CVR Partners LP
NYSE:UAN
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%.
Valuation Backtest
CVR Partners LP
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Fundamental Analysis
Solid Q4 with Strong Demand, Declining Prices
2023-Q4 Earnings Call
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.
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 |
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
What is Free Cash Flow?
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.
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.
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
According to Wall Street analysts, the average 1-year price target for UAN is 9.5 USD .
Ownership
UAN Insider Trading
Buy and sell transactions by insiders
Period | Sold | Bought | Net |
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9 Months |
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12 Months |
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Shareholder Return
UAN Price
CVR Partners LP
Average Annual Return | 118.48% |
Standard Deviation of Annual Returns | 256.01% |
Max Drawdown | -84% |
Market Capitalization | 830.7m USD |
Shares Outstanding | 10 570 000 |
Percentage of Shares Shorted | 2.46% |
Company Profile
Country
Industry
Market Cap
Dividend Yield
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
IPO
Employees
Officers
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%.