Intrinsic value of Hydro One Limited - H

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$24.38

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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$24.38

 
Intrinsic value

$4.10

 
Up/down potential

-83%

 
Rating

str. sell

 
Value-price divergence* premium content

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of H stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 14.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  0.21
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
  5.25
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
Revenue, $m
  6,499
  6,945
  7,355
  7,782
  8,228
  8,693
  9,179
  9,687
  10,218
  10,773
  11,353
  11,960
  12,596
  13,261
  13,958
  14,688
  15,453
  16,254
  17,094
  17,974
  18,897
  19,865
  20,880
  21,944
  23,061
  24,232
  25,461
  26,751
  28,104
  29,524
  31,014
Variable operating expenses, $m
 
  5,672
  6,005
  6,352
  6,714
  7,092
  7,486
  7,899
  8,330
  8,780
  9,252
  9,712
  10,228
  10,768
  11,334
  11,927
  12,548
  13,198
  13,880
  14,595
  15,344
  16,130
  16,955
  17,819
  18,726
  19,677
  20,675
  21,722
  22,821
  23,974
  25,184
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  5,274
  5,672
  6,005
  6,352
  6,714
  7,092
  7,486
  7,899
  8,330
  8,780
  9,252
  9,712
  10,228
  10,768
  11,334
  11,927
  12,548
  13,198
  13,880
  14,595
  15,344
  16,130
  16,955
  17,819
  18,726
  19,677
  20,675
  21,722
  22,821
  23,974
  25,184
Operating income, $m
  1,278
  1,273
  1,350
  1,430
  1,514
  1,602
  1,693
  1,788
  1,888
  1,992
  2,102
  2,248
  2,368
  2,493
  2,624
  2,761
  2,905
  3,056
  3,213
  3,379
  3,552
  3,734
  3,925
  4,125
  4,335
  4,555
  4,787
  5,029
  5,283
  5,550
  5,830
EBITDA, $m
  1,966
  2,026
  2,146
  2,270
  2,400
  2,536
  2,678
  2,826
  2,981
  3,143
  3,312
  3,489
  3,675
  3,869
  4,072
  4,285
  4,508
  4,742
  4,987
  5,244
  5,513
  5,795
  6,091
  6,402
  6,728
  7,069
  7,428
  7,804
  8,199
  8,613
  9,048
Interest expense (income), $m
  418
  433
  468
  506
  545
  585
  627
  672
  718
  766
  817
  869
  925
  982
  1,043
  1,106
  1,173
  1,242
  1,315
  1,391
  1,472
  1,555
  1,643
  1,736
  1,833
  1,934
  2,041
  2,152
  2,270
  2,393
  2,522
Earnings before tax, $m
  885
  840
  882
  925
  970
  1,016
  1,065
  1,117
  1,170
  1,226
  1,285
  1,379
  1,443
  1,511
  1,581
  1,655
  1,732
  1,813
  1,898
  1,987
  2,081
  2,179
  2,282
  2,390
  2,503
  2,621
  2,746
  2,876
  3,014
  3,157
  3,308
Tax expense, $m
  139
  227
  238
  250
  262
  274
  288
  302
  316
  331
  347
  372
  390
  408
  427
  447
  468
  490
  513
  537
  562
  588
  616
  645
  676
  708
  741
  777
  814
  852
  893
Net income, $m
  740
  613
  644
  675
  708
  742
  778
  815
  854
  895
  938
  1,007
  1,054
  1,103
  1,154
  1,208
  1,265
  1,324
  1,386
  1,451
  1,519
  1,591
  1,666
  1,744
  1,827
  1,914
  2,004
  2,100
  2,200
  2,305
  2,415

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  50
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  25,351
  26,815
  28,397
  30,047
  31,769
  33,565
  35,442
  37,402
  39,451
  41,594
  43,834
  46,179
  48,633
  51,202
  53,892
  56,710
  59,662
  62,756
  65,998
  69,397
  72,961
  76,698
  80,617
  84,727
  89,038
  93,561
  98,306
  103,285
  108,510
  113,992
  119,745
Adjusted assets (=assets-cash), $m
  25,301
  26,815
  28,397
  30,047
  31,769
  33,565
  35,442
  37,402
  39,451
  41,594
  43,834
  46,179
  48,633
  51,202
  53,892
  56,710
  59,662
  62,756
  65,998
  69,397
  72,961
  76,698
  80,617
  84,727
  89,038
  93,561
  98,306
  103,285
  108,510
  113,992
  119,745
Revenue / Adjusted assets
  0.257
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
Average production assets, $m
  18,897
  20,030
  21,211
  22,444
  23,730
  25,072
  26,473
  27,938
  29,468
  31,069
  32,742
  34,494
  36,327
  38,246
  40,255
  42,360
  44,565
  46,876
  49,298
  51,837
  54,499
  57,290
  60,217
  63,287
  66,508
  69,886
  73,431
  77,150
  81,052
  85,147
  89,444
Working capital, $m
  -1,015
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  30
  31
Total debt, $m
  11,149
  12,011
  12,967
  13,963
  15,003
  16,088
  17,222
  18,406
  19,644
  20,938
  22,291
  23,707
  25,189
  26,741
  28,366
  30,068
  31,851
  33,720
  35,678
  37,731
  39,883
  42,140
  44,507
  46,990
  49,594
  52,326
  55,192
  58,199
  61,355
  64,666
  68,141
Total liabilities, $m
  15,334
  16,196
  17,152
  18,148
  19,188
  20,273
  21,407
  22,591
  23,829
  25,123
  26,476
  27,892
  29,374
  30,926
  32,551
  34,253
  36,036
  37,905
  39,863
  41,916
  44,068
  46,325
  48,692
  51,175
  53,779
  56,511
  59,377
  62,384
  65,540
  68,851
  72,326
Total equity, $m
  10,017
  10,619
  11,245
  11,899
  12,580
  13,292
  14,035
  14,811
  15,623
  16,471
  17,358
  18,287
  19,259
  20,276
  21,341
  22,457
  23,626
  24,851
  26,135
  27,481
  28,893
  30,372
  31,924
  33,552
  35,259
  37,050
  38,929
  40,901
  42,970
  45,141
  47,419
Total liabilities and equity, $m
  25,351
  26,815
  28,397
  30,047
  31,768
  33,565
  35,442
  37,402
  39,452
  41,594
  43,834
  46,179
  48,633
  51,202
  53,892
  56,710
  59,662
  62,756
  65,998
  69,397
  72,961
  76,697
  80,616
  84,727
  89,038
  93,561
  98,306
  103,285
  108,510
  113,992
  119,745
Debt-to-equity ratio
  1.113
  1.130
  1.150
  1.170
  1.190
  1.210
  1.230
  1.240
  1.260
  1.270
  1.280
  1.300
  1.310
  1.320
  1.330
  1.340
  1.350
  1.360
  1.370
  1.370
  1.380
  1.390
  1.390
  1.400
  1.410
  1.410
  1.420
  1.420
  1.430
  1.430
  1.440
Adjusted equity ratio
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  740
  613
  644
  675
  708
  742
  778
  815
  854
  895
  938
  1,007
  1,054
  1,103
  1,154
  1,208
  1,265
  1,324
  1,386
  1,451
  1,519
  1,591
  1,666
  1,744
  1,827
  1,914
  2,004
  2,100
  2,200
  2,305
  2,415
Depreciation, amort., depletion, $m
  688
  753
  796
  840
  886
  935
  985
  1,038
  1,093
  1,150
  1,210
  1,241
  1,307
  1,376
  1,448
  1,524
  1,603
  1,686
  1,773
  1,865
  1,960
  2,061
  2,166
  2,277
  2,392
  2,514
  2,641
  2,775
  2,916
  3,063
  3,217
Funds from operations, $m
  1,712
  1,366
  1,439
  1,515
  1,594
  1,677
  1,763
  1,853
  1,947
  2,046
  2,149
  2,248
  2,360
  2,478
  2,602
  2,732
  2,868
  3,010
  3,159
  3,316
  3,479
  3,651
  3,832
  4,021
  4,219
  4,427
  4,646
  4,875
  5,115
  5,368
  5,633
Change in working capital, $m
  56
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
Cash from operations, $m
  1,656
  1,959
  1,439
  1,515
  1,594
  1,676
  1,762
  1,852
  1,947
  2,045
  2,148
  2,247
  2,360
  2,478
  2,602
  2,731
  2,867
  3,009
  3,158
  3,315
  3,479
  3,650
  3,831
  4,020
  4,218
  4,426
  4,645
  4,874
  5,114
  5,366
  5,631
Maintenance CAPEX, $m
  0
  -680
  -720
  -763
  -807
  -854
  -902
  -952
  -1,005
  -1,060
  -1,118
  -1,178
  -1,241
  -1,307
  -1,376
  -1,448
  -1,524
  -1,603
  -1,686
  -1,773
  -1,865
  -1,960
  -2,061
  -2,166
  -2,277
  -2,392
  -2,514
  -2,641
  -2,775
  -2,916
  -3,063
New CAPEX, $m
  -1,661
  -1,133
  -1,182
  -1,232
  -1,286
  -1,342
  -1,402
  -1,464
  -1,531
  -1,600
  -1,674
  -1,751
  -1,833
  -1,919
  -2,009
  -2,105
  -2,205
  -2,311
  -2,422
  -2,539
  -2,662
  -2,791
  -2,927
  -3,070
  -3,220
  -3,378
  -3,544
  -3,719
  -3,902
  -4,095
  -4,297
Cash from investing activities, $m
  -1,861
  -1,813
  -1,902
  -1,995
  -2,093
  -2,196
  -2,304
  -2,416
  -2,536
  -2,660
  -2,792
  -2,929
  -3,074
  -3,226
  -3,385
  -3,553
  -3,729
  -3,914
  -4,108
  -4,312
  -4,527
  -4,751
  -4,988
  -5,236
  -5,497
  -5,770
  -6,058
  -6,360
  -6,677
  -7,011
  -7,360
Free cash flow, $m
  -205
  146
  -463
  -481
  -500
  -520
  -541
  -564
  -589
  -615
  -643
  -682
  -714
  -748
  -784
  -822
  -862
  -905
  -950
  -998
  -1,048
  -1,101
  -1,157
  -1,216
  -1,279
  -1,345
  -1,414
  -1,487
  -1,563
  -1,644
  -1,729
Issuance/(repayment) of debt, $m
  776
  912
  956
  997
  1,040
  1,085
  1,133
  1,184
  1,238
  1,294
  1,353
  1,416
  1,482
  1,552
  1,625
  1,702
  1,783
  1,869
  1,958
  2,053
  2,152
  2,257
  2,367
  2,483
  2,604
  2,732
  2,866
  3,007
  3,155
  3,311
  3,475
Issuance/(repurchase) of shares, $m
  0
  0
  134
  138
  142
  146
  151
  156
  163
  170
  177
  194
  204
  213
  224
  236
  248
  261
  275
  291
  307
  324
  342
  361
  382
  404
  427
  451
  477
  504
  533
Cash from financing (excl. dividends), $m  
  757
  912
  1,090
  1,135
  1,182
  1,231
  1,284
  1,340
  1,401
  1,464
  1,530
  1,610
  1,686
  1,765
  1,849
  1,938
  2,031
  2,130
  2,233
  2,344
  2,459
  2,581
  2,709
  2,844
  2,986
  3,136
  3,293
  3,458
  3,632
  3,815
  4,008
Total cash flow (excl. dividends), $m
  552
  1,058
  492
  516
  540
  566
  592
  620
  649
  679
  710
  734
  768
  804
  841
  880
  921
  964
  1,009
  1,055
  1,104
  1,156
  1,210
  1,266
  1,325
  1,387
  1,452
  1,521
  1,592
  1,667
  1,746
Retained Cash Flow (-), $m
  -168
  -602
  -627
  -653
  -682
  -712
  -743
  -776
  -811
  -848
  -887
  -928
  -972
  -1,017
  -1,065
  -1,116
  -1,169
  -1,225
  -1,284
  -1,346
  -1,411
  -1,480
  -1,552
  -1,628
  -1,707
  -1,791
  -1,879
  -1,972
  -2,069
  -2,171
  -2,278
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  456
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Discount rate, %
 
  8.70
  9.14
  9.59
  10.07
  10.57
  11.10
  11.66
  12.24
  12.85
  13.50
  14.17
  14.88
  15.62
  16.41
  17.23
  18.09
  18.99
  19.94
  20.94
  21.98
  23.08
  24.24
  25.45
  26.72
  28.06
  29.46
  30.93
  32.48
  34.11
  35.81
PV of cash for distribution, $m
 
  420
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  99.1
  98.3
  97.5
  96.7
  96.0
  95.2
  94.5
  93.8
  93.1
  92.4
  91.7
  91.0
  90.3
  89.6
  88.9
  88.2
  87.5
  86.9
  86.2
  85.5
  84.9
  84.2
  83.6
  82.9
  82.2
  81.6
  80.9
  80.3
  79.6

Hydro One Limited, through its subsidiaries, operates as an electrical transmission and distribution utility in Ontario. The company owns and operates approximately 29,000 kilometers of high voltage lines and approximately 123,000 circuit kilometers of low-voltage distribution lines; and 292 transmission stations, and approximately 1,000 distribution and regulating stations. It serves approximately 1.3 million customers across the province of Ontario, and large industrial customers and local distribution companies. The company also offers broadband fibre-optic capacity to other carriers, large corporations, government agencies, and healthcare and educational institutions. Hydro One Limited was incorporated in 2015 and is headquartered in Toronto, Canada.

FINANCIAL RATIOS  of  Hydro One Limited (H)

Valuation Ratios
P/E Ratio 19.6
Price to Sales 2.2
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 8.8
Price to Free Cash Flow -2901.2
Growth Rates
Sales Growth Rate 0.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1.8%
Cap. Spend. - 3 Yr. Gr. Rate 3.7%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 100.6%
Total Debt to Equity 111.3%
Interest Coverage 3
Management Effectiveness
Return On Assets 4.4%
Ret/ On Assets - 3 Yr. Avg. 4.7%
Return On Total Capital 3.6%
Ret/ On T. Cap. - 3 Yr. Avg. 4%
Return On Equity 7.4%
Return On Equity - 3 Yr. Avg. 8.4%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 30.4%
EBITDA Margin - 3 Yr. Avg. 29.4%
Operating Margin 19.5%
Oper. Margin - 3 Yr. Avg. 18.8%
Pre-Tax Margin 13.5%
Pre-Tax Margin - 3 Yr. Avg. 12.9%
Net Profit Margin 11.3%
Net Profit Margin - 3 Yr. Avg. 11.2%
Effective Tax Rate 15.7%
Eff/ Tax Rate - 3 Yr. Avg. 13.1%
Payout Ratio 80.5%

H stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the H stock intrinsic value calculation we used $6552 million for the last fiscal year's total revenue generated by Hydro One Limited. The default revenue input number comes from 2016 income statement of Hydro One Limited. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our H stock valuation model: a) initial revenue growth rate of 6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.7%, whose default value for H is calculated based on our internal credit rating of Hydro One Limited, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Hydro One Limited.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of H stock the variable cost ratio is equal to 81.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for H stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.9% for Hydro One Limited.

Corporate tax rate of 27% is the nominal tax rate for Hydro One Limited. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the H stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for H are equal to 288.4%.

Life of production assets of 27.8 years is the average useful life of capital assets used in Hydro One Limited operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for H is equal to 0.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $10017 million for Hydro One Limited - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 591.456 million for Hydro One Limited is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Hydro One Limited at the current share price and the inputted number of shares is $14.4 billion.


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Stock chart of H Financial statements of H
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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