2024-03-06 05:28:28 ET
Summary
- Delek is an integrated energy company trading at a significant discount despite consistently returning capital and seeking to unlock discount SOTP.
- Investor concerns over high debt load and complex holding structure overlook the fact that most debt is non-recourse while DK's net debt is minimal.
- Management is progressing in the value-unlocking process, and if successful, there is potential for a 47% upside from current levels.
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Delek US Holdings: Potential SOTP Unlock Play