Intrinsic value of Western Refining - WNR

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$33.90

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$33.90

 
Intrinsic value

$25.18

 
Up/down potential

-26%

 
Rating

sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of WNR 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 3.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -20.88
  2.20
  2.48
  2.73
  2.96
  3.16
  3.35
  3.51
  3.66
  3.79
  3.92
  4.02
  4.12
  4.21
  4.29
  4.36
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
Revenue, $m
  7,743
  7,913
  8,110
  8,331
  8,578
  8,849
  9,145
  9,466
  9,813
  10,185
  10,584
  11,010
  11,464
  11,946
  12,458
  13,001
  13,577
  14,185
  14,828
  15,507
  16,224
  16,980
  17,777
  18,617
  19,501
  20,433
  21,413
  22,445
  23,531
  24,673
  25,874
Variable operating expenses, $m
 
  5,624
  5,760
  5,914
  6,085
  6,273
  6,479
  6,702
  6,942
  7,201
  7,478
  7,645
  7,960
  8,295
  8,651
  9,028
  9,427
  9,849
  10,296
  10,767
  11,265
  11,790
  12,343
  12,926
  13,541
  14,187
  14,868
  15,585
  16,339
  17,132
  17,966
Fixed operating expenses, $m
 
  1,997
  2,047
  2,098
  2,150
  2,204
  2,259
  2,316
  2,373
  2,433
  2,494
  2,556
  2,620
  2,685
  2,752
  2,821
  2,892
  2,964
  3,038
  3,114
  3,192
  3,272
  3,354
  3,437
  3,523
  3,611
  3,702
  3,794
  3,889
  3,986
  4,086
Total operating expenses, $m
  7,404
  7,621
  7,807
  8,012
  8,235
  8,477
  8,738
  9,018
  9,315
  9,634
  9,972
  10,201
  10,580
  10,980
  11,403
  11,849
  12,319
  12,813
  13,334
  13,881
  14,457
  15,062
  15,697
  16,363
  17,064
  17,798
  18,570
  19,379
  20,228
  21,118
  22,052
Operating income, $m
  340
  293
  303
  320
  343
  372
  407
  449
  497
  551
  612
  809
  884
  966
  1,055
  1,153
  1,258
  1,371
  1,494
  1,626
  1,767
  1,918
  2,080
  2,253
  2,437
  2,634
  2,843
  3,066
  3,303
  3,555
  3,822
EBITDA, $m
  557
  564
  578
  598
  625
  660
  700
  748
  802
  863
  931
  1,007
  1,090
  1,180
  1,279
  1,386
  1,502
  1,626
  1,760
  1,904
  2,058
  2,223
  2,399
  2,587
  2,787
  3,001
  3,228
  3,469
  3,725
  3,998
  4,287
Interest expense (income), $m
  124
  131
  137
  143
  151
  159
  168
  178
  189
  201
  214
  227
  242
  257
  273
  291
  309
  328
  349
  371
  394
  418
  444
  470
  499
  529
  560
  594
  628
  665
  704
Earnings before tax, $m
  242
  162
  166
  176
  192
  213
  239
  270
  308
  350
  399
  582
  642
  709
  782
  862
  949
  1,043
  1,145
  1,255
  1,373
  1,500
  1,636
  1,782
  1,938
  2,105
  2,283
  2,472
  2,675
  2,890
  3,118
Tax expense, $m
  55
  44
  45
  48
  52
  57
  64
  73
  83
  95
  108
  157
  173
  191
  211
  233
  256
  282
  309
  339
  371
  405
  442
  481
  523
  568
  616
  668
  722
  780
  842
Net income, $m
  125
  118
  121
  129
  140
  155
  174
  197
  225
  256
  291
  425
  469
  518
  571
  629
  693
  761
  836
  916
  1,002
  1,095
  1,194
  1,301
  1,415
  1,537
  1,666
  1,805
  1,952
  2,109
  2,276

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  269
  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
  5,560
  5,409
  5,543
  5,695
  5,863
  6,049
  6,251
  6,470
  6,707
  6,962
  7,234
  7,526
  7,836
  8,165
  8,516
  8,887
  9,280
  9,696
  10,135
  10,600
  11,089
  11,606
  12,151
  12,725
  13,330
  13,966
  14,637
  15,342
  16,084
  16,865
  17,686
Adjusted assets (=assets-cash), $m
  5,291
  5,409
  5,543
  5,695
  5,863
  6,049
  6,251
  6,470
  6,707
  6,962
  7,234
  7,526
  7,836
  8,165
  8,516
  8,887
  9,280
  9,696
  10,135
  10,600
  11,089
  11,606
  12,151
  12,725
  13,330
  13,966
  14,637
  15,342
  16,084
  16,865
  17,686
Revenue / Adjusted assets
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
Average production assets, $m
  2,308
  2,358
  2,417
  2,483
  2,556
  2,637
  2,725
  2,821
  2,924
  3,035
  3,154
  3,281
  3,416
  3,560
  3,713
  3,874
  4,046
  4,227
  4,419
  4,621
  4,835
  5,060
  5,297
  5,548
  5,811
  6,089
  6,381
  6,689
  7,012
  7,353
  7,710
Working capital, $m
  689
  443
  454
  467
  480
  496
  512
  530
  550
  570
  593
  617
  642
  669
  698
  728
  760
  794
  830
  868
  909
  951
  995
  1,043
  1,092
  1,144
  1,199
  1,257
  1,318
  1,382
  1,449
Total debt, $m
  1,936
  2,011
  2,108
  2,219
  2,341
  2,476
  2,624
  2,783
  2,956
  3,141
  3,340
  3,552
  3,777
  4,017
  4,272
  4,543
  4,829
  5,132
  5,452
  5,789
  6,146
  6,522
  6,919
  7,337
  7,777
  8,240
  8,728
  9,242
  9,782
  10,350
  10,948
Total liabilities, $m
  3,864
  3,938
  4,035
  4,146
  4,268
  4,403
  4,551
  4,710
  4,883
  5,068
  5,267
  5,479
  5,704
  5,944
  6,199
  6,470
  6,756
  7,059
  7,379
  7,716
  8,073
  8,449
  8,846
  9,264
  9,704
  10,167
  10,655
  11,169
  11,709
  12,277
  12,875
Total equity, $m
  1,697
  1,471
  1,508
  1,549
  1,595
  1,645
  1,700
  1,760
  1,824
  1,894
  1,968
  2,047
  2,131
  2,221
  2,316
  2,417
  2,524
  2,637
  2,757
  2,883
  3,016
  3,157
  3,305
  3,461
  3,626
  3,799
  3,981
  4,173
  4,375
  4,587
  4,810
Total liabilities and equity, $m
  5,561
  5,409
  5,543
  5,695
  5,863
  6,048
  6,251
  6,470
  6,707
  6,962
  7,235
  7,526
  7,835
  8,165
  8,515
  8,887
  9,280
  9,696
  10,136
  10,599
  11,089
  11,606
  12,151
  12,725
  13,330
  13,966
  14,636
  15,342
  16,084
  16,864
  17,685
Debt-to-equity ratio
  1.141
  1.370
  1.400
  1.430
  1.470
  1.510
  1.540
  1.580
  1.620
  1.660
  1.700
  1.740
  1.770
  1.810
  1.840
  1.880
  1.910
  1.950
  1.980
  2.010
  2.040
  2.070
  2.090
  2.120
  2.140
  2.170
  2.190
  2.210
  2.240
  2.260
  2.280
Adjusted equity ratio
  0.270
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  125
  118
  121
  129
  140
  155
  174
  197
  225
  256
  291
  425
  469
  518
  571
  629
  693
  761
  836
  916
  1,002
  1,095
  1,194
  1,301
  1,415
  1,537
  1,666
  1,805
  1,952
  2,109
  2,276
Depreciation, amort., depletion, $m
  217
  271
  274
  278
  283
  288
  293
  299
  305
  312
  319
  198
  206
  214
  224
  233
  244
  255
  266
  278
  291
  305
  319
  334
  350
  367
  384
  403
  422
  443
  464
Funds from operations, $m
  410
  389
  396
  407
  423
  443
  467
  496
  530
  568
  610
  623
  675
  732
  795
  863
  936
  1,016
  1,102
  1,194
  1,294
  1,400
  1,514
  1,635
  1,765
  1,903
  2,051
  2,208
  2,375
  2,552
  2,741
Change in working capital, $m
  26
  10
  11
  12
  14
  15
  17
  18
  19
  21
  22
  24
  25
  27
  29
  30
  32
  34
  36
  38
  40
  42
  45
  47
  50
  52
  55
  58
  61
  64
  67
Cash from operations, $m
  384
  298
  385
  395
  409
  428
  451
  478
  510
  547
  588
  599
  649
  705
  766
  832
  904
  982
  1,066
  1,156
  1,253
  1,358
  1,469
  1,588
  1,715
  1,851
  1,996
  2,150
  2,314
  2,488
  2,674
Maintenance CAPEX, $m
  0
  -139
  -142
  -146
  -150
  -154
  -159
  -164
  -170
  -176
  -183
  -190
  -198
  -206
  -214
  -224
  -233
  -244
  -255
  -266
  -278
  -291
  -305
  -319
  -334
  -350
  -367
  -384
  -403
  -422
  -443
New CAPEX, $m
  -301
  -50
  -58
  -66
  -73
  -81
  -88
  -96
  -103
  -111
  -119
  -127
  -135
  -144
  -153
  -162
  -171
  -181
  -192
  -202
  -214
  -225
  -237
  -250
  -264
  -278
  -292
  -308
  -324
  -340
  -358
Cash from investing activities, $m
  -226
  -189
  -200
  -212
  -223
  -235
  -247
  -260
  -273
  -287
  -302
  -317
  -333
  -350
  -367
  -386
  -404
  -425
  -447
  -468
  -492
  -516
  -542
  -569
  -598
  -628
  -659
  -692
  -727
  -762
  -801
Free cash flow, $m
  158
  109
  184
  183
  186
  193
  204
  218
  237
  260
  286
  282
  317
  355
  399
  447
  499
  557
  620
  688
  761
  841
  927
  1,019
  1,118
  1,224
  1,337
  1,458
  1,588
  1,726
  1,873
Issuance/(repayment) of debt, $m
  240
  86
  98
  110
  123
  135
  147
  160
  172
  185
  198
  212
  226
  240
  255
  270
  286
  303
  320
  338
  357
  376
  397
  418
  440
  464
  488
  513
  540
  568
  598
Issuance/(repurchase) of shares, $m
  -75
  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  
  -507
  86
  98
  110
  123
  135
  147
  160
  172
  185
  198
  212
  226
  240
  255
  270
  286
  303
  320
  338
  357
  376
  397
  418
  440
  464
  488
  513
  540
  568
  598
Total cash flow (excl. dividends), $m
  -350
  194
  282
  293
  309
  328
  351
  378
  409
  445
  484
  494
  542
  596
  654
  717
  786
  860
  940
  1,026
  1,118
  1,217
  1,323
  1,437
  1,558
  1,687
  1,825
  1,972
  2,128
  2,294
  2,471
Retained Cash Flow (-), $m
  -398
  -32
  -36
  -41
  -46
  -50
  -55
  -60
  -64
  -69
  -74
  -79
  -84
  -90
  -95
  -101
  -107
  -113
  -120
  -126
  -133
  -141
  -148
  -156
  -164
  -173
  -182
  -192
  -202
  -212
  -223
Prev. year cash balance distribution, $m
 
  258
  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
 
  420
  246
  252
  263
  277
  296
  319
  345
  376
  410
  415
  458
  506
  559
  616
  679
  747
  820
  899
  985
  1,077
  1,175
  1,281
  1,393
  1,514
  1,643
  1,780
  1,926
  2,082
  2,247
Discount rate, %
 
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
 
  391
  211
  199
  188
  179
  171
  163
  155
  146
  137
  117
  108
  98
  88
  77
  67
  57
  47
  38
  31
  24
  18
  13
  10
  7
  5
  3
  2
  1
  1
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

Western Refining, Inc. operates as an independent crude oil refiner and marketer of refined products. The company operates through four segments: Refining, NTI, WNRL, and Retail. The Refining segment owns and operates two refineries in the Southwest that process crude oil and other feedstocks primarily into gasoline, diesel fuel, jet fuel, and asphalt; and sells refined products in the Mid-Atlantic region and Mexico. It markets refined products to wholesale distributors and retail chains. The NTI segment owns and operates refining and transportation assets; and operates and supports retail convenience stores primarily in the Upper Great Plains region of the Unites States. This segment also owns and operates SuperMom’s Bakery that prepares and distributes baked goods and other prepared items. As of December 31, 2015, it operated 168 retail convenience stores; and supported 109 franchised retail convenience stores. The WNRL segment owns and operates terminal, storage, transportation, and wholesale assets, including a fleet of crude oil and refined product, and lubricant delivery trucks. It also distributes wholesale petroleum products. This segment serves retail fuel distributors; and the mining, construction, utility, manufacturing, transportation, aviation, and agricultural industries. The Retail segment operates retail convenience stores that sell gasoline, diesel fuel, and convenience store merchandise; and unmanned commercial fleet fueling locations located in the Southwest. As of December 31, 2015, this segment operated 258 retail stores under the Giant, Western, Western Express, Howdy's, Mustang, and Sundial brand names in Arizona, Colorado, New Mexico, and Texas; and 52 cardlocks located in Arizona, California, Colorado, New Mexico, and Texas. Western Refining, Inc. was founded in 1993 and is headquartered in El Paso, Texas.

FINANCIAL RATIOS  of  Western Refining (WNR)

Valuation Ratios
P/E Ratio 27
Price to Sales 0.4
Price to Book 2
Price to Tangible Book
Price to Cash Flow 8.8
Price to Free Cash Flow 40.6
Growth Rates
Sales Growth Rate -20.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 3.4%
Cap. Spend. - 3 Yr. Gr. Rate 7.9%
Financial Strength
Quick Ratio 24
Current Ratio 0.1
LT Debt to Equity 113.4%
Total Debt to Equity 114.1%
Interest Coverage 3
Management Effectiveness
Return On Assets 3.9%
Ret/ On Assets - 3 Yr. Avg. 7.8%
Return On Total Capital 3.8%
Ret/ On T. Cap. - 3 Yr. Avg. 13.6%
Return On Equity 8.3%
Return On Equity - 3 Yr. Avg. 32.5%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 11%
Gross Margin - 3 Yr. Avg. 11%
EBITDA Margin 7.5%
EBITDA Margin - 3 Yr. Avg. 9.2%
Operating Margin 4.4%
Oper. Margin - 3 Yr. Avg. 7%
Pre-Tax Margin 3.1%
Pre-Tax Margin - 3 Yr. Avg. 6.1%
Net Profit Margin 1.6%
Net Profit Margin - 3 Yr. Avg. 3.2%
Effective Tax Rate 22.7%
Eff/ Tax Rate - 3 Yr. Avg. 26.2%
Payout Ratio 123.2%

WNR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WNR stock intrinsic value calculation we used $7743 million for the last fiscal year's total revenue generated by Western Refining. The default revenue input number comes from 2016 income statement of Western Refining. 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 WNR stock valuation model: a) initial revenue growth rate of 2.2% 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 7.5%, whose default value for WNR is calculated based on our internal credit rating of Western Refining, 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 Western Refining.
    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 WNR stock the variable cost ratio is equal to 71.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1948 million in the base year in the intrinsic value calculation for WNR 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 6.8% for Western Refining.

Corporate tax rate of 27% is the nominal tax rate for Western Refining. 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 WNR 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 WNR are equal to 29.8%.

Life of production assets of 16.6 years is the average useful life of capital assets used in Western Refining 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 WNR 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 - $1697 million for Western Refining - 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 109.21 million for Western Refining 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 Western Refining at the current share price and the inputted number of shares is $3.7 billion.


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COMPANY NEWS

▶ Western Refining Stock Trades Ex-Dividend Monday   [Apr-21-17 08:17AM  Investopedia]
▶ Western Refining Logistics, LP Files 2016 Form 10-K   [Mar-01-17 05:40PM  GlobeNewswire]
▶ Tesoro renegotiates credit to pay for Western Refining acquisition   [Dec-14-16 10:17AM  at bizjournals.com]
▶ What Smart Money Thinks of Western Refining, Inc. (WNR)?   [Dec-01-16 11:58AM  at Insider Monkey]
Stock chart of WNR Financial statements of WNR
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