reports
- Andrew Bischof
Morningstar | UGI Offers Best Option for AmeriGas Shareholders
AmeriGas' lack of an economic moat is the product of industry dynamics, low natural gas prices, volume fluctuations due to weather volatility, and the company's need to acquire businesses to offset organic volume declines. We view the outlook for AmeriGas' business negatively. We forecast low natural gas prices in our long-term outlook, which we believe will continue to pressure the company's core business.UGI Corporation recently announced plans to acquire the remaining AmeriGas shares it doesn...
- Andrew Bischof
UGI Offers Best Option for AmeriGas Shareholders
We are reaffirming our $34 per unit fair value estimate, no moat and negative moat trend ratings for AmeriGas Partners after the partnership reported fiscal 2019 second-quarter adjusted EBITDA of $290.3 million compared with $309.5 million in the same-year ago period. AmeriGas management expects to earn at the low end of its 2019 adjusted EBITDA guidance of $610 million-$650 million. In April, UGI announced a definitive agreement to acquire the remaining shares of AmeriGas it doesn't own. UGI wi...
- Andrew Bischof
Morningstar | AmeriGas' Poor Results Highlight Benefit of UGI Acquisit...
We are reaffirming our $34 per unit fair value estimate, no moat and negative moat trend ratings for AmeriGas Partners after the partnership reported fiscal 2019 second-quarter adjusted EBITDA of $290.3 million compared with $309.5 million in the same-year ago period. AmeriGas management expects to earn at the low end of its 2019 adjusted EBITDA guidance of $610 million-$650 million. In April, UGI announced a definitive agreement to acquire the remaining shares of AmeriGas it doesn't own. UGI w...
- Andrew Bischof
AmeriGas' Poor Results Highlight Benefit of UGI Acquisition
We are reaffirming our $34 per unit fair value estimate, no moat and negative moat trend ratings for AmeriGas Partners after the partnership reported fiscal 2019 second-quarter adjusted EBITDA of $290.3 million compared with $309.5 million in the same-year ago period. AmeriGas management expects to earn at the low end of its 2019 adjusted EBITDA guidance of $610 million-$650 million. In April, UGI announced a definitive agreement to acquire the remaining shares of AmeriGas it doesn't own. UGI wi...
- Andrew Bischof
Morningstar | UGI Corporation to Purchase 75% of AmeriGas It Doesn't O...
We are increasing our AmeriGas fair value estimate to $34 per unit after UGI Corporation announced plans to acquire the remaining AmeriGas shares it doesn't own for $2.44 billion. UGI will pay $7.63 in cash and 0.5 shares of UGI for each common unit of AmeriGas, a 12.5% premium to AmeriGas' April 1 closing price. As of early trading April 2, the implied valuation of the takeover is roughly $34 per share, or a $2.00 per unit increase to our standalone estimate for AmeriGas. Our no-moat and negat...
- Andrew Bischof
Morningstar | UGI Corporation to Purchase 75% of AmeriGas It Doesn't O...
We are increasing our AmeriGas fair value estimate to $34 per unit after UGI Corporation announced plans to acquire the remaining AmeriGas shares it doesn't own for $2.44 billion. UGI will pay $7.63 in cash and 0.5 shares of UGI for each common unit of AmeriGas, a 12.5% premium to AmeriGas' April 1 closing price. As of early trading April 2, the implied valuation of the takeover is roughly $34 per share, or a $2.00 per unit increase to our standalone estimate for AmeriGas. Our no-moat and negat...
- Andrew Bischof
UGI Corporation to Purchase 75% of AmeriGas It Doesn't Own
We are increasing our AmeriGas fair value estimate to $34 per unit after UGI Corporation announced plans to acquire the remaining AmeriGas shares it doesn't own for $2.44 billion. UGI will pay $7.63 in cash and 0.5 shares of UGI for each common unit of AmeriGas, a 12.5% premium to AmeriGas' April 1 closing price. As of early trading April 2, the implied valuation of the takeover is roughly $34 per share, or a $2.00 per unit increase to our standalone estimate for AmeriGas. Our no-moat and negati...
AMERIGAS PARTNERS L P sees an upgrade to Slightly Positive due to a be...
The general evaluation of AMERIGAS PARTNERS L P (US), a company active in the Oil Equipment & Services industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date March 26, 2019, the clo...
- Andrew Bischof
Morningstar | Colder-Than-Normal Weather Helps AmeriGas' Fiscal 1Q Res...
We are reaffirming our $32 fair value estimate and no moat and negative moat trend ratings for AmeriGas Partners after the partnership reported fiscal 2019 first-quarter adjusted EBITDA of $210.7 million compared with $194.1 million in the year-ago period. AmeriGas benefited from increased volumes associated with colder weather, which was 5% colder than normal and 6% colder than last year. We expect this benefit to run into the second quarter of this year. We are maintaining our current estimat...
- Andrew Bischof
Morningstar | Colder-Than-Normal Weather Helps AmeriGas' Fiscal 1Q Res...
We are reaffirming our $32 fair value estimate and no moat and negative moat trend ratings for AmeriGas Partners after the partnership reported fiscal 2019 first-quarter adjusted EBITDA of $210.7 million compared with $194.1 million in the year-ago period. AmeriGas benefited from increased volumes associated with colder weather, which was 5% colder than normal and 6% colder than last year. We expect this benefit to run into the second quarter of this year. We are maintaining our current estimat...
- Andrew Bischof
Colder-Than-Normal Weather Helps AmeriGas' Fiscal 1Q Results
We are reaffirming our $32 fair value estimate and no moat and negative moat trend ratings for AmeriGas Partners after the partnership reported fiscal 2019 first-quarter adjusted EBITDA of $210.7 million compared with $194.1 million in the year-ago period. AmeriGas benefited from increased volumes associated with colder weather, which was 5% colder than normal and 6% colder than last year. We expect this benefit to run into the second quarter of this year. We are maintaining our current estimat...
- Andrew Bischof
Colder-Than-Normal Weather Benefits AmeriGas' Quarterly Results; Long-...
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. We recently reduced our fair value estimate by $5 pe...
- Andrew Bischof
Morningstar | No-Moat AmeriGas Reports Full-Year Results
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. We recently reduced our fair value estimate by $5 per...
- Andrew Bischof
No-Moat AmeriGas Reports Full-Year Results
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. We recently reduced our fair value estimate by $5 pe...
- Andrew Bischof
Morningstar | Lowering Amerigas Fair Value Estimate After Reconsiderin...
AmeriGas is the nation's largest retail propane distributor in an industry that is shrinking. High switching costs for customers, delivery economies of scale, and a wide footprint allow AmeriGas to roll up smaller competitors efficiently. AmeriGas' proven ability to add value from acquisitions should help support cash flows in a tough operating environment. Significant headwinds from the unusually warm 2016 and 2017 winters hurt results and stretched AmeriGas' distribution coverage. AmeriGas wil...
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