Rational Investing

	Total Market Capitalization of All Firms	$213,631 mm
	Average Market Capitalization	$10,682 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	1.0
	Standard Deviation of MM Ratio	0.5
	Average Beta	1.3
	Average EV To Revenue	0.7
	Average EV To EBITDAM	23.4
	Average Price To Free Cash Flow	25.5

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	2.17	24,579	0.1	-48.9	30	-6	0.9	Dec 19
NESTE.HE	Neste Oyj	1.75	23,282	1.5	28.6	19.4	11	1.0	Jun 19
DK	Delek Us Holdings Inc.	1.70	1,192	0.5	-6.6	30	2	2.0	Dec 19
PTT-R.BK	PTT PCL	1.34	30,718	0.3	-29.3	30	7	1.3	Sep 19
MUSA	Murphy USA Inc	1.31	3,054	0.3	-18.8	30	1	0.9	Dec 19
PKI.TO	Parkland Fuel Corp	1.31	2,511	0.3	-22.7	23.2	32	1.3	Dec 19
5019	Idemitsu Kosan Co	1.23	6,929	0.2	15.2	15.0	27	1.0	Dec 19
CTX.AX	Caltex Australia Limited	1.21	3,446	0.2	29.7	18.7	3	1.1	Jun 19
KCHOL.IS	Koc Holding AS	1.09	5,159	2.4	-10.4	30	10	1.1	Sep 19
APC	Anadarko Petroleum Corp	1.00	36,539	3.8	69.0	23.6	8	1.6	Jun 19
CVI	CVR Energy, Inc.	0.95	1,436	0.4	4.0	11.5	11	1.6	Dec 19
INT	World Fuel Services Corp.	0.95	1,519	0.1	8.7	8.0	6	1.4	Dec 19
PSX	Phillips 66	0.91	23,900	0.4	-14.7	30	3	1.3	Dec 19
HFC	Holly Frontier Corporation	0.64	3,822	0.4	40.0	30	18	1.4	Dec 19
5020	JX Holdings Inc	0.55	11,569	0.2	44.8	23.8	-1	1.0	Dec 19
MPC	Marathon Petroleum Corporation	0.53	13,292	0.3	-3.5	30	27	1.9	Dec 19
SPH	Suburban Propane Partners Lp	0.44	805	1.5	7.3	11.1	6	1.4	Dec 19
UGP	Ultrapar Participacoes SA	0.35	2,359	0.3	-16.1	37.2	3	0.8	Sep 19
PBF	PBF Energy Inc	0.19	690	0.1	-3.1	30	11	1.8	Dec 19
VLO	Valero Energy Corp	0.19	16,831	0.2	8.1	5.8	5	1.7	Dec 19