Intrinsic value of PBF Energy - PBF

Previous Close

$30.67

  Intrinsic Value

$99.05

stock screener

  Rating & Target

str. buy

+223%

Previous close

$30.67

 
Intrinsic value

$99.05

 
Up/down potential

+223%

 
Rating

str. buy

We calculate the intrinsic value of PBF 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  21.30
  21.40
  19.76
  18.28
  16.96
  15.76
  14.68
  13.72
  12.84
  12.06
  11.35
  10.72
  10.15
  9.63
  9.17
  8.75
  8.38
  8.04
  7.74
  7.46
  7.22
  6.99
  6.79
  6.62
  6.45
  6.31
  6.18
  6.06
  5.95
  5.86
  5.77
Revenue, $m
  15,920
  19,327
  23,146
  27,378
  32,020
  37,066
  42,509
  48,340
  54,548
  61,127
  68,067
  75,362
  83,009
  91,004
  99,348
  108,043
  117,093
  126,506
  136,292
  146,461
  157,029
  168,011
  179,427
  191,296
  203,641
  216,487
  229,860
  243,789
  258,303
  273,436
  289,220
Variable operating expenses, $m
 
  18,380
  22,012
  26,036
  30,451
  35,250
  40,426
  45,971
  51,875
  58,131
  64,731
  71,670
  78,942
  86,545
  94,480
  102,749
  111,356
  120,308
  129,613
  139,285
  149,334
  159,779
  170,635
  181,922
  193,663
  205,879
  218,597
  231,843
  245,647
  260,037
  275,048
Fixed operating expenses, $m
 
  302
  310
  318
  326
  334
  342
  351
  359
  368
  378
  387
  397
  407
  417
  427
  438
  449
  460
  472
  483
  495
  508
  521
  534
  547
  561
  575
  589
  604
  619
Total operating expenses, $m
  15,422
  18,682
  22,322
  26,354
  30,777
  35,584
  40,768
  46,322
  52,234
  58,499
  65,109
  72,057
  79,339
  86,952
  94,897
  103,176
  111,794
  120,757
  130,073
  139,757
  149,817
  160,274
  171,143
  182,443
  194,197
  206,426
  219,158
  232,418
  246,236
  260,641
  275,667
Operating income, $m
  499
  645
  824
  1,024
  1,243
  1,482
  1,741
  2,018
  2,313
  2,627
  2,958
  3,306
  3,671
  4,053
  4,451
  4,867
  5,300
  5,750
  6,218
  6,705
  7,211
  7,737
  8,284
  8,853
  9,445
  10,061
  10,703
  11,371
  12,068
  12,795
  13,553
EBITDA, $m
  732
  928
  1,164
  1,426
  1,713
  2,027
  2,365
  2,728
  3,114
  3,524
  3,957
  4,412
  4,889
  5,389
  5,910
  6,453
  7,019
  7,607
  8,219
  8,855
  9,517
  10,204
  10,918
  11,662
  12,435
  13,240
  14,078
  14,951
  15,860
  16,809
  17,799
Interest expense (income), $m
  146
  154
  241
  338
  446
  564
  693
  831
  980
  1,138
  1,306
  1,483
  1,669
  1,864
  2,067
  2,280
  2,501
  2,732
  2,972
  3,221
  3,480
  3,750
  4,030
  4,320
  4,623
  4,938
  5,265
  5,606
  5,961
  6,330
  6,716
Earnings before tax, $m
  363
  491
  583
  686
  797
  918
  1,048
  1,187
  1,333
  1,489
  1,652
  1,823
  2,002
  2,189
  2,384
  2,587
  2,798
  3,018
  3,246
  3,484
  3,731
  3,987
  4,254
  4,532
  4,822
  5,123
  5,438
  5,765
  6,107
  6,464
  6,837
Tax expense, $m
  137
  133
  158
  185
  215
  248
  283
  320
  360
  402
  446
  492
  541
  591
  644
  698
  756
  815
  876
  941
  1,007
  1,077
  1,149
  1,224
  1,302
  1,383
  1,468
  1,557
  1,649
  1,745
  1,846
Net income, $m
  171
  358
  426
  501
  582
  670
  765
  866
  973
  1,087
  1,206
  1,331
  1,461
  1,598
  1,740
  1,888
  2,043
  2,203
  2,370
  2,543
  2,723
  2,911
  3,106
  3,309
  3,520
  3,740
  3,970
  4,209
  4,458
  4,719
  4,991

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  786
  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
  7,622
  8,298
  9,938
  11,755
  13,748
  15,915
  18,252
  20,755
  23,421
  26,246
  29,226
  32,358
  35,641
  39,074
  42,657
  46,390
  50,276
  54,318
  58,519
  62,886
  67,423
  72,139
  77,040
  82,136
  87,437
  92,953
  98,695
  104,675
  110,907
  117,405
  124,182
Adjusted assets (=assets-cash), $m
  6,836
  8,298
  9,938
  11,755
  13,748
  15,915
  18,252
  20,755
  23,421
  26,246
  29,226
  32,358
  35,641
  39,074
  42,657
  46,390
  50,276
  54,318
  58,519
  62,886
  67,423
  72,139
  77,040
  82,136
  87,437
  92,953
  98,695
  104,675
  110,907
  117,405
  124,182
Revenue / Adjusted assets
  2.329
  2.329
  2.329
  2.329
  2.329
  2.329
  2.329
  2.329
  2.329
  2.329
  2.329
  2.329
  2.329
  2.329
  2.329
  2.329
  2.329
  2.329
  2.329
  2.329
  2.329
  2.329
  2.329
  2.329
  2.329
  2.329
  2.329
  2.329
  2.329
  2.329
  2.329
Average production assets, $m
  2,939
  3,575
  4,282
  5,065
  5,924
  6,857
  7,864
  8,943
  10,091
  11,308
  12,592
  13,942
  15,357
  16,836
  18,379
  19,988
  21,662
  23,404
  25,214
  27,095
  29,050
  31,082
  33,194
  35,390
  37,674
  40,050
  42,524
  45,101
  47,786
  50,586
  53,506
Working capital, $m
  1,350
  734
  880
  1,040
  1,217
  1,409
  1,615
  1,837
  2,073
  2,323
  2,587
  2,864
  3,154
  3,458
  3,775
  4,106
  4,450
  4,807
  5,179
  5,566
  5,967
  6,384
  6,818
  7,269
  7,738
  8,227
  8,735
  9,264
  9,816
  10,391
  10,990
Total debt, $m
  2,148
  3,298
  4,631
  6,108
  7,728
  9,490
  11,390
  13,425
  15,593
  17,889
  20,312
  22,858
  25,528
  28,318
  31,231
  34,266
  37,426
  40,711
  44,127
  47,677
  51,366
  55,200
  59,185
  63,328
  67,637
  72,122
  76,790
  81,652
  86,719
  92,001
  97,511
Total liabilities, $m
  5,597
  6,747
  8,080
  9,557
  11,177
  12,939
  14,839
  16,874
  19,042
  21,338
  23,761
  26,307
  28,977
  31,767
  34,680
  37,715
  40,875
  44,160
  47,576
  51,126
  54,815
  58,649
  62,634
  66,777
  71,086
  75,571
  80,239
  85,101
  90,168
  95,450
  100,960
Total equity, $m
  2,025
  1,552
  1,858
  2,198
  2,571
  2,976
  3,413
  3,881
  4,380
  4,908
  5,465
  6,051
  6,665
  7,307
  7,977
  8,675
  9,402
  10,157
  10,943
  11,760
  12,608
  13,490
  14,407
  15,360
  16,351
  17,382
  18,456
  19,574
  20,740
  21,955
  23,222
Total liabilities and equity, $m
  7,622
  8,299
  9,938
  11,755
  13,748
  15,915
  18,252
  20,755
  23,422
  26,246
  29,226
  32,358
  35,642
  39,074
  42,657
  46,390
  50,277
  54,317
  58,519
  62,886
  67,423
  72,139
  77,041
  82,137
  87,437
  92,953
  98,695
  104,675
  110,908
  117,405
  124,182
Debt-to-equity ratio
  1.061
  2.130
  2.490
  2.780
  3.010
  3.190
  3.340
  3.460
  3.560
  3.640
  3.720
  3.780
  3.830
  3.880
  3.920
  3.950
  3.980
  4.010
  4.030
  4.050
  4.070
  4.090
  4.110
  4.120
  4.140
  4.150
  4.160
  4.170
  4.180
  4.190
  4.200
Adjusted equity ratio
  0.181
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  171
  358
  426
  501
  582
  670
  765
  866
  973
  1,087
  1,206
  1,331
  1,461
  1,598
  1,740
  1,888
  2,043
  2,203
  2,370
  2,543
  2,723
  2,911
  3,106
  3,309
  3,520
  3,740
  3,970
  4,209
  4,458
  4,719
  4,991
Depreciation, amort., depletion, $m
  233
  284
  340
  402
  470
  544
  624
  710
  801
  897
  999
  1,107
  1,219
  1,336
  1,459
  1,586
  1,719
  1,857
  2,001
  2,150
  2,306
  2,467
  2,634
  2,809
  2,990
  3,179
  3,375
  3,579
  3,793
  4,015
  4,246
Funds from operations, $m
  1,035
  642
  766
  903
  1,052
  1,215
  1,389
  1,576
  1,774
  1,984
  2,205
  2,437
  2,680
  2,934
  3,199
  3,475
  3,762
  4,060
  4,371
  4,694
  5,029
  5,378
  5,740
  6,117
  6,510
  6,919
  7,344
  7,788
  8,251
  8,734
  9,237
Change in working capital, $m
  383
  129
  145
  161
  176
  192
  207
  222
  236
  250
  264
  277
  291
  304
  317
  330
  344
  358
  372
  386
  402
  417
  434
  451
  469
  488
  508
  529
  552
  575
  600
Cash from operations, $m
  652
  513
  621
  742
  876
  1,023
  1,182
  1,354
  1,538
  1,734
  1,941
  2,160
  2,390
  2,630
  2,882
  3,144
  3,418
  3,703
  3,999
  4,307
  4,627
  4,960
  5,306
  5,666
  6,041
  6,431
  6,836
  7,259
  7,699
  8,159
  8,638
Maintenance CAPEX, $m
  0
  -233
  -284
  -340
  -402
  -470
  -544
  -624
  -710
  -801
  -897
  -999
  -1,107
  -1,219
  -1,336
  -1,459
  -1,586
  -1,719
  -1,857
  -2,001
  -2,150
  -2,306
  -2,467
  -2,634
  -2,809
  -2,990
  -3,179
  -3,375
  -3,579
  -3,793
  -4,015
New CAPEX, $m
  -540
  -636
  -707
  -783
  -859
  -934
  -1,007
  -1,079
  -1,149
  -1,217
  -1,284
  -1,350
  -1,415
  -1,479
  -1,544
  -1,609
  -1,674
  -1,741
  -1,810
  -1,881
  -1,955
  -2,032
  -2,112
  -2,196
  -2,284
  -2,377
  -2,474
  -2,577
  -2,685
  -2,799
  -2,920
Cash from investing activities, $m
  -1,394
  -869
  -991
  -1,123
  -1,261
  -1,404
  -1,551
  -1,703
  -1,859
  -2,018
  -2,181
  -2,349
  -2,522
  -2,698
  -2,880
  -3,068
  -3,260
  -3,460
  -3,667
  -3,882
  -4,105
  -4,338
  -4,579
  -4,830
  -5,093
  -5,367
  -5,653
  -5,952
  -6,264
  -6,592
  -6,935
Free cash flow, $m
  -742
  -357
  -370
  -381
  -385
  -381
  -369
  -348
  -320
  -284
  -240
  -189
  -131
  -68
  2
  77
  157
  242
  331
  425
  522
  623
  728
  836
  948
  1,064
  1,184
  1,307
  1,435
  1,567
  1,703
Issuance/(repayment) of debt, $m
  303
  1,190
  1,333
  1,477
  1,620
  1,762
  1,900
  2,035
  2,167
  2,296
  2,423
  2,547
  2,669
  2,791
  2,913
  3,035
  3,159
  3,286
  3,416
  3,550
  3,689
  3,834
  3,985
  4,143
  4,309
  4,484
  4,668
  4,862
  5,067
  5,282
  5,510
Issuance/(repurchase) of shares, $m
  413
  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  
  661
  1,190
  1,333
  1,477
  1,620
  1,762
  1,900
  2,035
  2,167
  2,296
  2,423
  2,547
  2,669
  2,791
  2,913
  3,035
  3,159
  3,286
  3,416
  3,550
  3,689
  3,834
  3,985
  4,143
  4,309
  4,484
  4,668
  4,862
  5,067
  5,282
  5,510
Total cash flow (excl. dividends), $m
  -81
  832
  964
  1,096
  1,236
  1,381
  1,531
  1,687
  1,847
  2,013
  2,183
  2,358
  2,538
  2,723
  2,915
  3,112
  3,317
  3,528
  3,747
  3,975
  4,211
  4,457
  4,713
  4,979
  5,258
  5,548
  5,852
  6,169
  6,501
  6,849
  7,213
Retained Cash Flow (-), $m
  -378
  -273
  -307
  -340
  -373
  -405
  -437
  -468
  -499
  -528
  -557
  -586
  -614
  -642
  -670
  -698
  -727
  -756
  -786
  -817
  -849
  -882
  -917
  -953
  -991
  -1,031
  -1,074
  -1,118
  -1,165
  -1,215
  -1,267
Prev. year cash balance distribution, $m
 
  746
  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
 
  1,306
  657
  757
  863
  976
  1,094
  1,219
  1,349
  1,484
  1,625
  1,772
  1,924
  2,081
  2,245
  2,414
  2,590
  2,772
  2,961
  3,158
  3,362
  3,575
  3,796
  4,026
  4,266
  4,517
  4,778
  5,051
  5,336
  5,634
  5,945
Discount rate, %
 
  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
  16.12
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.82
  25.01
  26.26
  27.58
PV of cash for distribution, $m
 
  1,224
  573
  611
  640
  660
  669
  668
  656
  635
  605
  567
  523
  475
  424
  373
  321
  272
  226
  184
  147
  115
  88
  66
  48
  34
  23
  16
  10
  7
  4
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

PBF Energy Inc. (PBF Energy) is a holding company. The Company is an independent petroleum refiner and supplier of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products in the United States. The Company operates through two segments: Refining and Logistics. It sells its products throughout the Northeast, Midwest, Gulf Coast and West Coast of the United States, as well as in other regions of the United States and Canada, and ships products to other international destinations. As of December 31, 2016, it owned and operated five domestic oil refineries and related assets. As of December 31, 2016, its refineries had a combined processing capacity, known as throughput, of approximately 900,000 barrels per day (bpd) and a weighted-average Nelson Complexity Index of approximately 12.2. As of December 31, 2016, the Company owned and operated five refineries providing geographic and market diversity.

FINANCIAL RATIOS  of  PBF Energy (PBF)

Valuation Ratios
P/E Ratio 19.6
Price to Sales 0.2
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 5.1
Price to Free Cash Flow 29.9
Growth Rates
Sales Growth Rate 21.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 29.8%
Cap. Spend. - 3 Yr. Gr. Rate 5.4%
Financial Strength
Quick Ratio 20
Current Ratio 0
LT Debt to Equity 104.1%
Total Debt to Equity 106.1%
Interest Coverage 3
Management Effectiveness
Return On Assets 3.8%
Ret/ On Assets - 3 Yr. Avg. 3.2%
Return On Total Capital 4.5%
Ret/ On T. Cap. - 3 Yr. Avg. 2.5%
Return On Equity 9.3%
Return On Equity - 3 Yr. Avg. 5.1%
Asset Turnover 2.3
Profitability Ratios
Gross Margin 14.9%
Gross Margin - 3 Yr. Avg. 11.1%
EBITDA Margin 4.7%
EBITDA Margin - 3 Yr. Avg. 3.6%
Operating Margin 3.1%
Oper. Margin - 3 Yr. Avg. 2.2%
Pre-Tax Margin 2.3%
Pre-Tax Margin - 3 Yr. Avg. 1.6%
Net Profit Margin 1.1%
Net Profit Margin - 3 Yr. Avg. 0.7%
Effective Tax Rate 37.7%
Eff/ Tax Rate - 3 Yr. Avg. 9.7%
Payout Ratio 68.4%

PBF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PBF stock intrinsic value calculation we used $15920 million for the last fiscal year's total revenue generated by PBF Energy. The default revenue input number comes from 2016 income statement of PBF 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 PBF stock valuation model: a) initial revenue growth rate of 21.4% 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 6.7%, whose default value for PBF is calculated based on our internal credit rating of PBF 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 PBF 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 PBF stock the variable cost ratio is equal to 95.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $295 million in the base year in the intrinsic value calculation for PBF 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 7.3% for PBF Energy.

Corporate tax rate of 27% is the nominal tax rate for PBF 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 PBF 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 PBF are equal to 18.5%.

Life of production assets of 12.6 years is the average useful life of capital assets used in PBF 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 PBF is equal to 3.8%. 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 - $2025 million for PBF 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 109.732 million for PBF 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 PBF Energy at the current share price and the inputted number of shares is $3.4 billion.

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Financial statements of PBF
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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