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CVR Partners LP
NYSE:UAN

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CVR Partners LP Logo
CVR Partners LP
NYSE:UAN
Watchlist
Price: 78.59 USD 2.48% Market Closed
Updated: Mar 29, 2024

Intrinsic Value

CVR Partners LP is a holding company, which engages in the nitrogen fertilizer business. [ Read More ]

The intrinsic value of one UAN stock under the Base Case scenario is 136.12 USD. Compared to the current market price of 78.59 USD, CVR Partners LP is Undervalued by 42%.

Key Points:
UAN Intrinsic Value
Base Case
136.12 USD
Undervaluation 42%
Intrinsic Value
Price
Worst Case
Base Case
Best Case

Valuation Backtest
CVR Partners LP

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Fundamental Analysis

Solid Q4 with Strong Demand, Declining Prices
2023-Q4 Earnings Call

Solid Q4 with Strong Demand, Declining Prices

CVR Partners reported a strong fourth quarter in 2023 with net sales of $142 million, net income of $10 million, and EBITDA of $38 million. The year closed with a 94% ammonia utilization rate, setting production records for UAN at Coffeyville and both ammonia and UAN at East Dubuque. Direct operating expenses declined by approximately $5 million compared to Q4 2022, driven by lower energy costs. However, fertilizer prices declined compared to the previous year—UAN and ammonia prices dropped by about 47% and 52%, respectively. For 2024, maintenance capital spending is estimated between $32 million and $35 million, with growth capital of $12 million to $13 million, which is planned to be partially funded from reserves started in 2023. Despite the price decline, strong demand is expected to continue, especially for the spring 2024 planting season.

Financials

Balance Sheet Decomposition
CVR Partners LP

Current Assets 165.9m
Cash & Short-Term Investments 45.3m
Receivables 41.9m
Other Current Assets 78.7m
Non-Current Assets 809.5m
PP&E 775.1m
Other Non-Current Assets 34.4m
Current Liabilities 75.5m
Accounts Payable 38.8m
Accrued Liabilities 16.3m
Other Current Liabilities 20.4m
Non-Current Liabilities 597m
Long-Term Debt 547.3m
Other Non-Current Liabilities 49.7m
Efficiency

Earnings Waterfall
CVR Partners LP

Revenue
681.5m USD
Cost of Revenue
-369.3m USD
Gross Profit
312.2m USD
Operating Expenses
-109.2m USD
Operating Income
202.9m USD
Other Expenses
-30.5m USD
Net Income
172.4m USD

Free Cash Flow Analysis
CVR Partners LP

Last Value
3-Years Average
FCF Margin
Conversion Rate
History
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Fundamental Scores

UAN Profitability Score
Profitability Due Diligence

CVR Partners LP's profitability score is 74/100. The higher the profitability score, the more profitable the company is.

Exceptional 3-Year Average ROE
Positive Free Cash Flow
Exceptional ROE
Positive Gross Profit
74/100
Profitability
Score

CVR Partners LP's profitability score is 74/100. The higher the profitability score, the more profitable the company is.

UAN Solvency Score
Solvency Due Diligence

CVR Partners LP's solvency score is 39/100. The higher the solvency score, the more solvent the company is.

Short-Term Solvency
Long-Term Solvency
Average Altman Z-Score
Average D/E
39/100
Solvency
Score

CVR Partners LP's solvency score is 39/100. The higher the solvency score, the more solvent the company is.

Wall St
Price Targets

UAN Price Targets Summary
CVR Partners LP

Wall Street analysts forecast UAN stock price to drop over the next 12 months.

According to Wall Street analysts, the average 1-year price target for UAN is 9.5 USD .

Lowest
Price Target
Not Available
Average
Price Target
9.5 USD
88% Downside
Highest
Price Target
Not Available
View Analyst Estimates
View Analyst Estimates

Competitive Landscape

Ownership

UAN Insider Trading
Buy and sell transactions by insiders

Cumulative Transactions Amount
Period Sold Bought Net
3 Months
6 Months
9 Months
12 Months
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Shareholder Return

UAN Price
CVR Partners LP

1M 1M
+18%
6M 6M
-5%
1Y 1Y
-1%
3Y 3Y
+235%
5Y 5Y
+235%
10Y 10Y
-17%
Annual Price Range
78.59
52w Low
61.98
52w High
93.16
Price Metrics
Average Annual Return 118.48%
Standard Deviation of Annual Returns 256.01%
Max Drawdown -84%
Shares Statistics
Market Capitalization 830.7m USD
Shares Outstanding 10 570 000
Percentage of Shares Shorted 2.46%

UAN Return Decomposition
Main factors of price return

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Company Profile

CVR Partners LP Logo
CVR Partners LP

Country

United States of America

Industry

Chemicals

Market Cap

830.7m USD

Dividend Yield

23.21%

Description

CVR Partners LP is a holding company, which engages in the nitrogen fertilizer business. The company is headquartered in Sugar Land, Texas and currently employs 296 full-time employees. The company went IPO on 2011-04-08. The firm produces nitrogen fertilizer products at its two manufacturing facilities, Coffeyville, Kansas (the Coffeyville Facility) and East Dubuque, Illinois (the East Dubuque Facility). Its manufacturing facilities manufacture ammonia and other nitrogen fertilizer products, principally urea ammonium nitrate (UAN). The Coffeyville Facility uses a pet coke gasification process to produce nitrogen fertilizer and has a production capacity of approximately 89 million standard cubic feet per day of hydrogen, a 1,300 ton per day capacity ammonia unit, and a 3,000 ton per day capacity UAN unit. The East Dubuque Facility uses natural gas to produce nitrogen fertilizer and has a production capacity of approximately 1,075 ton per day capacity ammonia unit and a 1,100 ton per day capacity UAN unit. Its nitrogen fertilizer is used by farmers to improve the yield and quality of their crops, primarily corn and wheat.

Contact

TEXAS
Sugar Land
2277 Plaza Dr Ste 500
+12812073200.0
http://www.cvrpartners.com/

IPO

2011-04-08

Employees

296

Officers

Executive Chairman of CVR GP LLC
Mr. David L. Lamp
CEO, President & Director of CVR GP LLC
Mr. Mark A. Pytosh
Executive VP, CFO, Treasurer & Assistant Secretary of CVR GP LLC
Mr. Dane J. Neumann
VP, Chief Accounting Officer & Corporate Controller of CVR GP LLC
Mr. Jeffrey D. Conaway
Executive VP, General Counsel & Secretary of CVR GP LLC
Ms. Melissa M. Buhrig
Investor Relations Officer
Mr. Richard J. Roberts Jr.

See Also

Discover More
What is the Intrinsic Value of one UAN stock?

The intrinsic value of one UAN stock under the Base Case scenario is 136.12 USD.

Is UAN stock undervalued or overvalued?

Compared to the current market price of 78.59 USD, CVR Partners LP is Undervalued by 42%.