Management Meeting: Amerigas Continues to Manage Warm Weather Well
We reaffirm our $48 fair value estimate for Amerigas, along with our narrow moat and stable moat trend ratings, after meeting with the company's senior management at the American Gas Association Financial Conference in Orlando. Management recently lowered its full-year adjusted EBITDA guidance to $550 million-$580 million from $660 million-$700 million, in line with our revised $571 million forecast.Weather directly affects propane demand, and the past two warm winters have not treated the prop...
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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