Intrinsic value of Plug Power - PLUG

Previous Close

$2.55

  Intrinsic Value

$0.10

stock screener

  Rating & Target

str. sell

-96%

  Value-price divergence*

-97%

Previous close

$2.55

 
Intrinsic value

$0.10

 
Up/down potential

-96%

 
Rating

str. sell

 
Value-price divergence*

-97%

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

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

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 0.6

 

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
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
Revenue, $m
  86
  90
  95
  100
  105
  110
  115
  121
  127
  133
  140
  147
  154
  162
  170
  179
  188
  197
  207
  217
  228
  240
  252
  264
  277
  291
  306
  321
  337
  354
  372
Variable operating expenses, $m
 
  132
  139
  146
  153
  161
  169
  177
  186
  195
  205
  214
  225
  236
  248
  260
  273
  287
  301
  316
  332
  349
  366
  385
  404
  424
  445
  467
  491
  515
  541
Fixed operating expenses, $m
 
  11
  12
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
  15
  16
  16
  16
  17
  17
  18
  18
  18
  19
  19
  20
  20
  21
  21
  22
  23
  23
Total operating expenses, $m
  137
  143
  151
  158
  165
  173
  182
  190
  199
  209
  219
  228
  240
  251
  264
  276
  289
  304
  318
  334
  350
  367
  385
  404
  424
  444
  466
  488
  513
  538
  564
Operating income, $m
  -52
  -53
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -79
  -81
  -85
  -89
  -93
  -97
  -102
  -107
  -111
  -117
  -122
  -128
  -134
  -140
  -146
  -153
  -160
  -168
  -176
  -184
  -192
EBITDA, $m
  -46
  -47
  -49
  -51
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -73
  -76
  -80
  -83
  -87
  -91
  -95
  -99
  -104
  -109
  -114
  -119
  -124
  -130
  -136
  -142
  -149
  -156
  -163
  -171
Interest expense (income), $m
  8
  10
  11
  12
  14
  15
  16
  18
  20
  21
  23
  25
  27
  29
  32
  34
  36
  39
  42
  44
  47
  50
  54
  57
  61
  65
  69
  73
  77
  82
  87
Earnings before tax, $m
  -58
  -63
  -66
  -70
  -74
  -78
  -83
  -87
  -92
  -97
  -102
  -107
  -112
  -118
  -125
  -131
  -138
  -145
  -153
  -161
  -169
  -178
  -187
  -197
  -207
  -218
  -229
  -240
  -253
  -266
  -279
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
  -63
  -66
  -70
  -74
  -78
  -83
  -87
  -92
  -97
  -102
  -107
  -112
  -118
  -125
  -131
  -138
  -145
  -153
  -161
  -169
  -178
  -187
  -197
  -207
  -218
  -229
  -240
  -253
  -266
  -279

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
  205
  215
  226
  237
  249
  261
  274
  288
  303
  318
  334
  350
  368
  386
  405
  426
  447
  469
  493
  517
  543
  570
  599
  629
  660
  693
  728
  764
  803
  843
Adjusted assets (=assets-cash), $m
  195
  205
  215
  226
  237
  249
  261
  274
  288
  303
  318
  334
  350
  368
  386
  405
  426
  447
  469
  493
  517
  543
  570
  599
  629
  660
  693
  728
  764
  803
  843
Revenue / Adjusted assets
  0.441
  0.439
  0.442
  0.442
  0.443
  0.442
  0.441
  0.442
  0.441
  0.439
  0.440
  0.440
  0.440
  0.440
  0.440
  0.442
  0.441
  0.441
  0.441
  0.440
  0.441
  0.442
  0.442
  0.441
  0.440
  0.441
  0.442
  0.441
  0.441
  0.441
  0.441
Average production assets, $m
  41
  43
  45
  47
  49
  52
  54
  57
  60
  63
  66
  69
  73
  76
  80
  84
  88
  93
  97
  102
  107
  113
  118
  124
  131
  137
  144
  151
  159
  167
  175
Working capital, $m
  45
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  31
  32
  34
  35
  37
  39
  41
  43
  45
  47
  50
  52
  55
  58
  61
  64
  67
  70
  74
Total debt, $m
  68
  56
  63
  70
  77
  85
  93
  102
  111
  120
  130
  141
  152
  163
  175
  188
  201
  215
  230
  245
  261
  278
  296
  315
  335
  355
  377
  400
  423
  449
  475
Total liabilities, $m
  146
  134
  141
  148
  155
  163
  171
  180
  189
  198
  208
  219
  230
  241
  253
  266
  279
  293
  308
  323
  339
  356
  374
  393
  413
  433
  455
  478
  501
  527
  553
Total equity, $m
  95
  70
  74
  78
  82
  86
  90
  94
  99
  104
  109
  115
  120
  126
  133
  139
  146
  154
  161
  170
  178
  187
  196
  206
  216
  227
  239
  250
  263
  276
  290
Total liabilities and equity, $m
  241
  204
  215
  226
  237
  249
  261
  274
  288
  302
  317
  334
  350
  367
  386
  405
  425
  447
  469
  493
  517
  543
  570
  599
  629
  660
  694
  728
  764
  803
  843
Debt-to-equity ratio
  0.716
  0.800
  0.850
  0.900
  0.950
  1.000
  1.040
  1.080
  1.120
  1.160
  1.190
  1.230
  1.260
  1.290
  1.320
  1.350
  1.370
  1.400
  1.420
  1.450
  1.470
  1.490
  1.510
  1.530
  1.550
  1.560
  1.580
  1.600
  1.610
  1.620
  1.640
Adjusted equity ratio
  0.251
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -57
  -63
  -66
  -70
  -74
  -78
  -83
  -87
  -92
  -97
  -102
  -107
  -112
  -118
  -125
  -131
  -138
  -145
  -153
  -161
  -169
  -178
  -187
  -197
  -207
  -218
  -229
  -240
  -253
  -266
  -279
Depreciation, amort., depletion, $m
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
Funds from operations, $m
  -13
  -57
  -60
  -64
  -67
  -71
  -75
  -79
  -84
  -88
  -93
  -98
  -103
  -109
  -115
  -121
  -127
  -134
  -141
  -148
  -156
  -164
  -173
  -182
  -191
  -201
  -211
  -222
  -233
  -245
  -257
Change in working capital, $m
  17
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
Cash from operations, $m
  -30
  -58
  -61
  -65
  -68
  -72
  -76
  -80
  -85
  -89
  -94
  -99
  -105
  -110
  -116
  -123
  -129
  -136
  -143
  -150
  -158
  -166
  -175
  -184
  -194
  -203
  -214
  -225
  -236
  -248
  -261
Maintenance CAPEX, $m
  0
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
New CAPEX, $m
  -58
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
Cash from investing activities, $m
  -58
  -7
  -7
  -8
  -8
  -8
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -18
  -20
  -21
  -21
  -23
  -24
  -25
  -27
  -28
  -29
Free cash flow, $m
  -88
  -65
  -68
  -72
  -76
  -81
  -85
  -90
  -95
  -100
  -105
  -111
  -117
  -123
  -130
  -136
  -144
  -151
  -159
  -167
  -176
  -185
  -195
  -205
  -215
  -226
  -238
  -250
  -263
  -276
  -290
Issuance/(repayment) of debt, $m
  49
  6
  7
  7
  7
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
Issuance/(repurchase) of shares, $m
  30
  66
  70
  74
  78
  82
  87
  92
  97
  102
  107
  112
  118
  124
  131
  138
  145
  153
  161
  169
  178
  187
  197
  207
  217
  228
  240
  252
  265
  279
  293
Cash from financing (excl. dividends), $m  
  70
  72
  77
  81
  85
  90
  95
  101
  106
  111
  117
  122
  129
  135
  143
  151
  158
  167
  176
  184
  194
  204
  215
  226
  237
  249
  262
  275
  289
  304
  319
Total cash flow (excl. dividends), $m
  -18
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
Retained Cash Flow (-), $m
  31
  -66
  -70
  -74
  -78
  -82
  -87
  -92
  -97
  -102
  -107
  -112
  -118
  -124
  -131
  -138
  -145
  -153
  -161
  -169
  -178
  -187
  -197
  -207
  -217
  -228
  -240
  -252
  -265
  -279
  -293
Prev. year cash balance distribution, $m
 
  28
  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
 
  -30
  -62
  -65
  -69
  -73
  -77
  -81
  -86
  -90
  -95
  -100
  -106
  -112
  -118
  -124
  -130
  -137
  -144
  -152
  -160
  -168
  -177
  -186
  -195
  -206
  -216
  -227
  -239
  -251
  -264
Discount rate, %
 
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.12
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.82
  25.01
  26.26
  27.58
PV of cash for distribution, $m
 
  -28
  -54
  -53
  -51
  -49
  -47
  -44
  -42
  -39
  -35
  -32
  -29
  -25
  -22
  -19
  -16
  -13
  -11
  -9
  -7
  -5
  -4
  -3
  -2
  -2
  -1
  -1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  85.8
  73.7
  63.2
  54.1
  46.3
  39.6
  33.9
  29.0
  24.7
  21.1
  18.0
  15.4
  13.1
  11.2
  9.5
  8.1
  6.9
  5.9
  5.0
  4.3
  3.6
  3.1
  2.6
  2.2
  1.9
  1.6
  1.4
  1.2
  1.0
  0.8

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 -8.6
Price to Sales 5.7
Price to Book 5.1
Price to Tangible Book
Price to Cash Flow -16.2
Price to Free Cash Flow -5.5
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 $86 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 5% 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 6.7%, 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 146.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $11 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 19.3% 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 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 PLUG are equal to 47.1%.

Life of production assets of 8.1 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 19.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $95 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 223.694 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 $0.6 billion.

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COMPANY NEWS

▶ Why Plug Power Stock Popped 22% in September   [Oct-04-17 04:48PM  Motley Fool]
▶ Is Plug Power, Inc. a Buy?   [Sep-22-17 07:16AM  Motley Fool]
▶ Why BlackBerry, Plug Power, and USG Jumped Today   [Sep-20-17 04:30PM  Motley Fool]
▶ Plug Power chairman buys 200,000 shares, pushing stock price up 9 percent   [Sep-19-17 02:05PM  American City Business Journals]
▶ Forget Plug Power, Here's the Fuel Cell Stock to Buy   [Sep-15-17 07:17AM  Motley Fool]
▶ Why Plug Power Inc.'s Shares Dropped in August   [Sep-07-17 07:33PM  Motley Fool]
▶ How Plug Power prepared for its biggest quarter yet: New hires, larger loan   [Sep-06-17 11:00AM  American City Business Journals]
▶ ETFs with exposure to Plug Power, Inc. : August 25, 2017   [Aug-25-17 05:15PM  Capital Cube]
▶ Plug Power Inc (PLUG) Stock May Not Be a Smart Buy Yet   [Aug-22-17 01:59PM  InvestorPlace]
▶ 3 Top Stocks Under $5   [07:33AM  Motley Fool]
▶ Plug Power reports 2Q loss   [Aug-08-17 07:04PM  Associated Press]
▶ Plug Power Just Suffered Some Serious Damage   [04:14PM  TheStreet.com]
▶ Corrections & Amplifications   [Jul-28-17 02:02AM  The Wall Street Journal]
▶ Corrections & Amplifications   [Jul-27-17 10:44PM  The Wall Street Journal]
▶ Corrections & Amplifications   [08:14PM  The Wall Street Journal]
▶ Plug Power increases its loan with New York state by $20 million   [08:52AM  American City Business Journals]
▶ Plug Power and NY Green Bank Amend Debt Facility   [Jul-26-17 04:01PM  GlobeNewswire]
▶ ETFs with exposure to Plug Power, Inc. : July 24, 2017   [Jul-24-17 06:07PM  Capital Cube]
▶ [$$] Wal-Mart, Amazon Rivalry Spreads to Forklifts   [12:09AM  The Wall Street Journal]
▶ Plug Power expands partnership with Wal-Mart in major deal   [09:59AM  American City Business Journals]
▶ Yahoo Finance Live: Market Movers - Jul 21st, 2017   [07:20AM  Yahoo Finance Video]
▶ [$$] Wal-Mart, Amazon Rivalry Spreads to Forklifts   [07:00AM  The Wall Street Journal]
▶ ETFs with exposure to Plug Power, Inc. : July 14, 2017   [Jul-14-17 04:17PM  Capital Cube]
▶ Should You Follow the Stampede Into These Stocks?   [Jul-13-17 09:25AM  Motley Fool]
▶ Why Plug Power Inc's Shares Popped 11% Today   [Jun-16-17 03:51PM  Motley Fool]
▶ ETFs with exposure to Plug Power, Inc. : June 15, 2017   [Jun-15-17 02:58PM  Capital Cube]
▶ Here's Why Ballard Power Systems Plunged 13% in May   [Jun-08-17 11:19AM  Motley Fool]
▶ ETFs with exposure to Plug Power, Inc. : May 30, 2017   [May-30-17 12:38PM  Capital Cube]
▶ Plug Power's Top Shareholders   [08:40AM  Investopedia]
▶ Why Amazon Invested in Plug Power   [May-24-17 04:12PM  Investopedia]
▶ Why Plug Power Just Plunged 14%   [May-17-17 05:38PM  Motley Fool]
▶ ETFs with exposure to Plug Power, Inc. : May 15, 2017   [May-15-17 04:23PM  Capital Cube]
▶ Gregory Graves Joins Plug Power Board of Directors   [May-12-17 11:38AM  GlobeNewswire]
▶ Fuel Cell Energy Leaders Report Earnings   [12:36PM  Investopedia]
▶ Why Plug Power Plunged 10%   [11:38AM  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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