Intrinsic value of Sprague Resources - SRLP

Previous Close

$25.90

  Intrinsic Value

$79.25

stock screener

  Rating & Target

str. buy

+206%

  Value-price divergence*

-69%

Previous close

$25.90

 
Intrinsic value

$79.25

 
Up/down potential

+206%

 
Rating

str. buy

 
Value-price divergence*

-69%

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

We calculate the intrinsic value of SRLP 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 0.6

 

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, %
  -31.36
  27.00
  24.80
  22.82
  21.04
  19.43
  17.99
  16.69
  15.52
  14.47
  13.52
  12.67
  11.90
  11.21
  10.59
  10.03
  9.53
  9.08
  8.67
  8.30
  7.97
  7.67
  7.41
  7.17
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.04
Revenue, $m
  2,390
  3,035
  3,788
  4,652
  5,631
  6,726
  7,936
  9,260
  10,698
  12,246
  13,902
  15,663
  17,528
  19,493
  21,558
  23,721
  25,981
  28,339
  30,796
  33,353
  36,012
  38,776
  41,648
  44,633
  47,734
  50,959
  54,312
  57,799
  61,429
  65,207
  69,143
Variable operating expenses, $m
 
  2,845
  3,549
  4,357
  5,273
  6,296
  7,427
  8,666
  10,010
  11,457
  13,006
  14,646
  16,389
  18,227
  20,157
  22,180
  24,293
  26,498
  28,795
  31,186
  33,672
  36,256
  38,942
  41,733
  44,633
  47,648
  50,783
  54,044
  57,437
  60,971
  64,651
Fixed operating expenses, $m
 
  113
  116
  118
  121
  124
  128
  131
  134
  137
  141
  144
  148
  152
  155
  159
  163
  167
  172
  176
  180
  185
  189
  194
  199
  204
  209
  214
  220
  225
  231
Total operating expenses, $m
  2,350
  2,958
  3,665
  4,475
  5,394
  6,420
  7,555
  8,797
  10,144
  11,594
  13,147
  14,790
  16,537
  18,379
  20,312
  22,339
  24,456
  26,665
  28,967
  31,362
  33,852
  36,441
  39,131
  41,927
  44,832
  47,852
  50,992
  54,258
  57,657
  61,196
  64,882
Operating income, $m
  40
  77
  123
  177
  237
  305
  381
  464
  554
  651
  755
  873
  991
  1,115
  1,245
  1,382
  1,525
  1,674
  1,829
  1,991
  2,159
  2,335
  2,517
  2,706
  2,902
  3,107
  3,320
  3,541
  3,771
  4,011
  4,262
EBITDA, $m
  65
  103
  154
  213
  279
  354
  437
  528
  627
  734
  849
  970
  1,100
  1,236
  1,379
  1,529
  1,686
  1,850
  2,020
  2,198
  2,383
  2,575
  2,775
  2,982
  3,198
  3,423
  3,656
  3,899
  4,152
  4,416
  4,690
Interest expense (income), $m
  24
  23
  33
  44
  57
  72
  89
  107
  127
  149
  173
  198
  225
  253
  283
  314
  347
  382
  418
  455
  494
  534
  576
  620
  665
  712
  762
  812
  866
  921
  978
Earnings before tax, $m
  12
  54
  91
  132
  180
  233
  292
  356
  426
  502
  582
  675
  766
  862
  962
  1,067
  1,177
  1,292
  1,412
  1,536
  1,666
  1,800
  1,940
  2,086
  2,237
  2,394
  2,558
  2,729
  2,906
  3,091
  3,283
Tax expense, $m
  2
  15
  24
  36
  49
  63
  79
  96
  115
  135
  157
  182
  207
  233
  260
  288
  318
  349
  381
  415
  450
  486
  524
  563
  604
  646
  691
  737
  785
  835
  887
Net income, $m
  10
  40
  66
  97
  131
  170
  213
  260
  311
  366
  425
  493
  559
  629
  702
  779
  860
  943
  1,031
  1,121
  1,216
  1,314
  1,416
  1,523
  1,633
  1,748
  1,867
  1,992
  2,121
  2,256
  2,397

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  3
  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
  1,012
  1,285
  1,604
  1,970
  2,384
  2,847
  3,360
  3,921
  4,529
  5,184
  5,886
  6,631
  7,421
  8,253
  9,127
  10,043
  11,000
  11,998
  13,038
  14,121
  15,246
  16,416
  17,632
  18,896
  20,209
  21,574
  22,994
  24,470
  26,007
  27,607
  29,273
Adjusted assets (=assets-cash), $m
  1,009
  1,285
  1,604
  1,970
  2,384
  2,847
  3,360
  3,921
  4,529
  5,184
  5,886
  6,631
  7,421
  8,253
  9,127
  10,043
  11,000
  11,998
  13,038
  14,121
  15,246
  16,416
  17,632
  18,896
  20,209
  21,574
  22,994
  24,470
  26,007
  27,607
  29,273
Revenue / Adjusted assets
  2.369
  2.362
  2.362
  2.361
  2.362
  2.362
  2.362
  2.362
  2.362
  2.362
  2.362
  2.362
  2.362
  2.362
  2.362
  2.362
  2.362
  2.362
  2.362
  2.362
  2.362
  2.362
  2.362
  2.362
  2.362
  2.362
  2.362
  2.362
  2.362
  2.362
  2.362
Average production assets, $m
  148
  188
  235
  288
  349
  417
  492
  574
  663
  759
  862
  971
  1,087
  1,209
  1,337
  1,471
  1,611
  1,757
  1,909
  2,068
  2,233
  2,404
  2,582
  2,767
  2,960
  3,159
  3,367
  3,584
  3,809
  4,043
  4,287
Working capital, $m
  203
  452
  564
  693
  839
  1,002
  1,182
  1,380
  1,594
  1,825
  2,071
  2,334
  2,612
  2,904
  3,212
  3,534
  3,871
  4,223
  4,589
  4,970
  5,366
  5,778
  6,206
  6,650
  7,112
  7,593
  8,092
  8,612
  9,153
  9,716
  10,302
Total debt, $m
  561
  800
  1,079
  1,399
  1,762
  2,168
  2,617
  3,108
  3,641
  4,216
  4,830
  5,483
  6,175
  6,903
  7,669
  8,471
  9,310
  10,184
  11,095
  12,044
  13,030
  14,055
  15,120
  16,227
  17,377
  18,573
  19,817
  21,110
  22,456
  23,858
  25,317
Total liabilities, $m
  887
  1,126
  1,405
  1,725
  2,088
  2,494
  2,943
  3,434
  3,967
  4,542
  5,156
  5,809
  6,501
  7,229
  7,995
  8,797
  9,636
  10,510
  11,421
  12,370
  13,356
  14,381
  15,446
  16,553
  17,703
  18,899
  20,143
  21,436
  22,782
  24,184
  25,643
Total equity, $m
  125
  159
  199
  244
  296
  353
  417
  486
  562
  643
  730
  822
  920
  1,023
  1,132
  1,245
  1,364
  1,488
  1,617
  1,751
  1,891
  2,036
  2,186
  2,343
  2,506
  2,675
  2,851
  3,034
  3,225
  3,423
  3,630
Total liabilities and equity, $m
  1,012
  1,285
  1,604
  1,969
  2,384
  2,847
  3,360
  3,920
  4,529
  5,185
  5,886
  6,631
  7,421
  8,252
  9,127
  10,042
  11,000
  11,998
  13,038
  14,121
  15,247
  16,417
  17,632
  18,896
  20,209
  21,574
  22,994
  24,470
  26,007
  27,607
  29,273
Debt-to-equity ratio
  4.488
  5.020
  5.430
  5.730
  5.960
  6.140
  6.280
  6.390
  6.480
  6.560
  6.620
  6.670
  6.710
  6.750
  6.780
  6.800
  6.830
  6.850
  6.860
  6.880
  6.890
  6.900
  6.920
  6.930
  6.930
  6.940
  6.950
  6.960
  6.960
  6.970
  6.970
Adjusted equity ratio
  0.121
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  10
  40
  66
  97
  131
  170
  213
  260
  311
  366
  425
  493
  559
  629
  702
  779
  860
  943
  1,031
  1,121
  1,216
  1,314
  1,416
  1,523
  1,633
  1,748
  1,867
  1,992
  2,121
  2,256
  2,397
Depreciation, amort., depletion, $m
  25
  26
  31
  36
  42
  49
  56
  65
  73
  83
  93
  97
  109
  121
  134
  147
  161
  176
  191
  207
  223
  240
  258
  277
  296
  316
  337
  358
  381
  404
  429
Funds from operations, $m
  224
  66
  97
  133
  173
  219
  269
  325
  385
  449
  518
  590
  668
  750
  836
  926
  1,021
  1,119
  1,222
  1,328
  1,439
  1,555
  1,675
  1,799
  1,929
  2,064
  2,204
  2,350
  2,502
  2,661
  2,826
Change in working capital, $m
  92
  96
  112
  129
  146
  163
  180
  197
  214
  231
  247
  262
  278
  293
  308
  322
  337
  351
  366
  381
  396
  412
  428
  445
  462
  480
  500
  520
  541
  563
  586
Cash from operations, $m
  132
  -31
  -15
  4
  28
  56
  89
  127
  171
  219
  272
  328
  390
  457
  528
  604
  684
  768
  855
  947
  1,043
  1,143
  1,247
  1,355
  1,467
  1,583
  1,705
  1,831
  1,961
  2,098
  2,239
Maintenance CAPEX, $m
  0
  -15
  -19
  -23
  -29
  -35
  -42
  -49
  -57
  -66
  -76
  -86
  -97
  -109
  -121
  -134
  -147
  -161
  -176
  -191
  -207
  -223
  -240
  -258
  -277
  -296
  -316
  -337
  -358
  -381
  -404
New CAPEX, $m
  -16
  -40
  -47
  -54
  -61
  -68
  -75
  -82
  -89
  -96
  -103
  -109
  -116
  -122
  -128
  -134
  -140
  -146
  -152
  -159
  -165
  -171
  -178
  -185
  -192
  -200
  -208
  -216
  -225
  -234
  -244
Cash from investing activities, $m
  -45
  -55
  -66
  -77
  -90
  -103
  -117
  -131
  -146
  -162
  -179
  -195
  -213
  -231
  -249
  -268
  -287
  -307
  -328
  -350
  -372
  -394
  -418
  -443
  -469
  -496
  -524
  -553
  -583
  -615
  -648
Free cash flow, $m
  87
  -86
  -81
  -73
  -62
  -47
  -28
  -4
  24
  56
  93
  132
  177
  227
  280
  336
  397
  460
  527
  598
  671
  748
  828
  911
  998
  1,088
  1,181
  1,278
  1,378
  1,482
  1,591
Issuance/(repayment) of debt, $m
  -62
  239
  279
  321
  363
  406
  449
  491
  533
  574
  614
  653
  691
  729
  766
  802
  838
  875
  911
  948
  986
  1,025
  1,065
  1,107
  1,150
  1,196
  1,243
  1,293
  1,346
  1,401
  1,460
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  -67
  239
  279
  321
  363
  406
  449
  491
  533
  574
  614
  653
  691
  729
  766
  802
  838
  875
  911
  948
  986
  1,025
  1,065
  1,107
  1,150
  1,196
  1,243
  1,293
  1,346
  1,401
  1,460
Total cash flow (excl. dividends), $m
  20
  153
  198
  247
  301
  359
  421
  487
  557
  631
  707
  785
  869
  955
  1,045
  1,138
  1,235
  1,335
  1,439
  1,546
  1,658
  1,773
  1,893
  2,018
  2,148
  2,283
  2,424
  2,571
  2,724
  2,884
  3,051
Retained Cash Flow (-), $m
  32
  -34
  -40
  -45
  -51
  -57
  -64
  -70
  -75
  -81
  -87
  -92
  -98
  -103
  -108
  -114
  -119
  -124
  -129
  -134
  -140
  -145
  -151
  -157
  -163
  -169
  -176
  -183
  -191
  -198
  -207
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
 
  119
  159
  202
  250
  302
  358
  418
  482
  549
  620
  693
  771
  852
  937
  1,025
  1,116
  1,211
  1,310
  1,412
  1,518
  1,628
  1,743
  1,862
  1,985
  2,114
  2,248
  2,388
  2,534
  2,685
  2,844
Discount rate, %
 
  12.60
  13.23
  13.89
  14.59
  15.32
  16.08
  16.89
  17.73
  18.62
  19.55
  20.52
  21.55
  22.63
  23.76
  24.95
  26.19
  27.50
  28.88
  30.32
  31.84
  33.43
  35.10
  36.86
  38.70
  40.64
  42.67
  44.80
  47.04
  49.39
  51.86
PV of cash for distribution, $m
 
  106
  124
  137
  145
  148
  146
  140
  131
  118
  104
  89
  74
  60
  47
  36
  27
  19
  14
  9
  6
  4
  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

Sprague Resources LP engages in the purchase, storage, distribution, and sale of refined petroleum products and natural gas in the United States. The company operates through four segments: Refined Products, Natural Gas, Materials Handling, and Other Operations. The Refined Products segment purchases and sells various refined products, such as heating oil, diesel fuel, residual fuel oil, kerosene, jet fuel, gasoline, and asphalt to wholesale and commercial customers. This segmentÂ’s wholesale customers consist of approximately 1,100 home heating oil retailers, and diesel fuel and gasoline resellers; and commercial customers include federal and state agencies, municipalities, regional transit authorities, large industrial companies, real estate management companies, hospitals, educational institutions, and asphalt paving companies. The Natural Gas segment purchases, sells, and distributes natural gas to approximately 14,000 commercial and industrial customer locations across 13 states in the Northeast and Mid-Atlantic. The Materials Handling segment offloads, stores, and prepares for delivery of customer-owned products, including asphalt, clay slurry, salt, gypsum, coal, petroleum coke, caustic soda, tallow, pulp, and heavy equipment. The Other Operations segment engages in the marketing and distribution of coal; commercial trucking; and heating equipment service activities. The company owns and/or operates a network of 19 refined products and materials handling terminals located throughout the Northeast United States and Quebec, Canada that have a combined storage capacity of approximately 14.2 million barrels for refined products and other liquid materials, as well as approximately 2.0 million square feet of materials handling capacity. Sprague Resources LP was founded in 1870 and is headquartered in Portsmouth, New Hampshire.

FINANCIAL RATIOS  of  Sprague Resources (SRLP)

Valuation Ratios
P/E Ratio 55.2
Price to Sales 0.2
Price to Book 4.4
Price to Tangible Book
Price to Cash Flow 4.2
Price to Free Cash Flow 4.8
Growth Rates
Sales Growth Rate -31.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 6.7%
Cap. Spend. - 3 Yr. Gr. Rate -10.6%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 324.8%
Total Debt to Equity 448.8%
Interest Coverage 2
Management Effectiveness
Return On Assets 3%
Ret/ On Assets - 3 Yr. Avg. 7.9%
Return On Total Capital 1.4%
Ret/ On T. Cap. - 3 Yr. Avg. 8.7%
Return On Equity 7.1%
Return On Equity - 3 Yr. Avg. 65.3%
Asset Turnover 2.4
Profitability Ratios
Gross Margin 8.8%
Gross Margin - 3 Yr. Avg. 7.8%
EBITDA Margin 2.6%
EBITDA Margin - 3 Yr. Avg. 3.2%
Operating Margin 1.7%
Oper. Margin - 3 Yr. Avg. 2.6%
Pre-Tax Margin 0.5%
Pre-Tax Margin - 3 Yr. Avg. 1.8%
Net Profit Margin 0.4%
Net Profit Margin - 3 Yr. Avg. 1.7%
Effective Tax Rate 16.7%
Eff/ Tax Rate - 3 Yr. Avg. 7.7%
Payout Ratio 480%

SRLP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SRLP stock intrinsic value calculation we used $2390 million for the last fiscal year's total revenue generated by Sprague Resources. The default revenue input number comes from 2016 income statement of Sprague Resources. 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 SRLP stock valuation model: a) initial revenue growth rate of 27% 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 12.6%, whose default value for SRLP is calculated based on our internal credit rating of Sprague Resources, 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 Sprague Resources.
    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 SRLP stock the variable cost ratio is equal to 93.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $110 million in the base year in the intrinsic value calculation for SRLP 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 4.1% for Sprague Resources.

Corporate tax rate of 27% is the nominal tax rate for Sprague Resources. 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 SRLP 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 SRLP are equal to 6.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Sprague Resources 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 SRLP is equal to 14.9%. 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 - $125 million for Sprague Resources - 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 21.314 million for Sprague Resources 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 Sprague Resources at the current share price and the inputted number of shares is $0.6 billion.

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COMPANY NEWS

▶ Sprague Resources reports 2Q loss   [Aug-09-17 04:31PM  Associated Press]
▶ Sprague Resources beats Street 1Q forecasts   [May-08-17 06:18AM  Associated Press]
▶ Sprague Resources reports 4Q loss   [06:14AM  Associated Press]
▶ Sprague Resources LP 2015 Form 10-K Now Available   [Mar-21-16 10:14PM  at noodls]
Stock chart of SRLP Financial statements of SRLP
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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