Intrinsic value of Plug Power - PLUG

Previous Close

$2.01

  Intrinsic Value

$0.07

stock screener

  Rating & Target

str. sell

-96%

Previous close

$2.01

 
Intrinsic value

$0.07

 
Up/down potential

-96%

 
Rating

str. sell

We calculate the intrinsic value of PLUG 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, %
  -16.50
  20.20
  18.68
  17.31
  16.08
  14.97
  13.98
  13.08
  12.27
  11.54
  10.89
  10.30
  9.77
  9.29
  8.86
  8.48
  8.13
  7.82
  7.53
  7.28
  7.05
  6.85
  6.66
  6.50
  6.35
  6.21
  6.09
  5.98
  5.88
  5.80
  5.72
Revenue, $m
  86
  124
  147
  172
  200
  230
  262
  296
  333
  371
  412
  454
  498
  545
  593
  643
  696
  750
  807
  865
  926
  990
  1,056
  1,124
  1,196
  1,270
  1,347
  1,428
  1,512
  1,600
  1,691
Variable operating expenses, $m
 
  198
  234
  275
  319
  366
  417
  471
  529
  590
  654
  720
  790
  864
  940
  1,020
  1,103
  1,189
  1,279
  1,372
  1,469
  1,569
  1,674
  1,782
  1,896
  2,013
  2,136
  2,264
  2,397
  2,536
  2,681
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
  137
  198
  234
  275
  319
  366
  417
  471
  529
  590
  654
  720
  790
  864
  940
  1,020
  1,103
  1,189
  1,279
  1,372
  1,469
  1,569
  1,674
  1,782
  1,896
  2,013
  2,136
  2,264
  2,397
  2,536
  2,681
Operating income, $m
  -52
  -74
  -87
  -102
  -118
  -136
  -155
  -175
  -196
  -219
  -242
  -266
  -292
  -319
  -347
  -377
  -407
  -439
  -472
  -507
  -542
  -579
  -618
  -658
  -700
  -743
  -789
  -836
  -885
  -936
  -990
EBITDA, $m
  -46
  -61
  -73
  -85
  -99
  -114
  -130
  -147
  -165
  -184
  -204
  -225
  -247
  -270
  -294
  -319
  -345
  -372
  -400
  -429
  -459
  -491
  -523
  -557
  -593
  -630
  -668
  -708
  -749
  -793
  -838
Interest expense (income), $m
  8
  12
  17
  22
  28
  34
  41
  48
  55
  64
  72
  81
  91
  101
  111
  122
  133
  145
  157
  169
  183
  196
  210
  225
  240
  256
  273
  290
  308
  327
  347
Earnings before tax, $m
  -58
  -86
  -104
  -124
  -146
  -170
  -195
  -223
  -252
  -282
  -314
  -347
  -382
  -419
  -458
  -498
  -540
  -584
  -629
  -676
  -725
  -776
  -828
  -883
  -940
  -1,000
  -1,062
  -1,126
  -1,193
  -1,263
  -1,337
Tax expense, $m
  -1
  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
Net income, $m
  -57
  -86
  -104
  -124
  -146
  -170
  -195
  -223
  -252
  -282
  -314
  -347
  -382
  -419
  -458
  -498
  -540
  -584
  -629
  -676
  -725
  -776
  -828
  -883
  -940
  -1,000
  -1,062
  -1,126
  -1,193
  -1,263
  -1,337

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  46
  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
  241
  325
  386
  452
  525
  604
  688
  778
  874
  975
  1,081
  1,192
  1,308
  1,430
  1,557
  1,689
  1,826
  1,969
  2,117
  2,271
  2,431
  2,598
  2,771
  2,951
  3,138
  3,333
  3,536
  3,748
  3,968
  4,198
  4,438
Adjusted assets (=assets-cash), $m
  195
  325
  386
  452
  525
  604
  688
  778
  874
  975
  1,081
  1,192
  1,308
  1,430
  1,557
  1,689
  1,826
  1,969
  2,117
  2,271
  2,431
  2,598
  2,771
  2,951
  3,138
  3,333
  3,536
  3,748
  3,968
  4,198
  4,438
Revenue / Adjusted assets
  0.441
  0.382
  0.381
  0.381
  0.381
  0.381
  0.381
  0.380
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
Average production assets, $m
  41
  111
  132
  155
  179
  206
  235
  266
  299
  333
  369
  407
  447
  489
  532
  577
  624
  673
  724
  776
  831
  888
  947
  1,009
  1,073
  1,139
  1,209
  1,281
  1,356
  1,435
  1,517
Working capital, $m
  45
  8
  9
  11
  12
  14
  16
  18
  21
  23
  26
  28
  31
  34
  37
  40
  43
  47
  50
  54
  57
  61
  65
  70
  74
  79
  84
  89
  94
  99
  105
Total debt, $m
  68
  143
  188
  236
  289
  346
  408
  473
  543
  616
  694
  775
  859
  948
  1,040
  1,136
  1,236
  1,340
  1,448
  1,560
  1,677
  1,798
  1,924
  2,055
  2,192
  2,334
  2,481
  2,635
  2,796
  2,963
  3,138
Total liabilities, $m
  146
  237
  281
  329
  382
  440
  501
  567
  636
  709
  787
  868
  953
  1,041
  1,133
  1,229
  1,329
  1,433
  1,541
  1,653
  1,770
  1,891
  2,017
  2,148
  2,285
  2,427
  2,574
  2,728
  2,889
  3,056
  3,231
Total equity, $m
  95
  88
  105
  123
  143
  164
  187
  212
  238
  265
  294
  324
  356
  389
  423
  459
  497
  535
  576
  618
  661
  707
  754
  803
  854
  907
  962
  1,019
  1,079
  1,142
  1,207
Total liabilities and equity, $m
  241
  325
  386
  452
  525
  604
  688
  779
  874
  974
  1,081
  1,192
  1,309
  1,430
  1,556
  1,688
  1,826
  1,968
  2,117
  2,271
  2,431
  2,598
  2,771
  2,951
  3,139
  3,334
  3,536
  3,747
  3,968
  4,198
  4,438
Debt-to-equity ratio
  0.716
  1.620
  1.790
  1.920
  2.020
  2.110
  2.180
  2.240
  2.280
  2.330
  2.360
  2.390
  2.410
  2.440
  2.460
  2.470
  2.490
  2.500
  2.510
  2.530
  2.540
  2.540
  2.550
  2.560
  2.570
  2.570
  2.580
  2.590
  2.590
  2.590
  2.600
Adjusted equity ratio
  0.251
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -57
  -86
  -104
  -124
  -146
  -170
  -195
  -223
  -252
  -282
  -314
  -347
  -382
  -419
  -458
  -498
  -540
  -584
  -629
  -676
  -725
  -776
  -828
  -883
  -940
  -1,000
  -1,062
  -1,126
  -1,193
  -1,263
  -1,337
Depreciation, amort., depletion, $m
  6
  12
  14
  17
  19
  22
  25
  28
  31
  35
  38
  41
  45
  49
  53
  58
  62
  67
  72
  78
  83
  89
  95
  101
  107
  114
  121
  128
  136
  143
  152
Funds from operations, $m
  -13
  -74
  -90
  -107
  -127
  -148
  -171
  -195
  -220
  -248
  -276
  -306
  -338
  -371
  -405
  -441
  -478
  -516
  -557
  -598
  -642
  -687
  -734
  -782
  -833
  -886
  -941
  -998
  -1,058
  -1,120
  -1,185
Change in working capital, $m
  17
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
Cash from operations, $m
  -30
  -75
  -91
  -109
  -129
  -150
  -172
  -197
  -223
  -250
  -279
  -309
  -340
  -373
  -408
  -444
  -481
  -520
  -560
  -602
  -646
  -691
  -738
  -787
  -838
  -891
  -946
  -1,003
  -1,063
  -1,125
  -1,191
Maintenance CAPEX, $m
  0
  -9
  -11
  -13
  -15
  -18
  -21
  -24
  -27
  -30
  -33
  -37
  -41
  -45
  -49
  -53
  -58
  -62
  -67
  -72
  -78
  -83
  -89
  -95
  -101
  -107
  -114
  -121
  -128
  -136
  -143
New CAPEX, $m
  -58
  -18
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -69
  -72
  -75
  -79
  -82
Cash from investing activities, $m
  -58
  -27
  -32
  -36
  -40
  -45
  -50
  -55
  -60
  -64
  -69
  -75
  -81
  -87
  -92
  -98
  -105
  -111
  -118
  -125
  -133
  -140
  -148
  -157
  -165
  -174
  -183
  -193
  -203
  -215
  -225
Free cash flow, $m
  -88
  -102
  -123
  -145
  -169
  -195
  -222
  -251
  -282
  -314
  -348
  -384
  -421
  -460
  -500
  -542
  -586
  -631
  -678
  -727
  -778
  -831
  -886
  -943
  -1,002
  -1,064
  -1,129
  -1,196
  -1,266
  -1,340
  -1,416
Issuance/(repayment) of debt, $m
  49
  40
  44
  49
  53
  57
  61
  66
  70
  73
  77
  81
  85
  89
  92
  96
  100
  104
  108
  112
  117
  121
  126
  131
  136
  142
  148
  154
  161
  167
  175
Issuance/(repurchase) of shares, $m
  30
  100
  121
  142
  166
  191
  218
  247
  278
  310
  343
  377
  414
  453
  493
  534
  578
  623
  669
  718
  768
  821
  875
  932
  991
  1,053
  1,117
  1,184
  1,253
  1,326
  1,402
Cash from financing (excl. dividends), $m  
  70
  140
  165
  191
  219
  248
  279
  313
  348
  383
  420
  458
  499
  542
  585
  630
  678
  727
  777
  830
  885
  942
  1,001
  1,063
  1,127
  1,195
  1,265
  1,338
  1,414
  1,493
  1,577
Total cash flow (excl. dividends), $m
  -18
  38
  42
  46
  50
  54
  58
  61
  65
  69
  72
  74
  78
  81
  85
  88
  92
  95
  99
  103
  107
  111
  116
  120
  125
  130
  136
  141
  147
  154
  160
Retained Cash Flow (-), $m
  31
  -100
  -121
  -142
  -166
  -191
  -218
  -247
  -278
  -310
  -343
  -377
  -414
  -453
  -493
  -534
  -578
  -623
  -669
  -718
  -768
  -821
  -875
  -932
  -991
  -1,053
  -1,117
  -1,184
  -1,253
  -1,326
  -1,402
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
 
  9
  11
  13
  15
  18
  20
  23
  26
  30
  33
  37
  40
  44
  48
  53
  57
  62
  67
  72
  77
  82
  88
  94
  100
  106
  113
  120
  127
  135
  142
Cash available for distribution, $m
 
  -63
  -79
  -96
  -116
  -137
  -161
  -186
  -212
  -241
  -271
  -303
  -336
  -371
  -408
  -446
  -486
  -527
  -570
  -615
  -661
  -710
  -760
  -812
  -866
  -922
  -981
  -1,042
  -1,106
  -1,172
  -1,241
Discount rate, %
 
  6.90
  7.25
  7.61
  7.99
  8.39
  8.81
  9.25
  9.71
  10.19
  10.70
  11.24
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.61
  17.44
  18.31
  19.22
  20.18
  21.19
  22.25
  23.37
  24.53
  25.76
  27.05
  28.40
PV of cash for distribution, $m
 
  -59
  -68
  -77
  -85
  -92
  -97
  -100
  -101
  -101
  -98
  -94
  -88
  -81
  -74
  -65
  -57
  -49
  -41
  -33
  -27
  -21
  -16
  -12
  -9
  -6
  -4
  -3
  -2
  -1
  -1
Current shareholders' claim on cash, %
  100
  81.2
  65.9
  53.5
  43.5
  35.4
  28.9
  23.6
  19.3
  15.8
  12.9
  10.6
  8.7
  7.2
  5.9
  4.8
  4.0
  3.3
  2.7
  2.2
  1.8
  1.5
  1.3
  1.0
  0.9
  0.7
  0.6
  0.5
  0.4
  0.3
  0.3

Plug Power Inc. is a provider of alternative energy technology focused on the design, development, commercialization and manufacture of hydrogen fuel cell systems used for the industrial off-road market and the stationary power market. The Company's product line includes GenKey, GenDrive, GenFuel, GenCare and ReliOn. GenKey offers solutions to customers transitioning their material handling vehicles to fuel cell power. GenDrive is a hydrogen fueled proton exchange membrane (PEM) fuel cell system. It provides power to material handling vehicles. GenFuel is a hydrogen fueling delivery system. It is designed to allow customers to refuel its GenDrive units for productivity. GenCare is an ongoing maintenance program for both the GenDrive fuel cells and GenFuel products. ReliOn is a stationary fuel cell solution. It provides scalable, modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation and utility sectors.

FINANCIAL RATIOS  of  Plug Power (PLUG)

Valuation Ratios
P/E Ratio -6.7
Price to Sales 4.5
Price to Book 4
Price to Tangible Book
Price to Cash Flow -12.8
Price to Free Cash Flow -4.4
Growth Rates
Sales Growth Rate -16.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1350%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 3
Current Ratio 0.2
LT Debt to Equity 52.6%
Total Debt to Equity 71.6%
Interest Coverage -6
Management Effectiveness
Return On Assets -21.8%
Ret/ On Assets - 3 Yr. Avg. -40.7%
Return On Total Capital -37.5%
Ret/ On T. Cap. - 3 Yr. Avg. -63.9%
Return On Equity -51.6%
Return On Equity - 3 Yr. Avg. -71.3%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 4.7%
Gross Margin - 3 Yr. Avg. -4.3%
EBITDA Margin -51.2%
EBITDA Margin - 3 Yr. Avg. -78.2%
Operating Margin -59.3%
Oper. Margin - 3 Yr. Avg. -58.1%
Pre-Tax Margin -67.4%
Pre-Tax Margin - 3 Yr. Avg. -87%
Net Profit Margin -66.3%
Net Profit Margin - 3 Yr. Avg. -86%
Effective Tax Rate 1.7%
Eff/ Tax Rate - 3 Yr. Avg. 0.9%
Payout Ratio 0%

PLUG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PLUG stock intrinsic value calculation we used $103 million for the last fiscal year's total revenue generated by Plug Power. The default revenue input number comes from 2016 income statement of Plug Power. 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 PLUG stock valuation model: a) initial revenue growth rate of 20.2% 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 6.9%, whose default value for PLUG is calculated based on our internal credit rating of Plug Power, 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 Plug Power.
    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 PLUG stock the variable cost ratio is equal to 159.8%.

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 PLUG 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 11.7% for Plug Power.

Corporate tax rate of 27% is the nominal tax rate for Plug Power. 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 PLUG stock is equal to 8.9%.

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 PLUG are equal to 89.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Plug Power 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 PLUG is equal to 6.2%. 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 - $74 million for Plug Power - 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 216 million for Plug Power 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 Plug Power at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ Top 4 Technology Penny Stocks to Watch   [Jul-09-18 05:59PM  Investopedia]
▶ Why 2018 Could Be Plug Power's Best Year Yet   [Jul-08-18 09:30AM  Motley Fool]
▶ Plug Power adds former Obama energy official to its board   [Jun-26-18 09:42AM  American City Business Journals]
▶ Is Plug Power Inc (NASDAQ:PLUG) Undervalued?   [Jun-25-18 08:40AM  Simply Wall St.]
▶ Plug Power partnering with German company to expand more aggressively in Europe   [Jun-11-18 02:07PM  American City Business Journals]
▶ Plug Power acquires Rochester company to expand into on-road delivery   [09:45AM  American City Business Journals]
▶ How Trump's trade tariffs could impact Plug Power's business   [Jun-04-18 02:03PM  American City Business Journals]
▶ Plug Power says new technology will put it on par with Toyota's hydrogen fuel cell car   [May-09-18 10:45AM  American City Business Journals]
▶ Plug Power: 1Q Earnings Snapshot   [08:01AM  Associated Press]
▶ This Albany tech company is powering FedEx vans with hydrogen   [May-01-18 10:35AM  American City Business Journals]
▶ Plug Power's CEO makes 56 times the salary of its median employee   [Apr-24-18 11:07AM  American City Business Journals]
▶ Is Plug Power, Inc. (PLUG) a Buy?   [Apr-18-18 08:06AM  Motley Fool]
▶ Here's how much Plug Power's executives made in 2017   [Mar-23-18 11:42AM  American City Business Journals]
▶ Plug Power raising $100 million in private offering   [Mar-22-18 10:42AM  American City Business Journals]
▶ When Will Plug Power Inc (NASDAQ:PLUG) Breakeven?   [Mar-16-18 02:46PM  Simply Wall St.]
▶ How tax credits will 'accelerate' Plug Power's business into 2018 and beyond   [Mar-07-18 12:45PM  American City Business Journals]
▶ Plug Power Inc Stock Falls on Earnings Miss   [12:12PM  InvestorPlace]
▶ Plug Power Inc. to Host Earnings Call   [07:30AM  ACCESSWIRE]
▶ Plug Power reports 4Q loss   [07:23AM  Associated Press]
▶ Here's why markets are schizophrenic todaybut less so than yesterday   [Mar-06-18 02:18PM  Yahoo Finance Video]
▶ Should You Buy Plug Power Inc (NASDAQ:PLUG) Now?   [Feb-19-18 11:21AM  Simply Wall St.]
▶ Why Plug Power Plunged 13% Today   [Feb-08-18 06:08PM  Motley Fool]
▶ Plug Power Inc. to Host Earnings Call   [07:45AM  ACCESSWIRE]
▶ Why Plug Power Popped Nearly 8% Today   [Feb-07-18 04:56PM  Motley Fool]
▶ Here's Why Shares of Plug Power Plummeted 16% in January   [Feb-06-18 09:25PM  Motley Fool]
▶ Why Plug Power Popped 97% in 2017   [Jan-15-18 12:56AM  Motley Fool]
▶ Could Plug Power, Inc. Be a Millionaire-Maker Stock?   [Jan-06-18 10:47AM  Motley Fool]
▶ Read This Before You Buy Fuel Cell Stocks   [Dec-30-17 08:09AM  Motley Fool]
▶ 7 Stocks Ready to Jump Another 30% in 2018   [Dec-19-17 01:37PM  InvestorPlace]
▶ ETFs with exposure to Plug Power, Inc. : December 8, 2017   [Dec-08-17 01:20PM  Capital Cube]
▶ Plug Power CEO says business could triple in size in the next 5 years   [Dec-06-17 02:20PM  American City Business Journals]
▶ Why Plug Power Inc's Shares Plunged 17% in November   [Dec-05-17 07:40AM  Motley Fool]
▶ Top 4 Technology Penny Stocks to Watch   [Dec-04-17 05:10PM  Investopedia]
▶ 3 Reasons Plug Power's Stock Could Rise   [Nov-30-17 09:02AM  Motley Fool]
▶ Plug Power to host special meeting for investors, analysts   [Nov-29-17 10:30AM  American City Business Journals]
▶ How Financially Strong Is Plug Power Inc (PLUG)?   [Nov-23-17 06:01PM  Simply Wall St.]
▶ The Simple Reason I Won't Buy Plug Power, Inc. Stock   [Nov-17-17 08:05AM  Motley Fool]
Financial statements of PLUG
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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