Barclays on Independent Refiners: Weekly Valuation and Price Performance

Barclays on Independent Refiners: Weekly Valuation and Price Performance

Analyst, Paul Y. Cheng, said, "EV/Daily Barrel of Complexity: The Independent Refiners are currently trading at $461/daily barrel of complexity, or 26% of estimated greenfield replacement cost. Western Refining (NYSE: WNR) is trading at the largest premium to the group at $1,426/daily barrel of complexity, while Sunoco (NYSE: SUN) continues to trade at the largest discount at -$40/daily barrel of complexity."

"Price/Tangible Book: The group is currently trading at 1.3x price to tangible book, with SUN trading the highest at 2.1x and Valero (NYSE: VLO) trading the lowest at 0.8x."

"EV/2012 EBITDA: The Independent Refiners are currently trading at 3.6x EV/2012 EBITDA. Tesoro (NYSE: TSO) is trading at the largest discount to the group at 2.0x EV/2012 EBITDA, while SUN is trading at the largest premium at 8.3x EV/2012 EBITDA. Share Performance: YTD, the group is up 31%, with Delek (NYSE: DK) showing a 59% gain, compared to SUN showing a 3% loss. WTD, the group was up 11%."

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