Intrinsic value of New Jersey Resources - NJR

Previous Close

$43.05

  Intrinsic Value

$73.36

stock screener

  Rating & Target

str. buy

+70%

  Value-price divergence*

+227%

Previous close

$43.05

 
Intrinsic value

$73.36

 
Up/down potential

+70%

 
Rating

str. buy

 
Value-price divergence*

+227%

*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 3.7

 

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
  27.90
  25.61
  23.55
  21.69
  20.02
  18.52
  17.17
  15.95
  14.86
  13.87
  12.98
  12.19
  11.47
  10.82
  10.24
  9.71
  9.24
  8.82
  8.44
  8.09
  7.78
  7.51
  7.26
  7.03
  6.83
  6.64
  6.48
  6.33
  6.20
  6.08
Revenue, $m
  594
  2,406
  3,022
  3,734
  4,544
  5,453
  6,463
  7,573
  8,781
  10,086
  11,485
  12,977
  14,558
  16,227
  17,983
  19,824
  21,750
  23,761
  25,856
  28,038
  30,307
  32,666
  35,118
  37,666
  40,314
  43,066
  45,927
  48,903
  51,999
  55,223
  58,579
Variable operating expenses, $m
 
  2,180
  2,738
  3,383
  4,116
  4,941
  5,856
  6,861
  7,956
  9,138
  10,406
  11,757
  13,189
  14,702
  16,293
  17,961
  19,706
  21,527
  23,426
  25,402
  27,458
  29,596
  31,817
  34,125
  36,524
  39,018
  41,610
  44,306
  47,111
  50,032
  53,073
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
  2,188
  2,746
  3,392
  4,125
  4,950
  5,865
  6,871
  7,966
  9,148
  10,416
  11,767
  13,200
  14,713
  16,304
  17,973
  19,718
  21,539
  23,438
  25,415
  27,471
  29,609
  31,831
  34,139
  36,538
  39,033
  41,625
  44,322
  47,127
  50,048
  53,090
Operating income, $m
  168
  218
  276
  342
  418
  504
  598
  702
  816
  938
  1,069
  1,209
  1,358
  1,514
  1,679
  1,852
  2,033
  2,221
  2,418
  2,623
  2,836
  3,057
  3,287
  3,526
  3,775
  4,033
  4,302
  4,581
  4,872
  5,175
  5,490
EBITDA, $m
  241
  251
  317
  394
  481
  579
  687
  807
  937
  1,077
  1,228
  1,388
  1,559
  1,738
  1,927
  2,125
  2,333
  2,549
  2,775
  3,010
  3,254
  3,508
  3,772
  4,046
  4,331
  4,628
  4,936
  5,256
  5,590
  5,937
  6,298
Interest expense (income), $m
  32
  42
  67
  95
  129
  167
  209
  256
  308
  365
  426
  491
  561
  635
  713
  795
  881
  972
  1,066
  1,164
  1,266
  1,372
  1,482
  1,597
  1,716
  1,840
  1,969
  2,103
  2,242
  2,387
  2,537
Earnings before tax, $m
  146
  176
  209
  247
  290
  337
  389
  446
  507
  573
  644
  718
  797
  879
  966
  1,057
  1,151
  1,250
  1,352
  1,459
  1,570
  1,685
  1,805
  1,930
  2,059
  2,193
  2,333
  2,479
  2,630
  2,788
  2,952
Tax expense, $m
  24
  48
  56
  67
  78
  91
  105
  120
  137
  155
  174
  194
  215
  237
  261
  285
  311
  337
  365
  394
  424
  455
  487
  521
  556
  592
  630
  669
  710
  753
  797
Net income, $m
  132
  128
  153
  180
  211
  246
  284
  326
  370
  419
  470
  524
  582
  642
  705
  771
  840
  912
  987
  1,065
  1,146
  1,230
  1,318
  1,409
  1,503
  1,601
  1,703
  1,810
  1,920
  2,035
  2,155

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
  4,708
  5,914
  7,306
  8,891
  10,672
  12,649
  14,820
  17,185
  19,738
  22,476
  25,394
  28,489
  31,756
  35,192
  38,795
  42,564
  46,499
  50,600
  54,869
  59,310
  63,926
  68,724
  73,710
  78,892
  84,278
  89,877
  95,701
  101,760
  108,068
  114,637
Adjusted assets (=assets-cash), $m
  3,681
  4,708
  5,914
  7,306
  8,891
  10,672
  12,649
  14,820
  17,185
  19,738
  22,476
  25,394
  28,489
  31,756
  35,192
  38,795
  42,564
  46,499
  50,600
  54,869
  59,310
  63,926
  68,724
  73,710
  78,892
  84,278
  89,877
  95,701
  101,760
  108,068
  114,637
Revenue / Adjusted assets
  0.161
  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
  332
  417
  515
  627
  753
  892
  1,045
  1,212
  1,392
  1,585
  1,791
  2,009
  2,239
  2,482
  2,736
  3,002
  3,279
  3,568
  3,869
  4,182
  4,508
  4,846
  5,198
  5,563
  5,943
  6,338
  6,749
  7,176
  7,621
  8,084
Working capital, $m
  35
  231
  290
  358
  436
  524
  620
  727
  843
  968
  1,103
  1,246
  1,398
  1,558
  1,726
  1,903
  2,088
  2,281
  2,482
  2,692
  2,909
  3,136
  3,371
  3,616
  3,870
  4,134
  4,409
  4,695
  4,992
  5,301
  5,624
Total debt, $m
  1,238
  1,902
  2,725
  3,676
  4,759
  5,975
  7,325
  8,808
  10,423
  12,167
  14,037
  16,030
  18,144
  20,375
  22,722
  25,183
  27,758
  30,445
  33,246
  36,161
  39,194
  42,348
  45,625
  49,030
  52,569
  56,248
  60,072
  64,050
  68,188
  72,496
  76,983
Total liabilities, $m
  2,552
  3,216
  4,039
  4,990
  6,073
  7,289
  8,639
  10,122
  11,737
  13,481
  15,351
  17,344
  19,458
  21,689
  24,036
  26,497
  29,072
  31,759
  34,560
  37,475
  40,508
  43,662
  46,939
  50,344
  53,883
  57,562
  61,386
  65,364
  69,502
  73,810
  78,297
Total equity, $m
  1,167
  1,492
  1,875
  2,316
  2,819
  3,383
  4,010
  4,698
  5,448
  6,257
  7,125
  8,050
  9,031
  10,067
  11,156
  12,298
  13,493
  14,740
  16,040
  17,393
  18,801
  20,265
  21,786
  23,366
  25,009
  26,716
  28,491
  30,337
  32,258
  34,257
  36,340
Total liabilities and equity, $m
  3,719
  4,708
  5,914
  7,306
  8,892
  10,672
  12,649
  14,820
  17,185
  19,738
  22,476
  25,394
  28,489
  31,756
  35,192
  38,795
  42,565
  46,499
  50,600
  54,868
  59,309
  63,927
  68,725
  73,710
  78,892
  84,278
  89,877
  95,701
  101,760
  108,067
  114,637
Debt-to-equity ratio
  1.061
  1.270
  1.450
  1.590
  1.690
  1.770
  1.830
  1.870
  1.910
  1.940
  1.970
  1.990
  2.010
  2.020
  2.040
  2.050
  2.060
  2.070
  2.070
  2.080
  2.080
  2.090
  2.090
  2.100
  2.100
  2.110
  2.110
  2.110
  2.110
  2.120
  2.120
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
  128
  153
  180
  211
  246
  284
  326
  370
  419
  470
  524
  582
  642
  705
  771
  840
  912
  987
  1,065
  1,146
  1,230
  1,318
  1,409
  1,503
  1,601
  1,703
  1,810
  1,920
  2,035
  2,155
Depreciation, amort., depletion, $m
  73
  33
  42
  52
  63
  75
  89
  105
  121
  139
  158
  179
  201
  224
  248
  274
  300
  328
  357
  387
  418
  451
  485
  520
  556
  594
  634
  675
  718
  762
  808
Funds from operations, $m
  45
  162
  194
  232
  274
  321
  373
  430
  492
  558
  628
  703
  782
  866
  953
  1,045
  1,141
  1,240
  1,344
  1,452
  1,564
  1,681
  1,802
  1,928
  2,059
  2,196
  2,337
  2,484
  2,638
  2,797
  2,964
Change in working capital, $m
  -98
  50
  59
  68
  78
  87
  97
  107
  116
  125
  134
  143
  152
  160
  169
  177
  185
  193
  201
  209
  218
  226
  235
  245
  254
  264
  275
  286
  297
  309
  322
Cash from operations, $m
  143
  111
  135
  163
  196
  234
  276
  324
  376
  432
  494
  560
  631
  706
  785
  868
  956
  1,047
  1,143
  1,243
  1,347
  1,455
  1,567
  1,684
  1,805
  1,931
  2,062
  2,199
  2,340
  2,488
  2,641
Maintenance CAPEX, $m
  0
  -26
  -33
  -42
  -52
  -63
  -75
  -89
  -105
  -121
  -139
  -158
  -179
  -201
  -224
  -248
  -274
  -300
  -328
  -357
  -387
  -418
  -451
  -485
  -520
  -556
  -594
  -634
  -675
  -718
  -762
New CAPEX, $m
  -327
  -72
  -85
  -98
  -112
  -126
  -139
  -153
  -167
  -180
  -193
  -206
  -218
  -230
  -242
  -254
  -266
  -277
  -289
  -301
  -313
  -326
  -338
  -352
  -365
  -380
  -395
  -411
  -427
  -445
  -463
Cash from investing activities, $m
  -363
  -98
  -118
  -140
  -164
  -189
  -214
  -242
  -272
  -301
  -332
  -364
  -397
  -431
  -466
  -502
  -540
  -577
  -617
  -658
  -700
  -744
  -789
  -837
  -885
  -936
  -989
  -1,045
  -1,102
  -1,163
  -1,225
Free cash flow, $m
  -220
  14
  17
  24
  33
  46
  62
  81
  104
  131
  162
  196
  233
  274
  319
  366
  416
  470
  526
  585
  647
  711
  778
  848
  920
  995
  1,073
  1,154
  1,238
  1,325
  1,416
Issuance/(repayment) of debt, $m
  324
  702
  824
  951
  1,083
  1,216
  1,350
  1,483
  1,615
  1,744
  1,870
  1,993
  2,114
  2,231
  2,347
  2,461
  2,574
  2,687
  2,801
  2,916
  3,033
  3,153
  3,277
  3,405
  3,539
  3,678
  3,824
  3,978
  4,139
  4,308
  4,487
Issuance/(repurchase) of shares, $m
  15
  197
  230
  261
  291
  318
  343
  363
  379
  391
  398
  401
  399
  394
  384
  371
  354
  335
  313
  288
  262
  233
  203
  172
  140
  106
  72
  37
  1
  0
  0
Cash from financing (excl. dividends), $m  
  335
  899
  1,054
  1,212
  1,374
  1,534
  1,693
  1,846
  1,994
  2,135
  2,268
  2,394
  2,513
  2,625
  2,731
  2,832
  2,928
  3,022
  3,114
  3,204
  3,295
  3,386
  3,480
  3,577
  3,679
  3,784
  3,896
  4,015
  4,140
  4,308
  4,487
Total cash flow (excl. dividends), $m
  115
  912
  1,070
  1,236
  1,407
  1,580
  1,754
  1,927
  2,098
  2,266
  2,430
  2,590
  2,746
  2,899
  3,050
  3,198
  3,345
  3,492
  3,639
  3,789
  3,941
  4,097
  4,258
  4,425
  4,599
  4,780
  4,969
  5,168
  5,378
  5,634
  5,903
Retained Cash Flow (-), $m
  -60
  -325
  -382
  -441
  -502
  -564
  -627
  -688
  -749
  -809
  -868
  -925
  -981
  -1,036
  -1,089
  -1,142
  -1,195
  -1,247
  -1,300
  -1,353
  -1,408
  -1,463
  -1,521
  -1,581
  -1,643
  -1,707
  -1,775
  -1,846
  -1,921
  -1,999
  -2,082
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
 
  587
  688
  794
  904
  1,016
  1,128
  1,239
  1,349
  1,457
  1,562
  1,665
  1,765
  1,864
  1,960
  2,056
  2,150
  2,244
  2,339
  2,435
  2,533
  2,634
  2,737
  2,844
  2,956
  3,072
  3,194
  3,322
  3,457
  3,634
  3,820
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
 
  543
  585
  617
  634
  639
  629
  607
  575
  533
  485
  433
  379
  325
  274
  227
  183
  145
  113
  86
  64
  46
  33
  23
  15
  10
  6
  4
  2
  1
  1
Current shareholders' claim on cash, %
  100
  95.0
  90.6
  86.8
  83.5
  80.6
  78.1
  76.0
  74.1
  72.5
  71.0
  69.8
  68.7
  67.8
  67.0
  66.3
  65.7
  65.2
  64.8
  64.4
  64.1
  63.9
  63.7
  63.5
  63.4
  63.3
  63.2
  63.2
  63.2
  63.2
  63.2

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 28.1
Price to Sales 2
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 25.9
Price to Free Cash Flow -20.1
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 27.9% 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 10 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 86.255 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 $3.7 billion.

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COMPANY NEWS

▶ New Jersey Resources beats 3Q profit forecasts   [Aug-02-17 10:22PM  Associated Press]
▶ How Are ETF Inflows Affecting Small Cap Stocks?   [Jun-08-17 03:29PM  Barrons.com]
▶ New Jersey Resources beats 2Q profit forecasts   [06:47AM  Associated Press]
▶ 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]
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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