Values Delek US as its publicly traded DKL stake plus a normalized refining and corporate enterprise value, less standalone net debt. Q2 peak-cycle refining results are not annualized; base EBITDA remains a conservative mid-cycle assumption after excluding RVO benefits.
as of 2026-08-09
Fair value per DK share
$62.47
Upside/downside
6.9%
Equity value
$3,917
DK value of DKL stake
$1,719
Refining and corporate enterprise value
$2,400
Capitalization
62.70M shares
202.1$M
DKL stake
10.0%
3,017$M
63.3%
Market
$58.46
Refining
600$M
4
SOTP valuation bridge
Current
Refining and corporate enterprise value
$2,400
DKL stake value after discount
$1,719
Less standalone net debt
-$202
Equity value
$3,917
Fair value per share
$62.47
Sources
Q2 2026 adjusted EBITDA was $638.7M, or $490.1M excluding the RVO adjustment; DKL adjusted EBITDA was $143.5M and annual guidance remained $520M-$560M. — sec.gov
At June 30, 2026, DK excluding DKL had $614.9M cash and $817.0M long-term debt, or $202.1M net debt. — sec.gov
DK's Q2 call reiterated no planned refining turnarounds for the rest of 2026, Q3 system throughput guidance of 296K-316K bpd, approximately $60M of Q2 EOP contribution, and a disciplined buyback/dividend capital allocation stance.
DKL's Q2 call reaffirmed 2026 adjusted EBITDA guidance of $520M-$560M, approximately 80% pro forma third-party run-rate EBITDA, 4.23x leverage, and a $1.135 quarterly distribution.
Modeledge market data showed DK at $58.46 and DKL market capitalization of approximately $3.017B using provider data dated August 7, 2026. — modeledge.ai
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