Lowering Amerigas Fair Value Estimate After Reconsidering Our Long-Term Outlook
We are reaffirming our $46 per unit fair value estimate and our no-moat and negative moat trend ratings for AmeriGas Partners after the partnership delivered $67.2 million in adjusted EBITDA in third-quarter fiscal 2018, up from $58.4 million in the year-ago period. Management lowered its fiscal 2018 adjusted EBITDA guidance range to $610 million-$620 million from the prior lowered range of $625 million-$645 million. We plan to reduce our 2018 adjusted EBITDA estimate in line with management's n...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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