Intrinsic value of CVR Energy - CVI

Previous Close

$37.88

  Intrinsic Value

$38.50

stock screener

  Rating & Target

hold

+2%

Previous close

$37.88

 
Intrinsic value

$38.50

 
Up/down potential

+2%

 
Rating

hold

We calculate the intrinsic value of CVI 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 0001), $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 3.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  33.50
  30.65
  28.09
  25.78
  23.70
  21.83
  20.15
  18.63
  17.27
  16.04
  14.94
  13.94
  13.05
  12.24
  11.52
  10.87
  10.28
  9.75
  9.28
  8.85
  8.46
  8.12
  7.81
  7.53
  7.27
  7.05
  6.84
  6.66
  6.49
  6.34
Revenue, $m
  7,995
  10,445
  13,378
  16,827
  20,814
  25,358
  30,467
  36,143
  42,384
  49,183
  56,530
  64,412
  72,818
  81,734
  91,149
  101,056
  111,445
  122,314
  133,662
  145,491
  157,807
  170,619
  183,938
  197,781
  212,166
  227,116
  242,654
  258,808
  275,608
  293,089
Variable operating expenses, $m
  7,419
  9,693
  12,415
  15,615
  19,316
  23,532
  28,273
  33,541
  39,333
  45,642
  52,460
  59,775
  67,575
  75,849
  84,587
  93,780
  103,421
  113,508
  124,039
  135,016
  146,445
  158,334
  170,695
  183,541
  196,891
  210,763
  225,183
  240,174
  255,765
  271,986
Fixed operating expenses, $m
  265
  271
  276
  283
  289
  295
  302
  308
  315
  322
  329
  336
  344
  351
  359
  367
  375
  383
  392
  400
  409
  418
  427
  437
  446
  456
  466
  476
  487
  498
Total operating expenses, $m
  7,684
  9,964
  12,691
  15,898
  19,605
  23,827
  28,575
  33,849
  39,648
  45,964
  52,789
  60,111
  67,919
  76,200
  84,946
  94,147
  103,796
  113,891
  124,431
  135,416
  146,854
  158,752
  171,122
  183,978
  197,337
  211,219
  225,649
  240,650
  256,252
  272,484
Operating income, $m
  311
  482
  687
  929
  1,210
  1,531
  1,892
  2,294
  2,737
  3,219
  3,741
  4,301
  4,899
  5,534
  6,204
  6,909
  7,649
  8,423
  9,232
  10,075
  10,953
  11,866
  12,816
  13,804
  14,830
  15,896
  17,005
  18,158
  19,357
  20,605
EBITDA, $m
  597
  855
  1,165
  1,531
  1,954
  2,438
  2,982
  3,587
  4,253
  4,979
  5,763
  6,606
  7,504
  8,457
  9,464
  10,524
  11,636
  12,799
  14,013
  15,280
  16,598
  17,970
  19,396
  20,879
  22,419
  24,021
  25,685
  27,416
  29,216
  31,089
Interest expense (income), $m
  77
  110
  201
  312
  445
  601
  782
  988
  1,220
  1,477
  1,761
  2,069
  2,402
  2,760
  3,141
  3,545
  3,972
  4,422
  4,893
  5,386
  5,901
  6,437
  6,996
  7,577
  8,181
  8,809
  9,461
  10,139
  10,844
  11,577
  12,339
Earnings before tax, $m
  201
  281
  375
  484
  609
  748
  904
  1,074
  1,259
  1,459
  1,672
  1,899
  2,140
  2,393
  2,658
  2,937
  3,227
  3,531
  3,846
  4,175
  4,516
  4,871
  5,239
  5,623
  6,021
  6,435
  6,866
  7,314
  7,780
  8,266
Tax expense, $m
  54
  76
  101
  131
  164
  202
  244
  290
  340
  394
  451
  513
  578
  646
  718
  793
  871
  953
  1,038
  1,127
  1,219
  1,315
  1,415
  1,518
  1,626
  1,737
  1,854
  1,975
  2,101
  2,232
Net income, $m
  147
  205
  274
  353
  444
  546
  660
  784
  919
  1,065
  1,221
  1,386
  1,562
  1,747
  1,941
  2,144
  2,356
  2,577
  2,808
  3,047
  3,297
  3,556
  3,825
  4,105
  4,395
  4,698
  5,012
  5,339
  5,680
  6,034

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  5,082
  6,640
  8,505
  10,697
  13,232
  16,121
  19,369
  22,977
  26,945
  31,267
  35,938
  40,949
  46,292
  51,960
  57,946
  64,244
  70,849
  77,759
  84,973
  92,493
  100,322
  108,467
  116,935
  125,735
  134,880
  144,384
  154,262
  164,531
  175,212
  186,325
Adjusted assets (=assets-cash), $m
  5,082
  6,640
  8,505
  10,697
  13,232
  16,121
  19,369
  22,977
  26,945
  31,267
  35,938
  40,949
  46,292
  51,960
  57,946
  64,244
  70,849
  77,759
  84,973
  92,493
  100,322
  108,467
  116,935
  125,735
  134,880
  144,384
  154,262
  164,531
  175,212
  186,325
Revenue / Adjusted assets
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
Average production assets, $m
  3,518
  4,596
  5,886
  7,404
  9,158
  11,158
  13,405
  15,903
  18,649
  21,641
  24,873
  28,341
  32,040
  35,963
  40,106
  44,464
  49,036
  53,818
  58,811
  64,016
  69,435
  75,072
  80,933
  87,024
  93,353
  99,931
  106,768
  113,875
  121,268
  128,959
Working capital, $m
  96
  125
  161
  202
  250
  304
  366
  434
  509
  590
  678
  773
  874
  981
  1,094
  1,213
  1,337
  1,468
  1,604
  1,746
  1,894
  2,047
  2,207
  2,373
  2,546
  2,725
  2,912
  3,106
  3,307
  3,517
Total debt, $m
  2,135
  3,318
  4,733
  6,397
  8,321
  10,514
  12,979
  15,718
  18,729
  22,010
  25,555
  29,358
  33,414
  37,716
  42,259
  47,039
  52,052
  57,297
  62,772
  68,480
  74,423
  80,604
  87,031
  93,711
  100,652
  107,865
  115,363
  123,157
  131,264
  139,698
Total liabilities, $m
  3,857
  5,040
  6,455
  8,119
  10,043
  12,236
  14,701
  17,440
  20,451
  23,732
  27,277
  31,080
  35,136
  39,438
  43,981
  48,761
  53,774
  59,019
  64,494
  70,202
  76,145
  82,326
  88,753
  95,433
  102,374
  109,587
  117,085
  124,879
  132,986
  141,420
Total equity, $m
  1,225
  1,600
  2,050
  2,578
  3,189
  3,885
  4,668
  5,537
  6,494
  7,535
  8,661
  9,869
  11,156
  12,522
  13,965
  15,483
  17,075
  18,740
  20,478
  22,291
  24,178
  26,141
  28,181
  30,302
  32,506
  34,797
  37,177
  39,652
  42,226
  44,904
Total liabilities and equity, $m
  5,082
  6,640
  8,505
  10,697
  13,232
  16,121
  19,369
  22,977
  26,945
  31,267
  35,938
  40,949
  46,292
  51,960
  57,946
  64,244
  70,849
  77,759
  84,972
  92,493
  100,323
  108,467
  116,934
  125,735
  134,880
  144,384
  154,262
  164,531
  175,212
  186,324
Debt-to-equity ratio
  1.740
  2.070
  2.310
  2.480
  2.610
  2.710
  2.780
  2.840
  2.880
  2.920
  2.950
  2.970
  3.000
  3.010
  3.030
  3.040
  3.050
  3.060
  3.070
  3.070
  3.080
  3.080
  3.090
  3.090
  3.100
  3.100
  3.100
  3.110
  3.110
  3.110
Adjusted equity ratio
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  147
  205
  274
  353
  444
  546
  660
  784
  919
  1,065
  1,221
  1,386
  1,562
  1,747
  1,941
  2,144
  2,356
  2,577
  2,808
  3,047
  3,297
  3,556
  3,825
  4,105
  4,395
  4,698
  5,012
  5,339
  5,680
  6,034
Depreciation, amort., depletion, $m
  286
  374
  479
  602
  745
  907
  1,090
  1,293
  1,516
  1,759
  2,022
  2,304
  2,605
  2,924
  3,261
  3,615
  3,987
  4,375
  4,781
  5,205
  5,645
  6,103
  6,580
  7,075
  7,590
  8,124
  8,680
  9,258
  9,859
  10,484
Funds from operations, $m
  433
  579
  752
  955
  1,189
  1,453
  1,750
  2,077
  2,435
  2,824
  3,243
  3,691
  4,167
  4,670
  5,201
  5,759
  6,343
  6,953
  7,589
  8,252
  8,942
  9,659
  10,405
  11,180
  11,985
  12,822
  13,692
  14,597
  15,539
  16,519
Change in working capital, $m
  24
  29
  35
  41
  48
  55
  61
  68
  75
  82
  88
  95
  101
  107
  113
  119
  125
  130
  136
  142
  148
  154
  160
  166
  173
  179
  186
  194
  202
  210
Cash from operations, $m
  409
  549
  717
  914
  1,141
  1,399
  1,688
  2,009
  2,360
  2,743
  3,155
  3,596
  4,066
  4,563
  5,088
  5,640
  6,218
  6,822
  7,453
  8,110
  8,794
  9,505
  10,245
  11,014
  11,812
  12,643
  13,506
  14,403
  15,337
  16,309
Maintenance CAPEX, $m
  -214
  -286
  -374
  -479
  -602
  -745
  -907
  -1,090
  -1,293
  -1,516
  -1,759
  -2,022
  -2,304
  -2,605
  -2,924
  -3,261
  -3,615
  -3,987
  -4,375
  -4,781
  -5,205
  -5,645
  -6,103
  -6,580
  -7,075
  -7,590
  -8,124
  -8,680
  -9,258
  -9,859
New CAPEX, $m
  -885
  -1,078
  -1,291
  -1,517
  -1,755
  -1,999
  -2,248
  -2,498
  -2,746
  -2,992
  -3,233
  -3,468
  -3,698
  -3,923
  -4,143
  -4,359
  -4,571
  -4,782
  -4,993
  -5,205
  -5,419
  -5,637
  -5,861
  -6,091
  -6,330
  -6,578
  -6,837
  -7,108
  -7,392
  -7,691
Cash from investing activities, $m
  -1,099
  -1,364
  -1,665
  -1,996
  -2,357
  -2,744
  -3,155
  -3,588
  -4,039
  -4,508
  -4,992
  -5,490
  -6,002
  -6,528
  -7,067
  -7,620
  -8,186
  -8,769
  -9,368
  -9,986
  -10,624
  -11,282
  -11,964
  -12,671
  -13,405
  -14,168
  -14,961
  -15,788
  -16,650
  -17,550
Free cash flow, $m
  -690
  -815
  -947
  -1,082
  -1,216
  -1,345
  -1,467
  -1,579
  -1,679
  -1,765
  -1,837
  -1,894
  -1,937
  -1,964
  -1,978
  -1,979
  -1,968
  -1,947
  -1,916
  -1,876
  -1,830
  -1,777
  -1,719
  -1,657
  -1,592
  -1,525
  -1,455
  -1,385
  -1,313
  -1,242
Issuance/(repayment) of debt, $m
  969
  1,182
  1,415
  1,664
  1,924
  2,192
  2,465
  2,739
  3,012
  3,281
  3,545
  3,803
  4,056
  4,302
  4,543
  4,780
  5,013
  5,245
  5,476
  5,708
  5,943
  6,182
  6,427
  6,680
  6,941
  7,213
  7,497
  7,795
  8,107
  8,434
Issuance/(repurchase) of shares, $m
  159
  170
  176
  175
  167
  150
  123
  86
  37
  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  
  1,128
  1,352
  1,591
  1,839
  2,091
  2,342
  2,588
  2,825
  3,049
  3,281
  3,545
  3,803
  4,056
  4,302
  4,543
  4,780
  5,013
  5,245
  5,476
  5,708
  5,943
  6,182
  6,427
  6,680
  6,941
  7,213
  7,497
  7,795
  8,107
  8,434
Total cash flow (excl. dividends), $m
  438
  538
  644
  757
  875
  997
  1,121
  1,246
  1,370
  1,516
  1,708
  1,909
  2,119
  2,338
  2,565
  2,801
  3,045
  3,298
  3,560
  3,832
  4,113
  4,405
  4,708
  5,022
  5,349
  5,689
  6,042
  6,410
  6,793
  7,193
Retained Cash Flow (-), $m
  -306
  -375
  -449
  -528
  -611
  -696
  -783
  -870
  -956
  -1,042
  -1,126
  -1,208
  -1,288
  -1,366
  -1,443
  -1,518
  -1,592
  -1,665
  -1,739
  -1,812
  -1,887
  -1,963
  -2,041
  -2,121
  -2,204
  -2,290
  -2,381
  -2,475
  -2,574
  -2,678
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
  132
  162
  194
  229
  264
  301
  339
  376
  414
  474
  582
  701
  831
  972
  1,122
  1,283
  1,453
  1,633
  1,821
  2,019
  2,226
  2,442
  2,667
  2,901
  3,145
  3,398
  3,661
  3,935
  4,219
  4,515
Discount rate, %
  6.10
  6.41
  6.73
  7.06
  7.41
  7.79
  8.17
  8.58
  9.01
  9.46
  9.94
  10.43
  10.95
  11.50
  12.08
  12.68
  13.32
  13.98
  14.68
  15.41
  16.19
  16.99
  17.84
  18.74
  19.67
  20.66
  21.69
  22.77
  23.91
  25.11
PV of cash for distribution, $m
  125
  143
  160
  174
  185
  192
  195
  195
  190
  192
  205
  213
  215
  212
  203
  190
  174
  155
  135
  115
  95
  77
  61
  47
  35
  26
  18
  13
  8
  5
Current shareholders' claim on cash, %
  95.4
  91.8
  89.1
  87.0
  85.5
  84.4
  83.6
  83.2
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0

CVR Energy, Inc. (CVR Energy) is a holding company. The Company is engaged in the petroleum refining and nitrogen fertilizer manufacturing through its holdings in CVR Refining LP (CVR Refining or the Refining Partnership) and CVR Partners LP (CVR Partners or the Nitrogen Fertilizer Partnership). It operates under two business segments: petroleum (the petroleum and related businesses operated by the Refining Partnership) and nitrogen fertilizer (the nitrogen fertilizer business operated by the Nitrogen Fertilizer Partnership). The Company's Refining Partnership is an independent petroleum refiner and marketer of transportation fuels. Its Nitrogen Fertilizer Partnership produces and markets nitrogen fertilizers in the form of urea and ammonium nitrate (UAN) and ammonia. The petroleum business consists of a coking medium-sour crude oil refinery in Coffeyville, Kansas and a crude oil refinery in Wynnewood, Oklahoma.

FINANCIAL RATIOS  of  CVR Energy (CVI)

Valuation Ratios
P/E Ratio 131.6
Price to Sales 0.7
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 12.3
Price to Free Cash Flow 24.4
Growth Rates
Sales Growth Rate -12%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -39.3%
Cap. Spend. - 3 Yr. Gr. Rate -12.3%
Financial Strength
Quick Ratio 368
Current Ratio 0
LT Debt to Equity 135.5%
Total Debt to Equity 135.8%
Interest Coverage 1
Management Effectiveness
Return On Assets -1%
Ret/ On Assets - 3 Yr. Avg. 3.6%
Return On Total Capital 1.4%
Ret/ On T. Cap. - 3 Yr. Avg. 7.2%
Return On Equity 2.7%
Return On Equity - 3 Yr. Avg. 12%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 8.2%
Gross Margin - 3 Yr. Avg. 8.7%
EBITDA Margin 5.4%
EBITDA Margin - 3 Yr. Avg. 7.6%
Operating Margin 1.8%
Oper. Margin - 3 Yr. Avg. 4.2%
Pre-Tax Margin -0.2%
Pre-Tax Margin - 3 Yr. Avg. 3.8%
Net Profit Margin 0.5%
Net Profit Margin - 3 Yr. Avg. 1.9%
Effective Tax Rate 181.8%
Eff/ Tax Rate - 3 Yr. Avg. 76%
Payout Ratio 696%

CVI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CVI stock intrinsic value calculation we used $5988.4 million for the last fiscal year's total revenue generated by CVR Energy. The default revenue input number comes from 0001 income statement of CVR Energy. 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 CVI stock valuation model: a) initial revenue growth rate of 33.5% 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 6.1%, whose default value for CVI is calculated based on our internal credit rating of CVR Energy, 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 CVR Energy.
    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 CVI stock the variable cost ratio is equal to 92.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $259 million in the base year in the intrinsic value calculation for CVI 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 9.4% for CVR Energy.

Corporate tax rate of 27% is the nominal tax rate for CVR Energy. 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 CVI 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 CVI are equal to 44%.

Life of production assets of 12.3 years is the average useful life of capital assets used in CVR Energy 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 CVI is equal to 1.2%. 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 - $919 million for CVR Energy - 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 86.831 million for CVR Energy 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 CVR Energy at the current share price and the inputted number of shares is $3.3 billion.

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COMPANY NEWS

▶ CVR Energy to Release Third Quarter 2018 Earnings   [Oct-11-18 08:30AM  GlobeNewswire]
▶ 3 Oil and Gas Stocks With High Forward Dividends   [Oct-10-18 03:31PM  GuruFocus.com]
▶ Sugar Land refining co. names two new directors to board   [Oct-03-18 03:39PM  American City Business Journals]
▶ CVR: 2Q Earnings Snapshot   [Jul-25-18 07:16PM  Associated Press]
▶ CVR Energy to Release 2018 Second Quarter Earnings   [Jul-12-18 08:30AM  GlobeNewswire]
▶ CVR Energy Announces Commencement of Exchange Offer   [Jun-18-18 08:00AM  PR Newswire]
▶ Best-In-Class Energy Dividend Stocks   [09:02AM  Simply Wall St.]
▶ CVR Energy boosts dividend by 50%   [08:51AM  MarketWatch]
▶ Senators seek explanation for Icahn's valuable EPA exemption   [May-09-18 02:28PM  American City Business Journals]
▶ Sugar Land refiner CVR Energy hires 2 former Tesoro/Andeavor execs   [May-02-18 06:52PM  American City Business Journals]
▶ Icahn's oil refinery scores a waiver from EPA, saves millions   [02:49PM  American City Business Journals]
▶ CVR: 1Q Earnings Snapshot   [08:56AM  Associated Press]
▶ CVR Energy Announces 2018 First Quarter Earnings Call   [Apr-12-18 08:30AM  GlobeNewswire]
▶ Energy Dividend Stocks Investors Love   [Mar-20-18 09:02AM  Simply Wall St.]
▶ Should You Buy CVR Energy Inc (NYSE:CVI) For Its Dividend?   [Feb-22-18 10:43AM  Simply Wall St.]
▶ CVR Energy, Inc. to Host Earnings Call   [10:35AM  ACCESSWIRE]
▶ CVR posts 4Q profit   [10:09AM  Associated Press]
▶ CVR Energy Announces 2017 Fourth Quarter Earnings Call   [Feb-08-18 08:30AM  PR Newswire]
▶ Why CVR Energy Is a Buy   [Jan-17-18 02:36PM  TheStreet.com]
▶ Which Energy Stocks Escaped Oils Fall Last Week?   [Nov-20-17 02:50PM  Market Realist]
▶ Is U.S. Biofuel In Jeopardy?   [01:00PM  Oilprice.com]
▶ CVR Energy, Inc. to Host Earnings Call   [09:15AM  ACCESSWIRE]
▶ CVR posts 3Q profit   [08:39AM  Associated Press]
▶ CVR Energy Announces 2017 Third Quarter Earnings Call   [Oct-18-17 08:30AM  PR Newswire]
▶ These 3 Oil Stocks Soared 30% in 1 Month   [Sep-19-17 08:17AM  Motley Fool]
▶ Stocks Flashing Renewed Technical Strength: CVR Energy   [Sep-14-17 03:00AM  Investor's Business Daily]
▶ CVR Energy Hits 80-Plus Relative Strength Rating Benchmark   [03:00AM  Investor's Business Daily]
▶ Stocks With Rising Relative Strength: CVR Energy   [03:00AM  Investor's Business Daily]
▶ Energy Stocks: Last Weeks Top Gainers   [03:03PM  Market Realist]
▶ ETFs with exposure to CVR Energy, Inc. : August 15, 2017   [Aug-15-17 03:54PM  Capital Cube]

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