Intrinsic value of PG&E - PCG

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$66.10

  Intrinsic Value

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  Value-price divergence*

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$66.10

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

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 33.9

 

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, %
  4.95
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
Revenue, $m
  17,666
  19,980
  22,436
  25,030
  27,759
  30,622
  33,618
  36,746
  40,007
  43,402
  46,934
  50,607
  54,423
  58,390
  62,511
  66,795
  71,249
  75,881
  80,700
  85,716
  90,940
  96,382
  102,056
  107,972
  114,146
  120,591
  127,322
  134,354
  141,705
  149,391
  157,430
Variable operating expenses, $m
 
  3,936
  4,420
  4,931
  5,469
  6,033
  6,623
  7,239
  7,881
  8,550
  9,246
  9,970
  10,721
  11,503
  12,315
  13,159
  14,036
  14,949
  15,898
  16,886
  17,915
  18,987
  20,105
  21,271
  22,487
  23,756
  25,082
  26,468
  27,916
  29,430
  31,014
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
  16,555
  17,354
  18,189
  19,058
  19,962
  20,900
  21,873
  22,881
  23,925
  25,005
  26,123
  27,278
  28,474
  29,710
  30,989
  32,312
  33,682
  35,099
  36,567
  38,088
  39,664
  41,299
  42,995
  44,754
  46,580
  48,477
  50,447
  52,495
  54,623
  56,837
Operating income, $m
  2,177
  3,425
  5,082
  6,841
  8,701
  10,661
  12,718
  14,873
  17,126
  19,477
  21,929
  24,484
  27,145
  29,916
  32,801
  35,807
  38,937
  42,200
  45,601
  49,149
  52,852
  56,718
  60,756
  64,978
  69,392
  74,011
  78,845
  83,907
  89,210
  94,767
  100,593
EBITDA, $m
  4,932
  3,425
  5,082
  6,841
  8,701
  10,661
  12,718
  14,873
  17,126
  19,477
  21,929
  24,484
  27,145
  29,916
  32,801
  35,807
  38,937
  42,200
  45,601
  49,149
  52,852
  56,718
  60,756
  64,978
  69,392
  74,011
  78,845
  83,907
  89,210
  94,767
  100,593
Interest expense (income), $m
  726
  749
  1,022
  1,310
  1,614
  1,934
  2,270
  2,622
  2,988
  3,371
  3,769
  4,183
  4,614
  5,062
  5,527
  6,010
  6,513
  7,035
  7,578
  8,143
  8,732
  9,344
  9,983
  10,648
  11,342
  12,066
  12,822
  13,611
  14,436
  15,298
  16,199
Earnings before tax, $m
  1,462
  2,677
  4,060
  5,531
  7,087
  8,726
  10,448
  12,252
  14,137
  16,106
  18,160
  20,301
  22,531
  24,854
  27,275
  29,796
  32,425
  35,165
  38,023
  41,006
  44,120
  47,373
  50,774
  54,330
  58,050
  61,945
  66,023
  70,296
  74,774
  79,469
  84,394
Tax expense, $m
  55
  723
  1,096
  1,493
  1,914
  2,356
  2,821
  3,308
  3,817
  4,349
  4,903
  5,481
  6,083
  6,711
  7,364
  8,045
  8,755
  9,494
  10,266
  11,072
  11,912
  12,791
  13,709
  14,669
  15,674
  16,725
  17,826
  18,980
  20,189
  21,457
  22,786
Net income, $m
  1,407
  1,954
  2,963
  4,038
  5,174
  6,370
  7,627
  8,944
  10,320
  11,758
  13,257
  14,820
  16,448
  18,144
  19,911
  21,751
  23,670
  25,670
  27,757
  29,934
  32,208
  34,583
  37,065
  39,661
  42,377
  45,220
  48,197
  51,316
  54,585
  58,013
  61,608

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
  77,443
  86,961
  97,014
  107,593
  118,691
  130,302
  142,427
  155,066
  168,226
  181,916
  196,150
  210,943
  226,316
  242,292
  258,896
  276,159
  294,112
  312,790
  332,232
  352,479
  373,574
  395,564
  418,498
  442,427
  467,407
  493,495
  520,752
  549,243
  579,033
  610,194
Adjusted assets (=assets-cash), $m
  68,421
  77,443
  86,961
  97,014
  107,593
  118,691
  130,302
  142,427
  155,066
  168,226
  181,916
  196,150
  210,943
  226,316
  242,292
  258,896
  276,159
  294,112
  312,790
  332,232
  352,479
  373,574
  395,564
  418,498
  442,427
  467,407
  493,495
  520,752
  549,243
  579,033
  610,194
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
  719
  808
  901
  999
  1,102
  1,210
  1,323
  1,440
  1,562
  1,690
  1,822
  1,959
  2,102
  2,250
  2,405
  2,565
  2,732
  2,905
  3,086
  3,274
  3,470
  3,674
  3,887
  4,109
  4,341
  4,584
  4,837
  5,101
  5,378
  5,667
Total debt, $m
  18,436
  24,931
  31,955
  39,374
  47,182
  55,372
  63,941
  72,889
  82,217
  91,929
  102,032
  112,537
  123,454
  134,799
  146,589
  158,843
  171,583
  184,832
  198,617
  212,966
  227,908
  243,476
  259,704
  276,629
  294,289
  312,724
  331,977
  352,093
  373,119
  395,105
  418,101
Total liabilities, $m
  50,658
  57,153
  64,177
  71,596
  79,404
  87,594
  96,163
  105,111
  114,439
  124,151
  134,254
  144,759
  155,676
  167,021
  178,811
  191,065
  203,805
  217,054
  230,839
  245,188
  260,130
  275,698
  291,926
  308,851
  326,511
  344,946
  364,199
  384,315
  405,341
  427,327
  450,323
Total equity, $m
  17,940
  20,290
  22,784
  25,418
  28,189
  31,097
  34,139
  37,316
  40,627
  44,075
  47,662
  51,391
  55,267
  59,295
  63,480
  67,831
  72,354
  77,057
  81,951
  87,045
  92,350
  97,876
  103,638
  109,646
  115,916
  122,461
  129,296
  136,437
  143,902
  151,707
  159,871
Total liabilities and equity, $m
  68,598
  77,443
  86,961
  97,014
  107,593
  118,691
  130,302
  142,427
  155,066
  168,226
  181,916
  196,150
  210,943
  226,316
  242,291
  258,896
  276,159
  294,111
  312,790
  332,233
  352,480
  373,574
  395,564
  418,497
  442,427
  467,407
  493,495
  520,752
  549,243
  579,034
  610,194
Debt-to-equity ratio
  1.028
  1.230
  1.400
  1.550
  1.670
  1.780
  1.870
  1.950
  2.020
  2.090
  2.140
  2.190
  2.230
  2.270
  2.310
  2.340
  2.370
  2.400
  2.420
  2.450
  2.470
  2.490
  2.510
  2.520
  2.540
  2.550
  2.570
  2.580
  2.590
  2.600
  2.620
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
  1,954
  2,963
  4,038
  5,174
  6,370
  7,627
  8,944
  10,320
  11,758
  13,257
  14,820
  16,448
  18,144
  19,911
  21,751
  23,670
  25,670
  27,757
  29,934
  32,208
  34,583
  37,065
  39,661
  42,377
  45,220
  48,197
  51,316
  54,585
  58,013
  61,608
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
  1,954
  2,963
  4,038
  5,174
  6,370
  7,627
  8,944
  10,320
  11,758
  13,257
  14,820
  16,448
  18,144
  19,911
  21,751
  23,670
  25,670
  27,757
  29,934
  32,208
  34,583
  37,065
  39,661
  42,377
  45,220
  48,197
  51,316
  54,585
  58,013
  61,608
Change in working capital, $m
  -1,552
  83
  88
  93
  98
  103
  108
  113
  117
  122
  127
  132
  137
  143
  148
  154
  160
  167
  173
  181
  188
  196
  204
  213
  222
  232
  242
  253
  265
  277
  289
Cash from operations, $m
  4,409
  1,871
  2,875
  3,944
  5,075
  6,267
  7,519
  8,831
  10,203
  11,635
  13,130
  14,687
  16,310
  18,001
  19,762
  21,597
  23,510
  25,503
  27,583
  29,754
  32,020
  34,387
  36,861
  39,448
  42,154
  44,988
  47,955
  51,063
  54,321
  57,736
  61,318
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
  1,871
  2,875
  3,944
  5,075
  6,267
  7,519
  8,831
  10,203
  11,635
  13,130
  14,687
  16,310
  18,001
  19,762
  21,597
  23,510
  25,503
  27,583
  29,754
  32,020
  34,387
  36,861
  39,448
  42,154
  44,988
  47,955
  51,063
  54,321
  57,736
  61,318
Issuance/(repayment) of debt, $m
  1,314
  6,672
  7,024
  7,419
  7,808
  8,190
  8,569
  8,948
  9,328
  9,712
  10,104
  10,504
  10,918
  11,345
  11,790
  12,254
  12,740
  13,249
  13,785
  14,348
  14,942
  15,568
  16,228
  16,925
  17,660
  18,435
  19,253
  20,116
  21,026
  21,985
  22,997
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
  6,672
  7,024
  7,419
  7,808
  8,190
  8,569
  8,948
  9,328
  9,712
  10,104
  10,504
  10,918
  11,345
  11,790
  12,254
  12,740
  13,249
  13,785
  14,348
  14,942
  15,568
  16,228
  16,925
  17,660
  18,435
  19,253
  20,116
  21,026
  21,985
  22,997
Total cash flow (excl. dividends), $m
  975
  8,543
  9,899
  11,364
  12,883
  14,457
  16,089
  17,779
  19,531
  21,348
  23,233
  25,192
  27,228
  29,346
  31,552
  33,851
  36,249
  38,753
  41,368
  44,102
  46,962
  49,955
  53,089
  56,373
  59,814
  63,423
  67,208
  71,179
  75,346
  79,721
  84,315
Retained Cash Flow (-), $m
  -1,364
  -2,350
  -2,494
  -2,634
  -2,772
  -2,908
  -3,042
  -3,177
  -3,311
  -3,448
  -3,587
  -3,729
  -3,876
  -4,028
  -4,186
  -4,350
  -4,523
  -4,704
  -4,894
  -5,094
  -5,305
  -5,527
  -5,761
  -6,009
  -6,269
  -6,545
  -6,835
  -7,141
  -7,464
  -7,805
  -8,164
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
 
  6,192
  7,406
  8,730
  10,111
  11,550
  13,046
  14,602
  16,219
  17,900
  19,646
  21,463
  23,352
  25,318
  27,366
  29,501
  31,727
  34,049
  36,474
  39,008
  41,657
  44,428
  47,328
  50,364
  53,545
  56,878
  60,373
  64,037
  67,882
  71,916
  76,151
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
 
  5,787
  6,426
  6,985
  7,404
  7,678
  7,807
  7,795
  7,650
  7,382
  7,007
  6,544
  6,012
  5,431
  4,824
  4,210
  3,609
  3,036
  2,505
  2,025
  1,603
  1,242
  939
  694
  500
  351
  239
  159
  102
  64
  38
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, through its subsidiary, Pacific Gas and Electric Company, transmits, delivers, and sells electricity and natural gas to residential, commercial, industrial, and agricultural customers primarily in northern and central California. The company’s electricity distribution network consists of approximately 142,000 circuit miles of distribution lines, 59 transmission switching substations, and 606 distribution substations; and electricity transmission network comprises approximately 18,400 circuit miles of interconnected transmission lines and 92 electric transmission substations. Its natural gas system consists of approximately 42,800 miles of distribution pipelines, approximately 6,700 miles of backbone and local transmission pipelines, and various storage facilities. The company operates various electricity generation facilities, such as nuclear, hydroelectric, fossil fuel-fired, and photovoltaic. PG&E Corporation was founded in 1905 and is headquartered in San Francisco, California.

FINANCIAL RATIOS  of  PG&E (PCG)

Valuation Ratios
P/E Ratio 23.8
Price to Sales 1.9
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 7.6
Price to Free Cash Flow -25.8
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 13.1% 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 512.68 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 $33.9 billion.


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COMPANY NEWS

▶ ETFs with exposure to PG&E Corp. : June 22, 2017   [Jun-22-17 04:13PM  Capital Cube]
▶ PG&Es Bolt of Energy   [06:30AM  Fortune]
▶ These 3 Stocks Just Raised Their Dividends   [Jun-09-17 11:02AM  Motley Fool]
▶ More PG&E Campgrounds Opening After Snow Delays   [Jun-02-17 12:00PM  Business Wire]
▶ PG&E Corp. raises dividend to 53 cents a share   [May-31-17 04:43PM  MarketWatch]
▶ Six Ideas to Help PG&E Customers Save Up to $400 Annually   [May-26-17 01:17PM  Business Wire]
▶ PG&E Urges Grads to Celebrate Safely With Weighted Balloons   [May-25-17 02:13PM  Business Wire]
▶ PG&E sued in new Ghost Ship fire lawsuit for not noticing 'red flags'   [May-18-17 10:45AM  American City Business Journals]
▶ California utility sued by warehouse fire victim relatives   [May-16-17 06:12PM  Associated Press]
▶ S.F. businesses start filing claims with PG&E for big losses during downtown blackout   [May-11-17 03:55PM  American City Business Journals]
▶ PG&E Corp. Value Analysis (NYSE:PCG) : May 3, 2017   [May-03-17 04:51PM  Capital Cube]
▶ PG&E beats 1Q profit forecasts   [08:41AM  Associated Press]
▶ How PG&E's CIO Sped Up Mobile App Deployment   [05:53PM  The Wall Street Journal]
▶ $178 billion in profits, no taxes paid   [02:50PM  at bizjournals.com]
▶ Spring Forward with Savings, PG&E Says   [01:30PM  Business Wire]
Stock chart of PCG Financial statements of PCG Annual reports 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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