Colder-Than-Normal Weather Benefits AmeriGas' Quarterly Results; Long-Term Thesis Intact
We are reaffirming our $41 fair value estimate and no-moat and negative moat trend ratings for AmeriGas Partners after the partnership reported fiscal 2018 adjusted EBITDA of $605.5 million compared with $551.3 million in the same year-ago period. These results were in line with our estimates. Management initiated fiscal 2019 adjusted EBITDA guidance of $610 million-$650 million based on normal weather but excluding any planned acquisitions.ÂWe recently reduced our fair value estimate by $5 per...
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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