Intrinsic value of UGI - UGI

Previous Close

$57.27

  Intrinsic Value

$100.35

stock screener

  Rating & Target

str. buy

+75%

Previous close

$57.27

 
Intrinsic value

$100.35

 
Up/down potential

+75%

 
Rating

str. buy

We calculate the intrinsic value of UGI 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 10.0

 

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, %
  24.90
  22.91
  21.12
  19.51
  18.06
  16.75
  15.58
  14.52
  13.57
  12.71
  11.94
  11.24
  10.62
  10.06
  9.55
  9.10
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
Revenue, $m
  7,645
  9,396
  11,381
  13,601
  16,056
  18,746
  21,666
  24,811
  28,177
  31,758
  35,550
  39,547
  43,747
  48,148
  52,747
  57,545
  62,545
  67,748
  73,159
  78,783
  84,628
  90,703
  97,015
  103,577
  110,400
  117,497
  124,883
  132,572
  140,581
  148,928
Variable operating expenses, $m
  6,222
  7,562
  9,081
  10,780
  12,659
  14,717
  16,951
  19,358
  21,934
  24,675
  27,204
  30,263
  33,477
  36,845
  40,364
  44,036
  47,862
  51,843
  55,984
  60,288
  64,761
  69,409
  74,240
  79,261
  84,483
  89,914
  95,565
  101,450
  107,579
  113,966
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
  6,222
  7,562
  9,081
  10,780
  12,659
  14,717
  16,951
  19,358
  21,934
  24,675
  27,204
  30,263
  33,477
  36,845
  40,364
  44,036
  47,862
  51,843
  55,984
  60,288
  64,761
  69,409
  74,240
  79,261
  84,483
  89,914
  95,565
  101,450
  107,579
  113,966
Operating income, $m
  1,423
  1,834
  2,300
  2,821
  3,397
  4,029
  4,714
  5,453
  6,243
  7,084
  8,346
  9,284
  10,270
  11,303
  12,383
  13,509
  14,683
  15,904
  17,175
  18,495
  19,867
  21,293
  22,775
  24,316
  25,917
  27,584
  29,317
  31,123
  33,003
  34,962
EBITDA, $m
  2,210
  2,716
  3,289
  3,931
  4,641
  5,418
  6,262
  7,172
  8,144
  9,180
  10,276
  11,431
  12,645
  13,917
  15,246
  16,633
  18,078
  19,582
  21,146
  22,772
  24,461
  26,217
  28,042
  29,938
  31,911
  33,962
  36,097
  38,319
  40,634
  43,047
Interest expense (income), $m
  202
  248
  361
  492
  639
  804
  987
  1,187
  1,404
  1,638
  1,888
  2,154
  2,436
  2,733
  3,046
  3,373
  3,715
  4,072
  4,443
  4,830
  5,233
  5,651
  6,085
  6,537
  7,006
  7,494
  8,002
  8,529
  9,078
  9,650
  10,246
Earnings before tax, $m
  1,175
  1,473
  1,808
  2,182
  2,593
  3,042
  3,528
  4,049
  4,605
  5,196
  6,191
  6,848
  7,537
  8,257
  9,010
  9,794
  10,611
  11,461
  12,344
  13,263
  14,217
  15,208
  16,238
  17,309
  18,423
  19,582
  20,788
  22,044
  23,353
  24,717
Tax expense, $m
  317
  398
  488
  589
  700
  821
  952
  1,093
  1,243
  1,403
  1,672
  1,849
  2,035
  2,229
  2,433
  2,645
  2,865
  3,094
  3,333
  3,581
  3,838
  4,106
  4,384
  4,674
  4,974
  5,287
  5,613
  5,952
  6,305
  6,674
Net income, $m
  858
  1,075
  1,320
  1,593
  1,893
  2,221
  2,575
  2,956
  3,362
  3,793
  4,520
  4,999
  5,502
  6,028
  6,577
  7,150
  7,746
  8,367
  9,011
  9,682
  10,378
  11,102
  11,854
  12,636
  13,449
  14,295
  15,175
  16,092
  17,048
  18,043

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
  14,479
  17,796
  21,554
  25,759
  30,410
  35,504
  41,033
  46,991
  53,366
  60,148
  67,329
  74,900
  82,855
  91,189
  99,900
  108,988
  118,456
  128,310
  138,558
  149,211
  160,281
  171,785
  183,741
  196,169
  209,091
  222,533
  236,520
  251,083
  266,252
  282,061
Adjusted assets (=assets-cash), $m
  14,479
  17,796
  21,554
  25,759
  30,410
  35,504
  41,033
  46,991
  53,366
  60,148
  67,329
  74,900
  82,855
  91,189
  99,900
  108,988
  118,456
  128,310
  138,558
  149,211
  160,281
  171,785
  183,741
  196,169
  209,091
  222,533
  236,520
  251,083
  266,252
  282,061
Revenue / Adjusted assets
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
Average production assets, $m
  9,006
  11,069
  13,406
  16,021
  18,914
  22,083
  25,522
  29,228
  33,193
  37,411
  41,878
  46,587
  51,534
  56,718
  62,136
  67,789
  73,678
  79,807
  86,181
  92,807
  99,692
  106,848
  114,284
  122,014
  130,051
  138,412
  147,112
  156,170
  165,605
  175,437
Working capital, $m
  -69
  -85
  -102
  -122
  -145
  -169
  -195
  -223
  -254
  -286
  -320
  -356
  -394
  -433
  -475
  -518
  -563
  -610
  -658
  -709
  -762
  -816
  -873
  -932
  -994
  -1,057
  -1,124
  -1,193
  -1,265
  -1,340
Total debt, $m
  6,693
  9,104
  11,837
  14,893
  18,275
  21,978
  25,998
  30,329
  34,964
  39,895
  45,115
  50,619
  56,402
  62,461
  68,794
  75,401
  82,284
  89,448
  96,899
  104,643
  112,691
  121,055
  129,747
  138,781
  148,176
  157,948
  168,117
  178,705
  189,732
  201,225
Total liabilities, $m
  10,526
  12,938
  15,670
  18,727
  22,108
  25,811
  29,831
  34,162
  38,797
  43,728
  48,948
  54,452
  60,236
  66,294
  72,627
  79,234
  86,117
  93,281
  100,732
  108,476
  116,524
  124,888
  133,580
  142,615
  152,009
  161,781
  171,950
  182,538
  193,566
  205,058
Total equity, $m
  3,953
  4,858
  5,884
  7,032
  8,302
  9,692
  11,202
  12,828
  14,569
  16,420
  18,381
  20,448
  22,619
  24,895
  27,273
  29,754
  32,338
  35,029
  37,826
  40,734
  43,757
  46,897
  50,161
  53,554
  57,082
  60,751
  64,570
  68,546
  72,687
  77,003
Total liabilities and equity, $m
  14,479
  17,796
  21,554
  25,759
  30,410
  35,503
  41,033
  46,990
  53,366
  60,148
  67,329
  74,900
  82,855
  91,189
  99,900
  108,988
  118,455
  128,310
  138,558
  149,210
  160,281
  171,785
  183,741
  196,169
  209,091
  222,532
  236,520
  251,084
  266,253
  282,061
Debt-to-equity ratio
  1.690
  1.870
  2.010
  2.120
  2.200
  2.270
  2.320
  2.360
  2.400
  2.430
  2.450
  2.480
  2.490
  2.510
  2.520
  2.530
  2.540
  2.550
  2.560
  2.570
  2.580
  2.580
  2.590
  2.590
  2.600
  2.600
  2.600
  2.610
  2.610
  2.610
Adjusted equity ratio
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  858
  1,075
  1,320
  1,593
  1,893
  2,221
  2,575
  2,956
  3,362
  3,793
  4,520
  4,999
  5,502
  6,028
  6,577
  7,150
  7,746
  8,367
  9,011
  9,682
  10,378
  11,102
  11,854
  12,636
  13,449
  14,295
  15,175
  16,092
  17,048
  18,043
Depreciation, amort., depletion, $m
  787
  882
  990
  1,110
  1,244
  1,390
  1,548
  1,719
  1,902
  2,096
  1,930
  2,147
  2,375
  2,614
  2,863
  3,124
  3,395
  3,678
  3,971
  4,277
  4,594
  4,924
  5,267
  5,623
  5,993
  6,378
  6,779
  7,197
  7,632
  8,085
Funds from operations, $m
  1,645
  1,957
  2,310
  2,703
  3,137
  3,610
  4,123
  4,674
  5,263
  5,889
  6,450
  7,146
  7,877
  8,642
  9,441
  10,274
  11,142
  12,044
  12,983
  13,958
  14,972
  16,026
  17,120
  18,259
  19,442
  20,673
  21,955
  23,289
  24,679
  26,128
Change in working capital, $m
  -14
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -75
Cash from operations, $m
  1,658
  1,973
  2,328
  2,723
  3,159
  3,634
  4,149
  4,703
  5,294
  5,921
  6,484
  7,182
  7,914
  8,681
  9,482
  10,317
  11,187
  12,091
  13,032
  14,009
  15,025
  16,080
  17,177
  18,318
  19,504
  20,737
  22,021
  23,358
  24,751
  26,203
Maintenance CAPEX, $m
  -332
  -415
  -510
  -618
  -738
  -872
  -1,018
  -1,176
  -1,347
  -1,530
  -1,724
  -1,930
  -2,147
  -2,375
  -2,614
  -2,863
  -3,124
  -3,395
  -3,678
  -3,971
  -4,277
  -4,594
  -4,924
  -5,267
  -5,623
  -5,993
  -6,378
  -6,779
  -7,197
  -7,632
New CAPEX, $m
  -1,796
  -2,063
  -2,338
  -2,615
  -2,893
  -3,168
  -3,440
  -3,705
  -3,965
  -4,219
  -4,466
  -4,709
  -4,948
  -5,183
  -5,418
  -5,653
  -5,889
  -6,129
  -6,374
  -6,626
  -6,886
  -7,155
  -7,436
  -7,730
  -8,037
  -8,360
  -8,700
  -9,058
  -9,435
  -9,832
Cash from investing activities, $m
  -2,128
  -2,478
  -2,848
  -3,233
  -3,631
  -4,040
  -4,458
  -4,881
  -5,312
  -5,749
  -6,190
  -6,639
  -7,095
  -7,558
  -8,032
  -8,516
  -9,013
  -9,524
  -10,052
  -10,597
  -11,163
  -11,749
  -12,360
  -12,997
  -13,660
  -14,353
  -15,078
  -15,837
  -16,632
  -17,464
Free cash flow, $m
  -470
  -505
  -520
  -510
  -473
  -406
  -308
  -179
  -18
  173
  293
  543
  820
  1,123
  1,450
  1,801
  2,174
  2,567
  2,980
  3,412
  3,862
  4,331
  4,817
  5,321
  5,843
  6,384
  6,943
  7,521
  8,119
  8,739
Issuance/(repayment) of debt, $m
  2,107
  2,412
  2,732
  3,057
  3,381
  3,703
  4,020
  4,331
  4,635
  4,931
  5,221
  5,504
  5,783
  6,059
  6,333
  6,607
  6,883
  7,164
  7,450
  7,744
  8,048
  8,363
  8,692
  9,035
  9,395
  9,772
  10,169
  10,587
  11,028
  11,493
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  
  2,107
  2,412
  2,732
  3,057
  3,381
  3,703
  4,020
  4,331
  4,635
  4,931
  5,221
  5,504
  5,783
  6,059
  6,333
  6,607
  6,883
  7,164
  7,450
  7,744
  8,048
  8,363
  8,692
  9,035
  9,395
  9,772
  10,169
  10,587
  11,028
  11,493
Total cash flow (excl. dividends), $m
  1,637
  1,906
  2,212
  2,547
  2,909
  3,298
  3,712
  4,152
  4,616
  5,104
  5,514
  6,047
  6,603
  7,182
  7,783
  8,408
  9,057
  9,731
  10,430
  11,156
  11,911
  12,694
  13,509
  14,356
  15,238
  16,156
  17,112
  18,108
  19,147
  20,232
Retained Cash Flow (-), $m
  -789
  -906
  -1,026
  -1,148
  -1,270
  -1,391
  -1,510
  -1,626
  -1,740
  -1,852
  -1,960
  -2,067
  -2,172
  -2,275
  -2,378
  -2,481
  -2,585
  -2,690
  -2,798
  -2,908
  -3,022
  -3,141
  -3,264
  -3,393
  -3,528
  -3,670
  -3,819
  -3,976
  -4,141
  -4,316
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
  848
  1,000
  1,186
  1,399
  1,639
  1,907
  2,203
  2,526
  2,876
  3,252
  3,553
  3,980
  4,431
  4,906
  5,405
  5,927
  6,472
  7,041
  7,632
  8,248
  8,888
  9,554
  10,245
  10,963
  11,710
  12,486
  13,293
  14,133
  15,006
  15,916
Discount rate, %
  7.40
  7.77
  8.16
  8.57
  8.99
  9.44
  9.92
  10.41
  10.93
  11.48
  12.05
  12.66
  13.29
  13.95
  14.65
  15.38
  16.15
  16.96
  17.81
  18.70
  19.63
  20.62
  21.65
  22.73
  23.87
  25.06
  26.31
  27.63
  29.01
  30.46
PV of cash for distribution, $m
  790
  861
  937
  1,007
  1,066
  1,110
  1,136
  1,144
  1,130
  1,097
  1,016
  952
  875
  788
  695
  600
  508
  420
  339
  268
  206
  155
  113
  80
  56
  37
  24
  15
  9
  5
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

UGI Corporation is a holding company. The Company distributes, stores, transports and markets energy products and related services. It operates through six segments. The AmeriGas Propane segment consists of the propane distribution business of AmeriGas Partners, L.P. The UGI France segment consists of the French LPG distribution business of its subsidiaries, Antargaz, Finagaz and its liquefied petroleum gases (LPG) distribution businesses. The Flaga & Other segment consists of the LPG distribution businesses of Flaga GmbH, AvantiGas Limited and ChinaGas Partners, L.P. The Energy Services segment consists of energy-related businesses conducted by its subsidiary, UGI Energy Services, LLC (Energy Services). The Electric Generation segment consists of electric generation facilities conducted by Energy Services' subsidiary. The Gas Utility segment consists of the regulated natural gas distribution businesses of its subsidiary, UGI Utilities, Inc.

FINANCIAL RATIOS  of  UGI (UGI)

Valuation Ratios
P/E Ratio 22.7
Price to Sales 1.6
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 10.3
Price to Free Cash Flow 30.5
Growth Rates
Sales Growth Rate 7.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 13.3%
Cap. Spend. - 3 Yr. Gr. Rate 6.9%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 126.3%
Total Debt to Equity 143.5%
Interest Coverage 4
Management Effectiveness
Return On Assets 5.2%
Ret/ On Assets - 3 Yr. Avg. 4.8%
Return On Total Capital 6%
Ret/ On T. Cap. - 3 Yr. Avg. 5.2%
Return On Equity 14.5%
Return On Equity - 3 Yr. Avg. 12.7%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 21.5%
EBITDA Margin - 3 Yr. Avg. 21%
Operating Margin 15.4%
Oper. Margin - 3 Yr. Avg. 14.8%
Pre-Tax Margin 11.5%
Pre-Tax Margin - 3 Yr. Avg. 10.9%
Net Profit Margin 7.1%
Net Profit Margin - 3 Yr. Avg. 5.9%
Effective Tax Rate 25.2%
Eff/ Tax Rate - 3 Yr. Avg. 28.8%
Payout Ratio 38.7%

UGI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UGI stock intrinsic value calculation we used $6120.7 million for the last fiscal year's total revenue generated by UGI. The default revenue input number comes from 0001 income statement of UGI. 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 UGI stock valuation model: a) initial revenue growth rate of 24.9% 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 7.4%, whose default value for UGI is calculated based on our internal credit rating of UGI, 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 UGI.
    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 UGI stock the variable cost ratio is equal to 82.6%.

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 UGI 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 UGI.

Corporate tax rate of 27% is the nominal tax rate for UGI. 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 UGI 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 UGI are equal to 117.8%.

Life of production assets of 21.7 years is the average useful life of capital assets used in UGI 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 UGI is equal to -0.9%. 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 - $3163.3 million for UGI - 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 173.862 million for UGI 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 UGI at the current share price and the inputted number of shares is $10.0 billion.

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COMPANY NEWS

▶ Hedge Funds Are Crazy About UGI Corp (UGI)   [Dec-18-18 02:06AM  Insider Monkey]
▶ UGI Announces UGI/AmeriGas Investor Day Webcast   [Nov-27-18 04:15PM  Business Wire]
▶ UGI Declares Common Dividend   [Nov-16-18 04:15PM  Business Wire]
▶ UGI: Fiscal 4Q Earnings Snapshot   [05:31PM  Associated Press]
▶ UGI Reports Record Fiscal 2018 Results   [05:15PM  Business Wire]
▶ UGI International Prices Senior Notes Offering   [Oct-18-18 04:30PM  Business Wire]
▶ UGI Corporation (NYSE:UGI): Time For A Financial Health Check   [Oct-15-18 09:40AM  Simply Wall St.]
▶ Investors Are Paying Way Too Much for These 3 Stocks   [Sep-29-18 02:16PM  Motley Fool]
▶ UGI Corporation to Host Earnings Call   [07:00AM  ACCESSWIRE]
▶ UGI: Fiscal 3Q Earnings Snapshot   [05:07AM  Associated Press]
▶ UGI Reports Third Quarter Results; Reaffirms Guidance   [Aug-01-18 05:15PM  Business Wire]
▶ UGI Declares Common Dividend   [Jul-24-18 04:16PM  Business Wire]
▶ UGI Corporation (NYSE:UGI): The Best Of Both Worlds   [Jun-21-18 02:17PM  Simply Wall St.]
▶ 5 Value Stocks With Enticing EV/EBITDA Ratios to Own Now   [Jun-12-18 09:10AM  InvestorPlace]
▶ Cold Weather Drives UGI Corp's Earnings Higher   [May-03-18 10:34AM  Motley Fool]
▶ UGI: Fiscal 2Q Earnings Snapshot   [05:07AM  Associated Press]
▶ UGI Reports Record Second Quarter Results   [May-02-18 04:35PM  Business Wire]
▶ 3 Stocks for Baby Boomers to Reach Their Goals   [Apr-14-18 07:02AM  Motley Fool]
▶ Former P&G executive hired as CFO of energy firm   [Feb-23-18 10:45AM  American City Business Journals]
▶ UGI Corp Starts 2018 With a Record-Setting Quarter   [Feb-01-18 11:00AM  Motley Fool]
▶ UGI Corporation to Host Earnings Call   [07:20AM  ACCESSWIRE]
▶ UGI posts 1Q profit   [Jan-31-18 06:52PM  Associated Press]
▶ UGI Reports Record First Quarter Results   [04:17PM  Business Wire]
▶ In Your 70s? 3 Stocks You Might Want to Buy   [Jan-29-18 07:19PM  Motley Fool]
▶ UGI Declares Common Dividend   [Jan-25-18 04:15PM  Business Wire]
▶ Should Value Investors Consider UGI Stock?   [Jan-09-18 09:45AM  Zacks]
▶ In Your 60s? 3 Stocks You Might Want to Buy   [Dec-21-17 08:15AM  Motley Fool]
▶ UGI Declares Common Dividend   [Nov-29-17 04:15PM  Business Wire]
▶ UGI Announces Jefferies Energy Conference Webcast   [Nov-28-17 04:15PM  Business Wire]
▶ ETFs with exposure to UGI Corp. : November 27, 2017   [Nov-27-17 04:12PM  Capital Cube]
▶ UGI Corp Ends Its Fiscal Year on a Positive Note   [Nov-09-17 11:46AM  Motley Fool]
▶ UGI Corporation to Host Earnings Call   [07:30AM  ACCESSWIRE]

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