Intrinsic value of Valero Energy Partners - VLP

Previous Close

$40.22

  Intrinsic Value

$4.74

stock screener

  Rating & Target

str. sell

-88%

Previous close

$40.22

 
Intrinsic value

$4.74

 
Up/down potential

-88%

 
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

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, %
  48.77
  18.50
  17.15
  15.94
  14.84
  13.86
  12.97
  12.17
  11.46
  10.81
  10.23
  9.71
  9.24
  8.81
  8.43
  8.09
  7.78
  7.50
  7.25
  7.03
  6.82
  6.64
  6.48
  6.33
  6.20
  6.08
  5.97
  5.87
  5.79
  5.71
  5.64
Revenue, $m
  363
  430
  504
  584
  671
  764
  863
  968
  1,079
  1,196
  1,318
  1,446
  1,579
  1,719
  1,864
  2,014
  2,171
  2,334
  2,503
  2,679
  2,862
  3,052
  3,249
  3,455
  3,669
  3,892
  4,125
  4,367
  4,619
  4,883
  5,158
Variable operating expenses, $m
 
  293
  343
  397
  456
  519
  587
  658
  734
  813
  896
  983
  1,074
  1,169
  1,267
  1,370
  1,476
  1,587
  1,702
  1,822
  1,946
  2,075
  2,210
  2,349
  2,495
  2,647
  2,805
  2,969
  3,141
  3,320
  3,508
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
  293
  343
  397
  456
  519
  587
  658
  734
  813
  896
  983
  1,074
  1,169
  1,267
  1,370
  1,476
  1,587
  1,702
  1,822
  1,946
  2,075
  2,210
  2,349
  2,495
  2,647
  2,805
  2,969
  3,141
  3,320
  3,508
Operating income, $m
  205
  138
  161
  187
  215
  244
  276
  310
  345
  383
  422
  463
  505
  550
  596
  645
  695
  747
  801
  857
  916
  977
  1,040
  1,106
  1,174
  1,245
  1,320
  1,397
  1,478
  1,563
  1,651
EBITDA, $m
  251
  192
  225
  261
  300
  341
  385
  432
  482
  534
  588
  645
  705
  767
  832
  899
  969
  1,042
  1,117
  1,196
  1,278
  1,362
  1,451
  1,542
  1,638
  1,738
  1,841
  1,949
  2,062
  2,180
  2,303
Interest expense (income), $m
  1
  31
  33
  39
  45
  52
  59
  67
  75
  84
  93
  103
  113
  123
  134
  146
  158
  170
  183
  196
  210
  224
  239
  255
  271
  288
  306
  324
  343
  363
  384
Earnings before tax, $m
  190
  106
  128
  148
  170
  193
  217
  243
  270
  299
  329
  360
  393
  427
  462
  499
  537
  577
  618
  661
  706
  752
  800
  851
  903
  958
  1,014
  1,074
  1,135
  1,200
  1,267
Tax expense, $m
  1
  29
  35
  40
  46
  52
  59
  66
  73
  81
  89
  97
  106
  115
  125
  135
  145
  156
  167
  179
  191
  203
  216
  230
  244
  259
  274
  290
  307
  324
  342
Net income, $m
  189
  78
  94
  108
  124
  141
  158
  177
  197
  218
  240
  263
  287
  311
  337
  364
  392
  421
  451
  483
  515
  549
  584
  621
  659
  699
  740
  784
  829
  876
  925

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
  1,075
  1,260
  1,461
  1,677
  1,910
  2,158
  2,420
  2,697
  2,989
  3,295
  3,615
  3,949
  4,297
  4,659
  5,036
  5,427
  5,835
  6,258
  6,697
  7,154
  7,629
  8,124
  8,638
  9,173
  9,730
  10,311
  10,917
  11,548
  12,207
  12,895
Adjusted assets (=assets-cash), $m
  908
  1,075
  1,260
  1,461
  1,677
  1,910
  2,158
  2,420
  2,697
  2,989
  3,295
  3,615
  3,949
  4,297
  4,659
  5,036
  5,427
  5,835
  6,258
  6,697
  7,154
  7,629
  8,124
  8,638
  9,173
  9,730
  10,311
  10,917
  11,548
  12,207
  12,895
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
  1,017
  1,191
  1,381
  1,586
  1,806
  2,040
  2,289
  2,551
  2,826
  3,116
  3,418
  3,734
  4,063
  4,405
  4,762
  5,132
  5,517
  5,917
  6,333
  6,765
  7,214
  7,682
  8,168
  8,674
  9,201
  9,750
  10,323
  10,920
  11,543
  12,194
Working capital, $m
  85
  17
  20
  23
  26
  30
  34
  38
  42
  47
  51
  56
  62
  67
  73
  79
  85
  91
  98
  104
  112
  119
  127
  135
  143
  152
  161
  170
  180
  190
  201
Total debt, $m
  895
  940
  1,106
  1,287
  1,482
  1,691
  1,914
  2,150
  2,400
  2,662
  2,937
  3,225
  3,526
  3,839
  4,165
  4,504
  4,857
  5,223
  5,604
  6,000
  6,411
  6,838
  7,283
  7,746
  8,228
  8,729
  9,252
  9,797
  10,365
  10,959
  11,578
Total liabilities, $m
  923
  968
  1,134
  1,315
  1,510
  1,719
  1,942
  2,178
  2,428
  2,690
  2,965
  3,253
  3,554
  3,867
  4,193
  4,532
  4,885
  5,251
  5,632
  6,028
  6,439
  6,866
  7,311
  7,774
  8,256
  8,757
  9,280
  9,825
  10,393
  10,987
  11,606
Total equity, $m
  56
  108
  126
  146
  168
  191
  216
  242
  270
  299
  329
  361
  395
  430
  466
  504
  543
  583
  626
  670
  715
  763
  812
  864
  917
  973
  1,031
  1,092
  1,155
  1,221
  1,290
Total liabilities and equity, $m
  979
  1,076
  1,260
  1,461
  1,678
  1,910
  2,158
  2,420
  2,698
  2,989
  3,294
  3,614
  3,949
  4,297
  4,659
  5,036
  5,428
  5,834
  6,258
  6,698
  7,154
  7,629
  8,123
  8,638
  9,173
  9,730
  10,311
  10,917
  11,548
  12,208
  12,896
Debt-to-equity ratio
  15.982
  8.740
  8.780
  8.810
  8.830
  8.850
  8.870
  8.880
  8.900
  8.910
  8.920
  8.920
  8.930
  8.930
  8.940
  8.940
  8.950
  8.950
  8.960
  8.960
  8.960
  8.960
  8.970
  8.970
  8.970
  8.970
  8.970
  8.970
  8.980
  8.980
  8.980
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
  78
  94
  108
  124
  141
  158
  177
  197
  218
  240
  263
  287
  311
  337
  364
  392
  421
  451
  483
  515
  549
  584
  621
  659
  699
  740
  784
  829
  876
  925
Depreciation, amort., depletion, $m
  46
  54
  64
  74
  85
  97
  109
  122
  136
  151
  167
  183
  200
  217
  236
  255
  274
  295
  316
  339
  362
  386
  411
  437
  464
  492
  521
  552
  584
  617
  652
Funds from operations, $m
  225
  132
  157
  182
  209
  237
  267
  300
  334
  369
  406
  445
  486
  529
  573
  619
  667
  716
  768
  821
  877
  935
  995
  1,058
  1,123
  1,191
  1,262
  1,336
  1,413
  1,493
  1,577
Change in working capital, $m
  -5
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
Cash from operations, $m
  230
  129
  155
  179
  205
  234
  264
  296
  329
  365
  402
  441
  481
  523
  567
  613
  660
  710
  761
  814
  870
  927
  987
  1,050
  1,115
  1,182
  1,253
  1,326
  1,403
  1,483
  1,566
Maintenance CAPEX, $m
  0
  -46
  -54
  -64
  -74
  -85
  -97
  -109
  -122
  -136
  -151
  -167
  -183
  -200
  -217
  -236
  -255
  -274
  -295
  -316
  -339
  -362
  -386
  -411
  -437
  -464
  -492
  -521
  -552
  -584
  -617
New CAPEX, $m
  -23
  -159
  -174
  -190
  -205
  -220
  -234
  -248
  -262
  -276
  -289
  -302
  -316
  -329
  -343
  -356
  -370
  -385
  -400
  -416
  -432
  -449
  -467
  -486
  -506
  -527
  -549
  -573
  -597
  -623
  -651
Cash from investing activities, $m
  -127
  -205
  -228
  -254
  -279
  -305
  -331
  -357
  -384
  -412
  -440
  -469
  -499
  -529
  -560
  -592
  -625
  -659
  -695
  -732
  -771
  -811
  -853
  -897
  -943
  -991
  -1,041
  -1,094
  -1,149
  -1,207
  -1,268
Free cash flow, $m
  103
  -75
  -74
  -75
  -74
  -71
  -67
  -62
  -55
  -48
  -39
  -29
  -17
  -5
  7
  21
  35
  50
  66
  82
  99
  116
  134
  153
  172
  191
  212
  232
  254
  276
  298
Issuance/(repayment) of debt, $m
  354
  45
  166
  181
  195
  209
  223
  236
  250
  262
  275
  288
  300
  313
  326
  339
  353
  366
  381
  396
  411
  428
  445
  463
  482
  502
  523
  545
  568
  593
  619
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
  90
  166
  181
  195
  209
  223
  236
  250
  262
  275
  288
  300
  313
  326
  339
  353
  366
  381
  396
  411
  428
  445
  463
  482
  502
  523
  545
  568
  593
  619
Total cash flow (excl. dividends), $m
  100
  14
  92
  106
  122
  138
  156
  174
  194
  215
  237
  259
  283
  308
  333
  360
  388
  417
  447
  478
  510
  544
  579
  616
  654
  693
  734
  777
  822
  869
  918
Retained Cash Flow (-), $m
  338
  -123
  -18
  -20
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -49
  -51
  -54
  -56
  -58
  -61
  -63
  -66
  -69
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
 
  -37
  73
  86
  100
  115
  131
  148
  166
  186
  206
  227
  250
  273
  297
  322
  349
  376
  404
  434
  465
  497
  530
  564
  600
  637
  676
  717
  759
  803
  849
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
  59
  62
  63
  62
  61
  58
  54
  50
  44
  39
  33
  28
  23
  18
  14
  11
  8
  6
  4
  3
  2
  1
  1
  0
  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 14.6
Price to Sales 7.6
Price to Book 49.4
Price to Tangible Book
Price to Cash Flow 12
Price to Free Cash Flow 13.4
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 18.5% 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 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 70.562 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 $2.8 billion.

RELATED COMPANIES Price Int.Val. Rating
APU AmeriGas Partn 43.29 52.32  hold
VLO Valero Energy 93.27 590.30  str.buy
PAA Plains All Ame 22.38 3.80  str.sell
GEL Genesis Energy 21.00 3.74  str.sell
EPD Enterprise Pro 26.41 1.90  str.sell
NS NuSTAR Energy 24.15 9.87  str.sell
MMP Magellan Midst 66.64 19.92  str.sell
UGI UGI 43.70 93.47  str.buy

COMPANY NEWS

▶ New Strong Sell Stocks for February 20th   [Feb-20-18 08:24AM  Zacks]
▶ Valero Energy Partners And Other Great Energy Income Stocks   [Feb-13-18 08:02AM  Simply Wall St.]
▶ Company News For Feb 5, 2018   [10:35AM  Zacks]
▶ Tax reform pushes Valero fourth-quarter profit to record $2.4B   [02:10PM  American City Business Journals]
▶ Valero Energy tops Street 4Q forecasts   [07:27AM  Associated Press]
▶ 3 High-Octane Dividend Stocks You're Probably Missing   [Jan-29-18 11:32AM  Motley Fool]
▶ These Liquid Transportation MLPs Were Downgraded Last Week   [Jan-25-18 01:14PM  Market Realist]
▶ Valero shares gain on stock buyback plan, dividend hike   [Jan-23-18 04:51PM  MarketWatch]
▶ Best NYSE Energy Dividend Paying Companies   [Jan-02-18 08:02AM  Simply Wall St.]
▶ Valero gives $3M toward new San Antonio Zoo endowment   [Dec-18-17 04:05PM  American City Business Journals]
▶ Refining Stocks Dividend Yields: Ranking the Big 7   [Dec-13-17 12:21PM  Market Realist]
▶ Why VLP Ranks 10th Place among Top MLPs Today   [Dec-07-17 01:57PM  Market Realist]
▶ Comparing Valeros Valuation   [Nov-22-17 07:30AM  Market Realist]
▶ Why Only 9 MLPs Ended in the Green Last Week   [Nov-21-17 03:55PM  Market Realist]
▶ A Look at Valeros Short Interest since 3Q17   [10:30AM  Market Realist]
▶ Valeros Institutional Ownership Trends   [09:00AM  Market Realist]
▶ Forecasting Valeros Stock Price Range   [07:31AM  Market Realist]
▶ How Do Refiners Valuations Stack Up?   [07:30AM  Market Realist]
▶ How Valeros Moving Averages Stack Up   [Nov-20-17 10:31AM  Market Realist]
▶ Analysts Views on Valero   [07:31AM  Market Realist]
▶ What Analysts Expect for Valeros Dividend Payment in 1Q18   [Nov-17-17 10:31AM  Market Realist]
▶ How Refining Stocks Performed in 4Q17   [10:30AM  Market Realist]
▶ How Valero Used Its Cash Flow Surplus   [09:02AM  Market Realist]
▶ Comparing Valeros Debt Position   [07:32AM  Market Realist]
▶ Could Valeros Ethanol Earnings Fall in 4Q17?   [Nov-16-17 03:05PM  Market Realist]
▶ Trends in Valeros Oil Spreads in 4Q17   [01:35PM  Market Realist]
▶ Could Valeros Refining Margin Expand in 4Q17?   [12:02PM  Market Realist]
▶ A Look at Valeros Refining Margins in 3Q17   [12:02PM  Market Realist]
▶ How MPC, VLO, ANDV, and PSX Fared in 3Q17   [Nov-15-17 04:45PM  Market Realist]
▶ Valero donates $8.4 million to SAISD's Pipeline to College Success Program   [Nov-08-17 07:20PM  American City Business Journals]
▶ MLP Rating Updates Last Week   [03:42PM  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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.