Intrinsic value of Ormat Technologies - ORA

Previous Close

$56.41

  Intrinsic Value

$77.57

stock screener

  Rating & Target

buy

+38%

  Value-price divergence*

+648%

Previous close

$56.41

 
Intrinsic value

$77.57

 
Up/down potential

+38%

 
Rating

buy

 
Value-price divergence*

+648%

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

We calculate the intrinsic value of ORA 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 2.7

 

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, %
  11.43
  25.00
  23.00
  21.20
  19.58
  18.12
  16.81
  15.63
  14.57
  13.61
  12.75
  11.97
  11.28
  10.65
  10.08
  9.58
  9.12
  8.71
  8.34
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.60
  6.44
  6.29
  6.16
  6.05
  5.94
Revenue, $m
  663
  829
  1,019
  1,235
  1,477
  1,745
  2,038
  2,357
  2,700
  3,068
  3,459
  3,873
  4,310
  4,769
  5,250
  5,752
  6,277
  6,823
  7,392
  7,984
  8,598
  9,237
  9,901
  10,592
  11,309
  12,055
  12,831
  13,638
  14,478
  15,354
  16,266
Variable operating expenses, $m
 
  366
  450
  545
  652
  770
  900
  1,040
  1,191
  1,353
  1,526
  1,708
  1,900
  2,103
  2,315
  2,536
  2,768
  3,009
  3,259
  3,520
  3,791
  4,073
  4,366
  4,670
  4,987
  5,315
  5,658
  6,014
  6,384
  6,770
  7,172
Fixed operating expenses, $m
 
  176
  181
  185
  190
  195
  199
  204
  210
  215
  220
  226
  231
  237
  243
  249
  255
  262
  268
  275
  282
  289
  296
  304
  311
  319
  327
  335
  343
  352
  361
Total operating expenses, $m
  461
  542
  631
  730
  842
  965
  1,099
  1,244
  1,401
  1,568
  1,746
  1,934
  2,131
  2,340
  2,558
  2,785
  3,023
  3,271
  3,527
  3,795
  4,073
  4,362
  4,662
  4,974
  5,298
  5,634
  5,985
  6,349
  6,727
  7,122
  7,533
Operating income, $m
  202
  286
  388
  505
  635
  780
  939
  1,113
  1,299
  1,500
  1,713
  1,940
  2,178
  2,429
  2,692
  2,967
  3,254
  3,553
  3,864
  4,188
  4,525
  4,875
  5,239
  5,618
  6,011
  6,420
  6,846
  7,289
  7,751
  8,232
  8,733
EBITDA, $m
  308
  419
  551
  702
  871
  1,058
  1,264
  1,488
  1,729
  1,988
  2,263
  2,555
  2,863
  3,187
  3,526
  3,881
  4,251
  4,637
  5,039
  5,457
  5,892
  6,344
  6,813
  7,301
  7,809
  8,336
  8,885
  9,457
  10,052
  10,672
  11,318
Interest expense (income), $m
  55
  52
  72
  95
  121
  150
  182
  217
  255
  296
  340
  386
  436
  488
  543
  600
  660
  723
  788
  856
  926
  1,000
  1,076
  1,155
  1,238
  1,324
  1,413
  1,505
  1,602
  1,702
  1,806
Earnings before tax, $m
  141
  234
  316
  410
  515
  631
  758
  896
  1,045
  1,204
  1,373
  1,553
  1,742
  1,941
  2,149
  2,367
  2,594
  2,830
  3,076
  3,332
  3,599
  3,875
  4,163
  4,462
  4,773
  5,097
  5,434
  5,784
  6,149
  6,530
  6,926
Tax expense, $m
  32
  63
  85
  111
  139
  170
  205
  242
  282
  325
  371
  419
  470
  524
  580
  639
  700
  764
  831
  900
  972
  1,046
  1,124
  1,205
  1,289
  1,376
  1,467
  1,562
  1,660
  1,763
  1,870
Net income, $m
  94
  171
  231
  299
  376
  460
  553
  654
  763
  879
  1,003
  1,134
  1,272
  1,417
  1,569
  1,728
  1,893
  2,066
  2,246
  2,433
  2,627
  2,829
  3,039
  3,257
  3,485
  3,721
  3,967
  4,222
  4,489
  4,767
  5,056

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  230
  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
  2,462
  2,790
  3,432
  4,160
  4,974
  5,876
  6,863
  7,936
  9,092
  10,329
  11,646
  13,041
  14,511
  16,057
  17,676
  19,368
  21,134
  22,974
  24,889
  26,881
  28,951
  31,102
  33,338
  35,662
  38,077
  40,588
  43,200
  45,919
  48,749
  51,696
  54,768
Adjusted assets (=assets-cash), $m
  2,232
  2,790
  3,432
  4,160
  4,974
  5,876
  6,863
  7,936
  9,092
  10,329
  11,646
  13,041
  14,511
  16,057
  17,676
  19,368
  21,134
  22,974
  24,889
  26,881
  28,951
  31,102
  33,338
  35,662
  38,077
  40,588
  43,200
  45,919
  48,749
  51,696
  54,768
Revenue / Adjusted assets
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
Average production assets, $m
  1,096
  1,370
  1,685
  2,042
  2,442
  2,885
  3,370
  3,896
  4,464
  5,071
  5,718
  6,402
  7,124
  7,883
  8,678
  9,509
  10,376
  11,279
  12,219
  13,197
  14,213
  15,269
  16,367
  17,508
  18,694
  19,926
  21,209
  22,543
  23,933
  25,380
  26,888
Working capital, $m
  284
  150
  185
  224
  267
  316
  369
  427
  489
  555
  626
  701
  780
  863
  950
  1,041
  1,136
  1,235
  1,338
  1,445
  1,556
  1,672
  1,792
  1,917
  2,047
  2,182
  2,322
  2,468
  2,621
  2,779
  2,944
Total debt, $m
  939
  1,204
  1,583
  2,013
  2,495
  3,028
  3,611
  4,245
  4,928
  5,660
  6,438
  7,262
  8,131
  9,044
  10,001
  11,002
  12,045
  13,133
  14,264
  15,441
  16,665
  17,937
  19,258
  20,631
  22,058
  23,543
  25,086
  26,693
  28,365
  30,108
  31,923
Total liabilities, $m
  1,383
  1,649
  2,028
  2,458
  2,940
  3,473
  4,056
  4,690
  5,373
  6,105
  6,883
  7,707
  8,576
  9,489
  10,446
  11,447
  12,490
  13,578
  14,709
  15,886
  17,110
  18,382
  19,703
  21,076
  22,503
  23,988
  25,531
  27,138
  28,810
  30,553
  32,368
Total equity, $m
  1,078
  1,141
  1,404
  1,701
  2,034
  2,403
  2,807
  3,246
  3,719
  4,225
  4,763
  5,334
  5,935
  6,567
  7,229
  7,922
  8,644
  9,396
  10,180
  10,994
  11,841
  12,721
  13,635
  14,586
  15,573
  16,601
  17,669
  18,781
  19,938
  21,144
  22,400
Total liabilities and equity, $m
  2,461
  2,790
  3,432
  4,159
  4,974
  5,876
  6,863
  7,936
  9,092
  10,330
  11,646
  13,041
  14,511
  16,056
  17,675
  19,369
  21,134
  22,974
  24,889
  26,880
  28,951
  31,103
  33,338
  35,662
  38,076
  40,589
  43,200
  45,919
  48,748
  51,697
  54,768
Debt-to-equity ratio
  0.871
  1.060
  1.130
  1.180
  1.230
  1.260
  1.290
  1.310
  1.330
  1.340
  1.350
  1.360
  1.370
  1.380
  1.380
  1.390
  1.390
  1.400
  1.400
  1.400
  1.410
  1.410
  1.410
  1.410
  1.420
  1.420
  1.420
  1.420
  1.420
  1.420
  1.430
Adjusted equity ratio
  0.380
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  94
  171
  231
  299
  376
  460
  553
  654
  763
  879
  1,003
  1,134
  1,272
  1,417
  1,569
  1,728
  1,893
  2,066
  2,246
  2,433
  2,627
  2,829
  3,039
  3,257
  3,485
  3,721
  3,967
  4,222
  4,489
  4,767
  5,056
Depreciation, amort., depletion, $m
  106
  132
  163
  197
  236
  278
  325
  375
  430
  488
  550
  616
  685
  758
  834
  914
  998
  1,085
  1,175
  1,269
  1,367
  1,468
  1,574
  1,683
  1,797
  1,916
  2,039
  2,168
  2,301
  2,440
  2,585
Funds from operations, $m
  90
  303
  394
  496
  611
  738
  878
  1,029
  1,193
  1,367
  1,553
  1,750
  1,957
  2,175
  2,403
  2,642
  2,891
  3,151
  3,421
  3,702
  3,994
  4,297
  4,613
  4,941
  5,282
  5,637
  6,006
  6,390
  6,790
  7,207
  7,642
Change in working capital, $m
  -69
  30
  35
  39
  44
  48
  53
  58
  62
  67
  71
  75
  79
  83
  87
  91
  95
  99
  103
  107
  111
  116
  120
  125
  130
  135
  140
  146
  152
  158
  165
Cash from operations, $m
  159
  273
  359
  457
  567
  690
  825
  972
  1,130
  1,301
  1,482
  1,675
  1,878
  2,092
  2,316
  2,551
  2,796
  3,052
  3,318
  3,595
  3,882
  4,182
  4,493
  4,816
  5,152
  5,502
  5,865
  6,244
  6,638
  7,049
  7,477
Maintenance CAPEX, $m
  0
  -105
  -132
  -162
  -196
  -235
  -277
  -324
  -375
  -429
  -488
  -550
  -616
  -685
  -758
  -834
  -914
  -998
  -1,085
  -1,175
  -1,269
  -1,367
  -1,468
  -1,574
  -1,683
  -1,797
  -1,916
  -2,039
  -2,168
  -2,301
  -2,440
New CAPEX, $m
  -152
  -274
  -315
  -357
  -400
  -443
  -485
  -527
  -568
  -607
  -646
  -685
  -722
  -759
  -795
  -831
  -867
  -903
  -940
  -978
  -1,016
  -1,056
  -1,098
  -1,141
  -1,186
  -1,233
  -1,282
  -1,335
  -1,389
  -1,447
  -1,508
Cash from investing activities, $m
  -159
  -379
  -447
  -519
  -596
  -678
  -762
  -851
  -943
  -1,036
  -1,134
  -1,235
  -1,338
  -1,444
  -1,553
  -1,665
  -1,781
  -1,901
  -2,025
  -2,153
  -2,285
  -2,423
  -2,566
  -2,715
  -2,869
  -3,030
  -3,198
  -3,374
  -3,557
  -3,748
  -3,948
Free cash flow, $m
  0
  -106
  -88
  -62
  -29
  13
  63
  121
  188
  264
  348
  440
  540
  648
  763
  886
  1,015
  1,151
  1,293
  1,442
  1,597
  1,759
  1,927
  2,102
  2,283
  2,471
  2,667
  2,870
  3,081
  3,300
  3,528
Issuance/(repayment) of debt, $m
  26
  331
  379
  430
  481
  533
  584
  634
  683
  731
  778
  824
  869
  913
  957
  1,000
  1,044
  1,087
  1,132
  1,177
  1,224
  1,272
  1,321
  1,373
  1,427
  1,484
  1,544
  1,606
  1,673
  1,742
  1,815
Issuance/(repurchase) of shares, $m
  7
  57
  32
  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  
  70
  388
  411
  430
  481
  533
  584
  634
  683
  731
  778
  824
  869
  913
  957
  1,000
  1,044
  1,087
  1,132
  1,177
  1,224
  1,272
  1,321
  1,373
  1,427
  1,484
  1,544
  1,606
  1,673
  1,742
  1,815
Total cash flow (excl. dividends), $m
  70
  282
  323
  368
  452
  545
  646
  755
  871
  995
  1,126
  1,264
  1,409
  1,561
  1,720
  1,886
  2,059
  2,238
  2,425
  2,619
  2,821
  3,030
  3,248
  3,475
  3,710
  3,956
  4,211
  4,477
  4,754
  5,042
  5,344
Retained Cash Flow (-), $m
  -88
  -227
  -262
  -298
  -333
  -369
  -404
  -439
  -473
  -506
  -539
  -570
  -601
  -632
  -662
  -692
  -722
  -753
  -783
  -815
  -847
  -880
  -914
  -950
  -988
  -1,027
  -1,068
  -1,112
  -1,157
  -1,206
  -1,256
Prev. year cash balance distribution, $m
 
  164
  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
 
  218
  61
  70
  119
  177
  242
  316
  399
  489
  588
  694
  808
  929
  1,058
  1,194
  1,336
  1,486
  1,642
  1,804
  1,974
  2,150
  2,334
  2,524
  2,723
  2,928
  3,142
  3,365
  3,596
  3,837
  4,087
Discount rate, %
 
  6.10
  6.41
  6.73
  7.06
  7.41
  7.79
  8.17
  8.58
  9.01
  9.46
  9.94
  10.43
  10.95
  11.50
  12.08
  12.68
  13.32
  13.98
  14.68
  15.41
  16.19
  16.99
  17.84
  18.74
  19.67
  20.66
  21.69
  22.77
  23.91
  25.11
PV of cash for distribution, $m
 
  206
  54
  58
  91
  124
  155
  182
  206
  225
  238
  245
  246
  241
  230
  216
  198
  177
  156
  134
  112
  92
  74
  58
  44
  33
  24
  17
  12
  8
  5
Current shareholders' claim on cash, %
  100
  97.6
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5

Ormat Technologies, Inc. engages in the geothermal and recovered energy power business worldwide. The company operates in two segments, Electricity and Product. The Electricity segment develops, builds, owns, and operates geothermal and recovered energy-based power plants; and sells electricity. The Product segment designs, manufactures, and sells equipment for geothermal and recovered energy-based electricity generation, including fossil fuel powered turbo-generators and heavy duty direct-current generators. It also provides services relating to the engineering, procurement, construction, operation, and maintenance of geothermal and recovered energy-based power plants. This segment serves contractors; and owners and operators of geothermal power plants, interstate natural gas pipelines, gas processing plants, and cement plants, as well as companies in other energy-intensive industrial processes. The company was founded in 1965 and is based in Reno, Nevada.

FINANCIAL RATIOS  of  Ormat Technologies (ORA)

Valuation Ratios
P/E Ratio 29.8
Price to Sales 4.2
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 17.6
Price to Free Cash Flow 400.3
Growth Rates
Sales Growth Rate 11.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -5.8%
Financial Strength
Quick Ratio 3
Current Ratio 0.2
LT Debt to Equity 81%
Total Debt to Equity 87.1%
Interest Coverage 4
Management Effectiveness
Return On Assets 5.8%
Ret/ On Assets - 3 Yr. Avg. 6.2%
Return On Total Capital 4.8%
Ret/ On T. Cap. - 3 Yr. Avg. 4.8%
Return On Equity 9.1%
Return On Equity - 3 Yr. Avg. 10%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 40.9%
Gross Margin - 3 Yr. Avg. 38%
EBITDA Margin 45.6%
EBITDA Margin - 3 Yr. Avg. 45.5%
Operating Margin 30.5%
Oper. Margin - 3 Yr. Avg. 27.9%
Pre-Tax Margin 21.3%
Pre-Tax Margin - 3 Yr. Avg. 18.6%
Net Profit Margin 14.2%
Net Profit Margin - 3 Yr. Avg. 14.7%
Effective Tax Rate 22.7%
Eff/ Tax Rate - 3 Yr. Avg. 14%
Payout Ratio 27.7%

ORA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ORA stock intrinsic value calculation we used $663 million for the last fiscal year's total revenue generated by Ormat Technologies. The default revenue input number comes from 2016 income statement of Ormat Technologies. 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 ORA stock valuation model: a) initial revenue growth rate of 25% 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 6.1%, whose default value for ORA is calculated based on our internal credit rating of Ormat Technologies, 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 Ormat Technologies.
    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 ORA stock the variable cost ratio is equal to 44.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $172 million in the base year in the intrinsic value calculation for ORA 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 6% for Ormat Technologies.

Corporate tax rate of 27% is the nominal tax rate for Ormat Technologies. 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 ORA 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 ORA are equal to 165.3%.

Life of production assets of 10.4 years is the average useful life of capital assets used in Ormat Technologies 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 ORA is equal to 18.1%. 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 - $1078 million for Ormat Technologies - 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 48.126 million for Ormat Technologies 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 Ormat Technologies at the current share price and the inputted number of shares is $2.7 billion.

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COMPANY NEWS

▶ 5 Clean-Energy Stocks to Buy in 2017   [Aug-22-17 07:17AM  Motley Fool]
▶ Ormat Technologies tops Street 2Q forecasts   [05:21PM  Associated Press]
▶ Ormat Technologies tops Street 1Q forecasts   [May-08-17 06:10PM  Associated Press]
▶ Get Ready To Be Surprised This Earnings Season   [Apr-11-17 03:20PM  Zacks]
▶ Center City energy startup sells for $35M   [Jan-03-17 04:20PM  at bizjournals.com]
▶ Ormat Signs $36M Power Project Deal (ORA)   [Dec-12-16 09:34AM  at Investopedia]
▶ Should You Buy Ormat Technologies, Inc. (ORA)?   [01:47PM  at Insider Monkey]
▶ [$$] Northleaf Invests in Power Plant Owned by Ormat Technologies   [Nov-23-16 03:27PM  at The Wall Street Journal]
Financial statements of ORA
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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