Intrinsic value of World Fuel Services - INT

Previous Close

$26.31

  Intrinsic Value

$128.08

stock screener

  Rating & Target

str. buy

+387%

Previous close

$26.31

 
Intrinsic value

$128.08

 
Up/down potential

+387%

 
Rating

str. buy

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

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

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
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, %
  -11.08
  15.40
  14.36
  13.42
  12.58
  11.82
  11.14
  10.53
  9.97
  9.48
  9.03
  8.63
  8.26
  7.94
  7.64
  7.38
  7.14
  6.93
  6.73
  6.56
  6.40
  6.26
  6.14
  6.02
  5.92
  5.83
  5.75
  5.67
  5.60
  5.54
  5.49
Revenue, $m
  27,016
  31,176
  35,653
  40,440
  45,527
  50,910
  56,582
  62,539
  68,777
  75,294
  82,093
  89,174
  96,543
  104,206
  112,171
  120,449
  129,050
  137,990
  147,283
  156,946
  166,998
  177,459
  188,352
  199,698
  211,524
  223,855
  236,719
  250,146
  264,166
  278,812
  294,118
Variable operating expenses, $m
 
  30,634
  35,021
  39,711
  44,696
  49,971
  55,529
  61,366
  67,478
  73,865
  80,527
  87,382
  94,603
  102,112
  109,917
  118,028
  126,457
  135,217
  144,323
  153,792
  163,642
  173,894
  184,567
  195,686
  207,274
  219,357
  231,962
  245,119
  258,858
  273,209
  288,208
Fixed operating expenses, $m
 
  275
  282
  289
  296
  303
  311
  319
  327
  335
  343
  352
  360
  369
  379
  388
  398
  408
  418
  428
  439
  450
  461
  473
  485
  497
  509
  522
  535
  548
  562
Total operating expenses, $m
  26,827
  30,909
  35,303
  40,000
  44,992
  50,274
  55,840
  61,685
  67,805
  74,200
  80,870
  87,734
  94,963
  102,481
  110,296
  118,416
  126,855
  135,625
  144,741
  154,220
  164,081
  174,344
  185,028
  196,159
  207,759
  219,854
  232,471
  245,641
  259,393
  273,757
  288,770
Operating income, $m
  189
  268
  351
  440
  535
  636
  743
  855
  972
  1,095
  1,223
  1,440
  1,580
  1,725
  1,875
  2,032
  2,195
  2,365
  2,542
  2,725
  2,917
  3,116
  3,323
  3,540
  3,766
  4,001
  4,247
  4,505
  4,773
  5,054
  5,348
EBITDA, $m
  271
  390
  479
  574
  675
  782
  896
  1,015
  1,140
  1,271
  1,407
  1,550
  1,698
  1,852
  2,013
  2,180
  2,354
  2,534
  2,722
  2,918
  3,121
  3,333
  3,554
  3,785
  4,025
  4,276
  4,538
  4,811
  5,097
  5,396
  5,709
Interest expense (income), $m
  41
  49
  72
  96
  122
  149
  178
  209
  241
  275
  310
  347
  385
  425
  466
  509
  554
  600
  649
  699
  751
  805
  862
  921
  982
  1,046
  1,112
  1,182
  1,254
  1,330
  1,409
Earnings before tax, $m
  142
  219
  280
  345
  414
  487
  564
  646
  731
  820
  913
  1,094
  1,195
  1,300
  1,409
  1,523
  1,641
  1,765
  1,893
  2,026
  2,166
  2,311
  2,462
  2,619
  2,784
  2,956
  3,135
  3,323
  3,519
  3,724
  3,939
Tax expense, $m
  16
  59
  75
  93
  112
  131
  152
  174
  197
  221
  246
  295
  323
  351
  380
  411
  443
  476
  511
  547
  585
  624
  665
  707
  752
  798
  846
  897
  950
  1,005
  1,063
Net income, $m
  126
  160
  204
  251
  302
  355
  412
  471
  533
  599
  666
  798
  872
  949
  1,029
  1,112
  1,198
  1,288
  1,382
  1,479
  1,581
  1,687
  1,797
  1,912
  2,032
  2,158
  2,289
  2,426
  2,569
  2,719
  2,875

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  699
  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
  5,413
  5,440
  6,221
  7,056
  7,944
  8,883
  9,873
  10,912
  12,001
  13,138
  14,324
  15,560
  16,846
  18,183
  19,573
  21,017
  22,518
  24,078
  25,699
  27,385
  29,139
  30,965
  32,865
  34,845
  36,909
  39,060
  41,305
  43,648
  46,094
  48,650
  51,321
Adjusted assets (=assets-cash), $m
  4,714
  5,440
  6,221
  7,056
  7,944
  8,883
  9,873
  10,912
  12,001
  13,138
  14,324
  15,560
  16,846
  18,183
  19,573
  21,017
  22,518
  24,078
  25,699
  27,385
  29,139
  30,965
  32,865
  34,845
  36,909
  39,060
  41,305
  43,648
  46,094
  48,650
  51,321
Revenue / Adjusted assets
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
Average production assets, $m
  515
  592
  677
  768
  865
  967
  1,075
  1,188
  1,307
  1,431
  1,560
  1,694
  1,834
  1,980
  2,131
  2,289
  2,452
  2,622
  2,798
  2,982
  3,173
  3,372
  3,579
  3,794
  4,019
  4,253
  4,498
  4,753
  5,019
  5,297
  5,588
Working capital, $m
  1,654
  1,122
  1,284
  1,456
  1,639
  1,833
  2,037
  2,251
  2,476
  2,711
  2,955
  3,210
  3,476
  3,751
  4,038
  4,336
  4,646
  4,968
  5,302
  5,650
  6,012
  6,389
  6,781
  7,189
  7,615
  8,059
  8,522
  9,005
  9,510
  10,037
  10,588
Total debt, $m
  1,186
  1,707
  2,283
  2,898
  3,553
  4,245
  4,974
  5,740
  6,543
  7,381
  8,255
  9,166
  10,113
  11,099
  12,123
  13,188
  14,294
  15,443
  16,638
  17,881
  19,174
  20,519
  21,920
  23,379
  24,900
  26,486
  28,140
  29,866
  31,669
  33,553
  35,521
Total liabilities, $m
  3,488
  4,009
  4,585
  5,200
  5,855
  6,547
  7,276
  8,042
  8,845
  9,683
  10,557
  11,468
  12,415
  13,401
  14,425
  15,490
  16,596
  17,745
  18,940
  20,183
  21,476
  22,821
  24,222
  25,681
  27,202
  28,788
  30,442
  32,168
  33,971
  35,855
  37,823
Total equity, $m
  1,925
  1,431
  1,636
  1,856
  2,089
  2,336
  2,597
  2,870
  3,156
  3,455
  3,767
  4,092
  4,430
  4,782
  5,148
  5,527
  5,922
  6,332
  6,759
  7,202
  7,664
  8,144
  8,644
  9,164
  9,707
  10,273
  10,863
  11,479
  12,123
  12,795
  13,497
Total liabilities and equity, $m
  5,413
  5,440
  6,221
  7,056
  7,944
  8,883
  9,873
  10,912
  12,001
  13,138
  14,324
  15,560
  16,845
  18,183
  19,573
  21,017
  22,518
  24,077
  25,699
  27,385
  29,140
  30,965
  32,866
  34,845
  36,909
  39,061
  41,305
  43,647
  46,094
  48,650
  51,320
Debt-to-equity ratio
  0.616
  1.190
  1.400
  1.560
  1.700
  1.820
  1.920
  2.000
  2.070
  2.140
  2.190
  2.240
  2.280
  2.320
  2.360
  2.390
  2.410
  2.440
  2.460
  2.480
  2.500
  2.520
  2.540
  2.550
  2.570
  2.580
  2.590
  2.600
  2.610
  2.620
  2.630
Adjusted equity ratio
  0.260
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  126
  160
  204
  251
  302
  355
  412
  471
  533
  599
  666
  798
  872
  949
  1,029
  1,112
  1,198
  1,288
  1,382
  1,479
  1,581
  1,687
  1,797
  1,912
  2,032
  2,158
  2,289
  2,426
  2,569
  2,719
  2,875
Depreciation, amort., depletion, $m
  82
  122
  127
  133
  139
  146
  153
  160
  168
  176
  184
  109
  118
  128
  138
  148
  158
  169
  181
  192
  205
  218
  231
  245
  259
  274
  290
  307
  324
  342
  361
Funds from operations, $m
  222
  282
  331
  385
  441
  502
  565
  632
  701
  774
  851
  908
  990
  1,077
  1,166
  1,259
  1,356
  1,457
  1,562
  1,672
  1,786
  1,904
  2,028
  2,157
  2,291
  2,432
  2,579
  2,732
  2,893
  3,060
  3,236
Change in working capital, $m
  17
  150
  161
  172
  183
  194
  204
  214
  225
  235
  245
  255
  265
  276
  287
  298
  310
  322
  335
  348
  362
  377
  392
  408
  426
  444
  463
  483
  505
  527
  551
Cash from operations, $m
  205
  132
  170
  212
  258
  308
  361
  417
  477
  540
  606
  653
  725
  801
  879
  961
  1,047
  1,136
  1,228
  1,324
  1,424
  1,528
  1,636
  1,748
  1,866
  1,988
  2,116
  2,249
  2,388
  2,533
  2,685
Maintenance CAPEX, $m
  0
  -33
  -38
  -44
  -50
  -56
  -62
  -69
  -77
  -84
  -92
  -101
  -109
  -118
  -128
  -138
  -148
  -158
  -169
  -181
  -192
  -205
  -218
  -231
  -245
  -259
  -274
  -290
  -307
  -324
  -342
New CAPEX, $m
  -36
  -77
  -85
  -91
  -97
  -102
  -108
  -113
  -119
  -124
  -129
  -135
  -140
  -146
  -151
  -157
  -163
  -170
  -177
  -184
  -191
  -199
  -207
  -216
  -225
  -234
  -244
  -255
  -266
  -278
  -291
Cash from investing activities, $m
  -429
  -110
  -123
  -135
  -147
  -158
  -170
  -182
  -196
  -208
  -221
  -236
  -249
  -264
  -279
  -295
  -311
  -328
  -346
  -365
  -383
  -404
  -425
  -447
  -470
  -493
  -518
  -545
  -573
  -602
  -633
Free cash flow, $m
  -224
  21
  47
  78
  112
  150
  191
  235
  282
  332
  384
  417
  476
  537
  600
  667
  736
  808
  882
  960
  1,040
  1,124
  1,211
  1,302
  1,396
  1,495
  1,597
  1,704
  1,815
  1,931
  2,052
Issuance/(repayment) of debt, $m
  402
  536
  576
  615
  654
  692
  729
  766
  802
  838
  874
  911
  948
  985
  1,024
  1,064
  1,106
  1,150
  1,195
  1,243
  1,293
  1,345
  1,401
  1,459
  1,521
  1,586
  1,654
  1,727
  1,803
  1,883
  1,968
Issuance/(repurchase) of shares, $m
  -41
  30
  1
  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  
  358
  566
  577
  615
  654
  692
  729
  766
  802
  838
  874
  911
  948
  985
  1,024
  1,064
  1,106
  1,150
  1,195
  1,243
  1,293
  1,345
  1,401
  1,459
  1,521
  1,586
  1,654
  1,727
  1,803
  1,883
  1,968
Total cash flow (excl. dividends), $m
  133
  587
  624
  693
  766
  842
  920
  1,001
  1,084
  1,170
  1,259
  1,328
  1,423
  1,522
  1,625
  1,731
  1,842
  1,957
  2,077
  2,202
  2,333
  2,469
  2,612
  2,761
  2,917
  3,080
  3,251
  3,430
  3,618
  3,814
  4,021
Retained Cash Flow (-), $m
  -29
  -190
  -205
  -220
  -233
  -247
  -260
  -273
  -286
  -299
  -312
  -325
  -338
  -352
  -366
  -380
  -395
  -410
  -426
  -443
  -461
  -480
  -500
  -521
  -543
  -566
  -590
  -616
  -643
  -672
  -702
Prev. year cash balance distribution, $m
 
  684
  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
 
  1,082
  419
  474
  533
  595
  660
  727
  798
  871
  947
  1,003
  1,085
  1,171
  1,259
  1,351
  1,447
  1,547
  1,651
  1,759
  1,872
  1,989
  2,112
  2,240
  2,374
  2,514
  2,661
  2,814
  2,974
  3,142
  3,318
Discount rate, %
 
  4.80
  5.04
  5.29
  5.56
  5.83
  6.13
  6.43
  6.75
  7.09
  7.45
  7.82
  8.21
  8.62
  9.05
  9.50
  9.98
  10.48
  11.00
  11.55
  12.13
  12.74
  13.37
  14.04
  14.74
  15.48
  16.25
  17.07
  17.92
  18.82
  19.76
PV of cash for distribution, $m
 
  1,032
  379
  406
  429
  448
  462
  470
  473
  470
  462
  438
  421
  400
  374
  346
  316
  284
  252
  220
  190
  160
  134
  109
  88
  69
  53
  40
  29
  21
  15
Current shareholders' claim on cash, %
  100
  97.5
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4

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 14.6
Price to Sales 0.1
Price to Book 1
Price to Tangible Book
Price to Cash Flow 9
Price to Free Cash Flow 10.9
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 $27016 million for the last fiscal year's total revenue generated by World Fuel Services. The default revenue input number comes from 2016 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 15.4% 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 4.8%, 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 98.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $268 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 4.2% 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%.

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 1.9%.

Life of production assets of 15.5 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 3.6%. 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 - $1925 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 68.586 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 $1.8 billion.

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COMPANY NEWS

▶ 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]
▶ Oil and Gas Stock Roundup: Not Everyone Is Optimistic   [Feb-18-17 10:00AM  Motley Fool]
▶ World Fuel Services Corp Stock Sinks After Earnings Miss   [Feb-15-17 11:36AM  Motley Fool]
Financial statements of INT
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