Intrinsic value of AmeriGas Partners - APU

Previous Close

$43.33

  Intrinsic Value

$52.32

stock screener

  Rating & Target

buy

+21%

Previous close

$43.33

 
Intrinsic value

$52.32

 
Up/down potential

+21%

 
Rating

buy

*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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of AmeriGas Partners (APU) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.10
  12.90
  12.11
  11.40
  10.76
  10.18
  9.66
  9.20
  8.78
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
Revenue, $m
  2,184
  2,769
  3,105
  3,459
  3,831
  4,221
  4,629
  5,055
  5,498
  5,960
  6,441
  6,940
  7,459
  7,999
  8,559
  9,142
  9,748
  10,378
  11,033
  11,716
  12,427
  13,167
  13,940
  14,745
  15,586
  16,463
  17,380
  18,337
  19,338
  20,385
  21,480
Variable operating expenses, $m
 
  2,295
  2,549
  2,816
  3,098
  3,393
  3,701
  4,024
  4,359
  4,709
  5,072
  5,249
  5,642
  6,050
  6,474
  6,915
  7,373
  7,850
  8,345
  8,862
  9,399
  9,960
  10,544
  11,153
  11,789
  12,452
  13,146
  13,870
  14,627
  15,419
  16,247
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
  2,125
  2,295
  2,549
  2,816
  3,098
  3,393
  3,701
  4,024
  4,359
  4,709
  5,072
  5,249
  5,642
  6,050
  6,474
  6,915
  7,373
  7,850
  8,345
  8,862
  9,399
  9,960
  10,544
  11,153
  11,789
  12,452
  13,146
  13,870
  14,627
  15,419
  16,247
Operating income, $m
  328
  474
  556
  642
  733
  828
  927
  1,031
  1,139
  1,252
  1,369
  1,691
  1,817
  1,949
  2,085
  2,227
  2,375
  2,528
  2,688
  2,854
  3,027
  3,208
  3,396
  3,592
  3,797
  4,011
  4,234
  4,467
  4,711
  4,966
  5,233
EBITDA, $m
  519
  763
  855
  953
  1,055
  1,163
  1,275
  1,393
  1,515
  1,642
  1,774
  1,912
  2,055
  2,204
  2,358
  2,518
  2,685
  2,859
  3,040
  3,228
  3,423
  3,627
  3,840
  4,062
  4,294
  4,535
  4,788
  5,052
  5,327
  5,616
  5,918
Interest expense (income), $m
  152
  157
  182
  208
  235
  265
  295
  327
  360
  395
  431
  468
  508
  548
  590
  634
  680
  727
  776
  827
  881
  936
  994
  1,054
  1,117
  1,183
  1,252
  1,323
  1,398
  1,476
  1,558
Earnings before tax, $m
  168
  318
  375
  435
  498
  564
  632
  704
  779
  857
  938
  1,222
  1,310
  1,401
  1,495
  1,593
  1,695
  1,801
  1,912
  2,027
  2,147
  2,272
  2,402
  2,538
  2,680
  2,828
  2,982
  3,144
  3,313
  3,490
  3,675
Tax expense, $m
  2
  86
  101
  117
  134
  152
  171
  190
  210
  231
  253
  330
  354
  378
  404
  430
  458
  486
  516
  547
  580
  613
  648
  685
  723
  763
  805
  849
  895
  942
  992
Net income, $m
  162
  232
  273
  317
  363
  411
  462
  514
  569
  626
  685
  892
  956
  1,022
  1,091
  1,163
  1,237
  1,315
  1,396
  1,480
  1,567
  1,658
  1,753
  1,853
  1,956
  2,064
  2,177
  2,295
  2,419
  2,548
  2,683

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  7
  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
  4,059
  4,578
  5,132
  5,717
  6,332
  6,977
  7,651
  8,355
  9,088
  9,852
  10,646
  11,471
  12,329
  13,221
  14,148
  15,111
  16,112
  17,153
  18,237
  19,365
  20,540
  21,764
  23,041
  24,372
  25,761
  27,212
  28,726
  30,309
  31,964
  33,694
  35,505
Adjusted assets (=assets-cash), $m
  4,052
  4,578
  5,132
  5,717
  6,332
  6,977
  7,651
  8,355
  9,088
  9,852
  10,646
  11,471
  12,329
  13,221
  14,148
  15,111
  16,112
  17,153
  18,237
  19,365
  20,540
  21,764
  23,041
  24,372
  25,761
  27,212
  28,726
  30,309
  31,964
  33,694
  35,505
Revenue / Adjusted assets
  0.539
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
Average production assets, $m
  1,376
  1,554
  1,742
  1,940
  2,149
  2,368
  2,597
  2,836
  3,085
  3,344
  3,613
  3,893
  4,185
  4,487
  4,802
  5,129
  5,468
  5,822
  6,190
  6,573
  6,971
  7,387
  7,820
  8,272
  8,743
  9,236
  9,750
  10,287
  10,849
  11,436
  12,050
Working capital, $m
  -168
  -30
  -34
  -38
  -42
  -46
  -51
  -56
  -60
  -66
  -71
  -76
  -82
  -88
  -94
  -101
  -107
  -114
  -121
  -129
  -137
  -145
  -153
  -162
  -171
  -181
  -191
  -202
  -213
  -224
  -236
Total debt, $m
  2,712
  3,132
  3,584
  4,060
  4,562
  5,087
  5,637
  6,210
  6,808
  7,430
  8,077
  8,750
  9,449
  10,176
  10,931
  11,716
  12,532
  13,381
  14,264
  15,184
  16,141
  17,139
  18,179
  19,264
  20,396
  21,578
  22,813
  24,103
  25,452
  26,862
  28,337
Total liabilities, $m
  3,311
  3,731
  4,183
  4,659
  5,161
  5,686
  6,236
  6,809
  7,407
  8,029
  8,676
  9,349
  10,048
  10,775
  11,530
  12,315
  13,131
  13,980
  14,863
  15,783
  16,740
  17,738
  18,778
  19,863
  20,995
  22,177
  23,412
  24,702
  26,051
  27,461
  28,936
Total equity, $m
  748
  847
  949
  1,058
  1,171
  1,291
  1,415
  1,546
  1,681
  1,823
  1,969
  2,122
  2,281
  2,446
  2,617
  2,795
  2,981
  3,173
  3,374
  3,583
  3,800
  4,026
  4,263
  4,509
  4,766
  5,034
  5,314
  5,607
  5,913
  6,233
  6,568
Total liabilities and equity, $m
  4,059
  4,578
  5,132
  5,717
  6,332
  6,977
  7,651
  8,355
  9,088
  9,852
  10,645
  11,471
  12,329
  13,221
  14,147
  15,110
  16,112
  17,153
  18,237
  19,366
  20,540
  21,764
  23,041
  24,372
  25,761
  27,211
  28,726
  30,309
  31,964
  33,694
  35,504
Debt-to-equity ratio
  3.626
  3.700
  3.770
  3.840
  3.890
  3.940
  3.980
  4.020
  4.050
  4.080
  4.100
  4.120
  4.140
  4.160
  4.180
  4.190
  4.200
  4.220
  4.230
  4.240
  4.250
  4.260
  4.260
  4.270
  4.280
  4.290
  4.290
  4.300
  4.300
  4.310
  4.310
Adjusted equity ratio
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  162
  232
  273
  317
  363
  411
  462
  514
  569
  626
  685
  892
  956
  1,022
  1,091
  1,163
  1,237
  1,315
  1,396
  1,480
  1,567
  1,658
  1,753
  1,853
  1,956
  2,064
  2,177
  2,295
  2,419
  2,548
  2,683
Depreciation, amort., depletion, $m
  191
  288
  299
  310
  322
  335
  348
  361
  375
  390
  405
  221
  238
  255
  273
  291
  311
  331
  352
  373
  396
  420
  444
  470
  497
  525
  554
  584
  616
  650
  685
Funds from operations, $m
  288
  520
  573
  628
  686
  746
  809
  875
  944
  1,016
  1,090
  1,113
  1,194
  1,277
  1,364
  1,454
  1,548
  1,646
  1,747
  1,853
  1,963
  2,078
  2,198
  2,323
  2,453
  2,589
  2,731
  2,880
  3,035
  3,197
  3,367
Change in working capital, $m
  -69
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
Cash from operations, $m
  357
  524
  576
  632
  690
  750
  814
  880
  949
  1,021
  1,095
  1,119
  1,200
  1,283
  1,370
  1,461
  1,555
  1,653
  1,755
  1,861
  1,971
  2,086
  2,206
  2,331
  2,462
  2,599
  2,741
  2,890
  3,046
  3,209
  3,379
Maintenance CAPEX, $m
  0
  -78
  -88
  -99
  -110
  -122
  -135
  -148
  -161
  -175
  -190
  -205
  -221
  -238
  -255
  -273
  -291
  -311
  -331
  -352
  -373
  -396
  -420
  -444
  -470
  -497
  -525
  -554
  -584
  -616
  -650
New CAPEX, $m
  -98
  -178
  -188
  -199
  -209
  -219
  -229
  -239
  -249
  -259
  -270
  -280
  -291
  -303
  -314
  -327
  -340
  -353
  -368
  -383
  -399
  -416
  -433
  -452
  -472
  -492
  -514
  -537
  -562
  -587
  -614
Cash from investing activities, $m
  -115
  -256
  -276
  -298
  -319
  -341
  -364
  -387
  -410
  -434
  -460
  -485
  -512
  -541
  -569
  -600
  -631
  -664
  -699
  -735
  -772
  -812
  -853
  -896
  -942
  -989
  -1,039
  -1,091
  -1,146
  -1,203
  -1,264
Free cash flow, $m
  242
  268
  300
  334
  371
  409
  450
  494
  539
  586
  636
  633
  687
  743
  801
  861
  924
  988
  1,056
  1,126
  1,199
  1,274
  1,353
  1,435
  1,521
  1,610
  1,702
  1,799
  1,900
  2,005
  2,115
Issuance/(repayment) of debt, $m
  151
  427
  452
  477
  501
  526
  550
  574
  598
  622
  647
  673
  699
  727
  755
  785
  816
  849
  883
  919
  958
  998
  1,040
  1,085
  1,132
  1,182
  1,235
  1,290
  1,349
  1,410
  1,475
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  
  149
  427
  452
  477
  501
  526
  550
  574
  598
  622
  647
  673
  699
  727
  755
  785
  816
  849
  883
  919
  958
  998
  1,040
  1,085
  1,132
  1,182
  1,235
  1,290
  1,349
  1,410
  1,475
Total cash flow (excl. dividends), $m
  390
  695
  752
  811
  872
  935
  1,000
  1,067
  1,137
  1,209
  1,283
  1,306
  1,386
  1,470
  1,556
  1,646
  1,740
  1,837
  1,939
  2,045
  2,156
  2,272
  2,393
  2,520
  2,653
  2,792
  2,937
  3,089
  3,248
  3,415
  3,591
Retained Cash Flow (-), $m
  236
  -99
  -103
  -108
  -114
  -119
  -125
  -130
  -136
  -141
  -147
  -153
  -159
  -165
  -171
  -178
  -185
  -193
  -200
  -209
  -217
  -226
  -236
  -246
  -257
  -268
  -280
  -293
  -306
  -320
  -335
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
 
  596
  649
  703
  758
  816
  875
  937
  1,001
  1,067
  1,136
  1,154
  1,228
  1,305
  1,385
  1,468
  1,554
  1,645
  1,739
  1,837
  1,939
  2,046
  2,157
  2,274
  2,396
  2,523
  2,657
  2,796
  2,942
  3,095
  3,256
Discount rate, %
 
  11.20
  11.76
  12.35
  12.97
  13.61
  14.29
  15.01
  15.76
  16.55
  17.37
  18.24
  19.16
  20.11
  21.12
  22.18
  23.28
  24.45
  25.67
  26.95
  28.30
  29.72
  31.20
  32.76
  34.40
  36.12
  37.93
  39.82
  41.81
  43.91
  46.10
PV of cash for distribution, $m
 
  536
  520
  495
  466
  431
  393
  352
  310
  269
  229
  183
  150
  120
  95
  73
  55
  40
  28
  20
  13
  9
  5
  3
  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

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 24.9
Price to Sales 1.6
Price to Book 5.4
Price to Tangible Book
Price to Cash Flow 11.3
Price to Free Cash Flow 15.6
Growth Rates
Sales Growth Rate 6.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -3.9%
Cap. Spend. - 3 Yr. Gr. Rate -3%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 342.8%
Total Debt to Equity 362.6%
Interest Coverage 2
Management Effectiveness
Return On Assets 7.7%
Ret/ On Assets - 3 Yr. Avg. 8.5%
Return On Total Capital 4.7%
Ret/ On T. Cap. - 3 Yr. Avg. 5.5%
Return On Equity 18.7%
Return On Equity - 3 Yr. Avg. 18.3%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 20.8%
EBITDA Margin - 3 Yr. Avg. 21.7%
Operating Margin 13.4%
Oper. Margin - 3 Yr. Avg. 14.2%
Pre-Tax Margin 6.8%
Pre-Tax Margin - 3 Yr. Avg. 7.8%
Net Profit Margin 6.6%
Net Profit Margin - 3 Yr. Avg. 7.6%
Effective Tax Rate 1.2%
Eff/ Tax Rate - 3 Yr. Avg. 0.7%
Payout Ratio 246.3%

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 $2453 million for the last fiscal year's total revenue generated by AmeriGas Partners. The default revenue input number comes from 2017 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 12.9% 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 11.2%, 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 83.8%.

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 5.8% 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 56.1%.

Life of production assets of 17.6 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 -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 - $748 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 91.715 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 $4.0 billion.

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COMPANY NEWS

▶ UGI Corp Starts 2018 With a Record-Setting Quarter   [Feb-01-18 11:00AM  Motley Fool]
▶ AmeriGas Reports First Quarter Results   [Jan-31-18 04:17PM  Business Wire]
▶ AmeriGas Propane Declares Partnership Distribution   [Jan-24-18 04:21PM  Business Wire]
▶ Top MLP Losers in the Week Ending January 12   [Jan-16-18 01:19PM  Market Realist]
▶ 3 Utility Stocks You May Be Overlooking   [Jan-06-18 11:37AM  Motley Fool]
▶ New Strong Sell Stocks for December 19th   [Dec-19-17 06:38AM  Zacks]
▶ 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]
Financial statements of APU
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