Intrinsic value of Ameren - AEE

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$54.69

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$54.69

 
Intrinsic value

$41.56

 
Up/down potential

-24%

 
Rating

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 AEE 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 13.2

 

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, %
  -0.36
  3.70
  3.83
  3.95
  4.05
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
Revenue, $m
  6,076
  6,301
  6,542
  6,800
  7,076
  7,369
  7,681
  8,012
  8,363
  8,734
  9,127
  9,542
  9,980
  10,443
  10,930
  11,444
  11,986
  12,556
  13,157
  13,789
  14,454
  15,154
  15,890
  16,665
  17,479
  18,334
  19,234
  20,179
  21,173
  22,217
  23,315
Variable operating expenses, $m
 
  5,001
  5,191
  5,395
  5,612
  5,843
  6,088
  6,349
  6,625
  6,917
  7,226
  7,512
  7,857
  8,221
  8,605
  9,009
  9,436
  9,885
  10,358
  10,855
  11,379
  11,930
  12,509
  13,119
  13,760
  14,433
  15,142
  15,886
  16,668
  17,490
  18,354
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
  4,695
  5,001
  5,191
  5,395
  5,612
  5,843
  6,088
  6,349
  6,625
  6,917
  7,226
  7,512
  7,857
  8,221
  8,605
  9,009
  9,436
  9,885
  10,358
  10,855
  11,379
  11,930
  12,509
  13,119
  13,760
  14,433
  15,142
  15,886
  16,668
  17,490
  18,354
Operating income, $m
  1,381
  1,299
  1,351
  1,406
  1,464
  1,527
  1,593
  1,664
  1,738
  1,817
  1,901
  2,030
  2,123
  2,222
  2,326
  2,435
  2,550
  2,672
  2,799
  2,934
  3,075
  3,224
  3,381
  3,546
  3,719
  3,901
  4,092
  4,293
  4,505
  4,727
  4,961
EBITDA, $m
  2,216
  1,790
  1,859
  1,932
  2,011
  2,094
  2,183
  2,277
  2,376
  2,482
  2,594
  2,712
  2,836
  2,967
  3,106
  3,252
  3,406
  3,568
  3,739
  3,918
  4,107
  4,306
  4,515
  4,735
  4,967
  5,210
  5,466
  5,734
  6,017
  6,313
  6,625
Interest expense (income), $m
  358
  360
  390
  422
  456
  493
  532
  574
  618
  664
  714
  766
  821
  880
  941
  1,006
  1,075
  1,147
  1,223
  1,303
  1,387
  1,475
  1,569
  1,667
  1,770
  1,878
  1,992
  2,112
  2,238
  2,370
  2,509
Earnings before tax, $m
  1,041
  940
  961
  984
  1,008
  1,034
  1,061
  1,090
  1,121
  1,153
  1,187
  1,264
  1,302
  1,342
  1,384
  1,429
  1,476
  1,525
  1,577
  1,631
  1,689
  1,749
  1,812
  1,879
  1,949
  2,023
  2,100
  2,182
  2,267
  2,357
  2,452
Tax expense, $m
  382
  254
  259
  266
  272
  279
  286
  294
  303
  311
  320
  341
  352
  362
  374
  386
  398
  412
  426
  440
  456
  472
  489
  507
  526
  546
  567
  589
  612
  636
  662
Net income, $m
  653
  686
  702
  718
  736
  755
  775
  796
  818
  842
  867
  923
  951
  980
  1,011
  1,043
  1,077
  1,113
  1,151
  1,191
  1,233
  1,277
  1,323
  1,372
  1,423
  1,477
  1,533
  1,593
  1,655
  1,721
  1,790

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  9
  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
  24,699
  25,613
  26,594
  27,644
  28,764
  29,957
  31,225
  32,570
  33,996
  35,506
  37,102
  38,789
  40,570
  42,450
  44,432
  46,522
  48,723
  51,042
  53,483
  56,053
  58,757
  61,602
  64,595
  67,742
  71,051
  74,530
  78,187
  82,030
  86,070
  90,315
  94,775
Adjusted assets (=assets-cash), $m
  24,690
  25,613
  26,594
  27,644
  28,764
  29,957
  31,225
  32,570
  33,996
  35,506
  37,102
  38,789
  40,570
  42,450
  44,432
  46,522
  48,723
  51,042
  53,483
  56,053
  58,757
  61,602
  64,595
  67,742
  71,051
  74,530
  78,187
  82,030
  86,070
  90,315
  94,775
Revenue / Adjusted assets
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
Average production assets, $m
  2,168
  2,249
  2,336
  2,428
  2,526
  2,631
  2,742
  2,860
  2,986
  3,118
  3,258
  3,407
  3,563
  3,728
  3,902
  4,086
  4,279
  4,483
  4,697
  4,923
  5,160
  5,410
  5,673
  5,949
  6,240
  6,545
  6,867
  7,204
  7,559
  7,932
  8,323
Working capital, $m
  -1,081
  158
  164
  170
  177
  184
  192
  200
  209
  218
  228
  239
  250
  261
  273
  286
  300
  314
  329
  345
  361
  379
  397
  417
  437
  458
  481
  504
  529
  555
  583
Total debt, $m
  7,834
  8,474
  9,173
  9,920
  10,718
  11,567
  12,470
  13,428
  14,443
  15,518
  16,655
  17,856
  19,124
  20,462
  21,874
  23,361
  24,929
  26,580
  28,318
  30,148
  32,073
  34,099
  36,230
  38,470
  40,826
  43,303
  45,907
  48,644
  51,520
  54,542
  57,718
Total liabilities, $m
  17,596
  18,236
  18,935
  19,682
  20,480
  21,329
  22,232
  23,190
  24,205
  25,280
  26,417
  27,618
  28,886
  30,224
  31,636
  33,123
  34,691
  36,342
  38,080
  39,910
  41,835
  43,861
  45,992
  48,232
  50,588
  53,065
  55,669
  58,406
  61,282
  64,304
  67,480
Total equity, $m
  7,103
  7,377
  7,659
  7,961
  8,284
  8,628
  8,993
  9,380
  9,791
  10,226
  10,685
  11,171
  11,684
  12,226
  12,796
  13,398
  14,032
  14,700
  15,403
  16,143
  16,922
  17,741
  18,603
  19,510
  20,463
  21,465
  22,518
  23,625
  24,788
  26,011
  27,295
Total liabilities and equity, $m
  24,699
  25,613
  26,594
  27,643
  28,764
  29,957
  31,225
  32,570
  33,996
  35,506
  37,102
  38,789
  40,570
  42,450
  44,432
  46,521
  48,723
  51,042
  53,483
  56,053
  58,757
  61,602
  64,595
  67,742
  71,051
  74,530
  78,187
  82,031
  86,070
  90,315
  94,775
Debt-to-equity ratio
  1.103
  1.150
  1.200
  1.250
  1.290
  1.340
  1.390
  1.430
  1.480
  1.520
  1.560
  1.600
  1.640
  1.670
  1.710
  1.740
  1.780
  1.810
  1.840
  1.870
  1.900
  1.920
  1.950
  1.970
  2.000
  2.020
  2.040
  2.060
  2.080
  2.100
  2.110
Adjusted equity ratio
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  653
  686
  702
  718
  736
  755
  775
  796
  818
  842
  867
  923
  951
  980
  1,011
  1,043
  1,077
  1,113
  1,151
  1,191
  1,233
  1,277
  1,323
  1,372
  1,423
  1,477
  1,533
  1,593
  1,655
  1,721
  1,790
Depreciation, amort., depletion, $m
  835
  491
  508
  527
  546
  567
  590
  613
  638
  665
  693
  681
  713
  746
  780
  817
  856
  897
  939
  985
  1,032
  1,082
  1,135
  1,190
  1,248
  1,309
  1,373
  1,441
  1,512
  1,586
  1,665
Funds from operations, $m
  2,267
  1,177
  1,210
  1,245
  1,282
  1,322
  1,364
  1,409
  1,456
  1,506
  1,559
  1,604
  1,663
  1,725
  1,791
  1,860
  1,933
  2,010
  2,090
  2,175
  2,265
  2,359
  2,458
  2,562
  2,671
  2,786
  2,907
  3,033
  3,167
  3,307
  3,454
Change in working capital, $m
  144
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
  17
  18
  19
  20
  21
  22
  24
  25
  26
  27
Cash from operations, $m
  2,123
  1,796
  1,204
  1,238
  1,275
  1,315
  1,356
  1,401
  1,447
  1,497
  1,549
  1,594
  1,652
  1,714
  1,779
  1,847
  1,919
  1,995
  2,075
  2,160
  2,248
  2,341
  2,439
  2,542
  2,651
  2,764
  2,884
  3,010
  3,142
  3,281
  3,427
Maintenance CAPEX, $m
  0
  -434
  -450
  -467
  -486
  -505
  -526
  -548
  -572
  -597
  -624
  -652
  -681
  -713
  -746
  -780
  -817
  -856
  -897
  -939
  -985
  -1,032
  -1,082
  -1,135
  -1,190
  -1,248
  -1,309
  -1,373
  -1,441
  -1,512
  -1,586
New CAPEX, $m
  -2,131
  -81
  -86
  -92
  -98
  -105
  -111
  -118
  -125
  -133
  -140
  -148
  -156
  -165
  -174
  -184
  -193
  -204
  -214
  -226
  -237
  -250
  -263
  -276
  -291
  -306
  -321
  -338
  -355
  -373
  -392
Cash from investing activities, $m
  -2,141
  -515
  -536
  -559
  -584
  -610
  -637
  -666
  -697
  -730
  -764
  -800
  -837
  -878
  -920
  -964
  -1,010
  -1,060
  -1,111
  -1,165
  -1,222
  -1,282
  -1,345
  -1,411
  -1,481
  -1,554
  -1,630
  -1,711
  -1,796
  -1,885
  -1,978
Free cash flow, $m
  -18
  1,281
  668
  679
  691
  705
  719
  734
  750
  767
  786
  794
  814
  836
  859
  883
  909
  936
  964
  994
  1,026
  1,059
  1,094
  1,131
  1,170
  1,211
  1,254
  1,299
  1,346
  1,396
  1,449
Issuance/(repayment) of debt, $m
  251
  649
  698
  747
  798
  849
  903
  958
  1,015
  1,075
  1,137
  1,201
  1,268
  1,338
  1,411
  1,488
  1,568
  1,651
  1,738
  1,830
  1,925
  2,026
  2,131
  2,241
  2,356
  2,477
  2,604
  2,737
  2,876
  3,022
  3,176
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  151
  649
  698
  747
  798
  849
  903
  958
  1,015
  1,075
  1,137
  1,201
  1,268
  1,338
  1,411
  1,488
  1,568
  1,651
  1,738
  1,830
  1,925
  2,026
  2,131
  2,241
  2,356
  2,477
  2,604
  2,737
  2,876
  3,022
  3,176
Total cash flow (excl. dividends), $m
  133
  1,931
  1,366
  1,426
  1,489
  1,554
  1,622
  1,692
  1,765
  1,842
  1,922
  1,995
  2,083
  2,174
  2,270
  2,371
  2,476
  2,587
  2,703
  2,824
  2,951
  3,085
  3,225
  3,372
  3,526
  3,688
  3,858
  4,036
  4,223
  4,419
  4,625
Retained Cash Flow (-), $m
  -157
  -274
  -283
  -302
  -323
  -344
  -365
  -388
  -411
  -435
  -460
  -486
  -513
  -541
  -571
  -602
  -634
  -668
  -703
  -740
  -779
  -819
  -862
  -906
  -953
  -1,002
  -1,053
  -1,107
  -1,163
  -1,223
  -1,285
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
 
  1,657
  1,084
  1,124
  1,166
  1,210
  1,256
  1,304
  1,355
  1,407
  1,463
  1,509
  1,570
  1,633
  1,700
  1,769
  1,842
  1,919
  2,000
  2,084
  2,173
  2,266
  2,363
  2,466
  2,573
  2,686
  2,804
  2,929
  3,059
  3,196
  3,340
Discount rate, %
 
  7.80
  8.19
  8.60
  9.03
  9.48
  9.95
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.41
  27.73
  29.12
  30.58
  32.11
PV of cash for distribution, $m
 
  1,537
  926
  878
  825
  770
  711
  650
  589
  527
  467
  405
  349
  297
  249
  205
  166
  133
  104
  79
  59
  44
  31
  22
  15
  10
  6
  4
  2
  1
  1
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Ameren Corporation operates as a public utility holding company in the United States. The company engages in the rate-regulated electric generation, transmission, and distribution in Missouri; and rate-regulated natural gas transmission and distribution businesses in Illinois. It primarily generates electricity through coal, solar, nuclear power, natural gas, methane gas, hydroelectric power, and oil resources. The company serves residential, commercial, and industrial customers. As of February 19, 2016, it had a generating capacity of approximately 10,200 megawatts; and served 2.4 million electric customers and approximately 900,000 natural gas customers. The company was founded in 1881 and is headquartered in St. Louis, Missouri.

FINANCIAL RATIOS  of  Ameren (AEE)

Valuation Ratios
P/E Ratio 20.3
Price to Sales 2.2
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 6.2
Price to Free Cash Flow -1658.5
Growth Rates
Sales Growth Rate -0.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 8.2%
Cap. Spend. - 3 Yr. Gr. Rate 8.4%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 92.8%
Total Debt to Equity 110.3%
Interest Coverage 4
Management Effectiveness
Return On Assets 3.6%
Ret/ On Assets - 3 Yr. Avg. 3.6%
Return On Total Capital 4.4%
Ret/ On T. Cap. - 3 Yr. Avg. 4.4%
Return On Equity 9.3%
Return On Equity - 3 Yr. Avg. 9.1%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 36.8%
EBITDA Margin - 3 Yr. Avg. 34.6%
Operating Margin 22.7%
Oper. Margin - 3 Yr. Avg. 21.4%
Pre-Tax Margin 17.1%
Pre-Tax Margin - 3 Yr. Avg. 16.2%
Net Profit Margin 10.7%
Net Profit Margin - 3 Yr. Avg. 10.3%
Effective Tax Rate 36.7%
Eff/ Tax Rate - 3 Yr. Avg. 38%
Payout Ratio 63.7%

AEE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AEE stock intrinsic value calculation we used $6076 million for the last fiscal year's total revenue generated by Ameren. The default revenue input number comes from 2016 income statement of Ameren. 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 AEE stock valuation model: a) initial revenue growth rate of 3.7% 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 7.8%, whose default value for AEE is calculated based on our internal credit rating of Ameren, 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 Ameren.
    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 AEE stock the variable cost ratio is equal to 79.4%.

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 AEE 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 4.6% for Ameren.

Corporate tax rate of 27% is the nominal tax rate for Ameren. 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 AEE 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 AEE are equal to 35.7%.

Life of production assets of 3.1 years is the average useful life of capital assets used in Ameren 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 AEE is equal to 2.5%. 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 - $7103 million for Ameren - 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 242.169 million for Ameren 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 Ameren at the current share price and the inputted number of shares is $13.2 billion.


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COMPANY NEWS

▶ Ameren Corporation Directors Declare Quarterly Dividend   [Apr-28-17 11:48AM  PR Newswire]
▶ Why these Utility Stocks Look Weak   [Apr-24-17 04:36PM  Market Realist]
▶ Ameren Illinois files for electric rate decrease   [Apr-13-17 01:42PM  PR Newswire]
▶ Traders Are Most Bearish on These Utility Stocks   [Apr-11-17 09:07AM  Market Realist]
▶ Ameren launches energy startup accelerator   [Apr-03-17 11:50AM  at bizjournals.com]
▶ Ameren launches energy startup accelerator   [11:50AM  American City Business Journals]
▶ Ameren names new head of infrastructure unit   [Mar-16-17 03:35PM  at bizjournals.com]
▶ Ameren Corporation Directors Declare Quarterly Dividend   [Feb-10-17 11:47AM  PR Newswire]
▶ Ameren violated Clean Air Act, federal judge rules   [Jan-24-17 02:34PM  at bizjournals.com]
▶ Here is What Hedge Funds Think About Ameren Corp (AEE)   [Dec-08-16 12:45PM  at Insider Monkey]
▶ Missouri is one of 4 states without advanced energy policy   [Dec-01-16 03:45PM  at bizjournals.com]
▶ Warning: Hedge Funds Are Fleeing Newell Brands Inc (NWL)   [Nov-24-16 02:49PM  at Insider Monkey]
Stock chart of AEE Financial statements of AEE
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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