Intrinsic value of Plug Power - PLUG

Previous Close

$2.08

  Intrinsic Value

$0.12

stock screener

  Rating & Target

str. sell

-94%

  Value-price divergence*

-82%

Previous close

$2.08

 
Intrinsic value

$0.12

 
Up/down potential

-94%

 
Rating

str. sell

 
Value-price divergence*

-82%

*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 0.4

 

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, %
  -16.50
  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
  86
  88
  90
  92
  95
  98
  101
  104
  108
  112
  116
  121
  126
  131
  136
  142
  148
  155
  162
  169
  177
  185
  194
  203
  213
  223
  234
  245
  257
  269
  282
Variable operating expenses, $m
 
  128
  131
  135
  139
  143
  147
  152
  158
  164
  170
  176
  183
  190
  198
  207
  216
  226
  236
  247
  258
  270
  282
  296
  310
  324
  340
  356
  374
  392
  411
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
  139
  143
  147
  151
  155
  160
  165
  171
  178
  184
  190
  198
  205
  214
  223
  232
  243
  253
  265
  276
  288
  301
  315
  330
  344
  361
  377
  396
  415
  434
Operating income, $m
  -52
  -52
  -53
  -55
  -56
  -58
  -59
  -61
  -63
  -65
  -68
  -69
  -72
  -75
  -78
  -81
  -84
  -87
  -91
  -95
  -99
  -103
  -107
  -112
  -117
  -122
  -127
  -133
  -139
  -145
  -152
EBITDA, $m
  -46
  -47
  -48
  -49
  -51
  -52
  -54
  -56
  -57
  -59
  -62
  -64
  -66
  -69
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -98
  -102
  -107
  -111
  -116
  -121
  -127
  -132
  -138
Interest expense (income), $m
  8
  10
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  24
  26
  28
  29
  31
  34
  36
  38
  41
  43
  46
  49
  52
  55
  59
  62
Earnings before tax, $m
  -58
  -62
  -63
  -65
  -67
  -70
  -72
  -75
  -78
  -81
  -85
  -88
  -92
  -96
  -100
  -105
  -110
  -115
  -120
  -126
  -132
  -139
  -146
  -153
  -160
  -168
  -176
  -185
  -194
  -204
  -214
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
  -62
  -63
  -65
  -67
  -70
  -72
  -75
  -78
  -81
  -85
  -88
  -92
  -96
  -100
  -105
  -110
  -115
  -120
  -126
  -132
  -139
  -146
  -153
  -160
  -168
  -176
  -185
  -194
  -204
  -214

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
  199
  203
  209
  215
  221
  228
  236
  244
  253
  263
  274
  285
  297
  309
  322
  337
  352
  367
  384
  402
  420
  440
  461
  482
  505
  530
  555
  582
  610
  640
Adjusted assets (=assets-cash), $m
  195
  199
  203
  209
  215
  221
  228
  236
  244
  253
  263
  274
  285
  297
  309
  322
  337
  352
  367
  384
  402
  420
  440
  461
  482
  505
  530
  555
  582
  610
  640
Revenue / Adjusted assets
  0.441
  0.442
  0.443
  0.440
  0.442
  0.443
  0.443
  0.441
  0.443
  0.443
  0.441
  0.442
  0.442
  0.441
  0.440
  0.441
  0.439
  0.440
  0.441
  0.440
  0.440
  0.440
  0.441
  0.440
  0.442
  0.442
  0.442
  0.441
  0.442
  0.441
  0.441
Average production assets, $m
  41
  41
  42
  43
  45
  46
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  70
  73
  76
  80
  83
  87
  91
  96
  100
  105
  110
  115
  121
  127
  133
Working capital, $m
  45
  17
  18
  18
  19
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  34
  35
  37
  38
  40
  42
  44
  46
  48
  51
  53
  56
Total debt, $m
  68
  52
  55
  59
  63
  67
  72
  77
  82
  88
  95
  101
  109
  117
  125
  134
  143
  153
  163
  174
  186
  198
  211
  224
  239
  254
  269
  286
  304
  322
  342
Total liabilities, $m
  146
  130
  133
  137
  141
  145
  150
  155
  160
  166
  173
  179
  187
  195
  203
  212
  221
  231
  241
  252
  264
  276
  289
  302
  317
  332
  347
  364
  382
  400
  420
Total equity, $m
  95
  68
  70
  72
  74
  76
  79
  81
  84
  87
  91
  94
  98
  102
  106
  111
  116
  121
  126
  132
  138
  145
  151
  158
  166
  174
  182
  191
  200
  210
  220
Total liabilities and equity, $m
  241
  198
  203
  209
  215
  221
  229
  236
  244
  253
  264
  273
  285
  297
  309
  323
  337
  352
  367
  384
  402
  421
  440
  460
  483
  506
  529
  555
  582
  610
  640
Debt-to-equity ratio
  0.716
  0.770
  0.790
  0.820
  0.850
  0.880
  0.910
  0.950
  0.980
  1.010
  1.050
  1.080
  1.110
  1.140
  1.170
  1.200
  1.230
  1.260
  1.290
  1.320
  1.340
  1.370
  1.390
  1.410
  1.440
  1.460
  1.480
  1.500
  1.520
  1.540
  1.550
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
  -62
  -63
  -65
  -67
  -70
  -72
  -75
  -78
  -81
  -85
  -88
  -92
  -96
  -100
  -105
  -110
  -115
  -120
  -126
  -132
  -139
  -146
  -153
  -160
  -168
  -176
  -185
  -194
  -204
  -214
Depreciation, amort., depletion, $m
  6
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  12
  12
  13
  13
Funds from operations, $m
  -13
  -57
  -58
  -60
  -62
  -64
  -67
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -94
  -98
  -103
  -108
  -113
  -118
  -124
  -130
  -136
  -143
  -150
  -158
  -165
  -173
  -182
  -191
  -201
Change in working capital, $m
  17
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
Cash from operations, $m
  -30
  -57
  -59
  -61
  -63
  -65
  -67
  -70
  -73
  -76
  -79
  -83
  -87
  -91
  -95
  -99
  -104
  -109
  -114
  -120
  -126
  -132
  -138
  -145
  -152
  -160
  -167
  -176
  -184
  -194
  -203
Maintenance CAPEX, $m
  0
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -12
  -12
  -13
New CAPEX, $m
  -58
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
Cash from investing activities, $m
  -58
  -5
  -5
  -5
  -5
  -5
  -6
  -7
  -7
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -12
  -12
  -13
  -13
  -15
  -15
  -15
  -16
  -18
  -18
  -19
Free cash flow, $m
  -88
  -62
  -64
  -66
  -68
  -71
  -74
  -76
  -80
  -83
  -87
  -91
  -95
  -99
  -104
  -108
  -114
  -119
  -125
  -131
  -137
  -144
  -151
  -158
  -166
  -174
  -183
  -192
  -201
  -211
  -222
Issuance/(repayment) of debt, $m
  49
  2
  3
  3
  4
  4
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  18
  19
Issuance/(repurchase) of shares, $m
  30
  63
  65
  67
  69
  72
  75
  78
  81
  84
  88
  91
  95
  100
  104
  109
  115
  120
  126
  132
  138
  145
  152
  160
  168
  176
  185
  194
  203
  213
  224
Cash from financing (excl. dividends), $m  
  70
  65
  68
  70
  73
  76
  80
  83
  87
  90
  94
  98
  102
  108
  112
  118
  124
  130
  136
  143
  150
  157
  165
  174
  182
  191
  201
  211
  221
  231
  243
Total cash flow (excl. dividends), $m
  -18
  4
  4
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  14
  14
  15
  16
  17
  18
  18
  19
  20
  22
Retained Cash Flow (-), $m
  31
  -63
  -65
  -67
  -69
  -72
  -75
  -78
  -81
  -84
  -88
  -91
  -95
  -100
  -104
  -109
  -115
  -120
  -126
  -132
  -138
  -145
  -152
  -160
  -168
  -176
  -185
  -194
  -203
  -213
  -224
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
 
  -31
  -61
  -63
  -64
  -67
  -69
  -71
  -74
  -77
  -80
  -84
  -87
  -91
  -95
  -100
  -104
  -109
  -114
  -120
  -126
  -132
  -138
  -145
  -152
  -159
  -167
  -175
  -184
  -193
  -202
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
 
  -30
  -53
  -50
  -48
  -45
  -42
  -39
  -36
  -33
  -30
  -27
  -24
  -21
  -18
  -15
  -13
  -11
  -9
  -7
  -6
  -4
  -3
  -2
  -2
  -1
  -1
  -1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  81.3
  66.0
  53.5
  43.3
  35.0
  28.2
  22.7
  18.3
  14.7
  11.8
  9.5
  7.6
  6.1
  4.9
  3.9
  3.1
  2.5
  2.0
  1.6
  1.3
  1.0
  0.8
  0.6
  0.5
  0.4
  0.3
  0.3
  0.2
  0.2
  0.1

Plug Power Inc., an alternative energy technology provider, engages in the design, development, manufacture, and commercialization of fuel cell systems for the material handling and stationary power market in the United States. The company focuses on proton exchange membrane (PEM) fuel cell and fuel processing technologies, and fuel cell/battery hybrid technologies. Its product line includes GenKey, a turn-key solution for transitioning material handling vehicles to fuel cell power; GenDrive, a hydrogen fueled PEM fuel cell system that provides power to material handling vehicles; GenFuel, a hydrogen fueling delivery system; GenCare, which is an ongoing maintenance program for GenDrive fuel cells and GenFuel products; ReliOn, a stationary fuel cell solution that provides scalable and modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; and GenFund, which offers financing solutions to customers. The company sells its products to businesses and government agencies through direct product sales force, original equipment manufacturers, and dealer networks. Plug Power Inc. was founded in 1997 and is headquartered in Latham, New York.

FINANCIAL RATIOS  of  Plug Power (PLUG)

Valuation Ratios
P/E Ratio -7
Price to Sales 4.6
Price to Book 4.2
Price to Tangible Book
Price to Cash Flow -13.3
Price to Free Cash Flow -4.5
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 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 6.7%, 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 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 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 187.364 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

▶ How Plug Power prepared for its biggest quarter yet: New hires, larger loan   [Aug-11-17 01:50PM  American City Business Journals]
▶ 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]
▶ Plug Power reports 1Q loss   [08:49AM  Associated Press]
▶ Why Plug Power Skyrocketed 64% in April   [May-08-17 08:40AM  Motley Fool]
▶ How much Plug Power's Andy Marsh made in 2016   [May-01-17 03:25PM  American City Business Journals]
▶ ETFs with exposure to Plug Power, Inc. : April 21, 2017   [Apr-21-17 03:02PM  Capital Cube]
▶ Amazon Wants to Make Underwater Warehouses   [Apr-20-17 11:36AM  Investopedia]
▶ Why Is Amazon Interested in Plug Power?   [Apr-18-17 03:32PM  Investopedia]
▶ 3 Top Stocks Under $5   [Apr-17-17 03:31PM  Motley Fool]
▶ This investment company just bought $15.75 million in Plug Power stock   [Apr-13-17 02:30PM  American City Business Journals]
▶ Why Plug Power Inc's Shares Plunged 13% Today   [Apr-12-17 12:04PM  Motley Fool]
▶ Why Plug Power Popped 20% on Monday   [Apr-10-17 04:48PM  Motley Fool]
Stock chart of PLUG 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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