Intrinsic value of Alliant Energy - LNT

Previous Close

$40.55

  Intrinsic Value

$14.39

stock screener

  Rating & Target

str. sell

-65%

  Value-price divergence*

-8%

Previous close

$40.55

 
Intrinsic value

$14.39

 
Up/down potential

-65%

 
Rating

str. sell

 
Value-price divergence*

-8%

*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 9.3

 

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, %
  2.03
  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
  3,231
  3,386
  3,464
  3,553
  3,653
  3,764
  3,886
  4,018
  4,161
  4,315
  4,481
  4,658
  4,847
  5,049
  5,263
  5,490
  5,730
  5,985
  6,254
  6,539
  6,839
  7,156
  7,490
  7,843
  8,214
  8,605
  9,017
  9,450
  9,906
  10,386
  10,891
Variable operating expenses, $m
 
  2,787
  2,851
  2,924
  3,007
  3,098
  3,198
  3,307
  3,425
  3,552
  3,688
  3,834
  3,989
  4,155
  4,331
  4,518
  4,716
  4,925
  5,147
  5,381
  5,629
  5,889
  6,165
  6,455
  6,760
  7,082
  7,421
  7,777
  8,153
  8,548
  8,963
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
  2,787
  2,851
  2,924
  3,007
  3,098
  3,198
  3,307
  3,425
  3,552
  3,688
  3,834
  3,989
  4,155
  4,331
  4,518
  4,716
  4,925
  5,147
  5,381
  5,629
  5,889
  6,165
  6,455
  6,760
  7,082
  7,421
  7,777
  8,153
  8,548
  8,963
Operating income, $m
  537
  599
  613
  629
  647
  666
  688
  711
  737
  764
  793
  825
  858
  894
  931
  972
  1,014
  1,059
  1,107
  1,157
  1,211
  1,267
  1,326
  1,388
  1,454
  1,523
  1,596
  1,673
  1,753
  1,838
  1,928
EBITDA, $m
  949
  760
  777
  797
  819
  844
  872
  901
  933
  968
  1,005
  1,045
  1,087
  1,132
  1,180
  1,231
  1,285
  1,342
  1,403
  1,467
  1,534
  1,605
  1,680
  1,759
  1,842
  1,930
  2,022
  2,120
  2,222
  2,330
  2,443
Interest expense (income), $m
  192
  205
  214
  224
  235
  248
  262
  277
  294
  312
  331
  352
  375
  399
  424
  451
  480
  510
  542
  576
  612
  650
  690
  732
  777
  824
  873
  925
  980
  1,037
  1,098
Earnings before tax, $m
  443
  394
  399
  405
  412
  419
  426
  434
  443
  452
  462
  472
  483
  495
  508
  521
  535
  549
  565
  581
  598
  617
  636
  656
  677
  699
  723
  748
  774
  801
  830
Tax expense, $m
  59
  106
  108
  109
  111
  113
  115
  117
  120
  122
  125
  128
  131
  134
  137
  141
  144
  148
  152
  157
  162
  166
  172
  177
  183
  189
  195
  202
  209
  216
  224
Net income, $m
  382
  288
  291
  296
  300
  306
  311
  317
  323
  330
  337
  345
  353
  361
  371
  380
  390
  401
  412
  424
  437
  450
  464
  479
  494
  511
  528
  546
  565
  585
  606

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
  13,655
  13,969
  14,328
  14,731
  15,178
  15,668
  16,201
  16,779
  17,401
  18,069
  18,783
  19,546
  20,357
  21,220
  22,135
  23,105
  24,132
  25,218
  26,365
  27,577
  28,855
  30,203
  31,624
  33,121
  34,698
  36,358
  38,105
  39,944
  41,879
  43,913
Adjusted assets (=assets-cash), $m
  13,366
  13,655
  13,969
  14,328
  14,731
  15,178
  15,668
  16,201
  16,779
  17,401
  18,069
  18,783
  19,546
  20,357
  21,220
  22,135
  23,105
  24,132
  25,218
  26,365
  27,577
  28,855
  30,203
  31,624
  33,121
  34,698
  36,358
  38,105
  39,944
  41,879
  43,913
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
  1,602
  1,639
  1,681
  1,728
  1,780
  1,838
  1,900
  1,968
  2,041
  2,120
  2,203
  2,293
  2,388
  2,489
  2,597
  2,710
  2,831
  2,958
  3,093
  3,235
  3,385
  3,543
  3,710
  3,885
  4,070
  4,265
  4,470
  4,686
  4,913
  5,151
Working capital, $m
  -285
  -44
  -45
  -46
  -47
  -49
  -51
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -93
  -97
  -102
  -107
  -112
  -117
  -123
  -129
  -135
  -142
Total debt, $m
  4,564
  4,756
  4,974
  5,224
  5,505
  5,816
  6,157
  6,528
  6,930
  7,363
  7,828
  8,325
  8,856
  9,421
  10,021
  10,658
  11,333
  12,048
  12,804
  13,602
  14,445
  15,335
  16,273
  17,262
  18,304
  19,402
  20,557
  21,773
  23,053
  24,400
  25,816
Total liabilities, $m
  9,312
  9,504
  9,722
  9,972
  10,253
  10,564
  10,905
  11,276
  11,678
  12,111
  12,576
  13,073
  13,604
  14,169
  14,769
  15,406
  16,081
  16,796
  17,552
  18,350
  19,193
  20,083
  21,021
  22,010
  23,052
  24,150
  25,305
  26,521
  27,801
  29,148
  30,564
Total equity, $m
  4,062
  4,151
  4,247
  4,356
  4,478
  4,614
  4,763
  4,925
  5,101
  5,290
  5,493
  5,710
  5,942
  6,189
  6,451
  6,729
  7,024
  7,336
  7,666
  8,015
  8,383
  8,772
  9,182
  9,614
  10,069
  10,548
  11,053
  11,584
  12,143
  12,731
  13,350
Total liabilities and equity, $m
  13,374
  13,655
  13,969
  14,328
  14,731
  15,178
  15,668
  16,201
  16,779
  17,401
  18,069
  18,783
  19,546
  20,358
  21,220
  22,135
  23,105
  24,132
  25,218
  26,365
  27,576
  28,855
  30,203
  31,624
  33,121
  34,698
  36,358
  38,105
  39,944
  41,879
  43,914
Debt-to-equity ratio
  1.124
  1.150
  1.170
  1.200
  1.230
  1.260
  1.290
  1.330
  1.360
  1.390
  1.430
  1.460
  1.490
  1.520
  1.550
  1.580
  1.610
  1.640
  1.670
  1.700
  1.720
  1.750
  1.770
  1.800
  1.820
  1.840
  1.860
  1.880
  1.900
  1.920
  1.930
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
  288
  291
  296
  300
  306
  311
  317
  323
  330
  337
  345
  353
  361
  371
  380
  390
  401
  412
  424
  437
  450
  464
  479
  494
  511
  528
  546
  565
  585
  606
Depreciation, amort., depletion, $m
  412
  160
  164
  168
  173
  178
  184
  190
  197
  204
  212
  220
  229
  239
  249
  260
  271
  283
  296
  309
  323
  338
  354
  371
  389
  407
  426
  447
  469
  491
  515
Funds from operations, $m
  727
  448
  455
  464
  473
  484
  495
  507
  520
  534
  549
  565
  582
  600
  619
  640
  661
  684
  708
  734
  760
  789
  818
  850
  883
  918
  954
  993
  1,033
  1,076
  1,121
Change in working capital, $m
  -133
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
Cash from operations, $m
  860
  449
  456
  465
  475
  485
  496
  509
  522
  536
  551
  567
  585
  603
  622
  643
  664
  687
  712
  737
  764
  793
  823
  854
  888
  923
  960
  998
  1,039
  1,082
  1,127
Maintenance CAPEX, $m
  0
  -157
  -160
  -164
  -168
  -173
  -178
  -184
  -190
  -197
  -204
  -212
  -220
  -229
  -239
  -249
  -260
  -271
  -283
  -296
  -309
  -323
  -338
  -354
  -371
  -389
  -407
  -426
  -447
  -469
  -491
New CAPEX, $m
  -1,143
  -31
  -37
  -42
  -47
  -52
  -57
  -63
  -68
  -73
  -78
  -84
  -89
  -95
  -101
  -107
  -114
  -120
  -127
  -135
  -142
  -150
  -158
  -167
  -176
  -185
  -195
  -205
  -216
  -227
  -239
Cash from investing activities, $m
  -1,187
  -188
  -197
  -206
  -215
  -225
  -235
  -247
  -258
  -270
  -282
  -296
  -309
  -324
  -340
  -356
  -374
  -391
  -410
  -431
  -451
  -473
  -496
  -521
  -547
  -574
  -602
  -631
  -663
  -696
  -730
Free cash flow, $m
  -327
  261
  259
  259
  259
  260
  261
  262
  264
  266
  269
  272
  275
  278
  282
  286
  291
  296
  301
  307
  313
  319
  326
  333
  341
  349
  358
  367
  377
  387
  397
Issuance/(repayment) of debt, $m
  571
  200
  219
  250
  281
  311
  341
  371
  402
  433
  465
  497
  531
  565
  600
  637
  675
  715
  756
  799
  843
  890
  938
  989
  1,042
  1,097
  1,155
  1,216
  1,280
  1,346
  1,416
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
  3
  13
Cash from financing (excl. dividends), $m  
  596
  200
  219
  250
  281
  311
  341
  371
  402
  433
  465
  497
  531
  565
  600
  637
  675
  715
  756
  799
  843
  890
  938
  989
  1,042
  1,097
  1,155
  1,216
  1,280
  1,349
  1,429
Total cash flow (excl. dividends), $m
  269
  461
  478
  509
  540
  571
  602
  634
  666
  699
  734
  769
  805
  843
  883
  924
  966
  1,011
  1,057
  1,105
  1,156
  1,209
  1,264
  1,322
  1,383
  1,447
  1,513
  1,583
  1,656
  1,736
  1,827
Retained Cash Flow (-), $m
  -138
  -89
  -95
  -109
  -123
  -136
  -149
  -162
  -176
  -189
  -203
  -217
  -232
  -247
  -262
  -278
  -295
  -312
  -330
  -349
  -368
  -389
  -410
  -432
  -455
  -479
  -505
  -531
  -559
  -588
  -619
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
 
  372
  382
  400
  417
  435
  453
  471
  491
  510
  531
  552
  574
  597
  620
  645
  671
  698
  727
  757
  788
  820
  855
  890
  928
  967
  1,009
  1,052
  1,097
  1,148
  1,208
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
 
  344
  325
  309
  291
  272
  251
  229
  207
  184
  162
  141
  121
  102
  85
  69
  56
  44
  34
  26
  19
  14
  10
  7
  4
  3
  2
  1
  1
  0
  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
  99.9

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 24.2
Price to Sales 2.8
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 10.7
Price to Free Cash Flow -32.6
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 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 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 10 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 230.297 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 $9.3 billion.

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COMPANY NEWS

▶ ETFs with exposure to Alliant Energy Corp. : July 4, 2017   [Jul-04-17 03:06PM  Capital Cube]
▶ Alliant Energy Completes "At-the-Market" Equity Offering   [Jun-08-17 07:27PM  PR Newswire]
▶ Alliant Energy posts 1Q profit   [May-03-17 07:27PM  Associated Press]
▶ Six Dividend Growth Stocks Raising Dividends Like Clockwork   [Jan-23-17 11:02AM  at Insider Monkey]
▶ Big Rebound in Smart Money Ownership of Mosaic Co (MOS)   [Nov-27-16 01:32PM  at Insider Monkey]
▶ Alliant Energy to advance wind project in Iowa   [Oct-27-16 04:30PM  PR Newswire]
▶ CFO Moves: Alliant Energy, Verona Pharma, Novae Group   [Sep-26-16 05:53PM  at The Wall Street Journal]
Stock chart of LNT Financial statements of LNT Annual reports of LNT
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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