Intrinsic value of New Jersey Resources - NJR

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$40.35

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$40.35

 
Intrinsic value

$49.11

 
Up/down potential

+22%

 
Rating

buy

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

We calculate the intrinsic value of NJR 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 3.5

 

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, %
  -31.20
  21.80
  20.12
  18.61
  17.25
  16.02
  14.92
  13.93
  13.04
  12.23
  11.51
  10.86
  10.27
  9.74
  9.27
  8.84
  8.46
  8.11
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.21
  6.09
  5.98
  5.88
  5.79
Revenue, $m
  1,881
  2,291
  2,752
  3,264
  3,827
  4,440
  5,103
  5,814
  6,571
  7,375
  8,224
  9,117
  10,053
  11,033
  12,056
  13,122
  14,232
  15,387
  16,587
  17,835
  19,131
  20,478
  21,879
  23,335
  24,849
  26,424
  28,064
  29,772
  31,551
  33,406
  35,341
Variable operating expenses, $m
 
  2,076
  2,493
  2,957
  3,467
  4,023
  4,623
  5,267
  5,954
  6,682
  7,451
  8,260
  9,108
  9,996
  10,923
  11,888
  12,894
  13,940
  15,028
  16,158
  17,333
  18,553
  19,822
  21,141
  22,513
  23,940
  25,426
  26,973
  28,585
  30,266
  32,019
Fixed operating expenses, $m
 
  8
  8
  9
  9
  9
  9
  10
  10
  10
  10
  10
  11
  11
  11
  12
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
  15
  16
  16
  16
  17
Total operating expenses, $m
  1,713
  2,084
  2,501
  2,966
  3,476
  4,032
  4,632
  5,277
  5,964
  6,692
  7,461
  8,270
  9,119
  10,007
  10,934
  11,900
  12,906
  13,952
  15,040
  16,171
  17,346
  18,566
  19,836
  21,155
  22,527
  23,955
  25,441
  26,989
  28,601
  30,282
  32,036
Operating income, $m
  168
  207
  250
  298
  351
  408
  470
  537
  608
  683
  763
  846
  934
  1,026
  1,122
  1,222
  1,326
  1,434
  1,547
  1,664
  1,785
  1,912
  2,043
  2,179
  2,321
  2,469
  2,623
  2,783
  2,950
  3,124
  3,305
EBITDA, $m
  241
  270
  326
  388
  457
  531
  611
  697
  789
  887
  990
  1,098
  1,212
  1,331
  1,455
  1,584
  1,719
  1,859
  2,004
  2,156
  2,313
  2,477
  2,647
  2,823
  3,007
  3,198
  3,397
  3,605
  3,821
  4,046
  4,281
Interest expense (income), $m
  32
  42
  61
  83
  107
  133
  162
  193
  226
  261
  299
  339
  381
  424
  470
  518
  568
  620
  674
  730
  788
  849
  912
  978
  1,046
  1,116
  1,190
  1,267
  1,347
  1,430
  1,517
Earnings before tax, $m
  146
  165
  189
  215
  244
  275
  309
  344
  382
  422
  464
  508
  554
  602
  652
  704
  758
  814
  873
  934
  997
  1,063
  1,131
  1,202
  1,276
  1,353
  1,433
  1,516
  1,603
  1,694
  1,788
Tax expense, $m
  24
  45
  51
  58
  66
  74
  83
  93
  103
  114
  125
  137
  150
  162
  176
  190
  205
  220
  236
  252
  269
  287
  305
  324
  344
  365
  387
  409
  433
  457
  483
Net income, $m
  132
  121
  138
  157
  178
  201
  225
  251
  279
  308
  339
  371
  404
  439
  476
  514
  553
  594
  637
  682
  728
  776
  825
  877
  931
  987
  1,046
  1,107
  1,170
  1,236
  1,306

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  38
  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
  3,719
  4,483
  5,386
  6,388
  7,489
  8,689
  9,986
  11,377
  12,860
  14,433
  16,094
  17,841
  19,674
  21,591
  23,592
  25,679
  27,851
  30,111
  32,460
  34,901
  37,438
  40,075
  42,815
  45,664
  48,628
  51,711
  54,920
  58,262
  61,744
  65,374
  69,160
Adjusted assets (=assets-cash), $m
  3,681
  4,483
  5,386
  6,388
  7,489
  8,689
  9,986
  11,377
  12,860
  14,433
  16,094
  17,841
  19,674
  21,591
  23,592
  25,679
  27,851
  30,111
  32,460
  34,901
  37,438
  40,075
  42,815
  45,664
  48,628
  51,711
  54,920
  58,262
  61,744
  65,374
  69,160
Revenue / Adjusted assets
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
Average production assets, $m
  261
  316
  380
  450
  528
  613
  704
  802
  907
  1,018
  1,135
  1,258
  1,387
  1,523
  1,664
  1,811
  1,964
  2,123
  2,289
  2,461
  2,640
  2,826
  3,019
  3,220
  3,429
  3,647
  3,873
  4,109
  4,354
  4,610
  4,877
Working capital, $m
  35
  220
  264
  313
  367
  426
  490
  558
  631
  708
  789
  875
  965
  1,059
  1,157
  1,260
  1,366
  1,477
  1,592
  1,712
  1,837
  1,966
  2,100
  2,240
  2,385
  2,537
  2,694
  2,858
  3,029
  3,207
  3,393
Total debt, $m
  1,238
  1,748
  2,364
  3,049
  3,801
  4,621
  5,506
  6,456
  7,469
  8,544
  9,678
  10,871
  12,123
  13,433
  14,800
  16,225
  17,708
  19,252
  20,856
  22,524
  24,256
  26,057
  27,929
  29,875
  31,899
  34,004
  36,196
  38,479
  40,857
  43,337
  45,923
Total liabilities, $m
  2,552
  3,062
  3,678
  4,363
  5,115
  5,935
  6,820
  7,770
  8,783
  9,858
  10,992
  12,185
  13,437
  14,747
  16,114
  17,539
  19,022
  20,566
  22,170
  23,838
  25,570
  27,371
  29,243
  31,189
  33,213
  35,318
  37,510
  39,793
  42,171
  44,651
  47,237
Total equity, $m
  1,167
  1,421
  1,707
  2,025
  2,374
  2,755
  3,166
  3,606
  4,077
  4,575
  5,102
  5,656
  6,237
  6,844
  7,479
  8,140
  8,829
  9,545
  10,290
  11,064
  11,868
  12,704
  13,572
  14,476
  15,415
  16,392
  17,410
  18,469
  19,573
  20,724
  21,924
Total liabilities and equity, $m
  3,719
  4,483
  5,385
  6,388
  7,489
  8,690
  9,986
  11,376
  12,860
  14,433
  16,094
  17,841
  19,674
  21,591
  23,593
  25,679
  27,851
  30,111
  32,460
  34,902
  37,438
  40,075
  42,815
  45,665
  48,628
  51,710
  54,920
  58,262
  61,744
  65,375
  69,161
Debt-to-equity ratio
  1.061
  1.230
  1.380
  1.510
  1.600
  1.680
  1.740
  1.790
  1.830
  1.870
  1.900
  1.920
  1.940
  1.960
  1.980
  1.990
  2.010
  2.020
  2.030
  2.040
  2.040
  2.050
  2.060
  2.060
  2.070
  2.070
  2.080
  2.080
  2.090
  2.090
  2.090
Adjusted equity ratio
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  132
  121
  138
  157
  178
  201
  225
  251
  279
  308
  339
  371
  404
  439
  476
  514
  553
  594
  637
  682
  728
  776
  825
  877
  931
  987
  1,046
  1,107
  1,170
  1,236
  1,306
Depreciation, amort., depletion, $m
  73
  63
  76
  90
  106
  123
  141
  160
  181
  204
  227
  252
  277
  305
  333
  362
  393
  425
  458
  492
  528
  565
  604
  644
  686
  729
  775
  822
  871
  922
  975
Funds from operations, $m
  45
  184
  214
  247
  284
  324
  366
  412
  460
  512
  566
  622
  682
  744
  809
  876
  946
  1,019
  1,095
  1,174
  1,256
  1,341
  1,429
  1,521
  1,617
  1,717
  1,820
  1,928
  2,041
  2,158
  2,281
Change in working capital, $m
  -98
  39
  44
  49
  54
  59
  64
  68
  73
  77
  81
  86
  90
  94
  98
  102
  107
  111
  115
  120
  124
  129
  134
  140
  145
  151
  157
  164
  171
  178
  186
Cash from operations, $m
  143
  185
  170
  198
  230
  265
  303
  344
  387
  434
  484
  537
  592
  650
  710
  774
  840
  908
  980
  1,054
  1,131
  1,212
  1,295
  1,382
  1,472
  1,565
  1,663
  1,765
  1,870
  1,980
  2,095
Maintenance CAPEX, $m
  0
  -52
  -63
  -76
  -90
  -106
  -123
  -141
  -160
  -181
  -204
  -227
  -252
  -277
  -305
  -333
  -362
  -393
  -425
  -458
  -492
  -528
  -565
  -604
  -644
  -686
  -729
  -775
  -822
  -871
  -922
New CAPEX, $m
  -327
  -56
  -64
  -71
  -78
  -85
  -91
  -98
  -105
  -111
  -117
  -123
  -129
  -135
  -141
  -147
  -153
  -159
  -166
  -172
  -179
  -186
  -193
  -201
  -209
  -217
  -226
  -236
  -246
  -256
  -267
Cash from investing activities, $m
  -363
  -108
  -127
  -147
  -168
  -191
  -214
  -239
  -265
  -292
  -321
  -350
  -381
  -412
  -446
  -480
  -515
  -552
  -591
  -630
  -671
  -714
  -758
  -805
  -853
  -903
  -955
  -1,011
  -1,068
  -1,127
  -1,189
Free cash flow, $m
  -220
  77
  43
  52
  62
  74
  89
  105
  122
  142
  163
  186
  211
  237
  265
  294
  324
  356
  389
  424
  460
  498
  536
  577
  619
  662
  707
  754
  803
  854
  906
Issuance/(repayment) of debt, $m
  324
  548
  616
  684
  752
  820
  885
  950
  1,013
  1,074
  1,134
  1,193
  1,252
  1,309
  1,367
  1,425
  1,484
  1,543
  1,604
  1,668
  1,733
  1,801
  1,872
  1,946
  2,024
  2,106
  2,192
  2,283
  2,378
  2,479
  2,586
Issuance/(repurchase) of shares, $m
  15
  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  
  335
  548
  616
  684
  752
  820
  885
  950
  1,013
  1,074
  1,134
  1,193
  1,252
  1,309
  1,367
  1,425
  1,484
  1,543
  1,604
  1,668
  1,733
  1,801
  1,872
  1,946
  2,024
  2,106
  2,192
  2,283
  2,378
  2,479
  2,586
Total cash flow (excl. dividends), $m
  115
  625
  659
  736
  815
  894
  974
  1,055
  1,135
  1,216
  1,298
  1,380
  1,463
  1,547
  1,632
  1,719
  1,808
  1,899
  1,994
  2,092
  2,193
  2,298
  2,408
  2,523
  2,643
  2,768
  2,899
  3,037
  3,181
  3,333
  3,492
Retained Cash Flow (-), $m
  -60
  -254
  -286
  -318
  -349
  -380
  -411
  -441
  -470
  -499
  -527
  -554
  -581
  -608
  -634
  -661
  -689
  -716
  -745
  -774
  -804
  -836
  -869
  -903
  -939
  -977
  -1,017
  -1,059
  -1,104
  -1,151
  -1,200
Prev. year cash balance distribution, $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 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
 
  371
  373
  418
  465
  514
  563
  614
  665
  718
  771
  826
  882
  939
  997
  1,057
  1,119
  1,183
  1,249
  1,318
  1,389
  1,463
  1,539
  1,620
  1,703
  1,791
  1,882
  1,977
  2,077
  2,182
  2,292
Discount rate, %
 
  8.00
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
PV of cash for distribution, $m
 
  344
  317
  325
  326
  323
  314
  301
  283
  263
  239
  215
  189
  164
  139
  117
  95
  77
  60
  46
  35
  26
  18
  13
  9
  6
  4
  2
  1
  1
  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

New Jersey Resources Corporation, an energy services holding company, provides regulated gas distribution, and retail and wholesale energy services. The company operates through Natural Gas Distribution, Clean Energy Ventures, Energy Services, Midstream, and Home Services and Other segments. The Natural Gas Distribution segment offers regulated retail natural gas services to approximately 521,200 residential and commercial customers in central and northern New Jersey; provides storage management services; and participates in the off-system sales and capacity release markets. The Clean Energy Ventures segment invests in commercial and residential solar projects located in New Jersey; and onshore wind projects in Montana, Iowa, Kansas, Wyoming, and Pennsylvania. The Energy Services segment provides unregulated wholesale energy management services to other energy companies and natural gas producers, as well as maintains and transacts a portfolio of physical assets consisting of natural gas storage and transportation contracts in the United States and Canada. The Midstream segment invests in natural gas transportation and storage facilities. The Home Services and Other segment offers heating, ventilation, and cooling services; holds and develops commercial real estate properties; and provides solar equipment installation, and plumbing repair and installation services. This segment is also involved in water appliance sale, installation, and servicing activities. The company was founded in 1922 and is based in Wall, New Jersey.

FINANCIAL RATIOS  of  New Jersey Resources (NJR)

Valuation Ratios
P/E Ratio 26.3
Price to Sales 1.8
Price to Book 3
Price to Tangible Book
Price to Cash Flow 24.3
Price to Free Cash Flow -18.9
Growth Rates
Sales Growth Rate -31.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 12%
Cap. Spend. - 3 Yr. Gr. Rate 13.8%
Financial Strength
Quick Ratio 0
Current Ratio 0.3
LT Debt to Equity 90.4%
Total Debt to Equity 106.1%
Interest Coverage 6
Management Effectiveness
Return On Assets 4.5%
Ret/ On Assets - 3 Yr. Avg. 5.3%
Return On Total Capital 6%
Ret/ On T. Cap. - 3 Yr. Avg. 7.6%
Return On Equity 11.6%
Return On Equity - 3 Yr. Avg. 14.8%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 13.3%
EBITDA Margin - 3 Yr. Avg. 10.6%
Operating Margin 8.9%
Oper. Margin - 3 Yr. Avg. 7.8%
Pre-Tax Margin 7.8%
Pre-Tax Margin - 3 Yr. Avg. 7%
Net Profit Margin 7%
Net Profit Margin - 3 Yr. Avg. 5.8%
Effective Tax Rate 16.4%
Eff/ Tax Rate - 3 Yr. Avg. 23.6%
Payout Ratio 62.1%

NJR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NJR stock intrinsic value calculation we used $1881 million for the last fiscal year's total revenue generated by New Jersey Resources. The default revenue input number comes from 2016 income statement of New Jersey Resources. 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 NJR stock valuation model: a) initial revenue growth rate of 21.8% 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 8%, whose default value for NJR is calculated based on our internal credit rating of New Jersey Resources, 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 New Jersey Resources.
    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 NJR stock the variable cost ratio is equal to 90.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $8 million in the base year in the intrinsic value calculation for NJR 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 3.5% for New Jersey Resources.

Corporate tax rate of 27% is the nominal tax rate for New Jersey Resources. 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 NJR 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 NJR are equal to 13.8%.

Life of production assets of 3.6 years is the average useful life of capital assets used in New Jersey Resources 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 NJR is equal to 9.6%. 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 - $1167 million for New Jersey Resources - 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 86.616 million for New Jersey Resources 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 New Jersey Resources at the current share price and the inputted number of shares is $3.5 billion.


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COMPANY NEWS

▶ New Jersey Resources misses 1Q profit forecasts   [07:07AM  Associated Press]
▶ New Jersey Resources Corp (NJR) Hedge Funds Are Snapping Up   [Dec-10-16 08:34AM  at Insider Monkey]
▶ New Jersey Resources Names New Chief Information Officer   [Jun-10-16 12:28PM  Business Wire]
Stock chart of NJR Financial statements of NJR
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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