Intrinsic value of PBF Logistics - PBFX

Previous Close

$20.85

  Intrinsic Value

$111.57

stock screener

  Rating & Target

str. buy

+435%

  Value-price divergence*

0%

Previous close

$20.85

 
Intrinsic value

$111.57

 
Up/down potential

+435%

 
Rating

str. buy

 
Value-price divergence*

0%

*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
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  187
  299
  462
  691
  1,003
  1,415
  1,946
  2,611
  3,429
  4,412
  5,573
  6,921
  8,461
  10,198
  12,134
  14,268
  16,597
  19,118
  21,827
  24,721
  27,793
  31,042
  34,462
  38,051
  41,809
  45,733
  49,826
  54,088
  58,522
  63,133
  67,925
Variable operating expenses, $m
 
  98
  151
  225
  327
  461
  634
  851
  1,118
  1,438
  1,817
  2,256
  2,758
  3,325
  3,956
  4,651
  5,411
  6,232
  7,116
  8,059
  9,061
  10,120
  11,235
  12,405
  13,630
  14,909
  16,243
  17,633
  19,078
  20,581
  22,143
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
  98
  151
  225
  327
  461
  634
  851
  1,118
  1,438
  1,817
  2,256
  2,758
  3,325
  3,956
  4,651
  5,411
  6,232
  7,116
  8,059
  9,061
  10,120
  11,235
  12,405
  13,630
  14,909
  16,243
  17,633
  19,078
  20,581
  22,143
Operating income, $m
  112
  202
  312
  466
  676
  954
  1,311
  1,760
  2,311
  2,974
  3,756
  4,664
  5,703
  6,874
  8,178
  9,616
  11,186
  12,886
  14,712
  16,662
  18,733
  20,922
  23,227
  25,647
  28,179
  30,824
  33,583
  36,455
  39,444
  42,551
  45,781
EBITDA, $m
  126
  224
  346
  518
  751
  1,060
  1,457
  1,955
  2,568
  3,304
  4,173
  5,182
  6,335
  7,636
  9,086
  10,683
  12,427
  14,315
  16,344
  18,510
  20,811
  23,243
  25,804
  28,492
  31,306
  34,244
  37,309
  40,500
  43,820
  47,272
  50,861
Interest expense (income), $m
  29
  28
  43
  72
  113
  169
  242
  337
  456
  602
  777
  985
  1,225
  1,500
  1,810
  2,156
  2,537
  2,953
  3,403
  3,887
  4,403
  4,952
  5,532
  6,143
  6,783
  7,454
  8,155
  8,886
  9,647
  10,438
  11,261
Earnings before tax, $m
  82
  174
  269
  394
  563
  785
  1,069
  1,423
  1,855
  2,372
  2,979
  3,680
  4,478
  5,373
  6,368
  7,460
  8,649
  9,933
  11,309
  12,775
  14,329
  15,970
  17,695
  19,504
  21,396
  23,370
  25,428
  27,570
  29,797
  32,113
  34,520
Tax expense, $m
  0
  47
  73
  106
  152
  212
  289
  384
  501
  640
  804
  994
  1,209
  1,451
  1,719
  2,014
  2,335
  2,682
  3,053
  3,449
  3,869
  4,312
  4,778
  5,266
  5,777
  6,310
  6,865
  7,444
  8,045
  8,671
  9,320
Net income, $m
  76
  127
  196
  287
  411
  573
  780
  1,039
  1,354
  1,732
  2,175
  2,686
  3,269
  3,923
  4,649
  5,446
  6,314
  7,251
  8,255
  9,326
  10,461
  11,658
  12,918
  14,238
  15,619
  17,060
  18,562
  20,126
  21,752
  23,443
  25,199

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
  1,211
  1,872
  2,799
  4,061
  5,729
  7,877
  10,573
  13,883
  17,864
  22,563
  28,019
  34,255
  41,289
  49,126
  57,764
  67,193
  77,401
  88,370
  100,084
  112,524
  125,675
  139,521
  154,054
  169,267
  185,156
  201,724
  218,979
  236,931
  255,598
  274,999
Adjusted assets (=assets-cash), $m
  653
  1,211
  1,872
  2,799
  4,061
  5,729
  7,877
  10,573
  13,883
  17,864
  22,563
  28,019
  34,255
  41,289
  49,126
  57,764
  67,193
  77,401
  88,370
  100,084
  112,524
  125,675
  139,521
  154,054
  169,267
  185,156
  201,724
  218,979
  236,931
  255,598
  274,999
Revenue / Adjusted assets
  0.286
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
Average production assets, $m
  378
  604
  933
  1,396
  2,025
  2,857
  3,928
  5,273
  6,923
  8,909
  11,252
  13,973
  17,083
  20,591
  24,499
  28,806
  33,509
  38,599
  44,070
  49,911
  56,115
  62,673
  69,578
  76,826
  84,412
  92,336
  100,599
  109,203
  118,156
  127,465
  137,140
Working capital, $m
  79
  24
  37
  55
  80
  113
  156
  209
  274
  353
  446
  554
  677
  816
  971
  1,141
  1,328
  1,529
  1,746
  1,978
  2,223
  2,483
  2,757
  3,044
  3,345
  3,659
  3,986
  4,327
  4,682
  5,051
  5,434
Total debt, $m
  572
  878
  1,472
  2,307
  3,443
  4,945
  6,877
  9,304
  12,283
  15,865
  20,095
  25,005
  30,618
  36,948
  44,002
  51,775
  60,262
  69,449
  79,321
  89,864
  101,060
  112,895
  125,357
  138,437
  152,128
  166,428
  181,340
  196,869
  213,026
  229,826
  247,287
Total liabilities, $m
  784
  1,090
  1,684
  2,519
  3,655
  5,157
  7,089
  9,516
  12,495
  16,077
  20,307
  25,217
  30,830
  37,160
  44,214
  51,987
  60,474
  69,661
  79,533
  90,076
  101,272
  113,107
  125,569
  138,649
  152,340
  166,640
  181,552
  197,081
  213,238
  230,038
  247,499
Total equity, $m
  -27
  121
  187
  280
  406
  573
  788
  1,057
  1,388
  1,786
  2,256
  2,802
  3,426
  4,129
  4,913
  5,776
  6,719
  7,740
  8,837
  10,008
  11,252
  12,567
  13,952
  15,405
  16,927
  18,516
  20,172
  21,898
  23,693
  25,560
  27,500
Total liabilities and equity, $m
  757
  1,211
  1,871
  2,799
  4,061
  5,730
  7,877
  10,573
  13,883
  17,863
  22,563
  28,019
  34,256
  41,289
  49,127
  57,763
  67,193
  77,401
  88,370
  100,084
  112,524
  125,674
  139,521
  154,054
  169,267
  185,156
  201,724
  218,979
  236,931
  255,598
  274,999
Debt-to-equity ratio
  -21.185
  7.250
  7.870
  8.240
  8.480
  8.630
  8.730
  8.800
  8.850
  8.880
  8.910
  8.920
  8.940
  8.950
  8.960
  8.960
  8.970
  8.970
  8.980
  8.980
  8.980
  8.980
  8.980
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
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
  127
  196
  287
  411
  573
  780
  1,039
  1,354
  1,732
  2,175
  2,686
  3,269
  3,923
  4,649
  5,446
  6,314
  7,251
  8,255
  9,326
  10,461
  11,658
  12,918
  14,238
  15,619
  17,060
  18,562
  20,126
  21,752
  23,443
  25,199
Depreciation, amort., depletion, $m
  14
  22
  35
  52
  75
  106
  145
  195
  256
  330
  417
  518
  633
  763
  907
  1,067
  1,241
  1,430
  1,632
  1,849
  2,078
  2,321
  2,577
  2,845
  3,126
  3,420
  3,726
  4,045
  4,376
  4,721
  5,079
Funds from operations, $m
  98
  149
  231
  339
  486
  679
  926
  1,234
  1,611
  2,062
  2,591
  3,204
  3,901
  4,685
  5,556
  6,513
  7,555
  8,680
  9,888
  11,174
  12,539
  13,979
  15,495
  17,083
  18,745
  20,480
  22,288
  24,170
  26,128
  28,164
  30,279
Change in working capital, $m
  -2
  9
  13
  18
  25
  33
  42
  53
  65
  79
  93
  108
  123
  139
  155
  171
  186
  202
  217
  231
  246
  260
  274
  287
  301
  314
  327
  341
  355
  369
  383
Cash from operations, $m
  100
  140
  218
  321
  461
  646
  883
  1,181
  1,545
  1,983
  2,498
  3,096
  3,778
  4,546
  5,401
  6,342
  7,369
  8,479
  9,671
  10,943
  12,293
  13,720
  15,221
  16,796
  18,445
  20,166
  21,961
  23,829
  25,773
  27,795
  29,895
Maintenance CAPEX, $m
  0
  -14
  -22
  -35
  -52
  -75
  -106
  -145
  -195
  -256
  -330
  -417
  -518
  -633
  -763
  -907
  -1,067
  -1,241
  -1,430
  -1,632
  -1,849
  -2,078
  -2,321
  -2,577
  -2,845
  -3,126
  -3,420
  -3,726
  -4,045
  -4,376
  -4,721
New CAPEX, $m
  -115
  -227
  -329
  -462
  -629
  -832
  -1,071
  -1,345
  -1,651
  -1,985
  -2,344
  -2,720
  -3,110
  -3,508
  -3,908
  -4,307
  -4,702
  -5,091
  -5,470
  -5,842
  -6,204
  -6,558
  -6,905
  -7,247
  -7,586
  -7,924
  -8,263
  -8,605
  -8,953
  -9,309
  -9,675
Cash from investing activities, $m
  80
  -241
  -351
  -497
  -681
  -907
  -1,177
  -1,490
  -1,846
  -2,241
  -2,674
  -3,137
  -3,628
  -4,141
  -4,671
  -5,214
  -5,769
  -6,332
  -6,900
  -7,474
  -8,053
  -8,636
  -9,226
  -9,824
  -10,431
  -11,050
  -11,683
  -12,331
  -12,998
  -13,685
  -14,396
Free cash flow, $m
  180
  -100
  -134
  -176
  -220
  -261
  -293
  -309
  -301
  -259
  -175
  -41
  150
  406
  730
  1,127
  1,599
  2,147
  2,771
  3,469
  4,241
  5,083
  5,994
  6,972
  8,013
  9,116
  10,278
  11,499
  12,776
  14,110
  15,499
Issuance/(repayment) of debt, $m
  -30
  306
  594
  835
  1,136
  1,502
  1,933
  2,427
  2,979
  3,583
  4,230
  4,910
  5,613
  6,331
  7,053
  7,774
  8,486
  9,187
  9,873
  10,542
  11,196
  11,835
  12,462
  13,080
  13,691
  14,300
  14,912
  15,529
  16,157
  16,800
  17,461
Issuance/(repurchase) of shares, $m
  138
  21
  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
  327
  594
  835
  1,136
  1,502
  1,933
  2,427
  2,979
  3,583
  4,230
  4,910
  5,613
  6,331
  7,053
  7,774
  8,486
  9,187
  9,873
  10,542
  11,196
  11,835
  12,462
  13,080
  13,691
  14,300
  14,912
  15,529
  16,157
  16,800
  17,461
Total cash flow (excl. dividends), $m
  289
  227
  460
  658
  916
  1,241
  1,639
  2,117
  2,678
  3,324
  4,055
  4,868
  5,763
  6,736
  7,783
  8,901
  10,086
  11,334
  12,643
  14,011
  15,437
  16,919
  18,457
  20,051
  21,704
  23,416
  25,190
  27,028
  28,933
  30,909
  32,960
Retained Cash Flow (-), $m
  -159
  -148
  -66
  -93
  -126
  -167
  -215
  -270
  -331
  -398
  -470
  -546
  -624
  -703
  -784
  -864
  -943
  -1,021
  -1,097
  -1,171
  -1,244
  -1,315
  -1,385
  -1,453
  -1,521
  -1,589
  -1,657
  -1,725
  -1,795
  -1,867
  -1,940
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
 
  79
  394
  566
  790
  1,074
  1,425
  1,848
  2,347
  2,926
  3,585
  4,323
  5,140
  6,033
  7,000
  8,037
  9,143
  10,313
  11,546
  12,840
  14,193
  15,604
  17,072
  18,598
  20,183
  21,827
  23,533
  25,302
  27,138
  29,043
  31,020
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
 
  71
  315
  398
  483
  564
  635
  689
  721
  729
  713
  674
  617
  546
  468
  389
  313
  243
  183
  133
  93
  63
  41
  26
  16
  9
  5
  3
  1
  1
  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, leases, acquires, develops, and operates crude oil and refined petroleum products terminals, pipelines, storage facilities, and other logistics assets in the United States. It operates through two segments, transportation and Terminaling, and Storage. The company’s assets include Delaware City rail unloading terminal, a light crude oil rail unloading terminal, which serves Delaware City and Paulsboro refineries; Toledo truck terminal, a crude oil truck unloading terminal that serves Toledo refinery; DCR West Rack, a heavy crude oil unloading facility, which serves Delaware City refinery; and a terminaling facility that consists of 27 propane storage bullets and a truck loading facility. Its storage facility consists of 30 tanks for storing crude oil, refined products, and intermediates. The company was founded in 2012 and is based in Parsippany, New Jersey. PBF Logistics LP operates as a subsidiary of PBF Energy Company LLC.

FINANCIAL RATIOS  of  PBF Logistics (PBFX)

Valuation Ratios
P/E Ratio 11.4
Price to Sales 4.7
Price to Book -32.2
Price to Tangible Book
Price to Cash Flow 8.7
Price to Free Cash Flow -58
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 60% 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 40.973 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]
Stock chart of PBFX 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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