Intrinsic value of ONE Gas - OGS

Previous Close

$74.55

  Intrinsic Value

$8.32

stock screener

  Rating & Target

str. sell

-89%

  Value-price divergence*

-75%

Previous close

$74.55

 
Intrinsic value

$8.32

 
Up/down potential

-89%

 
Rating

str. sell

 
Value-price divergence*

-75%

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

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

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 3.9

 

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
  8.30
  7.97
  7.67
  7.41
  7.17
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.50
  5.45
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.16
Revenue, $m
  1,427
  1,545
  1,669
  1,797
  1,930
  2,068
  2,212
  2,361
  2,516
  2,678
  2,846
  3,021
  3,203
  3,393
  3,592
  3,798
  4,014
  4,239
  4,475
  4,720
  4,978
  5,246
  5,528
  5,822
  6,130
  6,453
  6,791
  7,145
  7,516
  7,904
  8,312
Variable operating expenses, $m
 
  1,306
  1,409
  1,516
  1,627
  1,742
  1,862
  1,987
  2,117
  2,252
  2,392
  2,522
  2,675
  2,833
  2,999
  3,171
  3,351
  3,539
  3,736
  3,941
  4,156
  4,380
  4,615
  4,861
  5,118
  5,388
  5,670
  5,965
  6,275
  6,600
  6,940
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
  1,306
  1,409
  1,516
  1,627
  1,742
  1,862
  1,987
  2,117
  2,252
  2,392
  2,522
  2,675
  2,833
  2,999
  3,171
  3,351
  3,539
  3,736
  3,941
  4,156
  4,380
  4,615
  4,861
  5,118
  5,388
  5,670
  5,965
  6,275
  6,600
  6,940
Operating income, $m
  269
  239
  260
  281
  303
  326
  349
  374
  400
  426
  454
  499
  529
  560
  593
  627
  663
  700
  739
  779
  822
  866
  912
  961
  1,012
  1,065
  1,121
  1,179
  1,241
  1,305
  1,372
EBITDA, $m
  413
  405
  437
  471
  505
  542
  579
  618
  659
  701
  745
  791
  839
  889
  941
  995
  1,051
  1,110
  1,172
  1,236
  1,304
  1,374
  1,448
  1,525
  1,606
  1,690
  1,779
  1,871
  1,969
  2,070
  2,177
Interest expense (income), $m
  42
  46
  55
  64
  74
  84
  94
  105
  116
  127
  139
  152
  165
  178
  193
  207
  223
  239
  256
  273
  291
  311
  331
  351
  373
  396
  420
  446
  472
  500
  528
Earnings before tax, $m
  225
  193
  205
  217
  229
  242
  255
  269
  284
  299
  315
  347
  364
  382
  400
  420
  440
  461
  483
  506
  530
  556
  582
  610
  639
  669
  701
  734
  769
  805
  844
Tax expense, $m
  85
  52
  55
  58
  62
  65
  69
  73
  77
  81
  85
  94
  98
  103
  108
  113
  119
  124
  130
  137
  143
  150
  157
  165
  172
  181
  189
  198
  208
  217
  228
Net income, $m
  140
  141
  149
  158
  167
  177
  186
  197
  207
  218
  230
  253
  266
  279
  292
  306
  321
  337
  353
  369
  387
  406
  425
  445
  466
  488
  511
  536
  561
  588
  616

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
  5,329
  5,754
  6,195
  6,654
  7,131
  7,626
  8,141
  8,677
  9,234
  9,814
  10,418
  11,046
  11,702
  12,385
  13,098
  13,841
  14,618
  15,430
  16,277
  17,164
  18,091
  19,061
  20,076
  21,138
  22,251
  23,416
  24,637
  25,916
  27,256
  28,662
Adjusted assets (=assets-cash), $m
  4,928
  5,329
  5,754
  6,195
  6,654
  7,131
  7,626
  8,141
  8,677
  9,234
  9,814
  10,418
  11,046
  11,702
  12,385
  13,098
  13,841
  14,618
  15,430
  16,277
  17,164
  18,091
  19,061
  20,076
  21,138
  22,251
  23,416
  24,637
  25,916
  27,256
  28,662
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
  3,922
  4,235
  4,560
  4,898
  5,248
  5,613
  5,992
  6,386
  6,797
  7,223
  7,668
  8,130
  8,613
  9,115
  9,640
  10,188
  10,759
  11,356
  11,980
  12,633
  13,315
  14,029
  14,776
  15,558
  16,377
  17,235
  18,133
  19,075
  20,061
  21,096
Working capital, $m
  125
  277
  299
  322
  345
  370
  396
  423
  450
  479
  509
  541
  573
  607
  643
  680
  719
  759
  801
  845
  891
  939
  989
  1,042
  1,097
  1,155
  1,216
  1,279
  1,345
  1,415
  1,488
Total debt, $m
  1,337
  1,570
  1,832
  2,105
  2,388
  2,682
  2,987
  3,305
  3,636
  3,979
  4,337
  4,710
  5,098
  5,502
  5,923
  6,363
  6,822
  7,301
  7,802
  8,325
  8,872
  9,444
  10,042
  10,669
  11,324
  12,011
  12,730
  13,483
  14,272
  15,099
  15,966
Total liabilities, $m
  3,055
  3,288
  3,550
  3,823
  4,106
  4,400
  4,705
  5,023
  5,354
  5,697
  6,055
  6,428
  6,816
  7,220
  7,641
  8,081
  8,540
  9,019
  9,520
  10,043
  10,590
  11,162
  11,760
  12,387
  13,042
  13,729
  14,448
  15,201
  15,990
  16,817
  17,684
Total equity, $m
  1,888
  2,041
  2,204
  2,373
  2,549
  2,731
  2,921
  3,118
  3,323
  3,537
  3,759
  3,990
  4,231
  4,482
  4,743
  5,016
  5,301
  5,599
  5,909
  6,234
  6,574
  6,929
  7,300
  7,689
  8,096
  8,522
  8,968
  9,436
  9,926
  10,439
  10,977
Total liabilities and equity, $m
  4,943
  5,329
  5,754
  6,196
  6,655
  7,131
  7,626
  8,141
  8,677
  9,234
  9,814
  10,418
  11,047
  11,702
  12,384
  13,097
  13,841
  14,618
  15,429
  16,277
  17,164
  18,091
  19,060
  20,076
  21,138
  22,251
  23,416
  24,637
  25,916
  27,256
  28,661
Debt-to-equity ratio
  0.708
  0.770
  0.830
  0.890
  0.940
  0.980
  1.020
  1.060
  1.090
  1.130
  1.150
  1.180
  1.200
  1.230
  1.250
  1.270
  1.290
  1.300
  1.320
  1.340
  1.350
  1.360
  1.380
  1.390
  1.400
  1.410
  1.420
  1.430
  1.440
  1.450
  1.450
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
  141
  149
  158
  167
  177
  186
  197
  207
  218
  230
  253
  266
  279
  292
  306
  321
  337
  353
  369
  387
  406
  425
  445
  466
  488
  511
  536
  561
  588
  616
Depreciation, amort., depletion, $m
  144
  166
  177
  190
  203
  216
  230
  245
  260
  275
  291
  293
  310
  329
  348
  368
  389
  411
  433
  457
  482
  508
  535
  564
  594
  625
  658
  692
  728
  766
  805
Funds from operations, $m
  202
  306
  327
  348
  370
  393
  417
  441
  467
  493
  521
  546
  576
  607
  640
  674
  710
  747
  786
  827
  869
  914
  960
  1,009
  1,060
  1,113
  1,169
  1,228
  1,289
  1,354
  1,421
Change in working capital, $m
  -80
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  35
  37
  39
  40
  42
  44
  46
  48
  50
  53
  55
  58
  60
  63
  66
  70
  73
Cash from operations, $m
  282
  285
  305
  325
  346
  368
  391
  414
  439
  465
  491
  515
  543
  573
  605
  637
  671
  707
  744
  783
  823
  866
  910
  956
  1,005
  1,056
  1,109
  1,164
  1,223
  1,284
  1,348
Maintenance CAPEX, $m
  0
  -138
  -150
  -162
  -174
  -187
  -200
  -214
  -229
  -244
  -259
  -276
  -293
  -310
  -329
  -348
  -368
  -389
  -411
  -433
  -457
  -482
  -508
  -535
  -564
  -594
  -625
  -658
  -692
  -728
  -766
New CAPEX, $m
  -309
  -301
  -313
  -325
  -338
  -351
  -365
  -379
  -394
  -410
  -427
  -444
  -463
  -482
  -503
  -525
  -548
  -572
  -597
  -624
  -652
  -682
  -714
  -747
  -782
  -819
  -858
  -898
  -941
  -987
  -1,034
Cash from investing activities, $m
  -309
  -439
  -463
  -487
  -512
  -538
  -565
  -593
  -623
  -654
  -686
  -720
  -756
  -792
  -832
  -873
  -916
  -961
  -1,008
  -1,057
  -1,109
  -1,164
  -1,222
  -1,282
  -1,346
  -1,413
  -1,483
  -1,556
  -1,633
  -1,715
  -1,800
Free cash flow, $m
  -27
  -154
  -158
  -162
  -166
  -170
  -174
  -179
  -184
  -189
  -195
  -205
  -212
  -219
  -227
  -235
  -244
  -254
  -264
  -275
  -286
  -299
  -312
  -326
  -341
  -357
  -374
  -392
  -411
  -431
  -452
Issuance/(repayment) of debt, $m
  133
  248
  262
  272
  283
  294
  306
  318
  330
  344
  358
  372
  388
  404
  422
  440
  459
  479
  501
  523
  547
  572
  598
  626
  656
  686
  719
  753
  789
  827
  867
Issuance/(repurchase) of shares, $m
  -20
  12
  13
  11
  8
  6
  3
  1
  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
  260
  275
  283
  291
  300
  309
  319
  330
  344
  358
  372
  388
  404
  422
  440
  459
  479
  501
  523
  547
  572
  598
  626
  656
  686
  719
  753
  789
  827
  867
Total cash flow (excl. dividends), $m
  85
  106
  118
  122
  126
  130
  135
  140
  147
  154
  163
  167
  176
  185
  195
  205
  215
  226
  237
  248
  260
  273
  286
  300
  314
  329
  345
  361
  378
  396
  415
Retained Cash Flow (-), $m
  -46
  -153
  -163
  -169
  -176
  -183
  -190
  -197
  -205
  -213
  -222
  -231
  -241
  -251
  -262
  -273
  -285
  -297
  -311
  -325
  -340
  -355
  -371
  -389
  -407
  -426
  -446
  -468
  -490
  -513
  -538
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
 
  -47
  -45
  -47
  -50
  -52
  -55
  -58
  -59
  -59
  -59
  -64
  -65
  -66
  -67
  -68
  -70
  -72
  -74
  -76
  -79
  -82
  -85
  -89
  -93
  -97
  -101
  -106
  -111
  -117
  -123
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
 
  -44
  -39
  -38
  -37
  -35
  -34
  -32
  -28
  -25
  -22
  -21
  -18
  -15
  -13
  -11
  -9
  -7
  -6
  -4
  -3
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  99.7
  99.4
  99.1
  99.0
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8

ONE Gas, Inc. operates as a regulated natural gas distribution utility company in the United States. The company operates through three divisions: Oklahoma Natural Gas, Kansas Gas Service, and Texas Gas Service. It distributes natural gas to residential, commercial and industrial, transportation, and wholesale and public authority customers. As of December 31, 2016, the company owned 19,200 miles of distribution mains and transmission pipelines in Oklahoma; 13,100 miles of distribution mains and transmission pipelines in Kansas; and 10,400 miles of distribution mains and transmission pipelines in Texas, as well as had 50.4 billion cubic feet of natural gas storage capacity under lease. It provides natural gas distribution services to approximately 2 million customers. The company was founded in 1906 and is headquartered in Tulsa, Oklahoma.

FINANCIAL RATIOS  of  ONE Gas (OGS)

Valuation Ratios
P/E Ratio 27.8
Price to Sales 2.7
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 13.8
Price to Free Cash Flow -144.4
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 8.3% 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 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 51.958 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 $3.9 billion.

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COMPANY NEWS

▶ 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]
▶ Is ONE Gas Inc (OGS) A Good Stock To Buy?   [Dec-11-16 10:00AM  at Insider Monkey]
Stock chart of OGS 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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