Intrinsic value of CMS Energy - CMS

Previous Close

$46.47

  Intrinsic Value

$32.39

stock screener

  Rating & Target

sell

-30%

  Value-price divergence*

-13%

Previous close

$46.47

 
Intrinsic value

$32.39

 
Up/down potential

-30%

 
Rating

sell

 
Value-price divergence*

-13%

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

We calculate the intrinsic value of CMS 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 13.1

 

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, %
  -0.88
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.11
  5.09
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
Revenue, $m
  6,064
  6,764
  7,145
  7,542
  7,958
  8,392
  8,847
  9,322
  9,819
  10,340
  10,885
  11,456
  12,053
  12,680
  13,337
  14,025
  14,746
  15,503
  16,296
  17,128
  18,000
  18,916
  19,876
  20,883
  21,941
  23,050
  24,214
  25,436
  26,718
  28,063
  29,476
Variable operating expenses, $m
 
  5,546
  5,859
  6,185
  6,525
  6,882
  7,254
  7,644
  8,052
  8,479
  8,925
  9,394
  9,884
  10,398
  10,936
  11,500
  12,092
  12,712
  13,363
  14,045
  14,760
  15,511
  16,298
  17,124
  17,991
  18,901
  19,855
  20,857
  21,909
  23,012
  24,170
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
  5,102
  5,546
  5,859
  6,185
  6,525
  6,882
  7,254
  7,644
  8,052
  8,479
  8,925
  9,394
  9,884
  10,398
  10,936
  11,500
  12,092
  12,712
  13,363
  14,045
  14,760
  15,511
  16,298
  17,124
  17,991
  18,901
  19,855
  20,857
  21,909
  23,012
  24,170
Operating income, $m
  1,297
  1,217
  1,286
  1,358
  1,432
  1,511
  1,592
  1,678
  1,767
  1,861
  1,959
  2,062
  2,170
  2,282
  2,401
  2,524
  2,654
  2,790
  2,933
  3,083
  3,240
  3,405
  3,578
  3,759
  3,949
  4,149
  4,359
  4,578
  4,809
  5,051
  5,306
EBITDA, $m
  2,108
  1,457
  1,539
  1,625
  1,714
  1,808
  1,906
  2,008
  2,115
  2,227
  2,345
  2,468
  2,596
  2,731
  2,873
  3,021
  3,176
  3,339
  3,510
  3,689
  3,877
  4,074
  4,281
  4,498
  4,726
  4,965
  5,216
  5,479
  5,755
  6,045
  6,349
Interest expense (income), $m
  427
  431
  475
  519
  566
  615
  666
  720
  776
  835
  896
  960
  1,028
  1,098
  1,172
  1,249
  1,330
  1,415
  1,505
  1,598
  1,696
  1,799
  1,907
  2,020
  2,139
  2,263
  2,394
  2,531
  2,675
  2,827
  2,985
Earnings before tax, $m
  826
  786
  811
  838
  866
  895
  926
  958
  991
  1,026
  1,063
  1,102
  1,142
  1,184
  1,229
  1,275
  1,324
  1,375
  1,429
  1,485
  1,544
  1,606
  1,671
  1,739
  1,810
  1,886
  1,964
  2,047
  2,134
  2,225
  2,320
Tax expense, $m
  273
  212
  219
  226
  234
  242
  250
  259
  268
  277
  287
  297
  308
  320
  332
  344
  357
  371
  386
  401
  417
  434
  451
  470
  489
  509
  530
  553
  576
  601
  627
Net income, $m
  551
  574
  592
  612
  632
  654
  676
  699
  724
  749
  776
  804
  834
  865
  897
  931
  966
  1,004
  1,043
  1,084
  1,127
  1,172
  1,220
  1,269
  1,322
  1,376
  1,434
  1,494
  1,558
  1,624
  1,694

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  235
  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
  21,622
  22,621
  23,895
  25,225
  26,615
  28,068
  29,587
  31,177
  32,840
  34,581
  36,404
  38,313
  40,313
  42,408
  44,604
  46,905
  49,318
  51,848
  54,501
  57,284
  60,202
  63,263
  66,475
  69,844
  73,380
  77,090
  80,983
  85,069
  89,357
  93,858
  98,581
Adjusted assets (=assets-cash), $m
  21,387
  22,621
  23,895
  25,225
  26,615
  28,068
  29,587
  31,177
  32,840
  34,581
  36,404
  38,313
  40,313
  42,408
  44,604
  46,905
  49,318
  51,848
  54,501
  57,284
  60,202
  63,263
  66,475
  69,844
  73,380
  77,090
  80,983
  85,069
  89,357
  93,858
  98,581
Revenue / Adjusted assets
  0.284
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
Average production assets, $m
  1,135
  1,197
  1,265
  1,335
  1,409
  1,485
  1,566
  1,650
  1,738
  1,830
  1,927
  2,028
  2,133
  2,244
  2,361
  2,482
  2,610
  2,744
  2,884
  3,032
  3,186
  3,348
  3,518
  3,696
  3,883
  4,080
  4,286
  4,502
  4,729
  4,967
  5,217
Working capital, $m
  -375
  710
  750
  792
  836
  881
  929
  979
  1,031
  1,086
  1,143
  1,203
  1,266
  1,331
  1,400
  1,473
  1,548
  1,628
  1,711
  1,798
  1,890
  1,986
  2,087
  2,193
  2,304
  2,420
  2,542
  2,671
  2,805
  2,947
  3,095
Total debt, $m
  10,034
  10,785
  11,805
  12,870
  13,984
  15,147
  16,364
  17,638
  18,970
  20,364
  21,824
  23,354
  24,955
  26,634
  28,393
  30,236
  32,169
  34,195
  36,320
  38,549
  40,887
  43,339
  45,911
  48,610
  51,442
  54,414
  57,532
  60,805
  64,240
  67,845
  71,629
Total liabilities, $m
  17,369
  18,120
  19,140
  20,205
  21,319
  22,482
  23,699
  24,973
  26,305
  27,699
  29,159
  30,689
  32,290
  33,969
  35,728
  37,571
  39,504
  41,530
  43,655
  45,884
  48,222
  50,674
  53,246
  55,945
  58,777
  61,749
  64,867
  68,140
  71,575
  75,180
  78,964
Total equity, $m
  4,253
  4,502
  4,755
  5,020
  5,296
  5,586
  5,888
  6,204
  6,535
  6,882
  7,244
  7,624
  8,022
  8,439
  8,876
  9,334
  9,814
  10,318
  10,846
  11,399
  11,980
  12,589
  13,228
  13,899
  14,603
  15,341
  16,116
  16,929
  17,782
  18,678
  19,618
Total liabilities and equity, $m
  21,622
  22,622
  23,895
  25,225
  26,615
  28,068
  29,587
  31,177
  32,840
  34,581
  36,403
  38,313
  40,312
  42,408
  44,604
  46,905
  49,318
  51,848
  54,501
  57,283
  60,202
  63,263
  66,474
  69,844
  73,380
  77,090
  80,983
  85,069
  89,357
  93,858
  98,582
Debt-to-equity ratio
  2.359
  2.400
  2.480
  2.560
  2.640
  2.710
  2.780
  2.840
  2.900
  2.960
  3.010
  3.060
  3.110
  3.160
  3.200
  3.240
  3.280
  3.310
  3.350
  3.380
  3.410
  3.440
  3.470
  3.500
  3.520
  3.550
  3.570
  3.590
  3.610
  3.630
  3.650
Adjusted equity ratio
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  551
  574
  592
  612
  632
  654
  676
  699
  724
  749
  776
  804
  834
  865
  897
  931
  966
  1,004
  1,043
  1,084
  1,127
  1,172
  1,220
  1,269
  1,322
  1,376
  1,434
  1,494
  1,558
  1,624
  1,694
Depreciation, amort., depletion, $m
  811
  239
  253
  267
  282
  297
  313
  330
  348
  366
  385
  406
  427
  449
  472
  496
  522
  549
  577
  606
  637
  670
  704
  739
  777
  816
  857
  900
  946
  993
  1,043
Funds from operations, $m
  1,636
  813
  845
  879
  914
  951
  989
  1,029
  1,071
  1,115
  1,161
  1,210
  1,260
  1,313
  1,369
  1,427
  1,488
  1,553
  1,620
  1,690
  1,764
  1,842
  1,923
  2,009
  2,098
  2,192
  2,291
  2,395
  2,503
  2,618
  2,737
Change in working capital, $m
  7
  38
  40
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
  72
  76
  79
  83
  87
  92
  96
  101
  106
  111
  116
  122
  128
  135
  141
  148
Cash from operations, $m
  1,629
  775
  805
  837
  870
  905
  941
  979
  1,019
  1,061
  1,104
  1,150
  1,198
  1,248
  1,300
  1,355
  1,413
  1,473
  1,537
  1,603
  1,673
  1,746
  1,822
  1,903
  1,987
  2,076
  2,169
  2,266
  2,369
  2,476
  2,589
Maintenance CAPEX, $m
  0
  -227
  -239
  -253
  -267
  -282
  -297
  -313
  -330
  -348
  -366
  -385
  -406
  -427
  -449
  -472
  -496
  -522
  -549
  -577
  -606
  -637
  -670
  -704
  -739
  -777
  -816
  -857
  -900
  -946
  -993
New CAPEX, $m
  -1,672
  -62
  -67
  -70
  -74
  -77
  -80
  -84
  -88
  -92
  -96
  -101
  -106
  -111
  -116
  -122
  -128
  -134
  -140
  -147
  -154
  -162
  -170
  -178
  -187
  -196
  -206
  -216
  -227
  -238
  -250
Cash from investing activities, $m
  -1,915
  -289
  -306
  -323
  -341
  -359
  -377
  -397
  -418
  -440
  -462
  -486
  -512
  -538
  -565
  -594
  -624
  -656
  -689
  -724
  -760
  -799
  -840
  -882
  -926
  -973
  -1,022
  -1,073
  -1,127
  -1,184
  -1,243
Free cash flow, $m
  -286
  486
  498
  514
  530
  546
  564
  582
  601
  621
  642
  663
  686
  710
  735
  761
  789
  817
  847
  879
  912
  947
  983
  1,021
  1,061
  1,103
  1,147
  1,193
  1,241
  1,292
  1,346
Issuance/(repayment) of debt, $m
  548
  986
  1,020
  1,066
  1,113
  1,164
  1,217
  1,273
  1,332
  1,395
  1,460
  1,529
  1,602
  1,678
  1,759
  1,844
  1,933
  2,026
  2,125
  2,229
  2,338
  2,452
  2,573
  2,699
  2,832
  2,972
  3,118
  3,273
  3,435
  3,605
  3,784
Issuance/(repurchase) of shares, $m
  72
  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  
  602
  986
  1,020
  1,066
  1,113
  1,164
  1,217
  1,273
  1,332
  1,395
  1,460
  1,529
  1,602
  1,678
  1,759
  1,844
  1,933
  2,026
  2,125
  2,229
  2,338
  2,452
  2,573
  2,699
  2,832
  2,972
  3,118
  3,273
  3,435
  3,605
  3,784
Total cash flow (excl. dividends), $m
  316
  1,472
  1,519
  1,579
  1,643
  1,710
  1,781
  1,855
  1,933
  2,015
  2,102
  2,193
  2,288
  2,388
  2,494
  2,605
  2,721
  2,844
  2,972
  3,107
  3,249
  3,399
  3,555
  3,720
  3,893
  4,075
  4,265
  4,466
  4,676
  4,897
  5,129
Retained Cash Flow (-), $m
  -315
  -249
  -253
  -265
  -277
  -289
  -302
  -316
  -331
  -346
  -363
  -380
  -398
  -417
  -437
  -458
  -480
  -503
  -528
  -554
  -581
  -609
  -639
  -671
  -704
  -738
  -775
  -813
  -853
  -896
  -940
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
 
  1,223
  1,265
  1,315
  1,367
  1,421
  1,479
  1,539
  1,602
  1,669
  1,739
  1,813
  1,890
  1,971
  2,057
  2,147
  2,241
  2,340
  2,444
  2,554
  2,669
  2,789
  2,916
  3,049
  3,189
  3,336
  3,491
  3,653
  3,823
  4,002
  4,189
Discount rate, %
 
  10.00
  10.50
  11.03
  11.58
  12.16
  12.76
  13.40
  14.07
  14.77
  15.51
  16.29
  17.10
  17.96
  18.86
  19.80
  20.79
  21.83
  22.92
  24.07
  25.27
  26.53
  27.86
  29.25
  30.72
  32.25
  33.86
  35.56
  37.33
  39.20
  41.16
PV of cash for distribution, $m
 
  1,112
  1,036
  961
  882
  801
  719
  638
  559
  483
  411
  345
  284
  230
  183
  143
  109
  82
  60
  42
  29
  20
  13
  8
  5
  3
  2
  1
  1
  0
  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

CMS Energy Corporation is an energy company operating primarily in Michigan. The Company operates through three segments: electric utility, which consists of regulated activities associated with the generation, transmission and distribution of electricity in Michigan; gas utility, which consists of regulated activities associated with the transportation, storage and distribution of natural gas in Michigan, and enterprises, which consists of various subsidiaries engaging primarily in domestic independent power production. The Company is the parent holding company of various subsidiaries, including Consumers Energy Company (Consumers), an electric and gas utility company, and CMS Enterprises Company (CMS Enterprises), a domestic independent power producer. Consumers serves individuals and businesses operating in the alternative energy, automotive, chemical, metal, and food products industries, as well as a group of other industries.

FINANCIAL RATIOS  of  CMS Energy (CMS)

Valuation Ratios
P/E Ratio 23.5
Price to Sales 2
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 8
Price to Free Cash Flow -301.7
Growth Rates
Sales Growth Rate -0.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 6.9%
Cap. Spend. - 3 Yr. Gr. Rate 3.9%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 205.7%
Total Debt to Equity 235.9%
Interest Coverage 3
Management Effectiveness
Return On Assets 4%
Ret/ On Assets - 3 Yr. Avg. 4%
Return On Total Capital 4%
Ret/ On T. Cap. - 3 Yr. Avg. 4%
Return On Equity 13.5%
Return On Equity - 3 Yr. Avg. 13.5%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 32.3%
EBITDA Margin - 3 Yr. Avg. 29.1%
Operating Margin 20.3%
Oper. Margin - 3 Yr. Avg. 18.1%
Pre-Tax Margin 12.9%
Pre-Tax Margin - 3 Yr. Avg. 11.8%
Net Profit Margin 8.6%
Net Profit Margin - 3 Yr. Avg. 7.8%
Effective Tax Rate 33.1%
Eff/ Tax Rate - 3 Yr. Avg. 33.8%
Payout Ratio 63%

CMS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CMS stock intrinsic value calculation we used $6399 million for the last fiscal year's total revenue generated by CMS Energy. The default revenue input number comes from 2016 income statement of CMS 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 CMS stock valuation model: a) initial revenue growth rate of 5.7% 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 10%, whose default value for CMS is calculated based on our internal credit rating of CMS 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 CMS 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 CMS stock the variable cost ratio is equal to 82%.

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 CMS 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 4.4% for CMS Energy.

Corporate tax rate of 27% is the nominal tax rate for CMS 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 CMS 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 CMS are equal to 17.7%.

Life of production assets of 1.4 years is the average useful life of capital assets used in CMS 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 CMS is equal to 10.5%. 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 - $4253 million for CMS 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 282.887 million for CMS 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 CMS Energy at the current share price and the inputted number of shares is $13.1 billion.

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COMPANY NEWS

▶ CMS Energy to Webcast Investor Day Meeting   [Sep-18-17 04:30PM  PR Newswire]
▶ CMS Energy Sees Relative Strength Rating Improve To 73   [03:00AM  Investor's Business Daily]
▶ ETFs with exposure to CMS Energy Corp. : August 15, 2017   [Aug-15-17 03:45PM  Capital Cube]
▶ IIROC Trading Halt - CMS   [08:44AM  PR Newswire]
▶ CMS Energy misses 2Q profit forecasts   [Jul-28-17 10:34PM  Associated Press]
▶ CMS Energy To Announce Second-Quarter Results July 28   [Jul-13-17 04:30PM  PR Newswire]
▶ CMS Energy Corp. Value Analysis (NYSE:CMS) : July 3, 2017   [Jul-03-17 04:16PM  Capital Cube]
▶ Health care stocks lead as broader markets struggle   [Jun-21-17 11:41AM  Yahoo Finance]
▶ ETFs with exposure to CMS Energy Corp. : May 4, 2017   [May-04-17 03:48PM  Capital Cube]
▶ CMS Energy beats 1Q profit forecasts   [07:40AM  Associated Press]
▶ CMS Energy To Announce First-Quarter Results May 1   [Apr-19-17 04:30PM  PR Newswire]
▶ ETFs with exposure to CMS Energy Corp. : April 7, 2017   [Apr-07-17 04:12PM  Capital Cube]
Financial statements of CMS
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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