496
  1,593
  1,693
  1,797
  1,906
  2,019
  2,136
  2,259
  2,387
  2,520
  2,659
Change in working capital, $m
  54
  -24
  -26
  -29
  -32
  -34
  -37
  -40
  -42
  -44
  -47
  -49
  -51
  -54
  -56
  -58
  -61
  -63
  -65
  -68
  -71
  -73
  -76
  -79
  -83
  -86
  -90
  -93
  -97
  -101
  -106
Cash from operations, $m
  337
  291
  330
  372
  418
  468
  520
  575
  634
  695
  760
  827
  897
  970
  1,045
  1,124
  1,206
  1,291
  1,380
  1,471
  1,567
  1,666
  1,769
  1,876
  1,988
  2,105
  2,226
  2,352
  2,484
  2,622
  2,765
Maintenance CAPEX, $m
  0
  -99
  -119
  -141
  -166
  -193
  -223
  -254
  -288
  -323
  -361
  -401
  -443
  -486
  -532
  -579
  -629
  -680
  -734
  -790
  -847
  -908
  -970
  -1,035
  -1,102
  -1,173
  -1,246
  -1,322
  -1,401
  -1,484
  -1,570
New CAPEX, $m
  -262
  -295
  -331
  -365
  -398
  -431
  -463
  -494
  -525
  -555
  -584
  -613
  -642
  -670
  -699
  -728
  -757
  -787
  -818
  -850
  -884
  -918
  -955
  -993
  -1,033
  -1,075
  -1,120
  -1,166
  -1,216
  -1,268
  -1,323
Cash from investing activities, $m
  -135
  -394
  -450
  -506
  -564
  -624
  -686
  -748
  -813
  -878
  -945
  -1,014
  -1,085
  -1,156
  -1,231
  -1,307
  -1,386
  -1,467
  -1,552
  -1,640
  -1,731
  -1,826
  -1,925
  -2,028
  -2,135
  -2,248
  -2,366
  -2,488
  -2,617
  -2,752
  -2,893
Free cash flow, $m
  202
  -103
  -120
  -134
  -146
  -156
  -165
  -173
  -179
  -183
  -186
  -187
  -188
  -187
  -185
  -183
  -180
  -176
  -173
  -168
  -164
  -160
  -156
  -151
  -147
  -143
  -140
  -136
  -133
  -130
  -128
Issuance/(repayment) of debt, $m
  180
  277
  308
  340
  371
  402
  431
  461
  489
  517
  544
  571
  598
  625
  651
  678
  706
  734
  763
  792
  823
  856
  890
  925
  963
  1,002
  1,043
  1,087
  1,133
  1,181
  1,233
Issuance/(repurchase) of shares, $m
  -323
  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  
  -151
  277
  308
  340
  371
  402
  431
  461
  489
  517
  544
  571
  598
  625
  651
  678
  706
  734
  763
  792
  823
  856
  890
  925
  963
  1,002
  1,043
  1,087
  1,133
  1,181
  1,233
Total cash flow (excl. dividends), $m
  51
  173
  188
  206
  225
  245
  266
  288
  310
  334
  359
  384
  410
  438
  466
  495
  526
  557
  590
  624
  659
  696
  734
  774
  815
  859
  904
  951
  1,000
  1,051
  1,105
Retained Cash Flow (-), $m
  95
  -120
  -133
  -147
  -160
  -174
  -187
  -199
  -212
  -224
  -236
  -247
  -259
  -270
  -282
  -293
  -305
  -317
  -330
  -343
  -356
  -370
  -385
  -400
  -416
  -433
  -451
  -470
  -490
  -511
  -533
Prev. year cash balance distribution, $m
 
  113
  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
 
  166
  55
  59
  65
  71
  79
  88
  99
  110
  123
  137
  152
  168
  184
  202
  220
  240
  260
  281
  303
  326
  349
  374
  399
  425
  452
  480
  510
  540
  572
Discount rate, %
 
  5.00
  5.25
  5.51
  5.79
  6.08
  6.38
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
PV of cash for distribution, $m
 
  158
  50
  50
  52
  53
  55
  56
  57
  58
  58
  58
  57
  55
  52
  49
  45
  41
  37
  32
  28
  24
  20
  16
  13
  10
  8
  6
  4
  3
  2
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

Murphy USA Inc. operates a chain of retail stores in the United States. The company’s retail stores offer motor fuel products and convenience merchandise. As of January 3, 2017, it operated approximately 1,400 retail stores located primarily in the Southwest, Southeast, and Midwest United States. Murphy USA Inc. was incorporated in 2013 and is headquartered in El Dorado, Arkansas.

FINANCIAL RATIOS  of  Murphy USA (MUSA)

Valuation Ratios
P/E Ratio 11.1
Price to Sales 0.2
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow 7.3
Price to Free Cash Flow 32.8
Growth Rates
Sales Growth Rate -8.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 27.8%
Cap. Spend. - 3 Yr. Gr. Rate 10%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 90.2%
Total Debt to Equity 96.1%
Interest Coverage 6
Management Effectiveness
Return On Assets 13.4%
Ret/ On Assets - 3 Yr. Avg. 12.5%
Return On Total Capital 16.7%
Ret/ On T. Cap. - 3 Yr. Avg. 16.4%
Return On Equity 29.7%
Return On Equity - 3 Yr. Avg. 27.7%
Asset Turnover 5.8
Profitability Ratios
Gross Margin 8.8%
Gross Margin - 3 Yr. Avg. 7.5%
EBITDA Margin 4.5%
EBITDA Margin - 3 Yr. Avg. 3.3%
Operating Margin 2.6%
Oper. Margin - 3 Yr. Avg. 2.2%
Pre-Tax Margin 3%
Pre-Tax Margin - 3 Yr. Avg. 2.2%
Net Profit Margin 1.9%
Net Profit Margin - 3 Yr. Avg. 1.6%
Effective Tax Rate 37.2%
Eff/ Tax Rate - 3 Yr. Avg. 36%
Payout Ratio 0%

MUSA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MUSA stock intrinsic value calculation we used $11595 million for the last fiscal year's total revenue generated by Murphy USA. The default revenue input number comes from 2016 income statement of Murphy USA. 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 MUSA stock valuation model: a) initial revenue growth rate of 20.5% 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 5%, whose default value for MUSA is calculated based on our internal credit rating of Murphy USA, 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 Murphy USA.
    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 MUSA stock the variable cost ratio is equal to 98%.

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 MUSA 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 12.2% for Murphy USA.

Corporate tax rate of 27% is the nominal tax rate for Murphy USA. 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 MUSA 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 MUSA are equal to 12.5%.

Life of production assets of 14.7 years is the average useful life of capital assets used in Murphy USA 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 MUSA is equal to -1%. 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 - $697 million for Murphy USA - 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 34.667 million for Murphy USA 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 Murphy USA at the current share price and the inputted number of shares is $2.3 billion.

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COMPANY NEWS

▶ Murphy USA beats 2Q profit forecasts   [Aug-03-17 03:17PM  Associated Press]
▶ Murphy USA Inc. Reports Second Quarter 2017 Results   [Aug-02-17 04:16PM  GlobeNewswire]
▶ ETFs with exposure to Murphy USA, Inc. : June 15, 2017   [Jun-15-17 02:41PM  Capital Cube]
▶ ETFs with exposure to Murphy USA, Inc. : June 1, 2017   [Jun-01-17 01:58PM  Capital Cube]
▶ ETFs with exposure to Murphy USA, Inc. : May 22, 2017   [May-22-17 01:54PM  Capital Cube]
▶ Murphy USA reports 1Q loss   [May-01-17 05:20PM  Associated Press]
▶ Murphy USA Announces Pricing of Notes Offering   [Apr-20-17 06:00PM  GlobeNewswire]
▶ MURPHY USA ANNOUNCES ADDITION TO EXECUTIVE LEADERSHIP TEAM   [Apr-18-17 05:01PM  GlobeNewswire]
▶ Near-Term Uncertainties to Weigh on These Energy Stocks   [Mar-28-17 05:47PM  Investopedia]
▶ Caseys on the Street: Why All the Optimism?   [Mar-03-17 09:06AM  Market Realist]
▶ Can Caseys Return to Growth in 3Q17?   [Mar-02-17 01:35PM  Market Realist]
▶ Hedge Funds Are Selling Murphy USA Inc (MUSA)   [05:48AM  at Insider Monkey]
Financial statements of MUSA
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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