Intrinsic value of UGI - UGI

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$49.25

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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$49.25

 
Intrinsic value

$42.69

 
Up/down potential

-13%

 
Rating

hold

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

We calculate the intrinsic value of UGI 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 8.5

 

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, %
  -15.02
  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
  4.87
  4.89
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
Revenue, $m
  0
  5,942
  6,212
  6,498
  6,799
  7,117
  7,451
  7,804
  8,176
  8,567
  8,979
  9,412
  9,868
  10,347
  10,851
  11,381
  11,939
  12,525
  13,141
  13,788
  14,468
  15,182
  15,933
  16,722
  17,551
  18,421
  19,336
  20,296
  21,305
  22,365
  23,478
Variable operating expenses, $m
 
  5,186
  5,408
  5,643
  5,891
  6,152
  6,427
  6,717
  7,023
  7,345
  7,683
  7,741
  8,115
  8,510
  8,924
  9,360
  9,819
  10,301
  10,807
  11,339
  11,899
  12,486
  13,104
  13,753
  14,434
  15,150
  15,902
  16,692
  17,522
  18,393
  19,309
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
  4,747
  5,186
  5,408
  5,643
  5,891
  6,152
  6,427
  6,717
  7,023
  7,345
  7,683
  7,741
  8,115
  8,510
  8,924
  9,360
  9,819
  10,301
  10,807
  11,339
  11,899
  12,486
  13,104
  13,753
  14,434
  15,150
  15,902
  16,692
  17,522
  18,393
  19,309
Operating income, $m
  939
  756
  804
  855
  908
  965
  1,024
  1,087
  1,153
  1,222
  1,295
  1,671
  1,752
  1,837
  1,927
  2,021
  2,120
  2,224
  2,333
  2,448
  2,569
  2,696
  2,829
  2,969
  3,116
  3,271
  3,433
  3,604
  3,783
  3,971
  4,169
EBITDA, $m
  1,340
  1,268
  1,326
  1,387
  1,451
  1,519
  1,590
  1,665
  1,745
  1,828
  1,916
  2,008
  2,106
  2,208
  2,316
  2,429
  2,548
  2,673
  2,804
  2,942
  3,087
  3,240
  3,400
  3,568
  3,745
  3,931
  4,126
  4,331
  4,546
  4,773
  5,010
Interest expense (income), $m
  229
  218
  238
  259
  282
  305
  330
  356
  384
  413
  444
  476
  510
  545
  583
  622
  664
  707
  753
  801
  852
  905
  961
  1,020
  1,082
  1,147
  1,215
  1,286
  1,361
  1,440
  1,523
Earnings before tax, $m
  710
  538
  566
  596
  627
  659
  694
  731
  769
  809
  852
  1,195
  1,242
  1,292
  1,344
  1,399
  1,456
  1,517
  1,580
  1,647
  1,717
  1,791
  1,868
  1,949
  2,035
  2,124
  2,219
  2,318
  2,422
  2,531
  2,646
Tax expense, $m
  221
  145
  153
  161
  169
  178
  187
  197
  208
  219
  230
  323
  335
  349
  363
  378
  393
  409
  427
  445
  464
  483
  504
  526
  549
  574
  599
  626
  654
  683
  714
Net income, $m
  365
  393
  413
  435
  457
  481
  507
  533
  561
  591
  622
  873
  907
  943
  981
  1,021
  1,063
  1,107
  1,153
  1,202
  1,253
  1,307
  1,364
  1,423
  1,485
  1,551
  1,620
  1,692
  1,768
  1,848
  1,931

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  503
  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
  10,847
  10,803
  11,295
  11,814
  12,362
  12,939
  13,548
  14,189
  14,865
  15,576
  16,325
  17,112
  17,941
  18,813
  19,730
  20,694
  21,707
  22,772
  23,892
  25,068
  26,305
  27,604
  28,969
  30,404
  31,910
  33,493
  35,156
  36,902
  38,736
  40,663
  42,687
Adjusted assets (=assets-cash), $m
  10,344
  10,803
  11,295
  11,814
  12,362
  12,939
  13,548
  14,189
  14,865
  15,576
  16,325
  17,112
  17,941
  18,813
  19,730
  20,694
  21,707
  22,772
  23,892
  25,068
  26,305
  27,604
  28,969
  30,404
  31,910
  33,493
  35,156
  36,902
  38,736
  40,663
  42,687
Revenue / Adjusted assets
  0.000
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
Average production assets, $m
  3,074
  3,215
  3,361
  3,515
  3,678
  3,850
  4,031
  4,222
  4,423
  4,635
  4,857
  5,092
  5,338
  5,598
  5,871
  6,157
  6,459
  6,776
  7,109
  7,459
  7,827
  8,214
  8,620
  9,047
  9,495
  9,966
  10,461
  10,980
  11,526
  12,099
  12,701
Working capital, $m
  -18
  -208
  -217
  -227
  -238
  -249
  -261
  -273
  -286
  -300
  -314
  -329
  -345
  -362
  -380
  -398
  -418
  -438
  -460
  -483
  -506
  -531
  -558
  -585
  -614
  -645
  -677
  -710
  -746
  -783
  -822
Total debt, $m
  4,087
  4,107
  4,472
  4,857
  5,263
  5,692
  6,144
  6,619
  7,121
  7,648
  8,204
  8,788
  9,403
  10,050
  10,730
  11,446
  12,198
  12,988
  13,819
  14,692
  15,609
  16,573
  17,586
  18,650
  19,768
  20,943
  22,177
  23,472
  24,833
  26,263
  27,765
Total liabilities, $m
  7,996
  8,016
  8,381
  8,766
  9,172
  9,601
  10,053
  10,528
  11,030
  11,557
  12,113
  12,697
  13,312
  13,959
  14,639
  15,355
  16,107
  16,897
  17,728
  18,601
  19,518
  20,482
  21,495
  22,559
  23,677
  24,852
  26,086
  27,381
  28,742
  30,172
  31,674
Total equity, $m
  2,851
  2,787
  2,914
  3,048
  3,189
  3,338
  3,495
  3,661
  3,835
  4,019
  4,212
  4,415
  4,629
  4,854
  5,090
  5,339
  5,600
  5,875
  6,164
  6,468
  6,787
  7,122
  7,474
  7,844
  8,233
  8,641
  9,070
  9,521
  9,994
  10,491
  11,013
Total liabilities and equity, $m
  10,847
  10,803
  11,295
  11,814
  12,361
  12,939
  13,548
  14,189
  14,865
  15,576
  16,325
  17,112
  17,941
  18,813
  19,729
  20,694
  21,707
  22,772
  23,892
  25,069
  26,305
  27,604
  28,969
  30,403
  31,910
  33,493
  35,156
  36,902
  38,736
  40,663
  42,687
Debt-to-equity ratio
  1.434
  1.470
  1.530
  1.590
  1.650
  1.710
  1.760
  1.810
  1.860
  1.900
  1.950
  1.990
  2.030
  2.070
  2.110
  2.140
  2.180
  2.210
  2.240
  2.270
  2.300
  2.330
  2.350
  2.380
  2.400
  2.420
  2.440
  2.470
  2.480
  2.500
  2.520
Adjusted equity ratio
  0.255
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  365
  393
  413
  435
  457
  481
  507
  533
  561
  591
  622
  873
  907
  943
  981
  1,021
  1,063
  1,107
  1,153
  1,202
  1,253
  1,307
  1,364
  1,423
  1,485
  1,551
  1,620
  1,692
  1,768
  1,848
  1,931
Depreciation, amort., depletion, $m
  401
  512
  521
  532
  542
  554
  566
  579
  592
  606
  621
  337
  354
  371
  389
  408
  428
  449
  471
  494
  518
  544
  571
  599
  629
  660
  693
  727
  763
  801
  841
Funds from operations, $m
  1,013
  904
  935
  966
  1,000
  1,035
  1,073
  1,112
  1,153
  1,197
  1,242
  1,210
  1,261
  1,314
  1,370
  1,429
  1,491
  1,556
  1,624
  1,696
  1,772
  1,851
  1,934
  2,022
  2,114
  2,211
  2,312
  2,419
  2,531
  2,649
  2,772
Change in working capital, $m
  43
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -34
  -35
  -37
  -39
Cash from operations, $m
  970
  931
  944
  976
  1,010
  1,046
  1,084
  1,124
  1,166
  1,210
  1,257
  1,225
  1,276
  1,331
  1,387
  1,447
  1,510
  1,576
  1,646
  1,719
  1,795
  1,876
  1,961
  2,050
  2,143
  2,241
  2,344
  2,453
  2,566
  2,686
  2,811
Maintenance CAPEX, $m
  0
  -204
  -213
  -223
  -233
  -244
  -255
  -267
  -280
  -293
  -307
  -322
  -337
  -354
  -371
  -389
  -408
  -428
  -449
  -471
  -494
  -518
  -544
  -571
  -599
  -629
  -660
  -693
  -727
  -763
  -801
New CAPEX, $m
  -564
  -141
  -146
  -154
  -163
  -172
  -181
  -191
  -201
  -212
  -223
  -234
  -247
  -259
  -273
  -287
  -302
  -317
  -333
  -350
  -368
  -387
  -406
  -427
  -448
  -471
  -495
  -520
  -546
  -573
  -602
Cash from investing activities, $m
  -559
  -345
  -359
  -377
  -396
  -416
  -436
  -458
  -481
  -505
  -530
  -556
  -584
  -613
  -644
  -676
  -710
  -745
  -782
  -821
  -862
  -905
  -950
  -998
  -1,047
  -1,100
  -1,155
  -1,213
  -1,273
  -1,336
  -1,403
Free cash flow, $m
  411
  586
  585
  599
  615
  631
  648
  666
  686
  706
  727
  669
  693
  718
  744
  772
  801
  832
  864
  898
  934
  971
  1,011
  1,052
  1,096
  1,142
  1,190
  1,240
  1,293
  1,349
  1,408
Issuance/(repayment) of debt, $m
  155
  342
  365
  385
  406
  429
  452
  476
  501
  528
  555
  585
  615
  647
  680
  715
  752
  790
  831
  873
  917
  964
  1,013
  1,064
  1,118
  1,174
  1,234
  1,296
  1,361
  1,430
  1,501
Issuance/(repurchase) of shares, $m
  -34
  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 from financing (excl. dividends), $m  
  -114
  342
  365
  385
  406
  429
  452
  476
  501
  528
  555
  585
  615
  647
  680
  715
  752
  790
  831
  873
  917
  964
  1,013
  1,064
  1,118
  1,174
  1,234
  1,296
  1,361
  1,430
  1,501
Total cash flow (excl. dividends), $m
  294
  928
  950
  985
  1,021
  1,060
  1,100
  1,142
  1,187
  1,234
  1,283
  1,253
  1,308
  1,364
  1,424
  1,487
  1,553
  1,622
  1,695
  1,771
  1,851
  1,935
  2,024
  2,116
  2,214
  2,316
  2,423
  2,536
  2,655
  2,779
  2,910
Retained Cash Flow (-), $m
  -159
  -117
  -127
  -134
  -141
  -149
  -157
  -165
  -174
  -184
  -193
  -203
  -214
  -225
  -237
  -249
  -261
  -275
  -289
  -304
  -319
  -335
  -352
  -370
  -389
  -408
  -429
  -451
  -473
  -497
  -522
Prev. year cash balance distribution, $m
 
  181
  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
 
  992
  823
  851
  880
  911
  943
  977
  1,012
  1,050
  1,089
  1,050
  1,094
  1,140
  1,188
  1,238
  1,291
  1,347
  1,406
  1,467
  1,532
  1,600
  1,671
  1,746
  1,825
  1,908
  1,994
  2,086
  2,181
  2,282
  2,387
Discount rate, %
 
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
PV of cash for distribution, $m
 
  922
  706
  668
  628
  585
  541
  495
  449
  403
  357
  291
  252
  216
  182
  151
  124
  99
  78
  60
  46
  34
  24
  17
  12
  8
  5
  3
  2
  1
  1
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

UGI Corporation distributes, stores, transports, and markets energy products and related services in the United States and internationally. It distributes propane to approximately 1.9 million residential, commercial/industrial, motor fuel, agricultural, and wholesale customers in 50 states through 1,900 propane distribution locations; and sells, installs, and services propane appliances, including heating systems. The company also distributes liquid petroleum gas (LPG) to residential, commercial, industrial, agricultural, resale, and automobile fuel customers for heating, cooking, motor fuel, leisure, construction work, manufacturing, crop and grain drying, power generation, and irrigation activities; and provides logistic, storage, and other services to third-party LPG distributors. In addition, it engages in the retail sale of natural gas, liquid fuels, and electricity to approximately 160,000 residential, commercial, and industrial customers at approximately 44,000 locations. Further, the company distributes natural gas to approximately 626,000 customers in the portions of 44 eastern and central Pennsylvania counties through its distribution system of 12,000 miles of gas mains; and supplies electricity to approximately 62,000 customers in northeastern Pennsylvania through 2,200 miles of lines and 13 substations. Additionally, it operates electric generation facilities, which include coal-fired, landfill gas-fueled, solar-powered, and natural gas-fueled facilities; a natural gas liquefaction, storage, and vaporization facility; propane storage and propane-air mixing stations; and rail transshipment terminals. The company also manages natural gas pipeline and storage contracts; develops, owns, and operates pipelines, gathering infrastructure, and gas storage facilities; and offers heating, ventilation, air conditioning, refrigeration, mechanical, and electrical contracting services. UGI Corporation was founded in 1882 and is based in King of Prussia, Pennsylvania.

FINANCIAL RATIOS  of  UGI (UGI)

Valuation Ratios
P/E Ratio 23.3
Price to Sales 1.5
Price to Book 3
Price to Tangible Book
Price to Cash Flow 8.8
Price to Free Cash Flow 21
Growth Rates
Sales Growth Rate -15%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 14.9%
Cap. Spend. - 3 Yr. Gr. Rate 3%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 132.1%
Total Debt to Equity 143.4%
Interest Coverage 4
Management Effectiveness
Return On Assets 4.9%
Ret/ On Assets - 3 Yr. Avg. 4.7%
Return On Total Capital 5.4%
Ret/ On T. Cap. - 3 Yr. Avg. 5%
Return On Equity 13.2%
Return On Equity - 3 Yr. Avg. 12.3%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 23.6%
EBITDA Margin - 3 Yr. Avg. 19.3%
Operating Margin 16.5%
Oper. Margin - 3 Yr. Avg. 13.7%
Pre-Tax Margin 12.5%
Pre-Tax Margin - 3 Yr. Avg. 10.2%
Net Profit Margin 6.4%
Net Profit Margin - 3 Yr. Avg. 4.9%
Effective Tax Rate 31.1%
Eff/ Tax Rate - 3 Yr. Avg. 30.6%
Payout Ratio 44.1%

UGI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UGI stock intrinsic value calculation we used $5686 million for the last fiscal year's total revenue generated by UGI. The default revenue input number comes from 2016 income statement of UGI. 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 UGI stock valuation model: a) initial revenue growth rate of 4.5% 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 7.6%, whose default value for UGI is calculated based on our internal credit rating of UGI, 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 UGI.
    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 UGI stock the variable cost ratio is equal to 87.5%.

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 UGI 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 UGI.

Corporate tax rate of 27% is the nominal tax rate for UGI. 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 UGI 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 UGI are equal to 54.1%.

Life of production assets of 15.1 years is the average useful life of capital assets used in UGI 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 UGI is equal to -3.5%. 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 - $2851 million for UGI - 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 172.47 million for UGI 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 UGI at the current share price and the inputted number of shares is $8.5 billion.


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COMPANY NEWS

▶ Best Performing Stocks of All Time   [Mar-14-17 02:08PM  at Motley Fool]
▶ UGI beats 1Q profit forecasts   [Feb-01-17 06:08PM  Associated Press]
▶ UGI Reports Record First Quarter Earnings   [05:30PM  Business Wire]
▶ UGI Declares Common Dividend   [04:15PM  Business Wire]
▶ UGI Corporation Investor Day Recap   [Dec-13-16 04:50PM  Business Wire]
▶ Is UGI Corp (UGI) A Good Stock To Buy?   [Dec-09-16 04:06PM  at Insider Monkey]
▶ UGI Declares Common Dividend   [Nov-18-16 04:15PM  Business Wire]
▶ These 3 Dividend Aristocrats Are Ridiculously Cheap   [Nov-15-16 11:45AM  at Motley Fool]
▶ UGI Reports Record Fiscal 2016 Earnings   [06:00PM  Business Wire]
▶ UGI Issues Earnings Guidance for Fiscal Years 2016 and 2017   [Oct-12-16 06:05PM  Business Wire]
▶ Trend Channel Buying Opportunity in These Stocks (ABBV, RTN)   [Sep-21-16 01:00PM  at Investopedia]
▶ UGI Utilities Increases Base Rates   [Sep-01-16 06:30PM  Business Wire]
▶ UGI Corporation elects G. Gary Garcia Treasurer   [Aug-29-16 04:15PM  Business Wire]
▶ UGI Declares Common Dividend   [Jul-26-16 04:15PM  Business Wire]
▶ Pamela Witmer Joins UGI Energy Services' Leadership Team   [Jun-01-16 08:30AM  Business Wire]
▶ Sunbury Pipeline Receives FERC Approval   [08:30AM  Business Wire]
Stock chart of UGI Financial statements of UGI
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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