AmeriGas' strong returns on capital will continue despite secular declines in propane use.
We will be maintaining our $48 per unit fair value estimate and stable narrow moat rating for AmeriGas Partners after the partnership delivered $65 million in EBITDA, a nice rebound from fiscal third-quarter 2015 EBITDA of $49 million. Management maintained fiscal-year 2016 guidance of $575 million-$600 million, slightly below our latest forecast of $613 million but not a meaningful disappointment from a valuation standpoint.AmeriGas' results are inextricably linked to the weather, and given s...
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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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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