Intrinsic value of OGE Energy - OGE

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$35.49

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of OGE 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 7.2

 

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, %
  2.82
  18.80
  17.42
  16.18
  15.06
  14.05
  13.15
  12.33
  11.60
  10.94
  10.35
  9.81
  9.33
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.86
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
Revenue, $m
  2,259
  2,684
  3,151
  3,661
  4,212
  4,804
  5,436
  6,107
  6,815
  7,561
  8,343
  9,161
  10,016
  10,907
  11,835
  12,801
  13,804
  14,848
  15,932
  17,058
  18,229
  19,447
  20,713
  22,030
  23,401
  24,828
  26,316
  27,866
  29,483
  31,170
  32,931
Variable operating expenses, $m
 
  1,731
  2,033
  2,361
  2,717
  3,099
  3,506
  3,939
  4,396
  4,877
  5,381
  5,909
  6,460
  7,035
  7,634
  8,256
  8,904
  9,577
  10,276
  11,003
  11,758
  12,543
  13,360
  14,209
  15,093
  16,014
  16,974
  17,974
  19,016
  20,105
  21,241
Fixed operating expenses, $m
 
  314
  321
  330
  338
  346
  355
  364
  373
  382
  392
  401
  412
  422
  432
  443
  454
  466
  477
  489
  501
  514
  527
  540
  553
  567
  581
  596
  611
  626
  642
Total operating expenses, $m
  1,756
  2,045
  2,354
  2,691
  3,055
  3,445
  3,861
  4,303
  4,769
  5,259
  5,773
  6,310
  6,872
  7,457
  8,066
  8,699
  9,358
  10,043
  10,753
  11,492
  12,259
  13,057
  13,887
  14,749
  15,646
  16,581
  17,555
  18,570
  19,627
  20,731
  21,883
Operating income, $m
  503
  639
  797
  970
  1,158
  1,359
  1,575
  1,804
  2,046
  2,302
  2,570
  2,851
  3,144
  3,450
  3,769
  4,101
  4,446
  4,805
  5,179
  5,567
  5,970
  6,390
  6,826
  7,281
  7,754
  8,247
  8,761
  9,296
  9,856
  10,439
  11,049
EBITDA, $m
  826
  639
  797
  970
  1,158
  1,359
  1,575
  1,804
  2,046
  2,302
  2,570
  2,851
  3,144
  3,450
  3,769
  4,101
  4,446
  4,805
  5,179
  5,567
  5,970
  6,390
  6,826
  7,281
  7,754
  8,247
  8,761
  9,296
  9,856
  10,439
  11,049
Interest expense (income), $m
  142
  146
  209
  278
  353
  434
  521
  614
  712
  816
  926
  1,041
  1,161
  1,287
  1,418
  1,554
  1,696
  1,843
  1,997
  2,156
  2,321
  2,493
  2,672
  2,858
  3,052
  3,253
  3,463
  3,682
  3,909
  4,147
  4,395
Earnings before tax, $m
  486
  493
  588
  692
  805
  925
  1,054
  1,190
  1,334
  1,486
  1,644
  1,810
  1,983
  2,164
  2,352
  2,547
  2,751
  2,962
  3,182
  3,411
  3,649
  3,896
  4,154
  4,422
  4,702
  4,993
  5,298
  5,615
  5,946
  6,292
  6,654
Tax expense, $m
  148
  133
  159
  187
  217
  250
  285
  321
  360
  401
  444
  489
  535
  584
  635
  688
  743
  800
  859
  921
  985
  1,052
  1,122
  1,194
  1,270
  1,348
  1,430
  1,516
  1,605
  1,699
  1,797
Net income, $m
  338
  360
  429
  505
  587
  676
  769
  869
  974
  1,084
  1,200
  1,321
  1,448
  1,579
  1,717
  1,859
  2,008
  2,162
  2,323
  2,490
  2,663
  2,844
  3,032
  3,228
  3,432
  3,645
  3,867
  4,099
  4,341
  4,593
  4,857

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  9,940
  11,822
  13,882
  16,128
  18,557
  21,165
  23,947
  26,901
  30,022
  33,306
  36,752
  40,358
  44,124
  48,050
  52,138
  56,391
  60,813
  65,408
  70,184
  75,147
  80,305
  85,668
  91,245
  97,047
  103,086
  109,375
  115,928
  122,758
  129,881
  137,313
  145,071
Adjusted assets (=assets-cash), $m
  9,940
  11,822
  13,882
  16,128
  18,557
  21,165
  23,947
  26,901
  30,022
  33,306
  36,752
  40,358
  44,124
  48,050
  52,138
  56,391
  60,813
  65,408
  70,184
  75,147
  80,305
  85,668
  91,245
  97,047
  103,086
  109,375
  115,928
  122,758
  129,881
  137,313
  145,071
Revenue / Adjusted assets
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
Average production assets, $m
  -2,923
  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
Working capital, $m
  -477
  -19
  -22
  -26
  -29
  -34
  -38
  -43
  -48
  -53
  -58
  -64
  -70
  -76
  -83
  -90
  -97
  -104
  -112
  -119
  -128
  -136
  -145
  -154
  -164
  -174
  -184
  -195
  -206
  -218
  -231
Total debt, $m
  2,867
  4,103
  5,450
  6,919
  8,507
  10,213
  12,033
  13,964
  16,005
  18,153
  20,407
  22,765
  25,228
  27,796
  30,469
  33,251
  36,142
  39,148
  42,271
  45,517
  48,891
  52,398
  56,045
  59,840
  63,789
  67,902
  72,188
  76,654
  81,313
  86,173
  91,247
Total liabilities, $m
  6,496
  7,732
  9,079
  10,548
  12,136
  13,842
  15,662
  17,593
  19,634
  21,782
  24,036
  26,394
  28,857
  31,425
  34,098
  36,880
  39,771
  42,777
  45,900
  49,146
  52,520
  56,027
  59,674
  63,469
  67,418
  71,531
  75,817
  80,283
  84,942
  89,802
  94,876
Total equity, $m
  3,444
  4,091
  4,803
  5,580
  6,421
  7,323
  8,286
  9,308
  10,388
  11,524
  12,716
  13,964
  15,267
  16,625
  18,040
  19,511
  21,041
  22,631
  24,284
  26,001
  27,786
  29,641
  31,571
  33,578
  35,668
  37,844
  40,111
  42,474
  44,939
  47,510
  50,195
Total liabilities and equity, $m
  9,940
  11,823
  13,882
  16,128
  18,557
  21,165
  23,948
  26,901
  30,022
  33,306
  36,752
  40,358
  44,124
  48,050
  52,138
  56,391
  60,812
  65,408
  70,184
  75,147
  80,306
  85,668
  91,245
  97,047
  103,086
  109,375
  115,928
  122,757
  129,881
  137,312
  145,071
Debt-to-equity ratio
  0.832
  1.000
  1.130
  1.240
  1.320
  1.390
  1.450
  1.500
  1.540
  1.580
  1.600
  1.630
  1.650
  1.670
  1.690
  1.700
  1.720
  1.730
  1.740
  1.750
  1.760
  1.770
  1.780
  1.780
  1.790
  1.790
  1.800
  1.800
  1.810
  1.810
  1.820
Adjusted equity ratio
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  338
  360
  429
  505
  587
  676
  769
  869
  974
  1,084
  1,200
  1,321
  1,448
  1,579
  1,717
  1,859
  2,008
  2,162
  2,323
  2,490
  2,663
  2,844
  3,032
  3,228
  3,432
  3,645
  3,867
  4,099
  4,341
  4,593
  4,857
Depreciation, amort., depletion, $m
  323
  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
Funds from operations, $m
  484
  360
  429
  505
  587
  676
  769
  869
  974
  1,084
  1,200
  1,321
  1,448
  1,579
  1,717
  1,859
  2,008
  2,162
  2,323
  2,490
  2,663
  2,844
  3,032
  3,228
  3,432
  3,645
  3,867
  4,099
  4,341
  4,593
  4,857
Change in working capital, $m
  -161
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
Cash from operations, $m
  645
  365
  432
  509
  591
  680
  774
  874
  979
  1,090
  1,206
  1,327
  1,454
  1,586
  1,723
  1,866
  2,015
  2,170
  2,330
  2,498
  2,672
  2,853
  3,041
  3,237
  3,442
  3,655
  3,878
  4,110
  4,352
  4,605
  4,870
Maintenance CAPEX, $m
  0
  585
  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
New CAPEX, $m
  -660
  -2,923
  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 investing activities, $m
  -620
  -2,338
  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
Free cash flow, $m
  25
  -1,973
  432
  509
  591
  680
  774
  874
  979
  1,090
  1,206
  1,327
  1,454
  1,586
  1,723
  1,866
  2,015
  2,170
  2,330
  2,498
  2,672
  2,853
  3,041
  3,237
  3,442
  3,655
  3,878
  4,110
  4,352
  4,605
  4,870
Issuance/(repayment) of debt, $m
  126
  1,236
  1,347
  1,469
  1,588
  1,706
  1,820
  1,932
  2,041
  2,148
  2,254
  2,358
  2,463
  2,568
  2,674
  2,781
  2,892
  3,006
  3,123
  3,246
  3,373
  3,507
  3,647
  3,795
  3,950
  4,113
  4,285
  4,467
  4,658
  4,861
  5,074
Issuance/(repurchase) of shares, $m
  0
  1,383
  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  
  126
  2,619
  1,347
  1,469
  1,588
  1,706
  1,820
  1,932
  2,041
  2,148
  2,254
  2,358
  2,463
  2,568
  2,674
  2,781
  2,892
  3,006
  3,123
  3,246
  3,373
  3,507
  3,647
  3,795
  3,950
  4,113
  4,285
  4,467
  4,658
  4,861
  5,074
Total cash flow (excl. dividends), $m
  150
  -737
  1,779
  1,978
  2,180
  2,385
  2,594
  2,805
  3,020
  3,238
  3,459
  3,685
  3,916
  4,153
  4,397
  4,648
  4,907
  5,175
  5,454
  5,743
  6,045
  6,360
  6,689
  7,032
  7,392
  7,768
  8,163
  8,577
  9,010
  9,466
  9,943
Retained Cash Flow (-), $m
  -118
  -647
  -713
  -777
  -840
  -902
  -963
  -1,022
  -1,080
  -1,136
  -1,192
  -1,248
  -1,303
  -1,358
  -1,414
  -1,471
  -1,530
  -1,590
  -1,652
  -1,717
  -1,785
  -1,855
  -1,930
  -2,008
  -2,090
  -2,176
  -2,267
  -2,363
  -2,465
  -2,571
  -2,684
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
 
  0
  1,067
  1,201
  1,339
  1,483
  1,631
  1,783
  1,940
  2,101
  2,267
  2,438
  2,614
  2,795
  2,982
  3,176
  3,377
  3,585
  3,801
  4,026
  4,260
  4,504
  4,759
  5,025
  5,302
  5,592
  5,896
  6,213
  6,546
  6,894
  7,259
Discount rate, %
 
  7.00
  7.35
  7.72
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.86
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.70
  24.89
  26.13
  27.44
  28.81
PV of cash for distribution, $m
 
  0
  926
  961
  981
  986
  976
  952
  915
  867
  809
  743
  673
  600
  526
  453
  384
  320
  261
  209
  164
  126
  94
  69
  49
  34
  23
  15
  10
  6
  4
Current shareholders' claim on cash, %
  100
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9

OGE Energy Corp., together with its subsidiaries, operates as an energy and energy services provider that offers physical delivery and related services for electricity and natural gas primarily in the south central United States. The company operates in two segments, Electric Utility and Natural Gas Midstream Operations. The Electric Utility segment generates, transmits, distributes, and sells electric energy in Oklahoma and western Arkansas. This segment furnishes retail electric service in 267 communities and their contiguous rural and suburban areas; and owns and operates coal-fired, natural gas-fired, wind-powered, and solar-powered generating facilities. The Natural Gas Midstream Operations segment is involved in gathering, processing, transporting, and storing natural gas; provision of crude oil gathering services, and interstate and intrastate natural gas pipeline transportation and storage services to natural gas producers, industrial end users, and natural gas marketers. As of December 31, 2016, the company owned and operated interconnected electric generation, transmission, and distribution system, including 10 generating stations with an aggregate capability of 6,667 megawatts; and a transmission system comprising 52 substations and 4,889 structure miles of lines in Oklahoma, and 7 substations and 277 structure miles of lines in Arkansas. Its distribution system consisted of 342 substations, 29,278 structure miles of overhead lines, 2,690 miles of underground conduit, and 10,817 miles of underground conductors in Oklahoma, as well as 30 substations, 2,782 structure miles of overhead lines, 270 miles of underground conduit, and 692 miles of underground conductors in Arkansas. OGE Energy Corp. was founded in 1995 and is headquartered in Oklahoma City, Oklahoma.

FINANCIAL RATIOS  of  OGE Energy (OGE)

Valuation Ratios
P/E Ratio 21
Price to Sales 3.1
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 11
Price to Free Cash Flow -472.5
Growth Rates
Sales Growth Rate 2.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 20.4%
Cap. Spend. - 3 Yr. Gr. Rate -7.8%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 69.9%
Total Debt to Equity 83.2%
Interest Coverage 4
Management Effectiveness
Return On Assets 4.5%
Ret/ On Assets - 3 Yr. Avg. 4.6%
Return On Total Capital 5.5%
Ret/ On T. Cap. - 3 Yr. Avg. 5.5%
Return On Equity 10%
Return On Equity - 3 Yr. Avg. 10.3%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 42.1%
EBITDA Margin - 3 Yr. Avg. 40.1%
Operating Margin 22.3%
Oper. Margin - 3 Yr. Avg. 22%
Pre-Tax Margin 21.5%
Pre-Tax Margin - 3 Yr. Avg. 20.5%
Net Profit Margin 15%
Net Profit Margin - 3 Yr. Avg. 14.5%
Effective Tax Rate 30.5%
Eff/ Tax Rate - 3 Yr. Avg. 29.1%
Payout Ratio 66.6%

OGE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the OGE stock intrinsic value calculation we used $2259 million for the last fiscal year's total revenue generated by OGE Energy. The default revenue input number comes from 2016 income statement of OGE 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 OGE stock valuation model: a) initial revenue growth rate of 18.8% 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 7%, whose default value for OGE is calculated based on our internal credit rating of OGE 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 OGE 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 OGE stock the variable cost ratio is equal to 64.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $306 million in the base year in the intrinsic value calculation for OGE 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 5.1% for OGE Energy.

Corporate tax rate of 27% is the nominal tax rate for OGE 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 OGE 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 OGE are equal to 0%.

Life of production assets of -9 years is the average useful life of capital assets used in OGE 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 OGE is equal to -0.7%. 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 - $3444 million for OGE 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 202.863 million for OGE 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 OGE Energy at the current share price and the inputted number of shares is $7.2 billion.


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COMPANY NEWS

▶ ETFs with exposure to OGE Energy Corp. : June 22, 2017   [Jun-22-17 04:08PM  Capital Cube]
▶ OGE Energy Corp. holds annual meeting of shareholders   [May-18-17 12:05PM  PR Newswire]
▶ OGE Energy beats 1Q profit forecasts   [May-04-17 08:05AM  Associated Press]
▶ OG&E disappointed by Oklahoma rate case order   [Mar-20-17 08:14PM  PR Newswire]
▶ OGE Energy misses 4Q profit forecasts   [07:28AM  Associated Press]
▶ OGE Energy Corp. Board of Directors declares dividend   [Feb-22-17 01:20PM  PR Newswire]
▶ OGE Energy Corp. names general counsel   [01:40PM  PR Newswire]
▶ Here is What Hedge Funds Have To Say About KKR & Co. L.P. (KKR)   [Dec-07-16 01:51PM  at Insider Monkey]
▶ Is OGE Energy Corp. (OGE) A Good Stock To Buy?   [02:32AM  at Insider Monkey]
▶ OGE Energy Corp. Board of Directors declares dividend   [Nov-30-16 12:59PM  PR Newswire]
▶ OGE Energy Corp. 3rd Quarter 2016 Earnings Webcast   [Oct-06-16 12:02PM  PR Newswire]
▶ Why Enable Midstream Partners LP Was Up 14% in August   [Sep-01-16 04:30PM  at Motley Fool]
▶ [$$] EnCap Flatrock Midstream Promotes Three Executives   [Jul-27-16 12:36PM  at The Wall Street Journal]
▶ OGE Energy Corp. 2nd Quarter 2016 Earnings Webcast   [Jul-11-16 08:50AM  PR Newswire]
▶ OGE holds annual meeting of shareholders   [May-19-16 11:45AM  PR Newswire]
▶ Markets Pointed Higher As Crude Rises   [08:45AM  at TheStreet]
Stock chart of OGE Financial statements of OGE Annual reports of OGE
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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