Intrinsic value of American Electric Power - AEP

Previous Close

$72.02

  Intrinsic Value

$40.16

stock screener

  Rating & Target

sell

-44%

  Value-price divergence*

-16%

Previous close

$72.02

 
Intrinsic value

$40.16

 
Up/down potential

-44%

 
Rating

sell

 
Value-price divergence*

-16%

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

We calculate the intrinsic value of AEP 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 35.6

 

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, %
  -0.44
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  16,199
  16,708
  17,092
  17,531
  18,024
  18,571
  19,170
  19,823
  20,530
  21,291
  22,108
  22,983
  23,915
  24,908
  25,964
  27,084
  28,271
  29,527
  30,856
  32,260
  33,742
  35,306
  36,955
  38,694
  40,526
  42,455
  44,486
  46,624
  48,874
  51,241
  53,731
Variable operating expenses, $m
 
  13,316
  13,622
  13,972
  14,365
  14,800
  15,278
  15,798
  16,361
  16,968
  17,619
  18,310
  19,053
  19,844
  20,685
  21,577
  22,523
  23,524
  24,582
  25,701
  26,881
  28,127
  29,441
  30,827
  32,286
  33,823
  35,441
  37,145
  38,937
  40,823
  42,806
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
  15,173
  13,316
  13,622
  13,972
  14,365
  14,800
  15,278
  15,798
  16,361
  16,968
  17,619
  18,310
  19,053
  19,844
  20,685
  21,577
  22,523
  23,524
  24,582
  25,701
  26,881
  28,127
  29,441
  30,827
  32,286
  33,823
  35,441
  37,145
  38,937
  40,823
  42,806
Operating income, $m
  1,207
  3,392
  3,470
  3,559
  3,659
  3,771
  3,892
  4,025
  4,169
  4,324
  4,490
  4,673
  4,863
  5,064
  5,279
  5,507
  5,748
  6,004
  6,274
  6,559
  6,861
  7,179
  7,514
  7,867
  8,240
  8,632
  9,045
  9,480
  9,937
  10,419
  10,925
EBITDA, $m
  3,169
  3,397
  3,475
  3,564
  3,665
  3,776
  3,898
  4,031
  4,174
  4,329
  4,495
  4,673
  4,863
  5,064
  5,279
  5,507
  5,748
  6,004
  6,274
  6,559
  6,861
  7,179
  7,514
  7,867
  8,240
  8,632
  9,045
  9,480
  9,937
  10,419
  10,925
Interest expense (income), $m
  849
  857
  897
  940
  989
  1,044
  1,104
  1,171
  1,244
  1,323
  1,407
  1,498
  1,596
  1,700
  1,810
  1,928
  2,053
  2,185
  2,325
  2,473
  2,629
  2,794
  2,968
  3,152
  3,346
  3,550
  3,765
  3,991
  4,229
  4,480
  4,743
Earnings before tax, $m
  476
  2,535
  2,573
  2,620
  2,671
  2,727
  2,788
  2,854
  2,925
  3,001
  3,082
  3,174
  3,267
  3,365
  3,469
  3,579
  3,695
  3,819
  3,949
  4,086
  4,231
  4,384
  4,545
  4,715
  4,894
  5,082
  5,280
  5,489
  5,708
  5,939
  6,181
Tax expense, $m
  -73
  684
  695
  707
  721
  736
  753
  771
  790
  810
  832
  857
  882
  908
  937
  966
  998
  1,031
  1,066
  1,103
  1,142
  1,184
  1,227
  1,273
  1,321
  1,372
  1,426
  1,482
  1,541
  1,603
  1,669
Net income, $m
  611
  1,850
  1,878
  1,912
  1,950
  1,991
  2,035
  2,083
  2,135
  2,191
  2,250
  2,317
  2,385
  2,456
  2,532
  2,613
  2,698
  2,788
  2,883
  2,983
  3,089
  3,201
  3,318
  3,442
  3,573
  3,710
  3,855
  4,007
  4,167
  4,335
  4,512

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  542
  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
  63,468
  64,260
  65,738
  67,427
  69,324
  71,426
  73,732
  76,243
  78,961
  81,889
  85,032
  88,394
  91,982
  95,802
  99,861
  104,169
  108,734
  113,566
  118,676
  124,076
  129,777
  135,792
  142,136
  148,823
  155,868
  163,289
  171,101
  179,325
  187,978
  197,082
  206,658
Adjusted assets (=assets-cash), $m
  62,926
  64,260
  65,738
  67,427
  69,324
  71,426
  73,732
  76,243
  78,961
  81,889
  85,032
  88,394
  91,982
  95,802
  99,861
  104,169
  108,734
  113,566
  118,676
  124,076
  129,777
  135,792
  142,136
  148,823
  155,868
  163,289
  171,101
  179,325
  187,978
  197,082
  206,658
Revenue / Adjusted assets
  0.257
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
Average production assets, $m
  -14,329
  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
Working capital, $m
  -3,464
  601
  615
  631
  649
  669
  690
  714
  739
  766
  796
  827
  861
  897
  935
  975
  1,018
  1,063
  1,111
  1,161
  1,215
  1,271
  1,330
  1,393
  1,459
  1,528
  1,602
  1,678
  1,759
  1,845
  1,934
Total debt, $m
  21,969
  22,422
  23,492
  24,715
  26,089
  27,610
  29,280
  31,098
  33,066
  35,186
  37,461
  39,895
  42,493
  45,258
  48,197
  51,316
  54,621
  58,120
  61,820
  65,729
  69,856
  74,211
  78,804
  83,646
  88,747
  94,119
  99,775
  105,729
  111,994
  118,585
  125,518
Total liabilities, $m
  46,071
  46,524
  47,594
  48,817
  50,191
  51,712
  53,382
  55,200
  57,168
  59,288
  61,563
  63,997
  66,595
  69,360
  72,299
  75,418
  78,723
  82,222
  85,922
  89,831
  93,958
  98,313
  102,906
  107,748
  112,849
  118,221
  123,877
  129,831
  136,096
  142,687
  149,620
Total equity, $m
  17,397
  17,736
  18,144
  18,610
  19,133
  19,714
  20,350
  21,043
  21,793
  22,601
  23,469
  24,397
  25,387
  26,441
  27,562
  28,751
  30,011
  31,344
  32,755
  34,245
  35,818
  37,479
  39,230
  41,075
  43,020
  45,068
  47,224
  49,494
  51,882
  54,395
  57,038
Total liabilities and equity, $m
  63,468
  64,260
  65,738
  67,427
  69,324
  71,426
  73,732
  76,243
  78,961
  81,889
  85,032
  88,394
  91,982
  95,801
  99,861
  104,169
  108,734
  113,566
  118,677
  124,076
  129,776
  135,792
  142,136
  148,823
  155,869
  163,289
  171,101
  179,325
  187,978
  197,082
  206,658
Debt-to-equity ratio
  1.263
  1.260
  1.290
  1.330
  1.360
  1.400
  1.440
  1.480
  1.520
  1.560
  1.600
  1.640
  1.670
  1.710
  1.750
  1.780
  1.820
  1.850
  1.890
  1.920
  1.950
  1.980
  2.010
  2.040
  2.060
  2.090
  2.110
  2.140
  2.160
  2.180
  2.200
Adjusted equity ratio
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  611
  1,850
  1,878
  1,912
  1,950
  1,991
  2,035
  2,083
  2,135
  2,191
  2,250
  2,317
  2,385
  2,456
  2,532
  2,613
  2,698
  2,788
  2,883
  2,983
  3,089
  3,201
  3,318
  3,442
  3,573
  3,710
  3,855
  4,007
  4,167
  4,335
  4,512
Depreciation, amort., depletion, $m
  1,962
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Funds from operations, $m
  4,123
  1,856
  1,884
  1,918
  1,955
  1,996
  2,041
  2,089
  2,141
  2,196
  2,255
  2,317
  2,385
  2,456
  2,532
  2,613
  2,698
  2,788
  2,883
  2,983
  3,089
  3,201
  3,318
  3,442
  3,573
  3,710
  3,855
  4,007
  4,167
  4,335
  4,512
Change in working capital, $m
  -396
  12
  14
  16
  18
  20
  22
  24
  25
  27
  29
  31
  34
  36
  38
  40
  43
  45
  48
  51
  53
  56
  59
  63
  66
  69
  73
  77
  81
  85
  90
Cash from operations, $m
  4,519
  1,844
  1,870
  1,902
  1,937
  1,976
  2,019
  2,065
  2,115
  2,169
  2,226
  2,286
  2,351
  2,421
  2,494
  2,572
  2,655
  2,742
  2,835
  2,933
  3,036
  3,144
  3,259
  3,380
  3,507
  3,641
  3,782
  3,930
  4,086
  4,250
  4,423
Maintenance CAPEX, $m
  0
  1,433
  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
New CAPEX, $m
  -4,910
  -14,329
  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 investing activities, $m
  -4,989
  -12,896
  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
Free cash flow, $m
  -470
  -11,052
  1,870
  1,902
  1,937
  1,976
  2,019
  2,065
  2,115
  2,169
  2,226
  2,286
  2,351
  2,421
  2,494
  2,572
  2,655
  2,742
  2,835
  2,933
  3,036
  3,144
  3,259
  3,380
  3,507
  3,641
  3,782
  3,930
  4,086
  4,250
  4,423
Issuance/(repayment) of debt, $m
  1,606
  995
  1,070
  1,223
  1,373
  1,522
  1,670
  1,818
  1,968
  2,120
  2,275
  2,434
  2,597
  2,765
  2,939
  3,119
  3,305
  3,499
  3,700
  3,909
  4,127
  4,355
  4,593
  4,841
  5,101
  5,372
  5,656
  5,954
  6,265
  6,591
  6,933
Issuance/(repurchase) of shares, $m
  34
  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  
  1,625
  995
  1,070
  1,223
  1,373
  1,522
  1,670
  1,818
  1,968
  2,120
  2,275
  2,434
  2,597
  2,765
  2,939
  3,119
  3,305
  3,499
  3,700
  3,909
  4,127
  4,355
  4,593
  4,841
  5,101
  5,372
  5,656
  5,954
  6,265
  6,591
  6,933
Total cash flow (excl. dividends), $m
  1,155
  -10,057
  2,940
  3,125
  3,310
  3,498
  3,689
  3,883
  4,083
  4,289
  4,501
  4,720
  4,949
  5,186
  5,433
  5,691
  5,960
  6,241
  6,535
  6,842
  7,163
  7,499
  7,852
  8,221
  8,608
  9,013
  9,438
  9,884
  10,351
  10,841
  11,356
Retained Cash Flow (-), $m
  495
  -339
  -408
  -466
  -523
  -580
  -636
  -693
  -750
  -808
  -867
  -928
  -990
  -1,054
  -1,120
  -1,189
  -1,260
  -1,334
  -1,410
  -1,490
  -1,573
  -1,660
  -1,751
  -1,846
  -1,945
  -2,048
  -2,156
  -2,270
  -2,388
  -2,513
  -2,643
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
 
  -339
  2,532
  2,659
  2,787
  2,918
  3,052
  3,190
  3,333
  3,481
  3,634
  3,792
  3,958
  4,132
  4,313
  4,502
  4,700
  4,907
  5,124
  5,351
  5,590
  5,839
  6,101
  6,375
  6,663
  6,965
  7,282
  7,614
  7,963
  8,329
  8,713
Discount rate, %
 
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.85
  11.40
  11.97
  12.57
  13.19
  13.85
  14.55
  15.27
  16.04
  16.84
  17.68
  18.57
  19.49
  20.47
  21.49
  22.57
  23.69
  24.88
  26.12
  27.43
  28.80
  30.24
  31.75
  33.34
PV of cash for distribution, $m
 
  -313
  2,151
  2,057
  1,947
  1,825
  1,691
  1,551
  1,405
  1,258
  1,113
  970
  834
  707
  590
  484
  390
  308
  239
  182
  135
  98
  69
  48
  32
  21
  13
  8
  5
  3
  2
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

American Electric Power Company, Inc., a public utility holding company, engages in the generation, transmission, and distribution of electricity for sale to retail and wholesale customers. The company generates electricity using coal and lignite, natural gas, nuclear, and hydroelectric and other energy sources. It also supplies and markets electric power at wholesale to other electric utility companies, rural electric cooperatives, municipalities, and other market participants. The company delivers electricity to approximately 5.4 million customers in 11 states. The company owns and leases approximately 4,838 railcars, 498 barges, 12 towboats, 8 harbor boats, and a coal handling terminal. American Electric Power Company, Inc. was founded in 1906 and is headquartered in Columbus, Ohio.

FINANCIAL RATIOS  of  American Electric Power (AEP)

Valuation Ratios
P/E Ratio 58
Price to Sales 2.2
Price to Book 2
Price to Tangible Book
Price to Cash Flow 7.8
Price to Free Cash Flow -90.6
Growth Rates
Sales Growth Rate -0.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 6.7%
Cap. Spend. - 3 Yr. Gr. Rate 5.4%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 99.9%
Total Debt to Equity 126.3%
Interest Coverage 2
Management Effectiveness
Return On Assets 2.5%
Ret/ On Assets - 3 Yr. Avg. 3.5%
Return On Total Capital 1.6%
Ret/ On T. Cap. - 3 Yr. Avg. 3.9%
Return On Equity 3.5%
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 20.1%
EBITDA Margin - 3 Yr. Avg. 28.3%
Operating Margin 7.4%
Oper. Margin - 3 Yr. Avg. 15.6%
Pre-Tax Margin 2.9%
Pre-Tax Margin - 3 Yr. Avg. 11.2%
Net Profit Margin 3.7%
Net Profit Margin - 3 Yr. Avg. 8.7%
Effective Tax Rate -15.3%
Eff/ Tax Rate - 3 Yr. Avg. 19.1%
Payout Ratio 183.5%

AEP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AEP stock intrinsic value calculation we used $16380 million for the last fiscal year's total revenue generated by American Electric Power. The default revenue input number comes from 2016 income statement of American Electric Power. 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 AEP stock valuation model: a) initial revenue growth rate of 2% 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 8.1%, whose default value for AEP is calculated based on our internal credit rating of American Electric Power, 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 American Electric Power.
    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 AEP stock the variable cost ratio is equal to 79.7%.

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 AEP 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% for American Electric Power.

Corporate tax rate of 27% is the nominal tax rate for American Electric Power. 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 AEP 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 AEP are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in American Electric Power 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 AEP is equal to 3.6%. 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 - $17397 million for American Electric Power - 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 493.648 million for American Electric Power 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 American Electric Power at the current share price and the inputted number of shares is $35.6 billion.

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GXP Great Plains E 31.49 29.59  hold
WR Westar Energy 51.58 27.31  sell
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XEL Xcel Energy 48.94 37.53  hold
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COMPANY NEWS

▶ AEP's smart meters are coming to Ohio and Delaware is first   [Aug-16-17 12:34PM  American City Business Journals]
▶ Former COTA chief, AEP executive Bill Lhota dies at 77   [Aug-11-17 03:14PM  American City Business Journals]
▶ Time to Cash In Some Profits?   [Aug-10-17 11:51AM  GuruFocus.com]
▶ Dominion Energys Target Prices and Growth Outlook   [Aug-07-17 07:37AM  Market Realist]
▶ What energy resources will replace coal?   [Aug-03-17 03:57PM  Fox Business Videos]
▶ Why AEP's $4.5B wind farm is less risky than coal   [08:50AM  American City Business Journals]
▶ Key Factors behind PPLs Stock Outperformance in 2017   [Jul-31-17 02:05PM  Market Realist]
▶ Oklahoma To Be Home of Worlds Second Largest Wind Farm   [Jul-29-17 09:07AM  Motley Fool]
▶ NextEra Energy: Analysts Recommendations and Target Price   [Jul-28-17 09:08AM  Market Realist]
▶ AEP misses 2Q profit forecasts   [01:24AM  Associated Press]
▶ AEP eyes April 2018 as pivotal month for future of nations largest wind farm   [Jul-27-17 12:10PM  American City Business Journals]
▶ [$$] American Electric Power to Invest $4.5 Billion in Wind Farm Project   [Jul-26-17 08:43PM  The Wall Street Journal]
▶ AEP to spend $4.5 billion on biggest single wind farm in U.S.   [05:40PM  American City Business Journals]
▶ AEP Schedules Live Webcast Of Quarterly Earnings Call   [Jul-20-17 10:31AM  PR Newswire]
▶ AEP Appalachian subsidiary plans to buy 175-megawatt Ohio wind farm   [Jul-06-17 02:10PM  American City Business Journals]
▶ AEP planning $12 million revamp of power grid on Dublin's west side   [Jun-30-17 03:15PM  American City Business Journals]
▶ How Are American Electric Powers Dividends?   [10:13AM  Market Realist]
▶ Utilities Head Toward Bull Market Highs   [12:56PM  Investopedia]
▶ [$$] Coal Mines Are Reimagined as a New Power Source   [01:10AM  The Wall Street Journal]
▶ AEP Releases 2017 Corporate Accountability Report   [May-25-17 11:05AM  PR Newswire]
▶ [$$] Coal Mines Reimagined as New Power Source   [08:32AM  The Wall Street Journal]
▶ AEP Generation Resources Seeks Bids For Coal   [Apr-28-17 05:33PM  PR Newswire]
▶ AEP misses 1Q profit forecasts   [07:44AM  Associated Press]
▶ AEP Schedules Live Webcast Of Quarterly Earnings Call   [Apr-20-17 04:17PM  PR Newswire]
▶ As Trump vows to save coal jobs, AEP focuses on renewables   [Mar-30-17 01:18PM  at bizjournals.com]
▶ As Trump vows to save coal jobs, AEP focuses on renewables   [01:18PM  American City Business Journals]
Stock chart of AEP Financial statements of AEP
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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