Intrinsic value of World Fuel Services - INT

Previous Close

$21.50

  Intrinsic Value

$165.35

stock screener

  Rating & Target

str. buy

+669%

Previous close

$21.50

 
Intrinsic value

$165.35

 
Up/down potential

+669%

 
Rating

str. buy

We calculate the intrinsic value of INT 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 2017), $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 1.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  24.70
  22.73
  20.96
  19.36
  17.93
  16.63
  15.47
  14.42
  13.48
  12.63
  11.87
  11.18
  10.56
  10.01
  9.51
  9.06
  8.65
  8.29
  7.96
  7.66
  7.40
  7.16
  6.94
  6.75
  6.57
  6.41
  6.27
  6.15
  6.03
  5.93
Revenue, $m
  42,019
  51,570
  62,377
  74,454
  87,800
  102,404
  118,245
  135,299
  153,538
  172,933
  193,458
  215,091
  237,813
  261,612
  286,482
  312,426
  339,453
  367,578
  396,825
  427,227
  458,821
  491,652
  525,772
  561,241
  598,122
  636,488
  676,413
  717,983
  761,284
  806,412
Variable operating expenses, $m
  41,692
  51,139
  61,828
  73,774
  86,974
  101,418
  117,087
  133,955
  151,994
  171,178
  191,347
  212,744
  235,218
  258,757
  283,357
  309,017
  335,749
  363,567
  392,496
  422,565
  453,814
  486,287
  520,036
  555,117
  591,596
  629,543
  669,033
  710,148
  752,977
  797,613
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
  41,692
  51,139
  61,828
  73,774
  86,974
  101,418
  117,087
  133,955
  151,994
  171,178
  191,347
  212,744
  235,218
  258,757
  283,357
  309,017
  335,749
  363,567
  392,496
  422,565
  453,814
  486,287
  520,036
  555,117
  591,596
  629,543
  669,033
  710,148
  752,977
  797,613
Operating income, $m
  327
  431
  549
  681
  826
  986
  1,158
  1,345
  1,544
  1,755
  2,111
  2,347
  2,595
  2,855
  3,126
  3,409
  3,704
  4,011
  4,330
  4,662
  5,006
  5,365
  5,737
  6,124
  6,526
  6,945
  7,381
  7,834
  8,307
  8,799
EBITDA, $m
  660
  810
  980
  1,170
  1,379
  1,609
  1,858
  2,126
  2,412
  2,717
  3,040
  3,379
  3,736
  4,110
  4,501
  4,909
  5,333
  5,775
  6,235
  6,712
  7,209
  7,725
  8,261
  8,818
  9,397
  10,000
  10,627
  11,281
  11,961
  12,670
Interest expense (income), $m
  41
  53
  108
  172
  244
  324
  413
  510
  616
  729
  851
  980
  1,116
  1,260
  1,411
  1,570
  1,735
  1,908
  2,088
  2,275
  2,470
  2,672
  2,883
  3,101
  3,328
  3,564
  3,810
  4,065
  4,331
  4,608
  4,896
Earnings before tax, $m
  274
  323
  377
  437
  502
  573
  648
  729
  814
  905
  1,131
  1,231
  1,335
  1,443
  1,556
  1,674
  1,796
  1,923
  2,055
  2,192
  2,334
  2,482
  2,636
  2,796
  2,962
  3,135
  3,316
  3,503
  3,699
  3,903
Tax expense, $m
  74
  87
  102
  118
  136
  155
  175
  197
  220
  244
  305
  332
  360
  390
  420
  452
  485
  519
  555
  592
  630
  670
  712
  755
  800
  847
  895
  946
  999
  1,054
Net income, $m
  200
  236
  275
  319
  367
  418
  473
  532
  595
  660
  826
  898
  974
  1,053
  1,136
  1,222
  1,311
  1,404
  1,500
  1,600
  1,704
  1,812
  1,924
  2,041
  2,162
  2,289
  2,420
  2,557
  2,700
  2,849

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
  6,968
  8,552
  10,344
  12,347
  14,561
  16,982
  19,609
  22,438
  25,462
  28,679
  32,083
  35,670
  39,438
  43,385
  47,510
  51,812
  56,294
  60,958
  65,809
  70,850
  76,090
  81,534
  87,193
  93,075
  99,191
  105,553
  112,175
  119,068
  126,249
  133,733
Adjusted assets (=assets-cash), $m
  6,968
  8,552
  10,344
  12,347
  14,561
  16,982
  19,609
  22,438
  25,462
  28,679
  32,083
  35,670
  39,438
  43,385
  47,510
  51,812
  56,294
  60,958
  65,809
  70,850
  76,090
  81,534
  87,193
  93,075
  99,191
  105,553
  112,175
  119,068
  126,249
  133,733
Revenue / Adjusted assets
  6.030
  6.030
  6.030
  6.030
  6.030
  6.030
  6.030
  6.030
  6.030
  6.030
  6.030
  6.030
  6.030
  6.030
  6.030
  6.030
  6.030
  6.030
  6.030
  6.030
  6.030
  6.030
  6.030
  6.030
  6.030
  6.030
  6.030
  6.030
  6.030
  6.030
Average production assets, $m
  2,017
  2,475
  2,994
  3,574
  4,214
  4,915
  5,676
  6,494
  7,370
  8,301
  9,286
  10,324
  11,415
  12,557
  13,751
  14,996
  16,294
  17,644
  19,048
  20,507
  22,023
  23,599
  25,237
  26,940
  28,710
  30,551
  32,468
  34,463
  36,542
  38,708
Working capital, $m
  -2,143
  -2,630
  -3,181
  -3,797
  -4,478
  -5,223
  -6,031
  -6,900
  -7,830
  -8,820
  -9,866
  -10,970
  -12,128
  -13,342
  -14,611
  -15,934
  -17,312
  -18,746
  -20,238
  -21,789
  -23,400
  -25,074
  -26,814
  -28,623
  -30,504
  -32,461
  -34,497
  -36,617
  -38,825
  -41,127
Total debt, $m
  1,866
  2,963
  4,203
  5,589
  7,120
  8,796
  10,614
  12,571
  14,664
  16,890
  19,246
  21,728
  24,336
  27,067
  29,921
  32,898
  36,000
  39,227
  42,584
  46,073
  49,698
  53,466
  57,382
  61,452
  65,685
  70,087
  74,669
  79,440
  84,409
  89,588
Total liabilities, $m
  4,822
  5,918
  7,158
  8,544
  10,076
  11,752
  13,570
  15,527
  17,620
  19,846
  22,201
  24,684
  27,291
  30,022
  32,877
  35,854
  38,955
  42,183
  45,540
  49,028
  52,654
  56,422
  60,337
  64,408
  68,640
  73,043
  77,625
  82,395
  87,365
  92,544
Total equity, $m
  2,146
  2,634
  3,186
  3,803
  4,485
  5,231
  6,040
  6,911
  7,842
  8,833
  9,881
  10,986
  12,147
  13,363
  14,633
  15,958
  17,339
  18,775
  20,269
  21,822
  23,436
  25,113
  26,855
  28,667
  30,551
  32,510
  34,550
  36,673
  38,885
  41,190
Total liabilities and equity, $m
  6,968
  8,552
  10,344
  12,347
  14,561
  16,983
  19,610
  22,438
  25,462
  28,679
  32,082
  35,670
  39,438
  43,385
  47,510
  51,812
  56,294
  60,958
  65,809
  70,850
  76,090
  81,535
  87,192
  93,075
  99,191
  105,553
  112,175
  119,068
  126,250
  133,734
Debt-to-equity ratio
  0.870
  1.120
  1.320
  1.470
  1.590
  1.680
  1.760
  1.820
  1.870
  1.910
  1.950
  1.980
  2.000
  2.030
  2.040
  2.060
  2.080
  2.090
  2.100
  2.110
  2.120
  2.130
  2.140
  2.140
  2.150
  2.160
  2.160
  2.170
  2.170
  2.170
Adjusted equity ratio
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  200
  236
  275
  319
  367
  418
  473
  532
  595
  660
  826
  898
  974
  1,053
  1,136
  1,222
  1,311
  1,404
  1,500
  1,600
  1,704
  1,812
  1,924
  2,041
  2,162
  2,289
  2,420
  2,557
  2,700
  2,849
Depreciation, amort., depletion, $m
  333
  379
  431
  489
  553
  623
  699
  781
  869
  962
  929
  1,032
  1,142
  1,256
  1,375
  1,500
  1,629
  1,764
  1,905
  2,051
  2,202
  2,360
  2,524
  2,694
  2,871
  3,055
  3,247
  3,446
  3,654
  3,871
Funds from operations, $m
  533
  615
  706
  808
  920
  1,041
  1,173
  1,313
  1,463
  1,622
  1,754
  1,931
  2,116
  2,309
  2,511
  2,721
  2,940
  3,168
  3,405
  3,651
  3,906
  4,172
  4,448
  4,735
  5,033
  5,344
  5,667
  6,004
  6,355
  6,720
Change in working capital, $m
  -424
  -487
  -551
  -616
  -681
  -745
  -808
  -870
  -930
  -989
  -1,047
  -1,103
  -1,159
  -1,214
  -1,268
  -1,323
  -1,378
  -1,434
  -1,492
  -1,550
  -1,611
  -1,674
  -1,740
  -1,809
  -1,881
  -1,957
  -2,036
  -2,120
  -2,208
  -2,302
Cash from operations, $m
  958
  1,102
  1,258
  1,424
  1,600
  1,786
  1,981
  2,183
  2,393
  2,611
  2,801
  3,034
  3,275
  3,523
  3,779
  4,045
  4,319
  4,602
  4,896
  5,201
  5,518
  5,846
  6,188
  6,544
  6,914
  7,301
  7,703
  8,124
  8,563
  9,022
Maintenance CAPEX, $m
  -161
  -202
  -248
  -299
  -357
  -421
  -492
  -568
  -649
  -737
  -830
  -929
  -1,032
  -1,142
  -1,256
  -1,375
  -1,500
  -1,629
  -1,764
  -1,905
  -2,051
  -2,202
  -2,360
  -2,524
  -2,694
  -2,871
  -3,055
  -3,247
  -3,446
  -3,654
New CAPEX, $m
  -405
  -458
  -519
  -580
  -641
  -701
  -760
  -819
  -875
  -931
  -985
  -1,038
  -1,091
  -1,142
  -1,194
  -1,245
  -1,297
  -1,350
  -1,404
  -1,459
  -1,516
  -1,576
  -1,638
  -1,702
  -1,770
  -1,842
  -1,916
  -1,995
  -2,078
  -2,166
Cash from investing activities, $m
  -566
  -660
  -767
  -879
  -998
  -1,122
  -1,252
  -1,387
  -1,524
  -1,668
  -1,815
  -1,967
  -2,123
  -2,284
  -2,450
  -2,620
  -2,797
  -2,979
  -3,168
  -3,364
  -3,567
  -3,778
  -3,998
  -4,226
  -4,464
  -4,713
  -4,971
  -5,242
  -5,524
  -5,820
Free cash flow, $m
  392
  442
  491
  545
  602
  664
  729
  797
  869
  943
  986
  1,067
  1,152
  1,239
  1,330
  1,424
  1,522
  1,623
  1,728
  1,837
  1,950
  2,068
  2,190
  2,318
  2,450
  2,588
  2,732
  2,882
  3,038
  3,201
Issuance/(repayment) of debt, $m
  956
  1,096
  1,240
  1,386
  1,532
  1,676
  1,818
  1,957
  2,093
  2,226
  2,355
  2,483
  2,608
  2,731
  2,854
  2,977
  3,102
  3,228
  3,356
  3,489
  3,626
  3,768
  3,916
  4,070
  4,232
  4,403
  4,582
  4,770
  4,969
  5,179
Issuance/(repurchase) of shares, $m
  224
  252
  277
  298
  315
  328
  336
  339
  337
  330
  223
  207
  186
  162
  134
  103
  70
  33
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  1,180
  1,348
  1,517
  1,684
  1,847
  2,004
  2,154
  2,296
  2,430
  2,556
  2,578
  2,690
  2,794
  2,893
  2,988
  3,080
  3,172
  3,261
  3,356
  3,489
  3,626
  3,768
  3,916
  4,070
  4,232
  4,403
  4,582
  4,770
  4,969
  5,179
Total cash flow (excl. dividends), $m
  1,572
  1,790
  2,008
  2,229
  2,449
  2,668
  2,882
  3,093
  3,299
  3,500
  3,564
  3,756
  3,945
  4,132
  4,318
  4,505
  4,693
  4,884
  5,085
  5,326
  5,576
  5,836
  6,106
  6,388
  6,683
  6,991
  7,314
  7,652
  8,007
  8,380
Retained Cash Flow (-), $m
  -424
  -488
  -552
  -617
  -682
  -746
  -809
  -871
  -932
  -991
  -1,048
  -1,105
  -1,161
  -1,216
  -1,270
  -1,325
  -1,380
  -1,437
  -1,494
  -1,553
  -1,614
  -1,677
  -1,743
  -1,812
  -1,884
  -1,960
  -2,039
  -2,123
  -2,212
  -2,305
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
  34
  42
  52
  62
  74
  88
  102
  118
  135
  154
  173
  193
  215
  238
  262
  286
  312
  339
  368
  397
  427
  459
  492
  526
  561
  598
  636
  676
  718
  761
Cash available for distribution, $m
  1,148
  1,302
  1,456
  1,612
  1,767
  1,922
  2,073
  2,222
  2,367
  2,509
  2,516
  2,651
  2,785
  2,917
  3,048
  3,180
  3,312
  3,447
  3,591
  3,773
  3,962
  4,159
  4,363
  4,576
  4,799
  5,031
  5,274
  5,529
  5,796
  6,075
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
  1,101
  1,192
  1,267
  1,327
  1,370
  1,395
  1,401
  1,389
  1,360
  1,315
  1,195
  1,131
  1,059
  979
  895
  808
  721
  635
  553
  479
  410
  345
  286
  233
  187
  147
  113
  86
  63
  46
Current shareholders' claim on cash, %
  86.7
  76.2
  67.8
  61.0
  55.6
  51.2
  47.6
  44.7
  42.2
  40.2
  39.1
  38.1
  37.4
  36.8
  36.4
  36.1
  35.9
  35.8
  35.8
  35.8
  35.8
  35.8
  35.8
  35.8
  35.8
  35.8
  35.8
  35.8
  35.8
  35.8

World Fuel Services Corporation is engaged in providing aviation, marine and land energy, logistics and technology solutions to customers and suppliers around the world. The Company operates through three segments: Aviation, Marine and Land. In its Aviation segment, the Company offers fuel and related products and services. In its land segment, it offers fuel, crude oil, lubricants, power solutions through its global energy management service offerings, natural gas and related products and services to customers. Under marine segment, it offers fuel, lubricants and related products and services to customers, including international container and tanker fleets, commercial cruise lines, yachts and time charter operators, offshore rig owners and operators, the United States and foreign Governments, as well as other fuel suppliers. It offers solutions, such as oil and energy procurement, distribution and storage, financial solutions and consulting services.

FINANCIAL RATIOS  of  World Fuel Services (INT)

Valuation Ratios
P/E Ratio 11.9
Price to Sales 0.1
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 7.3
Price to Free Cash Flow 8.9
Growth Rates
Sales Growth Rate -11.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -29.4%
Cap. Spend. - 3 Yr. Gr. Rate -15.4%
Financial Strength
Quick Ratio 47
Current Ratio 0.1
LT Debt to Equity 60.8%
Total Debt to Equity 61.6%
Interest Coverage 4
Management Effectiveness
Return On Assets 3.3%
Ret/ On Assets - 3 Yr. Avg. 4.2%
Return On Total Capital 4.4%
Ret/ On T. Cap. - 3 Yr. Avg. 6.9%
Return On Equity 6.6%
Return On Equity - 3 Yr. Avg. 9.5%
Asset Turnover 5.4
Profitability Ratios
Gross Margin 3.3%
Gross Margin - 3 Yr. Avg. 2.7%
EBITDA Margin 1%
EBITDA Margin - 3 Yr. Avg. 1%
Operating Margin 0.7%
Oper. Margin - 3 Yr. Avg. 0.7%
Pre-Tax Margin 0.5%
Pre-Tax Margin - 3 Yr. Avg. 0.6%
Net Profit Margin 0.5%
Net Profit Margin - 3 Yr. Avg. 0.5%
Effective Tax Rate 11.3%
Eff/ Tax Rate - 3 Yr. Avg. 17.5%
Payout Ratio 13.5%

INT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the INT stock intrinsic value calculation we used $33696 million for the last fiscal year's total revenue generated by World Fuel Services. The default revenue input number comes from 2017 income statement of World Fuel Services. 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 INT stock valuation model: a) initial revenue growth rate of 24.7% 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 4.3%, whose default value for INT is calculated based on our internal credit rating of World Fuel Services, 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 World Fuel Services.
    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 INT stock the variable cost ratio is equal to 99.3%.

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 INT 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 World Fuel Services.

Corporate tax rate of 27% is the nominal tax rate for World Fuel Services. 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 INT stock is equal to 0.1%.

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 INT are equal to 4.8%.

Life of production assets of 10 years is the average useful life of capital assets used in World Fuel Services 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 INT is equal to -5.1%. 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 - $1722 million for World Fuel Services - 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 68 million for World Fuel Services 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 World Fuel Services at the current share price and the inputted number of shares is $1.5 billion.

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COMPANY NEWS

▶ Why Internity SA (WSE:INT) Is An Attractive Investment   [Jun-27-18 02:20AM  Simply Wall St.]
▶ Why World Fuel Services Corp Stock Is Plunging Today   [Apr-27-18 03:27PM  Motley Fool]
▶ World Fuel Services: 1Q Earnings Snapshot   [Apr-26-18 07:26PM  Associated Press]
▶ Should You Buy Internity SA. (WSE:INT) At This PE Ratio?   [Apr-12-18 04:27AM  Simply Wall St.]
▶ World Fuel Services reports 4Q loss   [Feb-22-18 05:55PM  Associated Press]
▶ What Wall Street Analysts Recommend for DK, INT, PBR, and BP   [Jan-22-18 07:34AM  Market Realist]
▶ Which Refining and Marketing Energy Stocks Fell This Week?   [Jan-19-18 09:30AM  Market Realist]
▶ New Strong Sell Stocks for January 8th   [Jan-08-18 08:30AM  Zacks]
▶ PARR, INT, GPRE: Refining and Marketing Losers This Week   [Nov-10-17 09:03AM  Market Realist]
▶ World Fuel Services reports 3Q loss   [Oct-26-17 07:13PM  Associated Press]
▶ Former IBM CIO Jeff Smith Named COO at World Fuel Services   [Oct-17-17 02:08PM  The Wall Street Journal]
▶ Stocks That Fell to 3-Year Lows in the Week of Sept. 29   [Sep-30-17 09:35PM  GuruFocus.com]
▶ New Strong Sell Stocks for August 24th   [Aug-24-17 08:57AM  Zacks]
▶ World Fuel Services posts 2Q profit   [Jul-27-17 11:37PM  Associated Press]
▶ World Fuel Services posts 1Q profit   [Apr-27-17 06:26PM  Associated Press]
▶ Near-Term Uncertainties to Weigh on These Energy Stocks   [Mar-28-17 05:47PM  Investopedia]
▶ Stocks Reach Their 3-Year Lows   [Mar-25-17 03:15PM  GuruFocus.com]
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