Intrinsic value of Northwest Natural Gas - NWN

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$61.15

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$61.15

 
Intrinsic value

$86.96

 
Up/down potential

+42%

 
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 NWN 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 1.8

 

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, %
  -6.63
  16.00
  14.90
  13.91
  13.02
  12.22
  11.50
  10.85
  10.26
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.26
  7.04
  6.83
  6.65
  6.49
  6.34
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
Revenue, $m
  676
  784
  901
  1,026
  1,160
  1,302
  1,451
  1,609
  1,774
  1,946
  2,127
  2,315
  2,510
  2,714
  2,925
  3,145
  3,374
  3,611
  3,858
  4,115
  4,381
  4,659
  4,948
  5,249
  5,563
  5,890
  6,231
  6,586
  6,958
  7,346
  7,751
Variable operating expenses, $m
 
  649
  746
  850
  960
  1,078
  1,202
  1,332
  1,469
  1,612
  1,761
  1,917
  2,078
  2,247
  2,422
  2,604
  2,793
  2,990
  3,194
  3,407
  3,628
  3,858
  4,097
  4,346
  4,606
  4,877
  5,159
  5,454
  5,761
  6,082
  6,418
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
  537
  649
  746
  850
  960
  1,078
  1,202
  1,332
  1,469
  1,612
  1,761
  1,917
  2,078
  2,247
  2,422
  2,604
  2,793
  2,990
  3,194
  3,407
  3,628
  3,858
  4,097
  4,346
  4,606
  4,877
  5,159
  5,454
  5,761
  6,082
  6,418
Operating income, $m
  139
  135
  155
  177
  200
  224
  250
  277
  305
  335
  366
  398
  432
  467
  503
  541
  580
  621
  664
  708
  754
  801
  851
  903
  957
  1,013
  1,072
  1,133
  1,197
  1,263
  1,333
EBITDA, $m
  221
  207
  238
  272
  307
  344
  384
  426
  469
  515
  563
  612
  664
  718
  774
  832
  893
  956
  1,021
  1,089
  1,159
  1,233
  1,309
  1,389
  1,472
  1,558
  1,649
  1,743
  1,841
  1,944
  2,051
Interest expense (income), $m
  36
  34
  49
  66
  84
  104
  124
  146
  169
  192
  217
  243
  271
  299
  328
  359
  391
  424
  458
  494
  531
  569
  610
  651
  695
  740
  788
  837
  888
  942
  998
Earnings before tax, $m
  100
  101
  106
  110
  115
  120
  125
  131
  137
  142
  148
  155
  161
  168
  175
  182
  190
  197
  205
  214
  223
  232
  241
  251
  262
  273
  284
  296
  308
  321
  335
Tax expense, $m
  41
  27
  29
  30
  31
  32
  34
  35
  37
  38
  40
  42
  44
  45
  47
  49
  51
  53
  55
  58
  60
  63
  65
  68
  71
  74
  77
  80
  83
  87
  90
Net income, $m
  59
  74
  77
  81
  84
  88
  92
  96
  100
  104
  108
  113
  118
  123
  128
  133
  138
  144
  150
  156
  163
  169
  176
  184
  191
  199
  207
  216
  225
  235
  245

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  4
  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
  3,080
  3,564
  4,095
  4,665
  5,272
  5,917
  6,597
  7,312
  8,063
  8,847
  9,667
  10,521
  11,410
  12,335
  13,297
  14,296
  15,335
  16,414
  17,536
  18,702
  19,915
  21,178
  22,491
  23,860
  25,285
  26,771
  28,321
  29,939
  31,627
  33,390
  35,233
Adjusted assets (=assets-cash), $m
  3,076
  3,564
  4,095
  4,665
  5,272
  5,917
  6,597
  7,312
  8,063
  8,847
  9,667
  10,521
  11,410
  12,335
  13,297
  14,296
  15,335
  16,414
  17,536
  18,702
  19,915
  21,178
  22,491
  23,860
  25,285
  26,771
  28,321
  29,939
  31,627
  33,390
  35,233
Revenue / Adjusted assets
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
Average production assets, $m
  313
  363
  417
  475
  537
  603
  672
  745
  821
  901
  985
  1,072
  1,162
  1,256
  1,354
  1,456
  1,562
  1,672
  1,786
  1,905
  2,029
  2,157
  2,291
  2,430
  2,576
  2,727
  2,885
  3,050
  3,222
  3,401
  3,589
Working capital, $m
  13
  118
  136
  155
  175
  197
  219
  243
  268
  294
  321
  350
  379
  410
  442
  475
  509
  545
  583
  621
  662
  704
  747
  793
  840
  889
  941
  995
  1,051
  1,109
  1,170
Total debt, $m
  773
  1,121
  1,505
  1,917
  2,356
  2,822
  3,313
  3,831
  4,373
  4,941
  5,533
  6,151
  6,794
  7,462
  8,158
  8,880
  9,631
  10,412
  11,223
  12,066
  12,943
  13,855
  14,805
  15,794
  16,825
  17,900
  19,020
  20,190
  21,410
  22,685
  24,017
Total liabilities, $m
  2,229
  2,577
  2,961
  3,373
  3,812
  4,278
  4,769
  5,287
  5,829
  6,397
  6,989
  7,607
  8,250
  8,918
  9,614
  10,336
  11,087
  11,868
  12,679
  13,522
  14,399
  15,311
  16,261
  17,250
  18,281
  19,356
  20,476
  21,646
  22,866
  24,141
  25,473
Total equity, $m
  851
  987
  1,134
  1,292
  1,460
  1,639
  1,827
  2,025
  2,233
  2,451
  2,678
  2,914
  3,161
  3,417
  3,683
  3,960
  4,248
  4,547
  4,858
  5,181
  5,517
  5,866
  6,230
  6,609
  7,004
  7,416
  7,845
  8,293
  8,761
  9,249
  9,760
Total liabilities and equity, $m
  3,080
  3,564
  4,095
  4,665
  5,272
  5,917
  6,596
  7,312
  8,062
  8,848
  9,667
  10,521
  11,411
  12,335
  13,297
  14,296
  15,335
  16,415
  17,537
  18,703
  19,916
  21,177
  22,491
  23,859
  25,285
  26,772
  28,321
  29,939
  31,627
  33,390
  35,233
Debt-to-equity ratio
  0.908
  1.140
  1.330
  1.480
  1.610
  1.720
  1.810
  1.890
  1.960
  2.020
  2.070
  2.110
  2.150
  2.180
  2.210
  2.240
  2.270
  2.290
  2.310
  2.330
  2.350
  2.360
  2.380
  2.390
  2.400
  2.410
  2.420
  2.430
  2.440
  2.450
  2.460
Adjusted equity ratio
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  59
  74
  77
  81
  84
  88
  92
  96
  100
  104
  108
  113
  118
  123
  128
  133
  138
  144
  150
  156
  163
  169
  176
  184
  191
  199
  207
  216
  225
  235
  245
Depreciation, amort., depletion, $m
  82
  73
  83
  95
  107
  121
  134
  149
  164
  180
  197
  214
  232
  251
  271
  291
  312
  334
  357
  381
  406
  431
  458
  486
  515
  545
  577
  610
  644
  680
  718
Funds from operations, $m
  246
  146
  161
  176
  191
  208
  226
  245
  264
  284
  305
  327
  350
  374
  398
  424
  451
  478
  507
  537
  568
  601
  634
  670
  706
  744
  784
  826
  869
  915
  962
Change in working capital, $m
  24
  16
  18
  19
  20
  21
  23
  24
  25
  26
  27
  28
  30
  31
  32
  33
  35
  36
  37
  39
  40
  42
  44
  45
  47
  49
  51
  54
  56
  59
  61
Cash from operations, $m
  222
  138
  143
  157
  171
  187
  203
  221
  239
  258
  278
  299
  321
  343
  367
  391
  416
  443
  470
  498
  528
  559
  591
  624
  659
  695
  733
  772
  813
  856
  901
Maintenance CAPEX, $m
  0
  -63
  -73
  -83
  -95
  -107
  -121
  -134
  -149
  -164
  -180
  -197
  -214
  -232
  -251
  -271
  -291
  -312
  -334
  -357
  -381
  -406
  -431
  -458
  -486
  -515
  -545
  -577
  -610
  -644
  -680
New CAPEX, $m
  -140
  -50
  -54
  -58
  -62
  -66
  -69
  -73
  -76
  -80
  -83
  -87
  -91
  -94
  -98
  -102
  -106
  -110
  -114
  -119
  -124
  -129
  -134
  -139
  -145
  -151
  -158
  -165
  -172
  -180
  -188
Cash from investing activities, $m
  -137
  -113
  -127
  -141
  -157
  -173
  -190
  -207
  -225
  -244
  -263
  -284
  -305
  -326
  -349
  -373
  -397
  -422
  -448
  -476
  -505
  -535
  -565
  -597
  -631
  -666
  -703
  -742
  -782
  -824
  -868
Free cash flow, $m
  85
  25
  16
  15
  14
  14
  14
  13
  14
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  29
  30
  31
  31
  32
  33
Issuance/(repayment) of debt, $m
  -92
  352
  384
  412
  439
  466
  492
  517
  542
  567
  592
  618
  643
  669
  695
  723
  751
  780
  811
  843
  877
  913
  950
  989
  1,031
  1,074
  1,121
  1,169
  1,221
  1,275
  1,332
Issuance/(repurchase) of shares, $m
  60
  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  
  -34
  352
  384
  412
  439
  466
  492
  517
  542
  567
  592
  618
  643
  669
  695
  723
  751
  780
  811
  843
  877
  913
  950
  989
  1,031
  1,074
  1,121
  1,169
  1,221
  1,275
  1,332
Total cash flow (excl. dividends), $m
  51
  377
  400
  427
  454
  480
  505
  531
  556
  581
  607
  632
  659
  685
  713
  741
  770
  801
  832
  866
  900
  937
  975
  1,016
  1,058
  1,103
  1,150
  1,200
  1,252
  1,307
  1,365
Retained Cash Flow (-), $m
  -70
  -136
  -147
  -158
  -168
  -178
  -188
  -198
  -208
  -217
  -227
  -237
  -246
  -256
  -266
  -277
  -288
  -299
  -311
  -323
  -336
  -350
  -364
  -379
  -395
  -412
  -429
  -448
  -468
  -488
  -510
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
 
  241
  253
  269
  285
  301
  317
  333
  348
  364
  380
  396
  412
  429
  446
  464
  482
  502
  522
  543
  564
  587
  611
  637
  663
  691
  721
  752
  785
  819
  855
Discount rate, %
 
  7.30
  7.67
  8.05
  8.45
  8.87
  9.32
  9.78
  10.27
  10.79
  11.32
  11.89
  12.49
  13.11
  13.77
  14.45
  15.18
  15.93
  16.73
  17.57
  18.45
  19.37
  20.34
  21.35
  22.42
  23.54
  24.72
  25.96
  27.25
  28.62
  30.05
PV of cash for distribution, $m
 
  225
  218
  213
  206
  197
  186
  173
  159
  145
  130
  115
  100
  86
  73
  61
  50
  41
  32
  25
  19
  14
  10
  7
  5
  4
  2
  1
  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

Northwest Natural Gas Company stores and distributes natural gas in the United States. The company operates through two segments, Local Gas Distribution and Gas Storage. The Local Gas Distribution segment engages in the purchase, sale, and delivery of natural gas and related services to residential, commercial, and industrial customers in Oregon and southwest Washington. This segment builds and maintains pipeline distribution system; purchases gas from producers and marketers; contracts for the transportation of gas from the supply basins to service territory over pipelines; and resells gas. It also transports customer-owned gas from the interstate pipeline connection or city gates to the customersÂ’ end-use facilities. The Gas Storage segment provides underground natural gas storage services to interstate and intrastate markets. This segment primarily serves natural gas production or distribution, electric generation, and energy marketing companies. It hold leases and other property interests in approximately 12,000 net acres of underground natural gas storage in Oregon; and approximately 5,000 net acres of underground natural gas storage in California, as well as owns rights to depleted gas reservoirs in Mist, Oregon. Northwest Natural Gas Company was founded in 1859 and is headquartered in Portland, Oregon.

FINANCIAL RATIOS  of  Northwest Natural Gas (NWN)

Valuation Ratios
P/E Ratio 29.7
Price to Sales 2.6
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 7.9
Price to Free Cash Flow 21.4
Growth Rates
Sales Growth Rate -6.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 18.6%
Cap. Spend. - 3 Yr. Gr. Rate 0.1%
Financial Strength
Quick Ratio 0
Current Ratio 0.6
LT Debt to Equity 79.9%
Total Debt to Equity 90.8%
Interest Coverage 4
Management Effectiveness
Return On Assets 2.6%
Ret/ On Assets - 3 Yr. Avg. 2.7%
Return On Total Capital 3.6%
Ret/ On T. Cap. - 3 Yr. Avg. 3.5%
Return On Equity 7.2%
Return On Equity - 3 Yr. Avg. 7.3%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 32.2%
EBITDA Margin - 3 Yr. Avg. 30.2%
Operating Margin 20.6%
Oper. Margin - 3 Yr. Avg. 18.9%
Pre-Tax Margin 14.8%
Pre-Tax Margin - 3 Yr. Avg. 13.4%
Net Profit Margin 8.7%
Net Profit Margin - 3 Yr. Avg. 8%
Effective Tax Rate 41%
Eff/ Tax Rate - 3 Yr. Avg. 40.4%
Payout Ratio 88.1%

NWN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NWN stock intrinsic value calculation we used $676 million for the last fiscal year's total revenue generated by Northwest Natural Gas. The default revenue input number comes from 2016 income statement of Northwest Natural Gas. 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 NWN stock valuation model: a) initial revenue growth rate of 16% 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 7.3%, whose default value for NWN is calculated based on our internal credit rating of Northwest Natural Gas, 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 Northwest Natural Gas.
    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 NWN stock the variable cost ratio is equal to 82.8%.

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 NWN 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 4.4% for Northwest Natural Gas.

Corporate tax rate of 27% is the nominal tax rate for Northwest Natural Gas. 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 NWN 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 NWN are equal to 46.3%.

Life of production assets of 3.8 years is the average useful life of capital assets used in Northwest Natural Gas 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 NWN is equal to 15.1%. 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 - $851 million for Northwest Natural Gas - 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 28.782 million for Northwest Natural Gas 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 Northwest Natural Gas at the current share price and the inputted number of shares is $1.8 billion.


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COMPANY NEWS

▶ Northwest Natural Gas misses 1Q profit forecasts   [06:18AM  Associated Press]
▶ NW Natural Announces Dividend   [Apr-06-17 07:57PM  GlobeNewswire]
▶ Northwest Natural Gas misses 4Q profit forecasts   [06:19AM  Associated Press]
▶ NW Natural Announces Dividend   [Jan-12-17 06:11PM  GlobeNewswire]
▶ Should You Avoid Northwest Natural Gas Co (NWN)?   [Dec-12-16 02:45PM  at Insider Monkey]
▶ Hedge Funds Are Buying RealPage, Inc. (RP)   [10:40AM  at Insider Monkey]
▶ NW Natural Prices Public Offering of Common Stock   [Nov-10-16 10:03PM  GlobeNewswire]
▶ NW Natural Announces Common Stock Offering   [04:07PM  GlobeNewswire]
▶ Four Companies Rewarding Shareholders with a Raise   [Oct-10-16 11:08AM  at Insider Monkey]
▶ NW Natural Increases Dividend for 61st Consecutive Year   [Oct-06-16 06:35PM  GlobeNewswire]
▶ David H. Anderson Begins Tenure as CEO   [06:00AM  GlobeNewswire]
▶ NW Natural Announces Dividend   [Jul-07-16 06:20PM  GlobeNewswire]
▶ NW Natural Announces Dividend   [Apr-07-16 05:04PM  Marketwired]
Stock chart of NWN Financial statements of NWN Annual reports of NWN
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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