Intrinsic value of ONE Gas - OGS

Previous Close

$67.06

  Intrinsic Value

$8.25

stock screener

  Rating & Target

str. sell

-88%

Previous close

$67.06

 
Intrinsic value

$8.25

 
Up/down potential

-88%

 
Rating

str. sell

We calculate the intrinsic value of OGS 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  -7.82
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
Revenue, $m
  1,427
  1,520
  1,616
  1,717
  1,821
  1,930
  2,044
  2,162
  2,286
  2,415
  2,550
  2,691
  2,838
  2,992
  3,153
  3,321
  3,498
  3,682
  3,876
  4,078
  4,290
  4,513
  4,746
  4,990
  5,246
  5,515
  5,796
  6,092
  6,402
  6,727
  7,068
Variable operating expenses, $m
 
  1,285
  1,365
  1,449
  1,536
  1,627
  1,722
  1,821
  1,924
  2,032
  2,145
  2,247
  2,369
  2,498
  2,632
  2,773
  2,920
  3,074
  3,236
  3,405
  3,582
  3,768
  3,962
  4,166
  4,380
  4,604
  4,839
  5,086
  5,345
  5,616
  5,901
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
  1,158
  1,285
  1,365
  1,449
  1,536
  1,627
  1,722
  1,821
  1,924
  2,032
  2,145
  2,247
  2,369
  2,498
  2,632
  2,773
  2,920
  3,074
  3,236
  3,405
  3,582
  3,768
  3,962
  4,166
  4,380
  4,604
  4,839
  5,086
  5,345
  5,616
  5,901
Operating income, $m
  269
  235
  251
  268
  285
  303
  322
  341
  362
  383
  405
  444
  468
  494
  520
  548
  577
  608
  640
  673
  708
  745
  783
  824
  866
  910
  957
  1,006
  1,057
  1,110
  1,167
EBITDA, $m
  413
  398
  423
  450
  477
  506
  535
  566
  599
  633
  668
  705
  743
  784
  826
  870
  916
  965
  1,015
  1,068
  1,124
  1,182
  1,243
  1,307
  1,374
  1,445
  1,518
  1,596
  1,677
  1,762
  1,851
Interest expense (income), $m
  42
  46
  53
  60
  68
  75
  84
  92
  101
  110
  120
  130
  140
  151
  163
  175
  187
  200
  214
  228
  244
  259
  276
  293
  311
  331
  351
  371
  393
  417
  441
Earnings before tax, $m
  225
  189
  198
  207
  217
  227
  238
  249
  261
  273
  285
  314
  328
  343
  358
  374
  390
  408
  426
  445
  465
  486
  507
  530
  555
  580
  606
  634
  663
  694
  726
Tax expense, $m
  85
  51
  53
  56
  59
  61
  64
  67
  70
  74
  77
  85
  89
  93
  97
  101
  105
  110
  115
  120
  125
  131
  137
  143
  150
  157
  164
  171
  179
  187
  196
Net income, $m
  140
  138
  145
  151
  159
  166
  174
  182
  190
  199
  208
  230
  240
  250
  261
  273
  285
  297
  311
  325
  339
  354
  370
  387
  405
  423
  443
  463
  484
  506
  530

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  15
  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
  4,943
  5,241
  5,573
  5,920
  6,280
  6,656
  7,048
  7,457
  7,883
  8,328
  8,793
  9,278
  9,786
  10,317
  10,872
  11,453
  12,061
  12,697
  13,364
  14,062
  14,794
  15,561
  16,364
  17,207
  18,090
  19,016
  19,987
  21,006
  22,074
  23,196
  24,372
Adjusted assets (=assets-cash), $m
  4,928
  5,241
  5,573
  5,920
  6,280
  6,656
  7,048
  7,457
  7,883
  8,328
  8,793
  9,278
  9,786
  10,317
  10,872
  11,453
  12,061
  12,697
  13,364
  14,062
  14,794
  15,561
  16,364
  17,207
  18,090
  19,016
  19,987
  21,006
  22,074
  23,196
  24,372
Revenue / Adjusted assets
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
Average production assets, $m
  3,622
  3,857
  4,102
  4,357
  4,623
  4,899
  5,187
  5,488
  5,802
  6,130
  6,472
  6,829
  7,203
  7,593
  8,002
  8,429
  8,877
  9,346
  9,836
  10,350
  10,889
  11,453
  12,044
  12,664
  13,314
  13,996
  14,711
  15,461
  16,247
  17,072
  17,938
Working capital, $m
  125
  272
  289
  307
  326
  346
  366
  387
  409
  432
  456
  482
  508
  536
  564
  595
  626
  659
  694
  730
  768
  808
  849
  893
  939
  987
  1,038
  1,090
  1,146
  1,204
  1,265
Total debt, $m
  1,337
  1,515
  1,721
  1,934
  2,157
  2,389
  2,631
  2,883
  3,146
  3,420
  3,707
  4,007
  4,320
  4,647
  4,990
  5,348
  5,724
  6,116
  6,528
  6,958
  7,410
  7,883
  8,379
  8,898
  9,443
  10,015
  10,614
  11,243
  11,902
  12,594
  13,319
Total liabilities, $m
  3,055
  3,233
  3,439
  3,652
  3,875
  4,107
  4,349
  4,601
  4,864
  5,138
  5,425
  5,725
  6,038
  6,365
  6,708
  7,066
  7,442
  7,834
  8,246
  8,676
  9,128
  9,601
  10,097
  10,616
  11,161
  11,733
  12,332
  12,961
  13,620
  14,312
  15,037
Total equity, $m
  1,888
  2,007
  2,135
  2,267
  2,405
  2,549
  2,699
  2,856
  3,019
  3,190
  3,368
  3,554
  3,748
  3,951
  4,164
  4,386
  4,619
  4,863
  5,118
  5,386
  5,666
  5,960
  6,267
  6,590
  6,928
  7,283
  7,655
  8,045
  8,455
  8,884
  9,334
Total liabilities and equity, $m
  4,943
  5,240
  5,574
  5,919
  6,280
  6,656
  7,048
  7,457
  7,883
  8,328
  8,793
  9,279
  9,786
  10,316
  10,872
  11,452
  12,061
  12,697
  13,364
  14,062
  14,794
  15,561
  16,364
  17,206
  18,089
  19,016
  19,987
  21,006
  22,075
  23,196
  24,371
Debt-to-equity ratio
  0.708
  0.760
  0.810
  0.850
  0.900
  0.940
  0.970
  1.010
  1.040
  1.070
  1.100
  1.130
  1.150
  1.180
  1.200
  1.220
  1.240
  1.260
  1.280
  1.290
  1.310
  1.320
  1.340
  1.350
  1.360
  1.380
  1.390
  1.400
  1.410
  1.420
  1.430
Adjusted equity ratio
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  140
  138
  145
  151
  159
  166
  174
  182
  190
  199
  208
  230
  240
  250
  261
  273
  285
  297
  311
  325
  339
  354
  370
  387
  405
  423
  443
  463
  484
  506
  530
Depreciation, amort., depletion, $m
  144
  163
  172
  182
  192
  203
  214
  225
  237
  250
  263
  261
  275
  290
  305
  322
  339
  357
  375
  395
  416
  437
  460
  483
  508
  534
  561
  590
  620
  652
  685
Funds from operations, $m
  202
  301
  317
  333
  351
  369
  388
  407
  428
  449
  471
  490
  515
  540
  567
  594
  624
  654
  686
  720
  755
  792
  830
  871
  913
  957
  1,004
  1,053
  1,104
  1,158
  1,215
Change in working capital, $m
  -80
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
  61
Cash from operations, $m
  282
  284
  300
  315
  332
  349
  367
  386
  405
  426
  447
  465
  488
  512
  538
  564
  592
  621
  652
  683
  717
  752
  788
  827
  867
  909
  954
  1,000
  1,049
  1,100
  1,154
Maintenance CAPEX, $m
  0
  -138
  -147
  -157
  -166
  -176
  -187
  -198
  -209
  -221
  -234
  -247
  -261
  -275
  -290
  -305
  -322
  -339
  -357
  -375
  -395
  -416
  -437
  -460
  -483
  -508
  -534
  -561
  -590
  -620
  -652
New CAPEX, $m
  -309
  -236
  -245
  -255
  -265
  -277
  -288
  -301
  -314
  -328
  -342
  -357
  -374
  -391
  -409
  -428
  -448
  -469
  -491
  -514
  -538
  -564
  -591
  -620
  -650
  -682
  -715
  -750
  -787
  -825
  -866
Cash from investing activities, $m
  -309
  -374
  -392
  -412
  -431
  -453
  -475
  -499
  -523
  -549
  -576
  -604
  -635
  -666
  -699
  -733
  -770
  -808
  -848
  -889
  -933
  -980
  -1,028
  -1,080
  -1,133
  -1,190
  -1,249
  -1,311
  -1,377
  -1,445
  -1,518
Free cash flow, $m
  -27
  -90
  -93
  -96
  -100
  -104
  -108
  -113
  -118
  -123
  -129
  -139
  -146
  -153
  -161
  -169
  -177
  -186
  -196
  -206
  -217
  -228
  -240
  -253
  -266
  -280
  -295
  -311
  -328
  -345
  -364
Issuance/(repayment) of debt, $m
  133
  193
  205
  214
  223
  232
  242
  252
  263
  275
  287
  300
  313
  327
  343
  358
  375
  393
  411
  431
  451
  473
  496
  520
  545
  571
  599
  629
  659
  692
  726
Issuance/(repurchase) of shares, $m
  -20
  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  
  112
  193
  205
  214
  223
  232
  242
  252
  263
  275
  287
  300
  313
  327
  343
  358
  375
  393
  411
  431
  451
  473
  496
  520
  545
  571
  599
  629
  659
  692
  726
Total cash flow (excl. dividends), $m
  85
  104
  113
  118
  123
  128
  134
  139
  145
  151
  158
  160
  167
  174
  182
  190
  198
  207
  216
  225
  235
  245
  256
  267
  279
  291
  304
  317
  332
  346
  362
Retained Cash Flow (-), $m
  -46
  -119
  -127
  -133
  -138
  -144
  -150
  -156
  -163
  -170
  -178
  -186
  -194
  -203
  -213
  -222
  -233
  -244
  -255
  -267
  -280
  -294
  -308
  -323
  -338
  -355
  -372
  -390
  -409
  -429
  -450
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
 
  -15
  -15
  -15
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -26
  -27
  -29
  -31
  -33
  -35
  -37
  -40
  -43
  -46
  -49
  -52
  -56
  -60
  -64
  -68
  -73
  -78
  -83
  -89
Discount rate, %
 
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.12
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.82
  25.01
  26.26
  27.58
PV of cash for distribution, $m
 
  -14
  -13
  -12
  -11
  -11
  -10
  -9
  -9
  -8
  -8
  -8
  -7
  -7
  -6
  -5
  -4
  -4
  -3
  -2
  -2
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  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

ONE Gas, Inc. is a regulated natural gas distribution utility in the United States. The Company provides natural gas distribution services. The Company distributes natural gas in Oklahoma, Kansas and Texas. The Company serves residential, commercial and industrial, transportation and wholesale and public authority customers. The Company's natural gas distribution markets in terms of customers are Oklahoma City and Tulsa, Oklahoma; Kansas City, Wichita and Topeka, Kansas, and Austin and El Paso, Texas. As of December 31, 2016, its three divisions, Oklahoma Natural Gas, Kansas Gas Service and Texas Gas Service, distribute natural gas to approximately 88%, 72% and 13% of the natural gas distribution customers in Oklahoma, Kansas and Texas, respectively. As of December 31, 2016, the Company had 50.4 billion cubic feet (Bcf) of natural gas storage capacity under lease with remaining terms ranging from 1 to 10 years and maximum allowable daily withdrawal capacity of approximately 1.3 Bcf.

FINANCIAL RATIOS  of  ONE Gas (OGS)

Valuation Ratios
P/E Ratio 25
Price to Sales 2.5
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 12.4
Price to Free Cash Flow -129.8
Growth Rates
Sales Growth Rate -7.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 5.1%
Cap. Spend. - 3 Yr. Gr. Rate 1.1%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 63.1%
Total Debt to Equity 70.8%
Interest Coverage 6
Management Effectiveness
Return On Assets 3.5%
Ret/ On Assets - 3 Yr. Avg. 3.2%
Return On Total Capital 4.5%
Ret/ On T. Cap. - 3 Yr. Avg. 4.1%
Return On Equity 7.5%
Return On Equity - 3 Yr. Avg. 7.1%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 62%
Gross Margin - 3 Yr. Avg. 54%
EBITDA Margin 28.8%
EBITDA Margin - 3 Yr. Avg. 23.5%
Operating Margin 18.9%
Oper. Margin - 3 Yr. Avg. 15.6%
Pre-Tax Margin 15.8%
Pre-Tax Margin - 3 Yr. Avg. 12.7%
Net Profit Margin 9.8%
Net Profit Margin - 3 Yr. Avg. 7.8%
Effective Tax Rate 37.8%
Eff/ Tax Rate - 3 Yr. Avg. 38%
Payout Ratio 52.1%

OGS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the OGS stock intrinsic value calculation we used $1427 million for the last fiscal year's total revenue generated by ONE Gas. The default revenue input number comes from 2016 income statement of ONE 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 OGS stock valuation model: a) initial revenue growth rate of 6.5% 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 6.7%, whose default value for OGS is calculated based on our internal credit rating of ONE 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 ONE 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 OGS stock the variable cost ratio is equal to 84.6%.

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 OGS 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 ONE Gas.

Corporate tax rate of 27% is the nominal tax rate for ONE 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 OGS 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 OGS are equal to 253.8%.

Life of production assets of 26.2 years is the average useful life of capital assets used in ONE 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 OGS is equal to 17.9%. 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 - $1888 million for ONE 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 52.416 million for ONE 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 ONE Gas at the current share price and the inputted number of shares is $3.5 billion.

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COMPANY NEWS

▶ ONE Gas, Inc. to Host Earnings Call   [09:55AM  ACCESSWIRE]
▶ ONE Gas misses 4Q profit forecasts   [Feb-21-18 07:29PM  Associated Press]
▶ ONE Gas Increases Quarterly Dividend   [Jan-16-18 04:30PM  PR Newswire]
▶ ETFs with exposure to ONE Gas, Inc. : December 28, 2017   [Dec-28-17 12:34PM  Capital Cube]
▶ ONE Gas to Present at Jefferies 2017 Energy Conference   [Nov-20-17 04:05PM  PR Newswire]
▶ ETFs with exposure to ONE Gas, Inc. : November 14, 2017   [Nov-14-17 02:39PM  Capital Cube]
▶ ETFs with exposure to ONE Gas, Inc. : November 3, 2017   [Nov-03-17 12:25PM  Capital Cube]
▶ ONE Gas, Inc. to Host Earnings Call   [Oct-31-17 08:50AM  ACCESSWIRE]
▶ ONE Gas beats 3Q profit forecasts   [Oct-30-17 06:11PM  Associated Press]
▶ ETFs with exposure to ONE Gas, Inc. : October 12, 2017   [Oct-12-17 10:47AM  Capital Cube]
▶ ETFs with exposure to ONE Gas, Inc. : August 31, 2017   [Aug-31-17 07:51PM  Capital Cube]
▶ ONE Gas misses 2Q profit forecasts   [Jul-31-17 10:00PM  Associated Press]
▶ ONE Gas Declares Quarterly Dividend   [Jul-24-17 04:05PM  PR Newswire]
▶ ONE Gas, Inc. Value Analysis (NYSE:OGS) : July 3, 2017   [Jul-03-17 04:43PM  Capital Cube]
▶ ONE Gas to Participate in Jefferies Utilities Summit   [Jun-12-17 04:05PM  PR Newswire]
▶ Utility Industry Outlook - May 2017   [May-18-17 02:25PM  Zacks]
▶ ETFs with exposure to ONE Gas, Inc. : May 9, 2017   [May-09-17 04:54PM  Capital Cube]
▶ ONE Gas beats 1Q profit forecasts   [May-01-17 05:26PM  Associated Press]
▶ ONE Gas Increases Quarterly Dividend   [Jan-17-17 04:10PM  PR Newswire]
▶ ONE Gas Issues 2017 Financial Guidance   [04:05PM  PR Newswire]
Financial statements of OGS
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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