Intrinsic value of Valero Energy Partners - VLP

Previous Close

$40.99

  Intrinsic Value

$22.40

stock screener

  Rating & Target

sell

-45%

  Value-price divergence*

+168%

Previous close

$40.99

 
Intrinsic value

$22.40

 
Up/down potential

-45%

 
Rating

sell

 
Value-price divergence*

+168%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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 2.8

 

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
  34.20
  31.28
  28.65
  26.29
  24.16
  22.24
  20.52
  18.97
  17.57
  16.31
  15.18
  14.16
  13.25
  12.42
  11.68
  11.01
  10.41
  9.87
  9.38
  8.94
  8.55
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
  6.38
Revenue, $m
  363
  487
  640
  823
  1,039
  1,290
  1,577
  1,901
  2,261
  2,658
  3,092
  3,561
  4,066
  4,604
  5,176
  5,781
  6,417
  7,086
  7,785
  8,515
  9,277
  10,070
  10,895
  11,753
  12,645
  13,572
  14,535
  15,536
  16,577
  17,659
  18,785
Variable operating expenses, $m
 
  331
  435
  559
  707
  877
  1,072
  1,292
  1,537
  1,808
  2,103
  2,422
  2,765
  3,131
  3,520
  3,931
  4,364
  4,818
  5,294
  5,790
  6,308
  6,848
  7,409
  7,992
  8,599
  9,229
  9,884
  10,565
  11,272
  12,008
  12,774
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
  331
  435
  559
  707
  877
  1,072
  1,292
  1,537
  1,808
  2,103
  2,422
  2,765
  3,131
  3,520
  3,931
  4,364
  4,818
  5,294
  5,790
  6,308
  6,848
  7,409
  7,992
  8,599
  9,229
  9,884
  10,565
  11,272
  12,008
  12,774
Operating income, $m
  205
  156
  205
  263
  332
  413
  505
  608
  724
  851
  989
  1,140
  1,301
  1,473
  1,656
  1,850
  2,054
  2,267
  2,491
  2,725
  2,969
  3,222
  3,487
  3,761
  4,046
  4,343
  4,651
  4,972
  5,305
  5,651
  6,011
EBITDA, $m
  251
  217
  285
  367
  464
  576
  704
  848
  1,009
  1,187
  1,380
  1,590
  1,815
  2,055
  2,311
  2,581
  2,865
  3,163
  3,475
  3,801
  4,141
  4,495
  4,864
  5,247
  5,645
  6,059
  6,489
  6,936
  7,400
  7,883
  8,386
Interest expense (income), $m
  1
  31
  40
  53
  69
  87
  109
  133
  160
  191
  225
  262
  301
  344
  390
  439
  490
  544
  601
  660
  722
  787
  854
  924
  997
  1,073
  1,151
  1,233
  1,318
  1,406
  1,498
Earnings before tax, $m
  190
  125
  164
  210
  264
  326
  396
  475
  563
  660
  765
  878
  1,000
  1,129
  1,266
  1,411
  1,564
  1,723
  1,891
  2,065
  2,247
  2,436
  2,632
  2,837
  3,050
  3,270
  3,500
  3,738
  3,986
  4,244
  4,513
Tax expense, $m
  1
  34
  44
  57
  71
  88
  107
  128
  152
  178
  206
  237
  270
  305
  342
  381
  422
  465
  510
  558
  607
  658
  711
  766
  823
  883
  945
  1,009
  1,076
  1,146
  1,218
Net income, $m
  189
  91
  120
  153
  192
  238
  289
  347
  411
  482
  558
  641
  730
  824
  925
  1,030
  1,142
  1,258
  1,380
  1,507
  1,640
  1,778
  1,922
  2,071
  2,226
  2,387
  2,555
  2,729
  2,910
  3,098
  3,294

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
  1,313
  1,724
  2,218
  2,801
  3,477
  4,251
  5,123
  6,094
  7,165
  8,334
  9,599
  10,959
  12,410
  13,952
  15,582
  17,298
  19,098
  20,983
  22,952
  25,005
  27,143
  29,368
  31,680
  34,084
  36,582
  39,178
  41,876
  44,681
  47,598
  50,633
Adjusted assets (=assets-cash), $m
  908
  1,313
  1,724
  2,218
  2,801
  3,477
  4,251
  5,123
  6,094
  7,165
  8,334
  9,599
  10,959
  12,410
  13,952
  15,582
  17,298
  19,098
  20,983
  22,952
  25,005
  27,143
  29,368
  31,680
  34,084
  36,582
  39,178
  41,876
  44,681
  47,598
  50,633
Revenue / Adjusted assets
  0.400
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
Average production assets, $m
  858
  1,152
  1,512
  1,945
  2,456
  3,050
  3,728
  4,493
  5,345
  6,284
  7,309
  8,419
  9,611
  10,885
  12,237
  13,666
  15,171
  16,750
  18,403
  20,130
  21,931
  23,806
  25,757
  27,785
  29,893
  32,084
  34,361
  36,727
  39,187
  41,746
  44,407
Working capital, $m
  85
  19
  25
  32
  41
  50
  62
  74
  88
  104
  121
  139
  159
  180
  202
  225
  250
  276
  304
  332
  362
  393
  425
  458
  493
  529
  567
  606
  646
  689
  733
Total debt, $m
  895
  1,154
  1,523
  1,968
  2,493
  3,102
  3,798
  4,583
  5,457
  6,421
  7,473
  8,611
  9,835
  11,141
  12,529
  13,996
  15,540
  17,161
  18,857
  20,629
  22,477
  24,401
  26,403
  28,484
  30,648
  32,896
  35,233
  37,661
  40,185
  42,810
  45,541
Total liabilities, $m
  923
  1,182
  1,551
  1,996
  2,521
  3,130
  3,826
  4,611
  5,485
  6,449
  7,501
  8,639
  9,863
  11,169
  12,557
  14,024
  15,568
  17,189
  18,885
  20,657
  22,505
  24,429
  26,431
  28,512
  30,676
  32,924
  35,261
  37,689
  40,213
  42,838
  45,569
Total equity, $m
  56
  131
  172
  222
  280
  348
  425
  512
  609
  717
  833
  960
  1,096
  1,241
  1,395
  1,558
  1,730
  1,910
  2,098
  2,295
  2,501
  2,714
  2,937
  3,168
  3,408
  3,658
  3,918
  4,188
  4,468
  4,760
  5,063
Total liabilities and equity, $m
  979
  1,313
  1,723
  2,218
  2,801
  3,478
  4,251
  5,123
  6,094
  7,166
  8,334
  9,599
  10,959
  12,410
  13,952
  15,582
  17,298
  19,099
  20,983
  22,952
  25,006
  27,143
  29,368
  31,680
  34,084
  36,582
  39,179
  41,877
  44,681
  47,598
  50,632
Debt-to-equity ratio
  15.982
  8.790
  8.840
  8.870
  8.900
  8.920
  8.930
  8.950
  8.950
  8.960
  8.970
  8.970
  8.970
  8.980
  8.980
  8.980
  8.980
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  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
  91
  120
  153
  192
  238
  289
  347
  411
  482
  558
  641
  730
  824
  925
  1,030
  1,142
  1,258
  1,380
  1,507
  1,640
  1,778
  1,922
  2,071
  2,226
  2,387
  2,555
  2,729
  2,910
  3,098
  3,294
Depreciation, amort., depletion, $m
  46
  62
  81
  104
  131
  163
  199
  240
  286
  336
  391
  450
  514
  582
  654
  731
  811
  896
  984
  1,076
  1,173
  1,273
  1,377
  1,486
  1,599
  1,716
  1,837
  1,964
  2,096
  2,232
  2,375
Funds from operations, $m
  225
  153
  201
  257
  324
  401
  488
  587
  697
  818
  949
  1,091
  1,244
  1,406
  1,579
  1,761
  1,953
  2,154
  2,364
  2,584
  2,813
  3,051
  3,299
  3,557
  3,825
  4,103
  4,392
  4,693
  5,006
  5,331
  5,669
Change in working capital, $m
  -5
  5
  6
  7
  8
  10
  11
  13
  14
  15
  17
  18
  20
  21
  22
  24
  25
  26
  27
  28
  30
  31
  32
  33
  35
  36
  38
  39
  41
  42
  44
Cash from operations, $m
  230
  148
  195
  250
  315
  391
  477
  575
  683
  802
  932
  1,073
  1,224
  1,385
  1,557
  1,738
  1,928
  2,128
  2,337
  2,555
  2,783
  3,020
  3,267
  3,523
  3,790
  4,067
  4,355
  4,654
  4,965
  5,289
  5,625
Maintenance CAPEX, $m
  0
  -46
  -62
  -81
  -104
  -131
  -163
  -199
  -240
  -286
  -336
  -391
  -450
  -514
  -582
  -654
  -731
  -811
  -896
  -984
  -1,076
  -1,173
  -1,273
  -1,377
  -1,486
  -1,599
  -1,716
  -1,837
  -1,964
  -2,096
  -2,232
New CAPEX, $m
  -23
  -294
  -360
  -433
  -511
  -593
  -678
  -765
  -852
  -939
  -1,025
  -1,110
  -1,192
  -1,273
  -1,352
  -1,429
  -1,505
  -1,579
  -1,653
  -1,727
  -1,801
  -1,875
  -1,951
  -2,028
  -2,108
  -2,191
  -2,277
  -2,366
  -2,460
  -2,558
  -2,661
Cash from investing activities, $m
  -127
  -340
  -422
  -514
  -615
  -724
  -841
  -964
  -1,092
  -1,225
  -1,361
  -1,501
  -1,642
  -1,787
  -1,934
  -2,083
  -2,236
  -2,390
  -2,549
  -2,711
  -2,877
  -3,048
  -3,224
  -3,405
  -3,594
  -3,790
  -3,993
  -4,203
  -4,424
  -4,654
  -4,893
Free cash flow, $m
  103
  -192
  -227
  -264
  -300
  -334
  -364
  -390
  -410
  -423
  -429
  -428
  -419
  -402
  -378
  -346
  -308
  -263
  -212
  -156
  -94
  -28
  43
  118
  196
  277
  362
  450
  541
  635
  731
Issuance/(repayment) of debt, $m
  354
  259
  370
  445
  525
  609
  696
  785
  874
  964
  1,052
  1,139
  1,224
  1,307
  1,387
  1,467
  1,544
  1,621
  1,696
  1,772
  1,848
  1,924
  2,002
  2,082
  2,164
  2,248
  2,336
  2,428
  2,524
  2,625
  2,731
Issuance/(repurchase) of shares, $m
  10
  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  
  -3
  259
  370
  445
  525
  609
  696
  785
  874
  964
  1,052
  1,139
  1,224
  1,307
  1,387
  1,467
  1,544
  1,621
  1,696
  1,772
  1,848
  1,924
  2,002
  2,082
  2,164
  2,248
  2,336
  2,428
  2,524
  2,625
  2,731
Total cash flow (excl. dividends), $m
  100
  67
  143
  181
  225
  275
  332
  395
  465
  541
  623
  711
  805
  905
  1,010
  1,121
  1,237
  1,358
  1,484
  1,616
  1,754
  1,897
  2,045
  2,199
  2,359
  2,526
  2,699
  2,878
  3,065
  3,260
  3,462
Retained Cash Flow (-), $m
  338
  -75
  -41
  -49
  -58
  -68
  -77
  -87
  -97
  -107
  -117
  -127
  -136
  -145
  -154
  -163
  -172
  -180
  -188
  -197
  -205
  -214
  -222
  -231
  -240
  -250
  -260
  -270
  -280
  -292
  -303
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
 
  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
 
  -8
  102
  131
  166
  207
  255
  308
  368
  434
  506
  585
  669
  760
  856
  958
  1,065
  1,178
  1,296
  1,420
  1,548
  1,683
  1,822
  1,968
  2,119
  2,276
  2,439
  2,609
  2,785
  2,968
  3,159
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
 
  -8
  82
  94
  104
  113
  118
  121
  120
  116
  109
  100
  89
  77
  65
  54
  43
  33
  25
  18
  13
  9
  6
  4
  2
  1
  1
  0
  0
  0
  0
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

Valero Energy Partners LP owns, operates, develops, and acquires crude oil and refined petroleum products pipelines, terminals, and other transportation and logistics assets in the United States. Its assets include crude oil and refined petroleum products pipeline and terminal systems, including Port Arthur logistics system, McKee products system, Memphis logistics system, Three Rivers Crude System, Wynnewood Products System, Houston Terminal, St. Charles Terminal, and Corpus Christi Terminals located in the Gulf Coast and Mid-Continent regions of the United States. Valero Energy Partners GP LLC serves as the general partner of the company. Valero Energy Partners LP was founded in 2013 and is headquartered in San Antonio, Texas. Valero Energy Partners LP operates as a subsidiary of Valero Energy Corporation.

FINANCIAL RATIOS  of  Valero Energy Partners (VLP)

Valuation Ratios
P/E Ratio 14.9
Price to Sales 7.8
Price to Book 50.4
Price to Tangible Book
Price to Cash Flow 12.3
Price to Free Cash Flow 13.6
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 34.2% 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 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 67.386 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.

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UGI UGI 48.96 57.29  hold

COMPANY NEWS

▶ Price Forecasts for MPC, ANDV, VLO, and PSX   [Aug-22-17 10:37AM  Market Realist]
▶ Valero signs supply deal to ship fuels to Mexico   [Aug-03-17 06:50PM  American City Business Journals]
▶ Key Energy Industry Updates from July 2428, 2017   [Aug-01-17 08:18AM  Market Realist]
▶ Where Do VLOs Analyst Ratings Stand after 2Q17?   [Jul-31-17 10:41AM  Market Realist]
▶ [$$] U.S. Weighs Sanctions Against Venezuelas Oil Industry   [12:40AM  The Wall Street Journal]
▶ Valero Energy Partners misses 2Q profit forecasts   [Jul-28-17 11:58PM  Associated Press]
▶ Acquisitions boost second quarter profits for Valero Energy Partners   [03:35PM  American City Business Journals]
▶ Valero Energy tops Street 2Q forecasts   [02:08PM  Associated Press]
▶ How Valero Stock Has Performed before Its 2Q17 Release   [Jul-20-17 10:38AM  Market Realist]
▶ Inside Valero Recent Stock Performance   [Jul-18-17 09:06AM  Market Realist]
▶ Will Plains All American Pipeline Gain Upward Momentum?   [Jul-17-17 04:05PM  Market Realist]
▶ Where Valeros Debt Stands next to Peers   [07:37AM  Market Realist]
▶ 3 Top Oil Stocks for July   [Jul-16-17 08:35AM  Motley Fool]
▶ Understanding Valeros Ethanol Earnings 2Q17   [Jul-14-17 10:37AM  Market Realist]
▶ How Valeros Oil Spreads Moved in 2Q17   [09:08AM  Market Realist]
▶ Can Valeros Refining Margins Rise in 2Q17?   [07:39AM  Market Realist]
▶ Behind Valeros Refining Margin Trend in 2017   [Jul-13-17 05:06PM  Market Realist]
▶ Inside Valeros Growth Plans: EBITDA Target   [03:15PM  Market Realist]
▶ Refiners Valuations: MPC, TSO, VLO, and PSX   [09:05AM  Market Realist]
▶ Short Interest in Refining Stocks: MPC, PSX, TSO, and VLO   [Jul-11-17 10:36AM  Market Realist]
▶ Could Valero and Tesoros Refining Margins Rise in 2Q17?   [Jul-10-17 10:36AM  Market Realist]
▶ Analysts Ratings for Refiners: MPC, VLO, TSO, and PSX   [Jul-06-17 09:39PM  Market Realist]
▶ Refiners Tumble on Proposed Biofuel Quotas   [04:01PM  GuruFocus.com]
▶ 5 Stocks to Buy With Dividends Yielding More Than 3%   [Jul-03-17 11:47AM  Motley Fool]
▶ [$$] West Coast Energy Market Could Rise   [11:06AM  Barrons.com]
▶ Better Buy: Phillips 66 vs. Valero   [Jun-26-17 06:16PM  Motley Fool]
▶ What Happened in the Energy Sector Last Week?   [02:17PM  Market Realist]
▶ What Analysts Recommend for Energy Stocks   [02:17PM  Market Realist]
▶ 3 Stocks That Could Make You Rich   [12:32PM  Motley Fool]
▶ Behind Valeros Recent Correlation with WTI   [Jun-16-17 07:35AM  Market Realist]
▶ How Valeros Beta Compares to Peers   [07:36AM  Market Realist]
▶ Shorting Valero: Gauging Short Interest in VLO Stock   [Jun-14-17 10:36AM  Market Realist]
▶ Valero by Institution: Whos Buying What   [09:06AM  Market Realist]
▶ Your Valero Forecast for the Week   [07:37AM  Market Realist]
▶ How Is Valeros Dividend Yield Trending?   [Jun-13-17 04:05PM  Market Realist]
▶ How Valero Stock Has Performed in 2Q17   [12:38PM  Market Realist]
▶ Trump decision on Paris Accord will change little for San Antonio   [02:00PM  American City Business Journals]
▶ Why Phillips 66 Stock Fell in 2Q17   [Jun-01-17 01:02PM  Market Realist]
▶ What Valero Needs to Soar in 2Q17   [May-30-17 07:35AM  Market Realist]
▶ This US Refiner Had the Highest Refining Yield in 1Q17   [May-26-17 10:36AM  Market Realist]
▶ Inside Refiners ROEs: Comparing MPC, TSO, VLO, and PSX   [May-25-17 10:37AM  Market Realist]
▶ How Major Refiners Cash Flows Fared in 1Q17   [May-24-17 06:06PM  Market Realist]
Stock chart of VLP 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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