Intrinsic value of Ultrapar Participacoes ADR - UGP

Previous Close

$24.46

  Intrinsic Value

$15.13

stock screener

  Rating & Target

sell

-38%

Previous close

$24.46

 
Intrinsic value

$15.13

 
Up/down potential

-38%

 
Rating

sell

We calculate the intrinsic value of UGP 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 13.7

 

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, %
  2.24
  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
  24,457
  24,946
  25,520
  26,176
  26,912
  27,728
  28,623
  29,598
  30,653
  31,790
  33,010
  34,315
  35,708
  37,191
  38,767
  40,439
  42,211
  44,087
  46,071
  48,167
  50,380
  52,715
  55,178
  57,774
  60,509
  63,390
  66,423
  69,615
  72,974
  76,508
  80,226
Variable operating expenses, $m
 
  22,575
  23,094
  23,686
  24,351
  25,088
  25,896
  26,777
  27,729
  28,756
  29,858
  30,991
  32,249
  33,588
  35,011
  36,521
  38,122
  39,816
  41,607
  43,500
  45,499
  47,608
  49,832
  52,177
  54,647
  57,248
  59,988
  62,871
  65,905
  69,096
  72,453
Fixed operating expenses, $m
 
  1,406
  1,441
  1,477
  1,514
  1,552
  1,591
  1,631
  1,672
  1,713
  1,756
  1,800
  1,845
  1,891
  1,939
  1,987
  2,037
  2,088
  2,140
  2,193
  2,248
  2,304
  2,362
  2,421
  2,482
  2,544
  2,607
  2,672
  2,739
  2,808
  2,878
Total operating expenses, $m
  23,473
  23,981
  24,535
  25,163
  25,865
  26,640
  27,487
  28,408
  29,401
  30,469
  31,614
  32,791
  34,094
  35,479
  36,950
  38,508
  40,159
  41,904
  43,747
  45,693
  47,747
  49,912
  52,194
  54,598
  57,129
  59,792
  62,595
  65,543
  68,644
  71,904
  75,331
Operating income, $m
  984
  965
  985
  1,012
  1,047
  1,088
  1,136
  1,191
  1,252
  1,320
  1,396
  1,524
  1,614
  1,712
  1,817
  1,931
  2,053
  2,184
  2,324
  2,473
  2,633
  2,803
  2,984
  3,176
  3,381
  3,598
  3,828
  4,072
  4,331
  4,605
  4,894
EBITDA, $m
  1,333
  1,309
  1,337
  1,372
  1,415
  1,466
  1,525
  1,591
  1,665
  1,747
  1,837
  1,935
  2,042
  2,157
  2,281
  2,415
  2,558
  2,711
  2,875
  3,050
  3,236
  3,434
  3,644
  3,868
  4,105
  4,357
  4,623
  4,906
  5,205
  5,521
  5,855
Interest expense (income), $m
  334
  294
  303
  313
  324
  337
  352
  368
  385
  403
  424
  445
  468
  493
  519
  547
  577
  608
  641
  676
  713
  752
  794
  837
  883
  931
  982
  1,036
  1,093
  1,152
  1,214
Earnings before tax, $m
  718
  670
  682
  700
  723
  751
  784
  823
  867
  917
  972
  1,079
  1,146
  1,219
  1,298
  1,384
  1,476
  1,576
  1,682
  1,797
  1,919
  2,050
  2,190
  2,339
  2,497
  2,666
  2,845
  3,036
  3,238
  3,453
  3,680
Tax expense, $m
  221
  181
  184
  189
  195
  203
  212
  222
  234
  248
  262
  291
  309
  329
  350
  374
  399
  425
  454
  485
  518
  554
  591
  632
  674
  720
  768
  820
  874
  932
  994
Net income, $m
  494
  489
  498
  511
  527
  548
  572
  601
  633
  669
  710
  788
  837
  890
  948
  1,010
  1,078
  1,150
  1,228
  1,312
  1,401
  1,497
  1,599
  1,707
  1,823
  1,946
  2,077
  2,216
  2,364
  2,520
  2,686

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,798
  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
  7,639
  5,958
  6,095
  6,252
  6,428
  6,622
  6,836
  7,069
  7,321
  7,593
  7,884
  8,196
  8,528
  8,882
  9,259
  9,658
  10,081
  10,530
  11,003
  11,504
  12,033
  12,590
  13,178
  13,798
  14,452
  15,140
  15,864
  16,626
  17,429
  18,273
  19,161
Adjusted assets (=assets-cash), $m
  5,841
  5,958
  6,095
  6,252
  6,428
  6,622
  6,836
  7,069
  7,321
  7,593
  7,884
  8,196
  8,528
  8,882
  9,259
  9,658
  10,081
  10,530
  11,003
  11,504
  12,033
  12,590
  13,178
  13,798
  14,452
  15,140
  15,864
  16,626
  17,429
  18,273
  19,161
Revenue / Adjusted assets
  4.187
  4.187
  4.187
  4.187
  4.187
  4.187
  4.187
  4.187
  4.187
  4.187
  4.187
  4.187
  4.187
  4.187
  4.187
  4.187
  4.187
  4.187
  4.187
  4.187
  4.187
  4.187
  4.187
  4.187
  4.187
  4.187
  4.187
  4.187
  4.187
  4.187
  4.187
Average production assets, $m
  2,368
  2,420
  2,475
  2,539
  2,610
  2,690
  2,776
  2,871
  2,973
  3,084
  3,202
  3,329
  3,464
  3,608
  3,760
  3,923
  4,094
  4,276
  4,469
  4,672
  4,887
  5,113
  5,352
  5,604
  5,869
  6,149
  6,443
  6,753
  7,079
  7,421
  7,782
Working capital, $m
  2,379
  1,397
  1,429
  1,466
  1,507
  1,553
  1,603
  1,657
  1,717
  1,780
  1,849
  1,922
  2,000
  2,083
  2,171
  2,265
  2,364
  2,469
  2,580
  2,697
  2,821
  2,952
  3,090
  3,235
  3,389
  3,550
  3,720
  3,898
  4,087
  4,284
  4,493
Total debt, $m
  3,610
  2,909
  3,007
  3,118
  3,243
  3,382
  3,534
  3,700
  3,880
  4,073
  4,280
  4,502
  4,739
  4,991
  5,259
  5,544
  5,845
  6,164
  6,501
  6,858
  7,234
  7,631
  8,050
  8,491
  8,957
  9,446
  9,962
  10,505
  11,076
  11,677
  12,309
Total liabilities, $m
  4,942
  4,242
  4,340
  4,451
  4,576
  4,715
  4,867
  5,033
  5,213
  5,406
  5,613
  5,835
  6,072
  6,324
  6,592
  6,877
  7,178
  7,497
  7,834
  8,191
  8,567
  8,964
  9,383
  9,824
  10,290
  10,779
  11,295
  11,838
  12,409
  13,010
  13,642
Total equity, $m
  2,696
  1,716
  1,755
  1,800
  1,851
  1,907
  1,969
  2,036
  2,108
  2,187
  2,271
  2,360
  2,456
  2,558
  2,667
  2,782
  2,903
  3,032
  3,169
  3,313
  3,465
  3,626
  3,795
  3,974
  4,162
  4,360
  4,569
  4,788
  5,019
  5,263
  5,518
Total liabilities and equity, $m
  7,638
  5,958
  6,095
  6,251
  6,427
  6,622
  6,836
  7,069
  7,321
  7,593
  7,884
  8,195
  8,528
  8,882
  9,259
  9,659
  10,081
  10,529
  11,003
  11,504
  12,032
  12,590
  13,178
  13,798
  14,452
  15,139
  15,864
  16,626
  17,428
  18,273
  19,160
Debt-to-equity ratio
  1.339
  1.700
  1.710
  1.730
  1.750
  1.770
  1.800
  1.820
  1.840
  1.860
  1.890
  1.910
  1.930
  1.950
  1.970
  1.990
  2.010
  2.030
  2.050
  2.070
  2.090
  2.100
  2.120
  2.140
  2.150
  2.170
  2.180
  2.190
  2.210
  2.220
  2.230
Adjusted equity ratio
  0.154
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  494
  489
  498
  511
  527
  548
  572
  601
  633
  669
  710
  788
  837
  890
  948
  1,010
  1,078
  1,150
  1,228
  1,312
  1,401
  1,497
  1,599
  1,707
  1,823
  1,946
  2,077
  2,216
  2,364
  2,520
  2,686
Depreciation, amort., depletion, $m
  349
  345
  352
  359
  368
  378
  389
  400
  413
  427
  441
  411
  428
  445
  464
  484
  505
  528
  552
  577
  603
  631
  661
  692
  725
  759
  795
  834
  874
  916
  961
Funds from operations, $m
  484
  834
  850
  870
  896
  926
  961
  1,001
  1,046
  1,096
  1,151
  1,199
  1,264
  1,335
  1,412
  1,494
  1,583
  1,678
  1,780
  1,889
  2,005
  2,128
  2,260
  2,399
  2,548
  2,705
  2,873
  3,050
  3,238
  3,437
  3,647
Change in working capital, $m
  -311
  27
  32
  37
  41
  46
  50
  55
  59
  64
  68
  73
  78
  83
  88
  94
  99
  105
  111
  117
  124
  131
  138
  145
  153
  161
  170
  179
  188
  198
  208
Cash from operations, $m
  795
  807
  818
  834
  855
  880
  911
  947
  987
  1,032
  1,083
  1,126
  1,186
  1,252
  1,324
  1,401
  1,484
  1,573
  1,669
  1,771
  1,881
  1,997
  2,122
  2,254
  2,395
  2,544
  2,703
  2,871
  3,050
  3,239
  3,439
Maintenance CAPEX, $m
  0
  -292
  -299
  -306
  -313
  -322
  -332
  -343
  -354
  -367
  -381
  -395
  -411
  -428
  -445
  -464
  -484
  -505
  -528
  -552
  -577
  -603
  -631
  -661
  -692
  -725
  -759
  -795
  -834
  -874
  -916
New CAPEX, $m
  -527
  -52
  -56
  -64
  -71
  -79
  -87
  -95
  -102
  -110
  -118
  -127
  -135
  -144
  -153
  -162
  -172
  -182
  -192
  -203
  -215
  -227
  -239
  -252
  -265
  -279
  -294
  -310
  -326
  -343
  -361
Cash from investing activities, $m
  -585
  -344
  -355
  -370
  -384
  -401
  -419
  -438
  -456
  -477
  -499
  -522
  -546
  -572
  -598
  -626
  -656
  -687
  -720
  -755
  -792
  -830
  -870
  -913
  -957
  -1,004
  -1,053
  -1,105
  -1,160
  -1,217
  -1,277
Free cash flow, $m
  210
  463
  463
  464
  470
  479
  492
  509
  530
  555
  584
  604
  640
  681
  725
  774
  828
  886
  948
  1,016
  1,089
  1,167
  1,251
  1,341
  1,437
  1,540
  1,649
  1,766
  1,890
  2,022
  2,162
Issuance/(repayment) of debt, $m
  904
  82
  98
  112
  125
  139
  152
  166
  179
  193
  207
  222
  237
  252
  268
  284
  301
  319
  337
  356
  376
  397
  419
  441
  465
  490
  516
  543
  571
  601
  632
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  570
  82
  98
  112
  125
  139
  152
  166
  179
  193
  207
  222
  237
  252
  268
  284
  301
  319
  337
  356
  376
  397
  419
  441
  465
  490
  516
  543
  571
  601
  632
Total cash flow (excl. dividends), $m
  773
  545
  561
  576
  595
  618
  644
  675
  710
  748
  791
  826
  877
  933
  993
  1,059
  1,129
  1,205
  1,286
  1,373
  1,465
  1,565
  1,670
  1,783
  1,903
  2,030
  2,165
  2,309
  2,461
  2,623
  2,794
Retained Cash Flow (-), $m
  -184
  -35
  -39
  -45
  -51
  -56
  -62
  -67
  -73
  -78
  -84
  -90
  -96
  -102
  -108
  -115
  -122
  -129
  -136
  -144
  -152
  -161
  -169
  -179
  -188
  -198
  -209
  -220
  -231
  -243
  -256
Prev. year cash balance distribution, $m
 
  1,015
  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
 
  1,525
  521
  531
  544
  562
  583
  608
  637
  670
  707
  736
  781
  831
  885
  944
  1,007
  1,076
  1,149
  1,228
  1,313
  1,404
  1,501
  1,604
  1,714
  1,832
  1,957
  2,089
  2,230
  2,380
  2,539
Discount rate, %
 
  4.40
  4.62
  4.85
  5.09
  5.35
  5.62
  5.90
  6.19
  6.50
  6.83
  7.17
  7.53
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
PV of cash for distribution, $m
 
  1,461
  476
  460
  446
  433
  420
  407
  394
  380
  365
  344
  327
  309
  290
  270
  248
  226
  204
  181
  159
  138
  118
  99
  82
  66
  53
  41
  32
  24
  17
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

Ultrapar Participacoes SA is a Brazil-based company primarily engaged in the automotive fuel retail. The Company operates in five segments: Gas distribution (Ultragaz), which distributes liquefied petroleum gas (LPG) to residential, commercial and industrial consumers in the South, Southeast and Northeast regions of Brazil; Fuel distribution (Ipiranga), which operates the distribution and marketing of gasoline, ethanol, diesel, fuel oil, kerosene, natural gas for vehicles and lubricants, as well as provides related activities across the Brazilian territory; Chemicals (Oxiteno), which produces ethylene oxide, as well as its primary derivatives and fatty alcohols; Storage (Ultracargo), which operates liquid bulk terminals, primarily in the Southeast and Northeast regions of Brazil, and Drugstores (Extrafarma), which trades pharmaceutical, hygiene and beauty products through its drugstore chain in the states of Para and Piaui, among others.

FINANCIAL RATIOS  of  Ultrapar Participacoes ADR (UGP)

Valuation Ratios
P/E Ratio 26.9
Price to Sales 0.5
Price to Book 4.9
Price to Tangible Book
Price to Cash Flow 16.7
Price to Free Cash Flow 49.6
Growth Rates
Sales Growth Rate 2.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 17.9%
Cap. Spend. - 3 Yr. Gr. Rate 6.7%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 104.9%
Total Debt to Equity 133.9%
Interest Coverage 3
Management Effectiveness
Return On Assets 10.2%
Ret/ On Assets - 3 Yr. Avg. 10%
Return On Total Capital 8.5%
Ret/ On T. Cap. - 3 Yr. Avg. 8.7%
Return On Equity 19%
Return On Equity - 3 Yr. Avg. 18.6%
Asset Turnover 3.4
Profitability Ratios
Gross Margin 9.1%
Gross Margin - 3 Yr. Avg. 8.7%
EBITDA Margin 5.7%
EBITDA Margin - 3 Yr. Avg. 5.4%
Operating Margin 4%
Oper. Margin - 3 Yr. Avg. 3.8%
Pre-Tax Margin 2.9%
Pre-Tax Margin - 3 Yr. Avg. 2.9%
Net Profit Margin 2%
Net Profit Margin - 3 Yr. Avg. 1.9%
Effective Tax Rate 30.8%
Eff/ Tax Rate - 3 Yr. Avg. 31.6%
Payout Ratio 55.9%

UGP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UGP stock intrinsic value calculation we used $24457 million for the last fiscal year's total revenue generated by Ultrapar Participacoes ADR. The default revenue input number comes from 2016 income statement of Ultrapar Participacoes ADR. 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 UGP 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 4.4%, whose default value for UGP is calculated based on our internal credit rating of Ultrapar Participacoes ADR, 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 Ultrapar Participacoes ADR.
    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 UGP stock the variable cost ratio is equal to 90.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1372 million in the base year in the intrinsic value calculation for UGP 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 10.4% for Ultrapar Participacoes ADR.

Corporate tax rate of 27% is the nominal tax rate for Ultrapar Participacoes ADR. 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 UGP 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 UGP are equal to 9.7%.

Life of production assets of 8.1 years is the average useful life of capital assets used in Ultrapar Participacoes ADR 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 UGP is equal to 5.6%. 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 - $2696 million for Ultrapar Participacoes ADR - 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 562.142 million for Ultrapar Participacoes ADR 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 Ultrapar Participacoes ADR at the current share price and the inputted number of shares is $13.7 billion.

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▶ Ultrapar - Earnings Release 3Q16   [Nov-09-16 04:47PM  PR Newswire]
▶ Ultrapar announces its 2Q16 results   [Aug-10-16 05:01PM  PR Newswire]
▶ Brazil's Ultrapar Up 4% On M&A, Petrobras Sinks   [Jun-13-16 12:04PM  at Barrons.com]
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▶ Deep Discounts in the Oil Patch   [Dec-13  12:01AM  at Barrons.com]
▶ Ultrapar Participacoes (UGP) Downgraded From Buy to Hold   [Nov-10  09:46AM  at TheStreet]
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Financial statements of UGP
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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