Intrinsic value of Delta Natural Gas - DGAS

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$30.30

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$30.30

 
Intrinsic value

$2.74

 
Up/down potential

-91%

 
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 DGAS 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 0.2

 

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, %
  -25.58
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.61
  8.25
  7.93
  7.63
  7.37
  7.13
  6.92
  6.73
  6.56
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
Revenue, $m
  64
  72
  80
  88
  97
  106
  115
  125
  136
  146
  157
  169
  181
  194
  207
  220
  234
  249
  264
  280
  297
  314
  332
  351
  371
  391
  413
  435
  459
  483
  509
Variable operating expenses, $m
 
  60
  67
  74
  82
  89
  97
  106
  114
  123
  133
  143
  153
  163
  174
  186
  198
  210
  223
  236
  250
  265
  280
  296
  313
  330
  348
  367
  387
  408
  429
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
  53
  60
  67
  74
  82
  89
  97
  106
  114
  123
  133
  143
  153
  163
  174
  186
  198
  210
  223
  236
  250
  265
  280
  296
  313
  330
  348
  367
  387
  408
  429
Operating income, $m
  11
  11
  12
  14
  15
  16
  18
  20
  21
  23
  25
  26
  28
  30
  32
  34
  37
  39
  41
  44
  46
  49
  52
  55
  58
  61
  64
  68
  72
  75
  79
EBITDA, $m
  18
  19
  21
  23
  26
  28
  31
  33
  36
  39
  42
  45
  48
  51
  55
  58
  62
  66
  70
  74
  79
  83
  88
  93
  98
  104
  110
  115
  122
  128
  135
Interest expense (income), $m
  2
  2
  2
  3
  3
  4
  5
  5
  6
  7
  7
  8
  9
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  26
  27
  29
Earnings before tax, $m
  9
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  34
  35
  37
  39
  41
  43
  46
  48
  50
Tax expense, $m
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
Net income, $m
  6
  7
  7
  8
  8
  9
  10
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  33
  35
  37

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  19
  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
  189
  190
  211
  234
  257
  281
  307
  333
  361
  389
  419
  450
  482
  515
  550
  586
  623
  662
  703
  745
  789
  835
  883
  933
  986
  1,040
  1,097
  1,157
  1,220
  1,285
  1,353
Adjusted assets (=assets-cash), $m
  170
  190
  211
  234
  257
  281
  307
  333
  361
  389
  419
  450
  482
  515
  550
  586
  623
  662
  703
  745
  789
  835
  883
  933
  986
  1,040
  1,097
  1,157
  1,220
  1,285
  1,353
Revenue / Adjusted assets
  0.376
  0.379
  0.379
  0.376
  0.377
  0.377
  0.375
  0.375
  0.377
  0.375
  0.375
  0.376
  0.376
  0.377
  0.376
  0.375
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
Average production assets, $m
  138
  154
  171
  189
  208
  228
  249
  270
  292
  315
  339
  365
  391
  418
  446
  475
  505
  537
  570
  604
  640
  677
  716
  757
  799
  843
  890
  938
  989
  1,042
  1,097
Working capital, $m
  22
  6
  6
  7
  8
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
  23
  24
  26
  27
  29
  31
  32
  34
  36
  38
  40
Total debt, $m
  52
  63
  77
  91
  106
  121
  138
  154
  172
  190
  209
  229
  250
  271
  293
  316
  341
  366
  392
  419
  447
  476
  507
  539
  573
  608
  644
  683
  723
  765
  808
Total liabilities, $m
  111
  122
  136
  150
  165
  180
  197
  213
  231
  249
  268
  288
  309
  330
  352
  375
  400
  425
  451
  478
  506
  535
  566
  598
  632
  667
  703
  742
  782
  824
  867
Total equity, $m
  78
  68
  76
  84
  92
  101
  110
  120
  129
  140
  150
  161
  173
  185
  197
  210
  224
  238
  252
  268
  283
  300
  317
  335
  354
  373
  394
  415
  438
  461
  486
Total liabilities and equity, $m
  189
  190
  212
  234
  257
  281
  307
  333
  360
  389
  418
  449
  482
  515
  549
  585
  624
  663
  703
  746
  789
  835
  883
  933
  986
  1,040
  1,097
  1,157
  1,220
  1,285
  1,353
Debt-to-equity ratio
  0.667
  0.920
  1.010
  1.080
  1.150
  1.200
  1.250
  1.290
  1.330
  1.360
  1.390
  1.420
  1.440
  1.470
  1.490
  1.500
  1.520
  1.540
  1.550
  1.560
  1.580
  1.590
  1.600
  1.610
  1.620
  1.630
  1.640
  1.640
  1.650
  1.660
  1.660
Adjusted equity ratio
  0.347
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  6
  7
  7
  8
  8
  9
  10
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  33
  35
  37
Depreciation, amort., depletion, $m
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  19
  20
  21
  23
  24
  26
  27
  29
  31
  32
  34
  36
  38
  41
  43
  45
  48
  50
  53
  56
Funds from operations, $m
  16
  15
  16
  17
  19
  21
  22
  24
  26
  28
  30
  32
  34
  36
  39
  41
  44
  46
  49
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  88
  92
Change in working capital, $m
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
Cash from operations, $m
  15
  14
  15
  17
  18
  20
  22
  23
  25
  27
  29
  31
  33
  35
  38
  40
  42
  45
  48
  50
  53
  56
  60
  63
  66
  70
  74
  78
  82
  86
  90
Maintenance CAPEX, $m
  0
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -31
  -32
  -34
  -36
  -38
  -41
  -43
  -45
  -48
  -50
  -53
New CAPEX, $m
  -6
  -16
  -17
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -48
  -51
  -53
  -55
Cash from investing activities, $m
  -6
  -23
  -25
  -27
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -49
  -52
  -54
  -58
  -60
  -63
  -67
  -69
  -73
  -77
  -80
  -85
  -89
  -93
  -99
  -103
  -108
Free cash flow, $m
  9
  -9
  -10
  -10
  -10
  -10
  -10
  -11
  -11
  -11
  -11
  -11
  -11
  -12
  -12
  -12
  -12
  -12
  -12
  -13
  -13
  -13
  -14
  -14
  -15
  -15
  -15
  -16
  -17
  -17
  -18
Issuance/(repayment) of debt, $m
  -2
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  34
  35
  37
  38
  40
  42
  44
Issuance/(repurchase) of shares, $m
  1
  0
  4
  4
  4
  3
  3
  3
  3
  3
  3
  3
  2
  2
  2
  2
  1
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -1
  13
  18
  18
  19
  19
  19
  20
  21
  21
  22
  23
  23
  23
  24
  25
  25
  26
  27
  28
  29
  29
  31
  32
  34
  35
  37
  38
  40
  42
  44
Total cash flow (excl. dividends), $m
  8
  4
  4
  4
  5
  5
  6
  6
  7
  7
  8
  9
  9
  10
  11
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
Retained Cash Flow (-), $m
  -1
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -25
Prev. year cash balance distribution, $m
 
  17
  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
 
  13
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
Discount rate, %
 
  5.00
  5.25
  5.51
  5.79
  6.08
  6.38
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
PV of cash for distribution, $m
 
  13
  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
Current shareholders' claim on cash, %
  100
  100.0
  98.1
  96.5
  95.0
  93.7
  92.6
  91.7
  90.8
  90.1
  89.5
  88.9
  88.5
  88.1
  87.8
  87.5
  87.3
  87.1
  87.0
  86.9
  86.8
  86.7
  86.7
  86.7
  86.7
  86.7
  86.7
  86.7
  86.7
  86.7
  86.7

Delta Natural Gas Company, Inc. distributes or transports natural gas in central and southeastern Kentucky. It operates in two segments, Regulated and Non-Regulated. The Regulated segment distributes natural gas to its retail customers primarily in 23 rural counties. This segment also transports natural gas to industrial customers on its system who purchase natural gas in the open market, as well as transports natural gas on behalf of local producers and other customers not on its distribution system. It serves customers primarily in Nicholasville, Corbin, and Berea areas. The Non-Regulated segment purchases natural gas in the open market, primarily from Kentucky producers, and resells this gas to industrial customers on its distribution system and to others not on its system. This segment also produces and sells natural gas in the open market, as well as natural gas liquids. The company owns approximately 2,600 miles of natural gas gathering, transmission, distribution, and storage lines; and holds leases for the storage of natural gas under 8,000 acres located in Bell County, Kentucky. It serves approximately 36,000 customers. Delta Natural Gas Company, Inc. was founded in 1949 and is headquartered in Winchester, Kentucky.

FINANCIAL RATIOS  of  Delta Natural Gas (DGAS)

Valuation Ratios
P/E Ratio 35.8
Price to Sales 3.4
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 14.3
Price to Free Cash Flow 23.9
Growth Rates
Sales Growth Rate -25.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -33.3%
Cap. Spend. - 3 Yr. Gr. Rate -3%
Financial Strength
Quick Ratio 10
Current Ratio 0.1
LT Debt to Equity 64.1%
Total Debt to Equity 66.7%
Interest Coverage 6
Management Effectiveness
Return On Assets 3.9%
Ret/ On Assets - 3 Yr. Avg. 4.2%
Return On Total Capital 4.6%
Ret/ On T. Cap. - 3 Yr. Avg. 5.4%
Return On Equity 7.7%
Return On Equity - 3 Yr. Avg. 9.3%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 28.1%
EBITDA Margin - 3 Yr. Avg. 23.3%
Operating Margin 17.2%
Oper. Margin - 3 Yr. Avg. 16.3%
Pre-Tax Margin 14.1%
Pre-Tax Margin - 3 Yr. Avg. 13.1%
Net Profit Margin 9.4%
Net Profit Margin - 3 Yr. Avg. 8.6%
Effective Tax Rate 33.3%
Eff/ Tax Rate - 3 Yr. Avg. 33.9%
Payout Ratio 100%

DGAS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DGAS stock intrinsic value calculation we used $64 million for the last fiscal year's total revenue generated by Delta Natural Gas. The default revenue input number comes from 2016 income statement of Delta Natural Gas. 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 DGAS stock valuation model: a) initial revenue growth rate of 11.8% 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 5%, whose default value for DGAS is calculated based on our internal credit rating of Delta Natural Gas, 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 Delta Natural Gas.
    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 DGAS stock the variable cost ratio is equal to 84.4%.

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 DGAS 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 3.8% for Delta Natural Gas.

Corporate tax rate of 27% is the nominal tax rate for Delta Natural Gas. 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 DGAS 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 DGAS are equal to 215.6%.

Life of production assets of 19.7 years is the average useful life of capital assets used in Delta Natural Gas 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 DGAS is equal to 7.8%. 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 - $78 million for Delta Natural Gas - 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 7.121 million for Delta Natural Gas 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 Delta Natural Gas at the current share price and the inputted number of shares is $0.2 billion.


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COMPANY NEWS

▶ Delta Natural Gas Company, Inc. Announces Dividend   [Feb-16-17 11:33AM  Business Wire]
▶ Delta Natural Gas Company, Inc. Announces Dividend   [Nov-17-16 03:04PM  Business Wire]
▶ Delta Natural Gas Company, Inc. Announces Dividend   [Aug-18-16 01:58PM  Business Wire]
▶ SFO to break ground on massive $2.4 billion Terminal 1 renovation   [Jun-21-16 07:35PM  at bizjournals.com]
▶ Delta Natural Gas Company, Inc. Announces Dividend   [May-18-16 02:45PM  Business Wire]
▶ Delta Natural Gas Company, Inc. Announces Dividend   [Nov-19  04:21PM  Business Wire]
▶ Delta Natural Gas Company, Inc. Announces Dividend   [Aug-14  05:00PM  Business Wire]
▶ Delta Natural Gas Company, Inc. Announces Dividend   [May-14  11:54AM  Business Wire]
▶ 10-Q for Delta Natural Gas Co., Inc.   [May-07  08:09PM  at Company Spotlight]
▶ Delta Natural Gas Company, Inc. Announces Dividend   [Feb-12  03:34PM  Business Wire]
▶ 10-Q for Delta Natural Gas Co., Inc.   [Feb-07  07:07PM  at Company Spotlight]
▶ Alaska, Delta, vie to be the biggest Seahawks supporters   [Jan-27  03:15PM  at bizjournals.com]
▶ Delta Natural Gas Company, Inc. Announces Dividend   [Nov-20  02:05PM  Business Wire]
▶ 10-Q for Delta Natural Gas Co., Inc.   [Nov-06  07:08PM  Company Spotlight]
▶ Delta Natural Gas Company, Inc. Announces Dividend   [Aug-15  04:56PM  Business Wire]
▶ 5 Water And Gas Companies Surging With Potential   [Jun-17  01:37PM  at Seeking Alpha]
▶ Delta Natural Gas Company, Inc. Announces Dividend   [May-09  10:35AM  Business Wire]
▶ Sempra Beats on Earnings, Revs   [May-02  02:17PM  Zacks]
▶ ConEdison, Sempra in 360 MW Solar Project   [Mar-21  04:10PM  Zacks]
▶ Delta Natural Gas Company, Inc. Announces Dividend   [Feb-19  09:17AM  Business Wire]
▶ Delta Natural Gas Company, Inc. Announces Dividend   [Nov-21  01:51PM  Business Wire]
▶ Zacks #5 Rank Additions for Wednesday   [Sep-25  08:14AM  Zacks]
▶ Zacks #5 Rank Additions for Monday   [Sep-23  08:51AM  Zacks]
▶ Delta Natural Gas Company, Inc. Announces Dividend   [Aug-20  01:48PM  Business Wire]
Stock chart of DGAS Financial statements of DGAS
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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