Intrinsic value of Eversource Energy - ES

Previous Close

$62.80

  Intrinsic Value

$43.42

stock screener

  Rating & Target

sell

-31%

  Value-price divergence*

+6%

Previous close

$62.80

 
Intrinsic value

$43.42

 
Up/down potential

-31%

 
Rating

sell

 
Value-price divergence*

+6%

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

We calculate the intrinsic value of ES 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 19.9

 

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, %
  -3.97
  2.40
  2.66
  2.89
  3.10
  3.29
  3.46
  3.62
  3.76
  3.88
  3.99
  4.09
  4.18
  4.27
  4.34
  4.41
  4.46
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
Revenue, $m
  7,639
  7,822
  8,030
  8,263
  8,519
  8,800
  9,105
  9,434
  9,789
  10,169
  10,575
  11,007
  11,468
  11,957
  12,476
  13,026
  13,607
  14,222
  14,871
  15,557
  16,280
  17,043
  17,846
  18,693
  19,585
  20,523
  21,511
  22,550
  23,644
  24,794
  26,003
Variable operating expenses, $m
 
  6,077
  6,230
  6,400
  6,587
  6,793
  7,016
  7,257
  7,517
  7,795
  8,092
  8,057
  8,394
  8,752
  9,132
  9,534
  9,960
  10,410
  10,885
  11,387
  11,916
  12,474
  13,062
  13,682
  14,335
  15,022
  15,745
  16,505
  17,306
  18,147
  19,033
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
  5,779
  6,077
  6,230
  6,400
  6,587
  6,793
  7,016
  7,257
  7,517
  7,795
  8,092
  8,057
  8,394
  8,752
  9,132
  9,534
  9,960
  10,410
  10,885
  11,387
  11,916
  12,474
  13,062
  13,682
  14,335
  15,022
  15,745
  16,505
  17,306
  18,147
  19,033
Operating income, $m
  1,860
  1,745
  1,801
  1,863
  1,932
  2,007
  2,089
  2,177
  2,272
  2,374
  2,483
  2,951
  3,074
  3,205
  3,344
  3,492
  3,648
  3,812
  3,987
  4,170
  4,364
  4,569
  4,784
  5,011
  5,250
  5,502
  5,766
  6,045
  6,338
  6,646
  6,971
EBITDA, $m
  2,575
  2,203
  2,262
  2,327
  2,400
  2,479
  2,565
  2,657
  2,757
  2,864
  2,979
  3,100
  3,230
  3,368
  3,514
  3,669
  3,833
  4,006
  4,189
  4,382
  4,586
  4,800
  5,027
  5,265
  5,516
  5,781
  6,059
  6,352
  6,660
  6,984
  7,324
Interest expense (income), $m
  0
  375
  392
  412
  435
  459
  487
  516
  548
  582
  619
  658
  700
  745
  792
  842
  896
  952
  1,011
  1,074
  1,141
  1,211
  1,285
  1,362
  1,444
  1,531
  1,621
  1,717
  1,818
  1,924
  2,035
Earnings before tax, $m
  1,505
  1,370
  1,409
  1,451
  1,497
  1,548
  1,602
  1,661
  1,724
  1,792
  1,864
  2,292
  2,374
  2,460
  2,552
  2,649
  2,752
  2,860
  2,975
  3,096
  3,223
  3,358
  3,499
  3,649
  3,806
  3,971
  4,145
  4,328
  4,520
  4,723
  4,936
Tax expense, $m
  555
  370
  380
  392
  404
  418
  433
  448
  466
  484
  503
  619
  641
  664
  689
  715
  743
  772
  803
  836
  870
  907
  945
  985
  1,028
  1,072
  1,119
  1,169
  1,221
  1,275
  1,333
Net income, $m
  942
  1,000
  1,028
  1,059
  1,093
  1,130
  1,170
  1,213
  1,259
  1,308
  1,360
  1,673
  1,733
  1,796
  1,863
  1,934
  2,009
  2,088
  2,172
  2,260
  2,353
  2,451
  2,555
  2,664
  2,778
  2,899
  3,026
  3,159
  3,300
  3,448
  3,603

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  30
  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
  32,053
  32,729
  33,600
  34,572
  35,646
  36,820
  38,096
  39,474
  40,957
  42,546
  44,245
  46,056
  47,983
  50,030
  52,201
  54,501
  56,934
  59,506
  62,223
  65,092
  68,118
  71,308
  74,671
  78,213
  81,944
  85,871
  90,004
  94,353
  98,928
  103,740
  108,800
Adjusted assets (=assets-cash), $m
  32,023
  32,729
  33,600
  34,572
  35,646
  36,820
  38,096
  39,474
  40,957
  42,546
  44,245
  46,056
  47,983
  50,030
  52,201
  54,501
  56,934
  59,506
  62,223
  65,092
  68,118
  71,308
  74,671
  78,213
  81,944
  85,871
  90,004
  94,353
  98,928
  103,740
  108,800
Revenue / Adjusted assets
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
Average production assets, $m
  1,038
  1,064
  1,092
  1,124
  1,159
  1,197
  1,238
  1,283
  1,331
  1,383
  1,438
  1,497
  1,560
  1,626
  1,697
  1,771
  1,851
  1,934
  2,023
  2,116
  2,214
  2,318
  2,427
  2,542
  2,663
  2,791
  2,925
  3,067
  3,216
  3,372
  3,536
Working capital, $m
  -1,161
  751
  771
  793
  818
  845
  874
  906
  940
  976
  1,015
  1,057
  1,101
  1,148
  1,198
  1,250
  1,306
  1,365
  1,428
  1,493
  1,563
  1,636
  1,713
  1,795
  1,880
  1,970
  2,065
  2,165
  2,270
  2,380
  2,496
Total debt, $m
  10,752
  11,200
  11,776
  12,418
  13,128
  13,904
  14,747
  15,658
  16,639
  17,689
  18,812
  20,009
  21,283
  22,636
  24,071
  25,591
  27,199
  28,900
  30,696
  32,592
  34,592
  36,701
  38,923
  41,265
  43,731
  46,327
  49,059
  51,934
  54,958
  58,138
  61,483
Total liabilities, $m
  21,186
  21,634
  22,210
  22,852
  23,562
  24,338
  25,181
  26,092
  27,073
  28,123
  29,246
  30,443
  31,717
  33,070
  34,505
  36,025
  37,633
  39,334
  41,130
  43,026
  45,026
  47,135
  49,357
  51,699
  54,165
  56,761
  59,493
  62,368
  65,392
  68,572
  71,917
Total equity, $m
  10,867
  11,095
  11,390
  11,720
  12,084
  12,482
  12,914
  13,382
  13,884
  14,423
  14,999
  15,613
  16,266
  16,960
  17,696
  18,476
  19,301
  20,173
  21,094
  22,066
  23,092
  24,174
  25,313
  26,514
  27,779
  29,110
  30,511
  31,986
  33,537
  35,168
  36,883
Total liabilities and equity, $m
  32,053
  32,729
  33,600
  34,572
  35,646
  36,820
  38,095
  39,474
  40,957
  42,546
  44,245
  46,056
  47,983
  50,030
  52,201
  54,501
  56,934
  59,507
  62,224
  65,092
  68,118
  71,309
  74,670
  78,213
  81,944
  85,871
  90,004
  94,354
  98,929
  103,740
  108,800
Debt-to-equity ratio
  0.989
  1.010
  1.030
  1.060
  1.090
  1.110
  1.140
  1.170
  1.200
  1.230
  1.250
  1.280
  1.310
  1.330
  1.360
  1.390
  1.410
  1.430
  1.460
  1.480
  1.500
  1.520
  1.540
  1.560
  1.570
  1.590
  1.610
  1.620
  1.640
  1.650
  1.670
Adjusted equity ratio
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  942
  1,000
  1,028
  1,059
  1,093
  1,130
  1,170
  1,213
  1,259
  1,308
  1,360
  1,673
  1,733
  1,796
  1,863
  1,934
  2,009
  2,088
  2,172
  2,260
  2,353
  2,451
  2,555
  2,664
  2,778
  2,899
  3,026
  3,159
  3,300
  3,448
  3,603
Depreciation, amort., depletion, $m
  715
  458
  461
  464
  468
  472
  476
  480
  485
  490
  496
  150
  156
  163
  170
  177
  185
  193
  202
  212
  221
  232
  243
  254
  266
  279
  293
  307
  322
  337
  354
Funds from operations, $m
  2,270
  1,458
  1,490
  1,523
  1,561
  1,601
  1,645
  1,693
  1,744
  1,798
  1,856
  1,823
  1,889
  1,959
  2,033
  2,111
  2,194
  2,282
  2,374
  2,472
  2,575
  2,683
  2,797
  2,918
  3,044
  3,178
  3,318
  3,466
  3,621
  3,785
  3,957
Change in working capital, $m
  95
  18
  20
  22
  25
  27
  29
  32
  34
  36
  39
  42
  44
  47
  50
  53
  56
  59
  62
  66
  69
  73
  77
  81
  86
  90
  95
  100
  105
  110
  116
Cash from operations, $m
  2,175
  1,441
  1,470
  1,501
  1,536
  1,574
  1,616
  1,661
  1,710
  1,762
  1,817
  1,782
  1,845
  1,912
  1,983
  2,058
  2,138
  2,223
  2,312
  2,406
  2,505
  2,610
  2,720
  2,836
  2,959
  3,088
  3,224
  3,366
  3,517
  3,675
  3,841
Maintenance CAPEX, $m
  0
  -104
  -106
  -109
  -112
  -116
  -120
  -124
  -128
  -133
  -138
  -144
  -150
  -156
  -163
  -170
  -177
  -185
  -193
  -202
  -212
  -221
  -232
  -243
  -254
  -266
  -279
  -293
  -307
  -322
  -337
New CAPEX, $m
  -1,977
  -26
  -28
  -32
  -35
  -38
  -41
  -45
  -48
  -52
  -55
  -59
  -63
  -67
  -71
  -75
  -79
  -84
  -88
  -93
  -98
  -104
  -109
  -115
  -121
  -128
  -134
  -141
  -149
  -156
  -164
Cash from investing activities, $m
  -2,151
  -130
  -134
  -141
  -147
  -154
  -161
  -169
  -176
  -185
  -193
  -203
  -213
  -223
  -234
  -245
  -256
  -269
  -281
  -295
  -310
  -325
  -341
  -358
  -375
  -394
  -413
  -434
  -456
  -478
  -501
Free cash flow, $m
  24
  1,311
  1,335
  1,360
  1,389
  1,420
  1,455
  1,492
  1,533
  1,577
  1,624
  1,579
  1,632
  1,689
  1,750
  1,814
  1,882
  1,954
  2,030
  2,110
  2,195
  2,285
  2,379
  2,479
  2,583
  2,694
  2,810
  2,932
  3,061
  3,197
  3,339
Issuance/(repayment) of debt, $m
  588
  478
  575
  643
  709
  776
  843
  911
  980
  1,051
  1,123
  1,197
  1,274
  1,353
  1,435
  1,520
  1,608
  1,700
  1,796
  1,896
  2,000
  2,109
  2,223
  2,341
  2,466
  2,596
  2,732
  2,875
  3,024
  3,181
  3,345
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  554
  478
  575
  643
  709
  776
  843
  911
  980
  1,051
  1,123
  1,197
  1,274
  1,353
  1,435
  1,520
  1,608
  1,700
  1,796
  1,896
  2,000
  2,109
  2,223
  2,341
  2,466
  2,596
  2,732
  2,875
  3,024
  3,181
  3,345
Total cash flow (excl. dividends), $m
  578
  1,789
  1,910
  2,003
  2,098
  2,197
  2,298
  2,404
  2,513
  2,627
  2,747
  2,776
  2,906
  3,042
  3,185
  3,334
  3,490
  3,654
  3,826
  4,006
  4,195
  4,394
  4,602
  4,820
  5,049
  5,290
  5,542
  5,807
  6,085
  6,377
  6,684
Retained Cash Flow (-), $m
  -359
  -228
  -295
  -330
  -364
  -398
  -432
  -467
  -503
  -539
  -576
  -614
  -653
  -694
  -736
  -780
  -825
  -872
  -921
  -972
  -1,026
  -1,082
  -1,140
  -1,201
  -1,265
  -1,331
  -1,401
  -1,474
  -1,551
  -1,631
  -1,715
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
 
  1,560
  1,615
  1,673
  1,734
  1,798
  1,866
  1,936
  2,011
  2,089
  2,171
  2,162
  2,253
  2,348
  2,449
  2,554
  2,665
  2,782
  2,905
  3,034
  3,170
  3,312
  3,462
  3,619
  3,785
  3,958
  4,141
  4,333
  4,534
  4,746
  4,968
Discount rate, %
 
  8.00
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
PV of cash for distribution, $m
 
  1,445
  1,375
  1,299
  1,217
  1,131
  1,041
  949
  856
  764
  674
  562
  484
  410
  343
  281
  227
  180
  140
  107
  80
  58
  41
  29
  19
  13
  8
  5
  3
  2
  1
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

Eversource Energy, a public utility holding company, engages in the energy delivery business. The company operates in three segments: Electric Distribution, Electric Transmission, and Natural Gas Distribution. It is involved in the generation, transmission, and distribution of electricity; and distribution of natural gas. The company serves residential, commercial, and industrial customers in Connecticut, Massachusetts, and New Hampshire, the United States. It provides energy delivery services to approximately 3.7 million electric and natural gas customers. The company was formerly known as Northeast Utilities and changed its name to Eversource Energy in April 2015. Eversource Energy was founded in 1927 and is based in Springfield, Massachusetts.

FINANCIAL RATIOS  of  Eversource Energy (ES)

Valuation Ratios
P/E Ratio 21.1
Price to Sales 2.6
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 9.1
Price to Free Cash Flow 100.5
Growth Rates
Sales Growth Rate -4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 14.7%
Cap. Spend. - 3 Yr. Gr. Rate 6.3%
Financial Strength
Quick Ratio 0
Current Ratio 0.3
LT Debt to Equity 81.2%
Total Debt to Equity 98.9%
Interest Coverage 0
Management Effectiveness
Return On Assets 3%
Ret/ On Assets - 3 Yr. Avg. 2.9%
Return On Total Capital 4.5%
Ret/ On T. Cap. - 3 Yr. Avg. 4.3%
Return On Equity 8.8%
Return On Equity - 3 Yr. Avg. 8.5%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 29.1%
EBITDA Margin - 3 Yr. Avg. 26.7%
Operating Margin 24.3%
Oper. Margin - 3 Yr. Avg. 22.5%
Pre-Tax Margin 19.7%
Pre-Tax Margin - 3 Yr. Avg. 18.1%
Net Profit Margin 12.3%
Net Profit Margin - 3 Yr. Avg. 11.3%
Effective Tax Rate 36.9%
Eff/ Tax Rate - 3 Yr. Avg. 37%
Payout Ratio 60.7%

ES stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ES stock intrinsic value calculation we used $7639 million for the last fiscal year's total revenue generated by Eversource Energy. The default revenue input number comes from 2016 income statement of Eversource 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 ES stock valuation model: a) initial revenue growth rate of 2.4% 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 8%, whose default value for ES is calculated based on our internal credit rating of Eversource 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 Eversource 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 ES stock the variable cost ratio is equal to 77.8%.

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 ES 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 Eversource Energy.

Corporate tax rate of 27% is the nominal tax rate for Eversource 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 ES 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 ES are equal to 13.6%.

Life of production assets of 10 years is the average useful life of capital assets used in Eversource 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 ES is equal to 9.6%. 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 - $10867 million for Eversource 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 316.549 million for Eversource 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 Eversource Energy at the current share price and the inputted number of shares is $19.9 billion.

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COMPANY NEWS

▶ How AvalonBay Compares after 2Q17   [07:35AM  Market Realist]
▶ Eversource beats 2Q profit forecasts   [Jul-27-17 10:12PM  Associated Press]
▶ Eversource Energy to Discuss Second Quarter Results   [Jul-13-17 04:15PM  Business Wire]
▶ Eversource on hook for Harbor project under deal with feds   [08:36AM  American City Business Journals]
▶ ETFs with exposure to Eversource Energy : July 3, 2017   [Jul-03-17 03:11PM  Capital Cube]
▶ ETFs with exposure to Eversource Energy : June 22, 2017   [Jun-22-17 03:42PM  Capital Cube]
▶ [$$] Paris Pullout Won't Dim Electric-Utility Outlook   [Jun-06-17 11:22AM  Barrons.com]
▶ [$$] Macquarie Sells Water Company For $1.7 Billion   [Jun-02-17 02:33PM  The Wall Street Journal]
▶ Eversource misses 1Q profit forecasts   [May-03-17 04:54PM  Associated Press]
▶ 5 Dividend Stocks to Buy in March   [Mar-05-17 08:21AM  Motley Fool]
▶ Eversource Energy Rose Due to Financial Results   [Feb-23-17 09:57AM  Market Realist]
▶ Eight Dividend Stocks Rewarding Shareholders With A Raise   [Feb-07-17 12:55PM  at Insider Monkey]
▶ Eversource Energy to Discuss Fourth Quarter Results   [Feb-06-17 10:00AM  GlobeNewswire]
▶ Eversource Energy Raises Common Dividend By 6.7%   [Feb-02-17 04:05PM  Business Wire]
▶ Billionaires Love These Utilities Stocks   [Dec-04-16 02:17PM  at Insider Monkey]
▶ Should You Buy Eversource Energy (ES)?   [05:28AM  at Insider Monkey]
▶ Is Hess Corp. (HES) A Good Stock To Buy?   [Nov-24-16 01:14PM  at Insider Monkey]
Stock chart of ES Financial statements of ES
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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