AmeriGas' balance sheet is stretched after two mild winters.
We are reaffirming our $48 per unit fair value estimate, narrow moat and stable moat trend ratings for AmeriGas Partners after the partnership delivered $551.3 million in adjusted EBITDA for fiscal-year 2017, up from $543 million in the same year-ago period. This was in line with our revised full-year estimates, after management lowered its adjusted EBITDA forecast last quarter. Management initiated fiscal year 2018 adjusted EBITDA of $650 million to $690 million, assuming normal weather, and in...AmeriGas Partners is a holding company. Through its operating partnership, AmeriGas Propane, L.P., the company is engaged as a retail propane distributor. The company serves residential, commercial, industrial, agricultural, wholesale and motor fuel customers from several propane distribution locations. In addition to distributing propane, the company also sells, installs and services propane appliances, including heating systems and propane-powered generators. As part of its overall transportation and distribution infrastructure, the company operates as an interstate carrier throughout the continental U.S.
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