Morningstar - AmeriGas Partners L.P. (APU) AmeriGas Year Off to a Warm Start

Report

Morningstar

Andrew Bischof, CFA

EUR 101.80 For Business Accounts Only

AmeriGas' Year Off to a Warm Start

We are reaffirming our $48 per unit fair value estimate, narrow moat, and stable moat trend ratings for AmeriGas Partners after the partnership delivered $185 million in adjusted EBITDA in the first quarter of fiscal year 2017, up from $177.7 million in the same year-ago quarter. Management plans to revisit full-year guidance after the important second quarter, leaving management's current forecast of $660 million-$700 million in adjusted EBITDA intact for now. We are reaffirming our $650 millio...

02/02/2017 11 EN

Underlying

AmeriGas Partners L.P.

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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US0309751065 United States

Provider

Morningstar

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.

We have operations in 27 countries.

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Analysts

Andrew Bischof, CFA

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AmeriGas' Year Off to a Warm Start

AmeriGas Partners, L.P.: Covenant Quality Post-Sale Snapshot: $500m 9.375% Senior Notes due 2028

AmeriGas Partners, L.P.: Update to credit analysis - leverage set to improve

AmeriGas Partners, L.P. - March 2019 (LTM): Peer Snapshot

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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