Intrinsic value of Great Plains Energy - GXP

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$28.74

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$28.74

 
Intrinsic value

$30.71

 
Up/down potential

+7%

 
Rating

hold

 
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*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 6.3

 

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
  2.30
  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
  4.87
Revenue, $m
  2,676
  2,738
  2,808
  2,887
  2,974
  3,070
  3,175
  3,288
  3,410
  3,541
  3,681
  3,830
  3,989
  4,159
  4,338
  4,528
  4,729
  4,942
  5,167
  5,404
  5,655
  5,919
  6,197
  6,491
  6,800
  7,125
  7,468
  7,828
  8,207
  8,606
  9,025
Variable operating expenses, $m
 
  1,336
  1,369
  1,407
  1,450
  1,496
  1,546
  1,601
  1,660
  1,723
  1,790
  1,845
  1,922
  2,003
  2,090
  2,181
  2,278
  2,381
  2,489
  2,603
  2,724
  2,851
  2,985
  3,127
  3,275
  3,432
  3,597
  3,771
  3,953
  4,145
  4,347
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
  2,124
  2,177
  2,235
  2,299
  2,366
  2,438
  2,515
  2,597
  2,683
  2,774
  2,854
  2,956
  3,063
  3,177
  3,295
  3,420
  3,551
  3,688
  3,832
  3,984
  4,143
  4,309
  4,484
  4,666
  4,858
  5,058
  5,269
  5,488
  5,719
  5,960
Operating income, $m
  619
  614
  631
  651
  676
  705
  737
  773
  814
  858
  907
  976
  1,034
  1,095
  1,162
  1,233
  1,310
  1,391
  1,479
  1,572
  1,671
  1,776
  1,888
  2,007
  2,134
  2,267
  2,409
  2,560
  2,719
  2,887
  3,065
EBITDA, $m
  1,068
  778
  799
  824
  853
  887
  925
  967
  1,014
  1,065
  1,122
  1,182
  1,248
  1,319
  1,395
  1,477
  1,564
  1,657
  1,757
  1,863
  1,975
  2,095
  2,222
  2,357
  2,499
  2,651
  2,811
  2,981
  3,160
  3,350
  3,550
Interest expense (income), $m
  191
  151
  159
  166
  175
  185
  195
  207
  219
  232
  247
  262
  278
  296
  315
  334
  355
  377
  400
  425
  451
  479
  508
  538
  570
  604
  640
  678
  717
  759
  803
Earnings before tax, $m
  460
  462
  472
  485
  501
  520
  542
  567
  595
  626
  660
  714
  755
  799
  847
  899
  955
  1,014
  1,078
  1,147
  1,220
  1,298
  1,381
  1,469
  1,563
  1,663
  1,769
  1,882
  2,001
  2,128
  2,262
Tax expense, $m
  172
  125
  127
  131
  135
  140
  146
  153
  161
  169
  178
  193
  204
  216
  229
  243
  258
  274
  291
  310
  329
  350
  373
  397
  422
  449
  478
  508
  540
  575
  611
Net income, $m
  290
  337
  345
  354
  366
  380
  396
  414
  434
  457
  482
  521
  551
  584
  619
  656
  697
  740
  787
  837
  890
  947
  1,008
  1,072
  1,141
  1,214
  1,292
  1,374
  1,461
  1,553
  1,651

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
  11,551
  11,848
  12,181
  12,550
  12,955
  13,397
  13,874
  14,389
  14,941
  15,532
  16,162
  16,833
  17,547
  18,304
  19,106
  19,955
  20,853
  21,801
  22,803
  23,860
  24,975
  26,150
  27,388
  28,691
  30,064
  31,509
  33,030
  34,629
  36,312
  38,081
Adjusted assets (=assets-cash), $m
  11,277
  11,551
  11,848
  12,181
  12,550
  12,955
  13,397
  13,874
  14,389
  14,941
  15,532
  16,162
  16,833
  17,547
  18,304
  19,106
  19,955
  20,853
  21,801
  22,803
  23,860
  24,975
  26,150
  27,388
  28,691
  30,064
  31,509
  33,030
  34,629
  36,312
  38,081
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
  736
  755
  777
  800
  826
  854
  885
  917
  953
  990
  1,030
  1,073
  1,119
  1,167
  1,218
  1,272
  1,329
  1,390
  1,454
  1,521
  1,592
  1,667
  1,746
  1,829
  1,917
  2,009
  2,106
  2,208
  2,315
  2,428
Working capital, $m
  1,675
  276
  284
  292
  300
  310
  321
  332
  344
  358
  372
  387
  403
  420
  438
  457
  478
  499
  522
  546
  571
  598
  626
  656
  687
  720
  754
  791
  829
  869
  912
Total debt, $m
  4,255
  3,523
  3,695
  3,888
  4,101
  4,335
  4,590
  4,866
  5,164
  5,483
  5,824
  6,189
  6,577
  6,989
  7,426
  7,890
  8,381
  8,900
  9,448
  10,027
  10,638
  11,282
  11,962
  12,677
  13,431
  14,224
  15,059
  15,938
  16,863
  17,835
  18,858
Total liabilities, $m
  7,408
  6,676
  6,848
  7,041
  7,254
  7,488
  7,743
  8,019
  8,317
  8,636
  8,977
  9,342
  9,730
  10,142
  10,579
  11,043
  11,534
  12,053
  12,601
  13,180
  13,791
  14,435
  15,115
  15,830
  16,584
  17,377
  18,212
  19,091
  20,016
  20,988
  22,011
Total equity, $m
  6,162
  4,874
  5,000
  5,140
  5,296
  5,467
  5,653
  5,855
  6,072
  6,305
  6,554
  6,820
  7,104
  7,405
  7,724
  8,063
  8,421
  8,800
  9,200
  9,623
  10,069
  10,539
  11,035
  11,558
  12,108
  12,687
  13,297
  13,939
  14,614
  15,324
  16,070
Total liabilities and equity, $m
  13,570
  11,550
  11,848
  12,181
  12,550
  12,955
  13,396
  13,874
  14,389
  14,941
  15,531
  16,162
  16,834
  17,547
  18,303
  19,106
  19,955
  20,853
  21,801
  22,803
  23,860
  24,974
  26,150
  27,388
  28,692
  30,064
  31,509
  33,030
  34,630
  36,312
  38,081
Debt-to-equity ratio
  0.691
  0.720
  0.740
  0.760
  0.770
  0.790
  0.810
  0.830
  0.850
  0.870
  0.890
  0.910
  0.930
  0.940
  0.960
  0.980
  1.000
  1.010
  1.030
  1.040
  1.060
  1.070
  1.080
  1.100
  1.110
  1.120
  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
  337
  345
  354
  366
  380
  396
  414
  434
  457
  482
  521
  551
  584
  619
  656
  697
  740
  787
  837
  890
  947
  1,008
  1,072
  1,141
  1,214
  1,292
  1,374
  1,461
  1,553
  1,651
Depreciation, amort., depletion, $m
  449
  164
  168
  172
  177
  182
  188
  194
  200
  207
  215
  206
  215
  224
  233
  244
  254
  266
  278
  291
  304
  318
  333
  349
  366
  383
  402
  421
  442
  463
  486
Funds from operations, $m
  736
  502
  513
  526
  543
  562
  583
  608
  634
  664
  697
  728
  766
  807
  852
  900
  951
  1,006
  1,065
  1,128
  1,195
  1,266
  1,341
  1,422
  1,507
  1,597
  1,693
  1,795
  1,903
  2,016
  2,137
Change in working capital, $m
  -48
  6
  7
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  30
  31
  33
  35
  36
  38
  40
  42
Cash from operations, $m
  784
  534
  505
  518
  534
  552
  573
  596
  622
  651
  683
  712
  750
  790
  834
  881
  931
  985
  1,042
  1,104
  1,169
  1,239
  1,313
  1,392
  1,476
  1,565
  1,659
  1,759
  1,864
  1,976
  2,095
Maintenance CAPEX, $m
  0
  -144
  -147
  -151
  -155
  -160
  -165
  -171
  -177
  -183
  -191
  -198
  -206
  -215
  -224
  -233
  -244
  -254
  -266
  -278
  -291
  -304
  -318
  -333
  -349
  -366
  -383
  -402
  -421
  -442
  -463
New CAPEX, $m
  -609
  -16
  -19
  -21
  -24
  -26
  -28
  -30
  -33
  -35
  -38
  -40
  -43
  -45
  -48
  -51
  -54
  -57
  -60
  -64
  -67
  -71
  -75
  -79
  -83
  -88
  -92
  -97
  -102
  -107
  -113
Cash from investing activities, $m
  -1,684
  -160
  -166
  -172
  -179
  -186
  -193
  -201
  -210
  -218
  -229
  -238
  -249
  -260
  -272
  -284
  -298
  -311
  -326
  -342
  -358
  -375
  -393
  -412
  -432
  -454
  -475
  -499
  -523
  -549
  -576
Free cash flow, $m
  -900
  374
  339
  346
  355
  366
  379
  395
  412
  432
  454
  474
  501
  530
  562
  596
  633
  673
  716
  762
  811
  864
  920
  980
  1,043
  1,111
  1,183
  1,260
  1,341
  1,427
  1,519
Issuance/(repayment) of debt, $m
  97
  157
  172
  193
  213
  234
  255
  276
  297
  319
  341
  364
  388
  412
  437
  464
  491
  519
  548
  579
  611
  644
  679
  716
  754
  793
  835
  879
  925
  973
  1,023
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
  157
  172
  193
  213
  234
  255
  276
  297
  319
  341
  364
  388
  412
  437
  464
  491
  519
  548
  579
  611
  644
  679
  716
  754
  793
  835
  879
  925
  973
  1,023
Total cash flow (excl. dividends), $m
  1,476
  531
  511
  539
  568
  600
  634
  671
  710
  751
  796
  839
  889
  942
  999
  1,060
  1,124
  1,192
  1,264
  1,341
  1,422
  1,508
  1,599
  1,695
  1,797
  1,905
  2,018
  2,139
  2,266
  2,400
  2,542
Retained Cash Flow (-), $m
  -2,466
  -116
  -125
  -141
  -156
  -171
  -186
  -202
  -217
  -233
  -249
  -266
  -283
  -301
  -319
  -338
  -358
  -379
  -400
  -423
  -446
  -470
  -496
  -522
  -550
  -579
  -610
  -642
  -675
  -710
  -747
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
 
  1,819
  386
  398
  413
  429
  448
  469
  493
  518
  547
  573
  606
  641
  680
  721
  766
  813
  864
  918
  976
  1,038
  1,103
  1,173
  1,247
  1,325
  1,409
  1,497
  1,591
  1,690
  1,795
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
 
  1,736
  349
  341
  332
  323
  314
  303
  292
  280
  266
  250
  235
  219
  202
  185
  167
  149
  132
  115
  99
  84
  70
  57
  46
  36
  28
  21
  16
  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 21.3
Price to Sales 2.3
Price to Book 1
Price to Tangible Book
Price to Cash Flow 7.9
Price to Free Cash Flow 35.4
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 2.3% 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 2 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 217.659 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 $6.3 billion.


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COMPANY NEWS

▶ 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]
▶ Billionaires Love These Utilities Stocks   [Dec-04-16 02:17PM  at Insider Monkey]
▶ Great Plains Energy Incorporated Declares Dividends   [Nov-01-16 09:53AM  Business Wire]
▶ Seattle's EnergySavvy raises $14M to accelerate growth   [Oct-19-16 05:32PM  at bizjournals.com]
Stock chart of GXP Financial statements of GXP Annual reports 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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