Intrinsic value of CVR Partners - UAN

Previous Close

$3.53

  Intrinsic Value

$1.29

stock screener

  Rating & Target

str. sell

-63%

Previous close

$3.53

 
Intrinsic value

$1.29

 
Up/down potential

-63%

 
Rating

str. sell

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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  356
  363
  371
  381
  392
  404
  417
  431
  446
  463
  480
  499
  520
  541
  564
  589
  614
  642
  671
  701
  733
  767
  803
  841
  881
  923
  967
  1,013
  1,062
  1,114
  1,168
Variable operating expenses, $m
 
  276
  283
  290
  298
  307
  316
  327
  339
  351
  364
  374
  390
  406
  423
  441
  461
  481
  503
  525
  550
  575
  602
  630
  660
  692
  725
  759
  796
  835
  875
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
  276
  283
  290
  298
  307
  316
  327
  339
  351
  364
  374
  390
  406
  423
  441
  461
  481
  503
  525
  550
  575
  602
  630
  660
  692
  725
  759
  796
  835
  875
Operating income, $m
  22
  87
  89
  91
  94
  97
  100
  104
  108
  112
  116
  125
  130
  136
  141
  147
  154
  161
  168
  176
  184
  192
  201
  211
  221
  231
  242
  254
  266
  279
  293
EBITDA, $m
  80
  147
  151
  155
  159
  164
  169
  175
  181
  188
  195
  203
  211
  220
  229
  239
  249
  260
  272
  284
  297
  311
  326
  341
  357
  374
  392
  411
  431
  452
  474
Interest expense (income), $m
  53
  88
  91
  93
  95
  98
  102
  105
  109
  113
  118
  123
  128
  134
  139
  146
  152
  160
  167
  175
  183
  192
  202
  211
  222
  233
  244
  256
  269
  282
  297
Earnings before tax, $m
  -27
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  2
  2
  2
  2
  2
  1
  1
  1
  1
  0
  0
  0
  -1
  -1
  -2
  -2
  -2
  -3
  -3
  -4
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -27
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  2
  2
  1
  1
  1
  1
  1
  1
  0
  0
  0
  0
  -1
  -1
  -2
  -2
  -2
  -3
  -3
  -4

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
  1,283
  1,313
  1,346
  1,384
  1,426
  1,472
  1,522
  1,577
  1,635
  1,698
  1,765
  1,837
  1,913
  1,994
  2,080
  2,171
  2,268
  2,370
  2,477
  2,591
  2,711
  2,838
  2,972
  3,112
  3,260
  3,416
  3,581
  3,753
  3,935
  4,126
Adjusted assets (=assets-cash), $m
  1,256
  1,283
  1,313
  1,346
  1,384
  1,426
  1,472
  1,522
  1,577
  1,635
  1,698
  1,765
  1,837
  1,913
  1,994
  2,080
  2,171
  2,268
  2,370
  2,477
  2,591
  2,711
  2,838
  2,972
  3,112
  3,260
  3,416
  3,581
  3,753
  3,935
  4,126
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
  777
  795
  815
  838
  863
  891
  922
  954
  990
  1,028
  1,068
  1,112
  1,158
  1,207
  1,259
  1,314
  1,373
  1,434
  1,500
  1,569
  1,641
  1,718
  1,799
  1,884
  1,974
  2,068
  2,168
  2,272
  2,382
  2,498
Working capital, $m
  72
  16
  17
  17
  18
  18
  19
  19
  20
  21
  22
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  50
  53
Total debt, $m
  623
  638
  654
  672
  693
  716
  741
  769
  798
  830
  865
  901
  941
  982
  1,027
  1,074
  1,124
  1,176
  1,232
  1,291
  1,353
  1,419
  1,488
  1,561
  1,638
  1,719
  1,805
  1,895
  1,989
  2,089
  2,193
Total liabilities, $m
  687
  702
  718
  736
  757
  780
  805
  833
  862
  894
  929
  965
  1,005
  1,046
  1,091
  1,138
  1,188
  1,240
  1,296
  1,355
  1,417
  1,483
  1,552
  1,625
  1,702
  1,783
  1,869
  1,959
  2,053
  2,153
  2,257
Total equity, $m
  625
  581
  595
  610
  627
  646
  667
  690
  714
  741
  769
  800
  832
  867
  903
  942
  984
  1,027
  1,073
  1,122
  1,174
  1,228
  1,286
  1,346
  1,410
  1,477
  1,548
  1,622
  1,700
  1,783
  1,869
Total liabilities and equity, $m
  1,312
  1,283
  1,313
  1,346
  1,384
  1,426
  1,472
  1,523
  1,576
  1,635
  1,698
  1,765
  1,837
  1,913
  1,994
  2,080
  2,172
  2,267
  2,369
  2,477
  2,591
  2,711
  2,838
  2,971
  3,112
  3,260
  3,417
  3,581
  3,753
  3,936
  4,126
Debt-to-equity ratio
  0.997
  1.100
  1.100
  1.100
  1.110
  1.110
  1.110
  1.110
  1.120
  1.120
  1.120
  1.130
  1.130
  1.130
  1.140
  1.140
  1.140
  1.150
  1.150
  1.150
  1.150
  1.160
  1.160
  1.160
  1.160
  1.160
  1.170
  1.170
  1.170
  1.170
  1.170
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
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  2
  2
  1
  1
  1
  1
  1
  1
  0
  0
  0
  0
  -1
  -1
  -2
  -2
  -2
  -3
  -3
  -4
Depreciation, amort., depletion, $m
  58
  60
  62
  63
  65
  67
  69
  71
  73
  76
  79
  77
  81
  84
  87
  91
  95
  99
  104
  109
  114
  119
  124
  130
  137
  143
  150
  157
  165
  173
  181
Funds from operations, $m
  48
  59
  60
  62
  63
  65
  67
  69
  72
  74
  77
  79
  82
  85
  89
  92
  96
  100
  105
  109
  114
  119
  124
  130
  135
  142
  148
  155
  162
  169
  177
Change in working capital, $m
  3
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
Cash from operations, $m
  45
  58
  60
  61
  63
  65
  67
  69
  71
  74
  76
  78
  81
  84
  88
  91
  95
  99
  103
  108
  112
  117
  123
  128
  134
  140
  146
  153
  160
  167
  175
Maintenance CAPEX, $m
  0
  -55
  -56
  -58
  -59
  -61
  -63
  -65
  -67
  -69
  -72
  -74
  -77
  -81
  -84
  -87
  -91
  -95
  -99
  -104
  -109
  -114
  -119
  -124
  -130
  -137
  -143
  -150
  -157
  -165
  -173
New CAPEX, $m
  -23
  -15
  -18
  -20
  -23
  -25
  -28
  -30
  -33
  -35
  -38
  -41
  -43
  -46
  -49
  -52
  -55
  -58
  -62
  -65
  -69
  -73
  -77
  -81
  -85
  -90
  -94
  -99
  -105
  -110
  -116
Cash from investing activities, $m
  -87
  -70
  -74
  -78
  -82
  -86
  -91
  -95
  -100
  -104
  -110
  -115
  -120
  -127
  -133
  -139
  -146
  -153
  -161
  -169
  -178
  -187
  -196
  -205
  -215
  -227
  -237
  -249
  -262
  -275
  -289
Free cash flow, $m
  -42
  -12
  -14
  -17
  -19
  -21
  -24
  -26
  -29
  -31
  -34
  -37
  -40
  -42
  -45
  -48
  -51
  -55
  -58
  -61
  -65
  -69
  -73
  -77
  -82
  -87
  -92
  -97
  -102
  -108
  -114
Issuance/(repayment) of debt, $m
  133
  15
  16
  18
  21
  23
  25
  27
  30
  32
  34
  37
  39
  42
  44
  47
  50
  53
  56
  59
  62
  66
  69
  73
  77
  81
  85
  90
  95
  99
  105
Issuance/(repurchase) of shares, $m
  0
  14
  15
  17
  19
  20
  22
  24
  26
  28
  30
  29
  31
  33
  35
  38
  40
  43
  46
  48
  51
  54
  58
  61
  65
  69
  73
  77
  81
  86
  91
Cash from financing (excl. dividends), $m  
  118
  29
  31
  35
  40
  43
  47
  51
  56
  60
  64
  66
  70
  75
  79
  85
  90
  96
  102
  107
  113
  120
  127
  134
  142
  150
  158
  167
  176
  185
  196
Total cash flow (excl. dividends), $m
  76
  17
  17
  18
  20
  22
  24
  25
  27
  29
  31
  29
  31
  32
  35
  37
  39
  41
  43
  46
  48
  51
  54
  57
  60
  63
  66
  70
  74
  77
  81
Retained Cash Flow (-), $m
  -239
  -14
  -15
  -17
  -19
  -20
  -22
  -24
  -26
  -28
  -30
  -30
  -32
  -35
  -37
  -39
  -41
  -44
  -46
  -49
  -52
  -54
  -58
  -61
  -65
  -69
  -73
  -77
  -81
  -86
  -91
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
 
  59
  2
  2
  2
  2
  1
  1
  1
  1
  1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -5
  -6
  -6
  -7
  -8
  -8
  -9
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
 
  54
  1
  1
  1
  1
  1
  1
  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
  96.6
  93.2
  89.6
  85.8
  82.0
  78.2
  74.3
  70.5
  66.8
  63.1
  59.9
  56.8
  53.7
  50.8
  47.9
  45.2
  42.5
  40.0
  37.6
  35.3
  33.1
  31.0
  29.0
  27.2
  25.4
  23.7
  22.2
  20.7
  19.3
  18.0

CVR Partners, LP is a limited partnership formed by CVR Energy, Inc. (CVR Energy) to own, operate and grow its nitrogen fertilizer business. The Company produces and distributes nitrogen fertilizer products, which are used by farmers to manage the yield and quality of their crops. As of December 31, 2016, the Company produced its nitrogen fertilizer products at two manufacturing facilities, located in Coffeyville, Kansas and East Dubuque, Illinois. As of December 31, 2016, the Company's Coffeyville Facility included a 1,300 ton-per-day capacity ammonia unit, a 3,000 ton-per-day capacity urea-ammonium nitrate (UAN) unit, and a gasifier complex having a capacity of 89 million standard cubic feet per day of hydrogen. The gasifier is a dual-train facility, with each gasifier able to function independently of the other. The Coffeyville Facility utilizes a petroleum coke, or pet coke, gasification process to produce nitrogen fertilizer.

FINANCIAL RATIOS  of  CVR Partners (UAN)

Valuation Ratios
P/E Ratio -14.8
Price to Sales 1.1
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 8.9
Price to Free Cash Flow 18.2
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 2% 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 113.282 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.

RELATED COMPANIES Price Int.Val. Rating
TNH Terra Nitrogen 81.62 107.23  buy
CF CF Industries 41.02 36.81  hold
AGU Agrium 111.66 53.10  str.sell
CVI CVR Energy 34.84 139.75  str.buy
SMG Scotts Miracle 102.07 38.09  str.sell

COMPANY NEWS

▶ The Top MLP Gainers as of December 8   [Dec-12-17 07:33AM  Market Realist]
▶ Fertilizer Prices Update: Week Ended December 8   [Dec-11-17 08:09AM  Market Realist]
▶ How Fertilizer Prices Moved Last Week   [Dec-05-17 07:35AM  Market Realist]
▶ Natural Gas Prices Impacted Nitrogen Fertilizers Last Week   [Nov-22-17 10:33AM  Market Realist]
▶ Why Nitrogen Fertilizer Prices Fell in 3Q17   [Nov-21-17 09:01AM  Market Realist]
▶ Sales for 8 Fertilizer Companies in 3Q17: A Comparison   [Nov-17-17 05:35PM  Market Realist]
▶ How Urea Prices Moved Last Week   [Nov-08-17 09:02AM  Market Realist]
▶ How Did Fertilizer Stocks Perform Last Week?   [07:33AM  Market Realist]
▶ Why CF Industries Shipments Grew in 3Q17   [Nov-06-17 06:00PM  Market Realist]
▶ Why CF Industries Sales Grew 28% in 3Q17   [04:30PM  Market Realist]
▶ 7 Biggest Nitrogen Fertilizer Manufacturers in America   [Nov-05-17 09:45AM  Insider Monkey]
▶ CVR Partners, LP to Host Earnings Call   [08:30AM  ACCESSWIRE]
▶ Last Weeks Top MLP Gainers   [Oct-31-17 03:42PM  Market Realist]
▶ Why PotashCorps Nitrogen Price Realization Fell in 3Q17   [Oct-30-17 10:33AM  Market Realist]
▶ Why CF Industries Revenues Could Rise in 3Q17   [Oct-20-17 10:06AM  Market Realist]
▶ Fertilizer Price Update for the Week Ending October 13   [Oct-18-17 11:24AM  Market Realist]
▶ How Fertilizer Stocks Performed Last Week   [Oct-09-17 01:27PM  Market Realist]
▶ 3 Stocks I Never Plan to Buy   [Oct-06-17 08:09AM  Motley Fool]
▶ CF Industries Margins Have Contracted in 5 Years   [Oct-03-17 07:40AM  Market Realist]
▶ Granular Urea Prices Rose in the Week Ending September 29   [Oct-02-17 09:14AM  Market Realist]
▶ How Are CF Industries Sales Recovering?   [Sep-29-17 03:06PM  Market Realist]
▶ Fertilizer Stocks Were Mixed in the Week Ending September 22   [Sep-25-17 07:42AM  Market Realist]
▶ Why CF Industries and CVR Partners Rose in September   [Sep-21-17 05:06PM  Market Realist]
▶ What Analysts Think about Compass Minerals International   [Sep-19-17 12:09PM  Market Realist]
▶ Here's Why CVR Energy Rose 12.3% in August   [Sep-08-17 03:35PM  Motley Fool]
▶ Here's Why CVR Partners Dropped 26.7% in August   [Sep-07-17 06:24PM  Motley Fool]
▶ Top MLP Losers in the Week Ending August 25   [Aug-29-17 12:09PM  Market Realist]
▶ Fertilizer Price Momentum for Week Ended August 25   [Aug-28-17 02:23PM  Market Realist]
▶ These MLPs Fell at Least 6% Last Week   [Aug-22-17 02:05PM  Market Realist]
▶ CF Industries Realized Prices Continued to Fall in 2Q17   [Aug-07-17 09:09AM  Market Realist]
▶ CF Industries Sales Disappoint in 2Q17   [Aug-04-17 05:05PM  Market Realist]
▶ Analysts Expect CFs Revenue Growth to Pick Up   [07:40AM  Market Realist]
▶ Is the Worst Over for Mosaics Weak Revenue Growth?   [Jul-21-17 08:07AM  Market Realist]
▶ CVR Partners Announces 2017 Second Quarter Earnings Call   [Jul-13-17 08:30AM  PR Newswire]
▶ 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]
Financial statements 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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