Intrinsic value of PG&E - PCG

Previous Close

$57.26

  Intrinsic Value

$38.90

stock screener

  Rating & Target

sell

-32%

Previous close

$57.26

 
Intrinsic value

$38.90

 
Up/down potential

-32%

 
Rating

sell

We calculate the intrinsic value of PCG 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 29.4

 

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, %
  4.95
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  17,666
  18,019
  18,434
  18,908
  19,439
  20,029
  20,675
  21,379
  22,142
  22,963
  23,844
  24,787
  25,793
  26,864
  28,002
  29,210
  30,490
  31,845
  33,278
  34,792
  36,391
  38,078
  39,857
  41,732
  43,707
  45,788
  47,979
  50,285
  52,711
  55,264
  57,949
Variable operating expenses, $m
 
  3,550
  3,631
  3,725
  3,830
  3,946
  4,073
  4,212
  4,362
  4,524
  4,697
  4,883
  5,081
  5,292
  5,516
  5,754
  6,007
  6,274
  6,556
  6,854
  7,169
  7,501
  7,852
  8,221
  8,610
  9,020
  9,452
  9,906
  10,384
  10,887
  11,416
Fixed operating expenses, $m
 
  12,619
  12,934
  13,258
  13,589
  13,929
  14,277
  14,634
  15,000
  15,375
  15,759
  16,153
  16,557
  16,971
  17,395
  17,830
  18,276
  18,733
  19,201
  19,681
  20,173
  20,677
  21,194
  21,724
  22,267
  22,824
  23,395
  23,979
  24,579
  25,193
  25,823
Total operating expenses, $m
  15,489
  16,169
  16,565
  16,983
  17,419
  17,875
  18,350
  18,846
  19,362
  19,899
  20,456
  21,036
  21,638
  22,263
  22,911
  23,584
  24,283
  25,007
  25,757
  26,535
  27,342
  28,178
  29,046
  29,945
  30,877
  31,844
  32,847
  33,885
  34,963
  36,080
  37,239
Operating income, $m
  2,177
  1,851
  1,868
  1,925
  2,021
  2,154
  2,325
  2,534
  2,780
  3,064
  3,388
  3,751
  4,155
  4,601
  5,091
  5,626
  6,208
  6,839
  7,522
  8,257
  9,049
  9,899
  10,811
  11,787
  12,830
  13,944
  15,133
  16,399
  17,748
  19,184
  20,710
EBITDA, $m
  4,932
  1,851
  1,868
  1,925
  2,021
  2,154
  2,325
  2,534
  2,780
  3,064
  3,388
  3,751
  4,155
  4,601
  5,091
  5,626
  6,208
  6,839
  7,522
  8,257
  9,049
  9,899
  10,811
  11,787
  12,830
  13,944
  15,133
  16,399
  17,748
  19,184
  20,710
Interest expense (income), $m
  726
  749
  792
  841
  896
  959
  1,028
  1,104
  1,186
  1,276
  1,372
  1,475
  1,586
  1,704
  1,829
  1,963
  2,105
  2,255
  2,414
  2,582
  2,759
  2,947
  3,145
  3,353
  3,573
  3,805
  4,049
  4,306
  4,576
  4,861
  5,160
Earnings before tax, $m
  1,462
  1,102
  1,076
  1,084
  1,124
  1,196
  1,297
  1,430
  1,594
  1,789
  2,016
  2,275
  2,569
  2,897
  3,261
  3,663
  4,103
  4,584
  5,108
  5,676
  6,290
  6,952
  7,666
  8,433
  9,257
  10,139
  11,084
  12,094
  13,172
  14,323
  15,550
Tax expense, $m
  55
  298
  290
  293
  304
  323
  350
  386
  430
  483
  544
  614
  694
  782
  881
  989
  1,108
  1,238
  1,379
  1,532
  1,698
  1,877
  2,070
  2,277
  2,499
  2,738
  2,993
  3,265
  3,556
  3,867
  4,198
Net income, $m
  1,407
  805
  785
  792
  821
  873
  947
  1,044
  1,163
  1,306
  1,471
  1,661
  1,875
  2,115
  2,381
  2,674
  2,995
  3,347
  3,729
  4,143
  4,591
  5,075
  5,596
  6,156
  6,757
  7,402
  8,091
  8,828
  9,616
  10,456
  11,351

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  177
  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
  68,598
  69,842
  71,449
  73,285
  75,346
  77,631
  80,137
  82,866
  85,821
  89,003
  92,419
  96,073
  99,972
  104,124
  108,536
  113,218
  118,180
  123,432
  128,986
  134,854
  141,050
  147,588
  154,483
  161,751
  169,409
  177,474
  185,965
  194,903
  204,308
  214,203
  224,610
Adjusted assets (=assets-cash), $m
  68,421
  69,842
  71,449
  73,285
  75,346
  77,631
  80,137
  82,866
  85,821
  89,003
  92,419
  96,073
  99,972
  104,124
  108,536
  113,218
  118,180
  123,432
  128,986
  134,854
  141,050
  147,588
  154,483
  161,751
  169,409
  177,474
  185,965
  194,903
  204,308
  214,203
  224,610
Revenue / Adjusted assets
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
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
  -1,400
  649
  664
  681
  700
  721
  744
  770
  797
  827
  858
  892
  929
  967
  1,008
  1,052
  1,098
  1,146
  1,198
  1,253
  1,310
  1,371
  1,435
  1,502
  1,573
  1,648
  1,727
  1,810
  1,898
  1,990
  2,086
Total debt, $m
  18,436
  19,322
  20,507
  21,862
  23,384
  25,069
  26,919
  28,933
  31,114
  33,462
  35,983
  38,680
  41,558
  44,621
  47,878
  51,333
  54,995
  58,871
  62,969
  67,300
  71,873
  76,698
  81,787
  87,150
  92,802
  98,754
  105,020
  111,616
  118,557
  125,860
  133,540
Total liabilities, $m
  50,658
  51,544
  52,729
  54,084
  55,606
  57,291
  59,141
  61,155
  63,336
  65,684
  68,205
  70,902
  73,780
  76,843
  80,100
  83,555
  87,217
  91,093
  95,191
  99,522
  104,095
  108,920
  114,009
  119,372
  125,024
  130,976
  137,242
  143,838
  150,779
  158,082
  165,762
Total equity, $m
  17,940
  18,299
  18,720
  19,201
  19,741
  20,339
  20,996
  21,711
  22,485
  23,319
  24,214
  25,171
  26,193
  27,280
  28,436
  29,663
  30,963
  32,339
  33,794
  35,332
  36,955
  38,668
  40,475
  42,379
  44,385
  46,498
  48,723
  51,065
  53,529
  56,121
  58,848
Total liabilities and equity, $m
  68,598
  69,843
  71,449
  73,285
  75,347
  77,630
  80,137
  82,866
  85,821
  89,003
  92,419
  96,073
  99,973
  104,123
  108,536
  113,218
  118,180
  123,432
  128,985
  134,854
  141,050
  147,588
  154,484
  161,751
  169,409
  177,474
  185,965
  194,903
  204,308
  214,203
  224,610
Debt-to-equity ratio
  1.028
  1.060
  1.100
  1.140
  1.180
  1.230
  1.280
  1.330
  1.380
  1.430
  1.490
  1.540
  1.590
  1.640
  1.680
  1.730
  1.780
  1.820
  1.860
  1.900
  1.940
  1.980
  2.020
  2.060
  2.090
  2.120
  2.160
  2.190
  2.210
  2.240
  2.270
Adjusted equity ratio
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,407
  805
  785
  792
  821
  873
  947
  1,044
  1,163
  1,306
  1,471
  1,661
  1,875
  2,115
  2,381
  2,674
  2,995
  3,347
  3,729
  4,143
  4,591
  5,075
  5,596
  6,156
  6,757
  7,402
  8,091
  8,828
  9,616
  10,456
  11,351
Depreciation, amort., depletion, $m
  2,755
  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
  2,857
  805
  785
  792
  821
  873
  947
  1,044
  1,163
  1,306
  1,471
  1,661
  1,875
  2,115
  2,381
  2,674
  2,995
  3,347
  3,729
  4,143
  4,591
  5,075
  5,596
  6,156
  6,757
  7,402
  8,091
  8,828
  9,616
  10,456
  11,351
Change in working capital, $m
  -1,552
  13
  15
  17
  19
  21
  23
  25
  27
  30
  32
  34
  36
  39
  41
  43
  46
  49
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  87
  92
  97
Cash from operations, $m
  4,409
  792
  770
  775
  802
  852
  924
  1,019
  1,136
  1,276
  1,440
  1,627
  1,839
  2,076
  2,340
  2,630
  2,949
  3,298
  3,677
  4,089
  4,534
  5,014
  5,532
  6,089
  6,686
  7,327
  8,012
  8,745
  9,528
  10,364
  11,255
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
  -5,709
  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
  -5,526
  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
  -1,117
  792
  770
  775
  802
  852
  924
  1,019
  1,136
  1,276
  1,440
  1,627
  1,839
  2,076
  2,340
  2,630
  2,949
  3,298
  3,677
  4,089
  4,534
  5,014
  5,532
  6,089
  6,686
  7,327
  8,012
  8,745
  9,528
  10,364
  11,255
Issuance/(repayment) of debt, $m
  1,314
  1,063
  1,186
  1,355
  1,521
  1,686
  1,850
  2,014
  2,180
  2,349
  2,521
  2,697
  2,878
  3,064
  3,256
  3,455
  3,662
  3,876
  4,099
  4,331
  4,573
  4,825
  5,088
  5,364
  5,651
  5,952
  6,267
  6,596
  6,941
  7,302
  7,681
Issuance/(repurchase) of shares, $m
  822
  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  
  2,092
  1,063
  1,186
  1,355
  1,521
  1,686
  1,850
  2,014
  2,180
  2,349
  2,521
  2,697
  2,878
  3,064
  3,256
  3,455
  3,662
  3,876
  4,099
  4,331
  4,573
  4,825
  5,088
  5,364
  5,651
  5,952
  6,267
  6,596
  6,941
  7,302
  7,681
Total cash flow (excl. dividends), $m
  975
  1,854
  1,956
  2,130
  2,323
  2,537
  2,774
  3,033
  3,316
  3,625
  3,961
  4,324
  4,717
  5,140
  5,596
  6,086
  6,611
  7,174
  7,776
  8,420
  9,107
  9,840
  10,621
  11,452
  12,337
  13,279
  14,279
  15,341
  16,469
  17,666
  18,936
Retained Cash Flow (-), $m
  -1,364
  -359
  -421
  -481
  -540
  -598
  -657
  -715
  -774
  -834
  -895
  -957
  -1,022
  -1,088
  -1,156
  -1,227
  -1,300
  -1,376
  -1,455
  -1,538
  -1,623
  -1,713
  -1,806
  -1,904
  -2,006
  -2,113
  -2,225
  -2,342
  -2,464
  -2,592
  -2,727
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
 
  1,496
  1,535
  1,649
  1,783
  1,939
  2,117
  2,318
  2,542
  2,791
  3,066
  3,367
  3,695
  4,052
  4,440
  4,859
  5,311
  5,798
  6,321
  6,882
  7,483
  8,127
  8,814
  9,548
  10,331
  11,166
  12,054
  13,000
  14,005
  15,074
  16,209
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
 
  1,398
  1,332
  1,319
  1,306
  1,289
  1,267
  1,237
  1,199
  1,151
  1,093
  1,026
  951
  869
  783
  693
  604
  517
  434
  357
  288
  227
  175
  132
  96
  69
  48
  32
  21
  13
  8
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

PG&E Corporation is a holding company. The Company's primary operating subsidiary is Pacific Gas and Electric Company (the Utility), which operates in northern and central California. The Utility is engaged in the sale and delivery of electricity and natural gas to customers. The Utility generates electricity and provides electricity transmission and distribution services throughout its service territory in northern and central California to residential, commercial, industrial, and agricultural customers. The Utility provides bundled services (electricity, transmission and distribution services) to various customers in its service territory. As of December 31, 2016, the Utility owned approximately 18,400 circuit miles of interconnected transmission lines operating at voltages ranging from 60 kilovolt to 500 kilovolt. As of December 31, 2016, the Utility also operated 92 electric transmission substations with a capacity of approximately 64,600 megavolt ampere (MVA).

FINANCIAL RATIOS  of  PG&E (PCG)

Valuation Ratios
P/E Ratio 20.6
Price to Sales 1.6
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 6.6
Price to Free Cash Flow -22.3
Growth Rates
Sales Growth Rate 4.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 10.4%
Cap. Spend. - 3 Yr. Gr. Rate 1.9%
Financial Strength
Quick Ratio 0
Current Ratio 0.4
LT Debt to Equity 90.4%
Total Debt to Equity 102.8%
Interest Coverage 3
Management Effectiveness
Return On Assets 3.2%
Ret/ On Assets - 3 Yr. Avg. 3.1%
Return On Total Capital 4%
Ret/ On T. Cap. - 3 Yr. Avg. 3.8%
Return On Equity 8.2%
Return On Equity - 3 Yr. Avg. 7.8%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 28%
EBITDA Margin - 3 Yr. Avg. 27%
Operating Margin 12.3%
Oper. Margin - 3 Yr. Avg. 11.9%
Pre-Tax Margin 8.3%
Pre-Tax Margin - 3 Yr. Avg. 8%
Net Profit Margin 8%
Net Profit Margin - 3 Yr. Avg. 7.2%
Effective Tax Rate 3.8%
Eff/ Tax Rate - 3 Yr. Avg. 6.6%
Payout Ratio 65.5%

PCG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PCG stock intrinsic value calculation we used $17666 million for the last fiscal year's total revenue generated by PG&E. The default revenue input number comes from 2016 income statement of PG&E. 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 PCG stock valuation model: a) initial revenue growth rate of 2% 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 PCG is calculated based on our internal credit rating of PG&E, 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 PG&E.
    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 PCG stock the variable cost ratio is equal to 19.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $12311 million in the base year in the intrinsic value calculation for PCG 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 4.1% for PG&E.

Corporate tax rate of 27% is the nominal tax rate for PG&E. 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 PCG 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 PCG are equal to 0%.

Life of production assets of 0 years is the average useful life of capital assets used in PG&E 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 PCG is equal to 3.6%. 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 - $17940 million for PG&E - 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 512.789 million for PG&E 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 PG&E at the current share price and the inputted number of shares is $29.4 billion.

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COMPANY NEWS

▶ How Utility Stocks Performed Last Week   [Oct-23-17 04:46PM  Market Realist]
▶ PG&E: S&P 500s Top Loser on October 16   [10:39AM  Market Realist]
▶ The Biggest Loser: It's PG&EAgain   [05:42PM  Barrons.com]
▶ What Happened in the Stock Market Today   [05:04PM  Motley Fool]
▶ Why US Utility Stocks Keep Climbing   [04:12PM  Market Realist]
▶ Utility shares tank after notice on wildfire evidence   [Oct-13-17 09:33PM  Associated Press]
▶ The Biggest Loser: PG&E Powers Down   [04:56PM  Barrons.com]
▶ PG&E power lines may have provided key spark to North Bay inferno   [12:57PM  American City Business Journals]
▶ Cramer's Stop Trading: PG&E   [09:55AM  CNBC Videos]
▶ [$$] Death toll in California wildfires reaches 23   [Oct-12-17 09:33PM  Financial Times]
▶ How Analysts View PG&Es Recent Stock Changes   [07:38AM  Market Realist]
▶ Self-Driving Cars to Benefit These Stocks: Morgan Stanley   [Oct-06-17 09:32AM  Investopedia]
▶ PHOTOS: $82 million Gas Safety Academy seen as catalyst for Winters   [10:55AM  American City Business Journals]
▶ Dates Set for PG&E Quarterly Stock Dividends   [Sep-20-17 02:00PM  Business Wire]
▶ Weekly Top Insider Buys Highlights   [Sep-08-17 10:47PM  GuruFocus.com]
▶ PG&E Named Among Leading Companies for Sustainability   [Sep-07-17 01:08PM  Business Wire]
▶ Institutional Investment in California Utilities   [Aug-25-17 10:37AM  Market Realist]
▶ Why SRE, PCG, and EIX Yield Lower   [09:07AM  Market Realist]
▶ SPX Utilities Look Fairly Valued despite Their Epic Rally   [Aug-24-17 02:36PM  Market Realist]
▶ What SRE, PCG, and EIXs Chart Indicators Mean   [01:06PM  Market Realist]
▶ Sempra Energys Current Valuation and Dividend Profile   [Aug-22-17 01:35PM  Market Realist]
▶ PG&E Prepared for Unusual Challenges of Solar Eclipse   [Aug-17-17 12:30PM  Business Wire]
Financial statements of PCG
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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