Intrinsic value of PBF Logistics - PBFX

Previous Close

$20.50

  Intrinsic Value

$60.86

stock screener

  Rating & Target

str. buy

+197%

  Value-price divergence*

+238%

Previous close

$20.50

 
Intrinsic value

$60.86

 
Up/down potential

+197%

 
Rating

str. buy

 
Value-price divergence*

+238%

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

We calculate the intrinsic value of PBFX 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 0.9

 

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, %
  31.69
  51.20
  46.58
  42.42
  38.68
  35.31
  32.28
  29.55
  27.10
  24.89
  22.90
  21.11
  19.50
  18.05
  16.74
  15.57
  14.51
  13.56
  12.70
  11.93
  11.24
  10.62
  10.06
  9.55
  9.09
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
Revenue, $m
  187
  283
  414
  590
  819
  1,108
  1,465
  1,898
  2,413
  3,013
  3,703
  4,485
  5,359
  6,326
  7,385
  8,535
  9,774
  11,099
  12,509
  14,002
  15,576
  17,230
  18,962
  20,773
  22,663
  24,631
  26,679
  28,810
  31,024
  33,325
  35,717
Variable operating expenses, $m
 
  92
  135
  192
  267
  361
  478
  619
  786
  982
  1,207
  1,462
  1,747
  2,062
  2,408
  2,782
  3,186
  3,618
  4,078
  4,565
  5,078
  5,617
  6,182
  6,772
  7,388
  8,030
  8,697
  9,392
  10,114
  10,864
  11,644
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
  75
  92
  135
  192
  267
  361
  478
  619
  786
  982
  1,207
  1,462
  1,747
  2,062
  2,408
  2,782
  3,186
  3,618
  4,078
  4,565
  5,078
  5,617
  6,182
  6,772
  7,388
  8,030
  8,697
  9,392
  10,114
  10,864
  11,644
Operating income, $m
  112
  191
  279
  398
  552
  747
  988
  1,279
  1,626
  2,031
  2,496
  3,023
  3,612
  4,264
  4,978
  5,753
  6,588
  7,481
  8,431
  9,438
  10,498
  11,613
  12,781
  14,001
  15,275
  16,601
  17,982
  19,418
  20,910
  22,461
  24,073
EBITDA, $m
  126
  212
  310
  442
  613
  829
  1,097
  1,421
  1,806
  2,256
  2,773
  3,358
  4,013
  4,737
  5,530
  6,391
  7,318
  8,311
  9,367
  10,485
  11,663
  12,901
  14,199
  15,555
  16,969
  18,443
  19,977
  21,572
  23,230
  24,953
  26,744
Interest expense (income), $m
  29
  26
  33
  54
  81
  116
  160
  216
  282
  362
  454
  561
  681
  816
  965
  1,128
  1,306
  1,497
  1,701
  1,918
  2,149
  2,391
  2,646
  2,914
  3,193
  3,484
  3,788
  4,103
  4,432
  4,773
  5,128
Earnings before tax, $m
  82
  165
  246
  344
  471
  631
  827
  1,064
  1,344
  1,669
  2,042
  2,462
  2,931
  3,448
  4,013
  4,624
  5,282
  5,984
  6,730
  7,519
  8,350
  9,222
  10,134
  11,088
  12,082
  13,117
  14,194
  15,314
  16,478
  17,688
  18,945
Tax expense, $m
  0
  44
  66
  93
  127
  170
  223
  287
  363
  451
  551
  665
  791
  931
  1,083
  1,249
  1,426
  1,616
  1,817
  2,030
  2,254
  2,490
  2,736
  2,994
  3,262
  3,542
  3,832
  4,135
  4,449
  4,776
  5,115
Net income, $m
  76
  120
  180
  251
  344
  460
  604
  777
  981
  1,218
  1,490
  1,797
  2,139
  2,517
  2,929
  3,376
  3,856
  4,368
  4,913
  5,489
  6,095
  6,732
  7,398
  8,094
  8,820
  9,575
  10,362
  11,179
  12,029
  12,912
  13,830

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  104
  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
  757
  989
  1,449
  2,064
  2,862
  3,873
  5,123
  6,637
  8,435
  10,535
  12,947
  15,680
  18,737
  22,119
  25,823
  29,843
  34,174
  38,808
  43,739
  48,959
  54,462
  60,244
  66,302
  72,634
  79,240
  86,122
  93,284
  100,733
  108,476
  116,522
  124,884
Adjusted assets (=assets-cash), $m
  653
  989
  1,449
  2,064
  2,862
  3,873
  5,123
  6,637
  8,435
  10,535
  12,947
  15,680
  18,737
  22,119
  25,823
  29,843
  34,174
  38,808
  43,739
  48,959
  54,462
  60,244
  66,302
  72,634
  79,240
  86,122
  93,284
  100,733
  108,476
  116,522
  124,884
Revenue / Adjusted assets
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
Average production assets, $m
  378
  571
  837
  1,192
  1,653
  2,236
  2,958
  3,832
  4,871
  6,083
  7,476
  9,054
  10,820
  12,772
  14,911
  17,232
  19,733
  22,409
  25,256
  28,271
  31,448
  34,787
  38,285
  41,941
  45,756
  49,730
  53,865
  58,167
  62,638
  67,284
  72,112
Working capital, $m
  79
  23
  33
  47
  65
  89
  117
  152
  193
  241
  296
  359
  429
  506
  591
  683
  782
  888
  1,001
  1,120
  1,246
  1,378
  1,517
  1,662
  1,813
  1,970
  2,134
  2,305
  2,482
  2,666
  2,857
Total debt, $m
  572
  678
  1,092
  1,645
  2,364
  3,274
  4,399
  5,761
  7,380
  9,269
  11,440
  13,900
  16,652
  19,695
  23,028
  26,647
  30,545
  34,716
  39,153
  43,851
  48,804
  54,008
  59,460
  65,158
  71,104
  77,298
  83,744
  90,448
  97,416
  104,658
  112,184
Total liabilities, $m
  784
  890
  1,304
  1,857
  2,576
  3,486
  4,611
  5,973
  7,592
  9,481
  11,652
  14,112
  16,864
  19,907
  23,240
  26,859
  30,757
  34,928
  39,365
  44,063
  49,016
  54,220
  59,672
  65,370
  71,316
  77,510
  83,956
  90,660
  97,628
  104,870
  112,396
Total equity, $m
  -27
  99
  145
  206
  286
  387
  512
  664
  844
  1,053
  1,295
  1,568
  1,874
  2,212
  2,582
  2,984
  3,417
  3,881
  4,374
  4,896
  5,446
  6,024
  6,630
  7,263
  7,924
  8,612
  9,328
  10,073
  10,848
  11,652
  12,488
Total liabilities and equity, $m
  757
  989
  1,449
  2,063
  2,862
  3,873
  5,123
  6,637
  8,436
  10,534
  12,947
  15,680
  18,738
  22,119
  25,822
  29,843
  34,174
  38,809
  43,739
  48,959
  54,462
  60,244
  66,302
  72,633
  79,240
  86,122
  93,284
  100,733
  108,476
  116,522
  124,884
Debt-to-equity ratio
  -21.185
  6.860
  7.540
  7.970
  8.260
  8.450
  8.590
  8.680
  8.750
  8.800
  8.840
  8.860
  8.890
  8.900
  8.920
  8.930
  8.940
  8.950
  8.950
  8.960
  8.960
  8.960
  8.970
  8.970
  8.970
  8.980
  8.980
  8.980
  8.980
  8.980
  8.980
Adjusted equity ratio
  -0.201
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  76
  120
  180
  251
  344
  460
  604
  777
  981
  1,218
  1,490
  1,797
  2,139
  2,517
  2,929
  3,376
  3,856
  4,368
  4,913
  5,489
  6,095
  6,732
  7,398
  8,094
  8,820
  9,575
  10,362
  11,179
  12,029
  12,912
  13,830
Depreciation, amort., depletion, $m
  14
  21
  31
  44
  61
  83
  110
  142
  180
  225
  277
  335
  401
  473
  552
  638
  731
  830
  935
  1,047
  1,165
  1,288
  1,418
  1,553
  1,695
  1,842
  1,995
  2,154
  2,320
  2,492
  2,671
Funds from operations, $m
  98
  141
  211
  295
  405
  543
  713
  919
  1,161
  1,444
  1,767
  2,133
  2,540
  2,990
  3,481
  4,014
  4,587
  5,198
  5,848
  6,536
  7,260
  8,020
  8,816
  9,647
  10,514
  11,417
  12,357
  13,334
  14,349
  15,404
  16,501
Change in working capital, $m
  -2
  8
  11
  14
  18
  23
  29
  35
  41
  48
  55
  63
  70
  77
  85
  92
  99
  106
  113
  119
  126
  132
  139
  145
  151
  157
  164
  170
  177
  184
  191
Cash from operations, $m
  100
  134
  200
  281
  387
  520
  685
  884
  1,120
  1,396
  1,712
  2,070
  2,470
  2,913
  3,397
  3,922
  4,488
  5,092
  5,736
  6,416
  7,134
  7,888
  8,677
  9,502
  10,363
  11,260
  12,193
  13,163
  14,172
  15,220
  16,309
Maintenance CAPEX, $m
  0
  -14
  -21
  -31
  -44
  -61
  -83
  -110
  -142
  -180
  -225
  -277
  -335
  -401
  -473
  -552
  -638
  -731
  -830
  -935
  -1,047
  -1,165
  -1,288
  -1,418
  -1,553
  -1,695
  -1,842
  -1,995
  -2,154
  -2,320
  -2,492
New CAPEX, $m
  -115
  -193
  -266
  -355
  -461
  -584
  -722
  -874
  -1,038
  -1,212
  -1,393
  -1,578
  -1,765
  -1,953
  -2,139
  -2,321
  -2,501
  -2,676
  -2,847
  -3,014
  -3,178
  -3,339
  -3,498
  -3,656
  -3,814
  -3,974
  -4,136
  -4,301
  -4,471
  -4,646
  -4,828
Cash from investing activities, $m
  80
  -207
  -287
  -386
  -505
  -645
  -805
  -984
  -1,180
  -1,392
  -1,618
  -1,855
  -2,100
  -2,354
  -2,612
  -2,873
  -3,139
  -3,407
  -3,677
  -3,949
  -4,225
  -4,504
  -4,786
  -5,074
  -5,367
  -5,669
  -5,978
  -6,296
  -6,625
  -6,966
  -7,320
Free cash flow, $m
  180
  -74
  -87
  -105
  -118
  -125
  -120
  -100
  -60
  3
  94
  215
  370
  559
  785
  1,048
  1,348
  1,686
  2,059
  2,467
  2,909
  3,384
  3,891
  4,428
  4,995
  5,591
  6,215
  6,867
  7,547
  8,254
  8,989
Issuance/(repayment) of debt, $m
  -30
  146
  414
  553
  718
  910
  1,125
  1,363
  1,619
  1,889
  2,171
  2,460
  2,752
  3,044
  3,333
  3,618
  3,898
  4,171
  4,437
  4,698
  4,953
  5,204
  5,452
  5,698
  5,945
  6,194
  6,446
  6,704
  6,969
  7,242
  7,526
Issuance/(repurchase) of shares, $m
  138
  70
  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  
  109
  216
  414
  553
  718
  910
  1,125
  1,363
  1,619
  1,889
  2,171
  2,460
  2,752
  3,044
  3,333
  3,618
  3,898
  4,171
  4,437
  4,698
  4,953
  5,204
  5,452
  5,698
  5,945
  6,194
  6,446
  6,704
  6,969
  7,242
  7,526
Total cash flow (excl. dividends), $m
  289
  142
  328
  449
  600
  785
  1,005
  1,263
  1,558
  1,893
  2,265
  2,675
  3,121
  3,603
  4,118
  4,667
  5,246
  5,856
  6,496
  7,165
  7,862
  8,588
  9,343
  10,127
  10,941
  11,785
  12,661
  13,571
  14,515
  15,496
  16,515
Retained Cash Flow (-), $m
  -159
  -190
  -46
  -61
  -80
  -101
  -125
  -151
  -180
  -210
  -241
  -273
  -306
  -338
  -370
  -402
  -433
  -463
  -493
  -522
  -550
  -578
  -606
  -633
  -661
  -688
  -716
  -745
  -774
  -805
  -836
Prev. year cash balance distribution, $m
 
  64
  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
 
  16
  281
  387
  520
  684
  880
  1,111
  1,379
  1,683
  2,024
  2,401
  2,815
  3,265
  3,748
  4,265
  4,813
  5,393
  6,003
  6,643
  7,312
  8,010
  8,737
  9,494
  10,280
  11,097
  11,945
  12,826
  13,741
  14,691
  15,678
Discount rate, %
 
  11.30
  11.87
  12.46
  13.08
  13.74
  14.42
  15.14
  15.90
  16.70
  17.53
  18.41
  19.33
  20.29
  21.31
  22.37
  23.49
  24.67
  25.90
  27.19
  28.55
  29.98
  31.48
  33.06
  34.71
  36.44
  38.27
  40.18
  42.19
  44.30
  46.51
PV of cash for distribution, $m
 
  14
  225
  272
  318
  359
  392
  414
  423
  419
  402
  374
  338
  296
  251
  206
  165
  127
  95
  69
  48
  33
  21
  13
  8
  5
  3
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

PBF Logistics LP owns or leases, operates, develops and acquires crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets. The Company operates through two segments: Transportation and Terminaling, and Storage. The Transportation and Terminaling segment consists of various assets, including Delaware City Rail Unloading Terminal (DCR Rail Terminal), Toledo Truck Unloading Terminal (Toledo Truck Terminal), Delaware City West Heavy Unloading Rack (the DCR West Rack), East Coast Terminals and Torrance Valley Pipeline. The Storage Segment includes the Toledo Storage Facility, excluding the propane truck loading facility. The storage facility at its Toledo Storage Facility consisted of 30 tanks for storing crude oil, refined products and intermediates, as of December 31, 2016. PBF Logistics GP LLC (PBF GP) is its general partner. PBF GP is owned by PBF Energy Company LLC (PBF LLC).

FINANCIAL RATIOS  of  PBF Logistics (PBFX)

Valuation Ratios
P/E Ratio 11.3
Price to Sales 4.6
Price to Book -31.7
Price to Tangible Book
Price to Cash Flow 8.6
Price to Free Cash Flow -57
Growth Rates
Sales Growth Rate 31.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 5650%
Cap. Spend. - 3 Yr. Gr. Rate 20.1%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity -1970.4%
Total Debt to Equity -2118.5%
Interest Coverage 4
Management Effectiveness
Return On Assets 17.8%
Ret/ On Assets - 3 Yr. Avg. 16%
Return On Total Capital 15.8%
Ret/ On T. Cap. - 3 Yr. Avg. 13.9%
Return On Equity -71.4%
Return On Equity - 3 Yr. Avg. -93.1%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 66.8%
EBITDA Margin - 3 Yr. Avg. 59.1%
Operating Margin 59.9%
Oper. Margin - 3 Yr. Avg. 53.8%
Pre-Tax Margin 43.9%
Pre-Tax Margin - 3 Yr. Avg. 42.4%
Net Profit Margin 40.6%
Net Profit Margin - 3 Yr. Avg. 41.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 319.7%

PBFX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PBFX stock intrinsic value calculation we used $187 million for the last fiscal year's total revenue generated by PBF Logistics. The default revenue input number comes from 2016 income statement of PBF Logistics. 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 PBFX stock valuation model: a) initial revenue growth rate of 51.2% 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 11.3%, whose default value for PBFX is calculated based on our internal credit rating of PBF Logistics, 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 Logistics.
    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 PBFX stock the variable cost ratio is equal to 32.6%.

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 PBFX 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 4.9% for PBF Logistics.

Corporate tax rate of 27% is the nominal tax rate for PBF Logistics. 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 PBFX 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 PBFX are equal to 201.9%.

Life of production assets of 27 years is the average useful life of capital assets used in PBF Logistics 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 PBFX is equal to 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 - $-27 million for PBF Logistics - 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 43.492 million for PBF Logistics 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 Logistics at the current share price and the inputted number of shares is $0.9 billion.

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COMPANY NEWS

▶ PBF Logistics to attend Citi Infrastructure Conference   [Aug-14-17 11:38AM  PR Newswire]
▶ PBF Logistics misses 2Q profit forecasts   [Aug-03-17 05:22PM  Associated Press]
▶ PBF Energy to Attend J.P. Morgan Energy Conference   [Jun-23-17 04:30PM  PR Newswire]
▶ PBF Energy to Attend Wells Fargo Energy Conference   [Jun-16-17 04:30PM  PR Newswire]
▶ PBF Logistics to attend MLPA 2017 Investor Conference   [May-25-17 01:31PM  PR Newswire]
▶ PBF Energy to Attend Industry Conferences   [May-05-17 12:00PM  PR Newswire]
▶ PBF Logistics misses 1Q profit forecasts   [May-04-17 07:03AM  Associated Press]
▶ Top Ranked Value Stocks to Buy for April 4th   [Apr-04-17 10:51AM  Zacks]
▶ Top Ranked Income Stocks to Buy for March 8th   [Mar-08-17 10:27AM  Zacks]
▶ PBF Logistics Filed 2016 Form 10-K   [Feb-24-17 04:27PM  PR Newswire]
▶ PBF Logistics to Attend UBS MLP One-on-One Conference   [Jan-06-17 05:00PM  PR Newswire]
▶ PBF Energy to Attend Industry Conferences   [Dec-23-16 05:00PM  PR Newswire]
Financial statements of PBFX
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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