Intrinsic value of MDU Resources Group - MDU

Previous Close

$27.67

  Intrinsic Value

$17.26

stock screener

  Rating & Target

sell

-38%

Previous close

$27.67

 
Intrinsic value

$17.26

 
Up/down potential

-38%

 
Rating

sell

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
  2.30
  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
  1,141
  4,224
  4,333
  4,454
  4,589
  4,738
  4,899
  5,074
  5,262
  5,464
  5,680
  5,910
  6,156
  6,417
  6,693
  6,987
  7,297
  7,625
  7,972
  8,339
  8,725
  9,133
  9,563
  10,015
  10,492
  10,994
  11,522
  12,078
  12,663
  13,279
  13,926
Variable operating expenses, $m
 
  953
  976
  1,002
  1,030
  1,061
  1,095
  1,132
  1,172
  1,214
  1,260
  1,245
  1,297
  1,352
  1,410
  1,472
  1,537
  1,607
  1,680
  1,757
  1,838
  1,924
  2,015
  2,110
  2,211
  2,316
  2,428
  2,545
  2,668
  2,798
  2,934
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
  3,880
  3,977
  4,078
  4,182
  4,292
  4,407
  4,527
  4,652
  4,781
  4,916
  4,992
  5,138
  5,289
  5,445
  5,608
  5,777
  5,953
  6,134
  6,323
  6,518
  6,721
  6,932
  7,150
  7,377
  7,611
  7,855
  8,108
  8,370
  8,643
  8,925
Operating income, $m
  409
  343
  356
  377
  407
  445
  491
  547
  610
  683
  764
  918
  1,018
  1,128
  1,248
  1,378
  1,520
  1,673
  1,838
  2,016
  2,207
  2,412
  2,631
  2,865
  3,116
  3,383
  3,668
  3,971
  4,293
  4,636
  5,001
EBITDA, $m
  625
  569
  585
  611
  646
  690
  743
  804
  875
  955
  1,045
  1,144
  1,254
  1,374
  1,504
  1,646
  1,800
  1,966
  2,144
  2,336
  2,542
  2,762
  2,998
  3,250
  3,518
  3,805
  4,110
  4,434
  4,779
  5,146
  5,535
Interest expense (income), $m
  88
  86
  90
  95
  101
  107
  114
  121
  129
  138
  148
  158
  168
  180
  192
  205
  219
  233
  248
  264
  282
  300
  318
  338
  360
  382
  405
  430
  456
  483
  511
Earnings before tax, $m
  326
  258
  266
  282
  306
  338
  378
  425
  481
  544
  616
  760
  849
  948
  1,056
  1,173
  1,301
  1,440
  1,590
  1,752
  1,926
  2,112
  2,312
  2,527
  2,756
  3,001
  3,262
  3,541
  3,838
  4,154
  4,490
Tax expense, $m
  93
  70
  72
  76
  83
  91
  102
  115
  130
  147
  166
  205
  229
  256
  285
  317
  351
  389
  429
  473
  520
  570
  624
  682
  744
  810
  881
  956
  1,036
  1,121
  1,212
Net income, $m
  64
  188
  194
  206
  223
  247
  276
  310
  351
  397
  450
  555
  620
  692
  771
  857
  950
  1,051
  1,161
  1,279
  1,406
  1,542
  1,688
  1,845
  2,012
  2,191
  2,382
  2,585
  2,802
  3,032
  3,277

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
  6,381
  6,545
  6,729
  6,933
  7,157
  7,400
  7,664
  7,948
  8,253
  8,580
  8,928
  9,299
  9,693
  10,111
  10,554
  11,023
  11,519
  12,043
  12,596
  13,180
  13,796
  14,445
  15,129
  15,849
  16,607
  17,406
  18,245
  19,129
  20,058
  21,036
Adjusted assets (=assets-cash), $m
  6,238
  6,381
  6,545
  6,729
  6,933
  7,157
  7,400
  7,664
  7,948
  8,253
  8,580
  8,928
  9,299
  9,693
  10,111
  10,554
  11,023
  11,519
  12,043
  12,596
  13,180
  13,796
  14,445
  15,129
  15,849
  16,607
  17,406
  18,245
  19,129
  20,058
  21,036
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
  1,783
  1,828
  1,880
  1,937
  1,999
  2,067
  2,141
  2,220
  2,306
  2,397
  2,494
  2,598
  2,708
  2,825
  2,948
  3,079
  3,218
  3,364
  3,519
  3,682
  3,854
  4,035
  4,226
  4,428
  4,639
  4,862
  5,097
  5,344
  5,604
  5,877
Working capital, $m
  307
  313
  321
  330
  340
  351
  363
  375
  389
  404
  420
  437
  456
  475
  495
  517
  540
  564
  590
  617
  646
  676
  708
  741
  776
  814
  853
  894
  937
  983
  1,031
Total debt, $m
  1,790
  1,835
  1,939
  2,054
  2,183
  2,323
  2,477
  2,643
  2,821
  3,013
  3,219
  3,438
  3,671
  3,919
  4,182
  4,460
  4,755
  5,067
  5,397
  5,745
  6,112
  6,500
  6,908
  7,338
  7,791
  8,268
  8,770
  9,298
  9,854
  10,439
  11,054
Total liabilities, $m
  3,968
  4,013
  4,117
  4,232
  4,361
  4,501
  4,655
  4,821
  4,999
  5,191
  5,397
  5,616
  5,849
  6,097
  6,360
  6,638
  6,933
  7,245
  7,575
  7,923
  8,290
  8,678
  9,086
  9,516
  9,969
  10,446
  10,948
  11,476
  12,032
  12,617
  13,232
Total equity, $m
  2,316
  2,367
  2,428
  2,496
  2,572
  2,655
  2,745
  2,843
  2,949
  3,062
  3,183
  3,312
  3,450
  3,596
  3,751
  3,915
  4,089
  4,273
  4,468
  4,673
  4,890
  5,118
  5,359
  5,613
  5,880
  6,161
  6,457
  6,769
  7,097
  7,442
  7,804
Total liabilities and equity, $m
  6,284
  6,380
  6,545
  6,728
  6,933
  7,156
  7,400
  7,664
  7,948
  8,253
  8,580
  8,928
  9,299
  9,693
  10,111
  10,553
  11,022
  11,518
  12,043
  12,596
  13,180
  13,796
  14,445
  15,129
  15,849
  16,607
  17,405
  18,245
  19,129
  20,059
  21,036
Debt-to-equity ratio
  0.773
  0.780
  0.800
  0.820
  0.850
  0.880
  0.900
  0.930
  0.960
  0.980
  1.010
  1.040
  1.060
  1.090
  1.110
  1.140
  1.160
  1.190
  1.210
  1.230
  1.250
  1.270
  1.290
  1.310
  1.330
  1.340
  1.360
  1.370
  1.390
  1.400
  1.420
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
  188
  194
  206
  223
  247
  276
  310
  351
  397
  450
  555
  620
  692
  771
  857
  950
  1,051
  1,161
  1,279
  1,406
  1,542
  1,688
  1,845
  2,012
  2,191
  2,382
  2,585
  2,802
  3,032
  3,277
Depreciation, amort., depletion, $m
  216
  225
  229
  234
  239
  245
  251
  258
  265
  273
  281
  227
  236
  246
  257
  268
  280
  293
  306
  320
  335
  350
  367
  384
  403
  422
  442
  463
  486
  509
  534
Funds from operations, $m
  438
  413
  424
  440
  463
  492
  527
  568
  616
  670
  731
  782
  856
  938
  1,027
  1,125
  1,230
  1,344
  1,467
  1,599
  1,740
  1,892
  2,055
  2,229
  2,415
  2,613
  2,824
  3,048
  3,287
  3,542
  3,812
Change in working capital, $m
  -24
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  26
  27
  29
  30
  32
  33
  35
  37
  39
  41
  43
  46
  48
Cash from operations, $m
  462
  406
  416
  431
  453
  481
  515
  555
  602
  655
  715
  764
  838
  919
  1,007
  1,103
  1,207
  1,320
  1,441
  1,571
  1,712
  1,862
  2,023
  2,195
  2,379
  2,575
  2,784
  3,007
  3,244
  3,496
  3,764
Maintenance CAPEX, $m
  0
  -158
  -162
  -166
  -171
  -176
  -182
  -188
  -195
  -202
  -210
  -218
  -227
  -236
  -246
  -257
  -268
  -280
  -293
  -306
  -320
  -335
  -350
  -367
  -384
  -403
  -422
  -442
  -463
  -486
  -509
New CAPEX, $m
  -388
  -40
  -46
  -51
  -57
  -63
  -68
  -74
  -79
  -85
  -91
  -97
  -104
  -110
  -117
  -124
  -131
  -139
  -146
  -155
  -163
  -172
  -181
  -191
  -201
  -212
  -223
  -235
  -247
  -260
  -273
Cash from investing activities, $m
  -305
  -198
  -208
  -217
  -228
  -239
  -250
  -262
  -274
  -287
  -301
  -315
  -331
  -346
  -363
  -381
  -399
  -419
  -439
  -461
  -483
  -507
  -531
  -558
  -585
  -615
  -645
  -677
  -710
  -746
  -782
Free cash flow, $m
  157
  208
  208
  213
  225
  242
  265
  294
  328
  368
  414
  449
  508
  572
  644
  722
  808
  901
  1,002
  1,111
  1,229
  1,355
  1,491
  1,637
  1,794
  1,961
  2,140
  2,330
  2,534
  2,751
  2,981
Issuance/(repayment) of debt, $m
  -7
  89
  103
  116
  128
  141
  153
  166
  179
  192
  205
  219
  233
  248
  263
  279
  295
  312
  330
  348
  367
  387
  408
  430
  453
  477
  502
  528
  556
  585
  615
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
  89
  103
  116
  128
  141
  153
  166
  179
  192
  205
  219
  233
  248
  263
  279
  295
  312
  330
  348
  367
  387
  408
  430
  453
  477
  502
  528
  556
  585
  615
Total cash flow (excl. dividends), $m
  109
  297
  311
  329
  353
  383
  418
  460
  507
  560
  619
  668
  741
  820
  907
  1,001
  1,103
  1,213
  1,332
  1,459
  1,596
  1,743
  1,900
  2,068
  2,247
  2,438
  2,642
  2,859
  3,090
  3,335
  3,596
Retained Cash Flow (-), $m
  81
  -53
  -61
  -68
  -76
  -83
  -90
  -98
  -105
  -113
  -121
  -129
  -138
  -146
  -155
  -164
  -174
  -184
  -194
  -205
  -217
  -228
  -241
  -254
  -267
  -281
  -296
  -312
  -328
  -345
  -363
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
 
  246
  250
  261
  277
  300
  328
  362
  401
  447
  498
  539
  603
  674
  752
  837
  929
  1,029
  1,137
  1,254
  1,379
  1,514
  1,659
  1,814
  1,980
  2,157
  2,346
  2,547
  2,762
  2,990
  3,233
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
 
  231
  218
  210
  205
  202
  199
  196
  193
  189
  183
  170
  161
  151
  139
  126
  112
  98
  84
  70
  58
  46
  36
  28
  21
  15
  11
  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. is engaged in regulated energy delivery and construction materials and services business. The Company's businesses segments are electric, natural gas distribution, pipeline and midstream, construction materials and contracting, and construction services. The electric segment generates, transmits and distributes electricity. The natural gas distribution segment distributes natural gas. The pipeline and midstream segment provides natural gas transportation, underground storage, processing and gathering services, as well as oil gathering. The construction materials and contracting segment mines aggregates and markets crushed stone, sand, gravel and related construction materials, including ready-mixed concrete, asphalt, liquid asphalt and other value-added products. The construction services segment provides utility construction services in constructing and maintaining electric and communication lines, and external lighting and traffic signalization.

FINANCIAL RATIOS  of  MDU Resources Group (MDU)

Valuation Ratios
P/E Ratio 84.4
Price to Sales 1.3
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 11.7
Price to Free Cash Flow 73
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 2.3% 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 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 195.339 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

▶ MDU Resources misses 3Q profit forecasts   [Nov-02-17 05:49AM  Associated Press]
▶ MDU Resources Reports Higher Third Quarter Earnings   [Nov-01-17 05:00PM  PR Newswire]
▶ MDU Resources Names Hastings CEO of Pipeline Business   [Oct-10-17 04:15PM  PR Newswire]
▶ Ferrellgas hires former Fortune 500 CFO   [Sep-22-17 01:25PM  American City Business Journals]
▶ Four Utility Buys In A High-Priced Sector   [Sep-18-17 03:53PM  Forbes]
▶ MDU Resources posts 2Q profit   [12:35AM  Associated Press]
▶ MDU Resources posts 2Q profit   [Aug-01-17 07:34PM  Associated Press]
▶ The Best Stock in North Dakota: MDU Resources   [Jul-21-17 11:50PM  Kiplinger]
▶ What 2017's top stock picker is buying   [Jun-19-17 02:35PM  CNBC Videos]
▶ The highest-paid CEOs by state   [May-25-17 06:35AM  Associated Press]
▶ MDU Resources misses 1Q profit forecasts   [May-04-17 05:03AM  Associated Press]
▶ 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]
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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