Intrinsic value of Par Pacific Holdings - PARR

Previous Close

$16.58

  Intrinsic Value

$418.76

stock screener

  Rating & Target

str. buy

+999%

Previous close

$16.58

 
Intrinsic value

$418.76

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of PARR 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 0.8

 

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, %
  51.80
  47.12
  42.91
  39.12
  35.71
  32.63
  29.87
  27.38
  25.15
  23.13
  21.32
  19.69
  18.22
  16.90
  15.71
  14.64
  13.67
  12.80
  12.02
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
Revenue, $m
  3,709
  5,456
  7,797
  10,847
  14,720
  19,524
  25,356
  32,300
  40,422
  49,772
  60,383
  72,270
  85,436
  99,871
  115,557
  132,469
  150,581
  169,862
  190,287
  211,832
  234,476
  258,207
  283,017
  308,907
  335,884
  363,964
  393,167
  423,525
  455,075
  487,860
Variable operating expenses, $m
  2,993
  4,397
  6,279
  8,729
  11,841
  15,701
  20,388
  25,967
  32,493
  40,006
  48,519
  58,070
  68,649
  80,248
  92,853
  106,442
  120,995
  136,488
  152,900
  170,212
  188,407
  207,475
  227,411
  248,214
  269,891
  292,453
  315,919
  340,313
  365,663
  392,007
Fixed operating expenses, $m
  389
  398
  407
  416
  425
  434
  444
  453
  463
  474
  484
  495
  506
  517
  528
  540
  552
  564
  576
  589
  602
  615
  628
  642
  656
  671
  686
  701
  716
  732
Total operating expenses, $m
  3,382
  4,795
  6,686
  9,145
  12,266
  16,135
  20,832
  26,420
  32,956
  40,480
  49,003
  58,565
  69,155
  80,765
  93,381
  106,982
  121,547
  137,052
  153,476
  170,801
  189,009
  208,090
  228,039
  248,856
  270,547
  293,124
  316,605
  341,014
  366,379
  392,739
Operating income, $m
  326
  661
  1,112
  1,702
  2,454
  3,389
  4,525
  5,879
  7,465
  9,292
  11,380
  13,705
  16,280
  19,106
  22,176
  25,487
  29,034
  32,810
  36,811
  41,031
  45,467
  50,117
  54,978
  60,051
  65,337
  70,839
  76,562
  82,512
  88,695
  95,121
EBITDA, $m
  401
  765
  1,255
  1,897
  2,713
  3,728
  4,961
  6,432
  8,153
  10,136
  12,388
  14,911
  17,707
  20,773
  24,105
  27,699
  31,548
  35,646
  39,987
  44,567
  49,381
  54,427
  59,702
  65,207
  70,944
  76,915
  83,126
  89,582
  96,292
  103,265
Interest expense (income), $m
  0
  40
  65
  100
  146
  206
  282
  376
  490
  627
  786
  970
  1,178
  1,411
  1,670
  1,953
  2,261
  2,593
  2,949
  3,328
  3,729
  4,152
  4,596
  5,062
  5,549
  6,058
  6,587
  7,138
  7,712
  8,308
  8,927
Earnings before tax, $m
  285
  595
  1,012
  1,557
  2,248
  3,107
  4,149
  5,389
  6,838
  8,506
  10,410
  12,527
  14,869
  17,436
  20,223
  23,226
  26,441
  29,861
  33,483
  37,303
  41,316
  45,520
  49,916
  54,501
  59,279
  64,252
  69,424
  74,800
  80,387
  86,194
Tax expense, $m
  77
  161
  273
  420
  607
  839
  1,120
  1,455
  1,846
  2,297
  2,811
  3,382
  4,015
  4,708
  5,460
  6,271
  7,139
  8,063
  9,040
  10,072
  11,155
  12,291
  13,477
  14,715
  16,005
  17,348
  18,744
  20,196
  21,705
  23,272
Net income, $m
  208
  435
  739
  1,136
  1,641
  2,268
  3,029
  3,934
  4,992
  6,209
  7,599
  9,144
  10,854
  12,728
  14,763
  16,955
  19,302
  21,799
  24,443
  27,231
  30,160
  33,230
  36,438
  39,786
  43,274
  46,904
  50,679
  54,604
  58,683
  62,921

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
  2,028
  2,983
  4,263
  5,931
  8,048
  10,675
  13,863
  17,660
  22,101
  27,213
  33,014
  39,513
  46,712
  54,604
  63,180
  72,427
  82,329
  92,872
  104,039
  115,818
  128,199
  141,174
  154,739
  168,894
  183,644
  198,996
  214,963
  231,561
  248,811
  266,736
Adjusted assets (=assets-cash), $m
  2,028
  2,983
  4,263
  5,931
  8,048
  10,675
  13,863
  17,660
  22,101
  27,213
  33,014
  39,513
  46,712
  54,604
  63,180
  72,427
  82,329
  92,872
  104,039
  115,818
  128,199
  141,174
  154,739
  168,894
  183,644
  198,996
  214,963
  231,561
  248,811
  266,736
Revenue / Adjusted assets
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
  1.829
Average production assets, $m
  786
  1,157
  1,653
  2,300
  3,121
  4,139
  5,376
  6,848
  8,569
  10,552
  12,801
  15,321
  18,112
  21,173
  24,498
  28,083
  31,923
  36,011
  40,341
  44,908
  49,709
  54,740
  60,000
  65,488
  71,207
  77,160
  83,351
  89,787
  96,476
  103,426
Working capital, $m
  571
  840
  1,201
  1,670
  2,267
  3,007
  3,905
  4,974
  6,225
  7,665
  9,299
  11,130
  13,157
  15,380
  17,796
  20,400
  23,189
  26,159
  29,304
  32,622
  36,109
  39,764
  43,585
  47,572
  51,726
  56,050
  60,548
  65,223
  70,082
  75,130
Total debt, $m
  1,210
  1,846
  2,697
  3,806
  5,214
  6,961
  9,081
  11,606
  14,559
  17,958
  21,816
  26,138
  30,925
  36,174
  41,877
  48,026
  54,611
  61,622
  69,048
  76,881
  85,114
  93,743
  102,763
  112,177
  121,985
  132,194
  142,812
  153,850
  165,321
  177,241
Total liabilities, $m
  1,348
  1,984
  2,835
  3,944
  5,352
  7,099
  9,219
  11,744
  14,697
  18,096
  21,954
  26,276
  31,063
  36,312
  42,015
  48,164
  54,749
  61,760
  69,186
  77,019
  85,252
  93,881
  102,901
  112,315
  122,123
  132,332
  142,950
  153,988
  165,459
  177,379
Total equity, $m
  679
  999
  1,428
  1,987
  2,696
  3,576
  4,644
  5,916
  7,404
  9,116
  11,060
  13,237
  15,648
  18,292
  21,165
  24,263
  27,580
  31,112
  34,853
  38,799
  42,947
  47,293
  51,838
  56,580
  61,521
  66,664
  72,013
  77,573
  83,352
  89,357
Total liabilities and equity, $m
  2,027
  2,983
  4,263
  5,931
  8,048
  10,675
  13,863
  17,660
  22,101
  27,212
  33,014
  39,513
  46,711
  54,604
  63,180
  72,427
  82,329
  92,872
  104,039
  115,818
  128,199
  141,174
  154,739
  168,895
  183,644
  198,996
  214,963
  231,561
  248,811
  266,736
Debt-to-equity ratio
  1.780
  1.850
  1.890
  1.920
  1.930
  1.950
  1.960
  1.960
  1.970
  1.970
  1.970
  1.970
  1.980
  1.980
  1.980
  1.980
  1.980
  1.980
  1.980
  1.980
  1.980
  1.980
  1.980
  1.980
  1.980
  1.980
  1.980
  1.980
  1.980
  1.980
Adjusted equity ratio
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  208
  435
  739
  1,136
  1,641
  2,268
  3,029
  3,934
  4,992
  6,209
  7,599
  9,144
  10,854
  12,728
  14,763
  16,955
  19,302
  21,799
  24,443
  27,231
  30,160
  33,230
  36,438
  39,786
  43,274
  46,904
  50,679
  54,604
  58,683
  62,921
Depreciation, amort., depletion, $m
  75
  104
  144
  194
  259
  339
  437
  553
  688
  844
  1,008
  1,206
  1,426
  1,667
  1,929
  2,211
  2,514
  2,835
  3,176
  3,536
  3,914
  4,310
  4,724
  5,157
  5,607
  6,076
  6,563
  7,070
  7,597
  8,144
Funds from operations, $m
  284
  539
  882
  1,331
  1,900
  2,607
  3,465
  4,486
  5,680
  7,053
  8,607
  10,351
  12,281
  14,395
  16,692
  19,166
  21,815
  24,634
  27,619
  30,767
  34,075
  37,540
  41,163
  44,943
  48,881
  52,980
  57,243
  61,674
  66,279
  71,065
Change in working capital, $m
  195
  269
  361
  470
  596
  740
  898
  1,069
  1,251
  1,440
  1,634
  1,831
  2,028
  2,223
  2,416
  2,605
  2,789
  2,969
  3,145
  3,318
  3,487
  3,655
  3,821
  3,987
  4,154
  4,324
  4,497
  4,675
  4,859
  5,049
Cash from operations, $m
  89
  270
  522
  861
  1,304
  1,868
  2,567
  3,417
  4,429
  5,614
  6,973
  8,520
  10,253
  12,172
  14,276
  16,562
  19,026
  21,665
  24,474
  27,449
  30,587
  33,886
  37,342
  40,956
  44,726
  48,655
  52,745
  56,999
  61,421
  66,016
Maintenance CAPEX, $m
  -41
  -62
  -91
  -130
  -181
  -246
  -326
  -423
  -539
  -675
  -831
  -1,008
  -1,206
  -1,426
  -1,667
  -1,929
  -2,211
  -2,514
  -2,835
  -3,176
  -3,536
  -3,914
  -4,310
  -4,724
  -5,157
  -5,607
  -6,076
  -6,563
  -7,070
  -7,597
New CAPEX, $m
  -268
  -370
  -496
  -647
  -821
  -1,018
  -1,236
  -1,472
  -1,722
  -1,982
  -2,249
  -2,520
  -2,791
  -3,060
  -3,325
  -3,585
  -3,840
  -4,088
  -4,330
  -4,567
  -4,801
  -5,031
  -5,260
  -5,489
  -5,719
  -5,953
  -6,191
  -6,436
  -6,688
  -6,950
Cash from investing activities, $m
  -309
  -432
  -587
  -777
  -1,002
  -1,264
  -1,562
  -1,895
  -2,261
  -2,657
  -3,080
  -3,528
  -3,997
  -4,486
  -4,992
  -5,514
  -6,051
  -6,602
  -7,165
  -7,743
  -8,337
  -8,945
  -9,570
  -10,213
  -10,876
  -11,560
  -12,267
  -12,999
  -13,758
  -14,547
Free cash flow, $m
  -220
  -162
  -65
  84
  302
  603
  1,005
  1,522
  2,168
  2,957
  3,893
  4,992
  6,255
  7,686
  9,283
  11,047
  12,975
  15,063
  17,308
  19,705
  22,251
  24,941
  27,772
  30,742
  33,851
  37,096
  40,478
  44,000
  47,662
  51,469
Issuance/(repayment) of debt, $m
  461
  635
  851
  1,109
  1,408
  1,747
  2,120
  2,525
  2,953
  3,400
  3,858
  4,322
  4,787
  5,248
  5,703
  6,149
  6,585
  7,011
  7,426
  7,833
  8,233
  8,628
  9,021
  9,413
  9,809
  10,209
  10,618
  11,038
  11,471
  11,920
Issuance/(repurchase) of shares, $m
  23
  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  
  484
  635
  851
  1,109
  1,408
  1,747
  2,120
  2,525
  2,953
  3,400
  3,858
  4,322
  4,787
  5,248
  5,703
  6,149
  6,585
  7,011
  7,426
  7,833
  8,233
  8,628
  9,021
  9,413
  9,809
  10,209
  10,618
  11,038
  11,471
  11,920
Total cash flow (excl. dividends), $m
  264
  473
  786
  1,193
  1,710
  2,350
  3,125
  4,046
  5,121
  6,356
  7,751
  9,314
  11,042
  12,934
  14,987
  17,197
  19,560
  22,074
  24,734
  27,539
  30,484
  33,569
  36,793
  40,156
  43,659
  47,305
  51,096
  55,038
  59,133
  63,390
Retained Cash Flow (-), $m
  -232
  -320
  -429
  -559
  -709
  -880
  -1,068
  -1,272
  -1,488
  -1,713
  -1,943
  -2,177
  -2,411
  -2,644
  -2,873
  -3,098
  -3,317
  -3,532
  -3,741
  -3,946
  -4,148
  -4,347
  -4,544
  -4,742
  -4,941
  -5,143
  -5,349
  -5,560
  -5,779
  -6,005
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
  32
  153
  357
  635
  1,001
  1,470
  2,057
  2,775
  3,634
  4,644
  5,807
  7,137
  8,631
  10,290
  12,114
  14,099
  16,243
  18,542
  20,993
  23,592
  26,336
  29,222
  32,248
  35,414
  38,718
  42,162
  45,748
  49,477
  53,355
  57,385
Discount rate, %
  8.20
  8.61
  9.04
  9.49
  9.97
  10.47
  10.99
  11.54
  12.12
  12.72
  13.36
  14.02
  14.73
  15.46
  16.24
  17.05
  17.90
  18.79
  19.73
  20.72
  21.76
  22.84
  23.99
  25.19
  26.45
  27.77
  29.16
  30.61
  32.15
  33.75
PV of cash for distribution, $m
  30
  130
  275
  442
  622
  809
  992
  1,158
  1,298
  1,402
  1,462
  1,477
  1,447
  1,375
  1,268
  1,136
  988
  835
  685
  546
  422
  316
  230
  161
  110
  72
  46
  28
  16
  9
Current shareholders' claim on cash, %
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0

Par Pacific Holdings, Inc. manages and maintains interests in energy and infrastructure businesses. It operates through three segments: Refining, Retail, and Logistics. The Refining segment operates a refinery that produces ultra-low sulfur diesel, gasoline, jet fuel, marine fuel, and other associated refined products. The Retail segment operates retail outlets, which sell gasoline, diesel, and retail merchandise in the island of Oahu, as well as the neighboring islands of Maui, Hawaii, and Kauai. This segment operates 39 kiosks, snack shops, or convenience stores. The Logistics segment own and operate refined products terminals, pipelines, and a single-point mooring and trucking operations to distribute refined products. This segment also operates trucking business that distribute gasoline and road diesel to the final point of sale. The company also produces natural gas. The company was formerly known as Par Petroleum Corporation and changed its name to Par Pacific Holdings, Inc. in October 2015. Par Pacific Holdings, Inc. was founded in 1984 and is headquartered in Houston, Texas.

FINANCIAL RATIOS  of  Par Pacific Holdings (PARR)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

PARR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PARR stock intrinsic value calculation we used $2443.066 million for the last fiscal year's total revenue generated by Par Pacific Holdings. The default revenue input number comes from 0001 income statement of Par Pacific Holdings. 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 PARR stock valuation model: a) initial revenue growth rate of 51.8% 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 8.2%, whose default value for PARR is calculated based on our internal credit rating of Par Pacific Holdings, 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 Par Pacific Holdings.
    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 PARR stock the variable cost ratio is equal to 80.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $381 million in the base year in the intrinsic value calculation for PARR 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 Par Pacific Holdings.

Corporate tax rate of 27% is the nominal tax rate for Par Pacific Holdings. 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 PARR 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 PARR are equal to 21.2%.

Life of production assets of 12.7 years is the average useful life of capital assets used in Par Pacific Holdings 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 PARR is equal to 15.4%. 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 - $447.719 million for Par Pacific Holdings - 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 45.881 million for Par Pacific Holdings 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 Par Pacific Holdings at the current share price and the inputted number of shares is $0.8 billion.

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COMPANY NEWS

▶ Par Petroleum (PARR) Q3 Earnings Miss Estimates   [Nov-06-18 07:35PM  Zacks]
▶ Par Petroleum: 3Q Earnings Snapshot   [06:32PM  Associated Press]
▶ Steven Cohen Dives Deeper Into Extraction Oil & Gas   [Sep-05-18 01:54PM  GuruFocus.com]
▶ [$$] Par Pacific to Buy Refining Assets From One Rock-Backed Island Energy   [Aug-30-18 04:48PM  The Wall Street Journal]
▶ Par Pacific Holdings Inc to Host Earnings Call   [Aug-08-18 08:00AM  ACCESSWIRE]
▶ Par Petroleum: 2Q Earnings Snapshot   [05:53PM  Associated Press]
▶ 3 Refiners to Profit From Higher Gasoline Prices and Demand   [May-25-18 12:10PM  InvestorPlace]
▶ 6 Energy Stocks That Crushed Estimates This Earnings Season   [May-23-18 04:28PM  InvestorPlace]
▶ Par Petroleum: 1Q Earnings Snapshot   [May-08-18 07:54PM  Associated Press]
▶ Par Petroleum posts 4Q profit   [Mar-05-18 05:25PM  Associated Press]
▶ At $19.47, Is Par Pacific Holdings Inc (NYSEMKT:PARR) A Buy?   [Dec-28-17 06:25PM  Simply Wall St.]
▶ PARR, INT, GPRE: Refining and Marketing Losers This Week   [Nov-10-17 09:03AM  Market Realist]
▶ Par Petroleum posts 3Q profit   [Nov-06-17 05:59PM  Associated Press]
▶ Par Pacific: The Only Refining and Marketing Loser This Week   [Oct-12-17 12:06PM  Market Realist]
▶ 5 Oil Stocks that Outperformed in August   [Sep-06-17 05:40PM  Zacks]
▶ Par Petroleum posts 2Q profit   [Aug-07-17 11:47PM  Associated Press]

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