Rational Investing

	Total Market Capitalization of All Firms	$184,515 mm
	Average Market Capitalization	$10,251 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	0.9
	Standard Deviation of MM Ratio	0.5
	Average Beta	1.4
	Average EV To Revenue	0.6
	Average EV To EBITDAM	22.0
	Average Price To Free Cash Flow	25.3

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
6505.TW	Formosa Petrochemical Corp	2.45	28,513	0.1	88.2	30	-19	1.0	Dec 19
CTX.AX	Caltex Australia Limited	2.10	4,850	0.3	27.9	30	1	1.1	Dec 19
5020	JX Holdings Inc	1.15	11,879	0.4	21.9	17.3	-13	1.0	Mar 20
5019	Idemitsu Kosan Co	1.06	6,353	0.2	99	37.8	30	0.9	Mar 20
KCHOL.IS	Koc Holding AS	1.05	6,428	1.5	17.4	42.5	3	0.7	Mar 20
NESTE.HE	Neste Oyj	1.04	30,476	2.1	12.3	9.6	-3	0.9	Mar 20
DCC.L	DCC PLC	0.92	7,538	0.7	50.5	30	-3	0.9	Mar 20
PKI.TO	Parkland Fuel Corp	0.82	3,527	0.4	32.8	30	12	1.6	Mar 20
INT	World Fuel Services Corp.	0.73	1,466	0.1	9.1	4.4	-8	1.1	Mar 20
SPH	Suburban Propane Partners Lp	0.68	841	1.9	13.2	11.0	-16	1.9	Mar 20
PBF	PBF Energy Inc	0.67	960	0.2	8	26.5	5	2.5	Mar 20
PSX	Phillips 66	0.65	27,308	0.4	9.5	23.3	-8	1.9	Mar 20
MPC	Marathon Petroleum Corporation	0.63	22,098	0.4	3.9	7.8	2	1.9	Mar 20
UGP	Ultrapar Participacoes SA	0.57	3,839	0.4	3.5	30	-9	0.9	Mar 20
DK	Delek Us Holdings Inc.	0.55	1,230	0.5	16	30	-12	1.9	Mar 20
VLO	Valero Energy Corp	0.54	20,954	0.3	32.0	23.7	-8	1.9	Mar 20
CVI	CVR Energy, Inc.	0.49	1,779	0.6	5.2	6.2	-18	1.9	Mar 20
HFC	Holly Frontier Corporation	0.28	4,476	0.4	5.3	6.0	-8	1.9	Mar 20