Intrinsic value of MGE Energy - MGEE

Previous Close

$63.90

  Intrinsic Value

$42.33

stock screener

  Rating & Target

sell

-34%

  Value-price divergence*

-27%

Previous close

$63.90

 
Intrinsic value

$42.33

 
Up/down potential

-34%

 
Rating

sell

 
Value-price divergence*

-27%

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

We calculate the intrinsic value of MGEE 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 2.2

 

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, %
  -3.37
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.17
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
Revenue, $m
  545
  578
  613
  649
  687
  726
  767
  810
  855
  901
  950
  1,001
  1,055
  1,111
  1,170
  1,231
  1,295
  1,363
  1,433
  1,507
  1,585
  1,666
  1,752
  1,841
  1,935
  2,033
  2,137
  2,245
  2,359
  2,478
  2,603
Variable operating expenses, $m
 
  451
  478
  506
  536
  566
  598
  632
  667
  703
  741
  781
  823
  866
  912
  960
  1,010
  1,063
  1,118
  1,176
  1,236
  1,300
  1,366
  1,436
  1,509
  1,586
  1,667
  1,751
  1,840
  1,933
  2,031
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
  417
  451
  478
  506
  536
  566
  598
  632
  667
  703
  741
  781
  823
  866
  912
  960
  1,010
  1,063
  1,118
  1,176
  1,236
  1,300
  1,366
  1,436
  1,509
  1,586
  1,667
  1,751
  1,840
  1,933
  2,031
Operating income, $m
  128
  127
  135
  143
  151
  160
  169
  178
  188
  198
  209
  220
  232
  244
  257
  271
  285
  300
  315
  332
  349
  367
  385
  405
  426
  447
  470
  494
  519
  545
  573
EBITDA, $m
  173
  131
  138
  147
  155
  164
  173
  183
  193
  204
  215
  226
  238
  251
  264
  278
  292
  308
  324
  340
  358
  376
  396
  416
  437
  459
  482
  507
  533
  560
  588
Interest expense (income), $m
  19
  19
  22
  25
  29
  32
  36
  40
  44
  48
  53
  58
  63
  68
  73
  79
  85
  91
  97
  104
  111
  119
  127
  135
  144
  153
  162
  172
  182
  193
  205
Earnings before tax, $m
  118
  108
  113
  118
  122
  127
  133
  138
  144
  150
  156
  163
  169
  177
  184
  192
  200
  209
  218
  227
  237
  248
  259
  270
  282
  295
  308
  322
  337
  352
  368
Tax expense, $m
  42
  29
  30
  32
  33
  34
  36
  37
  39
  40
  42
  44
  46
  48
  50
  52
  54
  56
  59
  61
  64
  67
  70
  73
  76
  80
  83
  87
  91
  95
  99
Net income, $m
  76
  79
  82
  86
  89
  93
  97
  101
  105
  109
  114
  119
  124
  129
  134
  140
  146
  152
  159
  166
  173
  181
  189
  197
  206
  215
  225
  235
  246
  257
  269

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  96
  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
  1,801
  1,807
  1,915
  2,028
  2,146
  2,269
  2,397
  2,531
  2,670
  2,817
  2,969
  3,129
  3,296
  3,472
  3,655
  3,847
  4,048
  4,258
  4,479
  4,711
  4,953
  5,207
  5,474
  5,754
  6,047
  6,355
  6,677
  7,016
  7,371
  7,744
  8,135
Adjusted assets (=assets-cash), $m
  1,705
  1,807
  1,915
  2,028
  2,146
  2,269
  2,397
  2,531
  2,670
  2,817
  2,969
  3,129
  3,296
  3,472
  3,655
  3,847
  4,048
  4,258
  4,479
  4,711
  4,953
  5,207
  5,474
  5,754
  6,047
  6,355
  6,677
  7,016
  7,371
  7,744
  8,135
Revenue / Adjusted assets
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
Average production assets, $m
  32
  34
  36
  38
  40
  42
  44
  47
  50
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  87
  92
  97
  102
  107
  112
  118
  124
  130
  137
  144
  151
Working capital, $m
  172
  85
  90
  95
  101
  107
  113
  119
  126
  132
  140
  147
  155
  163
  172
  181
  190
  200
  211
  222
  233
  245
  257
  271
  284
  299
  314
  330
  347
  364
  383
Total debt, $m
  387
  447
  515
  586
  660
  737
  818
  902
  990
  1,082
  1,178
  1,278
  1,383
  1,494
  1,609
  1,730
  1,856
  1,989
  2,127
  2,273
  2,425
  2,585
  2,753
  2,929
  3,114
  3,307
  3,510
  3,723
  3,946
  4,181
  4,427
Total liabilities, $m
  1,077
  1,137
  1,205
  1,276
  1,350
  1,427
  1,508
  1,592
  1,680
  1,772
  1,868
  1,968
  2,073
  2,184
  2,299
  2,420
  2,546
  2,679
  2,817
  2,963
  3,115
  3,275
  3,443
  3,619
  3,804
  3,997
  4,200
  4,413
  4,636
  4,871
  5,117
Total equity, $m
  724
  670
  711
  752
  796
  842
  889
  939
  991
  1,045
  1,102
  1,161
  1,223
  1,288
  1,356
  1,427
  1,502
  1,580
  1,662
  1,748
  1,838
  1,932
  2,031
  2,135
  2,243
  2,358
  2,477
  2,603
  2,735
  2,873
  3,018
Total liabilities and equity, $m
  1,801
  1,807
  1,916
  2,028
  2,146
  2,269
  2,397
  2,531
  2,671
  2,817
  2,970
  3,129
  3,296
  3,472
  3,655
  3,847
  4,048
  4,259
  4,479
  4,711
  4,953
  5,207
  5,474
  5,754
  6,047
  6,355
  6,677
  7,016
  7,371
  7,744
  8,135
Debt-to-equity ratio
  0.535
  0.670
  0.720
  0.780
  0.830
  0.880
  0.920
  0.960
  1.000
  1.040
  1.070
  1.100
  1.130
  1.160
  1.190
  1.210
  1.240
  1.260
  1.280
  1.300
  1.320
  1.340
  1.360
  1.370
  1.390
  1.400
  1.420
  1.430
  1.440
  1.460
  1.470
Adjusted equity ratio
  0.368
  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
  76
  79
  82
  86
  89
  93
  97
  101
  105
  109
  114
  119
  124
  129
  134
  140
  146
  152
  159
  166
  173
  181
  189
  197
  206
  215
  225
  235
  246
  257
  269
Depreciation, amort., depletion, $m
  45
  3
  4
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
Funds from operations, $m
  158
  83
  86
  90
  93
  97
  101
  106
  110
  115
  119
  124
  130
  135
  141
  147
  154
  160
  167
  175
  182
  191
  199
  208
  217
  227
  237
  248
  259
  271
  284
Change in working capital, $m
  10
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  14
  15
  16
  17
  18
  18
Cash from operations, $m
  148
  78
  81
  84
  88
  91
  95
  99
  103
  108
  112
  117
  122
  127
  133
  138
  144
  150
  157
  164
  171
  179
  186
  195
  203
  213
  222
  232
  243
  254
  265
Maintenance CAPEX, $m
  0
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
New CAPEX, $m
  -84
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
Cash from investing activities, $m
  -87
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -8
  -8
  -8
  -9
  -9
  -9
  -9
  -11
  -11
  -12
  -12
  -12
  -14
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -20
  -21
  -21
Free cash flow, $m
  61
  72
  76
  79
  82
  85
  89
  92
  96
  100
  104
  108
  113
  118
  123
  128
  133
  139
  145
  151
  158
  165
  172
  179
  187
  196
  204
  213
  223
  233
  244
Issuance/(repayment) of debt, $m
  -4
  64
  68
  71
  74
  77
  81
  84
  88
  92
  96
  101
  105
  110
  115
  121
  126
  132
  139
  146
  153
  160
  168
  176
  184
  194
  203
  213
  223
  234
  246
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  
  -4
  64
  68
  71
  74
  77
  81
  84
  88
  92
  96
  101
  105
  110
  115
  121
  126
  132
  139
  146
  153
  160
  168
  176
  184
  194
  203
  213
  223
  234
  246
Total cash flow (excl. dividends), $m
  57
  136
  144
  150
  156
  162
  169
  176
  184
  192
  200
  209
  218
  228
  238
  249
  260
  272
  284
  297
  310
  325
  340
  355
  372
  389
  407
  426
  446
  468
  490
Retained Cash Flow (-), $m
  -34
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -90
  -94
  -99
  -104
  -109
  -114
  -120
  -126
  -132
  -138
  -145
Prev. year cash balance distribution, $m
 
  92
  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
 
  190
  103
  108
  112
  117
  122
  127
  132
  138
  144
  150
  156
  163
  170
  177
  185
  193
  202
  211
  220
  230
  241
  252
  263
  275
  288
  301
  315
  329
  345
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
 
  181
  94
  92
  90
  88
  85
  82
  78
  74
  70
  65
  61
  56
  51
  45
  40
  36
  31
  26
  22
  19
  15
  12
  10
  8
  6
  4
  3
  2
  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

MGE Energy, Inc., through its subsidiaries, operates as a public utility holding company primarily in Wisconsin. It operates through five segments: Regulated Electric Utility Operations; Regulated Gas Utility Operations; Nonregulated Energy Operations; Transmission Investments; and All Other. The company generates, purchases, and distributes electricity; owns or leases electric generation facilities located in Wisconsin and Iowa; and plans, constructs, operates, maintains, and expands transmission facilities to provide transmission services. It also generates electricity from coal, natural gas, fuel oil, and renewable energy sources, as well as purchases power under short and long-term commitments. In addition, the company transports and distributes natural gas in a service area covering 1,682 square miles in seven south-central Wisconsin counties. As of December 31, 2015, it supplied electric service to approximately 149,000 customers in the cities of Fitchburg, Madison, Middleton, and Monona; and natural gas service to approximately 154,000 customers in the cities of Elroy, Fitchburg, Lodi, Madison, Middleton, Monona, Prairie du Chien, Verona, and Viroqua, as well as 25 villages and 48 townships. MGE Energy, Inc. was founded in 1855 and is based in Madison, Wisconsin.

FINANCIAL RATIOS  of  MGE Energy (MGEE)

Valuation Ratios
P/E Ratio 29.2
Price to Sales 4.1
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 15
Price to Free Cash Flow 34.6
Growth Rates
Sales Growth Rate -3.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 16.7%
Cap. Spend. - 3 Yr. Gr. Rate -6.7%
Financial Strength
Quick Ratio 24
Current Ratio 0.6
LT Debt to Equity 52.9%
Total Debt to Equity 53.5%
Interest Coverage 7
Management Effectiveness
Return On Assets 5%
Ret/ On Assets - 3 Yr. Avg. 5.2%
Return On Total Capital 6.9%
Ret/ On T. Cap. - 3 Yr. Avg. 7.1%
Return On Equity 10.7%
Return On Equity - 3 Yr. Avg. 11.3%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 33.4%
EBITDA Margin - 3 Yr. Avg. 31.8%
Operating Margin 23.5%
Oper. Margin - 3 Yr. Avg. 22.6%
Pre-Tax Margin 21.7%
Pre-Tax Margin - 3 Yr. Avg. 20.8%
Net Profit Margin 13.9%
Net Profit Margin - 3 Yr. Avg. 13.1%
Effective Tax Rate 35.6%
Eff/ Tax Rate - 3 Yr. Avg. 36.9%
Payout Ratio 55.3%

MGEE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MGEE stock intrinsic value calculation we used $545 million for the last fiscal year's total revenue generated by MGE Energy. The default revenue input number comes from 2016 income statement of MGE 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 MGEE stock valuation model: a) initial revenue growth rate of 6.1% 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 MGEE is calculated based on our internal credit rating of MGE 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 MGE 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 MGEE stock the variable cost ratio is equal to 78%.

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 MGEE 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 MGE Energy.

Corporate tax rate of 27% is the nominal tax rate for MGE 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 MGEE 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 MGEE are equal to 5.8%.

Life of production assets of 10 years is the average useful life of capital assets used in MGE 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 MGEE is equal to 14.7%. 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 - $724 million for MGE 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 34.286 million for MGE 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 MGE Energy at the current share price and the inputted number of shares is $2.2 billion.

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COMPANY NEWS

▶ MGE Energy Issues Second-Quarter Financial Update   [Aug-07-17 12:37PM  Business Wire]
▶ MGE posts 2Q profit   [Aug-04-17 08:32PM  Associated Press]
▶ MGE Energy Reports Second-Quarter Earnings   [10:23AM  Business Wire]
▶ ETFs with exposure to MGE Energy, Inc. : July 28, 2017   [Jul-28-17 04:34PM  Capital Cube]
▶ ETFs with exposure to MGE Energy, Inc. : July 18, 2017   [Jul-18-17 01:56PM  Capital Cube]
▶ ETFs with exposure to MGE Energy, Inc. : July 7, 2017   [Jul-07-17 03:09PM  Capital Cube]
▶ MGE Energy Issues June 2017 'Interim Report'   [Jun-15-17 10:39AM  Business Wire]
▶ MGE Energy Issues May 2017 'Inside View'   [May-19-17 08:46AM  Business Wire]
▶ MGE Energy Declares Regular Dividend   [May-16-17 02:11PM  Business Wire]
▶ MGE posts 1Q profit   [May-05-17 12:22PM  Associated Press]
▶ MGE Energy Reports First-Quarter Earnings   [11:56AM  Business Wire]
▶ MGE Energy Issues March 2017 'Interim Report'   [Mar-15-17 10:40AM  Business Wire]
▶ Company Profile for MGE Energy, Inc.   [Mar-03-17 10:40AM  Business Wire]
▶ MGE Energy Issues Fourth-Quarter Financial Update   [Mar-01-17 12:44PM  Business Wire]
▶ MGE posts 4Q profit   [10:56AM  Associated Press]
▶ MGE Energy Reports Fourth-Quarter Earnings   [10:51AM  Business Wire]
▶ MGE plans largest wind energy project to date   [Feb-22-17 10:35AM  at bizjournals.com]
▶ MGE plans largest wind energy project to date   [10:35AM  American City Business Journals]
▶ MGE Energy Declares Regular Dividend   [Jan-20-17 02:15PM  Business Wire]
▶ MGE Energy Issues December 2016 'Interim Report'   [Dec-15-16 09:55AM  Business Wire]
▶ Is MGE Energy, Inc. (MGEE) A Good Stock to Buy?   [Dec-12-16 08:58PM  at Insider Monkey]
▶ Should You Buy Cohen & Steers, Inc. (CNS)?   [08:49AM  at Insider Monkey]
▶ MGE Energy Declares Regular Dividend   [Nov-18-16 02:22PM  Business Wire]
▶ MGE Energy Issues Third-Quarter Financial Update   [Nov-04-16 11:43AM  Business Wire]
▶ MGE Energy Reports Third-Quarter Earnings   [11:05AM  Business Wire]
▶ MGE Energy Issues October 2016 'Inside View'   [Oct-24-16 10:25AM  Business Wire]
▶ MGE Energy boosts dividend by 4.2%   [02:34PM  at MarketWatch]
▶ MGE Energy Issues Second-Quarter Financial Update   [Aug-05-16 02:15PM  Business Wire]
▶ MGE Energy Reports Second-Quarter Earnings   [10:32AM  Business Wire]
▶ MGE Energy Issues June 2016 'Interim Report'   [Jun-15-16 11:00AM  Business Wire]
▶ MGE Energy Issues May 2016 'Inside View'   [May-23-16 04:07PM  Business Wire]
▶ MGE Energy Declares Regular Dividend   [May-17-16 02:42PM  Business Wire]
▶ MGE Energy Issues First-Quarter Financial Update   [May-06-16 03:50PM  Business Wire]
▶ MGE posts 1Q profit   [10:17AM  AP]
▶ MGE Energy Reports First-Quarter Earnings   [10:12AM  Business Wire]
▶ ETFs with exposure to MGE Energy, Inc. : May 4, 2016   [May-04-16 04:22PM  at Capital Cube]
Stock chart of MGEE Financial statements of MGEE
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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