AmeriGas' strong returns on capital should continue despite secular declines in propane use.
We will maintain our $48 per unit fair value estimate, narrow moat and stable moat trend ratings for AmeriGas Partners after the partnership delivered $543 million in adjusted EBITDA in fiscal year 2016, a 12.2% decline from fiscal year 2015 EBITDA of $619 million. Results were below management's 2016 guidance of $575 million-$600 million and our $613 million estimate. The full-year disappointment does not have a material near-term valuation impact, and we are maintaining our long-term outlook....
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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