Barclays on Energy & Power: PC Weekly Valuation and Price Performance: Independent Refiners

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WNR Hot Sheet

Rating Summary:
4 Buy, 6 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
Up: 19 | Down: 16 | New: 82

Barclays on Energy & Power: PC Weekly Valuation and Price Performance: Independent Refiners

Analyst, Paul Y. Cheng, said, "EV/Daily Barrel of Complexity: The Independent Refiners are currently trading at $401/daily barrel of complexity, or 22% of estimated greenfield replacement cost. Western Refining (NYSE: WNR) is trading at the largest premium to the group at $1,381/daily barrel of complexity, while Sonoco (NYSE: SUN) continues to trade at the largest discount at -$43/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 0.7x."

"EV/2012 EBITDA: The Independent Refiners are currently trading at 3.6x EV/2012 EBITDA. TSO is trading at the largest discount to the group at 1.8x EV/2012 EBITDA, while SUN is trading at the largest premium at 8.2x EV/2012 EBITDA."

Share Performance: YTD, the group is up 26%, with Alon (NYSE: ALJ) showing a 47% gain, compared to VLO showing a 9% loss. WTD, the group was down 3%.

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