Intrinsic value of Western Refining Logistics - WNRL

Previous Close

$24.35

  Intrinsic Value

$3.80

stock screener

  Rating & Target

str. sell

-84%

  Value-price divergence*

-5%

Previous close

$24.35

 
Intrinsic value

$3.80

 
Up/down potential

-84%

 
Rating

str. sell

 
Value-price divergence*

-5%

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

We calculate the intrinsic value of WNRL 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 1.5

 

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, %
  -14.50
  8.50
  8.15
  7.83
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
Revenue, $m
  2,223
  2,412
  2,609
  2,813
  3,025
  3,246
  3,475
  3,714
  3,962
  4,220
  4,488
  4,767
  5,058
  5,360
  5,676
  6,005
  6,349
  6,708
  7,082
  7,473
  7,882
  8,310
  8,757
  9,225
  9,715
  10,228
  10,765
  11,328
  11,917
  12,535
  13,183
Variable operating expenses, $m
 
  2,359
  2,551
  2,751
  2,959
  3,175
  3,399
  3,632
  3,875
  4,127
  4,389
  4,662
  4,946
  5,242
  5,551
  5,873
  6,209
  6,560
  6,926
  7,309
  7,709
  8,127
  8,565
  9,022
  9,502
  10,003
  10,528
  11,079
  11,655
  12,259
  12,893
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
  2,153
  2,359
  2,551
  2,751
  2,959
  3,175
  3,399
  3,632
  3,875
  4,127
  4,389
  4,662
  4,946
  5,242
  5,551
  5,873
  6,209
  6,560
  6,926
  7,309
  7,709
  8,127
  8,565
  9,022
  9,502
  10,003
  10,528
  11,079
  11,655
  12,259
  12,893
Operating income, $m
  70
  53
  57
  62
  67
  71
  76
  82
  87
  93
  99
  105
  111
  118
  125
  132
  140
  148
  156
  164
  173
  183
  193
  203
  214
  225
  237
  249
  262
  276
  290
EBITDA, $m
  109
  95
  103
  111
  120
  128
  137
  147
  157
  167
  177
  189
  200
  212
  224
  237
  251
  265
  280
  296
  312
  329
  346
  365
  384
  404
  426
  448
  471
  496
  521
Interest expense (income), $m
  25
  21
  24
  27
  30
  33
  36
  39
  43
  46
  50
  54
  58
  62
  67
  71
  76
  81
  86
  92
  97
  103
  110
  116
  123
  130
  137
  145
  153
  162
  171
Earnings before tax, $m
  44
  32
  34
  35
  37
  39
  41
  43
  45
  47
  49
  51
  53
  56
  58
  61
  64
  67
  70
  73
  76
  80
  83
  87
  91
  95
  99
  104
  109
  114
  119
Tax expense, $m
  1
  9
  9
  10
  10
  10
  11
  11
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  21
  22
  23
  25
  26
  27
  28
  29
  31
  32
Net income, $m
  43
  23
  25
  26
  27
  28
  30
  31
  32
  34
  36
  37
  39
  41
  43
  44
  46
  49
  51
  53
  56
  58
  61
  63
  66
  69
  73
  76
  79
  83
  87

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  15
  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
  581
  614
  664
  716
  770
  826
  885
  945
  1,009
  1,074
  1,142
  1,214
  1,288
  1,365
  1,445
  1,529
  1,616
  1,708
  1,803
  1,903
  2,007
  2,116
  2,229
  2,349
  2,473
  2,604
  2,741
  2,884
  3,034
  3,191
  3,356
Adjusted assets (=assets-cash), $m
  566
  614
  664
  716
  770
  826
  885
  945
  1,009
  1,074
  1,142
  1,214
  1,288
  1,365
  1,445
  1,529
  1,616
  1,708
  1,803
  1,903
  2,007
  2,116
  2,229
  2,349
  2,473
  2,604
  2,741
  2,884
  3,034
  3,191
  3,356
Revenue / Adjusted assets
  3.928
  3.928
  3.929
  3.929
  3.929
  3.930
  3.927
  3.930
  3.927
  3.929
  3.930
  3.927
  3.927
  3.927
  3.928
  3.927
  3.929
  3.927
  3.928
  3.927
  3.927
  3.927
  3.929
  3.927
  3.928
  3.928
  3.927
  3.928
  3.928
  3.928
  3.928
Average production assets, $m
  429
  466
  503
  543
  584
  626
  671
  717
  765
  814
  866
  920
  976
  1,035
  1,095
  1,159
  1,225
  1,295
  1,367
  1,442
  1,521
  1,604
  1,690
  1,781
  1,875
  1,974
  2,078
  2,186
  2,300
  2,419
  2,544
Working capital, $m
  -10
  -27
  -29
  -31
  -33
  -36
  -38
  -41
  -44
  -46
  -49
  -52
  -56
  -59
  -62
  -66
  -70
  -74
  -78
  -82
  -87
  -91
  -96
  -101
  -107
  -113
  -118
  -125
  -131
  -138
  -145
Total debt, $m
  313
  354
  396
  441
  487
  535
  585
  636
  690
  746
  805
  865
  928
  994
  1,063
  1,134
  1,209
  1,287
  1,368
  1,453
  1,542
  1,635
  1,732
  1,833
  1,940
  2,051
  2,168
  2,290
  2,418
  2,552
  2,693
Total liabilities, $m
  483
  524
  566
  611
  657
  705
  755
  806
  860
  916
  975
  1,035
  1,098
  1,164
  1,233
  1,304
  1,379
  1,457
  1,538
  1,623
  1,712
  1,805
  1,902
  2,003
  2,110
  2,221
  2,338
  2,460
  2,588
  2,722
  2,863
Total equity, $m
  98
  90
  98
  105
  113
  121
  130
  139
  148
  158
  168
  178
  189
  201
  212
  225
  238
  251
  265
  280
  295
  311
  328
  345
  364
  383
  403
  424
  446
  469
  493
Total liabilities and equity, $m
  581
  614
  664
  716
  770
  826
  885
  945
  1,008
  1,074
  1,143
  1,213
  1,287
  1,365
  1,445
  1,529
  1,617
  1,708
  1,803
  1,903
  2,007
  2,116
  2,230
  2,348
  2,474
  2,604
  2,741
  2,884
  3,034
  3,191
  3,356
Debt-to-equity ratio
  3.194
  3.920
  4.060
  4.190
  4.300
  4.400
  4.500
  4.580
  4.660
  4.730
  4.790
  4.850
  4.900
  4.960
  5.000
  5.050
  5.090
  5.130
  5.160
  5.190
  5.230
  5.260
  5.280
  5.310
  5.340
  5.360
  5.380
  5.400
  5.420
  5.440
  5.460
Adjusted equity ratio
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  43
  23
  25
  26
  27
  28
  30
  31
  32
  34
  36
  37
  39
  41
  43
  44
  46
  49
  51
  53
  56
  58
  61
  63
  66
  69
  73
  76
  79
  83
  87
Depreciation, amort., depletion, $m
  39
  42
  46
  49
  53
  57
  61
  65
  70
  74
  79
  84
  89
  94
  100
  105
  111
  118
  124
  131
  138
  146
  154
  162
  170
  179
  189
  199
  209
  220
  231
Funds from operations, $m
  130
  66
  70
  75
  80
  85
  91
  96
  102
  108
  114
  121
  128
  135
  142
  150
  158
  166
  175
  184
  194
  204
  214
  225
  237
  249
  261
  275
  288
  303
  318
Change in working capital, $m
  22
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
Cash from operations, $m
  108
  68
  73
  77
  82
  88
  93
  99
  105
  111
  117
  124
  131
  138
  146
  153
  162
  170
  179
  189
  198
  209
  219
  230
  242
  254
  267
  281
  295
  310
  325
Maintenance CAPEX, $m
  0
  -39
  -42
  -46
  -49
  -53
  -57
  -61
  -65
  -70
  -74
  -79
  -84
  -89
  -94
  -100
  -105
  -111
  -118
  -124
  -131
  -138
  -146
  -154
  -162
  -170
  -179
  -189
  -199
  -209
  -220
New CAPEX, $m
  -30
  -37
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -64
  -66
  -69
  -72
  -76
  -79
  -83
  -86
  -90
  -95
  -99
  -104
  -109
  -114
  -119
  -125
Cash from investing activities, $m
  -25
  -76
  -80
  -85
  -90
  -96
  -101
  -107
  -113
  -120
  -126
  -133
  -140
  -147
  -155
  -164
  -171
  -180
  -190
  -200
  -210
  -221
  -232
  -244
  -257
  -269
  -283
  -298
  -313
  -328
  -345
Free cash flow, $m
  83
  -8
  -8
  -8
  -8
  -8
  -8
  -8
  -8
  -8
  -9
  -9
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
Issuance/(repayment) of debt, $m
  -125
  41
  43
  44
  46
  48
  50
  52
  54
  56
  58
  61
  63
  66
  69
  72
  75
  78
  81
  85
  89
  93
  97
  102
  106
  111
  117
  122
  128
  134
  141
Issuance/(repurchase) of shares, $m
  277
  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  
  -80
  41
  43
  44
  46
  48
  50
  52
  54
  56
  58
  61
  63
  66
  69
  72
  75
  78
  81
  85
  89
  93
  97
  102
  106
  111
  117
  122
  128
  134
  141
Total cash flow (excl. dividends), $m
  3
  33
  35
  37
  38
  40
  42
  44
  46
  48
  50
  52
  54
  57
  59
  62
  65
  68
  71
  74
  77
  81
  84
  88
  92
  96
  101
  106
  110
  116
  121
Retained Cash Flow (-), $m
  -58
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
Prev. year cash balance distribution, $m
 
  15
  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
 
  40
  28
  29
  30
  32
  33
  35
  36
  38
  40
  41
  43
  45
  47
  50
  52
  54
  57
  59
  62
  65
  68
  71
  74
  77
  81
  84
  88
  92
  97
Discount rate, %
 
  9.20
  9.66
  10.14
  10.65
  11.18
  11.74
  12.33
  12.95
  13.59
  14.27
  14.99
  15.74
  16.52
  17.35
  18.22
  19.13
  20.08
  21.09
  22.14
  23.25
  24.41
  25.63
  26.91
  28.26
  29.67
  31.15
  32.71
  34.35
  36.07
  37.87
PV of cash for distribution, $m
 
  37
  23
  22
  20
  19
  17
  15
  14
  12
  10
  9
  8
  6
  5
  4
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
  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

Western Refining Logistics, LP owns, operates, develops, and acquires logistics and related assets and businesses to include terminals, storage tanks, pipelines and other logistics assets related to the terminaling, transportation, storage and distribution of crude oil and refined products. The Company's segments include logistics and wholesale. The Company operates its logistics business and wholesale business under commercial and service agreements with Western Refining, Inc. (Western). Its logistics assets consist of pipeline and gathering infrastructure and terminalling, transportation and storage assets in the Southwest and the Upper Great Plains region. Its wholesale business purchases its petroleum fuels from Western, and its lubricants and additional petroleum fuels from third-party suppliers.

FINANCIAL RATIOS  of  Western Refining Logistics (WNRL)

Valuation Ratios
P/E Ratio 34.5
Price to Sales 0.7
Price to Book 15.1
Price to Tangible Book
Price to Cash Flow 13.7
Price to Free Cash Flow 19
Growth Rates
Sales Growth Rate -14.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -55.9%
Cap. Spend. - 3 Yr. Gr. Rate -18.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 319.4%
Total Debt to Equity 319.4%
Interest Coverage 3
Management Effectiveness
Return On Assets 11.3%
Ret/ On Assets - 3 Yr. Avg. 9.5%
Return On Total Capital 9.7%
Ret/ On T. Cap. - 3 Yr. Avg. 9.3%
Return On Equity 62.3%
Return On Equity - 3 Yr. Avg. 45.2%
Asset Turnover 3.7
Profitability Ratios
Gross Margin 13.8%
Gross Margin - 3 Yr. Avg. 10.8%
EBITDA Margin 4.9%
EBITDA Margin - 3 Yr. Avg. 3.2%
Operating Margin 3.1%
Oper. Margin - 3 Yr. Avg. 2.1%
Pre-Tax Margin 2%
Pre-Tax Margin - 3 Yr. Avg. 1.4%
Net Profit Margin 1.9%
Net Profit Margin - 3 Yr. Avg. 1.4%
Effective Tax Rate 2.3%
Eff/ Tax Rate - 3 Yr. Avg. 0.8%
Payout Ratio 76.7%

WNRL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WNRL stock intrinsic value calculation we used $2223 million for the last fiscal year's total revenue generated by Western Refining Logistics. The default revenue input number comes from 2016 income statement of Western Refining Logistics. 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 WNRL stock valuation model: a) initial revenue growth rate of 8.5% 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 9.2%, whose default value for WNRL is calculated based on our internal credit rating of Western Refining Logistics, 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 Logistics.
    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 WNRL stock the variable cost ratio is equal to 97.8%.

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 WNRL 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 6.7% for Western Refining Logistics.

Corporate tax rate of 27% is the nominal tax rate for Western Refining Logistics. 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 WNRL 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 WNRL are equal to 19.3%.

Life of production assets of 11 years is the average useful life of capital assets used in Western Refining Logistics 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 WNRL is equal to -1.1%. 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 - $98 million for Western Refining Logistics - 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 61.134 million for Western Refining Logistics 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 Logistics at the current share price and the inputted number of shares is $1.5 billion.

RELATED COMPANIES Price Int.Val. Rating
HEP Holly Energy P 33.56 21.59  sell
PBFX PBF Logistics 20.05 60.86  str.buy
DKL Delek Logistic 30.30 22.78  sell
SEMG Semgroup Cl A 26.95 4.49  str.sell
NS NuSTAR Energy 35.27 9.81  str.sell
ENLC EnLink Midstre 16.30 0.47  str.sell

COMPANY NEWS

▶ Why Short Interest in Andeavor Has Fallen   [Oct-09-17 10:37AM  Market Realist]
▶ Andeavor to Release Third Quarter 2017 Earnings   [Oct-05-17 05:01PM  GlobeNewswire]
▶ Andeavor Logistics moves Western Refining Logistics merger forward   [11:35AM  American City Business Journals]
▶ Andeavor clears shareholder lawsuits from Tesoro, Western Refining merger   [Sep-27-17 08:00AM  American City Business Journals]
▶ Alerian Index Series September 2017 Index Review   [Sep-08-17 08:30AM  PR Newswire]
▶ Andeavor Opens First ARCO┬« Station in Mexico   [Aug-29-17 04:04PM  GlobeNewswire]
▶ Why Andeavor Has so Many Buy Ratings among US Refiners   [Aug-28-17 04:06PM  Market Realist]
▶ MPC, VLO, ANDV, or PSX: Which Is Analysts Pick?   [Aug-23-17 07:37AM  Market Realist]
▶ These Energy Stocks Rose the Most Last Week   [Aug-21-17 11:21AM  Market Realist]
▶ Why Most Analysts Recommend Buying Andeavor Stock   [Aug-18-17 09:06AM  Market Realist]
▶ Andeavor reports $40 million profit in first earnings report under new name   [Aug-08-17 07:30PM  American City Business Journals]
▶ Andeavor Reports Second Quarter 2017 Results   [04:41PM  GlobeNewswire]
▶ 5 Things Tesoro's Management Wants You to Know   [Jul-24-17 07:50AM  Motley Fool]
▶ Tesoro to Begin Operating in Mexico   [Jul-18-17 04:18PM  GlobeNewswire]
▶ Tesoro Corporation to Release Second Quarter 2017 Earnings   [Jul-06-17 04:08PM  GlobeNewswire]
▶ 3 Reasons Why Goldman Says Tesoro Is A Buy?   [Jun-13-17 10:38AM  Barrons.com]
▶ Rainy weather, pipeline outage dampen Tesoro's first quarter profits   [May-09-17 01:15PM  American City Business Journals]
▶ Western Refining beats 1Q profit forecasts   [May-02-17 06:25AM  Associated Press]
▶ Top Ranked Income Stocks to Buy for March 16th   [Mar-16-17 09:53AM  Zacks]
▶ Alerian Index Series March 2017 Index Review   [Mar-10-17 08:30AM  PR Newswire]
▶ These Refining Stocks Are Trading at a Premium   [Mar-06-17 07:36AM  Market Realist]
▶ Western Refining Logistics, LP Files 2016 Form 10-K   [Mar-01-17 05:40PM  GlobeNewswire]
Financial statements of WNRL
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

VALUATION THEORY       ASSET ALLOCATION

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

Copyright © X-FIN.com 2005-2017. All rigths reserved.