Intrinsic value of CVR Partners - UAN

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$3.60

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of UAN 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 0.4

 

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, %
  23.18
  28.80
  26.42
  24.28
  22.35
  20.62
  19.05
  17.65
  16.38
  15.25
  14.22
  13.30
  12.47
  11.72
  11.05
  10.44
  9.90
  9.41
  8.97
  8.57
  8.22
  7.89
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.25
  6.12
Revenue, $m
  356
  459
  580
  720
  881
  1,063
  1,266
  1,489
  1,733
  1,997
  2,281
  2,585
  2,907
  3,248
  3,606
  3,983
  4,377
  4,789
  5,219
  5,666
  6,132
  6,616
  7,119
  7,642
  8,185
  8,750
  9,337
  9,947
  10,582
  11,243
  11,931
Variable operating expenses, $m
 
  348
  439
  544
  665
  801
  953
  1,120
  1,303
  1,501
  1,714
  1,937
  2,179
  2,434
  2,703
  2,985
  3,281
  3,590
  3,912
  4,247
  4,596
  4,958
  5,336
  5,727
  6,135
  6,558
  6,998
  7,455
  7,931
  8,426
  8,942
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
  334
  348
  439
  544
  665
  801
  953
  1,120
  1,303
  1,501
  1,714
  1,937
  2,179
  2,434
  2,703
  2,985
  3,281
  3,590
  3,912
  4,247
  4,596
  4,958
  5,336
  5,727
  6,135
  6,558
  6,998
  7,455
  7,931
  8,426
  8,942
Operating income, $m
  22
  111
  141
  176
  217
  262
  313
  369
  430
  496
  567
  647
  728
  814
  903
  998
  1,097
  1,200
  1,307
  1,420
  1,536
  1,657
  1,783
  1,914
  2,050
  2,192
  2,339
  2,492
  2,651
  2,817
  2,989
EBITDA, $m
  80
  186
  235
  292
  357
  431
  513
  604
  703
  810
  925
  1,048
  1,179
  1,317
  1,462
  1,615
  1,775
  1,942
  2,116
  2,298
  2,487
  2,683
  2,887
  3,099
  3,319
  3,548
  3,786
  4,034
  4,291
  4,559
  4,838
Interest expense (income), $m
  53
  88
  117
  150
  189
  233
  283
  338
  400
  467
  539
  617
  700
  789
  882
  981
  1,084
  1,192
  1,305
  1,423
  1,546
  1,674
  1,807
  1,945
  2,088
  2,237
  2,392
  2,554
  2,721
  2,895
  3,077
Earnings before tax, $m
  -27
  22
  24
  26
  28
  29
  30
  31
  30
  30
  28
  30
  28
  25
  21
  17
  12
  7
  2
  -4
  -10
  -17
  -23
  -30
  -38
  -45
  -53
  -62
  -70
  -79
  -88
Tax expense, $m
  0
  6
  7
  7
  8
  8
  8
  8
  8
  8
  8
  8
  8
  7
  6
  5
  3
  2
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -27
  16
  18
  19
  20
  21
  22
  22
  22
  22
  21
  22
  20
  18
  15
  12
  9
  5
  1
  -4
  -10
  -17
  -23
  -30
  -38
  -45
  -53
  -62
  -70
  -79
  -88

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  56
  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
  1,312
  1,620
  2,048
  2,546
  3,115
  3,757
  4,472
  5,262
  6,124
  7,057
  8,061
  9,133
  10,272
  11,476
  12,744
  14,075
  15,468
  16,924
  18,442
  20,022
  21,667
  23,378
  25,155
  27,003
  28,922
  30,918
  32,992
  35,149
  37,392
  39,728
  42,160
Adjusted assets (=assets-cash), $m
  1,256
  1,620
  2,048
  2,546
  3,115
  3,757
  4,472
  5,262
  6,124
  7,057
  8,061
  9,133
  10,272
  11,476
  12,744
  14,075
  15,468
  16,924
  18,442
  20,022
  21,667
  23,378
  25,155
  27,003
  28,922
  30,918
  32,992
  35,149
  37,392
  39,728
  42,160
Revenue / Adjusted assets
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
Average production assets, $m
  762
  981
  1,240
  1,541
  1,885
  2,274
  2,707
  3,185
  3,707
  4,272
  4,880
  5,528
  6,218
  6,947
  7,714
  8,520
  9,363
  10,245
  11,163
  12,120
  13,116
  14,151
  15,227
  16,346
  17,508
  18,716
  19,971
  21,277
  22,635
  24,049
  25,521
Working capital, $m
  72
  21
  26
  32
  40
  48
  57
  67
  78
  90
  103
  116
  131
  146
  162
  179
  197
  216
  235
  255
  276
  298
  320
  344
  368
  394
  420
  448
  476
  506
  537
Total debt, $m
  623
  822
  1,056
  1,328
  1,640
  1,991
  2,382
  2,814
  3,286
  3,796
  4,345
  4,932
  5,555
  6,213
  6,907
  7,635
  8,397
  9,193
  10,024
  10,888
  11,788
  12,724
  13,696
  14,706
  15,757
  16,848
  17,982
  19,162
  20,390
  21,667
  22,997
Total liabilities, $m
  687
  886
  1,120
  1,392
  1,704
  2,055
  2,446
  2,878
  3,350
  3,860
  4,409
  4,996
  5,619
  6,277
  6,971
  7,699
  8,461
  9,257
  10,088
  10,952
  11,852
  12,788
  13,760
  14,770
  15,821
  16,912
  18,046
  19,226
  20,454
  21,731
  23,061
Total equity, $m
  625
  734
  928
  1,153
  1,411
  1,702
  2,026
  2,384
  2,774
  3,197
  3,652
  4,137
  4,653
  5,198
  5,773
  6,376
  7,007
  7,666
  8,354
  9,070
  9,815
  10,590
  11,395
  12,232
  13,102
  14,006
  14,945
  15,922
  16,939
  17,997
  19,098
Total liabilities and equity, $m
  1,312
  1,620
  2,048
  2,545
  3,115
  3,757
  4,472
  5,262
  6,124
  7,057
  8,061
  9,133
  10,272
  11,475
  12,744
  14,075
  15,468
  16,923
  18,442
  20,022
  21,667
  23,378
  25,155
  27,002
  28,923
  30,918
  32,991
  35,148
  37,393
  39,728
  42,159
Debt-to-equity ratio
  0.997
  1.120
  1.140
  1.150
  1.160
  1.170
  1.180
  1.180
  1.180
  1.190
  1.190
  1.190
  1.190
  1.200
  1.200
  1.200
  1.200
  1.200
  1.200
  1.200
  1.200
  1.200
  1.200
  1.200
  1.200
  1.200
  1.200
  1.200
  1.200
  1.200
  1.200
Adjusted equity ratio
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -27
  16
  18
  19
  20
  21
  22
  22
  22
  22
  21
  22
  20
  18
  15
  12
  9
  5
  1
  -4
  -10
  -17
  -23
  -30
  -38
  -45
  -53
  -62
  -70
  -79
  -88
Depreciation, amort., depletion, $m
  58
  75
  94
  116
  141
  169
  200
  235
  273
  314
  358
  401
  451
  503
  559
  617
  679
  742
  809
  878
  950
  1,025
  1,103
  1,184
  1,269
  1,356
  1,447
  1,542
  1,640
  1,743
  1,849
Funds from operations, $m
  48
  91
  112
  135
  161
  190
  222
  257
  295
  335
  378
  423
  471
  522
  574
  630
  688
  748
  810
  874
  940
  1,009
  1,080
  1,154
  1,231
  1,311
  1,394
  1,480
  1,570
  1,664
  1,762
Change in working capital, $m
  3
  5
  5
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  15
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  24
  25
  26
  27
  29
  30
  31
Cash from operations, $m
  45
  455
  106
  129
  154
  182
  213
  247
  284
  323
  366
  409
  456
  506
  558
  613
  670
  729
  791
  854
  919
  987
  1,057
  1,131
  1,206
  1,285
  1,367
  1,453
  1,542
  1,634
  1,731
Maintenance CAPEX, $m
  0
  -55
  -71
  -90
  -112
  -137
  -165
  -196
  -231
  -269
  -310
  -354
  -401
  -451
  -503
  -559
  -617
  -679
  -742
  -809
  -878
  -950
  -1,025
  -1,103
  -1,184
  -1,269
  -1,356
  -1,447
  -1,542
  -1,640
  -1,743
New CAPEX, $m
  -23
  -219
  -259
  -301
  -344
  -389
  -433
  -478
  -522
  -565
  -608
  -649
  -689
  -729
  -768
  -806
  -843
  -881
  -919
  -957
  -996
  -1,035
  -1,076
  -1,118
  -1,162
  -1,208
  -1,256
  -1,306
  -1,358
  -1,414
  -1,472
Cash from investing activities, $m
  -87
  -274
  -330
  -391
  -456
  -526
  -598
  -674
  -753
  -834
  -918
  -1,003
  -1,090
  -1,180
  -1,271
  -1,365
  -1,460
  -1,560
  -1,661
  -1,766
  -1,874
  -1,985
  -2,101
  -2,221
  -2,346
  -2,477
  -2,612
  -2,753
  -2,900
  -3,054
  -3,215
Free cash flow, $m
  -42
  181
  -224
  -262
  -302
  -343
  -385
  -427
  -469
  -510
  -552
  -593
  -633
  -673
  -713
  -752
  -791
  -830
  -870
  -912
  -954
  -999
  -1,044
  -1,091
  -1,140
  -1,191
  -1,244
  -1,300
  -1,359
  -1,420
  -1,484
Issuance/(repayment) of debt, $m
  133
  199
  234
  272
  311
  351
  392
  432
  472
  511
  549
  586
  623
  659
  694
  728
  762
  796
  830
  865
  900
  936
  972
  1,010
  1,050
  1,091
  1,135
  1,180
  1,227
  1,277
  1,330
Issuance/(repurchase) of shares, $m
  0
  0
  184
  215
  249
  283
  318
  353
  388
  423
  457
  493
  526
  560
  593
  627
  660
  694
  727
  763
  800
  838
  877
  918
  960
  1,004
  1,049
  1,097
  1,148
  1,200
  1,256
Cash from financing (excl. dividends), $m  
  118
  199
  418
  487
  560
  634
  710
  785
  860
  934
  1,006
  1,079
  1,149
  1,219
  1,287
  1,355
  1,422
  1,490
  1,557
  1,628
  1,700
  1,774
  1,849
  1,928
  2,010
  2,095
  2,184
  2,277
  2,375
  2,477
  2,586
Total cash flow (excl. dividends), $m
  76
  380
  10
  10
  9
  8
  7
  5
  3
  0
  -3
  -7
  -11
  -15
  -19
  -24
  -29
  -34
  -40
  -47
  -55
  -63
  -72
  -81
  -90
  -100
  -110
  -120
  -131
  -142
  -154
Retained Cash Flow (-), $m
  -239
  -165
  -194
  -225
  -258
  -291
  -324
  -358
  -391
  -423
  -455
  -486
  -516
  -545
  -574
  -603
  -631
  -659
  -688
  -716
  -745
  -775
  -805
  -837
  -870
  -904
  -940
  -977
  -1,016
  -1,058
  -1,102
Prev. year cash balance distribution, $m
 
  56
  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
 
  271
  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
Discount rate, %
 
  8.70
  9.14
  9.59
  10.07
  10.57
  11.10
  11.66
  12.24
  12.85
  13.50
  14.17
  14.88
  15.62
  16.41
  17.23
  18.09
  18.99
  19.94
  20.94
  21.98
  23.08
  24.24
  25.45
  26.72
  28.06
  29.46
  30.93
  32.48
  34.11
  35.81
PV of cash for distribution, $m
 
  249
  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
Current shareholders' claim on cash, %
  100
  100.0
  73.7
  55.3
  42.3
  32.9
  26.0
  20.8
  16.9
  13.9
  11.5
  9.6
  8.2
  7.0
  6.0
  5.2
  4.5
  4.0
  3.5
  3.1
  2.7
  2.4
  2.2
  2.0
  1.8
  1.6
  1.4
  1.3
  1.2
  1.1
  1.0

CVR Partners, LP produces, distributes, and markets nitrogen fertilizer products in North America. It provides ammonia products for agricultural and industrial customers; and urea ammonium nitrate products for agricultural customers. CVR GP, LLC serves as the general partner of the company. The company was founded in 2007 and is based in Sugar Land, Texas. CVR Partners, LP is a subsidiary of Coffeyville Resources LLC.

FINANCIAL RATIOS  of  CVR Partners (UAN)

Valuation Ratios
P/E Ratio -15.1
Price to Sales 1.1
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 9.1
Price to Free Cash Flow 18.5
Growth Rates
Sales Growth Rate 23.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 35.3%
Cap. Spend. - 3 Yr. Gr. Rate -12.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 99.7%
Total Debt to Equity 99.7%
Interest Coverage 0
Management Effectiveness
Return On Assets 2.8%
Ret/ On Assets - 3 Yr. Avg. 9.7%
Return On Total Capital -3.1%
Ret/ On T. Cap. - 3 Yr. Avg. 7.5%
Return On Equity -5.3%
Return On Equity - 3 Yr. Avg. 9.3%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 32%
Gross Margin - 3 Yr. Avg. 38.6%
EBITDA Margin 23.6%
EBITDA Margin - 3 Yr. Avg. 31.1%
Operating Margin 6.2%
Oper. Margin - 3 Yr. Avg. 19.3%
Pre-Tax Margin -7.6%
Pre-Tax Margin - 3 Yr. Avg. 13.1%
Net Profit Margin -7.6%
Net Profit Margin - 3 Yr. Avg. 13.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio -259.3%

UAN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UAN stock intrinsic value calculation we used $356 million for the last fiscal year's total revenue generated by CVR Partners. The default revenue input number comes from 2016 income statement of CVR Partners. 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 UAN stock valuation model: a) initial revenue growth rate of 28.8% 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 8.7%, whose default value for UAN is calculated based on our internal credit rating of CVR Partners, 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 CVR Partners.
    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 UAN stock the variable cost ratio is equal to 76.1%.

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 UAN 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 14.2% for CVR Partners.

Corporate tax rate of 27% is the nominal tax rate for CVR Partners. 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 UAN 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 UAN are equal to 213.9%.

Life of production assets of 13.8 years is the average useful life of capital assets used in CVR Partners 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 UAN is equal to 4.5%. 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 - $625 million for CVR Partners - 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 113.942 million for CVR Partners 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 CVR Partners at the current share price and the inputted number of shares is $0.4 billion.


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RELATED COMPANIES Price Int.Val. Rating
TNH Terra Nitrogen 86.96 prem.  prem.
CF CF Industries 27.17 prem.  prem.
AGU Agrium 91.25 prem.  prem.
CVI CVR Energy 21.59 prem.  prem.
SMG Scotts Miracle 87.57 prem.  prem.

COMPANY NEWS

▶ Urea Prices Were Mixed for the Week Ending June 16   [Jun-20-17 09:07AM  Market Realist]
▶ How Wheat Prices Moved in June 2017   [Jun-16-17 07:37AM  Market Realist]
▶ Whats Driving CF Industries Sales Growth?   [Jun-14-17 06:05PM  Market Realist]
▶ Fertilizer Price Update for the Week Ending June 9   [Jun-12-17 10:11AM  Market Realist]
▶ Why Shares of CVR Energy Declined 12% in May   [Jun-09-17 11:47AM  Motley Fool]
▶ 3 Signs You Should Sell CVR Partners LP   [May-24-17 08:45AM  Motley Fool]
▶ Comparing Fertilizer Companies 1Q17 Nitrogen Gross Margins   [May-17-17 04:36PM  Market Realist]
▶ CF Industries Sales Estimated to Rise in 2017   [Apr-28-17 01:06PM  Market Realist]
▶ CVR Partners (UAN) Posts Loss in Q1, Sales Beat   [Apr-27-17 12:04PM  Zacks]
▶ Analysts April Recommendations and Targets for CF Industries   [Apr-13-17 09:07AM  Market Realist]
▶ Which MLP Stocks Were the Biggest Losers in February 2017?   [Mar-10-17 05:07PM  Market Realist]
▶ Nitrogen Producers Realized Prices: A Key Comparison   [Mar-08-17 10:37AM  Market Realist]
▶ Neck Deep in Fertilizer: Life after the 4Q16 Earnings   [Mar-07-17 04:53PM  Market Realist]
▶ Fertilizer Stocks Fell Last Week   [Feb-27-17 03:49PM  Market Realist]
▶ CVR Energy's Earnings Keep Pointing Toward a Dividend Cut   [Feb-22-17 11:48AM  at Motley Fool]
▶ Why CVR Energy's Shares Popped Almost 10% Yesterday   [Feb-17-17 11:11AM  at Motley Fool]
▶ These 3 Stocks Could Prove Toxic to Your Portfolio   [Feb-11-17 01:58PM  at Motley Fool]
▶ CVR Partners Announces 2016 Fourth Quarter Earnings Call   [Feb-02-17 09:00AM  PR Newswire]
▶ Here's Why CVR Energy's Dividend is Probably Safe   [Nov-27-16 09:17AM  at Motley Fool]
Stock chart of UAN Financial statements of UAN Annual reports of UAN
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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