Intrinsic value of CVR Energy - CVI

Previous Close

$27.41

  Intrinsic Value

$139.75

stock screener

  Rating & Target

str. buy

+410%

Previous close

$27.41

 
Intrinsic value

$139.75

 
Up/down potential

+410%

 
Rating

str. buy

We calculate the intrinsic value of CVI 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 2.4

 

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, %
  -11.98
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.61
  8.25
  7.93
  7.63
  7.37
  7.13
  6.92
  6.73
  6.56
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
Revenue, $m
  4,782
  5,346
  5,941
  6,565
  7,219
  7,902
  8,614
  9,356
  10,128
  10,931
  11,766
  12,633
  13,534
  14,471
  15,444
  16,457
  17,510
  18,606
  19,748
  20,936
  22,176
  23,468
  24,816
  26,223
  27,692
  29,227
  30,831
  32,508
  34,262
  36,097
  38,017
Variable operating expenses, $m
 
  2,587
  2,874
  3,176
  3,492
  3,822
  4,166
  4,524
  4,897
  5,285
  5,689
  6,103
  6,539
  6,991
  7,462
  7,951
  8,460
  8,989
  9,541
  10,115
  10,714
  11,338
  11,990
  12,669
  13,379
  14,121
  14,896
  15,706
  16,553
  17,440
  18,368
Fixed operating expenses, $m
 
  2,503
  2,566
  2,630
  2,696
  2,763
  2,832
  2,903
  2,975
  3,050
  3,126
  3,204
  3,284
  3,366
  3,450
  3,537
  3,625
  3,716
  3,809
  3,904
  4,002
  4,102
  4,204
  4,309
  4,417
  4,527
  4,641
  4,757
  4,875
  4,997
  5,122
Total operating expenses, $m
  4,696
  5,090
  5,440
  5,806
  6,188
  6,585
  6,998
  7,427
  7,872
  8,335
  8,815
  9,307
  9,823
  10,357
  10,912
  11,488
  12,085
  12,705
  13,350
  14,019
  14,716
  15,440
  16,194
  16,978
  17,796
  18,648
  19,537
  20,463
  21,428
  22,437
  23,490
Operating income, $m
  86
  256
  501
  759
  1,031
  1,317
  1,616
  1,929
  2,255
  2,596
  2,951
  3,325
  3,711
  4,113
  4,532
  4,969
  5,425
  5,901
  6,398
  6,917
  7,460
  8,028
  8,622
  9,244
  9,896
  10,579
  11,295
  12,045
  12,833
  13,659
  14,527
EBITDA, $m
  279
  473
  741
  1,024
  1,323
  1,635
  1,963
  2,305
  2,662
  3,035
  3,423
  3,827
  4,249
  4,688
  5,146
  5,623
  6,121
  6,641
  7,183
  7,750
  8,342
  8,961
  9,609
  10,287
  10,997
  11,741
  12,520
  13,338
  14,195
  15,094
  16,038
Interest expense (income), $m
  77
  98
  110
  141
  174
  208
  244
  281
  320
  360
  402
  446
  492
  539
  588
  639
  692
  747
  805
  864
  927
  992
  1,059
  1,130
  1,204
  1,281
  1,361
  1,445
  1,533
  1,625
  1,721
Earnings before tax, $m
  -11
  158
  391
  618
  858
  1,109
  1,372
  1,648
  1,935
  2,236
  2,549
  2,879
  3,219
  3,574
  3,944
  4,330
  4,733
  5,154
  5,593
  6,053
  6,534
  7,036
  7,563
  8,114
  8,692
  9,298
  9,934
  10,600
  11,300
  12,035
  12,806
Tax expense, $m
  -20
  43
  106
  167
  232
  299
  371
  445
  523
  604
  688
  777
  869
  965
  1,065
  1,169
  1,278
  1,392
  1,510
  1,634
  1,764
  1,900
  2,042
  2,191
  2,347
  2,510
  2,682
  2,862
  3,051
  3,249
  3,458
Net income, $m
  25
  116
  285
  451
  626
  810
  1,002
  1,203
  1,413
  1,632
  1,861
  2,102
  2,350
  2,609
  2,879
  3,161
  3,455
  3,762
  4,083
  4,419
  4,769
  5,137
  5,521
  5,923
  6,345
  6,788
  7,252
  7,738
  8,249
  8,785
  9,349

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  736
  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
  4,050
  3,705
  4,117
  4,550
  5,003
  5,476
  5,970
  6,484
  7,019
  7,575
  8,154
  8,755
  9,379
  10,028
  10,703
  11,405
  12,135
  12,894
  13,685
  14,509
  15,368
  16,263
  17,197
  18,172
  19,190
  20,254
  21,366
  22,528
  23,743
  25,015
  26,346
Adjusted assets (=assets-cash), $m
  3,314
  3,705
  4,117
  4,550
  5,003
  5,476
  5,970
  6,484
  7,019
  7,575
  8,154
  8,755
  9,379
  10,028
  10,703
  11,405
  12,135
  12,894
  13,685
  14,509
  15,368
  16,263
  17,197
  18,172
  19,190
  20,254
  21,366
  22,528
  23,743
  25,015
  26,346
Revenue / Adjusted assets
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
Average production assets, $m
  2,320
  2,593
  2,881
  3,184
  3,501
  3,832
  4,178
  4,538
  4,912
  5,302
  5,706
  6,127
  6,564
  7,018
  7,491
  7,982
  8,492
  9,024
  9,578
  10,154
  10,755
  11,382
  12,036
  12,718
  13,431
  14,175
  14,953
  15,766
  16,617
  17,507
  18,438
Working capital, $m
  750
  16
  18
  20
  22
  24
  26
  28
  30
  33
  35
  38
  41
  43
  46
  49
  53
  56
  59
  63
  67
  70
  74
  79
  83
  88
  92
  98
  103
  108
  114
Total debt, $m
  1,165
  1,307
  1,678
  2,068
  2,475
  2,901
  3,346
  3,808
  4,290
  4,791
  5,311
  5,852
  6,414
  6,998
  7,606
  8,237
  8,894
  9,578
  10,290
  11,031
  11,804
  12,610
  13,451
  14,328
  15,244
  16,202
  17,202
  18,248
  19,342
  20,486
  21,684
Total liabilities, $m
  3,192
  3,334
  3,705
  4,095
  4,502
  4,928
  5,373
  5,835
  6,317
  6,818
  7,338
  7,879
  8,441
  9,025
  9,633
  10,264
  10,921
  11,605
  12,317
  13,058
  13,831
  14,637
  15,478
  16,355
  17,271
  18,229
  19,229
  20,275
  21,369
  22,513
  23,711
Total equity, $m
  858
  370
  412
  455
  500
  548
  597
  648
  702
  758
  815
  875
  938
  1,003
  1,070
  1,140
  1,213
  1,289
  1,369
  1,451
  1,537
  1,626
  1,720
  1,817
  1,919
  2,025
  2,137
  2,253
  2,374
  2,501
  2,635
Total liabilities and equity, $m
  4,050
  3,704
  4,117
  4,550
  5,002
  5,476
  5,970
  6,483
  7,019
  7,576
  8,153
  8,754
  9,379
  10,028
  10,703
  11,404
  12,134
  12,894
  13,686
  14,509
  15,368
  16,263
  17,198
  18,172
  19,190
  20,254
  21,366
  22,528
  23,743
  25,014
  26,346
Debt-to-equity ratio
  1.358
  3.530
  4.080
  4.540
  4.950
  5.300
  5.600
  5.870
  6.110
  6.320
  6.510
  6.680
  6.840
  6.980
  7.110
  7.220
  7.330
  7.430
  7.520
  7.600
  7.680
  7.750
  7.820
  7.880
  7.940
  8.000
  8.050
  8.100
  8.150
  8.190
  8.230
Adjusted equity ratio
  0.037
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  25
  116
  285
  451
  626
  810
  1,002
  1,203
  1,413
  1,632
  1,861
  2,102
  2,350
  2,609
  2,879
  3,161
  3,455
  3,762
  4,083
  4,419
  4,769
  5,137
  5,521
  5,923
  6,345
  6,788
  7,252
  7,738
  8,249
  8,785
  9,349
Depreciation, amort., depletion, $m
  193
  217
  240
  265
  291
  318
  347
  376
  407
  439
  472
  502
  538
  575
  614
  654
  696
  740
  785
  832
  882
  933
  987
  1,042
  1,101
  1,162
  1,226
  1,292
  1,362
  1,435
  1,511
Funds from operations, $m
  348
  332
  526
  716
  917
  1,128
  1,348
  1,579
  1,820
  2,071
  2,332
  2,604
  2,888
  3,184
  3,493
  3,815
  4,151
  4,502
  4,868
  5,251
  5,651
  6,070
  6,507
  6,966
  7,446
  7,950
  8,477
  9,031
  9,611
  10,220
  10,860
Change in working capital, $m
  80
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
Cash from operations, $m
  268
  331
  524
  715
  915
  1,126
  1,346
  1,577
  1,817
  2,068
  2,330
  2,601
  2,885
  3,182
  3,490
  3,812
  4,148
  4,499
  4,865
  5,247
  5,647
  6,066
  6,503
  6,962
  7,442
  7,945
  8,472
  9,026
  9,606
  10,215
  10,854
Maintenance CAPEX, $m
  0
  -190
  -213
  -236
  -261
  -287
  -314
  -342
  -372
  -403
  -435
  -468
  -502
  -538
  -575
  -614
  -654
  -696
  -740
  -785
  -832
  -882
  -933
  -987
  -1,042
  -1,101
  -1,162
  -1,226
  -1,292
  -1,362
  -1,435
New CAPEX, $m
  -133
  -273
  -288
  -303
  -317
  -331
  -345
  -360
  -374
  -389
  -405
  -421
  -437
  -454
  -472
  -491
  -511
  -532
  -554
  -577
  -601
  -627
  -654
  -682
  -713
  -744
  -778
  -813
  -851
  -890
  -931
Cash from investing activities, $m
  -201
  -463
  -501
  -539
  -578
  -618
  -659
  -702
  -746
  -792
  -840
  -889
  -939
  -992
  -1,047
  -1,105
  -1,165
  -1,228
  -1,294
  -1,362
  -1,433
  -1,509
  -1,587
  -1,669
  -1,755
  -1,845
  -1,940
  -2,039
  -2,143
  -2,252
  -2,366
Free cash flow, $m
  67
  -133
  23
  176
  337
  508
  687
  874
  1,071
  1,276
  1,491
  1,713
  1,946
  2,189
  2,443
  2,707
  2,983
  3,271
  3,572
  3,886
  4,214
  4,557
  4,917
  5,293
  5,687
  6,100
  6,533
  6,987
  7,463
  7,963
  8,488
Issuance/(repayment) of debt, $m
  131
  144
  371
  389
  408
  426
  444
  463
  482
  501
  520
  541
  562
  584
  607
  631
  657
  684
  712
  742
  773
  806
  841
  878
  916
  957
  1,000
  1,046
  1,094
  1,144
  1,198
Issuance/(repurchase) of shares, $m
  0
  131
  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  
  79
  275
  371
  389
  408
  426
  444
  463
  482
  501
  520
  541
  562
  584
  607
  631
  657
  684
  712
  742
  773
  806
  841
  878
  916
  957
  1,000
  1,046
  1,094
  1,144
  1,198
Total cash flow (excl. dividends), $m
  145
  142
  394
  565
  745
  934
  1,131
  1,337
  1,552
  1,777
  2,011
  2,254
  2,508
  2,773
  3,050
  3,339
  3,640
  3,955
  4,283
  4,627
  4,987
  5,363
  5,757
  6,170
  6,603
  7,057
  7,533
  8,032
  8,557
  9,107
  9,686
Retained Cash Flow (-), $m
  126
  -246
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -58
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -82
  -86
  -90
  -93
  -98
  -102
  -106
  -111
  -116
  -122
  -127
  -133
Prev. year cash balance distribution, $m
 
  734
  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
 
  630
  353
  522
  700
  886
  1,082
  1,286
  1,499
  1,721
  1,953
  2,194
  2,446
  2,709
  2,983
  3,269
  3,567
  3,879
  4,204
  4,545
  4,901
  5,274
  5,664
  6,073
  6,501
  6,951
  7,422
  7,916
  8,435
  8,980
  9,552
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
 
  601
  320
  447
  564
  667
  757
  831
  889
  929
  952
  958
  949
  925
  887
  837
  779
  713
  642
  569
  496
  425
  358
  296
  240
  190
  148
  112
  83
  61
  43
Current shareholders' claim on cash, %
  100
  72.4
  72.4
  72.4
  72.4
  72.4
  72.4
  72.4
  72.4
  72.4
  72.4
  72.4
  72.4
  72.4
  72.4
  72.4
  72.4
  72.4
  72.4
  72.4
  72.4
  72.4
  72.4
  72.4
  72.4
  72.4
  72.4
  72.4
  72.4
  72.4
  72.4

CVR Energy, Inc. (CVR Energy) is a holding company. The Company is engaged in the petroleum refining and nitrogen fertilizer manufacturing through its holdings in CVR Refining LP (CVR Refining or the Refining Partnership) and CVR Partners LP (CVR Partners or the Nitrogen Fertilizer Partnership). It operates under two business segments: petroleum (the petroleum and related businesses operated by the Refining Partnership) and nitrogen fertilizer (the nitrogen fertilizer business operated by the Nitrogen Fertilizer Partnership). The Company's Refining Partnership is an independent petroleum refiner and marketer of transportation fuels. Its Nitrogen Fertilizer Partnership produces and markets nitrogen fertilizers in the form of urea and ammonium nitrate (UAN) and ammonia. The petroleum business consists of a coking medium-sour crude oil refinery in Coffeyville, Kansas and a crude oil refinery in Wynnewood, Oklahoma.

FINANCIAL RATIOS  of  CVR Energy (CVI)

Valuation Ratios
P/E Ratio 95.2
Price to Sales 0.5
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 8.9
Price to Free Cash Flow 17.6
Growth Rates
Sales Growth Rate -12%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -39.3%
Cap. Spend. - 3 Yr. Gr. Rate -12.3%
Financial Strength
Quick Ratio 368
Current Ratio 0
LT Debt to Equity 135.5%
Total Debt to Equity 135.8%
Interest Coverage 1
Management Effectiveness
Return On Assets -1%
Ret/ On Assets - 3 Yr. Avg. 3.6%
Return On Total Capital 1.4%
Ret/ On T. Cap. - 3 Yr. Avg. 7.2%
Return On Equity 2.7%
Return On Equity - 3 Yr. Avg. 12%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 8.2%
Gross Margin - 3 Yr. Avg. 8.7%
EBITDA Margin 5.4%
EBITDA Margin - 3 Yr. Avg. 7.6%
Operating Margin 1.8%
Oper. Margin - 3 Yr. Avg. 4.2%
Pre-Tax Margin -0.2%
Pre-Tax Margin - 3 Yr. Avg. 3.8%
Net Profit Margin 0.5%
Net Profit Margin - 3 Yr. Avg. 1.9%
Effective Tax Rate 181.8%
Eff/ Tax Rate - 3 Yr. Avg. 76%
Payout Ratio 696%

CVI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CVI stock intrinsic value calculation we used $4782 million for the last fiscal year's total revenue generated by CVR Energy. The default revenue input number comes from 2016 income statement of CVR Energy. 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 CVI stock valuation model: a) initial revenue growth rate of 11.8% 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 4.8%, whose default value for CVI is calculated based on our internal credit rating of CVR Energy, 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 CVR Energy.
    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 CVI stock the variable cost ratio is equal to 48.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2442 million in the base year in the intrinsic value calculation for CVI 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 8.4% for CVR Energy.

Corporate tax rate of 27% is the nominal tax rate for CVR Energy. 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 CVI 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 CVI are equal to 48.5%.

Life of production assets of 12.2 years is the average useful life of capital assets used in CVR Energy 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 CVI is equal to 0.3%. 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 - $858 million for CVR Energy - 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 86.83 million for CVR Energy 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 CVR Energy at the current share price and the inputted number of shares is $2.4 billion.

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CVRR CVR Refining 10.80 109.91  str.buy
MPC Marathon Petro 57.49 137.20  str.buy

COMPANY NEWS

▶ CVR Energy Announces 2017 Third Quarter Earnings Call   [Oct-18-17 08:30AM  PR Newswire]
▶ These 3 Oil Stocks Soared 30% in 1 Month   [Sep-19-17 08:17AM  Motley Fool]
▶ Stocks Flashing Renewed Technical Strength: CVR Energy   [Sep-14-17 03:00AM  Investor's Business Daily]
▶ CVR Energy Hits 80-Plus Relative Strength Rating Benchmark   [03:00AM  Investor's Business Daily]
▶ Stocks With Rising Relative Strength: CVR Energy   [03:00AM  Investor's Business Daily]
▶ Energy Stocks: Last Weeks Top Gainers   [03:03PM  Market Realist]
▶ ETFs with exposure to CVR Energy, Inc. : August 15, 2017   [Aug-15-17 03:54PM  Capital Cube]
▶ The Worst Energy Stocks from July 2428, 2017   [08:18AM  Market Realist]
▶ Icahn's biofuel bet faces significant headwinds   [Jul-31-17 04:44PM  Reuters]
▶ CVR reports 2Q loss   [01:32AM  Associated Press]
▶ Institutional Investors Views on Refining MLPs   [Jul-25-17 07:37AM  Market Realist]
▶ CVR Energy Announces 2017 Second Quarter Earnings Call   [Jul-13-17 08:30AM  PR Newswire]
▶ Refiners Tumble on Proposed Biofuel Quotas   [Jul-06-17 04:01PM  GuruFocus.com]
▶ 3 Embarrassingly Unsustainable Dividend Stocks   [Jun-25-17 01:24PM  Motley Fool]
▶ ETFs with exposure to CVR Energy, Inc. : June 15, 2017   [Jun-15-17 01:39PM  Capital Cube]
▶ Why Shares of CVR Energy Declined 12% in May   [Jun-09-17 11:47AM  Motley Fool]
▶ How Icahn Reaped a $60M Windfall as Special Trump Adviser   [May-24-17 03:41PM  Bloomberg Video]
▶ Warren furthers fight against Carl Icahn, alleging insider trading   [May-10-17 02:25PM  American City Business Journals]
▶ ETFs with exposure to CVR Energy, Inc. : May 4, 2017   [May-04-17 03:51PM  Capital Cube]
▶ CVR Energy Trades Ex-Dividend Thursday   [May-02-17 10:20AM  Investopedia]
▶ Oil and Gas Stock Roundup: Refining Comes Roaring Back   [Apr-29-17 04:29PM  Motley Fool]
▶ CVR posts 1Q profit   [Apr-27-17 09:12AM  Associated Press]
▶ CVR Energy Announces 2017 First Quarter Earnings Call   [Apr-13-17 09:00AM  PR Newswire]
▶ [$$] Icahnt Believe Its an Ethics Conflict   [Apr-01-17 12:07AM  The Wall Street Journal]
▶ [$$] Icahnt Believe Its an Ethics Conflict   [12:07AM  at The Wall Street Journal]
▶ [$$] Icahn't Believe It's an Ethics Conflict   [Mar-31-17 07:06PM  at The Wall Street Journal]
▶ Mortgage Relief and Fear Gauges   [Mar-17-17 09:33AM  Bloomberg]
▶ Watchdog group wants Icahn investigated for his role with Trump   [Mar-08-17 02:00PM  at bizjournals.com]
▶ Watchdog group wants Icahn investigated for his role with Trump   [02:00PM  American City Business Journals]
Financial statements of CVI
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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