Intrinsic value of ONE Gas - OGS

Previous Close

$86.45

  Intrinsic Value

$16.64

stock screener

  Rating & Target

str. sell

-81%

Previous close

$86.45

 
Intrinsic value

$16.64

 
Up/down potential

-81%

 
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
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.85
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
Revenue, $m
  1,427
  1,610
  1,685
  1,764
  1,847
  1,935
  2,027
  2,124
  2,226
  2,333
  2,446
  2,565
  2,690
  2,822
  2,960
  3,105
  3,258
  3,418
  3,587
  3,764
  3,951
  4,146
  4,352
  4,567
  4,794
  5,032
  5,283
  5,545
  5,821
  6,111
  6,416
Variable operating expenses, $m
 
  1,144
  1,197
  1,252
  1,310
  1,371
  1,436
  1,504
  1,576
  1,651
  1,730
  1,798
  1,885
  1,977
  2,074
  2,176
  2,283
  2,395
  2,514
  2,638
  2,768
  2,905
  3,049
  3,201
  3,360
  3,526
  3,702
  3,886
  4,079
  4,282
  4,496
Fixed operating expenses, $m
 
  93
  95
  97
  99
  101
  104
  106
  108
  111
  113
  116
  118
  121
  123
  126
  129
  132
  135
  138
  141
  144
  147
  150
  153
  157
  160
  164
  167
  171
  175
Total operating expenses, $m
  1,158
  1,237
  1,292
  1,349
  1,409
  1,472
  1,540
  1,610
  1,684
  1,762
  1,843
  1,914
  2,003
  2,098
  2,197
  2,302
  2,412
  2,527
  2,649
  2,776
  2,909
  3,049
  3,196
  3,351
  3,513
  3,683
  3,862
  4,050
  4,246
  4,453
  4,671
Operating income, $m
  269
  373
  393
  415
  438
  462
  487
  514
  542
  572
  603
  652
  687
  724
  762
  803
  846
  891
  939
  989
  1,042
  1,097
  1,155
  1,217
  1,281
  1,349
  1,421
  1,496
  1,575
  1,658
  1,745
EBITDA, $m
  413
  545
  572
  601
  632
  665
  699
  735
  773
  813
  856
  900
  947
  997
  1,049
  1,104
  1,161
  1,222
  1,286
  1,353
  1,424
  1,498
  1,576
  1,659
  1,745
  1,836
  1,932
  2,032
  2,138
  2,249
  2,366
Interest expense (income), $m
  42
  84
  92
  100
  109
  119
  129
  139
  150
  162
  174
  187
  200
  215
  230
  245
  262
  279
  298
  317
  337
  358
  380
  404
  428
  454
  481
  510
  540
  571
  604
Earnings before tax, $m
  225
  289
  302
  315
  328
  343
  358
  375
  392
  410
  429
  465
  487
  509
  533
  558
  584
  612
  641
  672
  705
  739
  775
  813
  853
  895
  939
  986
  1,035
  1,087
  1,141
Tax expense, $m
  85
  78
  81
  85
  89
  93
  97
  101
  106
  111
  116
  126
  131
  137
  144
  151
  158
  165
  173
  181
  190
  200
  209
  220
  230
  242
  254
  266
  279
  293
  308
Net income, $m
  140
  211
  220
  230
  240
  250
  262
  273
  286
  299
  313
  340
  355
  372
  389
  407
  426
  447
  468
  491
  514
  539
  566
  593
  623
  653
  686
  720
  756
  793
  833

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
  5,441
  5,693
  5,959
  6,240
  6,536
  6,847
  7,175
  7,520
  7,883
  8,265
  8,666
  9,089
  9,533
  10,000
  10,491
  11,007
  11,549
  12,119
  12,717
  13,346
  14,007
  14,701
  15,431
  16,197
  17,001
  17,847
  18,734
  19,667
  20,646
  21,674
Adjusted assets (=assets-cash), $m
  4,928
  5,441
  5,693
  5,959
  6,240
  6,536
  6,847
  7,175
  7,520
  7,883
  8,265
  8,666
  9,089
  9,533
  10,000
  10,491
  11,007
  11,549
  12,119
  12,717
  13,346
  14,007
  14,701
  15,431
  16,197
  17,001
  17,847
  18,734
  19,667
  20,646
  21,674
Revenue / Adjusted assets
  0.290
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
Average production assets, $m
  3,622
  4,129
  4,321
  4,523
  4,736
  4,960
  5,196
  5,445
  5,707
  5,983
  6,272
  6,577
  6,898
  7,235
  7,589
  7,962
  8,354
  8,765
  9,197
  9,652
  10,129
  10,631
  11,158
  11,711
  12,292
  12,903
  13,545
  14,218
  14,926
  15,669
  16,450
Working capital, $m
  125
  271
  283
  296
  310
  325
  340
  357
  374
  392
  411
  431
  452
  474
  497
  522
  547
  574
  603
  632
  664
  697
  731
  767
  805
  845
  887
  932
  978
  1,027
  1,078
Total debt, $m
  1,337
  1,699
  1,856
  2,022
  2,198
  2,382
  2,576
  2,781
  2,996
  3,223
  3,461
  3,712
  3,975
  4,252
  4,544
  4,850
  5,172
  5,510
  5,866
  6,239
  6,632
  7,044
  7,477
  7,933
  8,411
  8,913
  9,440
  9,994
  10,576
  11,187
  11,829
Total liabilities, $m
  3,055
  3,395
  3,553
  3,719
  3,894
  4,078
  4,272
  4,477
  4,692
  4,919
  5,157
  5,408
  5,671
  5,949
  6,240
  6,546
  6,868
  7,207
  7,562
  7,936
  8,328
  8,740
  9,174
  9,629
  10,107
  10,609
  11,136
  11,690
  12,272
  12,883
  13,525
Total equity, $m
  1,888
  2,046
  2,141
  2,241
  2,346
  2,457
  2,574
  2,698
  2,827
  2,964
  3,108
  3,259
  3,417
  3,584
  3,760
  3,945
  4,139
  4,342
  4,557
  4,782
  5,018
  5,267
  5,528
  5,802
  6,090
  6,393
  6,710
  7,044
  7,395
  7,763
  8,150
Total liabilities and equity, $m
  4,943
  5,441
  5,694
  5,960
  6,240
  6,535
  6,846
  7,175
  7,519
  7,883
  8,265
  8,667
  9,088
  9,533
  10,000
  10,491
  11,007
  11,549
  12,119
  12,718
  13,346
  14,007
  14,702
  15,431
  16,197
  17,002
  17,846
  18,734
  19,667
  20,646
  21,675
Debt-to-equity ratio
  0.708
  0.830
  0.870
  0.900
  0.940
  0.970
  1.000
  1.030
  1.060
  1.090
  1.110
  1.140
  1.160
  1.190
  1.210
  1.230
  1.250
  1.270
  1.290
  1.300
  1.320
  1.340
  1.350
  1.370
  1.380
  1.390
  1.410
  1.420
  1.430
  1.440
  1.450
Adjusted equity ratio
  0.383
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  140
  211
  220
  230
  240
  250
  262
  273
  286
  299
  313
  340
  355
  372
  389
  407
  426
  447
  468
  491
  514
  539
  566
  593
  623
  653
  686
  720
  756
  793
  833
Depreciation, amort., depletion, $m
  144
  172
  179
  186
  195
  203
  212
  221
  231
  242
  252
  248
  260
  273
  286
  300
  315
  331
  347
  364
  382
  401
  421
  442
  464
  487
  511
  537
  563
  591
  621
Funds from operations, $m
  202
  383
  399
  416
  434
  453
  474
  495
  517
  541
  566
  588
  615
  645
  675
  708
  742
  778
  815
  855
  897
  941
  987
  1,035
  1,087
  1,140
  1,197
  1,256
  1,319
  1,385
  1,454
Change in working capital, $m
  -80
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
  35
  36
  38
  40
  42
  44
  46
  49
  51
Cash from operations, $m
  282
  371
  387
  403
  420
  439
  458
  478
  500
  523
  547
  568
  594
  623
  652
  683
  716
  751
  787
  825
  865
  908
  952
  999
  1,048
  1,100
  1,155
  1,212
  1,272
  1,336
  1,403
Maintenance CAPEX, $m
  0
  -149
  -156
  -163
  -171
  -179
  -187
  -196
  -205
  -215
  -226
  -237
  -248
  -260
  -273
  -286
  -300
  -315
  -331
  -347
  -364
  -382
  -401
  -421
  -442
  -464
  -487
  -511
  -537
  -563
  -591
New CAPEX, $m
  -309
  -181
  -192
  -202
  -213
  -224
  -236
  -249
  -262
  -276
  -290
  -305
  -321
  -337
  -354
  -373
  -392
  -411
  -432
  -454
  -477
  -502
  -527
  -553
  -581
  -611
  -641
  -674
  -708
  -743
  -781
Cash from investing activities, $m
  -309
  -330
  -348
  -365
  -384
  -403
  -423
  -445
  -467
  -491
  -516
  -542
  -569
  -597
  -627
  -659
  -692
  -726
  -763
  -801
  -841
  -884
  -928
  -974
  -1,023
  -1,075
  -1,128
  -1,185
  -1,245
  -1,306
  -1,372
Free cash flow, $m
  -27
  41
  39
  38
  37
  36
  35
  34
  33
  32
  31
  26
  26
  25
  25
  24
  24
  24
  24
  24
  24
  24
  24
  25
  25
  26
  26
  27
  28
  29
  31
Issuance/(repayment) of debt, $m
  133
  148
  158
  166
  175
  184
  194
  205
  215
  227
  238
  251
  264
  277
  291
  306
  322
  338
  356
  374
  392
  412
  433
  455
  478
  502
  527
  554
  582
  611
  642
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
  148
  158
  166
  175
  184
  194
  205
  215
  227
  238
  251
  264
  277
  291
  306
  322
  338
  356
  374
  392
  412
  433
  455
  478
  502
  527
  554
  582
  611
  642
Total cash flow (excl. dividends), $m
  85
  190
  197
  204
  212
  220
  229
  238
  248
  258
  269
  277
  289
  302
  316
  331
  346
  362
  379
  397
  416
  436
  457
  480
  503
  528
  554
  581
  610
  640
  672
Retained Cash Flow (-), $m
  -46
  -86
  -95
  -100
  -106
  -111
  -117
  -123
  -130
  -137
  -144
  -151
  -159
  -167
  -176
  -185
  -194
  -204
  -214
  -225
  -237
  -248
  -261
  -274
  -288
  -303
  -318
  -334
  -351
  -368
  -387
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
 
  104
  102
  104
  106
  109
  112
  115
  118
  122
  126
  126
  130
  135
  140
  146
  152
  158
  165
  172
  180
  188
  196
  205
  215
  225
  236
  247
  260
  272
  286
Discount rate, %
 
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
 
  97
  87
  82
  76
  70
  65
  59
  53
  47
  42
  35
  31
  26
  22
  18
  15
  12
  9
  7
  6
  4
  3
  2
  1
  1
  1
  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 32.3
Price to Sales 3.2
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 16
Price to Free Cash Flow -167.4
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 $1539.633 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 4.6% 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 7.5%, 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 71.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $91 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 5.4% 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 256.4%.

Life of production assets of 26.5 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 16.8%. 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 - $1960.209 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 52.518 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 $4.5 billion.

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COMPANY NEWS

▶ Should You Be Concerned About ONE Gas Incs (NYSE:OGS) ROE?   [Dec-04-18 11:07AM  Simply Wall St.]
▶ ONE Gas Sees Hammer Chart Pattern: Time to Buy?   [Nov-05-18 06:21AM  Zacks]
▶ ONE Gas Announces $400 Million Senior Notes Offering   [Nov-01-18 05:25PM  PR Newswire]
▶ ONE Gas (OGS) Q3 Earnings Top Estimates   [Oct-29-18 06:35PM  Zacks]
▶ ONE Gas: 3Q Earnings Snapshot   [05:30PM  Associated Press]
▶ Does ONE Gas Incs (NYSE:OGS) PE Ratio Warrant A Sell?   [Aug-30-18 09:42AM  Simply Wall St.]
▶ ONE Gas, Inc. to Host Earnings Call   [Jul-31-18 09:00AM  ACCESSWIRE]
▶ ONE Gas Announces Second-quarter 2018 Financial Results   [Jul-30-18 04:15PM  PR Newswire]
▶ ONE Gas, Inc. Adds Two Additional Board Members   [Jul-26-18 04:15PM  PR Newswire]
▶ ONE Gas Declares Quarterly Dividend   [Jul-23-18 04:15PM  PR Newswire]
▶ 3 Defensive Stocks to Weather an Uncertain Market   [May-11-18 02:33PM  Investopedia]
▶ ONE Gas: 1Q Earnings Snapshot   [Apr-30-18 05:52PM  Associated Press]
▶ 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]
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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