A Special Situation With 78% Upside Potential

A sum of the parts valuation suggests 78% upside. The reality may be even more.

⚡ Highlights:

• Delek US has a clear path to upside: its stake in subsidiary DKL is worth more than its current market cap.

• The company has publicly committed to unlocking that value, and executive appointments show Delek is serious.

• Even beyond the sum of the parts case, there are multi-year tailwinds behind refinery profits as earnings normalize following record margins.

• Delek US could move higher quickly with Q1 earnings due next month. The longer-term case looks attractive as well.