Lower wholesale propane prices help offset secular usage declines.
We will maintain our $32 fair value estimate and stable, narrow moat rating for Suburban Propane Partners after the partnership reported its propane, refined fuels, and energy marketing businesses generated $223 million in EBITDA adjusted for mark-to-market and one-time charges in the 2016 fiscal year, roughly in line with our $233 million estimate. This is down materially from year-ago adjusted EBITDA of $334 million. Our forecast for fiscal 2017 EBITDA is $335 million, assuming a return to nor...Suburban Propane Partners is engaged in the distribution of propane, fuel oil and refined fuels, as well as the marketing of natural gas and electricity in deregulated markets. In support of its primary marketing and distribution operations, the company installs and services a variety of home comfort equipment, particularly in the areas of heating and ventilation. The company conducts its business principally through Suburban Propane, L.P., which operates its propane business and assets, and its direct and indirect subsidiaries. The company manages and evaluates its operations in four operating segments, three of which are reportable segments: Propane, Fuel Oil and Refined Fuels and Natural Gas and Electricity.
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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