Intrinsic value of AmeriGas Partners - APU

Previous Close

$45.78

  Intrinsic Value

$26.89

stock screener

  Rating & Target

sell

-41%

Previous close

$45.78

 
Intrinsic value

$26.89

 
Up/down potential

-41%

 
Rating

sell

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

We calculate the intrinsic value of APU 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 4.3

 

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, %
  -19.86
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
Revenue, $m
  2,053
  2,421
  2,535
  2,656
  2,783
  2,916
  3,057
  3,205
  3,361
  3,524
  3,697
  3,877
  4,068
  4,268
  4,478
  4,699
  4,931
  5,174
  5,431
  5,700
  5,982
  6,279
  6,591
  6,919
  7,263
  7,624
  8,004
  8,402
  8,821
  9,261
  9,722
Variable operating expenses, $m
 
  2,092
  2,181
  2,276
  2,375
  2,480
  2,590
  2,706
  2,827
  2,955
  3,090
  3,034
  3,183
  3,339
  3,503
  3,676
  3,858
  4,048
  4,249
  4,459
  4,681
  4,913
  5,157
  5,413
  5,682
  5,965
  6,262
  6,574
  6,902
  7,246
  7,607
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
  1,938
  2,092
  2,181
  2,276
  2,375
  2,480
  2,590
  2,706
  2,827
  2,955
  3,090
  3,034
  3,183
  3,339
  3,503
  3,676
  3,858
  4,048
  4,249
  4,459
  4,681
  4,913
  5,157
  5,413
  5,682
  5,965
  6,262
  6,574
  6,902
  7,246
  7,607
Operating income, $m
  374
  329
  354
  380
  408
  437
  467
  500
  533
  569
  606
  844
  885
  929
  974
  1,022
  1,073
  1,126
  1,182
  1,240
  1,302
  1,366
  1,434
  1,505
  1,580
  1,659
  1,742
  1,828
  1,919
  2,015
  2,116
EBITDA, $m
  564
  611
  640
  671
  703
  737
  772
  809
  849
  890
  934
  979
  1,027
  1,078
  1,131
  1,187
  1,245
  1,307
  1,372
  1,440
  1,511
  1,586
  1,665
  1,747
  1,834
  1,926
  2,022
  2,122
  2,228
  2,339
  2,456
Interest expense (income), $m
  167
  170
  181
  191
  202
  214
  226
  239
  252
  266
  281
  297
  314
  331
  349
  368
  389
  410
  432
  455
  480
  506
  533
  561
  591
  623
  656
  690
  727
  765
  805
Earnings before tax, $m
  210
  158
  173
  189
  206
  223
  241
  261
  281
  303
  325
  547
  572
  598
  625
  654
  684
  716
  750
  785
  822
  861
  901
  944
  989
  1,036
  1,086
  1,138
  1,193
  1,250
  1,310
Tax expense, $m
  -1
  43
  47
  51
  56
  60
  65
  70
  76
  82
  88
  148
  154
  161
  169
  177
  185
  193
  202
  212
  222
  232
  243
  255
  267
  280
  293
  307
  322
  338
  354
Net income, $m
  207
  116
  126
  138
  150
  163
  176
  190
  205
  221
  237
  399
  417
  436
  456
  477
  500
  523
  547
  573
  600
  628
  658
  689
  722
  756
  793
  831
  871
  913
  957

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  16
  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
  4,058
  4,232
  4,432
  4,643
  4,865
  5,099
  5,344
  5,603
  5,875
  6,161
  6,462
  6,779
  7,111
  7,461
  7,828
  8,214
  8,620
  9,046
  9,494
  9,964
  10,458
  10,978
  11,523
  12,096
  12,697
  13,329
  13,993
  14,689
  15,421
  16,190
  16,997
Adjusted assets (=assets-cash), $m
  4,042
  4,232
  4,432
  4,643
  4,865
  5,099
  5,344
  5,603
  5,875
  6,161
  6,462
  6,779
  7,111
  7,461
  7,828
  8,214
  8,620
  9,046
  9,494
  9,964
  10,458
  10,978
  11,523
  12,096
  12,697
  13,329
  13,993
  14,689
  15,421
  16,190
  16,997
Revenue / Adjusted assets
  0.508
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
Average production assets, $m
  1,463
  1,532
  1,605
  1,681
  1,761
  1,846
  1,935
  2,029
  2,127
  2,231
  2,340
  2,454
  2,575
  2,701
  2,834
  2,974
  3,121
  3,275
  3,438
  3,608
  3,787
  3,975
  4,172
  4,380
  4,597
  4,826
  5,066
  5,319
  5,584
  5,862
  6,154
Working capital, $m
  -244
  -104
  -109
  -114
  -120
  -125
  -131
  -138
  -145
  -152
  -159
  -167
  -175
  -184
  -193
  -202
  -212
  -222
  -234
  -245
  -257
  -270
  -283
  -298
  -312
  -328
  -344
  -361
  -379
  -398
  -418
Total debt, $m
  2,487
  2,617
  2,768
  2,928
  3,096
  3,273
  3,459
  3,655
  3,861
  4,077
  4,305
  4,545
  4,796
  5,061
  5,339
  5,631
  5,938
  6,261
  6,600
  6,956
  7,330
  7,723
  8,136
  8,569
  9,025
  9,503
  10,005
  10,533
  11,087
  11,669
  12,280
Total liabilities, $m
  3,074
  3,204
  3,355
  3,515
  3,683
  3,860
  4,046
  4,242
  4,448
  4,664
  4,892
  5,132
  5,383
  5,648
  5,926
  6,218
  6,525
  6,848
  7,187
  7,543
  7,917
  8,310
  8,723
  9,156
  9,612
  10,090
  10,592
  11,120
  11,674
  12,256
  12,867
Total equity, $m
  984
  1,028
  1,077
  1,128
  1,182
  1,239
  1,299
  1,362
  1,428
  1,497
  1,570
  1,647
  1,728
  1,813
  1,902
  1,996
  2,095
  2,198
  2,307
  2,421
  2,541
  2,668
  2,800
  2,939
  3,085
  3,239
  3,400
  3,570
  3,747
  3,934
  4,130
Total liabilities and equity, $m
  4,058
  4,232
  4,432
  4,643
  4,865
  5,099
  5,345
  5,604
  5,876
  6,161
  6,462
  6,779
  7,111
  7,461
  7,828
  8,214
  8,620
  9,046
  9,494
  9,964
  10,458
  10,978
  11,523
  12,095
  12,697
  13,329
  13,992
  14,690
  15,421
  16,190
  16,997
Debt-to-equity ratio
  2.527
  2.540
  2.570
  2.590
  2.620
  2.640
  2.660
  2.680
  2.700
  2.720
  2.740
  2.760
  2.780
  2.790
  2.810
  2.820
  2.830
  2.850
  2.860
  2.870
  2.880
  2.900
  2.910
  2.920
  2.920
  2.930
  2.940
  2.950
  2.960
  2.970
  2.970
Adjusted equity ratio
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  207
  116
  126
  138
  150
  163
  176
  190
  205
  221
  237
  399
  417
  436
  456
  477
  500
  523
  547
  573
  600
  628
  658
  689
  722
  756
  793
  831
  871
  913
  957
Depreciation, amort., depletion, $m
  190
  283
  287
  291
  295
  300
  305
  310
  315
  321
  327
  136
  142
  149
  157
  164
  172
  181
  190
  199
  209
  220
  231
  242
  254
  267
  280
  294
  308
  324
  340
Funds from operations, $m
  449
  398
  413
  429
  445
  463
  481
  500
  521
  542
  565
  535
  559
  586
  613
  642
  672
  704
  737
  772
  809
  848
  888
  931
  976
  1,023
  1,073
  1,125
  1,179
  1,236
  1,297
Change in working capital, $m
  26
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
Cash from operations, $m
  423
  403
  418
  434
  451
  468
  487
  507
  527
  549
  572
  542
  568
  594
  622
  651
  682
  714
  748
  784
  821
  861
  902
  945
  991
  1,039
  1,089
  1,142
  1,197
  1,255
  1,316
Maintenance CAPEX, $m
  0
  -81
  -85
  -89
  -93
  -97
  -102
  -107
  -112
  -118
  -123
  -129
  -136
  -142
  -149
  -157
  -164
  -172
  -181
  -190
  -199
  -209
  -220
  -231
  -242
  -254
  -267
  -280
  -294
  -308
  -324
New CAPEX, $m
  -102
  -70
  -72
  -76
  -80
  -85
  -89
  -94
  -99
  -104
  -109
  -115
  -120
  -127
  -133
  -140
  -147
  -154
  -162
  -170
  -179
  -188
  -197
  -207
  -218
  -229
  -240
  -252
  -265
  -278
  -292
Cash from investing activities, $m
  -125
  -151
  -157
  -165
  -173
  -182
  -191
  -201
  -211
  -222
  -232
  -244
  -256
  -269
  -282
  -297
  -311
  -326
  -343
  -360
  -378
  -397
  -417
  -438
  -460
  -483
  -507
  -532
  -559
  -586
  -616
Free cash flow, $m
  298
  252
  261
  269
  278
  287
  296
  306
  317
  328
  340
  299
  312
  325
  340
  355
  371
  388
  405
  424
  443
  463
  485
  507
  531
  556
  582
  609
  638
  669
  700
Issuance/(repayment) of debt, $m
  95
  146
  152
  160
  168
  177
  186
  196
  206
  217
  228
  239
  252
  265
  278
  292
  307
  323
  339
  356
  374
  393
  413
  434
  455
  478
  502
  528
  554
  582
  611
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  
  91
  146
  152
  160
  168
  177
  186
  196
  206
  217
  228
  239
  252
  265
  278
  292
  307
  323
  339
  356
  374
  393
  413
  434
  455
  478
  502
  528
  554
  582
  611
Total cash flow (excl. dividends), $m
  389
  398
  412
  429
  446
  463
  482
  502
  523
  545
  567
  538
  563
  590
  618
  647
  678
  710
  744
  780
  817
  856
  898
  941
  986
  1,034
  1,084
  1,137
  1,192
  1,250
  1,311
Retained Cash Flow (-), $m
  180
  -44
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -81
  -85
  -89
  -94
  -99
  -104
  -109
  -114
  -120
  -126
  -133
  -139
  -146
  -154
  -161
  -169
  -178
  -187
  -196
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
 
  353
  364
  377
  392
  407
  423
  439
  457
  475
  494
  461
  483
  505
  529
  553
  579
  607
  635
  665
  697
  730
  765
  802
  840
  881
  923
  968
  1,014
  1,064
  1,115
Discount rate, %
 
  10.40
  10.92
  11.47
  12.04
  12.64
  13.27
  13.94
  14.63
  15.37
  16.13
  16.94
  17.79
  18.68
  19.61
  20.59
  21.62
  22.70
  23.84
  25.03
  26.28
  27.59
  28.97
  30.42
  31.94
  33.54
  35.22
  36.98
  38.83
  40.77
  42.81
PV of cash for distribution, $m
 
  320
  296
  272
  249
  224
  200
  176
  153
  131
  111
  82
  68
  55
  43
  33
  25
  19
  14
  10
  7
  4
  3
  2
  1
  1
  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

AmeriGas Partners, L.P. is a holding company. The Company is a retail propane distributor in the United States. It serves approximately two million residential, commercial, industrial, agricultural, wholesale and motor fuel customers in all 50 states from approximately 2,000 propane distribution locations. It operates through the segment that engages in the distribution of propane and related equipment and supplies. The Company conducts its business through its subsidiary, AmeriGas Propane, L.P. The Partnership also sells, installs and services propane appliances, including heating systems, and operates a residential heating, ventilation, air conditioning, plumbing, and related services business in certain counties of Pennsylvania, Delaware, and Maryland. The Partnership operates as an interstate carrier in all states across the continental United States. The Company's AmeriGas Cylinder Exchange program enables consumers to purchase or exchange propane cylinders at retail locations.

FINANCIAL RATIOS  of  AmeriGas Partners (APU)

Valuation Ratios
P/E Ratio 20.6
Price to Sales 1.8
Price to Book 4.3
Price to Tangible Book
Price to Cash Flow 10.1
Price to Free Cash Flow 13.3
Growth Rates
Sales Growth Rate -19.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -1.7%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 236.4%
Total Debt to Equity 252.7%
Interest Coverage 2
Management Effectiveness
Return On Assets 9.2%
Ret/ On Assets - 3 Yr. Avg. 9.4%
Return On Total Capital 5.9%
Ret/ On T. Cap. - 3 Yr. Avg. 6.5%
Return On Equity 19.3%
Return On Equity - 3 Yr. Avg. 19.2%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 24.5%
EBITDA Margin - 3 Yr. Avg. 20.7%
Operating Margin 16.2%
Oper. Margin - 3 Yr. Avg. 13.9%
Pre-Tax Margin 9.1%
Pre-Tax Margin - 3 Yr. Avg. 8.2%
Net Profit Margin 9%
Net Profit Margin - 3 Yr. Avg. 8%
Effective Tax Rate -0.5%
Eff/ Tax Rate - 3 Yr. Avg. 0.6%
Payout Ratio 187.4%

APU stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the APU stock intrinsic value calculation we used $2312 million for the last fiscal year's total revenue generated by AmeriGas Partners. The default revenue input number comes from 2016 income statement of AmeriGas 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 APU stock valuation model: a) initial revenue growth rate of 4.7% 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 10.4%, whose default value for APU is calculated based on our internal credit rating of AmeriGas 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 AmeriGas 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 APU stock the variable cost ratio is equal to 86.8%.

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 APU 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 6.9% for AmeriGas Partners.

Corporate tax rate of 27% is the nominal tax rate for AmeriGas 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 APU 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 APU are equal to 63.3%.

Life of production assets of 18.1 years is the average useful life of capital assets used in AmeriGas 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 APU is equal to -4.3%. 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 - $984 million for AmeriGas 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 92.914 million for AmeriGas 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 AmeriGas Partners at the current share price and the inputted number of shares is $4.3 billion.

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COMPANY NEWS

▶ AmeriGas Reports Fiscal 2017 Results   [Nov-08-17 08:16PM  Business Wire]
▶ AmeriGas Propane Declares Partnership Distribution   [Oct-26-17 04:15PM  Business Wire]
▶ Top 10 MLPs Ranked Based on Total Returns   [07:43AM  Market Realist]
▶ Top MLP Losers in the Week Ending September 22   [Sep-26-17 10:22AM  Market Realist]
▶ Can Suburban Propane Partners Grow in the Long Term?   [Sep-21-17 04:06PM  Market Realist]
▶ How Wall Street Analysts View Propane MLPs   [Sep-12-17 07:36AM  Market Realist]
▶ Factors behind the Propane MLPs High Yields   [10:37AM  Market Realist]
▶ Ferrellgas Partners Leverage: A Key Concern   [07:37AM  Market Realist]
▶ AmeriGas Propane Declares Partnership Distribution   [Jul-24-17 06:23PM  Business Wire]
▶ 5 High-Yield Dividend Stocks to Avoid   [12:42PM  GuruFocus.com]
▶ ETFs with exposure to AmeriGas Partners LP : June 2, 2017   [Jun-02-17 01:51PM  Capital Cube]
▶ ETFs with exposure to AmeriGas Partners LP : May 23, 2017   [May-23-17 12:25PM  Capital Cube]
▶ UGI Corp.'s Investments Are Starting to Pay Off   [May-02-17 10:00AM  Motley Fool]
▶ AmeriGas Partners, L.P. Issues Notice of Redemption   [Mar-27-17 04:15PM  Business Wire]
▶ 5 Can't Miss Dividend Hikes Coming This Spring   [Mar-26-17 08:34AM  Forbes]
▶ AmeriGas Partners, L.P. to Issue Notes   [08:21AM  Business Wire]
▶ The Return of Cooler Weather Heats Up UGI Corp.'s Earnings   [Feb-02-17 10:00AM  at Motley Fool]
Financial statements of APU
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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