Intrinsic value of NuSTAR Energy - NS

Previous Close

$30.54

  Intrinsic Value

$9.90

stock screener

  Rating & Target

str. sell

-68%

Previous close

$30.54

 
Intrinsic value

$9.90

 
Up/down potential

-68%

 
Rating

str. sell

We calculate the intrinsic value of NS 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 2.8

 

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, %
  -15.69
  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
  1,757
  1,792
  1,833
  1,880
  1,933
  1,992
  2,056
  2,126
  2,202
  2,284
  2,371
  2,465
  2,565
  2,672
  2,785
  2,905
  3,032
  3,167
  3,310
  3,460
  3,619
  3,787
  3,964
  4,151
  4,347
  4,554
  4,772
  5,001
  5,243
  5,496
  5,763
Variable operating expenses, $m
 
  991
  1,013
  1,037
  1,064
  1,094
  1,127
  1,163
  1,202
  1,244
  1,289
  1,268
  1,319
  1,374
  1,432
  1,494
  1,560
  1,629
  1,702
  1,780
  1,862
  1,948
  2,039
  2,135
  2,236
  2,342
  2,454
  2,572
  2,696
  2,827
  2,964
Fixed operating expenses, $m
 
  507
  520
  533
  546
  560
  574
  588
  603
  618
  634
  649
  666
  682
  699
  717
  735
  753
  772
  791
  811
  831
  852
  873
  895
  918
  941
  964
  988
  1,013
  1,038
Total operating expenses, $m
  1,456
  1,498
  1,533
  1,570
  1,610
  1,654
  1,701
  1,751
  1,805
  1,862
  1,923
  1,917
  1,985
  2,056
  2,131
  2,211
  2,295
  2,382
  2,474
  2,571
  2,673
  2,779
  2,891
  3,008
  3,131
  3,260
  3,395
  3,536
  3,684
  3,840
  4,002
Operating income, $m
  300
  293
  301
  311
  323
  338
  355
  375
  397
  421
  448
  548
  580
  615
  653
  694
  738
  785
  835
  889
  947
  1,008
  1,073
  1,142
  1,216
  1,294
  1,377
  1,465
  1,558
  1,656
  1,761
EBITDA, $m
  517
  550
  562
  577
  595
  616
  640
  667
  697
  730
  766
  806
  848
  895
  944
  998
  1,055
  1,116
  1,182
  1,251
  1,325
  1,404
  1,488
  1,576
  1,670
  1,770
  1,876
  1,988
  2,106
  2,231
  2,364
Interest expense (income), $m
  143
  139
  142
  146
  150
  155
  160
  166
  172
  179
  186
  194
  202
  211
  220
  230
  241
  252
  264
  277
  290
  304
  319
  335
  351
  368
  387
  406
  426
  448
  470
Earnings before tax, $m
  162
  154
  158
  164
  173
  183
  195
  209
  225
  243
  262
  354
  378
  404
  433
  464
  497
  533
  571
  613
  657
  704
  754
  808
  865
  926
  990
  1,059
  1,132
  1,209
  1,291
Tax expense, $m
  12
  42
  43
  44
  47
  49
  53
  56
  61
  66
  71
  96
  102
  109
  117
  125
  134
  144
  154
  165
  177
  190
  204
  218
  234
  250
  267
  286
  306
  326
  348
Net income, $m
  150
  112
  116
  120
  126
  133
  142
  152
  164
  177
  192
  259
  276
  295
  316
  339
  363
  389
  417
  447
  479
  514
  551
  590
  631
  676
  723
  773
  826
  882
  942

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  36
  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
  5,031
  5,091
  5,208
  5,342
  5,493
  5,659
  5,842
  6,041
  6,256
  6,488
  6,737
  7,003
  7,288
  7,590
  7,912
  8,253
  8,615
  8,998
  9,403
  9,830
  10,282
  10,759
  11,261
  11,791
  12,349
  12,937
  13,556
  14,208
  14,893
  15,615
  16,373
Adjusted assets (=assets-cash), $m
  4,995
  5,091
  5,208
  5,342
  5,493
  5,659
  5,842
  6,041
  6,256
  6,488
  6,737
  7,003
  7,288
  7,590
  7,912
  8,253
  8,615
  8,998
  9,403
  9,830
  10,282
  10,759
  11,261
  11,791
  12,349
  12,937
  13,556
  14,208
  14,893
  15,615
  16,373
Revenue / Adjusted assets
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
Average production assets, $m
  3,822
  3,898
  3,988
  4,090
  4,205
  4,333
  4,472
  4,625
  4,790
  4,967
  5,158
  5,362
  5,579
  5,811
  6,057
  6,319
  6,596
  6,889
  7,199
  7,526
  7,872
  8,237
  8,622
  9,027
  9,455
  9,905
  10,379
  10,878
  11,402
  11,955
  12,536
Working capital, $m
  88
  108
  110
  113
  116
  120
  123
  128
  132
  137
  142
  148
  154
  160
  167
  174
  182
  190
  199
  208
  217
  227
  238
  249
  261
  273
  286
  300
  315
  330
  346
Total debt, $m
  3,068
  3,096
  3,175
  3,266
  3,367
  3,480
  3,604
  3,739
  3,884
  4,041
  4,210
  4,390
  4,583
  4,788
  5,005
  5,236
  5,481
  5,741
  6,015
  6,304
  6,610
  6,933
  7,273
  7,632
  8,010
  8,408
  8,827
  9,268
  9,732
  10,220
  10,734
Total liabilities, $m
  3,419
  3,447
  3,526
  3,617
  3,718
  3,831
  3,955
  4,090
  4,235
  4,392
  4,561
  4,741
  4,934
  5,139
  5,356
  5,587
  5,832
  6,092
  6,366
  6,655
  6,961
  7,284
  7,624
  7,983
  8,361
  8,759
  9,178
  9,619
  10,083
  10,571
  11,085
Total equity, $m
  1,612
  1,644
  1,682
  1,726
  1,774
  1,828
  1,887
  1,951
  2,021
  2,096
  2,176
  2,262
  2,354
  2,452
  2,556
  2,666
  2,783
  2,906
  3,037
  3,175
  3,321
  3,475
  3,637
  3,809
  3,989
  4,179
  4,379
  4,589
  4,811
  5,044
  5,289
Total liabilities and equity, $m
  5,031
  5,091
  5,208
  5,343
  5,492
  5,659
  5,842
  6,041
  6,256
  6,488
  6,737
  7,003
  7,288
  7,591
  7,912
  8,253
  8,615
  8,998
  9,403
  9,830
  10,282
  10,759
  11,261
  11,792
  12,350
  12,938
  13,557
  14,208
  14,894
  15,615
  16,374
Debt-to-equity ratio
  1.903
  1.880
  1.890
  1.890
  1.900
  1.900
  1.910
  1.920
  1.920
  1.930
  1.930
  1.940
  1.950
  1.950
  1.960
  1.960
  1.970
  1.980
  1.980
  1.990
  1.990
  1.990
  2.000
  2.000
  2.010
  2.010
  2.020
  2.020
  2.020
  2.030
  2.030
Adjusted equity ratio
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  150
  112
  116
  120
  126
  133
  142
  152
  164
  177
  192
  259
  276
  295
  316
  339
  363
  389
  417
  447
  479
  514
  551
  590
  631
  676
  723
  773
  826
  882
  942
Depreciation, amort., depletion, $m
  217
  257
  261
  266
  272
  278
  285
  292
  300
  309
  318
  258
  268
  279
  291
  304
  317
  331
  346
  362
  378
  396
  415
  434
  455
  476
  499
  523
  548
  575
  603
Funds from operations, $m
  434
  369
  377
  386
  398
  411
  427
  444
  464
  486
  509
  516
  544
  575
  607
  642
  680
  720
  763
  809
  858
  910
  965
  1,024
  1,086
  1,152
  1,222
  1,296
  1,374
  1,457
  1,545
Change in working capital, $m
  -3
  2
  2
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
Cash from operations, $m
  437
  367
  374
  384
  395
  408
  423
  440
  459
  481
  504
  511
  538
  568
  600
  635
  672
  712
  755
  800
  848
  900
  954
  1,012
  1,074
  1,139
  1,209
  1,282
  1,360
  1,442
  1,529
Maintenance CAPEX, $m
  0
  -184
  -187
  -192
  -197
  -202
  -208
  -215
  -222
  -230
  -239
  -248
  -258
  -268
  -279
  -291
  -304
  -317
  -331
  -346
  -362
  -378
  -396
  -415
  -434
  -455
  -476
  -499
  -523
  -548
  -575
New CAPEX, $m
  -204
  -76
  -90
  -102
  -115
  -127
  -140
  -152
  -165
  -178
  -191
  -204
  -218
  -232
  -246
  -261
  -277
  -293
  -310
  -328
  -346
  -365
  -385
  -406
  -427
  -450
  -474
  -499
  -525
  -552
  -581
Cash from investing activities, $m
  -311
  -260
  -277
  -294
  -312
  -329
  -348
  -367
  -387
  -408
  -430
  -452
  -476
  -500
  -525
  -552
  -581
  -610
  -641
  -674
  -708
  -743
  -781
  -821
  -861
  -905
  -950
  -998
  -1,048
  -1,100
  -1,156
Free cash flow, $m
  126
  108
  97
  89
  83
  78
  75
  73
  72
  73
  75
  59
  63
  68
  75
  83
  92
  102
  113
  126
  141
  156
  174
  192
  213
  235
  259
  284
  312
  342
  373
Issuance/(repayment) of debt, $m
  -61
  64
  79
  91
  102
  113
  124
  135
  146
  157
  169
  180
  192
  205
  218
  231
  245
  259
  274
  290
  306
  323
  340
  359
  378
  398
  419
  441
  464
  488
  514
Issuance/(repurchase) of shares, $m
  246
  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  
  182
  64
  79
  91
  102
  113
  124
  135
  146
  157
  169
  180
  192
  205
  218
  231
  245
  259
  274
  290
  306
  323
  340
  359
  378
  398
  419
  441
  464
  488
  514
Total cash flow (excl. dividends), $m
  310
  171
  177
  180
  185
  191
  199
  208
  218
  230
  243
  239
  255
  273
  293
  314
  336
  361
  388
  416
  446
  479
  514
  551
  591
  633
  678
  725
  776
  830
  887
Retained Cash Flow (-), $m
  -2
  -32
  -38
  -43
  -49
  -54
  -59
  -64
  -70
  -75
  -80
  -86
  -92
  -98
  -104
  -110
  -117
  -124
  -131
  -138
  -146
  -154
  -162
  -171
  -180
  -190
  -200
  -210
  -221
  -233
  -245
Prev. year cash balance distribution, $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 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
 
  139
  139
  137
  136
  137
  140
  143
  148
  155
  163
  153
  164
  175
  189
  203
  220
  237
  257
  278
  301
  325
  352
  380
  410
  443
  478
  515
  555
  597
  642
Discount rate, %
 
  9.90
  10.40
  10.91
  11.46
  12.03
  12.64
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.83
  25.02
  26.27
  27.58
  28.96
  30.41
  31.93
  33.52
  35.20
  36.96
  38.81
  40.75
PV of cash for distribution, $m
 
  126
  114
  100
  88
  78
  68
  60
  52
  45
  39
  30
  25
  21
  17
  14
  11
  9
  6
  5
  3
  2
  2
  1
  1
  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

NuStar Energy L.P. is engaged in the transportation of petroleum products and anhydrous ammonia; the terminalling and storage of petroleum products, and the marketing of petroleum products. The Company's segments include pipeline, storage and fuels marketing. The pipeline segment consists of the transportation of refined petroleum products, crude oil and anhydrous ammonia. The storage segment consists of facilities that provide storage, handling and other services for petroleum products, crude oil, specialty chemicals and other liquids. The fuels marketing segment involve the purchase of crude oil, fuel oil, bunker fuel, fuel oil blending components and other refined products for resale. It conducts its operations through its subsidiaries, primarily NuStar Logistics, L.P. and NuStar Pipeline Operating Partnership L.P. As of May 4, 2017, it had more than 9,200 miles of pipeline and 81 terminal and storage facilities that provide approximately 96 million barrels of storage capacity.

FINANCIAL RATIOS  of  NuSTAR Energy (NS)

Valuation Ratios
P/E Ratio 16
Price to Sales 1.4
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 5.5
Price to Free Cash Flow 10.3
Growth Rates
Sales Growth Rate -15.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -37.2%
Cap. Spend. - 3 Yr. Gr. Rate -9.9%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 187%
Total Debt to Equity 190.3%
Interest Coverage 2
Management Effectiveness
Return On Assets 5.6%
Ret/ On Assets - 3 Yr. Avg. 7%
Return On Total Capital 3.2%
Ret/ On T. Cap. - 3 Yr. Avg. 4.8%
Return On Equity 9.3%
Return On Equity - 3 Yr. Avg. 13.1%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 63.7%
Gross Margin - 3 Yr. Avg. 51.8%
EBITDA Margin 29.7%
EBITDA Margin - 3 Yr. Avg. 26.4%
Operating Margin 17.1%
Oper. Margin - 3 Yr. Avg. 16.6%
Pre-Tax Margin 9.2%
Pre-Tax Margin - 3 Yr. Avg. 10.6%
Net Profit Margin 8.5%
Net Profit Margin - 3 Yr. Avg. 10%
Effective Tax Rate 7.4%
Eff/ Tax Rate - 3 Yr. Avg. 5.7%
Payout Ratio 262%

NS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NS stock intrinsic value calculation we used $1757 million for the last fiscal year's total revenue generated by NuSTAR Energy. The default revenue input number comes from 2016 income statement of NuSTAR Energy. 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 NS 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 9.9%, whose default value for NS is calculated based on our internal credit rating of NuSTAR Energy, 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 NuSTAR Energy.
    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 NS stock the variable cost ratio is equal to 55.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $495 million in the base year in the intrinsic value calculation for NS 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 4.6% for NuSTAR Energy.

Corporate tax rate of 27% is the nominal tax rate for NuSTAR Energy. 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 NS 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 NS are equal to 217.5%.

Life of production assets of 20.8 years is the average useful life of capital assets used in NuSTAR Energy 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 NS 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 - $1612 million for NuSTAR Energy - 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 92.896 million for NuSTAR Energy 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 NuSTAR Energy at the current share price and the inputted number of shares is $2.8 billion.

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COMPANY NEWS

▶ Key MLP Ratings Updates as of December 8   [Dec-12-17 09:03AM  Market Realist]
▶ NuStar Energy L.P. Announces Pricing of Preferred Units   [Nov-27-17 06:09PM  Business Wire]
▶ NuStar Energy posts $38.6 million profit despite hurricane hits   [Nov-07-17 04:37PM  American City Business Journals]
▶ ETFs with exposure to NuStar Energy LP : November 6, 2017   [Nov-06-17 12:11PM  Capital Cube]
▶ ETFs with exposure to NuStar Energy LP : October 27, 2017   [Oct-27-17 11:06AM  Capital Cube]
▶ What Buckeye Partners Valuation Indicates   [Oct-19-17 09:09AM  Market Realist]
▶ Top MLP Losers in the Week Ending October 13   [Oct-17-17 01:22PM  Market Realist]
▶ CSX Railroad Has Left the Station   [Oct-13-17 05:35PM  TheStreet.com]
▶ ETFs with exposure to NuStar Energy LP : October 5, 2017   [Oct-05-17 11:13AM  Capital Cube]
▶ Mexican fuels market in the spotlight during Gov. Abbott's binational energy meeting   [Sep-20-17 04:00PM  American City Business Journals]
▶ Six-hour wait for tanker trucks at fuel storage terminals   [Sep-01-17 12:09PM  American City Business Journals]
▶ ETFs with exposure to NuStar Energy LP : August 31, 2017   [Aug-31-17 07:42PM  Capital Cube]
▶ New Strong Sell Stocks for August 7th   [Aug-07-17 08:33AM  Zacks]
▶ Why these MLPs Fell More than 5% Last Week   [Aug-01-17 03:07PM  Market Realist]
▶ What Does BPLs Valuation Indicate ahead of 2Q17 Results?   [Jul-31-17 05:35PM  Market Realist]
▶ NuStar digests Permian Basin acquisition deal in second quarter   [Jul-28-17 04:42PM  American City Business Journals]
▶ NuStar Energy moves forward with two cross-border pipeline projects   [Jul-18-17 12:53PM  American City Business Journals]
▶ What Analysts Recommend for NuStar Energy   [Jul-14-17 07:35AM  Market Realist]
▶ Are Institutional Investors Bullish on NuStar Energy?   [Jul-13-17 10:36AM  Market Realist]
▶ Why NuStar Energys High Leverage Is a Concern   [Jul-12-17 10:37AM  Market Realist]
▶ What MLP Valuations in June Tell Us Now   [Jul-07-17 09:09AM  Market Realist]
▶ NuStar Energy LP Value Analysis (NYSE:NS) : July 4, 2017   [Jul-04-17 04:16PM  Capital Cube]
▶ NuStar Recognized as Top Workplace for Millennials   [Jun-28-17 03:31PM  Business Wire]
▶ NuStars Big Permian Purchase in May   [Jun-26-17 12:33PM  Market Realist]
▶ ETFs with exposure to NuStar Energy LP : June 22, 2017   [Jun-22-17 04:05PM  Capital Cube]
▶ Execution Risk in Acquisition of Navigator Energy Services   [Jun-19-17 01:57PM  GuruFocus.com]
▶ ETFs with exposure to NuStar Energy LP : June 12, 2017   [Jun-12-17 02:17PM  Capital Cube]
▶ ETFs with exposure to NuStar Energy LP : May 31, 2017   [May-31-17 12:41PM  Capital Cube]
▶ Buckeye Partners 1Q17 Earnings: What to Focus On   [May-01-17 07:39AM  Market Realist]
▶ NuStar Energy Stock Rating Hiked at Wells Fargo   [Apr-21-17 03:14PM  TheStreet.com]
Financial statements of NS
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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