Intrinsic value of Alliant Energy - LNT

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$39.72

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$39.72

 
Intrinsic value

$24.60

 
Up/down potential

-38%

 
Rating

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 LNT 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 9.1

 

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, %
  2.03
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
  5.13
Revenue, $m
  3,231
  3,576
  3,841
  4,117
  4,404
  4,703
  5,013
  5,335
  5,671
  6,020
  6,384
  6,764
  7,159
  7,572
  8,002
  8,452
  8,921
  9,412
  9,925
  10,461
  11,023
  11,610
  12,225
  12,869
  13,543
  14,249
  14,989
  15,765
  16,578
  17,430
  18,324
Variable operating expenses, $m
 
  2,943
  3,161
  3,389
  3,625
  3,870
  4,125
  4,391
  4,667
  4,955
  5,254
  5,566
  5,892
  6,231
  6,586
  6,956
  7,342
  7,746
  8,168
  8,610
  9,072
  9,555
  10,061
  10,591
  11,146
  11,727
  12,336
  12,974
  13,643
  14,345
  15,080
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
  2,783
  2,943
  3,161
  3,389
  3,625
  3,870
  4,125
  4,391
  4,667
  4,955
  5,254
  5,566
  5,892
  6,231
  6,586
  6,956
  7,342
  7,746
  8,168
  8,610
  9,072
  9,555
  10,061
  10,591
  11,146
  11,727
  12,336
  12,974
  13,643
  14,345
  15,080
Operating income, $m
  537
  633
  680
  729
  780
  832
  887
  944
  1,004
  1,066
  1,130
  1,197
  1,267
  1,340
  1,416
  1,496
  1,579
  1,666
  1,757
  1,852
  1,951
  2,055
  2,164
  2,278
  2,397
  2,522
  2,653
  2,790
  2,934
  3,085
  3,243
EBITDA, $m
  949
  971
  1,043
  1,118
  1,196
  1,277
  1,361
  1,449
  1,540
  1,635
  1,734
  1,837
  1,944
  2,056
  2,173
  2,295
  2,423
  2,556
  2,696
  2,841
  2,994
  3,153
  3,320
  3,495
  3,678
  3,870
  4,071
  4,282
  4,503
  4,734
  4,977
Interest expense (income), $m
  192
  205
  238
  271
  306
  343
  380
  419
  460
  503
  547
  593
  641
  690
  743
  797
  854
  913
  975
  1,040
  1,108
  1,178
  1,253
  1,330
  1,412
  1,497
  1,586
  1,679
  1,777
  1,880
  1,988
Earnings before tax, $m
  443
  428
  442
  457
  473
  490
  507
  525
  544
  563
  583
  605
  627
  650
  674
  699
  725
  753
  782
  812
  843
  877
  911
  948
  986
  1,025
  1,067
  1,111
  1,157
  1,205
  1,256
Tax expense, $m
  59
  116
  119
  123
  128
  132
  137
  142
  147
  152
  158
  163
  169
  175
  182
  189
  196
  203
  211
  219
  228
  237
  246
  256
  266
  277
  288
  300
  312
  325
  339
Net income, $m
  382
  312
  323
  334
  345
  358
  370
  383
  397
  411
  426
  441
  457
  474
  492
  510
  530
  550
  571
  593
  616
  640
  665
  692
  719
  749
  779
  811
  845
  880
  917

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  8
  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
  13,374
  14,418
  15,489
  16,602
  17,759
  18,962
  20,212
  21,513
  22,866
  24,275
  25,743
  27,273
  28,867
  30,531
  32,267
  34,080
  35,973
  37,952
  40,020
  42,183
  44,446
  46,814
  49,294
  51,889
  54,608
  57,456
  60,440
  63,567
  66,846
  70,282
  73,886
Adjusted assets (=assets-cash), $m
  13,366
  14,418
  15,489
  16,602
  17,759
  18,962
  20,212
  21,513
  22,866
  24,275
  25,743
  27,273
  28,867
  30,531
  32,267
  34,080
  35,973
  37,952
  40,020
  42,183
  44,446
  46,814
  49,294
  51,889
  54,608
  57,456
  60,440
  63,567
  66,846
  70,282
  73,886
Revenue / Adjusted assets
  0.242
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
Average production assets, $m
  1,571
  1,691
  1,817
  1,948
  2,083
  2,224
  2,371
  2,524
  2,682
  2,848
  3,020
  3,199
  3,386
  3,581
  3,785
  3,998
  4,220
  4,452
  4,695
  4,948
  5,214
  5,492
  5,782
  6,087
  6,406
  6,740
  7,090
  7,457
  7,841
  8,244
  8,667
Working capital, $m
  -285
  -46
  -50
  -54
  -57
  -61
  -65
  -69
  -74
  -78
  -83
  -88
  -93
  -98
  -104
  -110
  -116
  -122
  -129
  -136
  -143
  -151
  -159
  -167
  -176
  -185
  -195
  -205
  -216
  -227
  -238
Total debt, $m
  4,564
  5,287
  6,032
  6,807
  7,612
  8,449
  9,320
  10,225
  11,167
  12,148
  13,169
  14,234
  15,344
  16,501
  17,710
  18,971
  20,289
  21,666
  23,106
  24,612
  26,187
  27,835
  29,560
  31,367
  33,259
  35,241
  37,318
  39,495
  41,777
  44,169
  46,677
Total liabilities, $m
  9,312
  10,035
  10,780
  11,555
  12,360
  13,197
  14,068
  14,973
  15,915
  16,896
  17,917
  18,982
  20,092
  21,249
  22,458
  23,719
  25,037
  26,414
  27,854
  29,360
  30,935
  32,583
  34,308
  36,115
  38,007
  39,989
  42,066
  44,243
  46,525
  48,917
  51,425
Total equity, $m
  4,062
  4,383
  4,709
  5,047
  5,399
  5,764
  6,145
  6,540
  6,951
  7,380
  7,826
  8,291
  8,776
  9,281
  9,809
  10,360
  10,936
  11,537
  12,166
  12,824
  13,512
  14,232
  14,985
  15,774
  16,601
  17,467
  18,374
  19,325
  20,321
  21,366
  22,461
Total liabilities and equity, $m
  13,374
  14,418
  15,489
  16,602
  17,759
  18,961
  20,213
  21,513
  22,866
  24,276
  25,743
  27,273
  28,868
  30,530
  32,267
  34,079
  35,973
  37,951
  40,020
  42,184
  44,447
  46,815
  49,293
  51,889
  54,608
  57,456
  60,440
  63,568
  66,846
  70,283
  73,886
Debt-to-equity ratio
  1.124
  1.210
  1.280
  1.350
  1.410
  1.470
  1.520
  1.560
  1.610
  1.650
  1.680
  1.720
  1.750
  1.780
  1.810
  1.830
  1.860
  1.880
  1.900
  1.920
  1.940
  1.960
  1.970
  1.990
  2.000
  2.020
  2.030
  2.040
  2.060
  2.070
  2.080
Adjusted equity ratio
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  382
  312
  323
  334
  345
  358
  370
  383
  397
  411
  426
  441
  457
  474
  492
  510
  530
  550
  571
  593
  616
  640
  665
  692
  719
  749
  779
  811
  845
  880
  917
Depreciation, amort., depletion, $m
  412
  338
  363
  390
  417
  445
  474
  505
  536
  570
  604
  640
  677
  716
  757
  800
  844
  890
  939
  990
  1,043
  1,098
  1,156
  1,217
  1,281
  1,348
  1,418
  1,491
  1,568
  1,649
  1,733
Funds from operations, $m
  727
  651
  686
  723
  762
  802
  844
  888
  933
  981
  1,030
  1,081
  1,135
  1,191
  1,249
  1,310
  1,373
  1,440
  1,510
  1,582
  1,658
  1,738
  1,822
  1,909
  2,001
  2,097
  2,197
  2,302
  2,413
  2,529
  2,650
Change in working capital, $m
  -133
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
Cash from operations, $m
  860
  779
  690
  727
  766
  806
  848
  892
  938
  985
  1,035
  1,086
  1,140
  1,196
  1,254
  1,316
  1,380
  1,446
  1,516
  1,589
  1,666
  1,746
  1,830
  1,917
  2,009
  2,106
  2,207
  2,312
  2,423
  2,540
  2,662
Maintenance CAPEX, $m
  0
  -314
  -338
  -363
  -390
  -417
  -445
  -474
  -505
  -536
  -570
  -604
  -640
  -677
  -716
  -757
  -800
  -844
  -890
  -939
  -990
  -1,043
  -1,098
  -1,156
  -1,217
  -1,281
  -1,348
  -1,418
  -1,491
  -1,568
  -1,649
New CAPEX, $m
  -1,143
  -120
  -126
  -131
  -136
  -141
  -147
  -153
  -159
  -165
  -172
  -179
  -187
  -195
  -204
  -213
  -222
  -232
  -243
  -254
  -265
  -278
  -291
  -304
  -319
  -334
  -350
  -367
  -385
  -403
  -423
Cash from investing activities, $m
  -1,187
  -434
  -464
  -494
  -526
  -558
  -592
  -627
  -664
  -701
  -742
  -783
  -827
  -872
  -920
  -970
  -1,022
  -1,076
  -1,133
  -1,193
  -1,255
  -1,321
  -1,389
  -1,460
  -1,536
  -1,615
  -1,698
  -1,785
  -1,876
  -1,971
  -2,072
Free cash flow, $m
  -327
  344
  226
  233
  241
  249
  257
  265
  274
  283
  293
  303
  313
  324
  335
  346
  358
  370
  383
  397
  411
  425
  441
  456
  473
  490
  509
  528
  548
  568
  590
Issuance/(repayment) of debt, $m
  571
  731
  746
  775
  805
  837
  870
  905
  942
  981
  1,022
  1,065
  1,110
  1,158
  1,208
  1,262
  1,318
  1,377
  1,440
  1,506
  1,575
  1,648
  1,725
  1,807
  1,892
  1,982
  2,077
  2,177
  2,282
  2,392
  2,508
Issuance/(repurchase) of shares, $m
  27
  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  
  596
  731
  746
  775
  805
  837
  870
  905
  942
  981
  1,022
  1,065
  1,110
  1,158
  1,208
  1,262
  1,318
  1,377
  1,440
  1,506
  1,575
  1,648
  1,725
  1,807
  1,892
  1,982
  2,077
  2,177
  2,282
  2,392
  2,508
Total cash flow (excl. dividends), $m
  269
  1,075
  971
  1,008
  1,046
  1,086
  1,127
  1,171
  1,216
  1,264
  1,314
  1,367
  1,423
  1,481
  1,543
  1,608
  1,676
  1,747
  1,823
  1,902
  1,986
  2,074
  2,166
  2,263
  2,365
  2,473
  2,586
  2,704
  2,829
  2,960
  3,098
Retained Cash Flow (-), $m
  -138
  -321
  -326
  -338
  -352
  -366
  -380
  -395
  -411
  -428
  -446
  -465
  -485
  -506
  -528
  -551
  -576
  -602
  -629
  -658
  -688
  -720
  -754
  -789
  -826
  -866
  -907
  -951
  -997
  -1,045
  -1,095
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
 
  754
  646
  669
  694
  720
  747
  775
  805
  836
  868
  902
  938
  976
  1,015
  1,057
  1,100
  1,146
  1,194
  1,245
  1,298
  1,354
  1,412
  1,474
  1,539
  1,607
  1,678
  1,754
  1,833
  1,916
  2,003
Discount rate, %
 
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.85
  11.40
  11.97
  12.57
  13.19
  13.85
  14.55
  15.27
  16.04
  16.84
  17.68
  18.57
  19.49
  20.47
  21.49
  22.57
  23.69
  24.88
  26.12
  27.43
  28.80
  30.24
  31.75
  33.34
PV of cash for distribution, $m
 
  698
  548
  518
  485
  450
  414
  377
  339
  302
  266
  231
  198
  167
  139
  113
  91
  72
  56
  42
  31
  23
  16
  11
  7
  5
  3
  2
  1
  1
  0
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

Alliant Energy Corporation operates as a utility holding company that provides regulated electricity and natural gas services to residential, commercial, industrial, and wholesale customers in the Midwest region of the United States. It operates through three segments: Electric, Gas, and Other. The company, through its subsidiary, Interstate Power and Light Company (IPL), primarily generates and distributes electricity, and distributes and transports natural gas in Iowa and southern Minnesota; and generates and distributes steam in Cedar Rapids, Iowa. Alliant Energy, through its subsidiary, Wisconsin Power and Light Company (WPL), generates and distributes electricity, and distributes and transports natural gas in Wisconsin. As of December 31, 2015, IPL supplied electricity to 489,000 retail customers and natural gas to 225,000 retail customers; and WPL supplied electricity to 461,000 retail customers and natural gas to 184,000 retail customers. It offers electric utility services to retail customers in food manufacturing, chemical, and paper industries. In addition, the company holds investments in various businesses, which provide freight services through a short-line railway between Cedar Rapids and Iowa City, Iowa; a barge terminal and hauling services on the Mississippi River; and other transfer and storage services. Further, it owns a non-regulated natural gas-fired electric generating unit near Sheboygan Falls, Wisconsin; and owns the non-regulated 99 MW Franklin County wind project located in Franklin County, Iowa. Alliant Energy Corporation was founded in 1917 and is headquartered in Madison, Wisconsin.

FINANCIAL RATIOS  of  Alliant Energy (LNT)

Valuation Ratios
P/E Ratio 23.7
Price to Sales 2.7
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 10.5
Price to Free Cash Flow -32
Growth Rates
Sales Growth Rate 2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 18.6%
Cap. Spend. - 3 Yr. Gr. Rate 9.3%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 106.2%
Total Debt to Equity 112.4%
Interest Coverage 3
Management Effectiveness
Return On Assets 4.2%
Ret/ On Assets - 3 Yr. Avg. 4.5%
Return On Total Capital 4.6%
Ret/ On T. Cap. - 3 Yr. Avg. 5%
Return On Equity 9.6%
Return On Equity - 3 Yr. Avg. 10.3%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 31.5%
EBITDA Margin - 3 Yr. Avg. 31.3%
Operating Margin 16.2%
Oper. Margin - 3 Yr. Avg. 16.7%
Pre-Tax Margin 13.3%
Pre-Tax Margin - 3 Yr. Avg. 13.5%
Net Profit Margin 11.5%
Net Profit Margin - 3 Yr. Avg. 11.7%
Effective Tax Rate 13.3%
Eff/ Tax Rate - 3 Yr. Avg. 12.8%
Payout Ratio 69.9%

LNT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LNT stock intrinsic value calculation we used $3320 million for the last fiscal year's total revenue generated by Alliant Energy. The default revenue input number comes from 2016 income statement of Alliant 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 LNT stock valuation model: a) initial revenue growth rate of 7.7% 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 8.1%, whose default value for LNT is calculated based on our internal credit rating of Alliant 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 Alliant 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 LNT stock the variable cost ratio is equal to 82.3%.

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 LNT 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 Alliant Energy.

Corporate tax rate of 27% is the nominal tax rate for Alliant 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 LNT 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 LNT are equal to 47.3%.

Life of production assets of 3.8 years is the average useful life of capital assets used in Alliant 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 LNT is equal to -1.3%. 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 - $4062 million for Alliant 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 227.973 million for Alliant 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 Alliant Energy at the current share price and the inputted number of shares is $9.1 billion.


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