Intrinsic value of MGE Energy - MGEE

Previous Close

$67.70

  Intrinsic Value

$35.69

stock screener

  Rating & Target

sell

-47%

  Value-price divergence*

-14%

Previous close

$67.70

 
Intrinsic value

$35.69

 
Up/down potential

-47%

 
Rating

sell

 
Value-price divergence*

-14%

*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 2.3

 

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, %
  -3.37
  3.30
  3.47
  3.62
  3.76
  3.88
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
Revenue, $m
  545
  563
  583
  604
  626
  651
  677
  704
  734
  765
  798
  834
  871
  910
  952
  996
  1,042
  1,091
  1,142
  1,196
  1,253
  1,314
  1,377
  1,443
  1,513
  1,587
  1,664
  1,746
  1,831
  1,921
  2,016
Variable operating expenses, $m
 
  439
  454
  471
  489
  508
  528
  549
  572
  597
  623
  650
  679
  710
  742
  777
  813
  851
  891
  933
  978
  1,025
  1,074
  1,126
  1,180
  1,238
  1,298
  1,362
  1,428
  1,499
  1,572
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
  439
  454
  471
  489
  508
  528
  549
  572
  597
  623
  650
  679
  710
  742
  777
  813
  851
  891
  933
  978
  1,025
  1,074
  1,126
  1,180
  1,238
  1,298
  1,362
  1,428
  1,499
  1,572
Operating income, $m
  128
  124
  128
  133
  138
  143
  149
  155
  161
  168
  176
  183
  192
  200
  209
  219
  229
  240
  251
  263
  276
  289
  303
  318
  333
  349
  366
  384
  403
  423
  443
EBITDA, $m
  173
  130
  135
  140
  145
  151
  157
  163
  170
  177
  185
  193
  202
  211
  220
  231
  241
  253
  265
  277
  290
  304
  319
  334
  350
  368
  385
  404
  424
  445
  467
Interest expense (income), $m
  19
  19
  20
  22
  24
  27
  29
  31
  34
  37
  40
  43
  46
  50
  54
  58
  62
  67
  71
  76
  81
  87
  93
  99
  105
  112
  119
  126
  134
  143
  151
Earnings before tax, $m
  118
  105
  108
  111
  113
  117
  120
  124
  127
  131
  136
  140
  145
  150
  156
  161
  167
  173
  180
  187
  194
  202
  210
  219
  228
  237
  247
  258
  269
  280
  292
Tax expense, $m
  42
  28
  29
  30
  31
  31
  32
  33
  34
  35
  37
  38
  39
  41
  42
  44
  45
  47
  49
  50
  52
  55
  57
  59
  61
  64
  67
  70
  73
  76
  79
Net income, $m
  76
  77
  79
  81
  83
  85
  88
  90
  93
  96
  99
  102
  106
  110
  114
  118
  122
  127
  131
  137
  142
  148
  153
  160
  166
  173
  180
  188
  196
  204
  213

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
  1,759
  1,820
  1,886
  1,957
  2,033
  2,115
  2,201
  2,293
  2,391
  2,495
  2,605
  2,721
  2,844
  2,974
  3,111
  3,256
  3,409
  3,569
  3,739
  3,917
  4,105
  4,303
  4,510
  4,729
  4,959
  5,201
  5,455
  5,723
  6,004
  6,299
Adjusted assets (=assets-cash), $m
  1,705
  1,759
  1,820
  1,886
  1,957
  2,033
  2,115
  2,201
  2,293
  2,391
  2,495
  2,605
  2,721
  2,844
  2,974
  3,111
  3,256
  3,409
  3,569
  3,739
  3,917
  4,105
  4,303
  4,510
  4,729
  4,959
  5,201
  5,455
  5,723
  6,004
  6,299
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
  33
  34
  35
  36
  38
  39
  41
  43
  44
  46
  48
  51
  53
  55
  58
  60
  63
  66
  69
  73
  76
  80
  84
  88
  92
  97
  101
  106
  111
  117
Working capital, $m
  172
  83
  86
  89
  92
  96
  99
  104
  108
  112
  117
  123
  128
  134
  140
  146
  153
  160
  168
  176
  184
  193
  202
  212
  222
  233
  245
  257
  269
  282
  296
Total debt, $m
  387
  417
  455
  497
  541
  589
  640
  695
  753
  814
  879
  949
  1,022
  1,099
  1,181
  1,267
  1,358
  1,454
  1,555
  1,662
  1,774
  1,892
  2,016
  2,147
  2,285
  2,429
  2,582
  2,741
  2,910
  3,086
  3,272
Total liabilities, $m
  1,077
  1,107
  1,145
  1,187
  1,231
  1,279
  1,330
  1,385
  1,443
  1,504
  1,569
  1,639
  1,712
  1,789
  1,871
  1,957
  2,048
  2,144
  2,245
  2,352
  2,464
  2,582
  2,706
  2,837
  2,975
  3,119
  3,272
  3,431
  3,600
  3,776
  3,962
Total equity, $m
  724
  653
  675
  700
  726
  754
  784
  817
  851
  887
  926
  966
  1,010
  1,055
  1,103
  1,154
  1,208
  1,265
  1,324
  1,387
  1,453
  1,523
  1,596
  1,673
  1,755
  1,840
  1,930
  2,024
  2,123
  2,227
  2,337
Total liabilities and equity, $m
  1,801
  1,760
  1,820
  1,887
  1,957
  2,033
  2,114
  2,202
  2,294
  2,391
  2,495
  2,605
  2,722
  2,844
  2,974
  3,111
  3,256
  3,409
  3,569
  3,739
  3,917
  4,105
  4,302
  4,510
  4,730
  4,959
  5,202
  5,455
  5,723
  6,003
  6,299
Debt-to-equity ratio
  0.535
  0.640
  0.670
  0.710
  0.750
  0.780
  0.820
  0.850
  0.880
  0.920
  0.950
  0.980
  1.010
  1.040
  1.070
  1.100
  1.120
  1.150
  1.170
  1.200
  1.220
  1.240
  1.260
  1.280
  1.300
  1.320
  1.340
  1.350
  1.370
  1.390
  1.400
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
  77
  79
  81
  83
  85
  88
  90
  93
  96
  99
  102
  106
  110
  114
  118
  122
  127
  131
  137
  142
  148
  153
  160
  166
  173
  180
  188
  196
  204
  213
Depreciation, amort., depletion, $m
  45
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  18
  19
  20
  21
  22
  23
Funds from operations, $m
  158
  83
  85
  88
  90
  93
  95
  98
  102
  105
  108
  112
  116
  120
  125
  129
  134
  139
  145
  150
  156
  163
  169
  176
  184
  192
  200
  208
  217
  227
  237
Change in working capital, $m
  10
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
Cash from operations, $m
  148
  81
  83
  85
  87
  89
  92
  94
  97
  100
  103
  107
  111
  114
  118
  123
  127
  132
  137
  142
  148
  154
  160
  167
  174
  181
  188
  196
  205
  214
  223
Maintenance CAPEX, $m
  0
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
New CAPEX, $m
  -84
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
Cash from investing activities, $m
  -87
  -7
  -8
  -8
  -8
  -8
  -10
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -22
  -24
  -25
  -26
  -27
Free cash flow, $m
  61
  73
  75
  77
  78
  80
  83
  85
  87
  90
  93
  96
  99
  102
  105
  109
  113
  117
  121
  126
  131
  136
  141
  147
  153
  159
  165
  172
  179
  187
  195
Issuance/(repayment) of debt, $m
  -4
  34
  38
  41
  45
  48
  51
  54
  58
  62
  65
  69
  73
  77
  82
  86
  91
  96
  101
  107
  112
  118
  124
  131
  138
  145
  152
  160
  168
  177
  186
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
  34
  38
  41
  45
  48
  51
  54
  58
  62
  65
  69
  73
  77
  82
  86
  91
  96
  101
  107
  112
  118
  124
  131
  138
  145
  152
  160
  168
  177
  186
Total cash flow (excl. dividends), $m
  57
  107
  113
  118
  123
  128
  134
  139
  145
  151
  158
  165
  172
  179
  187
  195
  204
  213
  223
  233
  243
  254
  266
  278
  290
  304
  318
  332
  348
  364
  381
Retained Cash Flow (-), $m
  -34
  -21
  -23
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -39
  -41
  -43
  -46
  -48
  -51
  -54
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -81
  -85
  -90
  -94
  -99
  -104
  -110
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
 
  178
  91
  94
  97
  100
  104
  107
  111
  115
  119
  124
  129
  134
  139
  145
  150
  157
  163
  170
  177
  184
  192
  200
  209
  218
  228
  238
  248
  260
  271
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
 
  170
  82
  80
  78
  75
  72
  69
  66
  62
  58
  54
  50
  46
  41
  37
  33
  29
  25
  21
  18
  15
  12
  10
  8
  6
  5
  3
  2
  2
  1
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. (MGE) is a public utility holding company. The Company operates through five segments: Regulated electric utility operations; Regulated gas utility operations; Nonregulated energy operations; Transmission investments, and All other. The Regulated electric utility operations segment is engaged in generating, purchasing and distributing electricity through Madison Gas and Electric Company (MGE). The Regulated gas utility operations segment is engaged in purchasing and distributing natural gas through MGE. The Nonregulated energy operations segment is engaged in owning and leasing electric generating capacity that assists MGE through MGE Energy's subsidiaries MGE Power Elm Road, LLC and MGE Power West Campus, LLC. The Transmission investments segment represents its investment in American Transmission Company LLC and ATC Holdco, LLC. The All other segment is engaged in investing and financing in companies and property that relate to the regulated operations.

FINANCIAL RATIOS  of  MGE Energy (MGEE)

Valuation Ratios
P/E Ratio 30.9
Price to Sales 4.3
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 15.9
Price to Free Cash Flow 36.7
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 3.3% 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 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 0.7 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 34.558 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 $2.3 billion.

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COMPANY NEWS

▶ MGE Energy Issues October 2017 'Inside View'   [Oct-06-17 09:12AM  Business Wire]
▶ MGE Energy Issues September 2017 'Interim Report'   [Sep-15-17 04:46PM  Business Wire]
▶ 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]
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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