Intrinsic value of Ultrapar Participacoes ADR - UGP

Previous Close

$24.70

  Intrinsic Value

$22.66

stock screener

  Rating & Target

hold

-8%

Previous close

$24.70

 
Intrinsic value

$22.66

 
Up/down potential

-8%

 
Rating

hold

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

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
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
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
Revenue, $m
  24,457
  25,827
  27,257
  28,753
  30,316
  31,951
  33,662
  35,452
  37,327
  39,290
  41,345
  43,499
  45,756
  48,121
  50,601
  53,200
  55,926
  58,785
  61,783
  64,927
  68,226
  71,687
  75,319
  79,129
  83,128
  87,324
  91,728
  96,350
  101,201
  106,293
  111,637
Variable operating expenses, $m
 
  23,370
  24,663
  26,013
  27,425
  28,902
  30,447
  32,064
  33,757
  35,529
  37,386
  39,285
  41,323
  43,459
  45,699
  48,046
  50,508
  53,089
  55,797
  58,637
  61,617
  64,742
  68,022
  71,463
  75,074
  78,864
  82,841
  87,015
  91,396
  95,995
  100,822
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
  24,776
  26,104
  27,490
  28,939
  30,454
  32,038
  33,695
  35,429
  37,242
  39,142
  41,085
  43,168
  45,350
  47,638
  50,033
  52,545
  55,177
  57,937
  60,830
  63,865
  67,046
  70,384
  73,884
  77,556
  81,408
  85,448
  89,687
  94,135
  98,803
  103,700
Operating income, $m
  984
  1,050
  1,153
  1,262
  1,377
  1,497
  1,624
  1,758
  1,899
  2,047
  2,203
  2,414
  2,588
  2,771
  2,964
  3,167
  3,381
  3,607
  3,846
  4,097
  4,362
  4,641
  4,935
  5,245
  5,572
  5,916
  6,279
  6,662
  7,065
  7,490
  7,938
EBITDA, $m
  1,333
  1,405
  1,526
  1,652
  1,786
  1,926
  2,073
  2,228
  2,392
  2,563
  2,744
  2,935
  3,136
  3,347
  3,570
  3,804
  4,051
  4,311
  4,586
  4,874
  5,179
  5,499
  5,837
  6,193
  6,567
  6,962
  7,378
  7,816
  8,277
  8,763
  9,275
Interest expense (income), $m
  334
  294
  318
  343
  370
  398
  426
  457
  488
  522
  556
  593
  631
  671
  712
  756
  802
  850
  901
  954
  1,010
  1,068
  1,129
  1,193
  1,261
  1,332
  1,406
  1,484
  1,565
  1,651
  1,741
Earnings before tax, $m
  718
  756
  835
  919
  1,007
  1,100
  1,198
  1,301
  1,410
  1,525
  1,647
  1,821
  1,957
  2,100
  2,251
  2,411
  2,579
  2,757
  2,945
  3,143
  3,352
  3,573
  3,806
  4,052
  4,311
  4,585
  4,874
  5,178
  5,500
  5,839
  6,196
Tax expense, $m
  221
  204
  225
  248
  272
  297
  323
  351
  381
  412
  445
  492
  528
  567
  608
  651
  696
  744
  795
  849
  905
  965
  1,028
  1,094
  1,164
  1,238
  1,316
  1,398
  1,485
  1,577
  1,673
Net income, $m
  494
  552
  610
  671
  735
  803
  874
  950
  1,029
  1,114
  1,202
  1,330
  1,429
  1,533
  1,643
  1,760
  1,883
  2,013
  2,150
  2,294
  2,447
  2,608
  2,778
  2,958
  3,147
  3,347
  3,558
  3,780
  4,015
  4,262
  4,523

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
  6,168
  6,510
  6,867
  7,241
  7,631
  8,040
  8,467
  8,915
  9,384
  9,875
  10,389
  10,928
  11,493
  12,085
  12,706
  13,357
  14,040
  14,756
  15,507
  16,295
  17,121
  17,989
  18,899
  19,854
  20,856
  21,908
  23,012
  24,170
  25,386
  26,663
Adjusted assets (=assets-cash), $m
  5,841
  6,168
  6,510
  6,867
  7,241
  7,631
  8,040
  8,467
  8,915
  9,384
  9,875
  10,389
  10,928
  11,493
  12,085
  12,706
  13,357
  14,040
  14,756
  15,507
  16,295
  17,121
  17,989
  18,899
  19,854
  20,856
  21,908
  23,012
  24,170
  25,386
  26,663
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
  2,505
  2,644
  2,789
  2,941
  3,099
  3,265
  3,439
  3,621
  3,811
  4,011
  4,219
  4,438
  4,668
  4,908
  5,160
  5,425
  5,702
  5,993
  6,298
  6,618
  6,954
  7,306
  7,676
  8,063
  8,470
  8,898
  9,346
  9,816
  10,310
  10,829
Working capital, $m
  2,379
  1,446
  1,526
  1,610
  1,698
  1,789
  1,885
  1,985
  2,090
  2,200
  2,315
  2,436
  2,562
  2,695
  2,834
  2,979
  3,132
  3,292
  3,460
  3,636
  3,821
  4,014
  4,218
  4,431
  4,655
  4,890
  5,137
  5,396
  5,667
  5,952
  6,252
Total debt, $m
  3,610
  3,059
  3,302
  3,556
  3,822
  4,100
  4,391
  4,696
  5,014
  5,348
  5,698
  6,064
  6,448
  6,850
  7,272
  7,714
  8,177
  8,663
  9,173
  9,708
  10,269
  10,857
  11,475
  12,123
  12,803
  13,516
  14,265
  15,051
  15,876
  16,742
  17,651
Total liabilities, $m
  4,942
  4,392
  4,635
  4,889
  5,155
  5,433
  5,724
  6,029
  6,347
  6,681
  7,031
  7,397
  7,781
  8,183
  8,605
  9,047
  9,510
  9,996
  10,506
  11,041
  11,602
  12,190
  12,808
  13,456
  14,136
  14,849
  15,598
  16,384
  17,209
  18,075
  18,984
Total equity, $m
  2,696
  1,776
  1,875
  1,978
  2,085
  2,198
  2,315
  2,439
  2,568
  2,703
  2,844
  2,992
  3,147
  3,310
  3,481
  3,659
  3,847
  4,043
  4,250
  4,466
  4,693
  4,931
  5,181
  5,443
  5,718
  6,007
  6,309
  6,627
  6,961
  7,311
  7,679
Total liabilities and equity, $m
  7,638
  6,168
  6,510
  6,867
  7,240
  7,631
  8,039
  8,468
  8,915
  9,384
  9,875
  10,389
  10,928
  11,493
  12,086
  12,706
  13,357
  14,039
  14,756
  15,507
  16,295
  17,121
  17,989
  18,899
  19,854
  20,856
  21,907
  23,011
  24,170
  25,386
  26,663
Debt-to-equity ratio
  1.339
  1.720
  1.760
  1.800
  1.830
  1.870
  1.900
  1.930
  1.950
  1.980
  2.000
  2.030
  2.050
  2.070
  2.090
  2.110
  2.130
  2.140
  2.160
  2.170
  2.190
  2.200
  2.210
  2.230
  2.240
  2.250
  2.260
  2.270
  2.280
  2.290
  2.300
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
  552
  610
  671
  735
  803
  874
  950
  1,029
  1,114
  1,202
  1,330
  1,429
  1,533
  1,643
  1,760
  1,883
  2,013
  2,150
  2,294
  2,447
  2,608
  2,778
  2,958
  3,147
  3,347
  3,558
  3,780
  4,015
  4,262
  4,523
Depreciation, amort., depletion, $m
  349
  355
  372
  390
  409
  429
  449
  471
  493
  517
  541
  521
  548
  576
  606
  637
  670
  704
  740
  778
  817
  858
  902
  948
  995
  1,046
  1,098
  1,154
  1,212
  1,273
  1,337
Funds from operations, $m
  484
  907
  982
  1,061
  1,144
  1,231
  1,323
  1,420
  1,522
  1,630
  1,743
  1,851
  1,977
  2,109
  2,249
  2,397
  2,553
  2,717
  2,890
  3,072
  3,264
  3,467
  3,680
  3,905
  4,143
  4,393
  4,656
  4,934
  5,227
  5,535
  5,860
Change in working capital, $m
  -311
  77
  80
  84
  88
  92
  96
  100
  105
  110
  115
  121
  126
  132
  139
  146
  153
  160
  168
  176
  185
  194
  203
  213
  224
  235
  247
  259
  272
  285
  299
Cash from operations, $m
  795
  830
  902
  977
  1,056
  1,140
  1,228
  1,320
  1,418
  1,520
  1,628
  1,730
  1,850
  1,977
  2,111
  2,251
  2,400
  2,557
  2,722
  2,896
  3,079
  3,273
  3,477
  3,692
  3,919
  4,158
  4,410
  4,675
  4,955
  5,250
  5,561
Maintenance CAPEX, $m
  0
  -292
  -309
  -326
  -344
  -363
  -383
  -403
  -425
  -447
  -471
  -495
  -521
  -548
  -576
  -606
  -637
  -670
  -704
  -740
  -778
  -817
  -858
  -902
  -948
  -995
  -1,046
  -1,098
  -1,154
  -1,212
  -1,273
New CAPEX, $m
  -527
  -137
  -139
  -145
  -152
  -159
  -166
  -174
  -182
  -190
  -199
  -209
  -219
  -229
  -241
  -252
  -264
  -277
  -291
  -305
  -320
  -336
  -352
  -370
  -388
  -407
  -427
  -448
  -471
  -494
  -518
Cash from investing activities, $m
  -585
  -429
  -448
  -471
  -496
  -522
  -549
  -577
  -607
  -637
  -670
  -704
  -740
  -777
  -817
  -858
  -901
  -947
  -995
  -1,045
  -1,098
  -1,153
  -1,210
  -1,272
  -1,336
  -1,402
  -1,473
  -1,546
  -1,625
  -1,706
  -1,791
Free cash flow, $m
  210
  401
  454
  506
  560
  618
  679
  743
  811
  883
  958
  1,026
  1,110
  1,200
  1,294
  1,393
  1,498
  1,609
  1,727
  1,851
  1,982
  2,120
  2,266
  2,420
  2,583
  2,755
  2,937
  3,128
  3,331
  3,544
  3,770
Issuance/(repayment) of debt, $m
  904
  232
  243
  254
  266
  278
  291
  304
  319
  334
  350
  366
  384
  402
  422
  442
  464
  486
  510
  535
  561
  589
  618
  648
  680
  714
  749
  786
  825
  866
  909
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
  232
  243
  254
  266
  278
  291
  304
  319
  334
  350
  366
  384
  402
  422
  442
  464
  486
  510
  535
  561
  589
  618
  648
  680
  714
  749
  786
  825
  866
  909
Total cash flow (excl. dividends), $m
  773
  633
  697
  760
  826
  896
  970
  1,048
  1,130
  1,217
  1,308
  1,392
  1,494
  1,602
  1,715
  1,835
  1,962
  2,096
  2,237
  2,386
  2,543
  2,709
  2,884
  3,068
  3,263
  3,469
  3,686
  3,914
  4,156
  4,410
  4,679
Retained Cash Flow (-), $m
  -184
  -95
  -98
  -103
  -108
  -112
  -118
  -123
  -129
  -135
  -141
  -148
  -155
  -163
  -171
  -179
  -187
  -197
  -206
  -216
  -227
  -238
  -250
  -262
  -275
  -289
  -303
  -318
  -334
  -350
  -368
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
 
  1,552
  599
  657
  719
  784
  852
  925
  1,001
  1,082
  1,167
  1,244
  1,339
  1,439
  1,545
  1,657
  1,774
  1,899
  2,030
  2,169
  2,316
  2,471
  2,634
  2,806
  2,988
  3,180
  3,383
  3,597
  3,822
  4,060
  4,311
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
 
  1,487
  547
  570
  589
  604
  614
  619
  619
  614
  603
  581
  561
  535
  506
  473
  437
  399
  360
  320
  281
  243
  207
  173
  143
  115
  91
  71
  54
  40
  29
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 27.2
Price to Sales 0.5
Price to Book 5
Price to Tangible Book
Price to Cash Flow 16.9
Price to Free Cash Flow 50.1
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 5.6% 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 553.894 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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▶ 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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