Intrinsic value of NextEra Energy Partners - NEP

Previous Close

$39.07

  Intrinsic Value

$14.10

stock screener

  Rating & Target

str. sell

-64%

  Value-price divergence*

+299%

Previous close

$39.07

 
Intrinsic value

$14.10

 
Up/down potential

-64%

 
Rating

str. sell

 
Value-price divergence*

+299%

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

We calculate the intrinsic value of NEP 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 2.1

 

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, %
  44.44
  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
  715
  731
  750
  771
  795
  820
  848
  879
  911
  946
  984
  1,023
  1,066
  1,111
  1,159
  1,210
  1,264
  1,320
  1,381
  1,444
  1,511
  1,581
  1,656
  1,734
  1,817
  1,904
  1,995
  2,092
  2,193
  2,299
  2,411
Variable operating expenses, $m
 
  414
  423
  433
  444
  457
  470
  485
  500
  517
  535
  491
  512
  534
  557
  581
  607
  634
  663
  693
  725
  759
  795
  833
  872
  914
  958
  1,004
  1,053
  1,104
  1,158
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
  236
  414
  423
  433
  444
  457
  470
  485
  500
  517
  535
  491
  512
  534
  557
  581
  607
  634
  663
  693
  725
  759
  795
  833
  872
  914
  958
  1,004
  1,053
  1,104
  1,158
Operating income, $m
  479
  317
  327
  338
  350
  364
  378
  394
  411
  429
  448
  532
  554
  578
  603
  629
  657
  686
  718
  751
  785
  822
  861
  902
  944
  990
  1,037
  1,087
  1,140
  1,195
  1,254
EBITDA, $m
  684
  577
  592
  608
  627
  647
  669
  693
  719
  746
  776
  807
  841
  876
  914
  954
  997
  1,042
  1,089
  1,139
  1,192
  1,247
  1,306
  1,368
  1,433
  1,502
  1,574
  1,650
  1,730
  1,814
  1,902
Interest expense (income), $m
  166
  165
  171
  177
  185
  193
  202
  212
  222
  234
  246
  259
  273
  288
  303
  320
  338
  357
  377
  397
  420
  443
  468
  494
  521
  550
  580
  612
  646
  681
  718
Earnings before tax, $m
  401
  153
  156
  161
  166
  171
  176
  182
  189
  195
  203
  273
  281
  290
  299
  309
  319
  330
  341
  353
  366
  379
  393
  408
  423
  440
  457
  475
  494
  514
  535
Tax expense, $m
  56
  41
  42
  43
  45
  46
  48
  49
  51
  53
  55
  74
  76
  78
  81
  83
  86
  89
  92
  95
  99
  102
  106
  110
  114
  119
  123
  128
  133
  139
  144
Net income, $m
  82
  111
  114
  117
  121
  125
  129
  133
  138
  143
  148
  199
  205
  212
  218
  225
  233
  241
  249
  258
  267
  277
  287
  298
  309
  321
  334
  347
  361
  375
  391

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  147
  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
  7,150
  7,171
  7,355
  7,562
  7,791
  8,043
  8,317
  8,613
  8,933
  9,276
  9,642
  10,034
  10,451
  10,893
  11,363
  11,861
  12,388
  12,946
  13,535
  14,157
  14,813
  15,505
  16,234
  17,003
  17,812
  18,665
  19,562
  20,506
  21,499
  22,543
  23,642
Adjusted assets (=assets-cash), $m
  7,003
  7,171
  7,355
  7,562
  7,791
  8,043
  8,317
  8,613
  8,933
  9,276
  9,642
  10,034
  10,451
  10,893
  11,363
  11,861
  12,388
  12,946
  13,535
  14,157
  14,813
  15,505
  16,234
  17,003
  17,812
  18,665
  19,562
  20,506
  21,499
  22,543
  23,642
Revenue / Adjusted assets
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
Average production assets, $m
  5,769
  5,901
  6,053
  6,223
  6,412
  6,619
  6,844
  7,088
  7,351
  7,633
  7,935
  8,257
  8,600
  8,965
  9,351
  9,761
  10,195
  10,654
  11,138
  11,650
  12,190
  12,760
  13,360
  13,992
  14,658
  15,360
  16,098
  16,875
  17,692
  18,552
  19,456
Working capital, $m
  -42
  -73
  -75
  -77
  -79
  -82
  -85
  -88
  -91
  -95
  -98
  -102
  -107
  -111
  -116
  -121
  -126
  -132
  -138
  -144
  -151
  -158
  -166
  -173
  -182
  -190
  -200
  -209
  -219
  -230
  -241
Total debt, $m
  3,605
  3,634
  3,773
  3,930
  4,104
  4,295
  4,502
  4,727
  4,969
  5,229
  5,507
  5,804
  6,119
  6,455
  6,811
  7,189
  7,588
  8,011
  8,457
  8,929
  9,426
  9,951
  10,504
  11,086
  11,700
  12,346
  13,026
  13,741
  14,494
  15,286
  16,118
Total liabilities, $m
  5,407
  5,436
  5,575
  5,732
  5,906
  6,097
  6,304
  6,529
  6,771
  7,031
  7,309
  7,606
  7,921
  8,257
  8,613
  8,991
  9,390
  9,813
  10,259
  10,731
  11,228
  11,753
  12,306
  12,888
  13,502
  14,148
  14,828
  15,543
  16,296
  17,088
  17,920
Total equity, $m
  1,743
  1,735
  1,780
  1,830
  1,886
  1,946
  2,013
  2,084
  2,162
  2,245
  2,333
  2,428
  2,529
  2,636
  2,750
  2,870
  2,998
  3,133
  3,275
  3,426
  3,585
  3,752
  3,929
  4,115
  4,311
  4,517
  4,734
  4,962
  5,203
  5,455
  5,721
Total liabilities and equity, $m
  7,150
  7,171
  7,355
  7,562
  7,792
  8,043
  8,317
  8,613
  8,933
  9,276
  9,642
  10,034
  10,450
  10,893
  11,363
  11,861
  12,388
  12,946
  13,534
  14,157
  14,813
  15,505
  16,235
  17,003
  17,813
  18,665
  19,562
  20,505
  21,499
  22,543
  23,641
Debt-to-equity ratio
  2.068
  2.090
  2.120
  2.150
  2.180
  2.210
  2.240
  2.270
  2.300
  2.330
  2.360
  2.390
  2.420
  2.450
  2.480
  2.500
  2.530
  2.560
  2.580
  2.610
  2.630
  2.650
  2.670
  2.690
  2.710
  2.730
  2.750
  2.770
  2.790
  2.800
  2.820
Adjusted equity ratio
  0.231
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  82
  111
  114
  117
  121
  125
  129
  133
  138
  143
  148
  199
  205
  212
  218
  225
  233
  241
  249
  258
  267
  277
  287
  298
  309
  321
  334
  347
  361
  375
  391
Depreciation, amort., depletion, $m
  205
  260
  265
  270
  277
  283
  291
  299
  308
  317
  327
  275
  287
  299
  312
  325
  340
  355
  371
  388
  406
  425
  445
  466
  489
  512
  537
  562
  590
  618
  649
Funds from operations, $m
  318
  371
  379
  388
  397
  408
  420
  432
  446
  460
  475
  475
  492
  511
  530
  551
  573
  596
  620
  646
  673
  702
  732
  764
  798
  833
  870
  909
  950
  994
  1,039
Change in working capital, $m
  -10
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
Cash from operations, $m
  328
  373
  381
  390
  400
  411
  422
  435
  449
  463
  479
  479
  496
  515
  535
  556
  578
  602
  626
  652
  680
  709
  740
  772
  806
  842
  879
  919
  961
  1,004
  1,050
Maintenance CAPEX, $m
  0
  -192
  -197
  -202
  -207
  -214
  -221
  -228
  -236
  -245
  -254
  -265
  -275
  -287
  -299
  -312
  -325
  -340
  -355
  -371
  -388
  -406
  -425
  -445
  -466
  -489
  -512
  -537
  -562
  -590
  -618
New CAPEX, $m
  -283
  -133
  -152
  -170
  -189
  -207
  -225
  -244
  -263
  -282
  -302
  -322
  -343
  -364
  -387
  -410
  -434
  -459
  -485
  -512
  -540
  -569
  -600
  -632
  -666
  -701
  -738
  -777
  -817
  -860
  -904
Cash from investing activities, $m
  -1,156
  -325
  -349
  -372
  -396
  -421
  -446
  -472
  -499
  -527
  -556
  -587
  -618
  -651
  -686
  -722
  -759
  -799
  -840
  -883
  -928
  -975
  -1,025
  -1,077
  -1,132
  -1,190
  -1,250
  -1,314
  -1,379
  -1,450
  -1,522
Free cash flow, $m
  -828
  47
  32
  18
  4
  -10
  -24
  -37
  -50
  -64
  -77
  -108
  -122
  -136
  -151
  -166
  -181
  -197
  -214
  -231
  -248
  -267
  -286
  -306
  -327
  -348
  -371
  -395
  -419
  -445
  -472
Issuance/(repayment) of debt, $m
  123
  126
  140
  157
  174
  191
  208
  225
  242
  260
  278
  297
  316
  336
  356
  377
  400
  423
  446
  471
  497
  525
  553
  583
  614
  646
  680
  716
  753
  792
  833
Issuance/(repurchase) of shares, $m
  900
  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  
  807
  126
  140
  157
  174
  191
  208
  225
  242
  260
  278
  297
  316
  336
  356
  377
  400
  423
  446
  471
  497
  525
  553
  583
  614
  646
  680
  716
  753
  792
  833
Total cash flow (excl. dividends), $m
  -17
  173
  172
  175
  177
  181
  184
  188
  192
  196
  201
  189
  194
  200
  206
  212
  218
  226
  233
  241
  249
  258
  267
  277
  287
  298
  309
  321
  334
  347
  361
Retained Cash Flow (-), $m
  -814
  -42
  -45
  -50
  -55
  -61
  -66
  -72
  -77
  -83
  -89
  -95
  -101
  -107
  -114
  -121
  -128
  -135
  -143
  -150
  -159
  -167
  -177
  -186
  -196
  -206
  -217
  -228
  -240
  -253
  -266
Prev. year cash balance distribution, $m
 
  50
  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
 
  181
  127
  124
  122
  120
  118
  116
  115
  113
  112
  94
  93
  92
  92
  91
  91
  91
  90
  90
  90
  90
  91
  91
  91
  92
  92
  93
  93
  94
  95
Discount rate, %
 
  10.30
  10.82
  11.36
  11.92
  12.52
  13.15
  13.80
  14.49
  15.22
  15.98
  16.78
  17.62
  18.50
  19.42
  20.39
  21.41
  22.48
  23.61
  24.79
  26.03
  27.33
  28.70
  30.13
  31.64
  33.22
  34.88
  36.62
  38.45
  40.38
  42.40
PV of cash for distribution, $m
 
  164
  104
  90
  78
  66
  56
  47
  39
  32
  25
  17
  13
  10
  8
  6
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  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
  100.0

NextEra Energy Partners, LP acquires, owns, and operates contracted clean energy projects. It owns interests in wind and solar projects in North America, as well as in seven contracted natural gas pipeline assets in Texas. It has a portfolio of approximately 2,200 MW of renewable energy projects. The company was founded in 2014 and is headquartered in Juno Beach, Florida.

FINANCIAL RATIOS  of  NextEra Energy Partners (NEP)

Valuation Ratios
P/E Ratio 25.8
Price to Sales 3
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 6.5
Price to Free Cash Flow 47.1
Growth Rates
Sales Growth Rate 44.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 64.5%
Cap. Spend. - 3 Yr. Gr. Rate -15.2%
Financial Strength
Quick Ratio 2
Current Ratio 0.2
LT Debt to Equity 201.3%
Total Debt to Equity 206.8%
Interest Coverage 3
Management Effectiveness
Return On Assets 3.1%
Ret/ On Assets - 3 Yr. Avg. 2.7%
Return On Total Capital 1.7%
Ret/ On T. Cap. - 3 Yr. Avg. 1.1%
Return On Equity 6.1%
Return On Equity - 3 Yr. Avg. 4.1%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 108%
EBITDA Margin - 3 Yr. Avg. 86.3%
Operating Margin 67%
Oper. Margin - 3 Yr. Avg. 53.1%
Pre-Tax Margin 56.1%
Pre-Tax Margin - 3 Yr. Avg. 35%
Net Profit Margin 11.5%
Net Profit Margin - 3 Yr. Avg. 7.4%
Effective Tax Rate 14%
Eff/ Tax Rate - 3 Yr. Avg. 5.6%
Payout Ratio 0%

NEP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NEP stock intrinsic value calculation we used $715 million for the last fiscal year's total revenue generated by NextEra Energy Partners. The default revenue input number comes from 2016 income statement of NextEra Energy Partners. 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 NEP 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 10.3%, whose default value for NEP is calculated based on our internal credit rating of NextEra Energy Partners, 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 NextEra Energy Partners.
    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 NEP stock the variable cost ratio is equal to 56.8%.

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 NEP 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 4.7% for NextEra Energy Partners.

Corporate tax rate of 27% is the nominal tax rate for NextEra Energy Partners. 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 NEP 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 NEP are equal to 806.8%.

Life of production assets of 31.2 years is the average useful life of capital assets used in NextEra Energy Partners 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 NEP is equal to -10%. 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 - $1743 million for NextEra Energy Partners - 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 54.391 million for NextEra Energy Partners 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 NextEra Energy Partners at the current share price and the inputted number of shares is $2.1 billion.

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COMPANY NEWS

▶ NextEra Energys Earnings and Dividend Growth Prospects   [Aug-18-17 03:36PM  Market Realist]
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▶ Why NextEra Energy Partners Shares Popped 11% in July   [Aug-09-17 01:19PM  Motley Fool]
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▶ What Drove NextEra Energys 2Q17 Earnings?   [02:05PM  Market Realist]
▶ NextEra beats 2Q profit forecasts   [Jul-26-17 08:55PM  Associated Press]
▶ NextEra Energy Partners posts 2Q profit   [04:59PM  Associated Press]
▶ Analyzing Southern Companys Valuation and Market Performance   [Jul-25-17 10:42AM  Market Realist]
▶ Why Analysts Are Still Positive on NextEra Energy   [Jul-21-17 09:09AM  Market Realist]
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▶ Why NextEra Energy Seems Attractive Right Now   [10:36AM  Market Realist]
▶ Whats NextEra Energys Current Valuation?   [07:36AM  Market Realist]
▶ How NextEra Energys Dividend Profile Stacks Up against Peers   [Jul-19-17 10:38AM  Market Realist]
▶ A Look at NextEra Energys Dividends   [09:09AM  Market Realist]
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▶ [$$] Warren Buffett and Oncor: Let the Battle of the Billionaires Begin?   [Jul-07-17 10:52PM  The Wall Street Journal]
▶ Hey, Buffett, Elliott's on the Line   [01:07PM  Bloomberg]
▶ FPL project could be expedited, pending vote by state regulators   [12:27PM  American City Business Journals]
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▶ Sabal Trail Transmission Project Placed In-Service   [Jul-05-17 11:00AM  PR Newswire]
▶ Exelons Valuation and Dividend in Context   [Jun-29-17 07:36AM  Market Realist]
▶ Analysts Recommendations for NextEra Energy   [Jun-28-17 11:05AM  Market Realist]
▶ What NextEra Energys Implied Volatility Means   [09:10AM  Market Realist]
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Stock chart of NEP Financial statements of NEP
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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