Intrinsic value of Avangrid - AGR

Previous Close

$48.37

  Intrinsic Value

$35.47

stock screener

  Rating & Target

sell

-27%

  Value-price divergence*

-80%

Previous close

$48.37

 
Intrinsic value

$35.47

 
Up/down potential

-27%

 
Rating

sell

 
Value-price divergence*

-80%

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

We calculate the intrinsic value of AGR 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 15.0

 

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, %
  37.81
  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
  6,061
  6,138
  6,280
  6,441
  6,622
  6,823
  7,043
  7,283
  7,543
  7,822
  8,123
  8,444
  8,786
  9,151
  9,539
  9,951
  10,387
  10,848
  11,336
  11,852
  12,397
  12,971
  13,577
  14,216
  14,889
  15,598
  16,344
  17,130
  17,956
  18,826
  19,741
Variable operating expenses, $m
 
  3,603
  3,679
  3,765
  3,862
  3,970
  4,088
  4,217
  4,356
  4,506
  4,667
  4,527
  4,710
  4,906
  5,114
  5,334
  5,568
  5,816
  6,077
  6,354
  6,646
  6,954
  7,279
  7,621
  7,982
  8,362
  8,762
  9,183
  9,626
  10,092
  10,583
Fixed operating expenses, $m
 
  1,353
  1,387
  1,421
  1,457
  1,493
  1,531
  1,569
  1,608
  1,648
  1,690
  1,732
  1,775
  1,820
  1,865
  1,912
  1,960
  2,009
  2,059
  2,110
  2,163
  2,217
  2,272
  2,329
  2,388
  2,447
  2,508
  2,571
  2,635
  2,701
  2,769
Total operating expenses, $m
  4,824
  4,956
  5,066
  5,186
  5,319
  5,463
  5,619
  5,786
  5,964
  6,154
  6,357
  6,259
  6,485
  6,726
  6,979
  7,246
  7,528
  7,825
  8,136
  8,464
  8,809
  9,171
  9,551
  9,950
  10,370
  10,809
  11,270
  11,754
  12,261
  12,793
  13,352
Operating income, $m
  1,194
  1,182
  1,214
  1,254
  1,303
  1,359
  1,424
  1,497
  1,578
  1,668
  1,766
  2,185
  2,301
  2,426
  2,560
  2,704
  2,859
  3,024
  3,200
  3,388
  3,588
  3,801
  4,026
  4,266
  4,520
  4,789
  5,074
  5,376
  5,695
  6,032
  6,389
EBITDA, $m
  1,998
  1,495
  1,526
  1,567
  1,615
  1,672
  1,737
  1,810
  1,891
  1,980
  2,078
  2,185
  2,301
  2,426
  2,560
  2,704
  2,859
  3,024
  3,200
  3,388
  3,588
  3,801
  4,026
  4,266
  4,520
  4,789
  5,074
  5,376
  5,695
  6,032
  6,389
Interest expense (income), $m
  229
  226
  240
  258
  277
  300
  324
  351
  381
  413
  447
  484
  524
  566
  611
  658
  709
  763
  819
  879
  943
  1,010
  1,081
  1,155
  1,234
  1,316
  1,404
  1,495
  1,592
  1,694
  1,801
Earnings before tax, $m
  1,009
  956
  974
  997
  1,025
  1,060
  1,100
  1,146
  1,197
  1,255
  1,319
  1,701
  1,777
  1,860
  1,949
  2,046
  2,150
  2,261
  2,381
  2,509
  2,645
  2,791
  2,946
  3,111
  3,286
  3,472
  3,670
  3,880
  4,103
  4,339
  4,589
Tax expense, $m
  379
  258
  263
  269
  277
  286
  297
  309
  323
  339
  356
  459
  480
  502
  526
  552
  580
  611
  643
  677
  714
  753
  795
  840
  887
  938
  991
  1,048
  1,108
  1,171
  1,239
Net income, $m
  630
  698
  711
  727
  748
  774
  803
  836
  874
  916
  963
  1,242
  1,297
  1,358
  1,423
  1,494
  1,569
  1,651
  1,738
  1,831
  1,931
  2,037
  2,150
  2,271
  2,399
  2,535
  2,679
  2,833
  2,995
  3,167
  3,350

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  91
  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
  31,309
  31,805
  32,536
  33,373
  34,311
  35,352
  36,493
  37,736
  39,081
  40,531
  42,086
  43,750
  45,526
  47,416
  49,425
  51,558
  53,817
  56,209
  58,738
  61,410
  64,232
  67,209
  70,349
  73,659
  77,146
  80,818
  84,685
  88,755
  93,038
  97,544
  102,284
Adjusted assets (=assets-cash), $m
  31,218
  31,805
  32,536
  33,373
  34,311
  35,352
  36,493
  37,736
  39,081
  40,531
  42,086
  43,750
  45,526
  47,416
  49,425
  51,558
  53,817
  56,209
  58,738
  61,410
  64,232
  67,209
  70,349
  73,659
  77,146
  80,818
  84,685
  88,755
  93,038
  97,544
  102,284
Revenue / Adjusted assets
  0.194
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
Average production assets, $m
  -4,728
  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
  -460
  -49
  -50
  -52
  -53
  -55
  -56
  -58
  -60
  -63
  -65
  -68
  -70
  -73
  -76
  -80
  -83
  -87
  -91
  -95
  -99
  -104
  -109
  -114
  -119
  -125
  -131
  -137
  -144
  -151
  -158
Total debt, $m
  5,010
  5,221
  5,599
  6,030
  6,515
  7,051
  7,640
  8,282
  8,976
  9,724
  10,526
  11,385
  12,301
  13,277
  14,314
  15,414
  16,580
  17,814
  19,119
  20,498
  21,954
  23,490
  25,110
  26,818
  28,617
  30,512
  32,508
  34,608
  36,818
  39,143
  41,588
Total liabilities, $m
  16,200
  16,411
  16,789
  17,220
  17,705
  18,241
  18,830
  19,472
  20,166
  20,914
  21,716
  22,575
  23,491
  24,467
  25,504
  26,604
  27,770
  29,004
  30,309
  31,688
  33,144
  34,680
  36,300
  38,008
  39,807
  41,702
  43,698
  45,798
  48,008
  50,333
  52,778
Total equity, $m
  15,109
  15,394
  15,748
  16,152
  16,607
  17,110
  17,663
  18,264
  18,915
  19,617
  20,370
  21,175
  22,034
  22,949
  23,922
  24,954
  26,047
  27,205
  28,429
  29,723
  31,088
  32,529
  34,049
  35,651
  37,339
  39,116
  40,988
  42,958
  45,031
  47,211
  49,505
Total liabilities and equity, $m
  31,309
  31,805
  32,537
  33,372
  34,312
  35,351
  36,493
  37,736
  39,081
  40,531
  42,086
  43,750
  45,525
  47,416
  49,426
  51,558
  53,817
  56,209
  58,738
  61,411
  64,232
  67,209
  70,349
  73,659
  77,146
  80,818
  84,686
  88,756
  93,039
  97,544
  102,283
Debt-to-equity ratio
  0.332
  0.340
  0.360
  0.370
  0.390
  0.410
  0.430
  0.450
  0.470
  0.500
  0.520
  0.540
  0.560
  0.580
  0.600
  0.620
  0.640
  0.650
  0.670
  0.690
  0.710
  0.720
  0.740
  0.750
  0.770
  0.780
  0.790
  0.810
  0.820
  0.830
  0.840
Adjusted equity ratio
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  630
  698
  711
  727
  748
  774
  803
  836
  874
  916
  963
  1,242
  1,297
  1,358
  1,423
  1,494
  1,569
  1,651
  1,738
  1,831
  1,931
  2,037
  2,150
  2,271
  2,399
  2,535
  2,679
  2,833
  2,995
  3,167
  3,350
Depreciation, amort., depletion, $m
  804
  312
  312
  312
  312
  312
  312
  312
  312
  312
  312
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Funds from operations, $m
  1,209
  1,010
  1,023
  1,040
  1,061
  1,086
  1,115
  1,149
  1,187
  1,229
  1,275
  1,242
  1,297
  1,358
  1,423
  1,494
  1,569
  1,651
  1,738
  1,831
  1,931
  2,037
  2,150
  2,271
  2,399
  2,535
  2,679
  2,833
  2,995
  3,167
  3,350
Change in working capital, $m
  -352
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
Cash from operations, $m
  1,561
  1,011
  1,024
  1,041
  1,062
  1,088
  1,117
  1,151
  1,189
  1,231
  1,277
  1,244
  1,300
  1,361
  1,426
  1,497
  1,573
  1,655
  1,742
  1,835
  1,935
  2,042
  2,155
  2,276
  2,404
  2,541
  2,685
  2,839
  3,002
  3,174
  3,357
Maintenance CAPEX, $m
  0
  946
  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
  -1,707
  -4,728
  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
  -1,527
  -3,782
  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
  34
  -2,771
  1,024
  1,041
  1,062
  1,088
  1,117
  1,151
  1,189
  1,231
  1,277
  1,244
  1,300
  1,361
  1,426
  1,497
  1,573
  1,655
  1,742
  1,835
  1,935
  2,042
  2,155
  2,276
  2,404
  2,541
  2,685
  2,839
  3,002
  3,174
  3,357
Issuance/(repayment) of debt, $m
  124
  302
  377
  431
  484
  537
  589
  641
  694
  748
  803
  859
  916
  976
  1,037
  1,100
  1,166
  1,234
  1,305
  1,379
  1,456
  1,536
  1,620
  1,708
  1,799
  1,895
  1,995
  2,100
  2,210
  2,325
  2,446
Issuance/(repurchase) of shares, $m
  -7
  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  
  29
  302
  377
  431
  484
  537
  589
  641
  694
  748
  803
  859
  916
  976
  1,037
  1,100
  1,166
  1,234
  1,305
  1,379
  1,456
  1,536
  1,620
  1,708
  1,799
  1,895
  1,995
  2,100
  2,210
  2,325
  2,446
Total cash flow (excl. dividends), $m
  63
  -2,468
  1,402
  1,473
  1,547
  1,624
  1,706
  1,792
  1,883
  1,979
  2,080
  2,103
  2,216
  2,336
  2,463
  2,597
  2,739
  2,889
  3,047
  3,214
  3,391
  3,578
  3,775
  3,984
  4,204
  4,436
  4,681
  4,939
  5,212
  5,499
  5,802
Retained Cash Flow (-), $m
  -56
  -285
  -354
  -405
  -454
  -503
  -552
  -602
  -651
  -701
  -753
  -805
  -859
  -915
  -972
  -1,032
  -1,094
  -1,158
  -1,224
  -1,293
  -1,366
  -1,441
  -1,520
  -1,602
  -1,688
  -1,778
  -1,872
  -1,970
  -2,073
  -2,181
  -2,294
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
 
  -285
  1,048
  1,068
  1,092
  1,121
  1,154
  1,190
  1,232
  1,277
  1,327
  1,298
  1,357
  1,421
  1,490
  1,565
  1,645
  1,731
  1,823
  1,921
  2,026
  2,137
  2,256
  2,382
  2,516
  2,658
  2,809
  2,969
  3,139
  3,318
  3,509
Discount rate, %
 
  5.10
  5.36
  5.62
  5.90
  6.20
  6.51
  6.83
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.27
  12.89
  13.53
  14.21
  14.92
  15.66
  16.45
  17.27
  18.13
  19.04
  19.99
  20.99
PV of cash for distribution, $m
 
  -271
  944
  906
  868
  830
  790
  749
  707
  664
  620
  539
  497
  455
  412
  370
  328
  288
  249
  213
  179
  149
  121
  97
  77
  59
  45
  33
  24
  17
  12
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

Avangrid, Inc. is an energy and utility company. The Company operates through three segments: Networks, Renewables and Gas. The Networks segment includes all the energy transmission and distribution activities, and any other regulated activity originating in New York and Maine, and regulated electric distribution, electric transmission and gas distribution activities originating in Connecticut and Massachusetts. The Renewables segment owns, develops, constructs and/or operates electricity generation, including renewable and thermal generators, and associated transmission facilities. The Renewables segment includes activities relating to renewable energy, mainly wind energy generation and trading related with such activities. The Gas segment operates a natural gas storage and natural gas trading business through its subsidiaries, Enstor, Inc. and Enstor Energy Services, LLC.

FINANCIAL RATIOS  of  Avangrid (AGR)

Valuation Ratios
P/E Ratio 23.7
Price to Sales 2.5
Price to Book 1
Price to Tangible Book
Price to Cash Flow 9.6
Price to Free Cash Flow -102.4
Growth Rates
Sales Growth Rate 37.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 57.8%
Cap. Spend. - 3 Yr. Gr. Rate 12.6%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 29.8%
Total Debt to Equity 33.2%
Interest Coverage 5
Management Effectiveness
Return On Assets 2.5%
Ret/ On Assets - 3 Yr. Avg. 2%
Return On Total Capital 3.1%
Ret/ On T. Cap. - 3 Yr. Avg. 2.5%
Return On Equity 4.2%
Return On Equity - 3 Yr. Avg. 3.2%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 33.9%
EBITDA Margin - 3 Yr. Avg. 30.6%
Operating Margin 19.8%
Oper. Margin - 3 Yr. Avg. 17%
Pre-Tax Margin 16.8%
Pre-Tax Margin - 3 Yr. Avg. 13%
Net Profit Margin 10.5%
Net Profit Margin - 3 Yr. Avg. 8.6%
Effective Tax Rate 37.6%
Eff/ Tax Rate - 3 Yr. Avg. 29.6%
Payout Ratio 63.7%

AGR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AGR stock intrinsic value calculation we used $6018 million for the last fiscal year's total revenue generated by Avangrid. The default revenue input number comes from 2016 income statement of Avangrid. 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 AGR 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 5.1%, whose default value for AGR is calculated based on our internal credit rating of Avangrid, 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 Avangrid.
    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 AGR stock the variable cost ratio is equal to 58.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1320 million in the base year in the intrinsic value calculation for AGR 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 Avangrid.

Corporate tax rate of 27% is the nominal tax rate for Avangrid. 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 AGR 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 AGR are equal to 0%.

Life of production assets of -2 years is the average useful life of capital assets used in Avangrid 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 AGR is equal to -0.8%. 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 - $15109 million for Avangrid - 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 309.926 million for Avangrid 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 Avangrid at the current share price and the inputted number of shares is $15.0 billion.

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COMPANY NEWS

▶ Apple Inc.'s massive Oregon wind farm breaks ground   [Sep-14-17 06:31PM  American City Business Journals]
▶ ETFs with exposure to Avangrid, Inc. : September 13, 2017   [Sep-13-17 05:12PM  Capital Cube]
▶ ETFs with exposure to Avangrid, Inc. : August 31, 2017   [Aug-31-17 05:08PM  Capital Cube]
▶ Avangrid, Inc. Value Analysis (NYSE:AGR) : August 4, 2017   [Aug-03-17 09:47PM  Capital Cube]
▶ ETFs with exposure to Avangrid, Inc. : July 27, 2017   [Jul-27-17 02:08PM  Capital Cube]
▶ As wind moratorium awaits signature, Avangrid CEO touts Amazon success   [Jul-21-17 10:05AM  American City Business Journals]
▶ Avangrid beats 2Q profit forecasts   [Jul-19-17 09:01PM  Associated Press]
▶ ETFs with exposure to Avangrid, Inc. : July 17, 2017   [Jul-17-17 01:34PM  Capital Cube]
▶ Avangrid Declares Quarterly Dividend   [Jul-06-17 11:36AM  Business Wire]
▶ ETFs with exposure to Avangrid, Inc. : July 4, 2017   [Jul-04-17 02:26PM  Capital Cube]
▶ ETFs with exposure to Avangrid, Inc. : June 22, 2017   [Jun-22-17 03:16PM  Capital Cube]
▶ Apples Oregon wind farm eyes bigger, and fewer, turbines   [May-21-17 06:46PM  American City Business Journals]
▶ Avangrid CEO: Offshore in North Carolina coming 'well beyond 2020'   [Apr-25-17 12:55PM  American City Business Journals]
▶ Avangrid Renewables Leadership Change   [10:40AM  Business Wire]
▶ Avangrid beats 1Q profit forecasts   [07:10AM  Associated Press]
▶ Avangrid Declares Quarterly Dividend   [Apr-20-17 01:50PM  Business Wire]
▶ ETFs with exposure to Avangrid, Inc. : April 7, 2017   [Apr-07-17 03:43PM  Capital Cube]
▶ Details on Oregon-based energy company's 100-plus workers needed for NM wind farm   [Apr-05-17 04:55PM  American City Business Journals]
▶ Big wind development returning to Oregon with a mystery power buyer   [11:46AM  American City Business Journals]
▶ Avangrid Looks Vulnerable to Further Weakness   [Mar-09-17 03:15PM  TheStreet.com]
▶ Avangrid: Cramer's Top Takeaways   [06:22AM  TheStreet.com]
▶ AVANGRID Declares Quarterly Dividend   [Feb-16-17 01:38PM  Business Wire]
▶ AVANGRID Schedules 2017 Financial Update   [Feb-08-17 02:27PM  Business Wire]
▶ Hedge Funds Are Crazy About Avangrid Inc (AGR)   [Dec-14-16 02:19PM  at Insider Monkey]
▶ AVANGRID Declares Quarterly Dividend   [07:33AM  Business Wire]
Financial statements of AGR
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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