Intrinsic value of Edison International - EIX

Previous Close

$78.39

  Intrinsic Value

$52.38

stock screener

  Rating & Target

sell

-33%

  Value-price divergence*

+306%

Previous close

$78.39

 
Intrinsic value

$52.38

 
Up/down potential

-33%

 
Rating

sell

 
Value-price divergence*

+306%

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

We calculate the intrinsic value of EIX 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 25.8

 

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, %
  2.99
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  11,869
  12,106
  12,385
  12,703
  13,060
  13,456
  13,891
  14,364
  14,876
  15,428
  16,020
  16,653
  17,329
  18,049
  18,814
  19,625
  20,485
  21,395
  22,358
  23,375
  24,449
  25,583
  26,778
  28,038
  29,365
  30,763
  32,235
  33,784
  35,415
  37,130
  38,934
Variable operating expenses, $m
 
  9,165
  9,375
  9,616
  9,887
  10,187
  10,515
  10,873
  11,261
  11,679
  12,127
  12,606
  13,118
  13,663
  14,242
  14,856
  15,507
  16,196
  16,925
  17,695
  18,508
  19,366
  20,271
  21,225
  22,229
  23,288
  24,402
  25,575
  26,809
  28,107
  29,473
Fixed operating expenses, $m
 
  838
  859
  881
  903
  925
  949
  972
  997
  1,022
  1,047
  1,073
  1,100
  1,128
  1,156
  1,185
  1,214
  1,245
  1,276
  1,308
  1,340
  1,374
  1,408
  1,443
  1,480
  1,517
  1,554
  1,593
  1,633
  1,674
  1,716
Total operating expenses, $m
  9,777
  10,003
  10,234
  10,497
  10,790
  11,112
  11,464
  11,845
  12,258
  12,701
  13,174
  13,679
  14,218
  14,791
  15,398
  16,041
  16,721
  17,441
  18,201
  19,003
  19,848
  20,740
  21,679
  22,668
  23,709
  24,805
  25,956
  27,168
  28,442
  29,781
  31,189
Operating income, $m
  2,092
  2,103
  2,150
  2,206
  2,271
  2,344
  2,427
  2,518
  2,618
  2,727
  2,846
  2,973
  3,111
  3,258
  3,416
  3,584
  3,764
  3,954
  4,157
  4,373
  4,601
  4,843
  5,099
  5,370
  5,656
  5,959
  6,279
  6,616
  6,973
  7,349
  7,745
EBITDA, $m
  4,190
  2,120
  2,167
  2,224
  2,289
  2,363
  2,446
  2,538
  2,639
  2,749
  2,868
  2,997
  3,135
  3,283
  3,442
  3,612
  3,792
  3,984
  4,189
  4,405
  4,635
  4,879
  5,136
  5,409
  5,697
  6,002
  6,324
  6,664
  7,022
  7,401
  7,800
Interest expense (income), $m
  504
  507
  535
  571
  612
  657
  708
  763
  824
  889
  960
  1,035
  1,116
  1,203
  1,295
  1,392
  1,496
  1,606
  1,722
  1,845
  1,975
  2,113
  2,257
  2,410
  2,571
  2,741
  2,919
  3,107
  3,305
  3,514
  3,733
Earnings before tax, $m
  1,590
  1,596
  1,615
  1,635
  1,659
  1,687
  1,719
  1,755
  1,794
  1,838
  1,886
  1,938
  1,994
  2,055
  2,121
  2,192
  2,267
  2,348
  2,435
  2,527
  2,626
  2,730
  2,841
  2,960
  3,085
  3,218
  3,359
  3,509
  3,667
  3,835
  4,012
Tax expense, $m
  177
  431
  436
  441
  448
  456
  464
  474
  484
  496
  509
  523
  539
  555
  573
  592
  612
  634
  657
  682
  709
  737
  767
  799
  833
  869
  907
  947
  990
  1,035
  1,083
Net income, $m
  1,434
  1,165
  1,179
  1,194
  1,211
  1,232
  1,255
  1,281
  1,310
  1,342
  1,377
  1,415
  1,456
  1,501
  1,548
  1,600
  1,655
  1,714
  1,778
  1,845
  1,917
  1,993
  2,074
  2,161
  2,252
  2,349
  2,452
  2,562
  2,677
  2,800
  2,929

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  96
  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
  51,319
  52,183
  53,383
  54,755
  56,295
  58,002
  59,874
  61,913
  64,121
  66,499
  69,051
  71,781
  74,694
  77,796
  81,093
  84,591
  88,298
  92,222
  96,372
  100,756
  105,386
  110,271
  115,422
  120,852
  126,574
  132,599
  138,944
  145,622
  152,649
  160,042
  167,817
Adjusted assets (=assets-cash), $m
  51,223
  52,183
  53,383
  54,755
  56,295
  58,002
  59,874
  61,913
  64,121
  66,499
  69,051
  71,781
  74,694
  77,796
  81,093
  84,591
  88,298
  92,222
  96,372
  100,756
  105,386
  110,271
  115,422
  120,852
  126,574
  132,599
  138,944
  145,622
  152,649
  160,042
  167,817
Revenue / Adjusted assets
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
Average production assets, $m
  167
  169
  173
  178
  183
  188
  194
  201
  208
  216
  224
  233
  243
  253
  263
  275
  287
  300
  313
  327
  342
  358
  375
  393
  411
  431
  451
  473
  496
  520
  545
Working capital, $m
  -3,789
  -1,211
  -1,238
  -1,270
  -1,306
  -1,346
  -1,389
  -1,436
  -1,488
  -1,543
  -1,602
  -1,665
  -1,733
  -1,805
  -1,881
  -1,963
  -2,049
  -2,140
  -2,236
  -2,338
  -2,445
  -2,558
  -2,678
  -2,804
  -2,937
  -3,076
  -3,223
  -3,378
  -3,541
  -3,713
  -3,893
Total debt, $m
  12,463
  13,059
  13,927
  14,919
  16,032
  17,266
  18,620
  20,094
  21,690
  23,410
  25,255
  27,229
  29,335
  31,578
  33,961
  36,490
  39,170
  42,007
  45,008
  48,178
  51,525
  55,057
  58,781
  62,707
  66,844
  71,200
  75,787
  80,615
  85,696
  91,041
  96,663
Total liabilities, $m
  37,132
  37,728
  38,596
  39,588
  40,701
  41,935
  43,289
  44,763
  46,359
  48,079
  49,924
  51,898
  54,004
  56,247
  58,630
  61,159
  63,839
  66,676
  69,677
  72,847
  76,194
  79,726
  83,450
  87,376
  91,513
  95,869
  100,456
  105,284
  110,365
  115,710
  121,332
Total equity, $m
  14,187
  14,455
  14,787
  15,167
  15,594
  16,066
  16,585
  17,150
  17,761
  18,420
  19,127
  19,883
  20,690
  21,550
  22,463
  23,432
  24,459
  25,545
  26,695
  27,909
  29,192
  30,545
  31,972
  33,476
  35,061
  36,730
  38,487
  40,337
  42,284
  44,331
  46,485
Total liabilities and equity, $m
  51,319
  52,183
  53,383
  54,755
  56,295
  58,001
  59,874
  61,913
  64,120
  66,499
  69,051
  71,781
  74,694
  77,797
  81,093
  84,591
  88,298
  92,221
  96,372
  100,756
  105,386
  110,271
  115,422
  120,852
  126,574
  132,599
  138,943
  145,621
  152,649
  160,041
  167,817
Debt-to-equity ratio
  0.878
  0.900
  0.940
  0.980
  1.030
  1.070
  1.120
  1.170
  1.220
  1.270
  1.320
  1.370
  1.420
  1.470
  1.510
  1.560
  1.600
  1.640
  1.690
  1.730
  1.770
  1.800
  1.840
  1.870
  1.910
  1.940
  1.970
  2.000
  2.030
  2.050
  2.080
Adjusted equity ratio
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,434
  1,165
  1,179
  1,194
  1,211
  1,232
  1,255
  1,281
  1,310
  1,342
  1,377
  1,415
  1,456
  1,501
  1,548
  1,600
  1,655
  1,714
  1,778
  1,845
  1,917
  1,993
  2,074
  2,161
  2,252
  2,349
  2,452
  2,562
  2,677
  2,800
  2,929
Depreciation, amort., depletion, $m
  2,098
  17
  17
  18
  18
  19
  19
  20
  21
  22
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
  37
  39
  41
  43
  45
  47
  50
  52
  55
Funds from operations, $m
  3,253
  1,182
  1,196
  1,211
  1,229
  1,250
  1,274
  1,301
  1,331
  1,363
  1,399
  1,438
  1,480
  1,526
  1,575
  1,627
  1,684
  1,744
  1,809
  1,878
  1,951
  2,029
  2,112
  2,200
  2,293
  2,392
  2,498
  2,609
  2,727
  2,852
  2,984
Change in working capital, $m
  -3
  -24
  -28
  -32
  -36
  -40
  -43
  -47
  -51
  -55
  -59
  -63
  -68
  -72
  -76
  -81
  -86
  -91
  -96
  -102
  -107
  -113
  -120
  -126
  -133
  -140
  -147
  -155
  -163
  -172
  -180
Cash from operations, $m
  3,256
  1,206
  1,224
  1,243
  1,265
  1,290
  1,318
  1,348
  1,382
  1,419
  1,458
  1,501
  1,548
  1,598
  1,651
  1,709
  1,770
  1,835
  1,905
  1,979
  2,058
  2,142
  2,231
  2,326
  2,426
  2,532
  2,645
  2,764
  2,890
  3,023
  3,164
Maintenance CAPEX, $m
  0
  -17
  -17
  -17
  -18
  -18
  -19
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
New CAPEX, $m
  -3,734
  -2
  -4
  -4
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
Cash from investing activities, $m
  -3,416
  -19
  -21
  -21
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -32
  -34
  -36
  -37
  -39
  -42
  -43
  -45
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -70
  -74
  -77
Free cash flow, $m
  -160
  1,187
  1,203
  1,221
  1,242
  1,266
  1,293
  1,322
  1,355
  1,390
  1,428
  1,470
  1,515
  1,563
  1,615
  1,671
  1,730
  1,794
  1,862
  1,934
  2,011
  2,092
  2,179
  2,271
  2,368
  2,472
  2,581
  2,697
  2,820
  2,949
  3,087
Issuance/(repayment) of debt, $m
  788
  692
  868
  992
  1,114
  1,234
  1,354
  1,474
  1,596
  1,719
  1,845
  1,974
  2,106
  2,243
  2,383
  2,529
  2,680
  2,837
  3,000
  3,170
  3,347
  3,532
  3,725
  3,926
  4,136
  4,357
  4,587
  4,828
  5,081
  5,345
  5,622
Issuance/(repurchase) of shares, $m
  169
  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  
  721
  692
  868
  992
  1,114
  1,234
  1,354
  1,474
  1,596
  1,719
  1,845
  1,974
  2,106
  2,243
  2,383
  2,529
  2,680
  2,837
  3,000
  3,170
  3,347
  3,532
  3,725
  3,926
  4,136
  4,357
  4,587
  4,828
  5,081
  5,345
  5,622
Total cash flow (excl. dividends), $m
  561
  1,879
  2,071
  2,213
  2,356
  2,500
  2,647
  2,797
  2,950
  3,109
  3,274
  3,444
  3,621
  3,806
  3,999
  4,200
  4,411
  4,631
  4,862
  5,104
  5,358
  5,624
  5,903
  6,197
  6,505
  6,828
  7,168
  7,525
  7,900
  8,294
  8,709
Retained Cash Flow (-), $m
  -799
  -268
  -332
  -380
  -427
  -473
  -519
  -565
  -611
  -659
  -707
  -756
  -807
  -859
  -913
  -969
  -1,027
  -1,087
  -1,149
  -1,215
  -1,282
  -1,353
  -1,427
  -1,504
  -1,585
  -1,669
  -1,757
  -1,850
  -1,946
  -2,048
  -2,154
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
 
  1,611
  1,738
  1,833
  1,929
  2,027
  2,128
  2,232
  2,339
  2,451
  2,567
  2,688
  2,814
  2,947
  3,086
  3,231
  3,384
  3,544
  3,712
  3,889
  4,075
  4,271
  4,476
  4,693
  4,920
  5,159
  5,411
  5,675
  5,954
  6,247
  6,555
Discount rate, %
 
  7.20
  7.56
  7.94
  8.33
  8.75
  9.19
  9.65
  10.13
  10.64
  11.17
  11.73
  12.31
  12.93
  13.58
  14.26
  14.97
  15.72
  16.50
  17.33
  18.19
  19.10
  20.06
  21.06
  22.11
  23.22
  24.38
  25.60
  26.88
  28.22
  29.64
PV of cash for distribution, $m
 
  1,503
  1,503
  1,458
  1,401
  1,333
  1,256
  1,171
  1,081
  987
  890
  794
  698
  606
  519
  438
  363
  296
  237
  187
  144
  109
  80
  58
  41
  28
  19
  12
  8
  5
  3
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

Edison International, through its subsidiaries, engages in the generation, transmission, and distribution of electricity in the United States. The company generates electricity through hydroelectric, diesel, natural gas, nuclear, and photovoltaic sources. It supplies electricity primarily to commercial, residential, industrial, agricultural, and other customers, as well as public authorities through transmission and distribution networks. The company’s transmission facilities consist of lines ranging from 33 kV to 500 kV and substations; and distribution system comprises approximately 53,000 line miles of overhead lines, 38,000 line miles of underground lines, and approximately 800 distribution substations located in California. It serves approximately 5 million customers. Edison International was incorporated in 1987 and is based in Rosemead, California.

FINANCIAL RATIOS  of  Edison International (EIX)

Valuation Ratios
P/E Ratio 17.8
Price to Sales 2.2
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 7.8
Price to Free Cash Flow -53.4
Growth Rates
Sales Growth Rate 3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -11.6%
Cap. Spend. - 3 Yr. Gr. Rate 0.7%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 71.7%
Total Debt to Equity 87.8%
Interest Coverage 4
Management Effectiveness
Return On Assets 3.7%
Ret/ On Assets - 3 Yr. Avg. 3.7%
Return On Total Capital 5.5%
Ret/ On T. Cap. - 3 Yr. Avg. 5.8%
Return On Equity 10.4%
Return On Equity - 3 Yr. Avg. 11%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 35.3%
EBITDA Margin - 3 Yr. Avg. 34.3%
Operating Margin 17.6%
Oper. Margin - 3 Yr. Avg. 17.8%
Pre-Tax Margin 13.4%
Pre-Tax Margin - 3 Yr. Avg. 13.9%
Net Profit Margin 12.1%
Net Profit Margin - 3 Yr. Avg. 11.6%
Effective Tax Rate 11.1%
Eff/ Tax Rate - 3 Yr. Avg. 21.5%
Payout Ratio 43.7%

EIX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EIX stock intrinsic value calculation we used $11869 million for the last fiscal year's total revenue generated by Edison International. The default revenue input number comes from 2016 income statement of Edison International. 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 EIX stock valuation model: a) initial revenue growth rate of 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 7.2%, whose default value for EIX is calculated based on our internal credit rating of Edison International, 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 Edison International.
    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 EIX stock the variable cost ratio is equal to 75.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $818 million in the base year in the intrinsic value calculation for EIX 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 4.1% for Edison International.

Corporate tax rate of 27% is the nominal tax rate for Edison International. 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 EIX 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 EIX are equal to 1.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Edison International 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 EIX is equal to -10%. 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 - $14187 million for Edison International - 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 328.924 million for Edison International 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 Edison International at the current share price and the inputted number of shares is $25.8 billion.

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COMPANY NEWS

▶ Green Energy Is Threatening to Cripple Many Utilities   [Jul-09-17 03:20PM  TheStreet.com]
▶ Southern California Edison Declares Dividends   [Jun-22-17 06:00PM  Business Wire]
▶ ETFs with exposure to Edison International : May 4, 2017   [May-04-17 03:55PM  Capital Cube]
▶ Edison International beats 1Q profit forecasts   [May-01-17 04:14PM  Associated Press]
▶ Edison International Stock Trades Ex-Dividend Wednesday   [Mar-28-17 08:56AM  Investopedia]
▶ Scana: Why Its Implied Volatility Rose   [Mar-20-17 01:01PM  Market Realist]
▶ These Big Utilities Are Paying Higher Dividends Now   [Mar-14-17 06:05PM  Market Realist]
▶ Top Research Reports for March 10, 2017   [Mar-10-17 01:34PM  Zacks]
▶ [$$] How California Utilities Are Managing Excess Solar Power   [12:17AM  at The Wall Street Journal]
▶ [$$] How California Utilities Are Managing Excess Solar Power   [Mar-04-17 07:30AM  at The Wall Street Journal]
▶ Edison International Reaffirms Commitment to Gender Equity   [Dec-07-16 01:30PM  Business Wire]
Stock chart of EIX Financial statements of EIX Annual reports of EIX
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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