Intrinsic value of OGE Energy - OGE

Previous Close

$37.09

  Intrinsic Value

$26.42

stock screener

  Rating & Target

sell

-29%

Previous close

$37.09

 
Intrinsic value

$26.42

 
Up/down potential

-29%

 
Rating

sell

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 7.4

 

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
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
Revenue, $m
  2,259
  2,404
  2,554
  2,711
  2,874
  3,044
  3,221
  3,406
  3,600
  3,801
  4,012
  4,232
  4,462
  4,703
  4,955
  5,219
  5,494
  5,783
  6,086
  6,403
  6,735
  7,084
  7,449
  7,831
  8,233
  8,654
  9,095
  9,558
  10,044
  10,553
  11,088
Variable operating expenses, $m
 
  1,550
  1,647
  1,748
  1,854
  1,963
  2,078
  2,197
  2,322
  2,452
  2,588
  2,730
  2,878
  3,033
  3,196
  3,366
  3,544
  3,730
  3,926
  4,130
  4,344
  4,569
  4,804
  5,051
  5,310
  5,582
  5,866
  6,165
  6,478
  6,807
  7,152
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
  1,864
  1,968
  2,078
  2,192
  2,309
  2,433
  2,561
  2,695
  2,834
  2,980
  3,131
  3,290
  3,455
  3,628
  3,809
  3,998
  4,196
  4,403
  4,619
  4,845
  5,083
  5,331
  5,591
  5,863
  6,149
  6,447
  6,761
  7,089
  7,433
  7,794
Operating income, $m
  503
  540
  585
  633
  682
  734
  789
  846
  905
  967
  1,033
  1,101
  1,173
  1,248
  1,327
  1,409
  1,496
  1,588
  1,683
  1,784
  1,890
  2,001
  2,118
  2,240
  2,369
  2,505
  2,647
  2,797
  2,955
  3,120
  3,294
EBITDA, $m
  826
  540
  585
  633
  682
  734
  789
  846
  905
  967
  1,033
  1,101
  1,173
  1,248
  1,327
  1,409
  1,496
  1,588
  1,683
  1,784
  1,890
  2,001
  2,118
  2,240
  2,369
  2,505
  2,647
  2,797
  2,955
  3,120
  3,294
Interest expense (income), $m
  142
  146
  168
  190
  213
  237
  262
  288
  315
  344
  373
  404
  437
  471
  506
  543
  582
  622
  665
  709
  756
  805
  856
  909
  966
  1,025
  1,086
  1,151
  1,219
  1,291
  1,366
Earnings before tax, $m
  486
  393
  417
  443
  469
  497
  527
  557
  590
  623
  659
  696
  736
  777
  821
  866
  915
  965
  1,019
  1,075
  1,134
  1,196
  1,262
  1,331
  1,404
  1,480
  1,561
  1,646
  1,735
  1,830
  1,929
Tax expense, $m
  148
  106
  113
  119
  127
  134
  142
  150
  159
  168
  178
  188
  199
  210
  222
  234
  247
  261
  275
  290
  306
  323
  341
  359
  379
  400
  421
  444
  469
  494
  521
Net income, $m
  338
  287
  304
  323
  343
  363
  384
  407
  430
  455
  481
  508
  537
  567
  599
  632
  668
  705
  744
  785
  828
  873
  921
  971
  1,025
  1,080
  1,139
  1,201
  1,267
  1,336
  1,408

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
  10,588
  11,251
  11,941
  12,660
  13,410
  14,191
  15,006
  15,857
  16,745
  17,673
  18,643
  19,657
  20,718
  21,828
  22,989
  24,205
  25,478
  26,811
  28,208
  29,672
  31,206
  32,814
  34,500
  36,268
  38,122
  40,066
  42,106
  44,245
  46,490
  48,845
Adjusted assets (=assets-cash), $m
  9,940
  10,588
  11,251
  11,941
  12,660
  13,410
  14,191
  15,006
  15,857
  16,745
  17,673
  18,643
  19,657
  20,718
  21,828
  22,989
  24,205
  25,478
  26,811
  28,208
  29,672
  31,206
  32,814
  34,500
  36,268
  38,122
  40,066
  42,106
  44,245
  46,490
  48,845
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
  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
Working capital, $m
  -477
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -38
  -40
  -43
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -67
  -70
  -74
  -78
Total debt, $m
  2,867
  3,296
  3,729
  4,181
  4,651
  5,141
  5,652
  6,185
  6,741
  7,322
  7,929
  8,564
  9,227
  9,921
  10,646
  11,406
  12,201
  13,033
  13,905
  14,819
  15,776
  16,780
  17,831
  18,934
  20,090
  21,303
  22,574
  23,908
  25,307
  26,775
  28,316
Total liabilities, $m
  6,496
  6,925
  7,358
  7,810
  8,280
  8,770
  9,281
  9,814
  10,370
  10,951
  11,558
  12,193
  12,856
  13,550
  14,275
  15,035
  15,830
  16,662
  17,534
  18,448
  19,405
  20,409
  21,460
  22,563
  23,719
  24,932
  26,203
  27,537
  28,936
  30,404
  31,945
Total equity, $m
  3,444
  3,664
  3,893
  4,132
  4,380
  4,640
  4,910
  5,192
  5,487
  5,794
  6,115
  6,451
  6,801
  7,168
  7,552
  7,954
  8,375
  8,815
  9,277
  9,760
  10,266
  10,797
  11,354
  11,937
  12,549
  13,190
  13,863
  14,569
  15,309
  16,085
  16,900
Total liabilities and equity, $m
  9,940
  10,589
  11,251
  11,942
  12,660
  13,410
  14,191
  15,006
  15,857
  16,745
  17,673
  18,644
  19,657
  20,718
  21,827
  22,989
  24,205
  25,477
  26,811
  28,208
  29,671
  31,206
  32,814
  34,500
  36,268
  38,122
  40,066
  42,106
  44,245
  46,489
  48,845
Debt-to-equity ratio
  0.832
  0.900
  0.960
  1.010
  1.060
  1.110
  1.150
  1.190
  1.230
  1.260
  1.300
  1.330
  1.360
  1.380
  1.410
  1.430
  1.460
  1.480
  1.500
  1.520
  1.540
  1.550
  1.570
  1.590
  1.600
  1.620
  1.630
  1.640
  1.650
  1.660
  1.680
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
  287
  304
  323
  343
  363
  384
  407
  430
  455
  481
  508
  537
  567
  599
  632
  668
  705
  744
  785
  828
  873
  921
  971
  1,025
  1,080
  1,139
  1,201
  1,267
  1,336
  1,408
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
  287
  304
  323
  343
  363
  384
  407
  430
  455
  481
  508
  537
  567
  599
  632
  668
  705
  744
  785
  828
  873
  921
  971
  1,025
  1,080
  1,139
  1,201
  1,267
  1,336
  1,408
Change in working capital, $m
  -161
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
Cash from operations, $m
  645
  288
  306
  324
  344
  364
  386
  408
  432
  457
  483
  510
  539
  569
  601
  634
  670
  707
  746
  787
  830
  876
  924
  974
  1,027
  1,083
  1,142
  1,205
  1,270
  1,339
  1,412
Maintenance CAPEX, $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
New CAPEX, $m
  -660
  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 investing activities, $m
  -620
  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
Free cash flow, $m
  25
  288
  306
  324
  344
  364
  386
  408
  432
  457
  483
  510
  539
  569
  601
  634
  670
  707
  746
  787
  830
  876
  924
  974
  1,027
  1,083
  1,142
  1,205
  1,270
  1,339
  1,412
Issuance/(repayment) of debt, $m
  126
  429
  433
  451
  470
  490
  511
  533
  556
  581
  607
  634
  663
  694
  726
  759
  795
  833
  872
  914
  957
  1,003
  1,052
  1,103
  1,156
  1,212
  1,272
  1,334
  1,399
  1,468
  1,540
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
  429
  433
  451
  470
  490
  511
  533
  556
  581
  607
  634
  663
  694
  726
  759
  795
  833
  872
  914
  957
  1,003
  1,052
  1,103
  1,156
  1,212
  1,272
  1,334
  1,399
  1,468
  1,540
Total cash flow (excl. dividends), $m
  150
  717
  739
  776
  814
  854
  897
  941
  988
  1,038
  1,090
  1,144
  1,202
  1,263
  1,327
  1,394
  1,465
  1,539
  1,618
  1,700
  1,787
  1,879
  1,975
  2,077
  2,184
  2,296
  2,414
  2,539
  2,669
  2,807
  2,952
Retained Cash Flow (-), $m
  -118
  -220
  -229
  -239
  -249
  -259
  -270
  -282
  -294
  -307
  -321
  -336
  -351
  -367
  -384
  -402
  -421
  -440
  -461
  -483
  -506
  -531
  -556
  -583
  -612
  -641
  -673
  -706
  -740
  -777
  -815
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
 
  497
  510
  537
  565
  595
  626
  659
  694
  730
  768
  809
  851
  896
  943
  992
  1,044
  1,099
  1,156
  1,217
  1,281
  1,348
  1,419
  1,493
  1,572
  1,654
  1,741
  1,833
  1,929
  2,030
  2,137
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
 
  465
  442
  429
  414
  396
  375
  352
  327
  301
  274
  247
  219
  192
  166
  142
  119
  98
  79
  63
  49
  38
  28
  21
  15
  10
  7
  5
  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. (OGE Energy) is an energy and energy services provider offering physical delivery and related services for both electricity and natural gas primarily in the south central United States. The Company operates through 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. Its operations are conducted through Oklahoma Gas and Electric Company (OG&E). OG&E is an electric utility in Oklahoma and its franchised service territory includes Fort Smith, Arkansas and the surrounding communities. The natural gas midstream operations segment represents the Company's investment in Enable Midstream Partners, LP (Enable) through subsidiaries, and ultimately OGE Enogex Holdings LLC (OGE Holdings). Enable's assets and operations are organized into two segments: gathering and processing, and transportation and storage.

FINANCIAL RATIOS  of  OGE Energy (OGE)

Valuation Ratios
P/E Ratio 21.9
Price to Sales 3.3
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 11.5
Price to Free Cash Flow -493.8
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 6.4% 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 0 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 199.784 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 $7.4 billion.

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COMPANY NEWS

▶ OGE Energy Corp. holds 3rd quarter 2017 earnings webcast   [Oct-16-17 06:11PM  PR Newswire]
▶ 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]
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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