Intrinsic value of HollyFrontier Corporation - HFC

Previous Close

$40.30

  Intrinsic Value

$164.35

stock screener

  Rating & Target

str. buy

+308%

Previous close

$40.30

 
Intrinsic value

$164.35

 
Up/down potential

+308%

 
Rating

str. buy

We calculate the intrinsic value of HFC 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 6.9

 

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, %
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.64
  6.47
  6.32
  6.19
  6.07
  5.97
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.42
  5.37
  5.34
  5.30
  5.27
  5.25
  5.22
  5.20
  5.18
Revenue, $m
  19,274
  20,897
  22,585
  24,340
  26,164
  28,059
  30,028
  32,076
  34,204
  36,418
  38,721
  41,119
  43,616
  46,218
  48,931
  51,760
  54,713
  57,795
  61,015
  64,379
  67,895
  71,572
  75,418
  79,443
  83,656
  88,067
  92,687
  97,526
  102,596
  107,910
Variable operating expenses, $m
  15,222
  16,481
  17,791
  19,153
  20,568
  22,038
  23,566
  25,155
  26,806
  28,524
  30,044
  31,904
  33,842
  35,861
  37,965
  40,161
  42,451
  44,843
  47,341
  49,951
  52,679
  55,532
  58,517
  61,640
  64,908
  68,331
  71,915
  75,670
  79,604
  83,727
Fixed operating expenses, $m
  2,171
  2,218
  2,267
  2,317
  2,368
  2,420
  2,473
  2,528
  2,584
  2,640
  2,698
  2,758
  2,818
  2,880
  2,944
  3,009
  3,075
  3,142
  3,212
  3,282
  3,354
  3,428
  3,504
  3,581
  3,660
  3,740
  3,822
  3,906
  3,992
  4,080
Total operating expenses, $m
  17,393
  18,699
  20,058
  21,470
  22,936
  24,458
  26,039
  27,683
  29,390
  31,164
  32,742
  34,662
  36,660
  38,741
  40,909
  43,170
  45,526
  47,985
  50,553
  53,233
  56,033
  58,960
  62,021
  65,221
  68,568
  72,071
  75,737
  79,576
  83,596
  87,807
Operating income, $m
  1,881
  2,197
  2,527
  2,870
  3,228
  3,600
  3,988
  4,393
  4,814
  5,253
  5,979
  6,457
  6,956
  7,477
  8,022
  8,591
  9,187
  9,810
  10,462
  11,145
  11,861
  12,611
  13,398
  14,223
  15,088
  15,996
  16,949
  17,950
  19,000
  20,103
EBITDA, $m
  2,538
  2,886
  3,250
  3,629
  4,023
  4,434
  4,862
  5,308
  5,772
  6,256
  6,760
  7,287
  7,836
  8,410
  9,009
  9,636
  10,291
  10,976
  11,693
  12,444
  13,231
  14,056
  14,920
  15,826
  16,776
  17,773
  18,820
  19,918
  21,070
  22,280
Interest expense (income), $m
  54
  130
  155
  180
  206
  233
  261
  291
  321
  353
  386
  420
  456
  493
  532
  572
  614
  658
  703
  751
  801
  853
  908
  964
  1,024
  1,086
  1,152
  1,220
  1,291
  1,366
  1,445
Earnings before tax, $m
  1,751
  2,042
  2,347
  2,664
  2,995
  3,339
  3,698
  4,072
  4,461
  4,868
  5,559
  6,001
  6,463
  6,946
  7,450
  7,977
  8,529
  9,106
  9,711
  10,344
  11,008
  11,704
  12,434
  13,199
  14,002
  14,845
  15,729
  16,658
  17,634
  18,658
Tax expense, $m
  473
  551
  634
  719
  809
  902
  998
  1,099
  1,205
  1,314
  1,501
  1,620
  1,745
  1,875
  2,012
  2,154
  2,303
  2,459
  2,622
  2,793
  2,972
  3,160
  3,357
  3,564
  3,781
  4,008
  4,247
  4,498
  4,761
  5,038
Net income, $m
  1,278
  1,491
  1,713
  1,945
  2,186
  2,437
  2,699
  2,972
  3,257
  3,553
  4,058
  4,381
  4,718
  5,070
  5,439
  5,823
  6,226
  6,648
  7,089
  7,551
  8,036
  8,544
  9,076
  9,635
  10,221
  10,837
  11,482
  12,161
  12,873
  13,620

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
  11,964
  12,971
  14,019
  15,108
  16,241
  17,417
  18,640
  19,910
  21,232
  22,606
  24,035
  25,524
  27,074
  28,689
  30,373
  32,129
  33,962
  35,875
  37,874
  39,962
  42,145
  44,427
  46,815
  49,313
  51,928
  54,666
  57,534
  60,538
  63,685
  66,983
Adjusted assets (=assets-cash), $m
  11,964
  12,971
  14,019
  15,108
  16,241
  17,417
  18,640
  19,910
  21,232
  22,606
  24,035
  25,524
  27,074
  28,689
  30,373
  32,129
  33,962
  35,875
  37,874
  39,962
  42,145
  44,427
  46,815
  49,313
  51,928
  54,666
  57,534
  60,538
  63,685
  66,983
Revenue / Adjusted assets
  1.611
  1.611
  1.611
  1.611
  1.611
  1.611
  1.611
  1.611
  1.611
  1.611
  1.611
  1.611
  1.611
  1.611
  1.611
  1.611
  1.611
  1.611
  1.611
  1.611
  1.611
  1.611
  1.611
  1.611
  1.611
  1.611
  1.611
  1.611
  1.611
  1.611
Average production assets, $m
  6,572
  7,126
  7,701
  8,300
  8,922
  9,568
  10,240
  10,938
  11,664
  12,418
  13,204
  14,022
  14,873
  15,760
  16,685
  17,650
  18,657
  19,708
  20,806
  21,953
  23,152
  24,406
  25,718
  27,090
  28,527
  30,031
  31,606
  33,256
  34,985
  36,797
Working capital, $m
  1,060
  1,149
  1,242
  1,339
  1,439
  1,543
  1,652
  1,764
  1,881
  2,003
  2,130
  2,262
  2,399
  2,542
  2,691
  2,847
  3,009
  3,179
  3,356
  3,541
  3,734
  3,936
  4,148
  4,369
  4,601
  4,844
  5,098
  5,364
  5,643
  5,935
Total debt, $m
  2,863
  3,328
  3,812
  4,316
  4,839
  5,382
  5,947
  6,534
  7,144
  7,779
  8,440
  9,128
  9,844
  10,590
  11,368
  12,179
  13,026
  13,910
  14,833
  15,798
  16,806
  17,861
  18,964
  20,118
  21,326
  22,591
  23,916
  25,304
  26,758
  28,282
Total liabilities, $m
  5,527
  5,993
  6,477
  6,980
  7,503
  8,047
  8,611
  9,199
  9,809
  10,444
  11,104
  11,792
  12,508
  13,254
  14,032
  14,844
  15,690
  16,574
  17,498
  18,462
  19,471
  20,525
  21,628
  22,783
  23,991
  25,256
  26,581
  27,968
  29,422
  30,946
Total equity, $m
  6,437
  6,979
  7,542
  8,128
  8,737
  9,370
  10,028
  10,712
  11,423
  12,162
  12,931
  13,732
  14,566
  15,435
  16,341
  17,286
  18,272
  19,301
  20,376
  21,500
  22,674
  23,902
  25,186
  26,530
  27,937
  29,410
  30,953
  32,569
  34,262
  36,037
Total liabilities and equity, $m
  11,964
  12,972
  14,019
  15,108
  16,240
  17,417
  18,639
  19,911
  21,232
  22,606
  24,035
  25,524
  27,074
  28,689
  30,373
  32,130
  33,962
  35,875
  37,874
  39,962
  42,145
  44,427
  46,814
  49,313
  51,928
  54,666
  57,534
  60,537
  63,684
  66,983
Debt-to-equity ratio
  0.440
  0.480
  0.510
  0.530
  0.550
  0.570
  0.590
  0.610
  0.630
  0.640
  0.650
  0.660
  0.680
  0.690
  0.700
  0.700
  0.710
  0.720
  0.730
  0.730
  0.740
  0.750
  0.750
  0.760
  0.760
  0.770
  0.770
  0.780
  0.780
  0.780
Adjusted equity ratio
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,278
  1,491
  1,713
  1,945
  2,186
  2,437
  2,699
  2,972
  3,257
  3,553
  4,058
  4,381
  4,718
  5,070
  5,439
  5,823
  6,226
  6,648
  7,089
  7,551
  8,036
  8,544
  9,076
  9,635
  10,221
  10,837
  11,482
  12,161
  12,873
  13,620
Depreciation, amort., depletion, $m
  656
  689
  723
  759
  796
  834
  873
  915
  958
  1,002
  781
  830
  880
  933
  987
  1,044
  1,104
  1,166
  1,231
  1,299
  1,370
  1,444
  1,522
  1,603
  1,688
  1,777
  1,870
  1,968
  2,070
  2,177
Funds from operations, $m
  1,935
  2,180
  2,436
  2,703
  2,982
  3,271
  3,573
  3,887
  4,215
  4,556
  4,839
  5,211
  5,598
  6,003
  6,426
  6,868
  7,330
  7,814
  8,320
  8,850
  9,406
  9,988
  10,598
  11,238
  11,909
  12,614
  13,353
  14,128
  14,943
  15,798
Change in working capital, $m
  86
  89
  93
  97
  100
  104
  108
  113
  117
  122
  127
  132
  137
  143
  149
  156
  162
  170
  177
  185
  193
  202
  212
  221
  232
  243
  254
  266
  279
  292
Cash from operations, $m
  1,849
  2,091
  2,344
  2,607
  2,881
  3,167
  3,465
  3,775
  4,097
  4,434
  4,713
  5,079
  5,461
  5,860
  6,277
  6,712
  7,168
  7,644
  8,143
  8,665
  9,212
  9,786
  10,387
  11,017
  11,678
  12,371
  13,099
  13,862
  14,664
  15,506
Maintenance CAPEX, $m
  -357
  -389
  -422
  -456
  -491
  -528
  -566
  -606
  -647
  -690
  -735
  -781
  -830
  -880
  -933
  -987
  -1,044
  -1,104
  -1,166
  -1,231
  -1,299
  -1,370
  -1,444
  -1,522
  -1,603
  -1,688
  -1,777
  -1,870
  -1,968
  -2,070
New CAPEX, $m
  -534
  -553
  -576
  -598
  -622
  -646
  -672
  -698
  -726
  -755
  -785
  -818
  -852
  -887
  -925
  -965
  -1,007
  -1,051
  -1,098
  -1,147
  -1,199
  -1,254
  -1,312
  -1,373
  -1,437
  -1,504
  -1,575
  -1,650
  -1,729
  -1,812
Cash from investing activities, $m
  -891
  -942
  -998
  -1,054
  -1,113
  -1,174
  -1,238
  -1,304
  -1,373
  -1,445
  -1,520
  -1,599
  -1,682
  -1,767
  -1,858
  -1,952
  -2,051
  -2,155
  -2,264
  -2,378
  -2,498
  -2,624
  -2,756
  -2,895
  -3,040
  -3,192
  -3,352
  -3,520
  -3,697
  -3,882
Free cash flow, $m
  957
  1,149
  1,346
  1,553
  1,768
  1,993
  2,227
  2,471
  2,724
  2,989
  3,192
  3,480
  3,780
  4,092
  4,419
  4,760
  5,117
  5,489
  5,879
  6,287
  6,714
  7,162
  7,631
  8,123
  8,638
  9,179
  9,746
  10,342
  10,967
  11,624
Issuance/(repayment) of debt, $m
  451
  465
  484
  503
  523
  544
  565
  587
  610
  635
  661
  688
  716
  746
  778
  811
  847
  884
  923
  965
  1,008
  1,054
  1,103
  1,154
  1,208
  1,265
  1,325
  1,388
  1,454
  1,524
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
Cash from financing (excl. dividends), $m  
  451
  465
  484
  503
  523
  544
  565
  587
  610
  635
  661
  688
  716
  746
  778
  811
  847
  884
  923
  965
  1,008
  1,054
  1,103
  1,154
  1,208
  1,265
  1,325
  1,388
  1,454
  1,524
Total cash flow (excl. dividends), $m
  1,409
  1,614
  1,830
  2,056
  2,291
  2,536
  2,792
  3,058
  3,335
  3,624
  3,853
  4,168
  4,496
  4,839
  5,197
  5,572
  5,963
  6,373
  6,802
  7,252
  7,723
  8,216
  8,734
  9,277
  9,846
  10,444
  11,071
  11,730
  12,421
  13,147
Retained Cash Flow (-), $m
  -518
  -542
  -564
  -586
  -609
  -633
  -658
  -684
  -711
  -739
  -769
  -801
  -834
  -869
  -906
  -945
  -986
  -1,029
  -1,075
  -1,123
  -1,174
  -1,228
  -1,285
  -1,344
  -1,407
  -1,473
  -1,543
  -1,616
  -1,693
  -1,774
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
  891
  1,072
  1,267
  1,470
  1,682
  1,903
  2,134
  2,374
  2,624
  2,885
  3,084
  3,367
  3,662
  3,970
  4,291
  4,627
  4,977
  5,344
  5,727
  6,128
  6,549
  6,988
  7,449
  7,933
  8,439
  8,971
  9,528
  10,114
  10,728
  11,373
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  854
  981
  1,102
  1,210
  1,304
  1,381
  1,442
  1,484
  1,507
  1,512
  1,464
  1,437
  1,392
  1,333
  1,260
  1,176
  1,083
  984
  882
  779
  677
  580
  488
  404
  328
  262
  205
  156
  117
  86
Current shareholders' claim on cash, %
  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

HollyFrontier Corporation is an independent petroleum refiner. The Company produces various light products, such as gasoline, diesel fuel, jet fuel, specialty lubricant products, and specialty and modified asphalt. It segments include Refining and Holly Energy Partners, L.P. (HEP). The Refining segment includes the operations of the Company's El Dorado, Kansas (the El Dorado Refinery); refinery facilities located in Tulsa, Oklahoma (collectively, the Tulsa Refineries); a refinery in Artesia, New Mexico that is operated in conjunction with crude oil distillation and vacuum distillation and other facilities situated 65 miles away in Lovington, New Mexico (collectively, the Navajo Refinery); refinery located in Cheyenne, Wyoming (the Cheyenne Refinery); a refinery in Woods Cross, Utah (the Woods Cross Refinery), and HollyFrontier Asphalt Company (HFC Asphalt). The HEP segment involves all of the operations of HEP. HEP is a limited partnership, which owns and operates logistic assets.

FINANCIAL RATIOS  of  HollyFrontier Corporation (HFC)

Valuation Ratios
P/E Ratio -27.5
Price to Sales 0.7
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 11.9
Price to Free Cash Flow 58.6
Growth Rates
Sales Growth Rate -20.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -29%
Cap. Spend. - 3 Yr. Gr. Rate 2.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 47.7%
Total Debt to Equity 47.7%
Interest Coverage -2
Management Effectiveness
Return On Assets -2.2%
Ret/ On Assets - 3 Yr. Avg. 3.3%
Return On Total Capital -3.9%
Ret/ On T. Cap. - 3 Yr. Avg. 3.9%
Return On Equity -5.2%
Return On Equity - 3 Yr. Avg. 4.5%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 19.5%
Gross Margin - 3 Yr. Avg. 17.4%
EBITDA Margin 2.3%
EBITDA Margin - 3 Yr. Avg. 6.3%
Operating Margin -1%
Oper. Margin - 3 Yr. Avg. 3.6%
Pre-Tax Margin -1.6%
Pre-Tax Margin - 3 Yr. Avg. 3.3%
Net Profit Margin -2.5%
Net Profit Margin - 3 Yr. Avg. 1.5%
Effective Tax Rate -11%
Eff/ Tax Rate - 3 Yr. Avg. 17.6%
Payout Ratio -90%

HFC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HFC stock intrinsic value calculation we used $17715 million for the last fiscal year's total revenue generated by HollyFrontier Corporation. The default revenue input number comes from 0001 income statement of HollyFrontier Corporation. 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 HFC stock valuation model: a) initial revenue growth rate of 8.8% 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 4.3%, whose default value for HFC is calculated based on our internal credit rating of HollyFrontier Corporation, 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 HollyFrontier Corporation.
    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 HFC stock the variable cost ratio is equal to 79.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2124 million in the base year in the intrinsic value calculation for HFC 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 5.4% for HollyFrontier Corporation.

Corporate tax rate of 27% is the nominal tax rate for HollyFrontier Corporation. 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 HFC 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 HFC are equal to 34.1%.

Life of production assets of 16.9 years is the average useful life of capital assets used in HollyFrontier Corporation 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 HFC is equal to 5.5%. 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 - $5918.571 million for HollyFrontier Corporation - 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 170.690 million for HollyFrontier Corporation 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 HollyFrontier Corporation at the current share price and the inputted number of shares is $6.9 billion.

RELATED COMPANIES Price Int.Val. Rating
MPC Marathon Petro 47.96 160.72  str.buy
DK Delek US Holdi 35.39 263.15  str.buy
CVX Chevron Corpor 120.81 247.45  str.buy
CLMT Calumet Specia 4.17 4.92  buy

CONTACT US      

About X-FIN       Privacy policy       Terms of use      

Copyright © X-FIN.com 2005-2019. All rigths reserved.