Intrinsic value of MDU Resources Group - MDU

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$27.22

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$27.22

 
Intrinsic value

$15.49

 
Up/down potential

-43%

 
Rating

sell

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

We calculate the intrinsic value of MDU 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 5.4

 

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, %
  2.86
  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
  1,141
  4,212
  4,308
  4,419
  4,543
  4,681
  4,832
  4,997
  5,175
  5,367
  5,573
  5,793
  6,028
  6,279
  6,545
  6,827
  7,126
  7,443
  7,778
  8,132
  8,506
  8,900
  9,316
  9,754
  10,216
  10,702
  11,214
  11,753
  12,320
  12,917
  13,544
Variable operating expenses, $m
 
  951
  971
  994
  1,020
  1,050
  1,081
  1,116
  1,154
  1,194
  1,237
  1,221
  1,270
  1,323
  1,379
  1,438
  1,501
  1,568
  1,639
  1,713
  1,792
  1,875
  1,963
  2,055
  2,152
  2,255
  2,363
  2,476
  2,596
  2,721
  2,854
Fixed operating expenses, $m
 
  2,927
  3,001
  3,076
  3,152
  3,231
  3,312
  3,395
  3,480
  3,567
  3,656
  3,747
  3,841
  3,937
  4,035
  4,136
  4,240
  4,346
  4,454
  4,566
  4,680
  4,797
  4,917
  5,040
  5,166
  5,295
  5,427
  5,563
  5,702
  5,845
  5,991
Total operating expenses, $m
  3,720
  3,878
  3,972
  4,070
  4,172
  4,281
  4,393
  4,511
  4,634
  4,761
  4,893
  4,968
  5,111
  5,260
  5,414
  5,574
  5,741
  5,914
  6,093
  6,279
  6,472
  6,672
  6,880
  7,095
  7,318
  7,550
  7,790
  8,039
  8,298
  8,566
  8,845
Operating income, $m
  409
  334
  337
  349
  371
  400
  439
  486
  542
  606
  680
  825
  917
  1,019
  1,130
  1,252
  1,385
  1,529
  1,685
  1,853
  2,034
  2,228
  2,436
  2,659
  2,897
  3,152
  3,424
  3,714
  4,022
  4,351
  4,700
EBITDA, $m
  625
  558
  565
  582
  608
  643
  688
  741
  804
  875
  957
  1,048
  1,149
  1,260
  1,382
  1,514
  1,659
  1,815
  1,983
  2,165
  2,360
  2,569
  2,793
  3,033
  3,289
  3,563
  3,854
  4,165
  4,495
  4,846
  5,220
Interest expense (income), $m
  88
  86
  89
  94
  99
  105
  111
  118
  126
  134
  143
  153
  163
  174
  186
  198
  211
  225
  240
  255
  272
  289
  308
  327
  347
  369
  392
  415
  440
  467
  495
Earnings before tax, $m
  326
  248
  248
  255
  271
  296
  328
  368
  416
  472
  537
  673
  754
  845
  945
  1,054
  1,174
  1,304
  1,445
  1,597
  1,762
  1,938
  2,128
  2,332
  2,550
  2,783
  3,032
  3,298
  3,582
  3,884
  4,205
Tax expense, $m
  93
  67
  67
  69
  73
  80
  88
  99
  112
  127
  145
  182
  204
  228
  255
  285
  317
  352
  390
  431
  476
  523
  575
  630
  689
  751
  819
  891
  967
  1,049
  1,135
Net income, $m
  64
  181
  181
  186
  198
  216
  239
  268
  304
  345
  392
  491
  551
  617
  690
  770
  857
  952
  1,055
  1,166
  1,286
  1,415
  1,554
  1,702
  1,862
  2,032
  2,214
  2,408
  2,615
  2,835
  3,070

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  46
  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
  6,284
  6,362
  6,508
  6,675
  6,863
  7,071
  7,300
  7,548
  7,817
  8,107
  8,418
  8,751
  9,106
  9,485
  9,887
  10,313
  10,765
  11,243
  11,749
  12,284
  12,848
  13,444
  14,072
  14,734
  15,431
  16,166
  16,939
  17,754
  18,610
  19,512
  20,460
Adjusted assets (=assets-cash), $m
  6,238
  6,362
  6,508
  6,675
  6,863
  7,071
  7,300
  7,548
  7,817
  8,107
  8,418
  8,751
  9,106
  9,485
  9,887
  10,313
  10,765
  11,243
  11,749
  12,284
  12,848
  13,444
  14,072
  14,734
  15,431
  16,166
  16,939
  17,754
  18,610
  19,512
  20,460
Revenue / Adjusted assets
  0.183
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
Average production assets, $m
  1,743
  1,777
  1,818
  1,865
  1,917
  1,975
  2,039
  2,109
  2,184
  2,265
  2,352
  2,445
  2,544
  2,650
  2,762
  2,881
  3,007
  3,141
  3,282
  3,432
  3,589
  3,756
  3,931
  4,116
  4,311
  4,516
  4,732
  4,960
  5,199
  5,451
  5,716
Working capital, $m
  307
  312
  319
  327
  336
  346
  358
  370
  383
  397
  412
  429
  446
  465
  484
  505
  527
  551
  576
  602
  629
  659
  689
  722
  756
  792
  830
  870
  912
  956
  1,002
Total debt, $m
  1,790
  1,824
  1,916
  2,021
  2,139
  2,270
  2,413
  2,570
  2,739
  2,921
  3,117
  3,327
  3,550
  3,788
  4,041
  4,309
  4,593
  4,894
  5,212
  5,549
  5,904
  6,278
  6,673
  7,090
  7,528
  7,990
  8,477
  8,989
  9,528
  10,095
  10,691
Total liabilities, $m
  3,968
  4,002
  4,094
  4,199
  4,317
  4,448
  4,591
  4,748
  4,917
  5,099
  5,295
  5,505
  5,728
  5,966
  6,219
  6,487
  6,771
  7,072
  7,390
  7,727
  8,082
  8,456
  8,851
  9,268
  9,706
  10,168
  10,655
  11,167
  11,706
  12,273
  12,869
Total equity, $m
  2,316
  2,360
  2,415
  2,477
  2,546
  2,623
  2,708
  2,800
  2,900
  3,008
  3,123
  3,247
  3,378
  3,519
  3,668
  3,826
  3,994
  4,171
  4,359
  4,557
  4,767
  4,988
  5,221
  5,466
  5,725
  5,998
  6,285
  6,587
  6,904
  7,239
  7,591
Total liabilities and equity, $m
  6,284
  6,362
  6,509
  6,676
  6,863
  7,071
  7,299
  7,548
  7,817
  8,107
  8,418
  8,752
  9,106
  9,485
  9,887
  10,313
  10,765
  11,243
  11,749
  12,284
  12,849
  13,444
  14,072
  14,734
  15,431
  16,166
  16,940
  17,754
  18,610
  19,512
  20,460
Debt-to-equity ratio
  0.773
  0.770
  0.790
  0.820
  0.840
  0.870
  0.890
  0.920
  0.940
  0.970
  1.000
  1.020
  1.050
  1.080
  1.100
  1.130
  1.150
  1.170
  1.200
  1.220
  1.240
  1.260
  1.280
  1.300
  1.310
  1.330
  1.350
  1.360
  1.380
  1.390
  1.410
Adjusted equity ratio
  0.364
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  64
  181
  181
  186
  198
  216
  239
  268
  304
  345
  392
  491
  551
  617
  690
  770
  857
  952
  1,055
  1,166
  1,286
  1,415
  1,554
  1,702
  1,862
  2,032
  2,214
  2,408
  2,615
  2,835
  3,070
Depreciation, amort., depletion, $m
  216
  225
  228
  233
  238
  243
  249
  255
  262
  269
  277
  222
  231
  241
  251
  262
  273
  286
  298
  312
  326
  341
  357
  374
  392
  411
  430
  451
  473
  496
  520
Funds from operations, $m
  438
  406
  409
  419
  436
  459
  488
  523
  565
  614
  669
  713
  782
  858
  941
  1,032
  1,130
  1,238
  1,353
  1,478
  1,612
  1,757
  1,911
  2,077
  2,253
  2,442
  2,644
  2,859
  3,087
  3,331
  3,589
Change in working capital, $m
  -24
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  19
  20
  21
  22
  23
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  44
  46
Cash from operations, $m
  462
  400
  402
  411
  426
  448
  477
  511
  552
  599
  653
  697
  765
  839
  921
  1,011
  1,108
  1,214
  1,328
  1,452
  1,585
  1,727
  1,880
  2,044
  2,219
  2,406
  2,606
  2,819
  3,045
  3,287
  3,543
Maintenance CAPEX, $m
  0
  -158
  -162
  -165
  -170
  -174
  -180
  -185
  -192
  -199
  -206
  -214
  -222
  -231
  -241
  -251
  -262
  -273
  -286
  -298
  -312
  -326
  -341
  -357
  -374
  -392
  -411
  -430
  -451
  -473
  -496
New CAPEX, $m
  -388
  -35
  -41
  -47
  -52
  -58
  -64
  -69
  -75
  -81
  -87
  -93
  -99
  -106
  -112
  -119
  -126
  -134
  -141
  -149
  -158
  -166
  -175
  -185
  -195
  -205
  -216
  -227
  -239
  -252
  -265
Cash from investing activities, $m
  -305
  -193
  -203
  -212
  -222
  -232
  -244
  -254
  -267
  -280
  -293
  -307
  -321
  -337
  -353
  -370
  -388
  -407
  -427
  -447
  -470
  -492
  -516
  -542
  -569
  -597
  -627
  -657
  -690
  -725
  -761
Free cash flow, $m
  157
  207
  200
  199
  204
  216
  233
  256
  285
  320
  361
  390
  443
  502
  568
  641
  720
  807
  902
  1,004
  1,115
  1,235
  1,363
  1,502
  1,650
  1,809
  1,979
  2,161
  2,355
  2,562
  2,783
Issuance/(repayment) of debt, $m
  -7
  78
  92
  105
  118
  131
  144
  156
  169
  182
  196
  209
  223
  238
  253
  268
  284
  301
  318
  336
  355
  375
  395
  416
  439
  462
  487
  512
  539
  567
  596
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  
  -48
  78
  92
  105
  118
  131
  144
  156
  169
  182
  196
  209
  223
  238
  253
  268
  284
  301
  318
  336
  355
  375
  395
  416
  439
  462
  487
  512
  539
  567
  596
Total cash flow (excl. dividends), $m
  109
  285
  292
  304
  323
  347
  377
  413
  455
  502
  556
  600
  666
  740
  821
  909
  1,004
  1,108
  1,220
  1,340
  1,470
  1,609
  1,758
  1,918
  2,089
  2,271
  2,466
  2,673
  2,894
  3,129
  3,379
Retained Cash Flow (-), $m
  81
  -46
  -54
  -62
  -70
  -77
  -85
  -92
  -100
  -108
  -115
  -123
  -132
  -140
  -149
  -158
  -168
  -177
  -188
  -198
  -209
  -221
  -233
  -246
  -259
  -273
  -287
  -302
  -318
  -334
  -352
Prev. year cash balance distribution, $m
 
  2
  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
 
  240
  237
  242
  253
  270
  292
  320
  355
  395
  441
  476
  535
  600
  672
  751
  837
  930
  1,032
  1,142
  1,261
  1,388
  1,525
  1,673
  1,830
  1,999
  2,179
  2,371
  2,576
  2,795
  3,027
Discount rate, %
 
  6.80
  7.14
  7.50
  7.87
  8.27
  8.68
  9.11
  9.57
  10.05
  10.55
  11.08
  11.63
  12.21
  12.82
  13.46
  14.14
  14.84
  15.59
  16.37
  17.18
  18.04
  18.94
  19.89
  20.89
  21.93
  23.03
  24.18
  25.39
  26.66
  27.99
PV of cash for distribution, $m
 
  225
  207
  195
  187
  181
  177
  174
  171
  167
  162
  150
  143
  134
  124
  113
  101
  88
  76
  64
  53
  43
  34
  26
  19
  14
  10
  7
  5
  3
  2
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

MDU Resources Group, Inc. operates as a diversified natural resource company in the United States. Its Electric segment generates, transmits, and distributes electricity in Montana, North Dakota, South Dakota, and Wyoming. As of December 31, 2015, it served approximately 142,000 residential, commercial, industrial, and municipal customers in 177 communities and adjacent rural areas. The company’s Natural Gas Distribution segment distributes natural gas in Montana, North Dakota, South Dakota, and Wyoming, as well as Idaho, Minnesota, Oregon, and Washington; and offers related value-added services. It served approximately 906,000 residential, commercial, and industrial customers in 334 communities and adjacent rural areas. The company’s Pipeline and Midstream segment provides natural gas transportation, underground storage, processing, and gathering services, as well as oil gathering and processing facilities in the Rocky Mountain and northern Great Plains regions. It also provides cathodic protection and other energy-related services. The company’s Construction Materials and Contracting segment mines aggregates and markets crushed stone, sand, gravel, and related construction materials; and provides integrated contracting services in the central, southern, and western United States, as well as Alaska and Hawaii. Its Construction Services segment constructs and maintains electric and communication lines, gas pipelines, fire suppression systems, and external lighting and traffic signalization equipment. This segment also offers utility excavation services, as well as electrical and mechanical services; and manufactures and distributes transmission line construction equipment and other supplies. The company’s Refining segment refines crude oil and produces and sells diesel fuel, naphtha, ATBs, and other by-products of the production process. MDU Resources Group, Inc. was founded in 1924 and is headquartered in Bismarck, North Dakota.

FINANCIAL RATIOS  of  MDU Resources Group (MDU)

Valuation Ratios
P/E Ratio 83.1
Price to Sales 1.3
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 11.5
Price to Free Cash Flow 71.8
Growth Rates
Sales Growth Rate 2.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -27.7%
Cap. Spend. - 3 Yr. Gr. Rate -6.1%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 75.4%
Total Debt to Equity 77.3%
Interest Coverage 5
Management Effectiveness
Return On Assets 2%
Ret/ On Assets - 3 Yr. Avg. -0.3%
Return On Total Capital 1.5%
Ret/ On T. Cap. - 3 Yr. Avg. -1.9%
Return On Equity 2.7%
Return On Equity - 3 Yr. Avg. -3.3%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 15.3%
EBITDA Margin - 3 Yr. Avg. 14%
Operating Margin 9.9%
Oper. Margin - 3 Yr. Avg. 8.6%
Pre-Tax Margin 7.9%
Pre-Tax Margin - 3 Yr. Avg. 6.7%
Net Profit Margin 1.6%
Net Profit Margin - 3 Yr. Avg. -2.2%
Effective Tax Rate 28.5%
Eff/ Tax Rate - 3 Yr. Avg. 27.7%
Payout Ratio 229.7%

MDU stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MDU stock intrinsic value calculation we used $4129 million for the last fiscal year's total revenue generated by MDU Resources Group. The default revenue input number comes from 2016 income statement of MDU Resources Group. 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 MDU 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 6.8%, whose default value for MDU is calculated based on our internal credit rating of MDU Resources Group, 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 MDU Resources Group.
    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 MDU stock the variable cost ratio is equal to 22.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2856 million in the base year in the intrinsic value calculation for MDU 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 4.9% for MDU Resources Group.

Corporate tax rate of 27% is the nominal tax rate for MDU Resources Group. 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 MDU 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 MDU are equal to 42.2%.

Life of production assets of 11 years is the average useful life of capital assets used in MDU Resources Group 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 MDU is equal to 7.4%. 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 - $2316 million for MDU Resources Group - 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 197.296 million for MDU Resources Group 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 MDU Resources Group at the current share price and the inputted number of shares is $5.4 billion.


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COMPANY NEWS

▶ Defaulting to individual stocks   [Mar-17-17 07:35PM  CNBC Videos]
▶ MDU Resources Announces Webcast of Analyst Seminar   [Mar-07-17 11:15AM  PR Newswire]
▶ KC-based Capital Electric plugs 45 jobs into new KCK location   [Feb-15-17 02:25PM  at bizjournals.com]
▶ Should You Buy MDU Resources Group Inc (MDU)?   [Dec-12-16 01:29PM  at Insider Monkey]
▶ MDU Resources Provides Five-Year Capital Plan Forecast   [Nov-22-16 04:15PM  PR Newswire]
▶ MDU Resources Announces Director's Intent to Sell Stock   [Aug-10-16 05:30PM  Marketwired]
Stock chart of MDU Financial statements of MDU
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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