Intrinsic value of Alon USA Partners - ALDW

Previous Close

$15.95

  Intrinsic Value

$61.86

stock screener

  Rating & Target

str. buy

+288%

Previous close

$15.95

 
Intrinsic value

$61.86

 
Up/down potential

+288%

 
Rating

str. buy

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

We calculate the intrinsic value of ALDW 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 1.0

 

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, %
  -16.18
  11.50
  10.85
  10.27
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.20
  6.08
  5.98
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
Revenue, $m
  1,808
  2,016
  2,235
  2,464
  2,704
  2,955
  3,216
  3,487
  3,770
  4,064
  4,370
  4,687
  5,017
  5,360
  5,717
  6,088
  6,474
  6,875
  7,294
  7,729
  8,184
  8,658
  9,152
  9,668
  10,207
  10,771
  11,360
  11,975
  12,619
  13,293
  13,998
Variable operating expenses, $m
 
  1,034
  1,146
  1,264
  1,387
  1,516
  1,650
  1,789
  1,934
  2,085
  2,242
  2,405
  2,574
  2,750
  2,933
  3,123
  3,321
  3,527
  3,742
  3,965
  4,198
  4,441
  4,695
  4,960
  5,236
  5,525
  5,827
  6,143
  6,474
  6,819
  7,181
Fixed operating expenses, $m
 
  891
  913
  936
  959
  983
  1,008
  1,033
  1,059
  1,085
  1,112
  1,140
  1,169
  1,198
  1,228
  1,259
  1,290
  1,322
  1,355
  1,389
  1,424
  1,460
  1,496
  1,533
  1,572
  1,611
  1,651
  1,693
  1,735
  1,778
  1,823
Total operating expenses, $m
  1,775
  1,925
  2,059
  2,200
  2,346
  2,499
  2,658
  2,822
  2,993
  3,170
  3,354
  3,545
  3,743
  3,948
  4,161
  4,382
  4,611
  4,849
  5,097
  5,354
  5,622
  5,901
  6,191
  6,493
  6,808
  7,136
  7,478
  7,836
  8,209
  8,597
  9,004
Operating income, $m
  33
  91
  175
  264
  358
  456
  558
  665
  777
  894
  1,016
  1,143
  1,275
  1,413
  1,556
  1,706
  1,863
  2,026
  2,197
  2,375
  2,562
  2,757
  2,961
  3,175
  3,399
  3,634
  3,881
  4,139
  4,411
  4,695
  4,994
EBITDA, $m
  91
  156
  247
  343
  444
  550
  661
  777
  898
  1,024
  1,156
  1,293
  1,435
  1,584
  1,739
  1,901
  2,070
  2,246
  2,430
  2,623
  2,824
  3,034
  3,254
  3,485
  3,726
  3,979
  4,245
  4,523
  4,815
  5,121
  5,443
Interest expense (income), $m
  35
  31
  36
  45
  54
  64
  74
  85
  96
  108
  120
  133
  146
  159
  173
  188
  203
  219
  236
  253
  271
  290
  309
  330
  351
  373
  396
  420
  446
  472
  500
Earnings before tax, $m
  -4
  60
  140
  219
  304
  392
  484
  580
  681
  786
  896
  1,010
  1,129
  1,253
  1,383
  1,518
  1,659
  1,807
  1,961
  2,122
  2,291
  2,467
  2,652
  2,846
  3,048
  3,261
  3,485
  3,719
  3,965
  4,223
  4,494
Tax expense, $m
  0
  16
  38
  59
  82
  106
  131
  157
  184
  212
  242
  273
  305
  338
  373
  410
  448
  488
  529
  573
  618
  666
  716
  768
  823
  881
  941
  1,004
  1,071
  1,140
  1,213
Net income, $m
  -4
  44
  102
  160
  222
  286
  353
  424
  497
  574
  654
  737
  824
  915
  1,010
  1,108
  1,211
  1,319
  1,431
  1,549
  1,672
  1,801
  1,936
  2,077
  2,225
  2,381
  2,544
  2,715
  2,894
  3,083
  3,281

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  74
  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
  696
  693
  769
  848
  930
  1,016
  1,106
  1,200
  1,297
  1,398
  1,503
  1,612
  1,726
  1,844
  1,967
  2,094
  2,227
  2,365
  2,509
  2,659
  2,815
  2,978
  3,148
  3,326
  3,511
  3,705
  3,908
  4,119
  4,341
  4,573
  4,815
Adjusted assets (=assets-cash), $m
  622
  693
  769
  848
  930
  1,016
  1,106
  1,200
  1,297
  1,398
  1,503
  1,612
  1,726
  1,844
  1,967
  2,094
  2,227
  2,365
  2,509
  2,659
  2,815
  2,978
  3,148
  3,326
  3,511
  3,705
  3,908
  4,119
  4,341
  4,573
  4,815
Revenue / Adjusted assets
  2.907
  2.909
  2.906
  2.906
  2.908
  2.908
  2.908
  2.906
  2.907
  2.907
  2.908
  2.908
  2.907
  2.907
  2.906
  2.907
  2.907
  2.907
  2.907
  2.907
  2.907
  2.907
  2.907
  2.907
  2.907
  2.907
  2.907
  2.907
  2.907
  2.907
  2.907
Average production assets, $m
  428
  478
  530
  584
  641
  700
  762
  827
  894
  963
  1,036
  1,111
  1,189
  1,270
  1,355
  1,443
  1,534
  1,629
  1,729
  1,832
  1,940
  2,052
  2,169
  2,291
  2,419
  2,553
  2,692
  2,838
  2,991
  3,150
  3,318
Working capital, $m
  -73
  -161
  -179
  -197
  -216
  -236
  -257
  -279
  -302
  -325
  -350
  -375
  -401
  -429
  -457
  -487
  -518
  -550
  -583
  -618
  -655
  -693
  -732
  -773
  -817
  -862
  -909
  -958
  -1,010
  -1,063
  -1,120
Total debt, $m
  236
  268
  336
  407
  481
  559
  640
  724
  811
  902
  997
  1,095
  1,197
  1,304
  1,414
  1,529
  1,648
  1,773
  1,902
  2,037
  2,178
  2,324
  2,477
  2,637
  2,804
  2,979
  3,161
  3,351
  3,551
  3,760
  3,978
Total liabilities, $m
  592
  624
  692
  763
  837
  915
  996
  1,080
  1,167
  1,258
  1,353
  1,451
  1,553
  1,660
  1,770
  1,885
  2,004
  2,129
  2,258
  2,393
  2,534
  2,680
  2,833
  2,993
  3,160
  3,335
  3,517
  3,707
  3,907
  4,116
  4,334
Total equity, $m
  104
  69
  77
  85
  93
  102
  111
  120
  130
  140
  150
  161
  173
  184
  197
  209
  223
  237
  251
  266
  282
  298
  315
  333
  351
  371
  391
  412
  434
  457
  482
Total liabilities and equity, $m
  696
  693
  769
  848
  930
  1,017
  1,107
  1,200
  1,297
  1,398
  1,503
  1,612
  1,726
  1,844
  1,967
  2,094
  2,227
  2,366
  2,509
  2,659
  2,816
  2,978
  3,148
  3,326
  3,511
  3,706
  3,908
  4,119
  4,341
  4,573
  4,816
Debt-to-equity ratio
  2.269
  3.870
  4.370
  4.800
  5.170
  5.500
  5.780
  6.030
  6.260
  6.450
  6.630
  6.790
  6.940
  7.070
  7.190
  7.300
  7.400
  7.490
  7.580
  7.660
  7.740
  7.800
  7.870
  7.930
  7.990
  8.040
  8.090
  8.140
  8.180
  8.220
  8.260
Adjusted equity ratio
  0.048
  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
  -4
  44
  102
  160
  222
  286
  353
  424
  497
  574
  654
  737
  824
  915
  1,010
  1,108
  1,211
  1,319
  1,431
  1,549
  1,672
  1,801
  1,936
  2,077
  2,225
  2,381
  2,544
  2,715
  2,894
  3,083
  3,281
Depreciation, amort., depletion, $m
  58
  65
  72
  79
  87
  95
  103
  112
  121
  130
  140
  150
  161
  172
  183
  195
  207
  220
  234
  248
  262
  277
  293
  310
  327
  345
  364
  384
  404
  426
  448
Funds from operations, $m
  101
  108
  173
  239
  308
  381
  456
  535
  618
  704
  794
  887
  985
  1,087
  1,193
  1,303
  1,419
  1,539
  1,665
  1,797
  1,934
  2,078
  2,229
  2,387
  2,552
  2,726
  2,908
  3,098
  3,298
  3,509
  3,729
Change in working capital, $m
  23
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -56
Cash from operations, $m
  78
  125
  191
  258
  327
  401
  477
  557
  641
  728
  818
  913
  1,011
  1,114
  1,221
  1,333
  1,449
  1,571
  1,699
  1,832
  1,971
  2,116
  2,269
  2,428
  2,595
  2,771
  2,955
  3,148
  3,350
  3,563
  3,786
Maintenance CAPEX, $m
  0
  -58
  -65
  -72
  -79
  -87
  -95
  -103
  -112
  -121
  -130
  -140
  -150
  -161
  -172
  -183
  -195
  -207
  -220
  -234
  -248
  -262
  -277
  -293
  -310
  -327
  -345
  -364
  -384
  -404
  -426
New CAPEX, $m
  -33
  -50
  -52
  -54
  -57
  -59
  -62
  -64
  -67
  -70
  -72
  -75
  -78
  -81
  -85
  -88
  -91
  -95
  -99
  -103
  -108
  -112
  -117
  -122
  -128
  -134
  -140
  -146
  -153
  -160
  -167
Cash from investing activities, $m
  -33
  -108
  -117
  -126
  -136
  -146
  -157
  -167
  -179
  -191
  -202
  -215
  -228
  -242
  -257
  -271
  -286
  -302
  -319
  -337
  -356
  -374
  -394
  -415
  -438
  -461
  -485
  -510
  -537
  -564
  -593
Free cash flow, $m
  45
  17
  75
  132
  192
  255
  321
  390
  462
  537
  616
  698
  783
  872
  965
  1,062
  1,163
  1,269
  1,379
  1,495
  1,615
  1,742
  1,874
  2,013
  2,158
  2,310
  2,470
  2,638
  2,814
  2,999
  3,193
Issuance/(repayment) of debt, $m
  -58
  35
  68
  71
  74
  78
  81
  84
  88
  91
  95
  98
  102
  106
  110
  115
  119
  124
  130
  135
  141
  147
  153
  160
  167
  174
  182
  191
  199
  209
  218
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  -81
  35
  68
  71
  74
  78
  81
  84
  88
  91
  95
  98
  102
  106
  110
  115
  119
  124
  130
  135
  141
  147
  153
  160
  167
  174
  182
  191
  199
  209
  218
Total cash flow (excl. dividends), $m
  -36
  53
  142
  203
  266
  332
  401
  474
  549
  628
  710
  796
  885
  978
  1,075
  1,177
  1,283
  1,393
  1,509
  1,630
  1,756
  1,888
  2,027
  2,173
  2,325
  2,485
  2,652
  2,828
  3,013
  3,207
  3,411
Retained Cash Flow (-), $m
  27
  -36
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
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
 
  87
  135
  195
  258
  324
  392
  465
  540
  618
  700
  785
  874
  966
  1,063
  1,164
  1,269
  1,379
  1,494
  1,615
  1,740
  1,872
  2,010
  2,155
  2,306
  2,465
  2,632
  2,807
  2,991
  3,184
  3,387
Discount rate, %
 
  6.80
  7.14
  7.50
  7.87
  8.27
  8.68
  9.11
  9.57
  10.05
  10.55
  11.08
  11.63
  12.21
  12.82
  13.46
  14.14
  14.84
  15.59
  16.37
  17.18
  18.04
  18.94
  19.89
  20.89
  21.93
  23.03
  24.18
  25.39
  26.66
  27.99
PV of cash for distribution, $m
 
  82
  117
  157
  190
  218
  238
  252
  260
  261
  257
  247
  233
  216
  196
  175
  153
  131
  110
  91
  73
  57
  44
  33
  24
  17
  12
  8
  5
  3
  2
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

Alon USA Partners, LP (Alon) is engaged principally in the business of operating a crude oil refinery in Big Spring, Texas. The Company had a crude oil throughput capacity of 73,000 barrels per day, which the Company referred to as its Big Spring refinery, as of December 31, 2016. The Company refines crude oil into finished products, which the Company markets primarily in Central and West Texas, Oklahoma, New Mexico and Arizona through its integrated wholesale distribution network to retail convenience stores and other third-party distributors. Its Big Spring refinery is located on 1,306 acres in the Permian Basin in West Texas. Major processes at its Big Spring refinery include fluid catalytic cracking, naphtha reforming, vacuum distillation, hydrotreating, aromatic extraction and alkylation. The Company is managed and operated by Alon USA Partners GP, LLC (General Partner), an indirect subsidiary of Alon USA Energy, Inc. (Alon Energy), which is its parent company.

FINANCIAL RATIOS  of  Alon USA Partners (ALDW)

Valuation Ratios
P/E Ratio -249.3
Price to Sales 0.6
Price to Book 9.6
Price to Tangible Book
Price to Cash Flow 12.8
Price to Free Cash Flow 22.2
Growth Rates
Sales Growth Rate -16.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 10%
Cap. Spend. - 3 Yr. Gr. Rate 1.9%
Financial Strength
Quick Ratio 25
Current Ratio 0
LT Debt to Equity 224%
Total Debt to Equity 226.9%
Interest Coverage 1
Management Effectiveness
Return On Assets 4.3%
Ret/ On Assets - 3 Yr. Avg. 19%
Return On Total Capital -1%
Ret/ On T. Cap. - 3 Yr. Avg. 22.7%
Return On Equity -3.4%
Return On Equity - 3 Yr. Avg. 65.5%
Asset Turnover 2.5
Profitability Ratios
Gross Margin 11.9%
Gross Margin - 3 Yr. Avg. 14%
EBITDA Margin 4.9%
EBITDA Margin - 3 Yr. Avg. 8.3%
Operating Margin 1.8%
Oper. Margin - 3 Yr. Avg. 6%
Pre-Tax Margin -0.2%
Pre-Tax Margin - 3 Yr. Avg. 4.1%
Net Profit Margin -0.2%
Net Profit Margin - 3 Yr. Avg. 4.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0.8%
Payout Ratio -575%

ALDW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ALDW stock intrinsic value calculation we used $1808 million for the last fiscal year's total revenue generated by Alon USA Partners. The default revenue input number comes from 2016 income statement of Alon USA 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 ALDW stock valuation model: a) initial revenue growth rate of 11.5% 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 6.8%, whose default value for ALDW is calculated based on our internal credit rating of Alon USA 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 Alon USA 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 ALDW stock the variable cost ratio is equal to 51.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $869 million in the base year in the intrinsic value calculation for ALDW 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 13.3% for Alon USA Partners.

Corporate tax rate of 27% is the nominal tax rate for Alon USA 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 ALDW 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 ALDW are equal to 23.7%.

Life of production assets of 7.4 years is the average useful life of capital assets used in Alon USA 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 ALDW is equal to -8%. 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 - $104 million for Alon USA 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 62.53 million for Alon USA 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 Alon USA Partners at the current share price and the inputted number of shares is $1.0 billion.

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COMPANY NEWS

▶ Top MLP Gainers in the Week Ending November 24   [Nov-28-17 10:44AM  Market Realist]
▶ Why Only 9 MLPs Ended in the Green Last Week   [Nov-21-17 03:55PM  Market Realist]
▶ Which Energy Stocks Escaped Oils Fall Last Week?   [Nov-20-17 02:50PM  Market Realist]
▶ Calumet Specialty Released Its Preliminary 3Q17 Results   [Nov-13-17 10:42AM  Market Realist]
▶ Alon USA Partners Declared 23% Higher 3Q17 Distribution   [Nov-09-17 09:03AM  Market Realist]
▶ Delek US Holdings Reports Third Quarter 2017 Results   [Nov-08-17 09:55PM  GlobeNewswire]
▶ Alon USA Partners posts 3Q profit   [07:01PM  Associated Press]
▶ Improved Refining Margin Drove CVR Refinings 3Q17 Earnings   [Nov-02-17 03:00PM  Market Realist]
▶ Last Weeks Top MLP Gainers   [Oct-31-17 03:42PM  Market Realist]
▶ Can Suburban Propane Partners Grow in the Long Term?   [Sep-21-17 04:06PM  Market Realist]
▶ Analysts Recommendations for Calumet Specialty   [Sep-19-17 07:37AM  Market Realist]
▶ HCLP Was among the Top MLP Gainers Last Week   [Aug-08-17 12:28PM  Market Realist]
▶ What Lies ahead for Refining MLPs after Their 2Q17 Results?   [Jul-31-17 10:42AM  Market Realist]
▶ Alon USA Partners posts 2Q profit   [12:44AM  Associated Press]
▶ Analysts Seem Uncertain about Refining MLPs Future   [Jul-25-17 10:37AM  Market Realist]
▶ Short Interest In ALDW, CVRR, and CLMT Falls   [09:07AM  Market Realist]
▶ Why CLMT and ALDW Have Risen despite Sector Weakness   [Jul-24-17 10:38AM  Market Realist]
▶ Could CVR Refining Pay Distributions in 2Q17?   [07:40AM  Market Realist]
▶ ALDW, CVRR, CLMT: Could Refining Margins Improve In 2Q17?   [Jul-21-17 04:36PM  Market Realist]
▶ ALDW, DKL, HCLP: Last Weeks Key MLP Rating Updates   [Jul-10-17 03:13PM  Market Realist]
▶ Alon USA Energy Stockholders Approve Merger Transaction   [Jun-28-17 06:21PM  PR Newswire]
▶ A Look at the Top-Performing MLPs in May 2017   [Jun-07-17 09:07AM  Market Realist]
▶ Top Movers in Energy for May 812, 2017   [May-16-17 07:39AM  Market Realist]
▶ Alon USA Energy beats 1Q profit forecasts   [07:44AM  Associated Press]
▶ Alon USA Partners posts 1Q profit   [07:42AM  Associated Press]
▶ How CVR Refinings Refining Margin Improved in 1Q17   [Apr-28-17 01:06PM  Market Realist]
▶ Short Interest Impacts Integrated Energy and Refiner Stocks   [Mar-31-17 10:53AM  Market Realist]
Financial statements of ALDW
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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