Intrinsic value of Sunoco - SUN

Previous Close

$30.43

  Intrinsic Value

$79.06

stock screener

  Rating & Target

str. buy

+160%

Previous close

$30.43

 
Intrinsic value

$79.06

 
Up/down potential

+160%

 
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

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 3.0

 

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
  13.00
  12.20
  11.48
  10.83
  10.25
  9.72
  9.25
  8.83
  8.44
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.57
  5.52
  5.47
  5.42
  5.38
Revenue, $m
  15,698
  17,739
  19,903
  22,188
  24,591
  27,111
  29,748
  32,500
  35,368
  38,355
  41,461
  44,691
  48,047
  51,535
  55,160
  58,928
  62,845
  66,918
  71,157
  75,569
  80,165
  84,952
  89,944
  95,149
  100,582
  106,252
  112,175
  118,364
  124,833
  131,597
  138,673
Variable operating expenses, $m
 
  13,962
  15,633
  17,398
  19,254
  21,201
  23,237
  25,362
  27,578
  29,884
  32,283
  34,516
  37,108
  39,802
  42,601
  45,511
  48,536
  51,683
  54,956
  58,364
  61,913
  65,611
  69,466
  73,486
  77,681
  82,061
  86,636
  91,415
  96,411
  101,635
  107,100
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
  17,698
  19,463
  21,323
  23,277
  25,325
  27,464
  29,695
  32,019
  34,436
  36,949
  39,299
  42,010
  44,827
  47,751
  50,790
  53,947
  57,229
  60,641
  64,191
  67,886
  71,733
  75,741
  79,918
  84,274
  88,819
  93,563
  98,515
  103,688
  109,094
  114,746
Operating income, $m
  -248
  41
  440
  865
  1,314
  1,787
  2,284
  2,805
  3,350
  3,919
  4,512
  5,393
  6,037
  6,709
  7,408
  8,137
  8,897
  9,689
  10,516
  11,378
  12,279
  13,220
  14,203
  15,231
  16,307
  17,434
  18,613
  19,849
  21,144
  22,502
  23,927
EBITDA, $m
  71
  523
  949
  1,402
  1,881
  2,385
  2,915
  3,470
  4,051
  4,657
  5,289
  5,947
  6,634
  7,348
  8,093
  8,869
  9,677
  10,520
  11,399
  12,316
  13,274
  14,274
  15,320
  16,413
  17,556
  18,753
  20,006
  21,318
  22,694
  24,136
  25,648
Interest expense (income), $m
  188
  262
  310
  362
  417
  475
  535
  599
  665
  734
  805
  880
  957
  1,038
  1,122
  1,209
  1,299
  1,393
  1,491
  1,593
  1,699
  1,809
  1,924
  2,044
  2,169
  2,299
  2,435
  2,577
  2,726
  2,881
  3,044
Earnings before tax, $m
  -437
  -221
  130
  502
  896
  1,312
  1,749
  2,206
  2,685
  3,185
  3,707
  4,513
  5,080
  5,671
  6,287
  6,929
  7,598
  8,296
  9,025
  9,786
  10,580
  11,411
  12,279
  13,188
  14,139
  15,135
  16,178
  17,272
  18,418
  19,621
  20,883
Tax expense, $m
  -31
  0
  35
  136
  242
  354
  472
  596
  725
  860
  1,001
  1,218
  1,372
  1,531
  1,697
  1,871
  2,051
  2,240
  2,437
  2,642
  2,857
  3,081
  3,315
  3,561
  3,817
  4,086
  4,368
  4,663
  4,973
  5,298
  5,639
Net income, $m
  -406
  -221
  95
  367
  654
  958
  1,277
  1,611
  1,960
  2,325
  2,706
  3,294
  3,708
  4,140
  4,589
  5,058
  5,547
  6,056
  6,588
  7,144
  7,724
  8,330
  8,964
  9,627
  10,321
  11,048
  11,810
  12,608
  13,445
  14,324
  15,245

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
  9,699
  10,882
  12,131
  13,445
  14,823
  16,264
  17,769
  19,338
  20,970
  22,669
  24,435
  26,270
  28,177
  30,159
  32,218
  34,360
  36,587
  38,905
  41,317
  43,830
  46,447
  49,176
  52,023
  54,993
  58,093
  61,332
  64,715
  68,252
  71,950
  75,819
Adjusted assets (=assets-cash), $m
  8,582
  9,699
  10,882
  12,131
  13,445
  14,823
  16,264
  17,769
  19,338
  20,970
  22,669
  24,435
  26,270
  28,177
  30,159
  32,218
  34,360
  36,587
  38,905
  41,317
  43,830
  46,447
  49,176
  52,023
  54,993
  58,093
  61,332
  64,715
  68,252
  71,950
  75,819
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
  5,109
  5,732
  6,390
  7,082
  7,808
  8,567
  9,360
  10,186
  11,046
  11,941
  12,871
  13,838
  14,842
  15,886
  16,971
  18,099
  19,272
  20,493
  21,764
  23,087
  24,466
  25,904
  27,403
  28,967
  30,601
  32,306
  34,089
  35,952
  37,900
  39,938
Working capital, $m
  200
  89
  100
  111
  123
  136
  149
  162
  177
  192
  207
  223
  240
  258
  276
  295
  314
  335
  356
  378
  401
  425
  450
  476
  503
  531
  561
  592
  624
  658
  693
Total debt, $m
  4,514
  5,351
  6,247
  7,192
  8,187
  9,230
  10,321
  11,460
  12,648
  13,884
  15,169
  16,506
  17,895
  19,339
  20,839
  22,398
  24,020
  25,706
  27,460
  29,286
  31,188
  33,170
  35,236
  37,390
  39,638
  41,986
  44,437
  46,998
  49,676
  52,475
  55,404
Total liabilities, $m
  6,505
  7,342
  8,238
  9,183
  10,178
  11,221
  12,312
  13,451
  14,639
  15,875
  17,160
  18,497
  19,886
  21,330
  22,830
  24,389
  26,011
  27,697
  29,451
  31,277
  33,179
  35,161
  37,227
  39,381
  41,629
  43,977
  46,428
  48,989
  51,667
  54,466
  57,395
Total equity, $m
  2,196
  2,357
  2,644
  2,948
  3,267
  3,602
  3,952
  4,318
  4,699
  5,096
  5,509
  5,938
  6,384
  6,847
  7,329
  7,829
  8,349
  8,891
  9,454
  10,040
  10,651
  11,287
  11,950
  12,642
  13,363
  14,117
  14,904
  15,726
  16,585
  17,484
  18,424
Total liabilities and equity, $m
  8,701
  9,699
  10,882
  12,131
  13,445
  14,823
  16,264
  17,769
  19,338
  20,971
  22,669
  24,435
  26,270
  28,177
  30,159
  32,218
  34,360
  36,588
  38,905
  41,317
  43,830
  46,448
  49,177
  52,023
  54,992
  58,094
  61,332
  64,715
  68,252
  71,950
  75,819
Debt-to-equity ratio
  2.056
  2.270
  2.360
  2.440
  2.510
  2.560
  2.610
  2.650
  2.690
  2.720
  2.750
  2.780
  2.800
  2.820
  2.840
  2.860
  2.880
  2.890
  2.900
  2.920
  2.930
  2.940
  2.950
  2.960
  2.970
  2.970
  2.980
  2.990
  3.000
  3.000
  3.010
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
  -221
  95
  367
  654
  958
  1,277
  1,611
  1,960
  2,325
  2,706
  3,294
  3,708
  4,140
  4,589
  5,058
  5,547
  6,056
  6,588
  7,144
  7,724
  8,330
  8,964
  9,627
  10,321
  11,048
  11,810
  12,608
  13,445
  14,324
  15,245
Depreciation, amort., depletion, $m
  319
  482
  509
  537
  567
  598
  631
  665
  701
  738
  776
  555
  596
  640
  685
  732
  780
  831
  883
  938
  995
  1,055
  1,117
  1,181
  1,249
  1,319
  1,393
  1,469
  1,550
  1,634
  1,721
Funds from operations, $m
  536
  261
  604
  904
  1,222
  1,556
  1,908
  2,276
  2,661
  3,063
  3,482
  3,849
  4,305
  4,779
  5,274
  5,790
  6,327
  6,887
  7,472
  8,082
  8,719
  9,384
  10,080
  10,808
  11,570
  12,367
  13,202
  14,078
  14,995
  15,957
  16,966
Change in working capital, $m
  -25
  10
  11
  11
  12
  13
  13
  14
  14
  15
  16
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  35
Cash from operations, $m
  561
  251
  593
  892
  1,209
  1,544
  1,894
  2,262
  2,647
  3,048
  3,467
  3,833
  4,288
  4,762
  5,256
  5,771
  6,307
  6,867
  7,450
  8,060
  8,696
  9,360
  10,055
  10,782
  11,543
  12,339
  13,173
  14,047
  14,963
  15,923
  16,931
Maintenance CAPEX, $m
  0
  -195
  -220
  -247
  -275
  -305
  -337
  -369
  -403
  -439
  -476
  -515
  -555
  -596
  -640
  -685
  -732
  -780
  -831
  -883
  -938
  -995
  -1,055
  -1,117
  -1,181
  -1,249
  -1,319
  -1,393
  -1,469
  -1,550
  -1,634
New CAPEX, $m
  -490
  -587
  -623
  -658
  -692
  -726
  -759
  -793
  -826
  -860
  -895
  -930
  -967
  -1,005
  -1,044
  -1,085
  -1,128
  -1,173
  -1,221
  -1,271
  -1,323
  -1,379
  -1,437
  -1,499
  -1,564
  -1,633
  -1,706
  -1,782
  -1,863
  -1,948
  -2,038
Cash from investing activities, $m
  -3,016
  -782
  -843
  -905
  -967
  -1,031
  -1,096
  -1,162
  -1,229
  -1,299
  -1,371
  -1,445
  -1,522
  -1,601
  -1,684
  -1,770
  -1,860
  -1,953
  -2,052
  -2,154
  -2,261
  -2,374
  -2,492
  -2,616
  -2,745
  -2,882
  -3,025
  -3,175
  -3,332
  -3,498
  -3,672
Free cash flow, $m
  -2,455
  -531
  -251
  -13
  242
  512
  799
  1,100
  1,417
  1,749
  2,096
  2,388
  2,766
  3,161
  3,572
  4,001
  4,448
  4,913
  5,399
  5,906
  6,434
  6,986
  7,563
  8,166
  8,797
  9,457
  10,148
  10,872
  11,630
  12,426
  13,260
Issuance/(repayment) of debt, $m
  2,577
  842
  896
  946
  995
  1,043
  1,091
  1,139
  1,187
  1,236
  1,286
  1,337
  1,389
  1,444
  1,500
  1,559
  1,621
  1,686
  1,754
  1,826
  1,902
  1,982
  2,066
  2,155
  2,248
  2,347
  2,451
  2,561
  2,677
  2,800
  2,929
Issuance/(repurchase) of shares, $m
  132
  495
  193
  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
  1,337
  1,089
  946
  995
  1,043
  1,091
  1,139
  1,187
  1,236
  1,286
  1,337
  1,389
  1,444
  1,500
  1,559
  1,621
  1,686
  1,754
  1,826
  1,902
  1,982
  2,066
  2,155
  2,248
  2,347
  2,451
  2,561
  2,677
  2,800
  2,929
Total cash flow (excl. dividends), $m
  482
  806
  838
  933
  1,237
  1,556
  1,890
  2,239
  2,604
  2,985
  3,382
  3,725
  4,156
  4,605
  5,073
  5,560
  6,069
  6,599
  7,153
  7,732
  8,336
  8,968
  9,629
  10,321
  11,045
  11,804
  12,599
  13,433
  14,308
  15,225
  16,188
Retained Cash Flow (-), $m
  3,067
  -495
  -288
  -304
  -319
  -335
  -350
  -366
  -381
  -397
  -413
  -429
  -446
  -463
  -482
  -501
  -520
  -541
  -563
  -586
  -611
  -636
  -663
  -692
  -722
  -753
  -787
  -822
  -859
  -899
  -940
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
 
  425
  550
  629
  917
  1,221
  1,539
  1,874
  2,223
  2,588
  2,969
  3,296
  3,710
  4,141
  4,591
  5,060
  5,548
  6,058
  6,590
  7,145
  7,726
  8,332
  8,966
  9,629
  10,324
  11,051
  11,813
  12,611
  13,448
  14,327
  15,248
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
 
  386
  451
  460
  592
  688
  749
  777
  775
  749
  702
  627
  558
  484
  409
  337
  270
  211
  161
  119
  85
  59
  40
  26
  17
  10
  6
  3
  2
  1
  0
Current shareholders' claim on cash, %
  100
  85.3
  80.5
  80.5
  80.5
  80.5
  80.5
  80.5
  80.5
  80.5
  80.5
  80.5
  80.5
  80.5
  80.5
  80.5
  80.5
  80.5
  80.5
  80.5
  80.5
  80.5
  80.5
  80.5
  80.5
  80.5
  80.5
  80.5
  80.5
  80.5
  80.5

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 -8.1
Price to Sales 0.2
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 5.9
Price to Free Cash Flow 46.4
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 13% 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 99.573 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 $3.0 billion.

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COMPANY NEWS

▶ 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]
▶ Better Buy: Sunoco LP vs. ConocoPhillips   [11:12AM  Motley Fool]
▶ 10 Retailers That Control Americas Gasoline Sales   [Apr-21-17 06:55AM  24/7 Wall St.]
▶ Tesla Hits New High, Tops GM's Market Cap; Amazon, Ulta Beauty Touted   [Apr-10-17 04:21PM  Investor's Business Daily]
▶ IIROC Trade Resumption - SUN   [10:34AM  PR Newswire]
▶ IIROC Trade Resumption - SUN   [10:34AM  CNW Group]
▶ IIROC Trading Halt - SUN   [Apr-07-17 04:29PM  CNW Group]
▶ Company News for April 07, 2017   [10:20AM  Zacks]
▶ 7-Eleven adding more than 1,100 stores in $3.3 billion deal   [Apr-06-17 10:20PM  American City Business Journals]
▶ [$$] 7-Eleven: station in life   [01:53PM  Financial Times]
▶ 7-Eleven to Buy Sunoco Assets   [01:49PM  Investopedia]
▶ [$$] Seven & i agrees $3.3bn deal with Sunoco   [01:07PM  Financial Times]
▶ $3.3 billion deal to bring 7-Eleven back to Houston   [12:55PM  American City Business Journals]
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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