Intrinsic value of Allete - ALE

Previous Close

$75.07

  Intrinsic Value

$49.52

stock screener

  Rating & Target

sell

-34%

  Value-price divergence*

-125%

Previous close

$75.07

 
Intrinsic value

$49.52

 
Up/down potential

-34%

 
Rating

sell

 
Value-price divergence*

-125%

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

We calculate the intrinsic value of ALE 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 3.8

 

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, %
  -9.83
  9.60
  9.14
  8.73
  8.35
  8.02
  7.72
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
Revenue, $m
  1,340
  1,469
  1,603
  1,743
  1,888
  2,040
  2,197
  2,361
  2,531
  2,707
  2,891
  3,082
  3,280
  3,487
  3,702
  3,926
  4,160
  4,403
  4,657
  4,922
  5,199
  5,488
  5,790
  6,106
  6,436
  6,781
  7,143
  7,521
  7,917
  8,332
  8,767
Variable operating expenses, $m
 
  1,260
  1,373
  1,491
  1,613
  1,741
  1,874
  2,012
  2,155
  2,304
  2,459
  2,598
  2,766
  2,940
  3,121
  3,310
  3,507
  3,712
  3,926
  4,150
  4,383
  4,627
  4,881
  5,148
  5,426
  5,717
  6,022
  6,341
  6,675
  7,025
  7,391
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
  1,116
  1,260
  1,373
  1,491
  1,613
  1,741
  1,874
  2,012
  2,155
  2,304
  2,459
  2,598
  2,766
  2,940
  3,121
  3,310
  3,507
  3,712
  3,926
  4,150
  4,383
  4,627
  4,881
  5,148
  5,426
  5,717
  6,022
  6,341
  6,675
  7,025
  7,391
Operating income, $m
  224
  209
  230
  252
  275
  299
  323
  349
  376
  403
  432
  484
  515
  547
  581
  616
  653
  691
  731
  772
  816
  861
  908
  958
  1,010
  1,064
  1,121
  1,180
  1,242
  1,307
  1,375
EBITDA, $m
  425
  241
  263
  286
  309
  334
  360
  387
  415
  444
  474
  505
  538
  572
  607
  643
  682
  722
  763
  807
  852
  899
  949
  1,001
  1,055
  1,111
  1,171
  1,233
  1,298
  1,366
  1,437
Interest expense (income), $m
  68
  66
  78
  91
  104
  118
  133
  148
  163
  180
  197
  214
  232
  251
  271
  292
  313
  335
  359
  383
  408
  435
  463
  491
  522
  553
  586
  621
  657
  695
  735
Earnings before tax, $m
  176
  143
  152
  161
  171
  181
  191
  201
  212
  224
  236
  269
  282
  296
  310
  324
  339
  355
  372
  389
  407
  426
  446
  466
  488
  511
  534
  559
  585
  612
  641
Tax expense, $m
  20
  39
  41
  44
  46
  49
  52
  54
  57
  60
  64
  73
  76
  80
  84
  88
  92
  96
  100
  105
  110
  115
  120
  126
  132
  138
  144
  151
  158
  165
  173
Net income, $m
  155
  105
  111
  118
  125
  132
  139
  147
  155
  163
  172
  197
  206
  216
  226
  237
  248
  259
  271
  284
  297
  311
  325
  341
  356
  373
  390
  408
  427
  447
  468

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  28
  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
  4,906
  5,341
  5,829
  6,337
  6,867
  7,417
  7,990
  8,584
  9,202
  9,845
  10,512
  11,207
  11,929
  12,680
  13,462
  14,277
  15,126
  16,012
  16,935
  17,899
  18,905
  19,956
  21,054
  22,202
  23,403
  24,659
  25,973
  27,349
  28,789
  30,298
  31,879
Adjusted assets (=assets-cash), $m
  4,878
  5,341
  5,829
  6,337
  6,867
  7,417
  7,990
  8,584
  9,202
  9,845
  10,512
  11,207
  11,929
  12,680
  13,462
  14,277
  15,126
  16,012
  16,935
  17,899
  18,905
  19,956
  21,054
  22,202
  23,403
  24,659
  25,973
  27,349
  28,789
  30,298
  31,879
Revenue / Adjusted assets
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
Average production assets, $m
  94
  103
  112
  122
  132
  143
  154
  165
  177
  190
  202
  216
  230
  244
  259
  275
  291
  308
  326
  345
  364
  384
  405
  427
  451
  475
  500
  526
  554
  583
  614
Working capital, $m
  -105
  60
  66
  71
  77
  84
  90
  97
  104
  111
  119
  126
  134
  143
  152
  161
  171
  181
  191
  202
  213
  225
  237
  250
  264
  278
  293
  308
  325
  342
  359
Total debt, $m
  1,558
  1,813
  2,112
  2,423
  2,747
  3,084
  3,435
  3,799
  4,177
  4,570
  4,979
  5,403
  5,845
  6,305
  6,784
  7,283
  7,802
  8,344
  8,909
  9,499
  10,115
  10,758
  11,430
  12,133
  12,867
  13,636
  14,440
  15,283
  16,164
  17,088
  18,055
Total liabilities, $m
  3,013
  3,268
  3,567
  3,878
  4,202
  4,539
  4,890
  5,254
  5,632
  6,025
  6,434
  6,858
  7,300
  7,760
  8,239
  8,738
  9,257
  9,799
  10,364
  10,954
  11,570
  12,213
  12,885
  13,588
  14,322
  15,091
  15,895
  16,738
  17,619
  18,543
  19,510
Total equity, $m
  1,893
  2,072
  2,262
  2,459
  2,664
  2,878
  3,100
  3,331
  3,571
  3,820
  4,079
  4,348
  4,628
  4,920
  5,223
  5,540
  5,869
  6,212
  6,571
  6,945
  7,335
  7,743
  8,169
  8,614
  9,080
  9,568
  10,078
  10,611
  11,170
  11,756
  12,369
Total liabilities and equity, $m
  4,906
  5,340
  5,829
  6,337
  6,866
  7,417
  7,990
  8,585
  9,203
  9,845
  10,513
  11,206
  11,928
  12,680
  13,462
  14,278
  15,126
  16,011
  16,935
  17,899
  18,905
  19,956
  21,054
  22,202
  23,402
  24,659
  25,973
  27,349
  28,789
  30,299
  31,879
Debt-to-equity ratio
  0.823
  0.880
  0.930
  0.990
  1.030
  1.070
  1.110
  1.140
  1.170
  1.200
  1.220
  1.240
  1.260
  1.280
  1.300
  1.310
  1.330
  1.340
  1.360
  1.370
  1.380
  1.390
  1.400
  1.410
  1.420
  1.430
  1.430
  1.440
  1.450
  1.450
  1.460
Adjusted equity ratio
  0.382
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  155
  105
  111
  118
  125
  132
  139
  147
  155
  163
  172
  197
  206
  216
  226
  237
  248
  259
  271
  284
  297
  311
  325
  341
  356
  373
  390
  408
  427
  447
  468
Depreciation, amort., depletion, $m
  201
  32
  33
  33
  35
  36
  37
  38
  39
  40
  42
  22
  23
  24
  26
  27
  29
  31
  33
  34
  36
  38
  41
  43
  45
  47
  50
  53
  55
  58
  61
Funds from operations, $m
  325
  136
  144
  151
  159
  167
  176
  185
  194
  204
  214
  218
  229
  240
  252
  264
  277
  290
  304
  319
  334
  349
  366
  383
  401
  420
  440
  461
  482
  505
  529
Change in working capital, $m
  -7
  5
  6
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
Cash from operations, $m
  332
  131
  138
  146
  153
  161
  170
  178
  187
  196
  206
  210
  221
  232
  243
  255
  267
  280
  294
  308
  322
  338
  354
  370
  388
  406
  425
  445
  466
  488
  511
Maintenance CAPEX, $m
  0
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -26
  -27
  -29
  -31
  -33
  -34
  -36
  -38
  -41
  -43
  -45
  -47
  -50
  -53
  -55
  -58
New CAPEX, $m
  -266
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
Cash from investing activities, $m
  -276
  -18
  -19
  -21
  -22
  -24
  -25
  -26
  -29
  -30
  -32
  -33
  -36
  -37
  -39
  -42
  -43
  -46
  -49
  -52
  -53
  -56
  -59
  -63
  -66
  -69
  -72
  -76
  -81
  -84
  -88
Free cash flow, $m
  56
  113
  118
  125
  131
  137
  144
  151
  159
  166
  174
  177
  185
  194
  204
  213
  224
  234
  245
  257
  268
  281
  294
  308
  322
  337
  352
  369
  386
  404
  422
Issuance/(repayment) of debt, $m
  -52
  283
  299
  311
  324
  337
  350
  364
  378
  393
  409
  425
  442
  460
  479
  499
  520
  542
  565
  590
  616
  643
  672
  703
  735
  769
  804
  842
  882
  923
  967
Issuance/(repurchase) of shares, $m
  31
  74
  78
  80
  81
  82
  83
  84
  85
  86
  87
  73
  74
  76
  77
  79
  82
  84
  87
  90
  93
  97
  101
  105
  110
  115
  120
  126
  132
  139
  146
Cash from financing (excl. dividends), $m  
  -22
  357
  377
  391
  405
  419
  433
  448
  463
  479
  496
  498
  516
  536
  556
  578
  602
  626
  652
  680
  709
  740
  773
  808
  845
  884
  924
  968
  1,014
  1,062
  1,113
Total cash flow (excl. dividends), $m
  33
  471
  495
  515
  536
  556
  577
  599
  622
  645
  670
  674
  701
  730
  760
  791
  825
  860
  897
  936
  977
  1,021
  1,067
  1,115
  1,166
  1,220
  1,277
  1,336
  1,399
  1,466
  1,535
Retained Cash Flow (-), $m
  -73
  -179
  -189
  -197
  -205
  -214
  -222
  -231
  -240
  -249
  -259
  -269
  -280
  -292
  -304
  -316
  -329
  -343
  -358
  -374
  -390
  -408
  -426
  -445
  -466
  -487
  -510
  -534
  -559
  -585
  -613
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
 
  291
  306
  318
  330
  343
  355
  368
  382
  396
  411
  405
  421
  438
  456
  475
  495
  516
  539
  562
  587
  613
  641
  670
  700
  733
  767
  803
  840
  880
  922
Discount rate, %
 
  7.40
  7.77
  8.16
  8.57
  8.99
  9.44
  9.92
  10.41
  10.93
  11.48
  12.05
  12.66
  13.29
  13.95
  14.65
  15.38
  16.15
  16.96
  17.81
  18.70
  19.63
  20.62
  21.65
  22.73
  23.87
  25.06
  26.31
  27.63
  29.01
  30.46
PV of cash for distribution, $m
 
  271
  264
  251
  238
  223
  207
  190
  173
  156
  139
  116
  101
  87
  73
  61
  50
  41
  32
  25
  19
  14
  10
  7
  5
  3
  2
  1
  1
  1
  0
Current shareholders' claim on cash, %
  100
  98.1
  96.2
  94.6
  93.0
  91.6
  90.3
  89.1
  88.0
  86.9
  85.9
  85.2
  84.4
  83.8
  83.1
  82.5
  81.9
  81.3
  80.7
  80.2
  79.6
  79.1
  78.6
  78.1
  77.6
  77.1
  76.6
  76.1
  75.7
  75.2
  74.7

ALLETE, Inc. operates as an energy company. The company operates through three segments: Regulated Operations, ALLETE Clean Energy, and U.S. Water Services. It generates electricity from coal-fired, natural gas-fired, biomass co-fired, hydroelectric, wind, solar, and other sources. The company provides regulated electric, natural gas, and water services in northwestern Wisconsin to approximately 15,000 electric customers, 13,000 natural gas customers, and 10,000 water customers, as well as regulated utility electric service in northeastern Minnesota to approximately 145,000 retail customers and 16 non-affiliated municipal customers. It also owns and maintains electric transmission assets in Wisconsin, Michigan, Minnesota, and Illinois. In addition, the company focuses on developing, acquiring, and operating clean and renewable energy projects; and owns and operates approximately 535 MW of nameplate capacity wind energy generation that are under power sales agreements. Further, it offers integrated water management for industry by combining chemical, equipment, engineering, and service for customized solutions to reduce water and energy usage. Additionally, the company is involved in the coal mining operations in North Dakota; and real estate investment activities in Florida. The company owns and operates 165 substations with a total capacity of 8,396 megavolt amperes. It serves taconite mining, iron concentrate, paper, pulp and wood products, and pipeline industries. The company was founded in 1906 and is headquartered in Duluth, Minnesota.

FINANCIAL RATIOS  of  Allete (ALE)

Valuation Ratios
P/E Ratio 24
Price to Sales 2.8
Price to Book 2
Price to Tangible Book
Price to Cash Flow 11.2
Price to Free Cash Flow 56.4
Growth Rates
Sales Growth Rate -9.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -7.3%
Cap. Spend. - 3 Yr. Gr. Rate -4.2%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 72.4%
Total Debt to Equity 82.3%
Interest Coverage 4
Management Effectiveness
Return On Assets 4.4%
Ret/ On Assets - 3 Yr. Avg. 4.2%
Return On Total Capital 4.5%
Ret/ On T. Cap. - 3 Yr. Avg. 4.5%
Return On Equity 8.3%
Return On Equity - 3 Yr. Avg. 8.3%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 33.2%
EBITDA Margin - 3 Yr. Avg. 30.3%
Operating Margin 16.7%
Oper. Margin - 3 Yr. Avg. 15.8%
Pre-Tax Margin 13.1%
Pre-Tax Margin - 3 Yr. Avg. 12.9%
Net Profit Margin 11.6%
Net Profit Margin - 3 Yr. Avg. 10.7%
Effective Tax Rate 11.4%
Eff/ Tax Rate - 3 Yr. Avg. 16.2%
Payout Ratio 66.5%

ALE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ALE stock intrinsic value calculation we used $1340 million for the last fiscal year's total revenue generated by Allete. The default revenue input number comes from 2016 income statement of Allete. 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 ALE stock valuation model: a) initial revenue growth rate of 9.6% 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 7.4%, whose default value for ALE is calculated based on our internal credit rating of Allete, 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 Allete.
    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 ALE stock the variable cost ratio is equal to 85.9%.

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 ALE 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 4.3% for Allete.

Corporate tax rate of 27% is the nominal tax rate for Allete. 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 ALE 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 ALE are equal to 7%.

Life of production assets of 10 years is the average useful life of capital assets used in Allete 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 ALE is equal to 4.1%. 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 - $1893 million for Allete - 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 50.156 million for Allete 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 Allete at the current share price and the inputted number of shares is $3.8 billion.

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COMPANY NEWS

▶ ALLETE, Inc. Value Analysis (NYSE:ALE) : August 4, 2017   [Aug-03-17 09:49PM  Capital Cube]
▶ Allete beats 2Q profit forecasts   [Aug-02-17 09:21PM  Associated Press]
▶ ETFs with exposure to ALLETE, Inc. : July 27, 2017   [Jul-27-17 02:10PM  Capital Cube]
▶ ETFs with exposure to ALLETE, Inc. : July 17, 2017   [Jul-17-17 01:36PM  Capital Cube]
▶ [$$] Coal, Nuclear on the Losing End of Power Shift   [Jul-06-17 12:06AM  The Wall Street Journal]
▶ [$$] Coal, Nuclear on Losing End of Power Shift   [Jul-05-17 04:26PM  The Wall Street Journal]
▶ ETFs with exposure to ALLETE, Inc. : July 4, 2017   [Jul-04-17 02:28PM  Capital Cube]
▶ ETFs with exposure to ALLETE, Inc. : June 22, 2017   [Jun-22-17 03:18PM  Capital Cube]
▶ What 2017's top stock picker is buying   [Jun-19-17 02:35PM  CNBC Videos]
▶ Dairyland Power, Minnesota utility to co-develop $700M natural gas power plant   [Jun-08-17 03:14PM  American City Business Journals]
▶ Allete beats 1Q profit forecasts   [May-04-17 06:57AM  Associated Press]
▶ ALLETE Board of Directors Declares Dividend on Common Stock   [Apr-26-17 06:30AM  Business Wire]
▶ ETFs with exposure to ALLETE, Inc. : April 24, 2017   [Apr-24-17 02:15PM  Capital Cube]
▶ A Small-Cap Sector ETF That's Working   [Apr-11-17 12:41PM  Investopedia]
▶ ALLETE to Announce First Quarter Financial Results on May 4   [Apr-10-17 10:33AM  Business Wire]
▶ Allete beats 4Q profit forecasts   [06:46AM  Associated Press]
▶ ALLETE Names LaMarr Barnes U.S. Water Services CEO   [Jan-16-17 05:13PM  Business Wire]
▶ ALLETE Board of Directors Declares Dividend on Common Stock   [Oct-28-16 04:30PM  Business Wire]
Stock chart of ALE Financial statements of ALE
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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