Intrinsic value of 8Point3 Energy Partners - CAFD

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$14.40

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of CAFD 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 1.1

 

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, %
  454.55
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  61
  98
  151
  226
  327
  462
  635
  852
  1,119
  1,439
  1,818
  2,258
  2,760
  3,327
  3,958
  4,654
  5,414
  6,236
  7,120
  8,064
  9,066
  10,126
  11,242
  12,412
  13,638
  14,918
  16,253
  17,644
  19,090
  20,594
  22,157
Variable operating expenses, $m
 
  45
  69
  104
  150
  212
  291
  391
  513
  661
  834
  1,036
  1,267
  1,527
  1,817
  2,136
  2,485
  2,862
  3,268
  3,701
  4,161
  4,648
  5,160
  5,697
  6,260
  6,848
  7,460
  8,098
  8,762
  9,453
  10,170
Fixed operating expenses, $m
 
  22
  22
  23
  23
  24
  24
  25
  26
  26
  27
  28
  28
  29
  30
  30
  31
  32
  33
  34
  34
  35
  36
  37
  38
  39
  40
  41
  42
  43
  44
Total operating expenses, $m
  39
  67
  91
  127
  173
  236
  315
  416
  539
  687
  861
  1,064
  1,295
  1,556
  1,847
  2,166
  2,516
  2,894
  3,301
  3,735
  4,195
  4,683
  5,196
  5,734
  6,298
  6,887
  7,500
  8,139
  8,804
  9,496
  10,214
Operating income, $m
  22
  31
  60
  99
  154
  226
  319
  436
  580
  752
  957
  1,194
  1,465
  1,771
  2,112
  2,487
  2,898
  3,342
  3,819
  4,329
  4,870
  5,443
  6,046
  6,678
  7,340
  8,032
  8,753
  9,504
  10,286
  11,098
  11,943
EBITDA, $m
  45
  68
  116
  184
  277
  400
  558
  757
  1,001
  1,295
  1,642
  2,044
  2,505
  3,024
  3,603
  4,241
  4,938
  5,692
  6,502
  7,368
  8,287
  9,258
  10,281
  11,355
  12,479
  13,653
  14,878
  16,153
  17,479
  18,858
  20,292
Interest expense (income), $m
  12
  13
  36
  68
  114
  176
  258
  364
  497
  660
  856
  1,087
  1,356
  1,663
  2,009
  2,395
  2,820
  3,284
  3,787
  4,327
  4,903
  5,516
  6,163
  6,845
  7,560
  8,309
  9,091
  9,907
  10,756
  11,640
  12,559
Earnings before tax, $m
  13
  18
  24
  31
  40
  50
  61
  72
  83
  93
  101
  107
  109
  108
  103
  93
  78
  58
  33
  2
  -33
  -73
  -117
  -167
  -220
  -277
  -338
  -402
  -470
  -542
  -616
Tax expense, $m
  18
  5
  6
  8
  11
  13
  16
  19
  22
  25
  27
  29
  30
  29
  28
  25
  21
  16
  9
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  27
  13
  17
  23
  29
  36
  44
  52
  60
  68
  74
  78
  80
  79
  75
  68
  57
  42
  24
  2
  -33
  -73
  -117
  -167
  -220
  -277
  -338
  -402
  -470
  -542
  -616

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  14
  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
  1,335
  2,122
  3,278
  4,902
  7,113
  10,036
  13,797
  18,519
  24,317
  31,290
  39,521
  49,077
  60,001
  72,321
  86,048
  101,177
  117,693
  135,573
  154,787
  175,304
  197,094
  220,128
  244,381
  269,837
  296,482
  324,313
  353,334
  383,557
  415,002
  447,698
  481,680
Adjusted assets (=assets-cash), $m
  1,321
  2,122
  3,278
  4,902
  7,113
  10,036
  13,797
  18,519
  24,317
  31,290
  39,521
  49,077
  60,001
  72,321
  86,048
  101,177
  117,693
  135,573
  154,787
  175,304
  197,094
  220,128
  244,381
  269,837
  296,482
  324,313
  353,334
  383,557
  415,002
  447,698
  481,680
Revenue / Adjusted assets
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
Average production assets, $m
  605
  967
  1,494
  2,235
  3,243
  4,575
  6,289
  8,442
  11,085
  14,264
  18,016
  22,372
  27,352
  32,968
  39,226
  46,123
  53,652
  61,802
  70,561
  79,914
  89,847
  100,347
  111,404
  123,008
  135,154
  147,841
  161,071
  174,848
  189,183
  204,087
  219,579
Working capital, $m
  8
  -6
  -10
  -15
  -22
  -30
  -42
  -56
  -74
  -95
  -120
  -149
  -182
  -220
  -261
  -307
  -357
  -412
  -470
  -532
  -598
  -668
  -742
  -819
  -900
  -985
  -1,073
  -1,164
  -1,260
  -1,359
  -1,462
Total debt, $m
  386
  1,027
  1,955
  3,260
  5,035
  7,382
  10,402
  14,194
  18,849
  24,449
  31,059
  38,732
  47,504
  57,397
  68,420
  80,568
  93,831
  108,188
  123,617
  140,092
  157,589
  176,085
  195,561
  216,002
  237,398
  259,747
  283,050
  307,319
  332,570
  358,824
  386,112
Total liabilities, $m
  1,063
  1,704
  2,632
  3,937
  5,712
  8,059
  11,079
  14,871
  19,526
  25,126
  31,736
  39,409
  48,181
  58,074
  69,097
  81,245
  94,508
  108,865
  124,294
  140,769
  158,266
  176,762
  196,238
  216,679
  238,075
  260,424
  283,727
  307,996
  333,247
  359,501
  386,789
Total equity, $m
  272
  418
  646
  966
  1,401
  1,977
  2,718
  3,648
  4,790
  6,164
  7,786
  9,668
  11,820
  14,247
  16,951
  19,932
  23,186
  26,708
  30,493
  34,535
  38,827
  43,365
  48,143
  53,158
  58,407
  63,890
  69,607
  75,561
  81,755
  88,196
  94,891
Total liabilities and equity, $m
  1,335
  2,122
  3,278
  4,903
  7,113
  10,036
  13,797
  18,519
  24,316
  31,290
  39,522
  49,077
  60,001
  72,321
  86,048
  101,177
  117,694
  135,573
  154,787
  175,304
  197,093
  220,127
  244,381
  269,837
  296,482
  324,314
  353,334
  383,557
  415,002
  447,697
  481,680
Debt-to-equity ratio
  1.419
  2.460
  3.030
  3.380
  3.590
  3.730
  3.830
  3.890
  3.930
  3.970
  3.990
  4.010
  4.020
  4.030
  4.040
  4.040
  4.050
  4.050
  4.050
  4.060
  4.060
  4.060
  4.060
  4.060
  4.060
  4.070
  4.070
  4.070
  4.070
  4.070
  4.070
Adjusted equity ratio
  0.195
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  27
  13
  17
  23
  29
  36
  44
  52
  60
  68
  74
  78
  80
  79
  75
  68
  57
  42
  24
  2
  -33
  -73
  -117
  -167
  -220
  -277
  -338
  -402
  -470
  -542
  -616
Depreciation, amort., depletion, $m
  23
  37
  57
  85
  123
  174
  239
  321
  421
  542
  685
  851
  1,040
  1,254
  1,491
  1,754
  2,040
  2,350
  2,683
  3,039
  3,416
  3,815
  4,236
  4,677
  5,139
  5,621
  6,124
  6,648
  7,193
  7,760
  8,349
Funds from operations, $m
  56
  50
  74
  108
  152
  210
  283
  373
  482
  610
  759
  929
  1,120
  1,333
  1,567
  1,821
  2,097
  2,392
  2,707
  3,040
  3,383
  3,743
  4,118
  4,511
  4,919
  5,344
  5,786
  6,246
  6,723
  7,218
  7,733
Change in working capital, $m
  1
  -2
  -4
  -5
  -7
  -9
  -11
  -14
  -18
  -21
  -25
  -29
  -33
  -37
  -42
  -46
  -50
  -54
  -58
  -62
  -66
  -70
  -74
  -77
  -81
  -84
  -88
  -92
  -95
  -99
  -103
Cash from operations, $m
  55
  170
  78
  112
  159
  219
  295
  388
  500
  631
  784
  958
  1,153
  1,370
  1,608
  1,867
  2,147
  2,446
  2,765
  3,103
  3,450
  3,813
  4,192
  4,588
  5,000
  5,429
  5,875
  6,338
  6,818
  7,318
  7,836
Maintenance CAPEX, $m
  0
  -23
  -37
  -57
  -85
  -123
  -174
  -239
  -321
  -421
  -542
  -685
  -851
  -1,040
  -1,254
  -1,491
  -1,754
  -2,040
  -2,350
  -2,683
  -3,039
  -3,416
  -3,815
  -4,236
  -4,677
  -5,139
  -5,621
  -6,124
  -6,648
  -7,193
  -7,760
New CAPEX, $m
  0
  -363
  -527
  -740
  -1,008
  -1,332
  -1,714
  -2,153
  -2,643
  -3,179
  -3,753
  -4,356
  -4,980
  -5,616
  -6,257
  -6,897
  -7,529
  -8,151
  -8,759
  -9,353
  -9,933
  -10,500
  -11,056
  -11,604
  -12,147
  -12,687
  -13,230
  -13,777
  -14,334
  -14,905
  -15,491
Cash from investing activities, $m
  -272
  -386
  -564
  -797
  -1,093
  -1,455
  -1,888
  -2,392
  -2,964
  -3,600
  -4,295
  -5,041
  -5,831
  -6,656
  -7,511
  -8,388
  -9,283
  -10,191
  -11,109
  -12,036
  -12,972
  -13,916
  -14,871
  -15,840
  -16,824
  -17,826
  -18,851
  -19,901
  -20,982
  -22,098
  -23,251
Free cash flow, $m
  -217
  -216
  -486
  -685
  -934
  -1,236
  -1,594
  -2,004
  -2,464
  -2,969
  -3,511
  -4,083
  -4,678
  -5,286
  -5,903
  -6,521
  -7,136
  -7,744
  -8,344
  -8,933
  -9,522
  -10,104
  -10,680
  -11,252
  -11,824
  -12,397
  -12,976
  -13,564
  -14,164
  -14,780
  -15,415
Issuance/(repayment) of debt, $m
  87
  643
  929
  1,304
  1,775
  2,347
  3,020
  3,792
  4,656
  5,599
  6,610
  7,673
  8,772
  9,893
  11,023
  12,149
  13,262
  14,357
  15,429
  16,475
  17,497
  18,496
  19,476
  20,441
  21,396
  22,348
  23,304
  24,269
  25,250
  26,255
  27,288
Issuance/(repurchase) of shares, $m
  123
  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  
  195
  643
  929
  1,304
  1,775
  2,347
  3,020
  3,792
  4,656
  5,599
  6,610
  7,673
  8,772
  9,893
  11,023
  12,149
  13,262
  14,357
  15,429
  16,475
  17,497
  18,496
  19,476
  20,441
  21,396
  22,348
  23,304
  24,269
  25,250
  26,255
  27,288
Total cash flow (excl. dividends), $m
  -23
  427
  442
  620
  841
  1,110
  1,426
  1,788
  2,191
  2,630
  3,099
  3,590
  4,095
  4,607
  5,120
  5,628
  6,127
  6,613
  7,085
  7,542
  7,975
  8,392
  8,796
  9,189
  9,573
  9,951
  10,328
  10,705
  11,086
  11,474
  11,873
Retained Cash Flow (-), $m
  136
  -158
  -228
  -320
  -436
  -576
  -741
  -930
  -1,142
  -1,374
  -1,622
  -1,882
  -2,152
  -2,427
  -2,704
  -2,980
  -3,254
  -3,522
  -3,785
  -4,042
  -4,293
  -4,538
  -4,778
  -5,015
  -5,249
  -5,483
  -5,717
  -5,954
  -6,195
  -6,441
  -6,695
Prev. year cash balance distribution, $m
 
  12
  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
 
  281
  214
  300
  406
  535
  686
  858
  1,049
  1,257
  1,477
  1,707
  1,942
  2,180
  2,416
  2,647
  2,873
  3,091
  3,300
  3,500
  3,683
  3,855
  4,018
  4,174
  4,323
  4,468
  4,610
  4,751
  4,891
  5,033
  5,179
Discount rate, %
 
  9.00
  9.45
  9.92
  10.42
  10.94
  11.49
  12.06
  12.66
  13.30
  13.96
  14.66
  15.39
  16.16
  16.97
  17.82
  18.71
  19.65
  20.63
  21.66
  22.74
  23.88
  25.07
  26.33
  27.64
  29.03
  30.48
  32.00
  33.60
  35.28
  37.05
PV of cash for distribution, $m
 
  258
  179
  226
  273
  318
  357
  386
  404
  409
  400
  379
  349
  311
  269
  226
  185
  146
  113
  84
  61
  43
  29
  19
  12
  8
  5
  3
  1
  1
  0
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

8point3 Energy Partners LP, together with its subsidiaries, acquires, owns, and operates solar energy generation projects in the United States. As of November 30, 2016, it owned interests in nine utility-scale solar energy projects; and four commercial and industrial solar energy projects, as well as a portfolio of residential distributed generation solar assets with a total capacity of 642 megawatts. 8point3 General Partner, LLC serves as the general partner of the company. The company was founded in 2015 and is headquartered in San Jose, California.

FINANCIAL RATIOS  of  8Point3 Energy Partners (CAFD)

Valuation Ratios
P/E Ratio 42.2
Price to Sales 18.7
Price to Book 4.2
Price to Tangible Book
Price to Cash Flow 20.7
Price to Free Cash Flow 20.7
Growth Rates
Sales Growth Rate 454.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -100%
Cap. Spend. - 3 Yr. Gr. Rate -100%
Financial Strength
Quick Ratio 7
Current Ratio 0.1
LT Debt to Equity 141.2%
Total Debt to Equity 141.9%
Interest Coverage 2
Management Effectiveness
Return On Assets 1.9%
Ret/ On Assets - 3 Yr. Avg. 1.6%
Return On Total Capital 4%
Ret/ On T. Cap. - 3 Yr. Avg. 2.5%
Return On Equity 7.9%
Return On Equity - 3 Yr. Avg. 4.8%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 88.5%
Gross Margin - 3 Yr. Avg. 94.5%
EBITDA Margin 78.7%
EBITDA Margin - 3 Yr. Avg. -17.9%
Operating Margin 36.1%
Oper. Margin - 3 Yr. Avg. -15.6%
Pre-Tax Margin 21.3%
Pre-Tax Margin - 3 Yr. Avg. -60.2%
Net Profit Margin 44.3%
Net Profit Margin - 3 Yr. Avg. 68.6%
Effective Tax Rate 138.5%
Eff/ Tax Rate - 3 Yr. Avg. 27.1%
Payout Ratio 74.1%

CAFD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CAFD stock intrinsic value calculation we used $61 million for the last fiscal year's total revenue generated by 8Point3 Energy Partners. The default revenue input number comes from 2016 income statement of 8Point3 Energy Partners. 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 CAFD stock valuation model: a) initial revenue growth rate of 60% 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 9%, whose default value for CAFD is calculated based on our internal credit rating of 8Point3 Energy Partners, 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 8Point3 Energy Partners.
    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 CAFD stock the variable cost ratio is equal to 45.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $21 million in the base year in the intrinsic value calculation for CAFD 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 3.5% for 8Point3 Energy Partners.

Corporate tax rate of 27% is the nominal tax rate for 8Point3 Energy Partners. 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 CAFD 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 CAFD are equal to 991%.

Life of production assets of 26.3 years is the average useful life of capital assets used in 8Point3 Energy Partners 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 CAFD is equal to -6.6%. 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 - $272 million for 8Point3 Energy Partners - 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 78.37 million for 8Point3 Energy Partners 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 8Point3 Energy Partners at the current share price and the inputted number of shares is $1.1 billion.


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Stock chart of CAFD Financial statements of CAFD Annual reports of CAFD
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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