Intrinsic value of Murphy USA - MUSA

Previous Close

$73.12

  Intrinsic Value

$33.51

stock screener

  Rating & Target

str. sell

-54%

  Value-price divergence*

-32%

Previous close

$73.12

 
Intrinsic value

$33.51

 
Up/down potential

-54%

 
Rating

str. sell

 
Value-price divergence*

-32%

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

We calculate the intrinsic value of MUSA 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 2016), $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 2.7

 

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, %
  -8.69
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
Revenue, $m
  11,595
  12,383
  13,203
  14,056
  14,943
  15,867
  16,829
  17,831
  18,876
  19,966
  21,104
  22,292
  23,532
  24,828
  26,183
  27,600
  29,083
  30,634
  32,257
  33,957
  35,738
  37,603
  39,557
  41,605
  43,752
  46,002
  48,362
  50,836
  53,431
  56,153
  59,008
Variable operating expenses, $m
 
  12,136
  12,939
  13,775
  14,644
  15,549
  16,492
  17,475
  18,499
  19,567
  20,682
  21,846
  23,061
  24,332
  25,660
  27,048
  28,501
  30,021
  31,612
  33,278
  35,023
  36,851
  38,766
  40,773
  42,877
  45,082
  47,394
  49,819
  52,362
  55,030
  57,828
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
  11,295
  12,136
  12,939
  13,775
  14,644
  15,549
  16,492
  17,475
  18,499
  19,567
  20,682
  21,846
  23,061
  24,332
  25,660
  27,048
  28,501
  30,021
  31,612
  33,278
  35,023
  36,851
  38,766
  40,773
  42,877
  45,082
  47,394
  49,819
  52,362
  55,030
  57,828
Operating income, $m
  300
  248
  264
  281
  299
  317
  337
  357
  378
  399
  422
  446
  471
  497
  524
  552
  582
  613
  645
  679
  715
  752
  791
  832
  875
  920
  967
  1,017
  1,069
  1,123
  1,180
EBITDA, $m
  399
  353
  376
  401
  426
  452
  480
  508
  538
  569
  602
  635
  671
  708
  746
  787
  829
  873
  919
  968
  1,019
  1,072
  1,128
  1,186
  1,247
  1,311
  1,378
  1,449
  1,523
  1,601
  1,682
Interest expense (income), $m
  71
  77
  88
  100
  112
  124
  137
  151
  165
  180
  196
  212
  229
  246
  265
  284
  304
  325
  347
  370
  395
  420
  446
  474
  503
  534
  566
  599
  634
  671
  710
Earnings before tax, $m
  352
  171
  176
  182
  187
  193
  199
  206
  212
  219
  226
  234
  242
  250
  259
  268
  277
  287
  298
  309
  320
  332
  345
  358
  372
  386
  402
  418
  434
  452
  470
Tax expense, $m
  131
  46
  48
  49
  51
  52
  54
  55
  57
  59
  61
  63
  65
  68
  70
  72
  75
  78
  80
  83
  86
  90
  93
  97
  100
  104
  108
  113
  117
  122
  127
Net income, $m
  221
  125
  129
  133
  137
  141
  145
  150
  155
  160
  165
  171
  177
  183
  189
  196
  203
  210
  217
  225
  234
  243
  252
  261
  271
  282
  293
  305
  317
  330
  343

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  154
  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
  2,089
  2,067
  2,203
  2,346
  2,494
  2,648
  2,809
  2,976
  3,150
  3,332
  3,522
  3,720
  3,927
  4,144
  4,370
  4,606
  4,854
  5,112
  5,383
  5,667
  5,964
  6,276
  6,602
  6,943
  7,302
  7,677
  8,071
  8,484
  8,917
  9,371
  9,848
Adjusted assets (=assets-cash), $m
  1,935
  2,067
  2,203
  2,346
  2,494
  2,648
  2,809
  2,976
  3,150
  3,332
  3,522
  3,720
  3,927
  4,144
  4,370
  4,606
  4,854
  5,112
  5,383
  5,667
  5,964
  6,276
  6,602
  6,943
  7,302
  7,677
  8,071
  8,484
  8,917
  9,371
  9,848
Revenue / Adjusted assets
  5.992
  5.991
  5.993
  5.991
  5.992
  5.992
  5.991
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.991
  5.992
  5.992
  5.992
  5.993
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
  5.992
Average production assets, $m
  1,452
  1,548
  1,650
  1,757
  1,868
  1,983
  2,104
  2,229
  2,360
  2,496
  2,638
  2,786
  2,942
  3,104
  3,273
  3,450
  3,635
  3,829
  4,032
  4,245
  4,467
  4,700
  4,945
  5,201
  5,469
  5,750
  6,045
  6,354
  6,679
  7,019
  7,376
Working capital, $m
  1
  -124
  -132
  -141
  -149
  -159
  -168
  -178
  -189
  -200
  -211
  -223
  -235
  -248
  -262
  -276
  -291
  -306
  -323
  -340
  -357
  -376
  -396
  -416
  -438
  -460
  -484
  -508
  -534
  -562
  -590
Total debt, $m
  670
  721
  816
  915
  1,019
  1,126
  1,238
  1,355
  1,477
  1,604
  1,736
  1,875
  2,019
  2,170
  2,328
  2,493
  2,666
  2,846
  3,036
  3,234
  3,441
  3,658
  3,886
  4,125
  4,375
  4,637
  4,912
  5,200
  5,502
  5,819
  6,152
Total liabilities, $m
  1,392
  1,443
  1,538
  1,637
  1,741
  1,848
  1,960
  2,077
  2,199
  2,326
  2,458
  2,597
  2,741
  2,892
  3,050
  3,215
  3,388
  3,568
  3,758
  3,956
  4,163
  4,380
  4,608
  4,847
  5,097
  5,359
  5,634
  5,922
  6,224
  6,541
  6,874
Total equity, $m
  697
  624
  665
  708
  753
  800
  848
  899
  951
  1,006
  1,064
  1,124
  1,186
  1,251
  1,320
  1,391
  1,466
  1,544
  1,626
  1,711
  1,801
  1,895
  1,994
  2,097
  2,205
  2,319
  2,437
  2,562
  2,693
  2,830
  2,974
Total liabilities and equity, $m
  2,089
  2,067
  2,203
  2,345
  2,494
  2,648
  2,808
  2,976
  3,150
  3,332
  3,522
  3,721
  3,927
  4,143
  4,370
  4,606
  4,854
  5,112
  5,384
  5,667
  5,964
  6,275
  6,602
  6,944
  7,302
  7,678
  8,071
  8,484
  8,917
  9,371
  9,848
Debt-to-equity ratio
  0.961
  1.150
  1.230
  1.290
  1.350
  1.410
  1.460
  1.510
  1.550
  1.590
  1.630
  1.670
  1.700
  1.730
  1.760
  1.790
  1.820
  1.840
  1.870
  1.890
  1.910
  1.930
  1.950
  1.970
  1.980
  2.000
  2.020
  2.030
  2.040
  2.060
  2.070
Adjusted equity ratio
  0.281
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  221
  125
  129
  133
  137
  141
  145
  150
  155
  160
  165
  171
  177
  183
  189
  196
  203
  210
  217
  225
  234
  243
  252
  261
  271
  282
  293
  305
  317
  330
  343
Depreciation, amort., depletion, $m
  99
  105
  112
  120
  127
  135
  143
  152
  161
  170
  179
  190
  200
  211
  223
  235
  247
  260
  274
  289
  304
  320
  336
  354
  372
  391
  411
  432
  454
  477
  502
Funds from operations, $m
  391
  230
  241
  252
  264
  276
  288
  302
  315
  330
  345
  360
  377
  394
  412
  430
  450
  470
  492
  514
  538
  562
  588
  615
  643
  673
  704
  737
  771
  807
  845
Change in working capital, $m
  54
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -20
  -21
  -23
  -24
  -25
  -26
  -27
  -29
Cash from operations, $m
  337
  238
  249
  261
  273
  285
  298
  312
  326
  341
  356
  372
  389
  407
  425
  444
  465
  486
  508
  531
  555
  581
  608
  636
  665
  696
  728
  762
  797
  835
  874
Maintenance CAPEX, $m
  0
  -99
  -105
  -112
  -120
  -127
  -135
  -143
  -152
  -161
  -170
  -179
  -190
  -200
  -211
  -223
  -235
  -247
  -260
  -274
  -289
  -304
  -320
  -336
  -354
  -372
  -391
  -411
  -432
  -454
  -477
New CAPEX, $m
  -262
  -96
  -102
  -107
  -111
  -115
  -120
  -125
  -131
  -136
  -142
  -148
  -155
  -162
  -169
  -177
  -185
  -194
  -203
  -213
  -223
  -233
  -244
  -256
  -268
  -281
  -295
  -309
  -324
  -340
  -357
Cash from investing activities, $m
  -135
  -195
  -207
  -219
  -231
  -242
  -255
  -268
  -283
  -297
  -312
  -327
  -345
  -362
  -380
  -400
  -420
  -441
  -463
  -487
  -512
  -537
  -564
  -592
  -622
  -653
  -686
  -720
  -756
  -794
  -834
Free cash flow, $m
  202
  43
  41
  42
  42
  43
  43
  43
  44
  44
  44
  44
  44
  45
  45
  45
  45
  45
  45
  44
  44
  44
  44
  43
  43
  42
  42
  41
  41
  40
  39
Issuance/(repayment) of debt, $m
  180
  92
  95
  99
  103
  108
  112
  117
  122
  127
  133
  138
  145
  151
  158
  165
  173
  181
  189
  198
  207
  217
  228
  239
  250
  262
  275
  288
  302
  317
  333
Issuance/(repurchase) of shares, $m
  -323
  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  
  -151
  92
  95
  99
  103
  108
  112
  117
  122
  127
  133
  138
  145
  151
  158
  165
  173
  181
  189
  198
  207
  217
  228
  239
  250
  262
  275
  288
  302
  317
  333
Total cash flow (excl. dividends), $m
  51
  134
  137
  141
  146
  150
  155
  160
  165
  171
  177
  183
  189
  196
  203
  210
  217
  225
  234
  242
  252
  261
  271
  282
  293
  305
  317
  330
  343
  357
  372
Retained Cash Flow (-), $m
  95
  -40
  -41
  -43
  -45
  -47
  -48
  -51
  -53
  -55
  -57
  -60
  -63
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -90
  -94
  -98
  -103
  -108
  -113
  -119
  -125
  -131
  -137
  -144
Prev. year cash balance distribution, $m
 
  113
  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
 
  207
  95
  98
  101
  104
  107
  110
  113
  116
  119
  123
  126
  130
  134
  138
  143
  147
  152
  157
  162
  167
  173
  179
  185
  191
  198
  205
  212
  220
  228
Discount rate, %
 
  5.00
  5.25
  5.51
  5.79
  6.08
  6.38
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
PV of cash for distribution, $m
 
  197
  86
  84
  80
  77
  73
  70
  65
  61
  57
  52
  47
  43
  38
  34
  29
  25
  22
  18
  15
  12
  10
  8
  6
  5
  3
  2
  2
  1
  1
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

Murphy USA Inc. is engaged in the marketing of retail motor fuel products and merchandise through a chain of retail stores. The Company operates through the Marketing segment. The Marketing segment includes its retail marketing sites and product supply, and wholesale assets. As of December 31, 2016, its retail stores were located in 26 states, primarily in the Southwest, Southeast and Midwest the United States. Out of the total 1,401 stores, 1,152 were branded Murphy USA and 249 were Murphy Express locations, as of December 31, 2016. Its retail stores under the brand name Murphy USA participate in the Walmart discount program. The Walmart discount program offers a cents-off per gallon purchased for fuel when using specific payment methods as decided by Walmart and the Company. Its business also includes product supply and wholesale assets, including product distribution terminals and pipeline positions.

FINANCIAL RATIOS  of  Murphy USA (MUSA)

Valuation Ratios
P/E Ratio 12.2
Price to Sales 0.2
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow 8
Price to Free Cash Flow 36
Growth Rates
Sales Growth Rate -8.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 27.8%
Cap. Spend. - 3 Yr. Gr. Rate 10%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 90.2%
Total Debt to Equity 96.1%
Interest Coverage 6
Management Effectiveness
Return On Assets 13.4%
Ret/ On Assets - 3 Yr. Avg. 12.5%
Return On Total Capital 16.7%
Ret/ On T. Cap. - 3 Yr. Avg. 16.4%
Return On Equity 29.7%
Return On Equity - 3 Yr. Avg. 27.7%
Asset Turnover 5.8
Profitability Ratios
Gross Margin 8.8%
Gross Margin - 3 Yr. Avg. 7.5%
EBITDA Margin 4.5%
EBITDA Margin - 3 Yr. Avg. 3.3%
Operating Margin 2.6%
Oper. Margin - 3 Yr. Avg. 2.2%
Pre-Tax Margin 3%
Pre-Tax Margin - 3 Yr. Avg. 2.2%
Net Profit Margin 1.9%
Net Profit Margin - 3 Yr. Avg. 1.6%
Effective Tax Rate 37.2%
Eff/ Tax Rate - 3 Yr. Avg. 36%
Payout Ratio 0%

MUSA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MUSA stock intrinsic value calculation we used $11595 million for the last fiscal year's total revenue generated by Murphy USA. The default revenue input number comes from 2016 income statement of Murphy USA. 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 MUSA stock valuation model: a) initial revenue growth rate of 6.8% 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 5%, whose default value for MUSA is calculated based on our internal credit rating of Murphy USA, 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 Murphy USA.
    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 MUSA stock the variable cost ratio is equal to 98%.

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 MUSA 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 12.2% for Murphy USA.

Corporate tax rate of 27% is the nominal tax rate for Murphy USA. 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 MUSA 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 MUSA are equal to 12.5%.

Life of production assets of 14.7 years is the average useful life of capital assets used in Murphy USA 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 MUSA is equal to -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 - $697 million for Murphy USA - 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 36.547 million for Murphy USA 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 Murphy USA at the current share price and the inputted number of shares is $2.7 billion.

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COMPANY NEWS

▶ Analyzing Caseys 1Q18 Gasoline Sales and Margins   [Sep-07-17 02:06PM  Market Realist]
▶ Murphy USA beats 2Q profit forecasts   [Aug-03-17 03:17PM  Associated Press]
▶ Murphy USA Inc. Reports Second Quarter 2017 Results   [Aug-02-17 04:16PM  GlobeNewswire]
▶ ETFs with exposure to Murphy USA, Inc. : June 15, 2017   [Jun-15-17 02:41PM  Capital Cube]
▶ ETFs with exposure to Murphy USA, Inc. : June 1, 2017   [Jun-01-17 01:58PM  Capital Cube]
▶ ETFs with exposure to Murphy USA, Inc. : May 22, 2017   [May-22-17 01:54PM  Capital Cube]
▶ Murphy USA reports 1Q loss   [May-01-17 05:20PM  Associated Press]
▶ Murphy USA Announces Pricing of Notes Offering   [Apr-20-17 06:00PM  GlobeNewswire]
▶ MURPHY USA ANNOUNCES ADDITION TO EXECUTIVE LEADERSHIP TEAM   [Apr-18-17 05:01PM  GlobeNewswire]
▶ Near-Term Uncertainties to Weigh on These Energy Stocks   [Mar-28-17 05:47PM  Investopedia]
▶ Caseys on the Street: Why All the Optimism?   [Mar-03-17 09:06AM  Market Realist]
▶ Can Caseys Return to Growth in 3Q17?   [Mar-02-17 01:35PM  Market Realist]
▶ Hedge Funds Are Selling Murphy USA Inc (MUSA)   [05:48AM  at Insider Monkey]
Financial statements of MUSA
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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