Intrinsic value of Valero Energy Partners - VLP

Previous Close

$41.71

  Intrinsic Value

$6.59

stock screener

  Rating & Target

str. sell

-84%

Previous close

$41.71

 
Intrinsic value

$6.59

 
Up/down potential

-84%

 
Rating

str. sell

We calculate the intrinsic value of VLP 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 2.9

 

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, %
  48.77
  26.10
  23.99
  22.09
  20.38
  18.84
  17.46
  16.21
  15.09
  14.08
  13.17
  12.36
  11.62
  10.96
  10.36
  9.83
  9.34
  8.91
  8.52
  8.17
  7.85
  7.57
  7.31
  7.08
  6.87
  6.68
  6.51
  6.36
  6.23
  6.10
  5.99
Revenue, $m
  363
  458
  568
  693
  834
  991
  1,164
  1,353
  1,557
  1,777
  2,011
  2,259
  2,522
  2,798
  3,088
  3,392
  3,709
  4,039
  4,383
  4,741
  5,114
  5,500
  5,902
  6,320
  6,754
  7,206
  7,675
  8,164
  8,672
  9,201
  9,753
Variable operating expenses, $m
 
  311
  386
  471
  567
  674
  792
  920
  1,059
  1,208
  1,367
  1,536
  1,715
  1,903
  2,100
  2,306
  2,522
  2,747
  2,981
  3,224
  3,477
  3,740
  4,014
  4,298
  4,593
  4,900
  5,219
  5,551
  5,897
  6,257
  6,632
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
  158
  311
  386
  471
  567
  674
  792
  920
  1,059
  1,208
  1,367
  1,536
  1,715
  1,903
  2,100
  2,306
  2,522
  2,747
  2,981
  3,224
  3,477
  3,740
  4,014
  4,298
  4,593
  4,900
  5,219
  5,551
  5,897
  6,257
  6,632
Operating income, $m
  205
  146
  182
  222
  267
  317
  373
  433
  498
  569
  643
  723
  807
  895
  988
  1,085
  1,187
  1,293
  1,403
  1,517
  1,636
  1,760
  1,889
  2,022
  2,161
  2,306
  2,456
  2,612
  2,775
  2,944
  3,121
EBITDA, $m
  251
  204
  253
  309
  372
  443
  520
  604
  695
  793
  898
  1,009
  1,126
  1,249
  1,379
  1,514
  1,656
  1,803
  1,957
  2,117
  2,283
  2,455
  2,635
  2,821
  3,015
  3,217
  3,426
  3,644
  3,871
  4,108
  4,354
Interest expense (income), $m
  1
  31
  35
  44
  54
  65
  77
  91
  106
  122
  139
  157
  177
  198
  219
  242
  266
  291
  317
  344
  372
  402
  432
  464
  497
  531
  566
  603
  642
  682
  724
Earnings before tax, $m
  190
  115
  147
  178
  213
  253
  296
  342
  393
  447
  505
  566
  630
  698
  769
  843
  921
  1,001
  1,086
  1,173
  1,264
  1,358
  1,457
  1,559
  1,665
  1,775
  1,890
  2,009
  2,133
  2,262
  2,397
Tax expense, $m
  1
  31
  40
  48
  58
  68
  80
  92
  106
  121
  136
  153
  170
  188
  208
  228
  249
  270
  293
  317
  341
  367
  393
  421
  449
  479
  510
  542
  576
  611
  647
Net income, $m
  189
  84
  107
  130
  156
  184
  216
  250
  287
  326
  368
  413
  460
  509
  561
  616
  672
  731
  792
  856
  923
  992
  1,063
  1,138
  1,215
  1,296
  1,379
  1,466
  1,557
  1,652
  1,750

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  71
  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
  979
  1,144
  1,419
  1,732
  2,085
  2,478
  2,911
  3,383
  3,894
  4,442
  5,027
  5,648
  6,305
  6,996
  7,721
  8,480
  9,272
  10,098
  10,958
  11,853
  12,784
  13,751
  14,756
  15,800
  16,886
  18,014
  19,188
  20,409
  21,680
  23,003
  24,382
Adjusted assets (=assets-cash), $m
  908
  1,144
  1,419
  1,732
  2,085
  2,478
  2,911
  3,383
  3,894
  4,442
  5,027
  5,648
  6,305
  6,996
  7,721
  8,480
  9,272
  10,098
  10,958
  11,853
  12,784
  13,751
  14,756
  15,800
  16,886
  18,014
  19,188
  20,409
  21,680
  23,003
  24,382
Revenue / Adjusted assets
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
Average production assets, $m
  858
  1,082
  1,342
  1,638
  1,972
  2,344
  2,753
  3,199
  3,682
  4,200
  4,754
  5,341
  5,962
  6,615
  7,301
  8,018
  8,768
  9,549
  10,362
  11,208
  12,088
  13,003
  13,953
  14,941
  15,967
  17,034
  18,144
  19,299
  20,500
  21,752
  23,055
Working capital, $m
  85
  18
  22
  27
  33
  39
  45
  53
  61
  69
  78
  88
  98
  109
  120
  132
  145
  158
  171
  185
  199
  215
  230
  246
  263
  281
  299
  318
  338
  359
  380
Total debt, $m
  895
  1,002
  1,249
  1,531
  1,849
  2,203
  2,592
  3,017
  3,476
  3,970
  4,496
  5,056
  5,646
  6,268
  6,921
  7,604
  8,317
  9,060
  9,834
  10,640
  11,477
  12,348
  13,252
  14,192
  15,169
  16,185
  17,241
  18,340
  19,484
  20,675
  21,916
Total liabilities, $m
  923
  1,030
  1,277
  1,559
  1,877
  2,231
  2,620
  3,045
  3,504
  3,998
  4,524
  5,084
  5,674
  6,296
  6,949
  7,632
  8,345
  9,088
  9,862
  10,668
  11,505
  12,376
  13,280
  14,220
  15,197
  16,213
  17,269
  18,368
  19,512
  20,703
  21,944
Total equity, $m
  56
  114
  142
  173
  209
  248
  291
  338
  389
  444
  503
  565
  630
  700
  772
  848
  927
  1,010
  1,096
  1,185
  1,278
  1,375
  1,476
  1,580
  1,689
  1,801
  1,919
  2,041
  2,168
  2,300
  2,438
Total liabilities and equity, $m
  979
  1,144
  1,419
  1,732
  2,086
  2,479
  2,911
  3,383
  3,893
  4,442
  5,027
  5,649
  6,304
  6,996
  7,721
  8,480
  9,272
  10,098
  10,958
  11,853
  12,783
  13,751
  14,756
  15,800
  16,886
  18,014
  19,188
  20,409
  21,680
  23,003
  24,382
Debt-to-equity ratio
  15.982
  8.760
  8.800
  8.840
  8.870
  8.890
  8.900
  8.920
  8.930
  8.940
  8.940
  8.950
  8.960
  8.960
  8.960
  8.970
  8.970
  8.970
  8.970
  8.980
  8.980
  8.980
  8.980
  8.980
  8.980
  8.980
  8.990
  8.990
  8.990
  8.990
  8.990
Adjusted equity ratio
  -0.017
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  189
  84
  107
  130
  156
  184
  216
  250
  287
  326
  368
  413
  460
  509
  561
  616
  672
  731
  792
  856
  923
  992
  1,063
  1,138
  1,215
  1,296
  1,379
  1,466
  1,557
  1,652
  1,750
Depreciation, amort., depletion, $m
  46
  58
  72
  88
  105
  125
  147
  171
  197
  225
  254
  286
  319
  354
  390
  429
  469
  511
  554
  599
  646
  695
  746
  799
  854
  911
  970
  1,032
  1,096
  1,163
  1,233
Funds from operations, $m
  225
  142
  179
  218
  261
  310
  363
  421
  484
  551
  623
  699
  779
  863
  952
  1,044
  1,141
  1,242
  1,347
  1,456
  1,569
  1,687
  1,809
  1,937
  2,069
  2,207
  2,350
  2,499
  2,653
  2,815
  2,983
Change in working capital, $m
  -5
  4
  4
  5
  6
  6
  7
  7
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
Cash from operations, $m
  230
  138
  174
  213
  256
  304
  356
  414
  476
  542
  613
  689
  769
  852
  940
  1,032
  1,129
  1,229
  1,333
  1,442
  1,555
  1,672
  1,794
  1,920
  2,052
  2,189
  2,331
  2,479
  2,634
  2,794
  2,961
Maintenance CAPEX, $m
  0
  -46
  -58
  -72
  -88
  -105
  -125
  -147
  -171
  -197
  -225
  -254
  -286
  -319
  -354
  -390
  -429
  -469
  -511
  -554
  -599
  -646
  -695
  -746
  -799
  -854
  -911
  -970
  -1,032
  -1,096
  -1,163
New CAPEX, $m
  -23
  -224
  -260
  -296
  -334
  -372
  -409
  -446
  -483
  -519
  -553
  -587
  -621
  -653
  -686
  -717
  -749
  -781
  -813
  -846
  -880
  -915
  -950
  -988
  -1,026
  -1,067
  -1,110
  -1,155
  -1,202
  -1,251
  -1,304
Cash from investing activities, $m
  -127
  -270
  -318
  -368
  -422
  -477
  -534
  -593
  -654
  -716
  -778
  -841
  -907
  -972
  -1,040
  -1,107
  -1,178
  -1,250
  -1,324
  -1,400
  -1,479
  -1,561
  -1,645
  -1,734
  -1,825
  -1,921
  -2,021
  -2,125
  -2,234
  -2,347
  -2,467
Free cash flow, $m
  103
  -132
  -143
  -155
  -166
  -174
  -178
  -180
  -178
  -173
  -165
  -153
  -138
  -120
  -99
  -75
  -49
  -21
  9
  41
  75
  111
  148
  187
  227
  268
  311
  355
  400
  446
  494
Issuance/(repayment) of debt, $m
  354
  107
  247
  282
  318
  354
  389
  425
  460
  494
  527
  559
  591
  622
  653
  683
  713
  744
  774
  805
  837
  870
  905
  940
  977
  1,016
  1,056
  1,099
  1,144
  1,191
  1,241
Issuance/(repurchase) of shares, $m
  10
  45
  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  
  -3
  152
  247
  282
  318
  354
  389
  425
  460
  494
  527
  559
  591
  622
  653
  683
  713
  744
  774
  805
  837
  870
  905
  940
  977
  1,016
  1,056
  1,099
  1,144
  1,191
  1,241
Total cash flow (excl. dividends), $m
  100
  21
  104
  127
  152
  180
  211
  245
  281
  320
  362
  406
  453
  502
  554
  607
  664
  722
  783
  847
  913
  981
  1,053
  1,127
  1,204
  1,284
  1,367
  1,454
  1,544
  1,638
  1,735
Retained Cash Flow (-), $m
  338
  -129
  -27
  -31
  -35
  -39
  -43
  -47
  -51
  -55
  -59
  -62
  -66
  -69
  -73
  -76
  -79
  -83
  -86
  -89
  -93
  -97
  -101
  -104
  -109
  -113
  -117
  -122
  -127
  -132
  -138
Prev. year cash balance distribution, $m
 
  71
  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
 
  -38
  77
  95
  117
  141
  168
  198
  230
  266
  304
  344
  387
  433
  481
  532
  584
  640
  697
  757
  820
  885
  952
  1,022
  1,095
  1,171
  1,250
  1,331
  1,417
  1,505
  1,597
Discount rate, %
 
  10.70
  11.24
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.60
  17.43
  18.30
  19.22
  20.18
  21.19
  22.24
  23.36
  24.52
  25.75
  27.04
  28.39
  29.81
  31.30
  32.87
  34.51
  36.23
  38.05
  39.95
  41.95
  44.04
PV of cash for distribution, $m
 
  -34
  62
  68
  73
  76
  78
  77
  75
  71
  65
  59
  52
  44
  37
  30
  23
  18
  13
  10
  7
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Valero Energy Partners LP owns, operates, develops and acquires crude oil and refined petroleum products pipelines, terminals, and other transportation and logistics assets. The Company's assets include crude oil and refined petroleum products pipelines, terminals, and other logistics assets in the United States Gulf Coast and the United States Mid-Continent regions that are integral to the operations of the ten of Valero Energy Corporation (Valero) refineries. It provides assets and services, such as Port Arthur logistics system, McKee logistics system, Memphis logistics system, Three Rivers logistics system, Ardmore logistics system, Houston logistics system, St. Charles logistics system, Corpus Christi logistics system and Meraux logistics system. Port Arthur logistics system includes its Lucas crude system and its Port Arthur products system. McKee logistics system is a crude oil and refined petroleum products pipeline and terminal system supporting Valero's McKee Refinery.

FINANCIAL RATIOS  of  Valero Energy Partners (VLP)

Valuation Ratios
P/E Ratio 15.2
Price to Sales 7.9
Price to Book 51.2
Price to Tangible Book
Price to Cash Flow 12.5
Price to Free Cash Flow 13.9
Growth Rates
Sales Growth Rate 48.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -39.5%
Cap. Spend. - 3 Yr. Gr. Rate -28.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 1598.2%
Total Debt to Equity 1598.2%
Interest Coverage 191
Management Effectiveness
Return On Assets 19.7%
Ret/ On Assets - 3 Yr. Avg. 7.8%
Return On Total Capital 20%
Ret/ On T. Cap. - 3 Yr. Avg. 7.9%
Return On Equity 84%
Return On Equity - 3 Yr. Avg. 30.3%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 73.6%
Gross Margin - 3 Yr. Avg. 48%
EBITDA Margin 65.3%
EBITDA Margin - 3 Yr. Avg. 39.2%
Operating Margin 56.5%
Oper. Margin - 3 Yr. Avg. 20.7%
Pre-Tax Margin 52.3%
Pre-Tax Margin - 3 Yr. Avg. 18.8%
Net Profit Margin 52.1%
Net Profit Margin - 3 Yr. Avg. 18.5%
Effective Tax Rate 0.5%
Eff/ Tax Rate - 3 Yr. Avg. 0.6%
Payout Ratio 57.7%

VLP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VLP stock intrinsic value calculation we used $363 million for the last fiscal year's total revenue generated by Valero Energy Partners. The default revenue input number comes from 2016 income statement of Valero Energy 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 VLP stock valuation model: a) initial revenue growth rate of 26.1% 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 10.7%, whose default value for VLP is calculated based on our internal credit rating of Valero Energy 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 Valero Energy 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 VLP stock the variable cost ratio is equal to 68%.

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 VLP 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 3.5% for Valero Energy Partners.

Corporate tax rate of 27% is the nominal tax rate for Valero Energy 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 VLP 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 VLP are equal to 236.4%.

Life of production assets of 18.7 years is the average useful life of capital assets used in Valero Energy 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 VLP is equal to 3.9%. 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 - $56 million for Valero Energy 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 69.528 million for Valero Energy 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 Valero Energy Partners at the current share price and the inputted number of shares is $2.9 billion.

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COMPANY NEWS

▶ Why Has Short Interest in Valero Risen ahead of Q3 Earnings?   [Oct-13-17 07:37AM  Market Realist]
▶ Valeros Stock Performance ahead of 3Q17 Earnings   [Oct-11-17 06:07PM  Market Realist]
▶ Understanding Valeros Q3 Crack Indicators   [04:35PM  Market Realist]
▶ MPC, ANDV, VLO, PSX: Refining Stocks 3Q17 Performance   [Oct-10-17 04:36PM  Market Realist]
▶ Valero Energy Has Become A 'Show Me' Story Now   [Oct-06-17 12:10PM  Benzinga]
▶ Valero signs 10-year extension as Texas Open title sponsor   [Oct-04-17 06:43PM  Associated Press]
▶ 3 Dividend Stocks to Buy on Sale   [06:32AM  Motley Fool]
▶ Ranking 7 Refining Stocks Based on Their Dividend Yields   [Sep-29-17 07:44AM  Market Realist]
▶ Peer Comparison: Where Do Valero Energys Valuations Stand?   [Sep-28-17 09:06AM  Market Realist]
▶ Why Short Interest in Valero Energy Fell   [07:36AM  Market Realist]
▶ 3 Stocks for Warren Buffett Fans   [Sep-27-17 01:15PM  Motley Fool]
▶ Have Analyst Ratings for Valero Weakened?   [09:06AM  Market Realist]
▶ Energy Industry Coverage Updates from Last Week   [Sep-25-17 05:37PM  Market Realist]
▶ Update: Valero reports initial estimates of refinery fire emissions   [Sep-22-17 04:03PM  American City Business Journals]
▶ Valero board sets new rules for special stockholder meetings   [Sep-21-17 04:10PM  American City Business Journals]
▶ Has Valero Energys Refining Margin Risen?   [04:06PM  Market Realist]
▶ Legal battle ends with Valero backing off plans to buy California storage terminals   [Sep-20-17 02:43PM  American City Business Journals]
▶ PBF Energy Was the Top Energy Loser Last Week   [01:18PM  Market Realist]
▶ [$$] Hurricanes Stir Up Profits for Refiners   [12:44AM  The Wall Street Journal]
▶ [$$] Hurricanes Stir Up Profits for Refiners   [Sep-17-17 08:36AM  The Wall Street Journal]
▶ EPA says benzene leak at Valeros Houston refinery was underestimated   [Sep-15-17 04:40PM  American City Business Journals]
▶ Why Has Short Interest in Phillips 66 Fallen?   [09:08AM  Market Realist]
▶ Valero CEO Joe Gorder: We're aggressively pursuing Mexican fuels market   [08:15AM  American City Business Journals]
▶ [$$] Valero Houston Plant Underestimated Harvey Benzine Leak   [Sep-14-17 07:36PM  The Wall Street Journal]
▶ Energy cos. team up to build $820 million terminal near Houston   [03:55PM  American City Business Journals]
▶ Valero announces new Texas pipeline deal   [Sep-08-17 04:00PM  American City Business Journals]
▶ $380M oil pipeline planned to reach from Gulf Coast to Austin suburbs   [Sep-07-17 11:43AM  American City Business Journals]
▶ Potentially Dangerous Plume Is Detected in Houston Area   [Sep-05-17 03:12PM  The Wall Street Journal]
▶ How Long Can U.S. Refineries Remain Offline?   [Aug-31-17 06:00PM  Oilprice.com]
▶ More gas heads to market as some refineries come back on-line   [10:45AM  American City Business Journals]
▶ Which MLPs Rose More than 6% Last Week?   [12:09PM  Market Realist]
Financial statements of VLP
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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