Intrinsic value of UGI - UGI

Previous Close

$54.67

  Intrinsic Value

$49.62

stock screener

  Rating & Target

hold

-9%

Previous close

$54.67

 
Intrinsic value

$49.62

 
Up/down potential

-9%

 
Rating

hold

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.65
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
  5.13
Revenue, $m
  0
  6,592
  7,082
  7,591
  8,120
  8,670
  9,242
  9,836
  10,455
  11,099
  11,771
  12,470
  13,199
  13,960
  14,753
  15,582
  16,448
  17,353
  18,298
  19,288
  20,322
  21,405
  22,539
  23,725
  24,968
  26,271
  27,635
  29,065
  30,564
  32,135
  33,783
Variable operating expenses, $m
 
  5,417
  5,791
  6,181
  6,586
  7,007
  7,444
  7,899
  8,373
  8,866
  9,379
  9,542
  10,100
  10,683
  11,290
  11,924
  12,587
  13,279
  14,003
  14,760
  15,551
  16,380
  17,247
  18,156
  19,107
  20,103
  21,148
  22,242
  23,389
  24,591
  25,852
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
  5,176
  5,417
  5,791
  6,181
  6,586
  7,007
  7,444
  7,899
  8,373
  8,866
  9,379
  9,542
  10,100
  10,683
  11,290
  11,924
  12,587
  13,279
  14,003
  14,760
  15,551
  16,380
  17,247
  18,156
  19,107
  20,103
  21,148
  22,242
  23,389
  24,591
  25,852
Operating income, $m
  945
  1,176
  1,291
  1,410
  1,534
  1,663
  1,798
  1,937
  2,083
  2,234
  2,391
  2,927
  3,099
  3,277
  3,463
  3,658
  3,861
  4,074
  4,296
  4,528
  4,771
  5,025
  5,291
  5,570
  5,862
  6,167
  6,488
  6,823
  7,175
  7,544
  7,931
EBITDA, $m
  1,361
  2,521
  2,708
  2,903
  3,105
  3,315
  3,534
  3,761
  3,998
  4,244
  4,501
  4,768
  5,047
  5,338
  5,641
  5,958
  6,289
  6,635
  6,997
  7,375
  7,770
  8,184
  8,618
  9,072
  9,547
  10,045
  10,566
  11,113
  11,686
  12,287
  12,917
Interest expense (income), $m
  202
  248
  283
  320
  357
  397
  438
  480
  524
  570
  618
  668
  720
  774
  831
  890
  952
  1,016
  1,083
  1,154
  1,227
  1,304
  1,385
  1,469
  1,557
  1,649
  1,746
  1,848
  1,954
  2,065
  2,182
Earnings before tax, $m
  701
  928
  1,008
  1,091
  1,177
  1,267
  1,360
  1,457
  1,558
  1,663
  1,773
  2,259
  2,378
  2,503
  2,633
  2,768
  2,910
  3,058
  3,212
  3,374
  3,544
  3,721
  3,907
  4,101
  4,305
  4,518
  4,741
  4,976
  5,221
  5,479
  5,748
Tax expense, $m
  177
  251
  272
  294
  318
  342
  367
  393
  421
  449
  479
  610
  642
  676
  711
  747
  786
  826
  867
  911
  957
  1,005
  1,055
  1,107
  1,162
  1,220
  1,280
  1,343
  1,410
  1,479
  1,552
Net income, $m
  437
  677
  736
  796
  859
  925
  993
  1,064
  1,137
  1,214
  1,294
  1,649
  1,736
  1,827
  1,922
  2,021
  2,124
  2,232
  2,345
  2,463
  2,587
  2,716
  2,852
  2,994
  3,142
  3,298
  3,461
  3,632
  3,811
  3,999
  4,196

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  558
  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
  11,582
  12,485
  13,413
  14,377
  15,379
  16,420
  17,503
  18,629
  19,802
  21,022
  22,293
  23,617
  24,998
  26,439
  27,942
  29,512
  31,151
  32,865
  34,656
  36,529
  38,489
  40,540
  42,687
  44,934
  47,289
  49,755
  52,339
  55,047
  57,886
  60,862
  63,983
Adjusted assets (=assets-cash), $m
  11,024
  12,485
  13,413
  14,377
  15,379
  16,420
  17,503
  18,629
  19,802
  21,022
  22,293
  23,617
  24,998
  26,439
  27,942
  29,512
  31,151
  32,865
  34,656
  36,529
  38,489
  40,540
  42,687
  44,934
  47,289
  49,755
  52,339
  55,047
  57,886
  60,862
  63,983
Revenue / Adjusted assets
  0.000
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
Average production assets, $m
  2,950
  9,730
  10,453
  11,204
  11,985
  12,797
  13,641
  14,518
  15,432
  16,383
  17,373
  18,406
  19,482
  20,604
  21,776
  22,999
  24,277
  25,613
  27,008
  28,468
  29,996
  31,594
  33,267
  35,019
  36,853
  38,775
  40,789
  42,900
  45,112
  47,432
  49,864
Working capital, $m
  8
  -171
  -184
  -197
  -211
  -225
  -240
  -256
  -272
  -289
  -306
  -324
  -343
  -363
  -384
  -405
  -428
  -451
  -476
  -501
  -528
  -557
  -586
  -617
  -649
  -683
  -719
  -756
  -795
  -836
  -878
Total debt, $m
  4,539
  5,244
  5,918
  6,619
  7,347
  8,104
  8,891
  9,710
  10,562
  11,449
  12,373
  13,336
  14,340
  15,388
  16,481
  17,622
  18,814
  20,059
  21,362
  22,723
  24,148
  25,639
  27,200
  28,834
  30,545
  32,338
  34,217
  36,186
  38,250
  40,414
  42,682
Total liabilities, $m
  8,419
  9,077
  9,751
  10,452
  11,181
  11,938
  12,725
  13,544
  14,396
  15,283
  16,207
  17,170
  18,174
  19,221
  20,314
  21,455
  22,647
  23,893
  25,195
  26,557
  27,982
  29,472
  31,033
  32,667
  34,379
  36,172
  38,051
  40,019
  42,083
  44,247
  46,516
Total equity, $m
  3,163
  3,409
  3,662
  3,925
  4,198
  4,483
  4,778
  5,086
  5,406
  5,739
  6,086
  6,448
  6,825
  7,218
  7,628
  8,057
  8,504
  8,972
  9,461
  9,973
  10,508
  11,067
  11,653
  12,267
  12,910
  13,583
  14,289
  15,028
  15,803
  16,615
  17,467
Total liabilities and equity, $m
  11,582
  12,486
  13,413
  14,377
  15,379
  16,421
  17,503
  18,630
  19,802
  21,022
  22,293
  23,618
  24,999
  26,439
  27,942
  29,512
  31,151
  32,865
  34,656
  36,530
  38,490
  40,539
  42,686
  44,934
  47,289
  49,755
  52,340
  55,047
  57,886
  60,862
  63,983
Debt-to-equity ratio
  1.435
  1.540
  1.620
  1.690
  1.750
  1.810
  1.860
  1.910
  1.950
  2.000
  2.030
  2.070
  2.100
  2.130
  2.160
  2.190
  2.210
  2.240
  2.260
  2.280
  2.300
  2.320
  2.330
  2.350
  2.370
  2.380
  2.390
  2.410
  2.420
  2.430
  2.440
Adjusted equity ratio
  0.270
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  437
  677
  736
  796
  859
  925
  993
  1,064
  1,137
  1,214
  1,294
  1,649
  1,736
  1,827
  1,922
  2,021
  2,124
  2,232
  2,345
  2,463
  2,587
  2,716
  2,852
  2,994
  3,142
  3,298
  3,461
  3,632
  3,811
  3,999
  4,196
Depreciation, amort., depletion, $m
  416
  1,345
  1,417
  1,492
  1,570
  1,652
  1,736
  1,824
  1,915
  2,010
  2,109
  1,841
  1,948
  2,060
  2,178
  2,300
  2,428
  2,561
  2,701
  2,847
  3,000
  3,159
  3,327
  3,502
  3,685
  3,878
  4,079
  4,290
  4,511
  4,743
  4,986
Funds from operations, $m
  795
  2,022
  2,153
  2,288
  2,430
  2,576
  2,729
  2,887
  3,053
  3,224
  3,404
  3,490
  3,684
  3,887
  4,099
  4,321
  4,552
  4,793
  5,046
  5,310
  5,586
  5,876
  6,179
  6,496
  6,828
  7,176
  7,540
  7,922
  8,323
  8,743
  9,183
Change in working capital, $m
  -169
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
Cash from operations, $m
  964
  2,035
  2,165
  2,302
  2,443
  2,591
  2,744
  2,903
  3,069
  3,241
  3,421
  3,508
  3,703
  3,907
  4,120
  4,342
  4,574
  4,817
  5,071
  5,336
  5,613
  5,904
  6,208
  6,526
  6,860
  7,209
  7,576
  7,959
  8,362
  8,783
  9,226
Maintenance CAPEX, $m
  0
  -903
  -973
  -1,045
  -1,120
  -1,199
  -1,280
  -1,364
  -1,452
  -1,543
  -1,638
  -1,737
  -1,841
  -1,948
  -2,060
  -2,178
  -2,300
  -2,428
  -2,561
  -2,701
  -2,847
  -3,000
  -3,159
  -3,327
  -3,502
  -3,685
  -3,878
  -4,079
  -4,290
  -4,511
  -4,743
New CAPEX, $m
  -639
  -699
  -723
  -751
  -781
  -812
  -844
  -878
  -913
  -951
  -991
  -1,032
  -1,076
  -1,123
  -1,172
  -1,223
  -1,278
  -1,335
  -1,396
  -1,460
  -1,527
  -1,598
  -1,673
  -1,752
  -1,835
  -1,922
  -2,014
  -2,111
  -2,212
  -2,319
  -2,432
Cash from investing activities, $m
  -763
  -1,602
  -1,696
  -1,796
  -1,901
  -2,011
  -2,124
  -2,242
  -2,365
  -2,494
  -2,629
  -2,769
  -2,917
  -3,071
  -3,232
  -3,401
  -3,578
  -3,763
  -3,957
  -4,161
  -4,374
  -4,598
  -4,832
  -5,079
  -5,337
  -5,607
  -5,892
  -6,190
  -6,502
  -6,830
  -7,175
Free cash flow, $m
  201
  433
  469
  505
  542
  580
  620
  661
  703
  747
  792
  738
  787
  836
  888
  941
  997
  1,054
  1,113
  1,175
  1,239
  1,306
  1,376
  1,448
  1,523
  1,602
  1,684
  1,770
  1,859
  1,953
  2,051
Issuance/(repayment) of debt, $m
  304
  658
  674
  701
  728
  757
  787
  819
  852
  887
  924
  963
  1,004
  1,047
  1,093
  1,141
  1,192
  1,246
  1,302
  1,362
  1,425
  1,491
  1,561
  1,634
  1,712
  1,793
  1,879
  1,969
  2,064
  2,164
  2,269
Issuance/(repurchase) of shares, $m
  -32
  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  
  22
  658
  674
  701
  728
  757
  787
  819
  852
  887
  924
  963
  1,004
  1,047
  1,093
  1,141
  1,192
  1,246
  1,302
  1,362
  1,425
  1,491
  1,561
  1,634
  1,712
  1,793
  1,879
  1,969
  2,064
  2,164
  2,269
Total cash flow (excl. dividends), $m
  225
  1,091
  1,144
  1,206
  1,270
  1,338
  1,407
  1,480
  1,555
  1,634
  1,716
  1,701
  1,791
  1,884
  1,981
  2,082
  2,189
  2,300
  2,416
  2,537
  2,664
  2,797
  2,936
  3,082
  3,235
  3,395
  3,563
  3,739
  3,923
  4,116
  4,319
Retained Cash Flow (-), $m
  -319
  -246
  -253
  -263
  -274
  -284
  -296
  -307
  -320
  -333
  -347
  -362
  -377
  -393
  -410
  -429
  -448
  -468
  -489
  -511
  -535
  -560
  -586
  -614
  -643
  -673
  -705
  -739
  -775
  -812
  -852
Prev. year cash balance distribution, $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 flow adjustment, $m
 
  18
  20
  21
  23
  24
  26
  28
  30
  31
  33
  35
  37
  40
  42
  44
  47
  49
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  87
  92
  96
Cash available for distribution, $m
 
  845
  891
  943
  997
  1,053
  1,112
  1,172
  1,236
  1,301
  1,369
  1,340
  1,414
  1,490
  1,570
  1,654
  1,741
  1,832
  1,927
  2,026
  2,129
  2,237
  2,350
  2,468
  2,592
  2,722
  2,857
  2,999
  3,148
  3,304
  3,467
Discount rate, %
 
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
 
  786
  765
  743
  715
  681
  642
  600
  554
  505
  455
  377
  332
  288
  246
  207
  171
  139
  111
  87
  66
  49
  36
  26
  18
  12
  8
  5
  3
  2
  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 is a holding company. The Company distributes, stores, transports and markets energy products and related services. It operates through six segments. The AmeriGas Propane segment consists of the propane distribution business of AmeriGas Partners, L.P. The UGI France segment consists of the French LPG distribution business of its subsidiaries, Antargaz, Finagaz and its liquefied petroleum gases (LPG) distribution businesses. The Flaga & Other segment consists of the LPG distribution businesses of Flaga GmbH, AvantiGas Limited and ChinaGas Partners, L.P. The Energy Services segment consists of energy-related businesses conducted by its subsidiary, UGI Energy Services, LLC (Energy Services). The Electric Generation segment consists of electric generation facilities conducted by Energy Services' subsidiary. The Gas Utility segment consists of the regulated natural gas distribution businesses of its subsidiary, UGI Utilities, Inc.

FINANCIAL RATIOS  of  UGI (UGI)

Valuation Ratios
P/E Ratio 21.6
Price to Sales 1.5
Price to Book 3
Price to Tangible Book
Price to Cash Flow 9.8
Price to Free Cash Flow 29.1
Growth Rates
Sales Growth Rate 7.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 13.3%
Cap. Spend. - 3 Yr. Gr. Rate 6.9%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 126.3%
Total Debt to Equity 143.5%
Interest Coverage 4
Management Effectiveness
Return On Assets 5.2%
Ret/ On Assets - 3 Yr. Avg. 4.8%
Return On Total Capital 6%
Ret/ On T. Cap. - 3 Yr. Avg. 5.2%
Return On Equity 14.5%
Return On Equity - 3 Yr. Avg. 12.7%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 21.5%
EBITDA Margin - 3 Yr. Avg. 21%
Operating Margin 15.4%
Oper. Margin - 3 Yr. Avg. 14.8%
Pre-Tax Margin 11.5%
Pre-Tax Margin - 3 Yr. Avg. 10.9%
Net Profit Margin 7.1%
Net Profit Margin - 3 Yr. Avg. 5.9%
Effective Tax Rate 25.2%
Eff/ Tax Rate - 3 Yr. Avg. 28.8%
Payout Ratio 38.7%

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 $6121 million for the last fiscal year's total revenue generated by UGI. The default revenue input number comes from 2017 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 7.7% 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 7.5%, 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 82.6%.

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 5.4% 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 0.3%.

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 147.6%.

Life of production assets of 10 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 -2.6%. 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 - $3163 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 174 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 $9.5 billion.

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COMPANY NEWS

▶ UGI Corporation to Host Earnings Call   [07:00AM  ACCESSWIRE]
▶ UGI: Fiscal 3Q Earnings Snapshot   [05:07AM  Associated Press]
▶ UGI Reports Third Quarter Results; Reaffirms Guidance   [Aug-01-18 05:15PM  Business Wire]
▶ UGI Declares Common Dividend   [Jul-24-18 04:16PM  Business Wire]
▶ UGI Corporation (NYSE:UGI): The Best Of Both Worlds   [Jun-21-18 02:17PM  Simply Wall St.]
▶ 5 Value Stocks With Enticing EV/EBITDA Ratios to Own Now   [Jun-12-18 09:10AM  InvestorPlace]
▶ Cold Weather Drives UGI Corp's Earnings Higher   [May-03-18 10:34AM  Motley Fool]
▶ UGI: Fiscal 2Q Earnings Snapshot   [05:07AM  Associated Press]
▶ UGI Reports Record Second Quarter Results   [May-02-18 04:35PM  Business Wire]
▶ 3 Stocks for Baby Boomers to Reach Their Goals   [Apr-14-18 07:02AM  Motley Fool]
▶ Former P&G executive hired as CFO of energy firm   [Feb-23-18 10:45AM  American City Business Journals]
▶ UGI Corp Starts 2018 With a Record-Setting Quarter   [Feb-01-18 11:00AM  Motley Fool]
▶ UGI Corporation to Host Earnings Call   [07:20AM  ACCESSWIRE]
▶ UGI posts 1Q profit   [Jan-31-18 06:52PM  Associated Press]
▶ UGI Reports Record First Quarter Results   [04:17PM  Business Wire]
▶ In Your 70s? 3 Stocks You Might Want to Buy   [Jan-29-18 07:19PM  Motley Fool]
▶ UGI Declares Common Dividend   [Jan-25-18 04:15PM  Business Wire]
▶ Should Value Investors Consider UGI Stock?   [Jan-09-18 09:45AM  Zacks]
▶ In Your 60s? 3 Stocks You Might Want to Buy   [Dec-21-17 08:15AM  Motley Fool]
▶ UGI Declares Common Dividend   [Nov-29-17 04:15PM  Business Wire]
▶ UGI Announces Jefferies Energy Conference Webcast   [Nov-28-17 04:15PM  Business Wire]
▶ ETFs with exposure to UGI Corp. : November 27, 2017   [Nov-27-17 04:12PM  Capital Cube]
▶ UGI Corp Ends Its Fiscal Year on a Positive Note   [Nov-09-17 11:46AM  Motley Fool]
▶ UGI Corporation to Host Earnings Call   [07:30AM  ACCESSWIRE]
▶ UGI posts 4Q profit   [05:02AM  Associated Press]
▶ UGI Reports Record Fiscal 2017 Results   [Nov-08-17 08:11PM  Business Wire]
▶ ETFs with exposure to UGI Corp. : November 6, 2017   [Nov-06-17 12:38PM  Capital Cube]
▶ ETFs with exposure to UGI Corp. : October 25, 2017   [Oct-25-17 10:16AM  Capital Cube]
▶ ETFs with exposure to UGI Corp. : October 11, 2017   [Oct-11-17 12:08PM  Capital Cube]
▶ UGI Corporation Acquires Totalgaz Italia S.r.l.   [Oct-05-17 04:15PM  Business Wire]
▶ UGI Corp. Value Analysis (NYSE:UGI) : August 4, 2017   [Aug-03-17 11:45PM  Capital Cube]
▶ UGI reports 3Q loss   [05:06AM  Associated Press]
▶ UGI Reports Fiscal 2017 Third Quarter Earnings   [Aug-02-17 06:15PM  Business Wire]
▶ UGI Declares Common Dividend   [Jul-25-17 04:15PM  Business Wire]
▶ ETFs with exposure to UGI Corp. : July 10, 2017   [Jul-10-17 03:25PM  Capital Cube]
▶ ETFs with exposure to UGI Corp. : June 26, 2017   [Jun-26-17 05:06PM  Capital Cube]
▶ ETFs with exposure to UGI Corp. : June 15, 2017   [Jun-15-17 03:38PM  Capital Cube]
▶ UGI Corp. Value Analysis (NYSE:UGI) : May 4, 2017   [May-04-17 05:08PM  Capital Cube]
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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