Intrinsic value of OGE Energy - OGE

Previous Close

$35.59

  Intrinsic Value

$20.49

stock screener

  Rating & Target

sell

-42%

  Value-price divergence*

+421%

Previous close

$35.59

 
Intrinsic value

$20.49

 
Up/down potential

-42%

 
Rating

sell

 
Value-price divergence*

+421%

*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
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
  5.02
  5.02
  5.01
Revenue, $m
  2,259
  2,379
  2,504
  2,635
  2,773
  2,917
  3,068
  3,226
  3,392
  3,566
  3,749
  3,940
  4,141
  4,351
  4,572
  4,804
  5,047
  5,302
  5,570
  5,851
  6,146
  6,456
  6,780
  7,121
  7,479
  7,855
  8,250
  8,664
  9,098
  9,555
  10,034
Variable operating expenses, $m
 
  1,534
  1,615
  1,700
  1,789
  1,881
  1,979
  2,081
  2,188
  2,300
  2,418
  2,541
  2,671
  2,807
  2,949
  3,099
  3,255
  3,420
  3,593
  3,774
  3,964
  4,164
  4,373
  4,593
  4,824
  5,067
  5,321
  5,588
  5,868
  6,163
  6,472
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
  1,848
  1,936
  2,030
  2,127
  2,227
  2,334
  2,445
  2,561
  2,682
  2,810
  2,942
  3,083
  3,229
  3,381
  3,542
  3,709
  3,886
  4,070
  4,263
  4,465
  4,678
  4,900
  5,133
  5,377
  5,634
  5,902
  6,184
  6,479
  6,789
  7,114
Operating income, $m
  503
  531
  567
  606
  647
  689
  734
  782
  831
  884
  939
  997
  1,058
  1,123
  1,191
  1,262
  1,337
  1,417
  1,500
  1,588
  1,680
  1,778
  1,880
  1,988
  2,102
  2,221
  2,347
  2,480
  2,619
  2,766
  2,920
EBITDA, $m
  826
  531
  567
  606
  647
  689
  734
  782
  831
  884
  939
  997
  1,058
  1,123
  1,191
  1,262
  1,337
  1,417
  1,500
  1,588
  1,680
  1,778
  1,880
  1,988
  2,102
  2,221
  2,347
  2,480
  2,619
  2,766
  2,920
Interest expense (income), $m
  142
  146
  164
  183
  202
  222
  244
  266
  289
  313
  339
  366
  394
  423
  454
  487
  521
  557
  594
  633
  675
  718
  763
  811
  861
  914
  969
  1,027
  1,088
  1,152
  1,219
Earnings before tax, $m
  486
  385
  403
  423
  444
  467
  491
  516
  542
  571
  600
  631
  665
  700
  736
  775
  817
  860
  906
  955
  1,006
  1,060
  1,117
  1,177
  1,240
  1,307
  1,378
  1,453
  1,531
  1,614
  1,701
Tax expense, $m
  148
  104
  109
  114
  120
  126
  133
  139
  146
  154
  162
  171
  179
  189
  199
  209
  221
  232
  245
  258
  272
  286
  302
  318
  335
  353
  372
  392
  413
  436
  459
Net income, $m
  338
  281
  294
  309
  324
  341
  358
  377
  396
  416
  438
  461
  485
  511
  538
  566
  596
  628
  661
  697
  734
  774
  815
  859
  906
  954
  1,006
  1,060
  1,118
  1,178
  1,242

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
  10,479
  11,031
  11,610
  12,215
  12,850
  13,516
  14,213
  14,944
  15,710
  16,514
  17,357
  18,241
  19,169
  20,142
  21,163
  22,234
  23,358
  24,538
  25,776
  27,075
  28,439
  29,870
  31,372
  32,949
  34,604
  36,342
  38,166
  40,081
  42,092
  44,202
Adjusted assets (=assets-cash), $m
  9,940
  10,479
  11,031
  11,610
  12,215
  12,850
  13,516
  14,213
  14,944
  15,710
  16,514
  17,357
  18,241
  19,169
  20,142
  21,163
  22,234
  23,358
  24,538
  25,776
  27,075
  28,439
  29,870
  31,372
  32,949
  34,604
  36,342
  38,166
  40,081
  42,092
  44,202
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
  -17
  -18
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -67
  -70
Total debt, $m
  2,867
  3,224
  3,585
  3,964
  4,360
  4,775
  5,210
  5,666
  6,144
  6,646
  7,171
  7,723
  8,301
  8,907
  9,544
  10,212
  10,912
  11,647
  12,419
  13,228
  14,078
  14,970
  15,906
  16,888
  17,920
  19,002
  20,139
  21,332
  22,584
  23,899
  25,279
Total liabilities, $m
  6,496
  6,853
  7,214
  7,593
  7,989
  8,404
  8,839
  9,295
  9,773
  10,275
  10,800
  11,352
  11,930
  12,536
  13,173
  13,841
  14,541
  15,276
  16,048
  16,857
  17,707
  18,599
  19,535
  20,517
  21,549
  22,631
  23,768
  24,961
  26,213
  27,528
  28,908
Total equity, $m
  3,444
  3,626
  3,817
  4,017
  4,227
  4,446
  4,676
  4,918
  5,171
  5,436
  5,714
  6,006
  6,312
  6,632
  6,969
  7,322
  7,693
  8,082
  8,490
  8,918
  9,368
  9,840
  10,335
  10,855
  11,400
  11,973
  12,574
  13,206
  13,868
  14,564
  15,294
Total liabilities and equity, $m
  9,940
  10,479
  11,031
  11,610
  12,216
  12,850
  13,515
  14,213
  14,944
  15,711
  16,514
  17,358
  18,242
  19,168
  20,142
  21,163
  22,234
  23,358
  24,538
  25,775
  27,075
  28,439
  29,870
  31,372
  32,949
  34,604
  36,342
  38,167
  40,081
  42,092
  44,202
Debt-to-equity ratio
  0.832
  0.890
  0.940
  0.990
  1.030
  1.070
  1.110
  1.150
  1.190
  1.220
  1.260
  1.290
  1.320
  1.340
  1.370
  1.390
  1.420
  1.440
  1.460
  1.480
  1.500
  1.520
  1.540
  1.560
  1.570
  1.590
  1.600
  1.620
  1.630
  1.640
  1.650
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
  281
  294
  309
  324
  341
  358
  377
  396
  416
  438
  461
  485
  511
  538
  566
  596
  628
  661
  697
  734
  774
  815
  859
  906
  954
  1,006
  1,060
  1,118
  1,178
  1,242
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
  281
  294
  309
  324
  341
  358
  377
  396
  416
  438
  461
  485
  511
  538
  566
  596
  628
  661
  697
  734
  774
  815
  859
  906
  954
  1,006
  1,060
  1,118
  1,178
  1,242
Change in working capital, $m
  -161
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
Cash from operations, $m
  645
  282
  295
  310
  325
  342
  359
  378
  397
  418
  439
  462
  487
  512
  539
  568
  598
  630
  663
  699
  736
  776
  818
  862
  908
  957
  1,009
  1,063
  1,121
  1,181
  1,245
Maintenance CAPEX, $m
  0
  292
  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
  -2,631
  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
  -2,349
  295
  310
  325
  342
  359
  378
  397
  418
  439
  462
  487
  512
  539
  568
  598
  630
  663
  699
  736
  776
  818
  862
  908
  957
  1,009
  1,063
  1,121
  1,181
  1,245
Issuance/(repayment) of debt, $m
  126
  357
  361
  378
  396
  415
  435
  456
  478
  501
  526
  551
  578
  607
  636
  668
  701
  735
  771
  810
  850
  892
  936
  983
  1,031
  1,083
  1,136
  1,193
  1,252
  1,315
  1,380
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  126
  357
  361
  378
  396
  415
  435
  456
  478
  501
  526
  551
  578
  607
  636
  668
  701
  735
  771
  810
  850
  892
  936
  983
  1,031
  1,083
  1,136
  1,193
  1,252
  1,315
  1,380
Total cash flow (excl. dividends), $m
  150
  -1,991
  656
  688
  722
  757
  794
  834
  875
  919
  965
  1,014
  1,065
  1,119
  1,176
  1,235
  1,298
  1,365
  1,435
  1,508
  1,586
  1,668
  1,754
  1,844
  1,939
  2,040
  2,145
  2,256
  2,373
  2,496
  2,626
Retained Cash Flow (-), $m
  -118
  -182
  -191
  -200
  -210
  -220
  -230
  -241
  -253
  -265
  -278
  -292
  -306
  -321
  -337
  -353
  -371
  -389
  -408
  -428
  -450
  -472
  -495
  -520
  -546
  -573
  -601
  -631
  -663
  -696
  -730
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
 
  -182
  465
  488
  512
  537
  564
  592
  622
  654
  687
  722
  759
  798
  839
  882
  928
  976
  1,027
  1,080
  1,136
  1,196
  1,258
  1,324
  1,394
  1,467
  1,544
  1,625
  1,711
  1,801
  1,895
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
 
  -170
  404
  390
  375
  357
  338
  316
  294
  270
  245
  220
  195
  171
  148
  126
  106
  87
  71
  56
  44
  33
  25
  18
  13
  9
  6
  4
  3
  2
  1
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

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 -473.8
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 5.3% 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 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 10 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

▶ OGE Energy beats 2Q profit forecasts   [04:45PM  Associated Press]
▶ OGE Energy Corp. holds 2nd quarter 2017 earnings webcast   [Jul-06-17 04:01PM  PR Newswire]
▶ ETFs with exposure to OGE Energy Corp. : July 4, 2017   [Jul-04-17 03:17PM  Capital Cube]
▶ 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]
Stock chart of OGE Financial statements 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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