Intrinsic value of CVR Partners - UAN

Previous Close

$3.11

  Intrinsic Value

$1.28

stock screener

  Rating & Target

str. sell

-59%

  Value-price divergence*

-22%

Previous close

$3.11

 
Intrinsic value

$1.28

 
Up/down potential

-59%

 
Rating

str. sell

 
Value-price divergence*

-22%

*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
  16.40
  15.26
  14.23
  13.31
  12.48
  11.73
  11.06
  10.45
  9.91
  9.42
  8.97
  8.58
  8.22
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
Revenue, $m
  356
  414
  478
  546
  618
  695
  777
  863
  953
  1,047
  1,146
  1,249
  1,356
  1,468
  1,584
  1,704
  1,829
  1,959
  2,094
  2,235
  2,381
  2,533
  2,692
  2,856
  3,028
  3,207
  3,394
  3,588
  3,791
  4,004
  4,225
Variable operating expenses, $m
 
  315
  362
  413
  467
  525
  586
  651
  718
  789
  863
  936
  1,016
  1,100
  1,187
  1,277
  1,371
  1,468
  1,570
  1,675
  1,785
  1,899
  2,017
  2,141
  2,269
  2,404
  2,543
  2,689
  2,842
  3,001
  3,167
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
  315
  362
  413
  467
  525
  586
  651
  718
  789
  863
  936
  1,016
  1,100
  1,187
  1,277
  1,371
  1,468
  1,570
  1,675
  1,785
  1,899
  2,017
  2,141
  2,269
  2,404
  2,543
  2,689
  2,842
  3,001
  3,167
Operating income, $m
  22
  100
  116
  133
  151
  170
  191
  212
  235
  258
  283
  313
  340
  368
  397
  427
  458
  491
  525
  560
  597
  635
  674
  716
  759
  803
  850
  899
  950
  1,003
  1,059
EBITDA, $m
  80
  168
  194
  221
  251
  282
  315
  350
  386
  425
  465
  506
  550
  595
  642
  691
  742
  795
  849
  906
  966
  1,027
  1,091
  1,158
  1,228
  1,300
  1,376
  1,455
  1,537
  1,624
  1,713
Interest expense (income), $m
  53
  88
  105
  122
  141
  161
  182
  204
  228
  252
  278
  305
  334
  363
  394
  426
  459
  493
  529
  566
  604
  644
  686
  730
  775
  822
  871
  922
  976
  1,032
  1,090
Earnings before tax, $m
  -27
  11
  11
  11
  10
  10
  9
  8
  7
  6
  5
  7
  6
  5
  3
  1
  0
  -2
  -4
  -6
  -8
  -10
  -12
  -14
  -16
  -19
  -21
  -23
  -26
  -29
  -31
Tax expense, $m
  0
  3
  3
  3
  3
  3
  2
  2
  2
  2
  1
  2
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -27
  8
  8
  8
  7
  7
  6
  6
  5
  4
  3
  5
  4
  3
  2
  1
  0
  -2
  -4
  -6
  -8
  -10
  -12
  -14
  -16
  -19
  -21
  -23
  -26
  -29
  -31

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
  1,464
  1,688
  1,928
  2,185
  2,457
  2,745
  3,049
  3,368
  3,701
  4,050
  4,413
  4,792
  5,186
  5,595
  6,021
  6,463
  6,923
  7,401
  7,898
  8,414
  8,952
  9,511
  10,093
  10,700
  11,332
  11,991
  12,679
  13,397
  14,147
  14,930
Adjusted assets (=assets-cash), $m
  1,256
  1,464
  1,688
  1,928
  2,185
  2,457
  2,745
  3,049
  3,368
  3,701
  4,050
  4,413
  4,792
  5,186
  5,595
  6,021
  6,463
  6,923
  7,401
  7,898
  8,414
  8,952
  9,511
  10,093
  10,700
  11,332
  11,991
  12,679
  13,397
  14,147
  14,930
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
  886
  1,022
  1,167
  1,322
  1,487
  1,662
  1,846
  2,039
  2,241
  2,452
  2,672
  2,901
  3,139
  3,387
  3,645
  3,913
  4,191
  4,480
  4,781
  5,093
  5,419
  5,757
  6,110
  6,477
  6,860
  7,259
  7,675
  8,110
  8,564
  9,038
Working capital, $m
  72
  19
  21
  25
  28
  31
  35
  39
  43
  47
  52
  56
  61
  66
  71
  77
  82
  88
  94
  101
  107
  114
  121
  129
  136
  144
  153
  161
  171
  180
  190
Total debt, $m
  623
  737
  859
  991
  1,131
  1,280
  1,438
  1,604
  1,778
  1,961
  2,151
  2,350
  2,557
  2,773
  2,997
  3,230
  3,472
  3,723
  3,984
  4,256
  4,539
  4,832
  5,138
  5,457
  5,789
  6,135
  6,495
  6,872
  7,264
  7,674
  8,103
Total liabilities, $m
  687
  801
  923
  1,055
  1,195
  1,344
  1,502
  1,668
  1,842
  2,025
  2,215
  2,414
  2,621
  2,837
  3,061
  3,294
  3,536
  3,787
  4,048
  4,320
  4,603
  4,896
  5,202
  5,521
  5,853
  6,199
  6,559
  6,936
  7,328
  7,738
  8,167
Total equity, $m
  625
  663
  765
  873
  990
  1,113
  1,244
  1,381
  1,526
  1,677
  1,835
  1,999
  2,171
  2,349
  2,535
  2,728
  2,928
  3,136
  3,353
  3,578
  3,812
  4,055
  4,308
  4,572
  4,847
  5,133
  5,432
  5,744
  6,069
  6,409
  6,763
Total liabilities and equity, $m
  1,312
  1,464
  1,688
  1,928
  2,185
  2,457
  2,746
  3,049
  3,368
  3,702
  4,050
  4,413
  4,792
  5,186
  5,596
  6,022
  6,464
  6,923
  7,401
  7,898
  8,415
  8,951
  9,510
  10,093
  10,700
  11,332
  11,991
  12,680
  13,397
  14,147
  14,930
Debt-to-equity ratio
  0.997
  1.110
  1.120
  1.130
  1.140
  1.150
  1.160
  1.160
  1.170
  1.170
  1.170
  1.180
  1.180
  1.180
  1.180
  1.180
  1.190
  1.190
  1.190
  1.190
  1.190
  1.190
  1.190
  1.190
  1.190
  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
  8
  8
  8
  7
  7
  6
  6
  5
  4
  3
  5
  4
  3
  2
  1
  0
  -2
  -4
  -6
  -8
  -10
  -12
  -14
  -16
  -19
  -21
  -23
  -26
  -29
  -31
Depreciation, amort., depletion, $m
  58
  68
  78
  89
  100
  112
  125
  138
  152
  166
  182
  194
  210
  227
  245
  264
  284
  304
  325
  346
  369
  393
  417
  443
  469
  497
  526
  556
  588
  621
  655
Funds from operations, $m
  48
  77
  86
  96
  107
  119
  131
  144
  157
  171
  185
  199
  215
  231
  248
  265
  283
  302
  321
  341
  361
  383
  405
  429
  453
  478
  505
  533
  562
  592
  624
Change in working capital, $m
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
Cash from operations, $m
  45
  74
  83
  93
  104
  115
  127
  140
  153
  166
  181
  194
  210
  226
  242
  260
  278
  296
  315
  334
  355
  376
  398
  421
  445
  470
  497
  524
  553
  582
  614
Maintenance CAPEX, $m
  0
  -55
  -64
  -74
  -85
  -96
  -108
  -120
  -134
  -148
  -162
  -178
  -194
  -210
  -227
  -245
  -264
  -284
  -304
  -325
  -346
  -369
  -393
  -417
  -443
  -469
  -497
  -526
  -556
  -588
  -621
New CAPEX, $m
  -23
  -125
  -135
  -145
  -155
  -165
  -174
  -184
  -193
  -202
  -211
  -220
  -229
  -238
  -248
  -258
  -268
  -278
  -289
  -301
  -313
  -325
  -339
  -352
  -367
  -383
  -399
  -416
  -435
  -454
  -474
Cash from investing activities, $m
  -87
  -180
  -199
  -219
  -240
  -261
  -282
  -304
  -327
  -350
  -373
  -398
  -423
  -448
  -475
  -503
  -532
  -562
  -593
  -626
  -659
  -694
  -732
  -769
  -810
  -852
  -896
  -942
  -991
  -1,042
  -1,095
Free cash flow, $m
  -42
  -106
  -116
  -126
  -136
  -145
  -155
  -164
  -174
  -183
  -193
  -203
  -213
  -223
  -233
  -243
  -254
  -266
  -278
  -291
  -304
  -318
  -333
  -348
  -365
  -382
  -400
  -418
  -438
  -459
  -481
Issuance/(repayment) of debt, $m
  133
  114
  122
  131
  140
  149
  158
  166
  174
  183
  191
  199
  207
  215
  224
  233
  242
  251
  261
  272
  283
  294
  306
  319
  332
  346
  361
  376
  393
  410
  428
Issuance/(repurchase) of shares, $m
  0
  86
  93
  101
  109
  117
  124
  132
  139
  147
  155
  159
  167
  175
  183
  192
  201
  210
  220
  231
  242
  253
  265
  278
  291
  305
  320
  335
  351
  368
  386
Cash from financing (excl. dividends), $m  
  118
  200
  215
  232
  249
  266
  282
  298
  313
  330
  346
  358
  374
  390
  407
  425
  443
  461
  481
  503
  525
  547
  571
  597
  623
  651
  681
  711
  744
  778
  814
Total cash flow (excl. dividends), $m
  76
  94
  99
  106
  113
  120
  127
  133
  140
  146
  153
  155
  161
  168
  174
  181
  188
  196
  203
  211
  220
  229
  238
  248
  258
  269
  281
  293
  306
  319
  334
Retained Cash Flow (-), $m
  -239
  -94
  -101
  -109
  -116
  -123
  -131
  -138
  -144
  -151
  -158
  -165
  -171
  -178
  -186
  -193
  -201
  -210
  -220
  -231
  -242
  -253
  -265
  -278
  -291
  -305
  -320
  -335
  -351
  -368
  -386
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
 
  56
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -5
  -5
  -10
  -10
  -11
  -11
  -12
  -12
  -15
  -17
  -19
  -22
  -24
  -27
  -30
  -33
  -36
  -39
  -42
  -45
  -49
  -53
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
 
  51
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  82.2
  68.5
  57.6
  48.9
  41.8
  36.1
  31.3
  27.4
  24.1
  21.3
  18.9
  16.9
  15.2
  13.6
  12.3
  11.1
  10.1
  9.2
  8.4
  7.6
  7.0
  6.4
  5.8
  5.3
  4.9
  4.5
  4.1
  3.8
  3.5
  3.2

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 -13
Price to Sales 1
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 7.8
Price to Free Cash Flow 16
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 16.4% 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.

RELATED COMPANIES Price Int.Val. Rating
TNH Terra Nitrogen 79.73 159.46  str.buy
CF CF Industries 30.21 38.61  buy
AGU Agrium 99.24 54.51  sell
CVI CVR Energy 17.81 5,976.60  str.buy
RTK Rentech 0.260 1.51  str.buy
SMG Scotts Miracle 95.95 28.70  str.sell

COMPANY NEWS

▶ 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]
▶ 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]
Stock chart of UAN 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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