Intrinsic value of Calpine - CPN

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$13.11

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$13.11

 
Intrinsic value

$3.97

 
Up/down potential

-70%

 
Rating

str. sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of CPN 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 4.8

 

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, %
  3.77
  10.20
  9.68
  9.21
  8.79
  8.41
  8.07
  7.76
  7.49
  7.24
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
  6.07
  5.96
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.34
  5.30
  5.27
  5.24
Revenue, $m
  6,943
  7,401
  8,117
  8,865
  9,645
  10,456
  11,300
  12,177
  13,089
  14,036
  15,021
  16,044
  17,108
  18,215
  19,366
  20,565
  21,813
  23,114
  24,470
  25,885
  27,361
  28,902
  30,511
  32,193
  33,951
  35,790
  37,713
  39,725
  41,831
  44,037
  46,346
Variable operating expenses, $m
 
  6,467
  7,091
  7,742
  8,421
  9,128
  9,863
  10,627
  11,422
  12,247
  13,105
  13,978
  14,905
  15,869
  16,872
  17,916
  19,004
  20,137
  21,319
  22,551
  23,837
  25,180
  26,582
  28,047
  29,579
  31,180
  32,856
  34,609
  36,444
  38,366
  40,378
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
  5,902
  6,467
  7,091
  7,742
  8,421
  9,128
  9,863
  10,627
  11,422
  12,247
  13,105
  13,978
  14,905
  15,869
  16,872
  17,916
  19,004
  20,137
  21,319
  22,551
  23,837
  25,180
  26,582
  28,047
  29,579
  31,180
  32,856
  34,609
  36,444
  38,366
  40,378
Operating income, $m
  814
  934
  1,027
  1,123
  1,223
  1,328
  1,437
  1,549
  1,667
  1,789
  1,916
  2,066
  2,203
  2,346
  2,494
  2,648
  2,809
  2,977
  3,151
  3,334
  3,524
  3,722
  3,929
  4,146
  4,372
  4,609
  4,857
  5,116
  5,387
  5,671
  5,969
EBITDA, $m
  1,724
  1,952
  2,141
  2,338
  2,544
  2,758
  2,980
  3,212
  3,452
  3,702
  3,962
  4,232
  4,512
  4,804
  5,108
  5,424
  5,753
  6,096
  6,454
  6,827
  7,216
  7,623
  8,047
  8,491
  8,955
  9,440
  9,947
  10,477
  11,033
  11,615
  12,224
Interest expense (income), $m
  584
  565
  642
  722
  806
  893
  983
  1,078
  1,176
  1,278
  1,384
  1,494
  1,608
  1,727
  1,851
  1,980
  2,114
  2,253
  2,399
  2,550
  2,709
  2,874
  3,046
  3,226
  3,414
  3,611
  3,816
  4,031
  4,256
  4,492
  4,738
Earnings before tax, $m
  159
  370
  385
  401
  418
  435
  453
  472
  491
  511
  532
  572
  595
  619
  643
  669
  695
  723
  753
  783
  815
  848
  883
  920
  958
  998
  1,041
  1,085
  1,131
  1,179
  1,230
Tax expense, $m
  48
  100
  104
  108
  113
  117
  122
  127
  133
  138
  144
  155
  161
  167
  174
  181
  188
  195
  203
  211
  220
  229
  239
  248
  259
  270
  281
  293
  305
  318
  332
Net income, $m
  92
  270
  281
  293
  305
  318
  331
  344
  358
  373
  388
  418
  434
  452
  469
  488
  508
  528
  549
  572
  595
  619
  645
  672
  700
  729
  760
  792
  826
  861
  898

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  418
  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
  19,317
  20,848
  22,866
  24,972
  27,168
  29,453
  31,830
  34,301
  36,869
  39,538
  42,312
  45,194
  48,192
  51,309
  54,552
  57,929
  61,446
  65,110
  68,930
  72,915
  77,073
  81,414
  85,947
  90,685
  95,637
  100,816
  106,233
  111,901
  117,835
  124,047
  130,553
Adjusted assets (=assets-cash), $m
  18,899
  20,848
  22,866
  24,972
  27,168
  29,453
  31,830
  34,301
  36,869
  39,538
  42,312
  45,194
  48,192
  51,309
  54,552
  57,929
  61,446
  65,110
  68,930
  72,915
  77,073
  81,414
  85,947
  90,685
  95,637
  100,816
  106,233
  111,901
  117,835
  124,047
  130,553
Revenue / Adjusted assets
  0.367
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
Average production assets, $m
  13,508
  14,883
  16,324
  17,828
  19,395
  21,027
  22,724
  24,488
  26,321
  28,226
  30,206
  32,264
  34,404
  36,630
  38,945
  41,356
  43,866
  46,482
  49,210
  52,054
  55,023
  58,122
  61,358
  64,740
  68,276
  71,973
  75,840
  79,887
  84,123
  88,558
  93,203
Working capital, $m
  730
  1,169
  1,283
  1,401
  1,524
  1,652
  1,785
  1,924
  2,068
  2,218
  2,373
  2,535
  2,703
  2,878
  3,060
  3,249
  3,446
  3,652
  3,866
  4,090
  4,323
  4,566
  4,821
  5,087
  5,364
  5,655
  5,959
  6,277
  6,609
  6,958
  7,323
Total debt, $m
  12,179
  13,371
  15,040
  16,782
  18,598
  20,488
  22,453
  24,497
  26,621
  28,828
  31,122
  33,506
  35,984
  38,562
  41,245
  44,037
  46,946
  49,976
  53,135
  56,430
  59,869
  63,459
  67,209
  71,126
  75,222
  79,505
  83,985
  88,672
  93,579
  98,717
  104,098
Total liabilities, $m
  16,049
  17,241
  18,910
  20,652
  22,468
  24,358
  26,323
  28,367
  30,491
  32,698
  34,992
  37,376
  39,854
  42,432
  45,115
  47,907
  50,816
  53,846
  57,005
  60,300
  63,739
  67,329
  71,079
  74,996
  79,092
  83,375
  87,855
  92,542
  97,449
  102,587
  107,968
Total equity, $m
  3,268
  3,607
  3,956
  4,320
  4,700
  5,095
  5,507
  5,934
  6,378
  6,840
  7,320
  7,819
  8,337
  8,876
  9,438
  10,022
  10,630
  11,264
  11,925
  12,614
  13,334
  14,085
  14,869
  15,688
  16,545
  17,441
  18,378
  19,359
  20,385
  21,460
  22,586
Total liabilities and equity, $m
  19,317
  20,848
  22,866
  24,972
  27,168
  29,453
  31,830
  34,301
  36,869
  39,538
  42,312
  45,195
  48,191
  51,308
  54,553
  57,929
  61,446
  65,110
  68,930
  72,914
  77,073
  81,414
  85,948
  90,684
  95,637
  100,816
  106,233
  111,901
  117,834
  124,047
  130,554
Debt-to-equity ratio
  3.727
  3.710
  3.800
  3.880
  3.960
  4.020
  4.080
  4.130
  4.170
  4.210
  4.250
  4.290
  4.320
  4.340
  4.370
  4.390
  4.420
  4.440
  4.460
  4.470
  4.490
  4.510
  4.520
  4.530
  4.550
  4.560
  4.570
  4.580
  4.590
  4.600
  4.610
Adjusted equity ratio
  0.151
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  92
  270
  281
  293
  305
  318
  331
  344
  358
  373
  388
  418
  434
  452
  469
  488
  508
  528
  549
  572
  595
  619
  645
  672
  700
  729
  760
  792
  826
  861
  898
Depreciation, amort., depletion, $m
  910
  1,018
  1,114
  1,215
  1,320
  1,430
  1,544
  1,662
  1,785
  1,913
  2,046
  2,165
  2,309
  2,458
  2,614
  2,776
  2,944
  3,120
  3,303
  3,494
  3,693
  3,901
  4,118
  4,345
  4,582
  4,830
  5,090
  5,362
  5,646
  5,943
  6,255
Funds from operations, $m
  1,085
  1,288
  1,395
  1,508
  1,625
  1,748
  1,875
  2,007
  2,144
  2,286
  2,434
  2,583
  2,743
  2,910
  3,083
  3,264
  3,452
  3,648
  3,852
  4,065
  4,288
  4,520
  4,763
  5,017
  5,282
  5,559
  5,850
  6,153
  6,471
  6,804
  7,153
Change in working capital, $m
  55
  108
  113
  118
  123
  128
  133
  139
  144
  150
  156
  162
  168
  175
  182
  189
  197
  206
  214
  223
  233
  243
  254
  266
  278
  290
  304
  318
  333
  348
  365
Cash from operations, $m
  1,030
  1,675
  1,282
  1,390
  1,502
  1,619
  1,741
  1,868
  2,000
  2,137
  2,279
  2,422
  2,575
  2,735
  2,901
  3,074
  3,254
  3,442
  3,638
  3,842
  4,055
  4,277
  4,509
  4,751
  5,004
  5,269
  5,546
  5,835
  6,139
  6,456
  6,788
Maintenance CAPEX, $m
  0
  -907
  -999
  -1,096
  -1,197
  -1,302
  -1,411
  -1,525
  -1,643
  -1,767
  -1,894
  -2,027
  -2,165
  -2,309
  -2,458
  -2,614
  -2,776
  -2,944
  -3,120
  -3,303
  -3,494
  -3,693
  -3,901
  -4,118
  -4,345
  -4,582
  -4,830
  -5,090
  -5,362
  -5,646
  -5,943
New CAPEX, $m
  -489
  -1,375
  -1,441
  -1,504
  -1,567
  -1,631
  -1,697
  -1,764
  -1,833
  -1,905
  -1,980
  -2,058
  -2,140
  -2,225
  -2,316
  -2,411
  -2,511
  -2,616
  -2,727
  -2,845
  -2,968
  -3,099
  -3,237
  -3,382
  -3,535
  -3,697
  -3,867
  -4,047
  -4,236
  -4,435
  -4,645
Cash from investing activities, $m
  -1,919
  -2,282
  -2,440
  -2,600
  -2,764
  -2,933
  -3,108
  -3,289
  -3,476
  -3,672
  -3,874
  -4,085
  -4,305
  -4,534
  -4,774
  -5,025
  -5,287
  -5,560
  -5,847
  -6,148
  -6,462
  -6,792
  -7,138
  -7,500
  -7,880
  -8,279
  -8,697
  -9,137
  -9,598
  -10,081
  -10,588
Free cash flow, $m
  -889
  -607
  -1,158
  -1,210
  -1,261
  -1,314
  -1,367
  -1,421
  -1,477
  -1,535
  -1,596
  -1,664
  -1,730
  -1,799
  -1,873
  -1,950
  -2,032
  -2,118
  -2,209
  -2,306
  -2,407
  -2,515
  -2,629
  -2,749
  -2,876
  -3,010
  -3,152
  -3,301
  -3,459
  -3,625
  -3,800
Issuance/(repayment) of debt, $m
  469
  1,610
  1,669
  1,742
  1,815
  1,890
  1,966
  2,044
  2,124
  2,207
  2,294
  2,384
  2,479
  2,578
  2,682
  2,792
  2,908
  3,030
  3,159
  3,295
  3,439
  3,590
  3,750
  3,918
  4,095
  4,283
  4,480
  4,688
  4,907
  5,138
  5,381
Issuance/(repurchase) of shares, $m
  1
  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  
  401
  1,610
  1,669
  1,742
  1,815
  1,890
  1,966
  2,044
  2,124
  2,207
  2,294
  2,384
  2,479
  2,578
  2,682
  2,792
  2,908
  3,030
  3,159
  3,295
  3,439
  3,590
  3,750
  3,918
  4,095
  4,283
  4,480
  4,688
  4,907
  5,138
  5,381
Total cash flow (excl. dividends), $m
  -488
  1,004
  511
  532
  554
  576
  599
  622
  647
  672
  698
  720
  749
  779
  810
  842
  877
  912
  950
  990
  1,031
  1,075
  1,121
  1,169
  1,219
  1,272
  1,328
  1,387
  1,448
  1,513
  1,581
Retained Cash Flow (-), $m
  -159
  -339
  -349
  -364
  -380
  -395
  -411
  -428
  -444
  -462
  -480
  -499
  -519
  -539
  -561
  -584
  -608
  -634
  -661
  -689
  -719
  -751
  -784
  -820
  -857
  -896
  -937
  -981
  -1,026
  -1,075
  -1,126
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
 
  665
  162
  168
  174
  181
  188
  195
  202
  210
  218
  222
  230
  239
  249
  258
  268
  279
  289
  300
  312
  324
  336
  349
  362
  376
  391
  406
  422
  438
  455
Discount rate, %
 
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.60
  17.43
  18.31
  19.22
  20.18
  21.19
  22.25
  23.36
  24.53
  25.76
  27.05
  28.40
  29.82
  31.31
  32.87
  34.52
  36.24
  38.06
  39.96
  41.96
  44.05
  46.26
  48.57
PV of cash for distribution, $m
 
  595
  128
  116
  104
  92
  81
  70
  59
  49
  41
  32
  25
  20
  15
  11
  8
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  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

Calpine Corporation, a wholesale power generation company, owns and operates natural gas-fired and geothermal power plants in North America. It operates natural gas-fired combustion turbines and renewable geothermal conventional steam turbines. The company sells power, steam, capacity, renewable energy credits, and ancillary services to utilities, independent electric system operators, industrial and agricultural companies, retail power providers, municipalities and other governmental entities, and power marketers, as well as retail commercial, industrial, and residential customers. As of February 1, 2017, it owned and operated 80 power plants, including 1 under construction with an aggregate generation capacity of 25,908 megawatts and 828 megawatts under construction. The company was founded in 1984 and is based in Houston, Texas.

FINANCIAL RATIOS  of  Calpine (CPN)

Valuation Ratios
P/E Ratio 51.2
Price to Sales 0.7
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 4.6
Price to Free Cash Flow 8.7
Growth Rates
Sales Growth Rate 3.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -13.5%
Cap. Spend. - 3 Yr. Gr. Rate -3.2%
Financial Strength
Quick Ratio 1
Current Ratio 0.6
LT Debt to Equity 349.8%
Total Debt to Equity 372.7%
Interest Coverage 1
Management Effectiveness
Return On Assets 2.6%
Ret/ On Assets - 3 Yr. Avg. 5.8%
Return On Total Capital 0.6%
Ret/ On T. Cap. - 3 Yr. Avg. 2.9%
Return On Equity 2.9%
Return On Equity - 3 Yr. Avg. 12.5%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 24.6%
EBITDA Margin - 3 Yr. Avg. 25.5%
Operating Margin 12.1%
Oper. Margin - 3 Yr. Avg. 15.1%
Pre-Tax Margin 2.4%
Pre-Tax Margin - 3 Yr. Avg. 5.8%
Net Profit Margin 1.4%
Net Profit Margin - 3 Yr. Avg. 5.6%
Effective Tax Rate 30.2%
Eff/ Tax Rate - 3 Yr. Avg. -3.8%
Payout Ratio 0%

CPN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CPN stock intrinsic value calculation we used $6716 million for the last fiscal year's total revenue generated by Calpine. The default revenue input number comes from 2016 income statement of Calpine. 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 CPN stock valuation model: a) initial revenue growth rate of 10.2% 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 11.8%, whose default value for CPN is calculated based on our internal credit rating of Calpine, 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 Calpine.
    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 CPN stock the variable cost ratio is equal to 87.4%.

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 CPN 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 4.8% for Calpine.

Corporate tax rate of 27% is the nominal tax rate for Calpine. 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 CPN 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 CPN are equal to 201.1%.

Life of production assets of 14.9 years is the average useful life of capital assets used in Calpine 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 CPN is equal to 15.8%. 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 - $3268 million for Calpine - 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 368.326 million for Calpine 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 Calpine at the current share price and the inputted number of shares is $4.8 billion.


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COMPANY NEWS

▶ Power Producers Would Like You to Take Them Home   [May-22-17 12:27PM  Bloomberg]
▶ The Curious Calculus Of A Calpine Buyout   [May-19-17 11:39AM  Bloomberg]
▶ ETFs with exposure to Calpine Corp. : May 18, 2017   [May-18-17 01:37PM  Capital Cube]
▶ [$$] Noble Group: coal bunkered   [May-15-17 11:45AM  Financial Times]
▶ A Sand-Eradicating Sprayer and Other Gear   [May-12-17 10:50PM  The Wall Street Journal]
▶ Major Houston-based power co. reportedly considers selling itself   [May-11-17 09:05AM  American City Business Journals]
▶ [$$] Power Company Calpine Explores Sale   [07:52AM  The Wall Street Journal]
▶ [$$] Power Company Calpine Explores Sale   [May-10-17 04:01PM  The Wall Street Journal]
▶ ETFs with exposure to Calpine Corp. : May 4, 2017   [May-04-17 03:50PM  Capital Cube]
▶ Calpine reports 1Q loss   [Apr-28-17 06:10AM  Associated Press]
▶ New Strong Sell Stocks for April 17th   [Apr-17-17 10:29AM  Zacks]
▶ Analyst Recommendations and Price Targets for Calpine   [Mar-30-17 07:37AM  Market Realist]
▶ How Calpine Stock Is Valued Compared to Its Peers   [Mar-29-17 02:35PM  Market Realist]
▶ How Has Calpine Stock Performed Recently?   [11:13AM  Market Realist]
▶ Stocks Decline to Their 3-Year Lows   [Mar-19-17 01:40PM  GuruFocus.com]
▶ Morningstar Runs the Numbers   [Mar-18-17 06:00AM  Morningstar]
▶ [$$] Calpine Sales Top Views   [12:18PM  at The Wall Street Journal]
▶ Morningstar Runs the Numbers   [Jan-28-17 06:00AM  at Morningstar]
▶ How BOK Financial Corporation (BOKF) Stacks Up Against Its Peers   [Dec-08-16 09:55PM  at Insider Monkey]
▶ What This Metric Says about Calpine Corporation (CPN)   [Nov-30-16 08:53AM  at Insider Monkey]
▶ What Happens to Utility Stocks in a Trump Administration?   [Nov-21-16 09:01AM  at Motley Fool]
▶ This Hedge Fund Just Made A Massive Bet Against the SPY   [Nov-11-16 02:43PM  at Insider Monkey]
▶ [$$] Low Electricity Prices Dim Power Plant Operator Profits   [Nov-05-16 12:12AM  at The Wall Street Journal]
▶ [$$] Low Electricity Prices Dim Power Plant Operator Profits   [11:17AM  at The Wall Street Journal]
Stock chart of CPN Financial statements of CPN Annual reports of CPN
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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