Intrinsic value of Atmos Energy - ATO

Previous Close

$88.40

  Intrinsic Value

$39.94

stock screener

  Rating & Target

str. sell

-55%

  Value-price divergence*

+402%

Previous close

$88.40

 
Intrinsic value

$39.94

 
Up/down potential

-55%

 
Rating

str. sell

 
Value-price divergence*

+402%

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

We calculate the intrinsic value of ATO 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 9.3

 

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, %
  -19.12
  11.00
  10.40
  9.86
  9.37
  8.94
  8.54
  8.19
  7.87
  7.58
  7.32
  7.09
  6.88
  6.69
  6.53
  6.37
  6.24
  6.11
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
Revenue, $m
  3,350
  3,719
  4,105
  4,510
  4,933
  5,374
  5,833
  6,310
  6,807
  7,323
  7,859
  8,417
  8,996
  9,598
  10,225
  10,876
  11,554
  12,261
  12,996
  13,763
  14,563
  15,397
  16,268
  17,178
  18,128
  19,121
  20,160
  21,246
  22,382
  23,571
  24,817
Variable operating expenses, $m
 
  3,145
  3,465
  3,799
  4,149
  4,513
  4,892
  5,287
  5,697
  6,124
  6,567
  6,955
  7,433
  7,931
  8,449
  8,987
  9,547
  10,131
  10,739
  11,372
  12,033
  12,723
  13,442
  14,194
  14,979
  15,800
  16,658
  17,555
  18,494
  19,477
  20,506
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
  2,682
  3,145
  3,465
  3,799
  4,149
  4,513
  4,892
  5,287
  5,697
  6,124
  6,567
  6,955
  7,433
  7,931
  8,449
  8,987
  9,547
  10,131
  10,739
  11,372
  12,033
  12,723
  13,442
  14,194
  14,979
  15,800
  16,658
  17,555
  18,494
  19,477
  20,506
Operating income, $m
  668
  573
  640
  711
  784
  861
  940
  1,023
  1,110
  1,199
  1,292
  1,462
  1,563
  1,667
  1,776
  1,889
  2,007
  2,130
  2,257
  2,391
  2,530
  2,675
  2,826
  2,984
  3,149
  3,321
  3,502
  3,690
  3,888
  4,094
  4,311
EBITDA, $m
  961
  913
  1,008
  1,107
  1,211
  1,320
  1,432
  1,550
  1,671
  1,798
  1,930
  2,067
  2,209
  2,357
  2,511
  2,671
  2,837
  3,011
  3,191
  3,380
  3,576
  3,781
  3,995
  4,218
  4,451
  4,695
  4,950
  5,217
  5,496
  5,788
  6,094
Interest expense (income), $m
  155
  161
  197
  234
  274
  315
  357
  402
  448
  496
  547
  599
  653
  709
  767
  828
  891
  957
  1,026
  1,097
  1,171
  1,249
  1,330
  1,414
  1,503
  1,595
  1,691
  1,792
  1,897
  2,008
  2,123
Earnings before tax, $m
  550
  412
  444
  476
  511
  546
  583
  621
  661
  703
  746
  863
  910
  958
  1,009
  1,061
  1,116
  1,173
  1,232
  1,294
  1,358
  1,426
  1,496
  1,569
  1,646
  1,726
  1,810
  1,898
  1,990
  2,087
  2,188
Tax expense, $m
  200
  111
  120
  129
  138
  147
  157
  168
  179
  190
  201
  233
  246
  259
  272
  287
  301
  317
  333
  349
  367
  385
  404
  424
  444
  466
  489
  513
  537
  563
  591
Net income, $m
  350
  301
  324
  348
  373
  399
  426
  454
  483
  513
  545
  630
  664
  700
  736
  775
  814
  856
  899
  944
  991
  1,041
  1,092
  1,146
  1,202
  1,260
  1,322
  1,386
  1,453
  1,523
  1,597

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  48
  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
  10,011
  11,067
  12,218
  13,423
  14,681
  15,993
  17,359
  18,781
  20,259
  21,795
  23,391
  25,050
  26,774
  28,567
  30,431
  32,370
  34,388
  36,490
  38,679
  40,962
  43,342
  45,825
  48,417
  51,124
  53,952
  56,908
  59,999
  63,231
  66,613
  70,153
  73,859
Adjusted assets (=assets-cash), $m
  9,963
  11,067
  12,218
  13,423
  14,681
  15,993
  17,359
  18,781
  20,259
  21,795
  23,391
  25,050
  26,774
  28,567
  30,431
  32,370
  34,388
  36,490
  38,679
  40,962
  43,342
  45,825
  48,417
  51,124
  53,952
  56,908
  59,999
  63,231
  66,613
  70,153
  73,859
Revenue / Adjusted assets
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
Average production assets, $m
  3,370
  3,741
  4,130
  4,537
  4,962
  5,406
  5,868
  6,348
  6,848
  7,367
  7,907
  8,467
  9,050
  9,656
  10,286
  10,941
  11,624
  12,334
  13,074
  13,846
  14,650
  15,490
  16,366
  17,281
  18,237
  19,236
  20,280
  21,373
  22,516
  23,713
  24,966
Working capital, $m
  -1,106
  -82
  -90
  -99
  -109
  -118
  -128
  -139
  -150
  -161
  -173
  -185
  -198
  -211
  -225
  -239
  -254
  -270
  -286
  -303
  -320
  -339
  -358
  -378
  -399
  -421
  -444
  -467
  -492
  -519
  -546
Total debt, $m
  3,269
  3,937
  4,687
  5,473
  6,293
  7,148
  8,039
  8,966
  9,930
  10,931
  11,972
  13,054
  14,178
  15,346
  16,562
  17,826
  19,142
  20,512
  21,940
  23,428
  24,980
  26,599
  28,289
  30,054
  31,898
  33,825
  35,840
  37,948
  40,153
  42,461
  44,877
Total liabilities, $m
  6,548
  7,216
  7,966
  8,752
  9,572
  10,427
  11,318
  12,245
  13,209
  14,210
  15,251
  16,333
  17,457
  18,625
  19,841
  21,105
  22,421
  23,791
  25,219
  26,707
  28,259
  29,878
  31,568
  33,333
  35,177
  37,104
  39,119
  41,227
  43,432
  45,740
  48,156
Total equity, $m
  3,463
  3,851
  4,252
  4,671
  5,109
  5,566
  6,041
  6,536
  7,050
  7,585
  8,140
  8,717
  9,317
  9,941
  10,590
  11,265
  11,967
  12,698
  13,460
  14,255
  15,083
  15,947
  16,849
  17,791
  18,775
  19,804
  20,880
  22,004
  23,181
  24,413
  25,703
Total liabilities and equity, $m
  10,011
  11,067
  12,218
  13,423
  14,681
  15,993
  17,359
  18,781
  20,259
  21,795
  23,391
  25,050
  26,774
  28,566
  30,431
  32,370
  34,388
  36,489
  38,679
  40,962
  43,342
  45,825
  48,417
  51,124
  53,952
  56,908
  59,999
  63,231
  66,613
  70,153
  73,859
Debt-to-equity ratio
  0.944
  1.020
  1.100
  1.170
  1.230
  1.280
  1.330
  1.370
  1.410
  1.440
  1.470
  1.500
  1.520
  1.540
  1.560
  1.580
  1.600
  1.620
  1.630
  1.640
  1.660
  1.670
  1.680
  1.690
  1.700
  1.710
  1.720
  1.720
  1.730
  1.740
  1.750
Adjusted equity ratio
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  350
  301
  324
  348
  373
  399
  426
  454
  483
  513
  545
  630
  664
  700
  736
  775
  814
  856
  899
  944
  991
  1,041
  1,092
  1,146
  1,202
  1,260
  1,322
  1,386
  1,453
  1,523
  1,597
Depreciation, amort., depletion, $m
  293
  340
  368
  397
  427
  459
  492
  526
  562
  599
  637
  605
  646
  690
  735
  782
  830
  881
  934
  989
  1,046
  1,106
  1,169
  1,234
  1,303
  1,374
  1,449
  1,527
  1,608
  1,694
  1,783
Funds from operations, $m
  733
  641
  691
  745
  800
  857
  917
  980
  1,045
  1,112
  1,182
  1,235
  1,311
  1,389
  1,471
  1,556
  1,645
  1,737
  1,833
  1,933
  2,038
  2,147
  2,261
  2,380
  2,504
  2,634
  2,770
  2,912
  3,061
  3,217
  3,380
Change in working capital, $m
  -62
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
Cash from operations, $m
  795
  649
  700
  753
  809
  867
  928
  990
  1,056
  1,123
  1,194
  1,247
  1,323
  1,403
  1,485
  1,570
  1,660
  1,753
  1,849
  1,950
  2,056
  2,165
  2,280
  2,400
  2,525
  2,656
  2,793
  2,936
  3,086
  3,243
  3,408
Maintenance CAPEX, $m
  0
  -241
  -267
  -295
  -324
  -354
  -386
  -419
  -453
  -489
  -526
  -565
  -605
  -646
  -690
  -735
  -782
  -830
  -881
  -934
  -989
  -1,046
  -1,106
  -1,169
  -1,234
  -1,303
  -1,374
  -1,449
  -1,527
  -1,608
  -1,694
New CAPEX, $m
  -1,087
  -371
  -389
  -407
  -425
  -443
  -462
  -480
  -500
  -519
  -540
  -561
  -583
  -606
  -630
  -655
  -682
  -710
  -740
  -771
  -805
  -839
  -876
  -915
  -956
  -999
  -1,045
  -1,093
  -1,143
  -1,197
  -1,253
Cash from investing activities, $m
  -1,080
  -612
  -656
  -702
  -749
  -797
  -848
  -899
  -953
  -1,008
  -1,066
  -1,126
  -1,188
  -1,252
  -1,320
  -1,390
  -1,464
  -1,540
  -1,621
  -1,705
  -1,794
  -1,885
  -1,982
  -2,084
  -2,190
  -2,302
  -2,419
  -2,542
  -2,670
  -2,805
  -2,947
Free cash flow, $m
  -285
  37
  44
  51
  60
  69
  80
  91
  103
  115
  128
  122
  136
  150
  165
  180
  196
  212
  228
  245
  262
  280
  298
  316
  335
  354
  374
  395
  416
  438
  461
Issuance/(repayment) of debt, $m
  372
  716
  750
  785
  820
  855
  891
  927
  964
  1,002
  1,041
  1,082
  1,124
  1,169
  1,215
  1,264
  1,316
  1,370
  1,428
  1,488
  1,552
  1,619
  1,690
  1,765
  1,844
  1,927
  2,015
  2,108
  2,205
  2,308
  2,416
Issuance/(repurchase) of shares, $m
  99
  87
  77
  72
  65
  58
  50
  41
  32
  22
  11
  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  
  479
  803
  827
  857
  885
  913
  941
  968
  996
  1,024
  1,052
  1,082
  1,124
  1,169
  1,215
  1,264
  1,316
  1,370
  1,428
  1,488
  1,552
  1,619
  1,690
  1,765
  1,844
  1,927
  2,015
  2,108
  2,205
  2,308
  2,416
Total cash flow (excl. dividends), $m
  194
  840
  871
  908
  945
  983
  1,020
  1,059
  1,098
  1,138
  1,180
  1,203
  1,260
  1,319
  1,380
  1,445
  1,512
  1,582
  1,656
  1,733
  1,814
  1,899
  1,988
  2,081
  2,179
  2,282
  2,389
  2,503
  2,622
  2,746
  2,877
Retained Cash Flow (-), $m
  -268
  -388
  -401
  -419
  -438
  -457
  -475
  -495
  -514
  -535
  -556
  -577
  -600
  -624
  -649
  -675
  -702
  -731
  -762
  -794
  -828
  -864
  -902
  -942
  -984
  -1,029
  -1,076
  -1,125
  -1,177
  -1,232
  -1,290
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
 
  452
  470
  489
  507
  526
  545
  564
  583
  603
  624
  626
  660
  695
  732
  770
  809
  851
  894
  939
  986
  1,034
  1,086
  1,139
  1,195
  1,253
  1,314
  1,378
  1,445
  1,515
  1,588
Discount rate, %
 
  7.30
  7.67
  8.05
  8.45
  8.87
  9.32
  9.78
  10.27
  10.79
  11.32
  11.89
  12.49
  13.11
  13.77
  14.45
  15.18
  15.93
  16.73
  17.57
  18.45
  19.37
  20.34
  21.35
  22.42
  23.54
  24.72
  25.96
  27.25
  28.62
  30.05
PV of cash for distribution, $m
 
  421
  406
  388
  367
  344
  319
  293
  267
  240
  214
  182
  161
  140
  120
  102
  84
  69
  55
  43
  33
  25
  18
  13
  9
  6
  4
  3
  2
  1
  1
Current shareholders' claim on cash, %
  100
  99.1
  98.3
  97.7
  97.2
  96.8
  96.5
  96.2
  96.1
  96.0
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9

Atmos Energy Corporation, together with its subsidiaries, engages in the distribution, transmission, and storage of natural gas in the United States. It operates in three segments: Regulated Distribution, Regulated Pipeline, and Nonregulated. The Regulated Distribution segment is involved in regulated natural gas distribution and related sales operations. This segment distributes natural gas to approximately 3 million residential, commercial, public authority, and industrial customers. As of September 30, 2016, it owned approximately 70,593 miles of underground distribution and transmission mains. The Regulated Pipeline segment engages in the pipeline and storage operations. This segment transports natural gas for third parties and manages five underground storage reservoirs in Texas; and provides ancillary services in the pipeline industry, including parking and lending arrangements, and inventory sales. It owns 5,446 miles of gas transmission and gathering lines. The Nonregulated segment provides natural gas management, marketing, transportation, and storage services to municipalities, local gas distribution companies, and industrial customers primarily in the Midwest and Southeast. This segment owns 111 miles of gas transmission and gathering lines. Atmos Energy Corporation was founded in 1906 and is headquartered in Dallas, Texas.

FINANCIAL RATIOS  of  Atmos Energy (ATO)

Valuation Ratios
P/E Ratio 26.2
Price to Sales 2.7
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 11.6
Price to Free Cash Flow -31.5
Growth Rates
Sales Growth Rate -19.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 12.8%
Cap. Spend. - 3 Yr. Gr. Rate 5.2%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 63.2%
Total Debt to Equity 94.4%
Interest Coverage 5
Management Effectiveness
Return On Assets 4.7%
Ret/ On Assets - 3 Yr. Avg. 4.7%
Return On Total Capital 5.5%
Ret/ On T. Cap. - 3 Yr. Avg. 5.3%
Return On Equity 10.5%
Return On Equity - 3 Yr. Avg. 10.3%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 29.8%
EBITDA Margin - 3 Yr. Avg. 23.5%
Operating Margin 19.9%
Oper. Margin - 3 Yr. Avg. 15.8%
Pre-Tax Margin 16.4%
Pre-Tax Margin - 3 Yr. Avg. 12.8%
Net Profit Margin 10.4%
Net Profit Margin - 3 Yr. Avg. 8%
Effective Tax Rate 36.4%
Eff/ Tax Rate - 3 Yr. Avg. 38%
Payout Ratio 50%

ATO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ATO stock intrinsic value calculation we used $3350 million for the last fiscal year's total revenue generated by Atmos Energy. The default revenue input number comes from 2016 income statement of Atmos Energy. 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 ATO stock valuation model: a) initial revenue growth rate of 11% 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 7.3%, whose default value for ATO is calculated based on our internal credit rating of Atmos Energy, 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 Atmos Energy.
    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 ATO stock the variable cost ratio is equal to 84.8%.

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 ATO 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 5% for Atmos Energy.

Corporate tax rate of 27% is the nominal tax rate for Atmos Energy. 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 ATO 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 ATO are equal to 100.6%.

Life of production assets of 14 years is the average useful life of capital assets used in Atmos Energy 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 ATO is equal to -2.2%. 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 - $3463 million for Atmos Energy - 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 105.062 million for Atmos Energy 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 Atmos Energy at the current share price and the inputted number of shares is $9.3 billion.

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COMPANY NEWS

▶ ETFs with exposure to Atmos Energy Corp. : August 8, 2017   [Aug-08-17 03:59PM  Capital Cube]
▶ Atmos beats 3Q profit forecasts   [Aug-04-17 01:12AM  Associated Press]
▶ ETFs with exposure to Atmos Energy Corp. : July 24, 2017   [Jul-24-17 02:13PM  Capital Cube]
▶ ETFs with exposure to Atmos Energy Corp. : July 13, 2017   [Jul-13-17 03:30PM  Capital Cube]
▶ The Top Dividend-Growing Utilities Stocks   [Jul-12-17 02:44PM  Market Realist]
▶ ETFs with exposure to Atmos Energy Corp. : July 3, 2017   [Jul-03-17 02:53PM  Capital Cube]
▶ ETFs with exposure to Atmos Energy Corp. : June 22, 2017   [Jun-22-17 03:23PM  Capital Cube]
▶ Atmos beats 2Q profit forecasts   [May-04-17 05:02AM  Associated Press]
▶ ETFs with exposure to Atmos Energy Corp. : April 11, 2017   [Apr-11-17 02:13PM  Capital Cube]
▶ Atmos beats 1Q profit forecasts   [Feb-07-17 06:21PM  Associated Press]
▶ Do Hedge Funds Love Atmos Energy Corporation (ATO)?   [Dec-09-16 05:46AM  at Insider Monkey]
▶ Call 811 Before You Dig: It is the Law!   [03:00PM  Business Wire]
Stock chart of ATO Financial statements of ATO
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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