Intrinsic value of Great Plains Energy - GXP

Previous Close

$31.49

  Intrinsic Value

$29.59

stock screener

  Rating & Target

hold

-6%

  Value-price divergence*

+95%

Previous close

$31.49

 
Intrinsic value

$29.59

 
Up/down potential

-6%

 
Rating

hold

 
Value-price divergence*

+95%

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

We calculate the intrinsic value of GXP 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 6.8

 

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, %
  6.95
  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
  2,676
  2,730
  2,792
  2,864
  2,945
  3,034
  3,132
  3,239
  3,354
  3,478
  3,612
  3,755
  3,907
  4,069
  4,242
  4,425
  4,619
  4,824
  5,041
  5,270
  5,512
  5,768
  6,037
  6,321
  6,621
  6,936
  7,268
  7,617
  7,985
  8,371
  8,778
Variable operating expenses, $m
 
  1,332
  1,362
  1,396
  1,435
  1,478
  1,525
  1,577
  1,632
  1,692
  1,757
  1,809
  1,882
  1,960
  2,043
  2,131
  2,225
  2,324
  2,428
  2,539
  2,655
  2,778
  2,908
  3,045
  3,189
  3,341
  3,501
  3,669
  3,846
  4,032
  4,228
Fixed operating expenses, $m
 
  788
  808
  828
  849
  870
  892
  914
  937
  960
  984
  1,009
  1,034
  1,060
  1,087
  1,114
  1,142
  1,170
  1,199
  1,229
  1,260
  1,292
  1,324
  1,357
  1,391
  1,426
  1,461
  1,498
  1,535
  1,574
  1,613
Total operating expenses, $m
  2,057
  2,120
  2,170
  2,224
  2,284
  2,348
  2,417
  2,491
  2,569
  2,652
  2,741
  2,818
  2,916
  3,020
  3,130
  3,245
  3,367
  3,494
  3,627
  3,768
  3,915
  4,070
  4,232
  4,402
  4,580
  4,767
  4,962
  5,167
  5,381
  5,606
  5,841
Operating income, $m
  619
  610
  622
  639
  661
  686
  715
  748
  785
  826
  871
  937
  991
  1,049
  1,112
  1,180
  1,252
  1,330
  1,413
  1,502
  1,597
  1,698
  1,805
  1,920
  2,041
  2,169
  2,306
  2,450
  2,603
  2,765
  2,937
EBITDA, $m
  1,068
  700
  714
  733
  757
  784
  816
  852
  892
  936
  985
  1,038
  1,096
  1,159
  1,226
  1,299
  1,377
  1,460
  1,549
  1,644
  1,745
  1,853
  1,968
  2,090
  2,219
  2,356
  2,501
  2,655
  2,818
  2,990
  3,173
Interest expense (income), $m
  191
  151
  158
  165
  172
  181
  191
  202
  214
  226
  240
  255
  270
  287
  305
  324
  344
  365
  388
  411
  437
  463
  491
  521
  552
  585
  619
  656
  694
  734
  777
Earnings before tax, $m
  460
  458
  465
  475
  488
  504
  524
  546
  571
  599
  631
  683
  721
  762
  807
  856
  909
  965
  1,026
  1,091
  1,161
  1,235
  1,314
  1,399
  1,489
  1,585
  1,686
  1,794
  1,909
  2,031
  2,160
Tax expense, $m
  172
  124
  125
  128
  132
  136
  141
  147
  154
  162
  170
  184
  195
  206
  218
  231
  245
  261
  277
  295
  313
  333
  355
  378
  402
  428
  455
  484
  515
  548
  583
Net income, $m
  290
  334
  339
  347
  356
  368
  382
  398
  417
  438
  461
  498
  526
  556
  589
  625
  663
  705
  749
  796
  847
  901
  959
  1,021
  1,087
  1,157
  1,231
  1,310
  1,394
  1,483
  1,577

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2,293
  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
  13,570
  11,517
  11,782
  12,085
  12,425
  12,801
  13,215
  13,665
  14,152
  14,677
  15,240
  15,842
  16,485
  17,170
  17,898
  18,670
  19,488
  20,354
  21,270
  22,237
  23,259
  24,337
  25,474
  26,673
  27,935
  29,265
  30,666
  32,139
  33,690
  35,322
  37,038
Adjusted assets (=assets-cash), $m
  11,277
  11,517
  11,782
  12,085
  12,425
  12,801
  13,215
  13,665
  14,152
  14,677
  15,240
  15,842
  16,485
  17,170
  17,898
  18,670
  19,488
  20,354
  21,270
  22,237
  23,259
  24,337
  25,474
  26,673
  27,935
  29,265
  30,666
  32,139
  33,690
  35,322
  37,038
Revenue / Adjusted assets
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
Average production assets, $m
  720
  734
  751
  770
  792
  816
  842
  871
  902
  936
  972
  1,010
  1,051
  1,095
  1,141
  1,190
  1,242
  1,298
  1,356
  1,418
  1,483
  1,552
  1,624
  1,700
  1,781
  1,866
  1,955
  2,049
  2,148
  2,252
  2,361
Working capital, $m
  1,675
  276
  282
  289
  297
  306
  316
  327
  339
  351
  365
  379
  395
  411
  428
  447
  466
  487
  509
  532
  557
  583
  610
  638
  669
  701
  734
  769
  806
  846
  887
Total debt, $m
  4,255
  3,504
  3,657
  3,832
  4,028
  4,246
  4,485
  4,745
  5,027
  5,330
  5,656
  6,004
  6,376
  6,771
  7,192
  7,638
  8,111
  8,612
  9,141
  9,700
  10,291
  10,914
  11,571
  12,264
  12,994
  13,762
  14,572
  15,424
  16,320
  17,263
  18,255
Total liabilities, $m
  7,408
  6,657
  6,810
  6,985
  7,181
  7,399
  7,638
  7,898
  8,180
  8,483
  8,809
  9,157
  9,529
  9,924
  10,345
  10,791
  11,264
  11,765
  12,294
  12,853
  13,444
  14,067
  14,724
  15,417
  16,147
  16,915
  17,725
  18,577
  19,473
  20,416
  21,408
Total equity, $m
  6,162
  4,860
  4,972
  5,100
  5,243
  5,402
  5,577
  5,766
  5,972
  6,194
  6,431
  6,686
  6,957
  7,246
  7,553
  7,879
  8,224
  8,589
  8,976
  9,384
  9,815
  10,270
  10,750
  11,256
  11,789
  12,350
  12,941
  13,563
  14,217
  14,906
  15,630
Total liabilities and equity, $m
  13,570
  11,517
  11,782
  12,085
  12,424
  12,801
  13,215
  13,664
  14,152
  14,677
  15,240
  15,843
  16,486
  17,170
  17,898
  18,670
  19,488
  20,354
  21,270
  22,237
  23,259
  24,337
  25,474
  26,673
  27,936
  29,265
  30,666
  32,140
  33,690
  35,322
  37,038
Debt-to-equity ratio
  0.691
  0.720
  0.740
  0.750
  0.770
  0.790
  0.800
  0.820
  0.840
  0.860
  0.880
  0.900
  0.920
  0.930
  0.950
  0.970
  0.990
  1.000
  1.020
  1.030
  1.050
  1.060
  1.080
  1.090
  1.100
  1.110
  1.130
  1.140
  1.150
  1.160
  1.170
Adjusted equity ratio
  0.388
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  290
  334
  339
  347
  356
  368
  382
  398
  417
  438
  461
  498
  526
  556
  589
  625
  663
  705
  749
  796
  847
  901
  959
  1,021
  1,087
  1,157
  1,231
  1,310
  1,394
  1,483
  1,577
Depreciation, amort., depletion, $m
  449
  90
  92
  94
  96
  99
  101
  104
  107
  110
  114
  101
  105
  109
  114
  119
  124
  130
  136
  142
  148
  155
  162
  170
  178
  187
  196
  205
  215
  225
  236
Funds from operations, $m
  736
  425
  431
  441
  452
  467
  483
  502
  524
  548
  575
  599
  631
  666
  703
  744
  788
  834
  884
  938
  995
  1,057
  1,122
  1,191
  1,265
  1,343
  1,427
  1,515
  1,608
  1,708
  1,813
Change in working capital, $m
  -48
  5
  6
  7
  8
  9
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  20
  21
  22
  23
  24
  26
  27
  29
  30
  32
  34
  35
  37
  39
  41
Cash from operations, $m
  784
  419
  425
  433
  444
  458
  473
  492
  512
  535
  561
  585
  616
  649
  686
  725
  768
  814
  863
  915
  971
  1,031
  1,095
  1,162
  1,235
  1,311
  1,393
  1,480
  1,571
  1,669
  1,772
Maintenance CAPEX, $m
  0
  -72
  -73
  -75
  -77
  -79
  -82
  -84
  -87
  -90
  -94
  -97
  -101
  -105
  -109
  -114
  -119
  -124
  -130
  -136
  -142
  -148
  -155
  -162
  -170
  -178
  -187
  -196
  -205
  -215
  -225
New CAPEX, $m
  -609
  -14
  -17
  -19
  -22
  -24
  -26
  -29
  -31
  -33
  -36
  -38
  -41
  -44
  -46
  -49
  -52
  -55
  -58
  -62
  -65
  -69
  -72
  -76
  -81
  -85
  -89
  -94
  -99
  -104
  -109
Cash from investing activities, $m
  -1,684
  -86
  -90
  -94
  -99
  -103
  -108
  -113
  -118
  -123
  -130
  -135
  -142
  -149
  -155
  -163
  -171
  -179
  -188
  -198
  -207
  -217
  -227
  -238
  -251
  -263
  -276
  -290
  -304
  -319
  -334
Free cash flow, $m
  -900
  333
  335
  339
  346
  354
  365
  379
  394
  412
  432
  449
  474
  501
  530
  562
  597
  634
  674
  718
  764
  814
  867
  924
  984
  1,049
  1,117
  1,190
  1,268
  1,350
  1,437
Issuance/(repayment) of debt, $m
  97
  138
  153
  175
  196
  218
  239
  260
  282
  303
  326
  348
  372
  396
  421
  446
  473
  501
  529
  559
  591
  623
  657
  693
  730
  769
  809
  852
  896
  943
  992
Issuance/(repurchase) of shares, $m
  2,421
  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  
  2,375
  138
  153
  175
  196
  218
  239
  260
  282
  303
  326
  348
  372
  396
  421
  446
  473
  501
  529
  559
  591
  623
  657
  693
  730
  769
  809
  852
  896
  943
  992
Total cash flow (excl. dividends), $m
  1,476
  471
  488
  514
  542
  572
  604
  639
  676
  715
  757
  798
  845
  896
  951
  1,008
  1,070
  1,135
  1,204
  1,277
  1,355
  1,437
  1,524
  1,616
  1,714
  1,817
  1,927
  2,042
  2,164
  2,293
  2,429
Retained Cash Flow (-), $m
  -2,466
  -102
  -112
  -128
  -143
  -159
  -174
  -190
  -206
  -221
  -238
  -254
  -271
  -289
  -307
  -326
  -345
  -365
  -386
  -408
  -431
  -455
  -480
  -506
  -533
  -561
  -591
  -622
  -654
  -689
  -724
Prev. year cash balance distribution, $m
 
  1,404
  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
 
  1,773
  376
  386
  399
  413
  430
  449
  470
  494
  520
  543
  574
  608
  644
  683
  724
  769
  817
  869
  924
  982
  1,044
  1,111
  1,181
  1,256
  1,336
  1,420
  1,510
  1,604
  1,705
Discount rate, %
 
  4.80
  5.04
  5.29
  5.56
  5.83
  6.13
  6.43
  6.75
  7.09
  7.45
  7.82
  8.21
  8.62
  9.05
  9.50
  9.98
  10.48
  11.00
  11.55
  12.13
  12.74
  13.37
  14.04
  14.74
  15.48
  16.25
  17.07
  17.92
  18.82
  19.76
PV of cash for distribution, $m
 
  1,692
  341
  331
  321
  311
  301
  290
  279
  266
  253
  237
  223
  207
  191
  175
  158
  141
  125
  109
  94
  79
  66
  54
  44
  34
  27
  20
  15
  11
  8
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

Great Plains Energy Incorporated, through its subsidiaries, generates, transmits, distributes, and sells electricity in Missouri and Kansas. It also provides regulated steam services in St. Joseph, Missouri. The company generates electricity using coal, nuclear, natural gas, oil, and wind resources. It has approximately 6,400 megawatts of generating capacity. The company sells electricity to 846,100 customers in the states of Missouri and Kansas, including 744,900 residences; 98,600 commercial firms; and 2,600 industrials, municipalities, and other electric utilities. Great Plains Energy Incorporated was founded in 1919 and is headquartered in Kansas City, Missouri.

FINANCIAL RATIOS  of  Great Plains Energy (GXP)

Valuation Ratios
P/E Ratio 23.4
Price to Sales 2.5
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 8.6
Price to Free Cash Flow 38.8
Growth Rates
Sales Growth Rate 7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -10%
Cap. Spend. - 3 Yr. Gr. Rate -1.9%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 54.6%
Total Debt to Equity 69.1%
Interest Coverage 3
Management Effectiveness
Return On Assets 3.4%
Ret/ On Assets - 3 Yr. Avg. 3.3%
Return On Total Capital 3.2%
Ret/ On T. Cap. - 3 Yr. Avg. 3.1%
Return On Equity 5.9%
Return On Equity - 3 Yr. Avg. 6.2%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 41.1%
EBITDA Margin - 3 Yr. Avg. 37.8%
Operating Margin 23.1%
Oper. Margin - 3 Yr. Avg. 21.7%
Pre-Tax Margin 17.2%
Pre-Tax Margin - 3 Yr. Avg. 14.9%
Net Profit Margin 10.8%
Net Profit Margin - 3 Yr. Avg. 9.6%
Effective Tax Rate 37.4%
Eff/ Tax Rate - 3 Yr. Avg. 35.5%
Payout Ratio 66.9%

GXP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GXP stock intrinsic value calculation we used $2676 million for the last fiscal year's total revenue generated by Great Plains Energy. The default revenue input number comes from 2016 income statement of Great Plains 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 GXP 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 4.8%, whose default value for GXP is calculated based on our internal credit rating of Great Plains 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 Great Plains 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 GXP stock the variable cost ratio is equal to 48.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $769 million in the base year in the intrinsic value calculation for GXP 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 4.5% for Great Plains Energy.

Corporate tax rate of 27% is the nominal tax rate for Great Plains 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 GXP 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 GXP are equal to 26.9%.

Life of production assets of 10 years is the average useful life of capital assets used in Great Plains 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 GXP is equal to 10.1%. 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 - $6162 million for Great Plains 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 216.88 million for Great Plains 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 Great Plains Energy at the current share price and the inputted number of shares is $6.8 billion.

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COMPANY NEWS

▶ Great Plains Energy reports 2Q loss   [Aug-09-17 11:52PM  Associated Press]
▶ Great Plains Energy Incorporated Declares Dividends   [Aug-08-17 09:27AM  Business Wire]
▶ No money down: Great Plains now wants no-cash merger with Westar   [Jul-13-17 05:10PM  American City Business Journals]
▶ BREAKING: Westar Energy merger with Great Plains Energy back on   [05:05PM  American City Business Journals]
▶ [$$] Great Plains/ Westar: Utility function   [01:25PM  Financial Times]
▶ KC metro leads the nation in EV adoption   [Jun-14-17 05:55PM  American City Business Journals]
▶ Kansas City Zooms Ahead in Electric Vehicle Growth   [Jun-08-17 09:56AM  Business Wire]
▶ Kansas regulators hand Great Plains/Westar deal yet another defeat   [04:15PM  American City Business Journals]
▶ Why you should (continue to) care about the $12.2B Great Plains/Westar merger   [May-08-17 01:57PM  American City Business Journals]
▶ Great Plains Energy reports 1Q loss   [08:49AM  Associated Press]
▶ Great Plains Energy Incorporated Declares Dividends   [May-02-17 09:55AM  Business Wire]
▶ With their deal crippled, Great Plains and Westar head into unknown territory   [Apr-20-17 05:20PM  American City Business Journals]
▶ Kansas regulators reject Great Plains' $12.2B merger bid for Westar   [Apr-19-17 08:05PM  American City Business Journals]
▶ Which KC-area stocks had the best, worst March? Take a look   [Apr-03-17 04:50PM  at bizjournals.com]
▶ Which KC-area stocks had the best, worst March? Take a look   [04:50PM  American City Business Journals]
▶ 5 Snubbed Utilities With 20% Gains Ahead   [Mar-22-17 09:15AM  Forbes]
▶ Which KC-area stocks had the best, worst February? Take a look   [Mar-03-17 04:00PM  at bizjournals.com]
▶ Which KC-area stocks had the best, worst February? Take a look   [04:00PM  American City Business Journals]
▶ T Rowe Price Adds 7 Stocks to Portfolio   [Feb-24-17 05:07PM  GuruFocus.com]
▶ Transource Transmission Project Energized In Missouri   [Dec-16-16 01:30PM  PR Newswire]
▶ Is Patheon NV (PTHN) Worthy of Your Portfolio?   [Dec-11-16 05:14PM  at Insider Monkey]
▶ Great Plains announces leadership of combined KCP&L, Westar   [Dec-08-16 10:10AM  at bizjournals.com]
Stock chart of GXP Financial statements of GXP
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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