Intrinsic value of Sunoco - SUN

Previous Close

$31.77

  Intrinsic Value

$142.30

stock screener

  Rating & Target

str. buy

+348%

Previous close

$31.77

 
Intrinsic value

$142.30

 
Up/down potential

+348%

 
Rating

str. buy

We calculate the intrinsic value of SUN 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, %
  -14.96
  17.90
  16.61
  15.45
  14.40
  13.46
  12.62
  11.86
  11.17
  10.55
  10.00
  9.50
  9.05
  8.64
  8.28
  7.95
  7.66
  7.39
  7.15
  6.94
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.93
  5.83
  5.75
  5.68
  5.61
Revenue, $m
  15,698
  18,508
  21,582
  24,916
  28,505
  32,343
  36,424
  40,742
  45,293
  50,073
  55,079
  60,311
  65,768
  71,452
  77,368
  83,519
  89,913
  96,558
  103,464
  110,640
  118,100
  125,857
  133,927
  142,324
  151,068
  160,176
  169,668
  179,565
  189,891
  200,667
  211,920
Variable operating expenses, $m
 
  14,556
  16,930
  19,505
  22,277
  25,241
  28,393
  31,728
  35,243
  38,934
  42,801
  46,579
  50,794
  55,184
  59,753
  64,504
  69,442
  74,574
  79,907
  85,450
  91,211
  97,202
  103,435
  109,920
  116,673
  123,707
  131,038
  138,682
  146,657
  154,980
  163,670
Fixed operating expenses, $m
 
  3,736
  3,830
  3,925
  4,023
  4,124
  4,227
  4,333
  4,441
  4,552
  4,666
  4,783
  4,902
  5,025
  5,150
  5,279
  5,411
  5,546
  5,685
  5,827
  5,973
  6,122
  6,275
  6,432
  6,593
  6,758
  6,927
  7,100
  7,277
  7,459
  7,646
Total operating expenses, $m
  15,946
  18,292
  20,760
  23,430
  26,300
  29,365
  32,620
  36,061
  39,684
  43,486
  47,467
  51,362
  55,696
  60,209
  64,903
  69,783
  74,853
  80,120
  85,592
  91,277
  97,184
  103,324
  109,710
  116,352
  123,266
  130,465
  137,965
  145,782
  153,934
  162,439
  171,316
Operating income, $m
  -248
  216
  822
  1,486
  2,205
  2,978
  3,804
  4,682
  5,609
  6,587
  7,613
  8,949
  10,072
  11,243
  12,465
  13,736
  15,060
  16,438
  17,871
  19,363
  20,916
  22,533
  24,217
  25,972
  27,802
  29,711
  31,703
  33,783
  35,957
  38,228
  40,604
EBITDA, $m
  71
  707
  1,352
  2,057
  2,820
  3,641
  4,518
  5,449
  6,433
  7,470
  8,558
  9,697
  10,888
  12,130
  13,425
  14,773
  16,176
  17,637
  19,156
  20,737
  22,382
  24,095
  25,879
  27,739
  29,677
  31,699
  33,809
  36,012
  38,314
  40,719
  43,234
Interest expense (income), $m
  188
  262
  329
  403
  483
  569
  661
  759
  863
  972
  1,087
  1,207
  1,332
  1,463
  1,600
  1,742
  1,889
  2,043
  2,202
  2,368
  2,540
  2,720
  2,906
  3,099
  3,301
  3,511
  3,730
  3,957
  4,195
  4,443
  4,702
Earnings before tax, $m
  -437
  -46
  494
  1,083
  1,722
  2,409
  3,143
  3,923
  4,747
  5,615
  6,526
  7,742
  8,739
  9,780
  10,865
  11,995
  13,171
  14,395
  15,669
  16,995
  18,375
  19,813
  21,311
  22,873
  24,501
  26,200
  27,973
  29,826
  31,761
  33,785
  35,902
Tax expense, $m
  -31
  0
  133
  292
  465
  650
  849
  1,059
  1,282
  1,516
  1,762
  2,090
  2,360
  2,641
  2,933
  3,239
  3,556
  3,887
  4,231
  4,589
  4,961
  5,350
  5,754
  6,176
  6,615
  7,074
  7,553
  8,053
  8,576
  9,122
  9,694
Net income, $m
  -406
  -46
  360
  791
  1,257
  1,759
  2,294
  2,864
  3,465
  4,099
  4,764
  5,652
  6,380
  7,139
  7,931
  8,756
  9,615
  10,508
  11,438
  12,406
  13,414
  14,464
  15,557
  16,697
  17,886
  19,126
  20,421
  21,773
  23,186
  24,663
  26,208

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  119
  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
  8,701
  10,119
  11,800
  13,623
  15,585
  17,684
  19,915
  22,276
  24,764
  27,377
  30,114
  32,975
  35,958
  39,066
  42,301
  45,664
  49,160
  52,793
  56,568
  60,492
  64,571
  68,812
  73,224
  77,815
  82,596
  87,576
  92,765
  98,177
  103,822
  109,714
  115,866
Adjusted assets (=assets-cash), $m
  8,582
  10,119
  11,800
  13,623
  15,585
  17,684
  19,915
  22,276
  24,764
  27,377
  30,114
  32,975
  35,958
  39,066
  42,301
  45,664
  49,160
  52,793
  56,568
  60,492
  64,571
  68,812
  73,224
  77,815
  82,596
  87,576
  92,765
  98,177
  103,822
  109,714
  115,866
Revenue / Adjusted assets
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
Average production assets, $m
  4,522
  5,330
  6,216
  7,176
  8,210
  9,315
  10,490
  11,734
  13,044
  14,421
  15,863
  17,369
  18,941
  20,578
  22,282
  24,054
  25,895
  27,809
  29,798
  31,864
  34,013
  36,247
  38,571
  40,989
  43,508
  46,131
  48,864
  51,715
  54,688
  57,792
  61,033
Working capital, $m
  200
  93
  108
  125
  143
  162
  182
  204
  226
  250
  275
  302
  329
  357
  387
  418
  450
  483
  517
  553
  591
  629
  670
  712
  755
  801
  848
  898
  949
  1,003
  1,060
Total debt, $m
  4,514
  5,669
  6,942
  8,322
  9,807
  11,395
  13,084
  14,872
  16,755
  18,734
  20,806
  22,971
  25,229
  27,582
  30,030
  32,577
  35,223
  37,973
  40,831
  43,802
  46,889
  50,100
  53,440
  56,915
  60,534
  64,304
  68,232
  72,329
  76,602
  81,063
  85,720
Total liabilities, $m
  6,505
  7,660
  8,933
  10,313
  11,798
  13,386
  15,075
  16,863
  18,746
  20,725
  22,797
  24,962
  27,220
  29,573
  32,021
  34,568
  37,214
  39,964
  42,822
  45,793
  48,880
  52,091
  55,431
  58,906
  62,525
  66,295
  70,223
  74,320
  78,593
  83,054
  87,711
Total equity, $m
  2,196
  2,459
  2,867
  3,310
  3,787
  4,297
  4,839
  5,413
  6,018
  6,653
  7,318
  8,013
  8,738
  9,493
  10,279
  11,096
  11,946
  12,829
  13,746
  14,700
  15,691
  16,721
  17,793
  18,909
  20,071
  21,281
  22,542
  23,857
  25,229
  26,661
  28,156
Total liabilities and equity, $m
  8,701
  10,119
  11,800
  13,623
  15,585
  17,683
  19,914
  22,276
  24,764
  27,378
  30,115
  32,975
  35,958
  39,066
  42,300
  45,664
  49,160
  52,793
  56,568
  60,493
  64,571
  68,812
  73,224
  77,815
  82,596
  87,576
  92,765
  98,177
  103,822
  109,715
  115,867
Debt-to-equity ratio
  2.056
  2.310
  2.420
  2.510
  2.590
  2.650
  2.700
  2.750
  2.780
  2.820
  2.840
  2.870
  2.890
  2.910
  2.920
  2.940
  2.950
  2.960
  2.970
  2.980
  2.990
  3.000
  3.000
  3.010
  3.020
  3.020
  3.030
  3.030
  3.040
  3.040
  3.040
Adjusted equity ratio
  0.242
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -406
  -46
  360
  791
  1,257
  1,759
  2,294
  2,864
  3,465
  4,099
  4,764
  5,652
  6,380
  7,139
  7,931
  8,756
  9,615
  10,508
  11,438
  12,406
  13,414
  14,464
  15,557
  16,697
  17,886
  19,126
  20,421
  21,773
  23,186
  24,663
  26,208
Depreciation, amort., depletion, $m
  319
  492
  530
  571
  616
  663
  714
  768
  824
  883
  946
  749
  816
  887
  960
  1,037
  1,116
  1,199
  1,284
  1,373
  1,466
  1,562
  1,663
  1,767
  1,875
  1,988
  2,106
  2,229
  2,357
  2,491
  2,631
Funds from operations, $m
  536
  446
  890
  1,362
  1,873
  2,422
  3,008
  3,631
  4,289
  4,982
  5,710
  6,400
  7,196
  8,026
  8,892
  9,793
  10,731
  11,707
  12,723
  13,780
  14,880
  16,026
  17,220
  18,464
  19,761
  21,114
  22,527
  24,002
  25,543
  27,154
  28,839
Change in working capital, $m
  -25
  14
  15
  17
  18
  19
  20
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  33
  35
  36
  37
  39
  40
  42
  44
  46
  47
  49
  52
  54
  56
Cash from operations, $m
  561
  432
  875
  1,345
  1,855
  2,403
  2,988
  3,610
  4,266
  4,958
  5,685
  6,374
  7,169
  7,998
  8,862
  9,762
  10,699
  11,674
  12,688
  13,744
  14,843
  15,987
  17,179
  18,422
  19,717
  21,069
  22,479
  23,952
  25,492
  27,100
  28,783
Maintenance CAPEX, $m
  0
  -195
  -230
  -268
  -309
  -354
  -402
  -452
  -506
  -562
  -622
  -684
  -749
  -816
  -887
  -960
  -1,037
  -1,116
  -1,199
  -1,284
  -1,373
  -1,466
  -1,562
  -1,663
  -1,767
  -1,875
  -1,988
  -2,106
  -2,229
  -2,357
  -2,491
New CAPEX, $m
  -490
  -809
  -885
  -960
  -1,034
  -1,105
  -1,175
  -1,244
  -1,311
  -1,377
  -1,442
  -1,507
  -1,572
  -1,637
  -1,704
  -1,772
  -1,842
  -1,914
  -1,989
  -2,067
  -2,148
  -2,234
  -2,324
  -2,419
  -2,518
  -2,623
  -2,734
  -2,850
  -2,974
  -3,104
  -3,241
Cash from investing activities, $m
  -3,016
  -1,004
  -1,115
  -1,228
  -1,343
  -1,459
  -1,577
  -1,696
  -1,817
  -1,939
  -2,064
  -2,191
  -2,321
  -2,453
  -2,591
  -2,732
  -2,879
  -3,030
  -3,188
  -3,351
  -3,521
  -3,700
  -3,886
  -4,082
  -4,285
  -4,498
  -4,722
  -4,956
  -5,203
  -5,461
  -5,732
Free cash flow, $m
  -2,455
  -572
  -240
  117
  512
  944
  1,411
  1,914
  2,450
  3,019
  3,621
  4,184
  4,849
  5,544
  6,271
  7,030
  7,821
  8,644
  9,501
  10,393
  11,321
  12,287
  13,293
  14,341
  15,432
  16,570
  17,757
  18,996
  20,289
  21,639
  23,051
Issuance/(repayment) of debt, $m
  2,577
  1,160
  1,272
  1,380
  1,485
  1,588
  1,689
  1,787
  1,884
  1,978
  2,072
  2,165
  2,259
  2,353
  2,448
  2,546
  2,646
  2,750
  2,858
  2,970
  3,088
  3,211
  3,340
  3,476
  3,619
  3,770
  3,929
  4,096
  4,273
  4,460
  4,657
Issuance/(repurchase) of shares, $m
  132
  423
  48
  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  
  2,937
  1,583
  1,320
  1,380
  1,485
  1,588
  1,689
  1,787
  1,884
  1,978
  2,072
  2,165
  2,259
  2,353
  2,448
  2,546
  2,646
  2,750
  2,858
  2,970
  3,088
  3,211
  3,340
  3,476
  3,619
  3,770
  3,929
  4,096
  4,273
  4,460
  4,657
Total cash flow (excl. dividends), $m
  482
  1,011
  1,080
  1,497
  1,997
  2,532
  3,100
  3,701
  4,334
  4,998
  5,693
  6,349
  7,107
  7,897
  8,720
  9,576
  10,467
  11,394
  12,359
  13,363
  14,409
  15,498
  16,633
  17,816
  19,051
  20,340
  21,686
  23,092
  24,562
  26,100
  27,708
Retained Cash Flow (-), $m
  3,067
  -423
  -408
  -443
  -477
  -510
  -542
  -574
  -605
  -635
  -665
  -695
  -725
  -755
  -786
  -817
  -850
  -883
  -917
  -953
  -991
  -1,031
  -1,072
  -1,116
  -1,162
  -1,210
  -1,261
  -1,315
  -1,372
  -1,432
  -1,495
Prev. year cash balance distribution, $m
 
  114
  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
 
  702
  672
  1,054
  1,521
  2,022
  2,558
  3,127
  3,729
  4,363
  5,028
  5,654
  6,382
  7,142
  7,934
  8,759
  9,617
  10,511
  11,441
  12,409
  13,417
  14,467
  15,561
  16,701
  17,889
  19,130
  20,425
  21,777
  23,190
  24,668
  26,213
Discount rate, %
 
  10.00
  10.50
  11.03
  11.58
  12.16
  12.76
  13.40
  14.07
  14.77
  15.51
  16.29
  17.10
  17.96
  18.86
  19.80
  20.79
  21.83
  22.92
  24.07
  25.27
  26.53
  27.86
  29.25
  30.72
  32.25
  33.86
  35.56
  37.33
  39.20
  41.16
PV of cash for distribution, $m
 
  639
  550
  770
  981
  1,140
  1,244
  1,297
  1,301
  1,262
  1,189
  1,075
  960
  834
  707
  583
  468
  366
  279
  206
  148
  103
  70
  46
  29
  18
  10
  6
  3
  2
  1
Current shareholders' claim on cash, %
  100
  87.6
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4

Sunoco LP is engaged in the retail sale of motor fuels and merchandise through its Company-operated convenience stores and retail fuel sites, as well as the wholesale distribution of motor fuels to convenience stores, independent dealers, commercial customers and distributors. The Company operates through two segments: wholesale and retail. The Wholesale segment sells motor fuel to its retail segment and external customers. The Retail segment operates convenience stores selling a range of merchandise, food items, services and motor fuel. As of December 31, 2016, the Company operated approximately 1,345 convenience stores and fuel outlets in over 20 states, offering merchandise, food service, motor fuel and other services.

FINANCIAL RATIOS  of  Sunoco (SUN)

Valuation Ratios
P/E Ratio -8.5
Price to Sales 0.2
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 6.1
Price to Free Cash Flow 48.4
Growth Rates
Sales Growth Rate -15%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -11.2%
Cap. Spend. - 3 Yr. Gr. Rate 33.4%
Financial Strength
Quick Ratio 24
Current Ratio 0.3
LT Debt to Equity 205.3%
Total Debt to Equity 205.6%
Interest Coverage -1
Management Effectiveness
Return On Assets -2.6%
Ret/ On Assets - 3 Yr. Avg. 0.4%
Return On Total Capital -5.8%
Ret/ On T. Cap. - 3 Yr. Avg. -0.7%
Return On Equity -10.9%
Return On Equity - 3 Yr. Avg. -2%
Asset Turnover 1.8
Profitability Ratios
Gross Margin 14.1%
Gross Margin - 3 Yr. Avg. 9.4%
EBITDA Margin 0.4%
EBITDA Margin - 3 Yr. Avg. 1.8%
Operating Margin -1.6%
Oper. Margin - 3 Yr. Avg. 0.5%
Pre-Tax Margin -2.8%
Pre-Tax Margin - 3 Yr. Avg. -0.1%
Net Profit Margin -2.6%
Net Profit Margin - 3 Yr. Avg. -0.4%
Effective Tax Rate 7.1%
Eff/ Tax Rate - 3 Yr. Avg. 10.5%
Payout Ratio -107.4%

SUN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SUN stock intrinsic value calculation we used $15698 million for the last fiscal year's total revenue generated by Sunoco. The default revenue input number comes from 2016 income statement of Sunoco. 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 SUN stock valuation model: a) initial revenue growth rate of 17.9% 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 10%, whose default value for SUN is calculated based on our internal credit rating of Sunoco, 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 Sunoco.
    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 SUN stock the variable cost ratio is equal to 78.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $3645 million in the base year in the intrinsic value calculation for SUN 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 5.8% for Sunoco.

Corporate tax rate of 27% is the nominal tax rate for Sunoco. 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 SUN 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 SUN are equal to 28.8%.

Life of production assets of 23.2 years is the average useful life of capital assets used in Sunoco 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 SUN is equal to 0.5%. 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 - $2196 million for Sunoco - 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 98.944 million for Sunoco 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 Sunoco at the current share price and the inputted number of shares is $3.1 billion.

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COMPANY NEWS

▶ Is Sunoco LP (NYSE:SUN) Undervalued?   [Jan-05-18 07:10AM  Simply Wall St.]
▶ Pennsylvania shuts down construction on Sunoco gas pipeline   [Jan-03-18 12:47PM  Associated Press]
▶ ETFs with exposure to Sunoco LP : December 26, 2017   [Dec-26-17 12:11PM  Capital Cube]
▶ Who Were the Top MLP Losers Last Week?   [Dec-04-17 11:14AM  Market Realist]
▶ Better Buy: Sunoco LP vs. ConocoPhillips   [Dec-01-17 09:03AM  Motley Fool]
▶ Whats behind Sunocos Rise This Year?   [Nov-17-17 05:37PM  Market Realist]
▶ Sunoco LP beats 3Q profit forecasts   [Nov-07-17 05:11PM  Associated Press]
▶ Sunoco LP Announces Joe Kim As CEO   [07:00AM  PR Newswire]
▶ Sunoco LP Value Analysis (NYSE:SUN) : November 3, 2017   [Nov-03-17 01:10PM  Capital Cube]
▶ Solar Avoids an Eclipse   [Oct-31-17 05:09PM  Barrons.com]
▶ Is 10%-Yielding Sunoco LP a Buy?   [Oct-30-17 08:16PM  Motley Fool]
▶ Sunoco LP Maintains Quarterly Distribution   [Oct-26-17 05:00PM  PR Newswire]
▶ ETFs with exposure to Sunoco LP : October 23, 2017   [Oct-23-17 11:07AM  Capital Cube]
▶ 7-Eleven's $3.3B purchase of Sunoco stores hits a funding snag   [Oct-13-17 04:35PM  American City Business Journals]
▶ Why I Hate Sunoco LP   [Sep-26-17 01:35PM  Motley Fool]
▶ Is There Now An Opportunity In Sunoco LP (SUN)?   [Sep-19-17 03:21PM  Simply Wall St.]
▶ Forget Sunoco LP: These 3 Stocks Are Better Buys   [Aug-23-17 01:21PM  Motley Fool]
▶ Sunoco LP Value Analysis (NYSE:SUN) : August 21, 2017   [Aug-21-17 07:32PM  Capital Cube]
▶ Sunoco to lay off nearly 100 in region after $3.3B deal with 7-Eleven   [12:25PM  American City Business Journals]
▶ Why these MLPs Rose More than 5% Last Week   [Aug-01-17 03:07PM  Market Realist]
▶ Sunoco LP Maintains Quarterly Distribution   [Jul-26-17 04:30PM  PR Newswire]
▶ Judge halts Sunoco pipeline work in eastern Pennsylvania   [Jul-25-17 06:12PM  Associated Press]
▶ Pa. senator says Sunoco didn't notify homeowners about drilling   [Jul-19-17 09:35AM  American City Business Journals]
▶ 5 Things Sunoco LP's Management Thinks You Should Know   [Jul-17-17 08:20PM  Motley Fool]
▶ 3 Things You Didn't Know About Suncor Energy Inc.   [Jun-30-17 11:16AM  Motley Fool]
▶ Sunoco Free Fuel 5000 Returns For Thirteenth Year   [Jun-29-17 02:00PM  PR Newswire]
▶ Sunoco LP Value Analysis (NYSE:SUN) : June 27, 2017   [Jun-27-17 04:52PM  Capital Cube]
▶ Buy Energy Transfer Partners LPs (ETP) Latest Transition   [Jun-20-17 12:16PM  InvestorPlace]
▶ How Sunoco LP Makes Most of Its Money   [10:00AM  Motley Fool]
▶ Sunoco LP to Participate in Deutsche Bank Conference   [May-09-17 07:00AM  PR Newswire]
▶ These Were the Top-Performing MLPs in April 2017   [May-08-17 07:37AM  Market Realist]
▶ Here's Why Sunoco LP Rose 25.8% in April   [May-04-17 09:31AM  Motley Fool]
▶ Energy Transfer Equity Announces Dividend   [May-01-17 04:13PM  GuruFocus.com]
▶ Sunoco LP Maintains Quarterly Distribution   [Apr-27-17 06:06PM  PR Newswire]
Financial statements of SUN
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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