Intrinsic value of Plug Power - PLUG

Previous Close

$1.88

  Intrinsic Value

$0.09

stock screener

  Rating & Target

str. sell

-95%

Previous close

$1.88

 
Intrinsic value

$0.09

 
Up/down potential

-95%

 
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
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  86
  138
  213
  318
  461
  651
  895
  1,201
  1,577
  2,029
  2,563
  3,183
  3,891
  4,690
  5,580
  6,562
  7,633
  8,792
  10,038
  11,369
  12,782
  14,276
  15,849
  17,500
  19,228
  21,033
  22,915
  24,875
  26,914
  29,034
  31,238
Variable operating expenses, $m
 
  201
  310
  464
  672
  948
  1,303
  1,749
  2,296
  2,955
  3,732
  4,633
  5,664
  6,828
  8,123
  9,552
  11,111
  12,799
  14,613
  16,550
  18,607
  20,781
  23,071
  25,474
  27,990
  30,617
  33,357
  36,210
  39,178
  42,265
  45,473
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
  212
  322
  476
  684
  960
  1,316
  1,762
  2,309
  2,969
  3,746
  4,647
  5,679
  6,843
  8,139
  9,568
  11,127
  12,816
  14,630
  16,568
  18,625
  20,799
  23,090
  25,493
  28,010
  30,637
  33,378
  36,231
  39,200
  42,288
  45,496
Operating income, $m
  -52
  -75
  -109
  -158
  -223
  -310
  -421
  -561
  -733
  -939
  -1,183
  -1,465
  -1,788
  -2,152
  -2,559
  -3,006
  -3,495
  -4,023
  -4,592
  -5,198
  -5,843
  -6,524
  -7,241
  -7,994
  -8,782
  -9,605
  -10,463
  -11,357
  -12,287
  -13,253
  -14,258
EBITDA, $m
  -46
  -66
  -96
  -138
  -196
  -271
  -368
  -491
  -640
  -820
  -1,033
  -1,280
  -1,562
  -1,880
  -2,234
  -2,624
  -3,051
  -3,512
  -4,008
  -4,537
  -5,100
  -5,694
  -6,320
  -6,976
  -7,664
  -8,382
  -9,131
  -9,910
  -10,722
  -11,565
  -12,442
Interest expense (income), $m
  8
  10
  24
  46
  76
  117
  172
  242
  330
  438
  568
  721
  899
  1,102
  1,331
  1,587
  1,869
  2,176
  2,509
  2,867
  3,249
  3,655
  4,083
  4,535
  5,009
  5,505
  6,023
  6,564
  7,126
  7,712
  8,320
Earnings before tax, $m
  -58
  -84
  -134
  -204
  -299
  -427
  -593
  -803
  -1,063
  -1,377
  -1,750
  -2,186
  -2,687
  -3,255
  -3,890
  -4,593
  -5,363
  -6,200
  -7,101
  -8,065
  -9,092
  -10,179
  -11,325
  -12,529
  -13,791
  -15,110
  -16,486
  -17,920
  -19,413
  -20,965
  -22,579
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
  -84
  -134
  -204
  -299
  -427
  -593
  -803
  -1,063
  -1,377
  -1,750
  -2,186
  -2,687
  -3,255
  -3,890
  -4,593
  -5,363
  -6,200
  -7,101
  -8,065
  -9,092
  -10,179
  -11,325
  -12,529
  -13,791
  -15,110
  -16,486
  -17,920
  -19,413
  -20,965
  -22,579

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
  312
  482
  721
  1,046
  1,476
  2,029
  2,723
  3,576
  4,601
  5,812
  7,217
  8,824
  10,635
  12,654
  14,879
  17,308
  19,937
  22,763
  25,780
  28,984
  32,371
  35,938
  39,682
  43,600
  47,693
  51,961
  56,405
  61,029
  65,837
  70,835
Adjusted assets (=assets-cash), $m
  195
  312
  482
  721
  1,046
  1,476
  2,029
  2,723
  3,576
  4,601
  5,812
  7,217
  8,824
  10,635
  12,654
  14,879
  17,308
  19,937
  22,763
  25,780
  28,984
  32,371
  35,938
  39,682
  43,600
  47,693
  51,961
  56,405
  61,029
  65,837
  70,835
Revenue / Adjusted assets
  0.441
  0.442
  0.442
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
Average production assets, $m
  41
  65
  100
  150
  217
  307
  421
  566
  743
  956
  1,207
  1,499
  1,833
  2,209
  2,628
  3,091
  3,595
  4,141
  4,728
  5,355
  6,020
  6,724
  7,465
  8,242
  9,056
  9,906
  10,793
  11,716
  12,676
  13,675
  14,713
Working capital, $m
  45
  27
  42
  63
  91
  129
  177
  238
  312
  402
  507
  630
  770
  929
  1,105
  1,299
  1,511
  1,741
  1,988
  2,251
  2,531
  2,827
  3,138
  3,465
  3,807
  4,164
  4,537
  4,925
  5,329
  5,749
  6,185
Total debt, $m
  68
  127
  238
  395
  608
  890
  1,253
  1,709
  2,268
  2,941
  3,735
  4,656
  5,710
  6,899
  8,223
  9,683
  11,276
  13,001
  14,854
  16,834
  18,936
  21,158
  23,497
  25,953
  28,524
  31,208
  34,008
  36,924
  39,957
  43,111
  46,390
Total liabilities, $m
  146
  205
  316
  473
  686
  968
  1,331
  1,787
  2,346
  3,019
  3,813
  4,734
  5,788
  6,977
  8,301
  9,761
  11,354
  13,079
  14,932
  16,912
  19,014
  21,236
  23,575
  26,031
  28,602
  31,286
  34,086
  37,002
  40,035
  43,189
  46,468
Total equity, $m
  95
  107
  166
  248
  360
  508
  698
  937
  1,230
  1,583
  1,999
  2,483
  3,035
  3,659
  4,353
  5,118
  5,954
  6,858
  7,830
  8,868
  9,971
  11,136
  12,363
  13,650
  14,998
  16,406
  17,874
  19,403
  20,994
  22,648
  24,367
Total liabilities and equity, $m
  241
  312
  482
  721
  1,046
  1,476
  2,029
  2,724
  3,576
  4,602
  5,812
  7,217
  8,823
  10,636
  12,654
  14,879
  17,308
  19,937
  22,762
  25,780
  28,985
  32,372
  35,938
  39,681
  43,600
  47,692
  51,960
  56,405
  61,029
  65,837
  70,835
Debt-to-equity ratio
  0.716
  1.180
  1.440
  1.590
  1.690
  1.750
  1.800
  1.820
  1.840
  1.860
  1.870
  1.880
  1.880
  1.890
  1.890
  1.890
  1.890
  1.900
  1.900
  1.900
  1.900
  1.900
  1.900
  1.900
  1.900
  1.900
  1.900
  1.900
  1.900
  1.900
  1.900
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
  -84
  -134
  -204
  -299
  -427
  -593
  -803
  -1,063
  -1,377
  -1,750
  -2,186
  -2,687
  -3,255
  -3,890
  -4,593
  -5,363
  -6,200
  -7,101
  -8,065
  -9,092
  -10,179
  -11,325
  -12,529
  -13,791
  -15,110
  -16,486
  -17,920
  -19,413
  -20,965
  -22,579
Depreciation, amort., depletion, $m
  6
  9
  13
  19
  28
  39
  53
  71
  92
  119
  150
  185
  226
  273
  324
  382
  444
  511
  584
  661
  743
  830
  922
  1,018
  1,118
  1,223
  1,332
  1,446
  1,565
  1,688
  1,816
Funds from operations, $m
  -13
  -76
  -121
  -184
  -272
  -389
  -540
  -732
  -970
  -1,258
  -1,601
  -2,001
  -2,460
  -2,982
  -3,566
  -4,212
  -4,919
  -5,688
  -6,517
  -7,404
  -8,348
  -9,348
  -10,403
  -11,511
  -12,673
  -13,887
  -15,154
  -16,474
  -17,848
  -19,277
  -20,762
Change in working capital, $m
  17
  10
  15
  21
  28
  38
  48
  61
  74
  90
  106
  123
  140
  158
  176
  194
  212
  230
  247
  263
  280
  296
  311
  327
  342
  357
  373
  388
  404
  420
  436
Cash from operations, $m
  -30
  -86
  -135
  -205
  -300
  -426
  -589
  -793
  -1,045
  -1,348
  -1,706
  -2,123
  -2,601
  -3,140
  -3,742
  -4,406
  -5,132
  -5,918
  -6,764
  -7,668
  -8,628
  -9,644
  -10,714
  -11,838
  -13,015
  -14,244
  -15,526
  -16,862
  -18,252
  -19,697
  -21,199
Maintenance CAPEX, $m
  0
  -5
  -8
  -12
  -18
  -27
  -38
  -52
  -70
  -92
  -118
  -149
  -185
  -226
  -273
  -324
  -382
  -444
  -511
  -584
  -661
  -743
  -830
  -922
  -1,018
  -1,118
  -1,223
  -1,332
  -1,446
  -1,565
  -1,688
New CAPEX, $m
  -58
  -24
  -35
  -50
  -68
  -89
  -115
  -144
  -177
  -213
  -251
  -292
  -334
  -376
  -419
  -462
  -504
  -546
  -587
  -627
  -666
  -704
  -741
  -778
  -814
  -850
  -886
  -923
  -961
  -999
  -1,038
Cash from investing activities, $m
  -58
  -29
  -43
  -62
  -86
  -116
  -153
  -196
  -247
  -305
  -369
  -441
  -519
  -602
  -692
  -786
  -886
  -990
  -1,098
  -1,211
  -1,327
  -1,447
  -1,571
  -1,700
  -1,832
  -1,968
  -2,109
  -2,255
  -2,407
  -2,564
  -2,726
Free cash flow, $m
  -88
  -115
  -179
  -267
  -386
  -542
  -741
  -989
  -1,291
  -1,652
  -2,076
  -2,564
  -3,119
  -3,743
  -4,434
  -5,192
  -6,018
  -6,908
  -7,862
  -8,878
  -9,955
  -11,091
  -12,285
  -13,537
  -14,846
  -16,212
  -17,636
  -19,118
  -20,659
  -22,260
  -23,925
Issuance/(repayment) of debt, $m
  49
  77
  112
  157
  213
  282
  363
  456
  559
  673
  794
  922
  1,054
  1,189
  1,324
  1,460
  1,593
  1,725
  1,854
  1,979
  2,102
  2,222
  2,340
  2,456
  2,570
  2,685
  2,800
  2,916
  3,033
  3,154
  3,278
Issuance/(repurchase) of shares, $m
  30
  125
  192
  286
  411
  575
  783
  1,042
  1,356
  1,730
  2,167
  2,669
  3,239
  3,878
  4,584
  5,358
  6,199
  7,104
  8,073
  9,103
  10,194
  11,344
  12,552
  13,817
  15,139
  16,518
  17,954
  19,449
  21,004
  22,619
  24,298
Cash from financing (excl. dividends), $m  
  70
  202
  304
  443
  624
  857
  1,146
  1,498
  1,915
  2,403
  2,961
  3,591
  4,293
  5,067
  5,908
  6,818
  7,792
  8,829
  9,927
  11,082
  12,296
  13,566
  14,892
  16,273
  17,709
  19,203
  20,754
  22,365
  24,037
  25,773
  27,576
Total cash flow (excl. dividends), $m
  -18
  86
  125
  175
  238
  315
  405
  508
  624
  750
  885
  1,027
  1,174
  1,324
  1,475
  1,626
  1,775
  1,921
  2,064
  2,204
  2,341
  2,475
  2,606
  2,735
  2,863
  2,990
  3,118
  3,247
  3,379
  3,513
  3,651
Retained Cash Flow (-), $m
  31
  -125
  -192
  -286
  -411
  -575
  -783
  -1,042
  -1,356
  -1,730
  -2,167
  -2,669
  -3,239
  -3,878
  -4,584
  -5,358
  -6,199
  -7,104
  -8,073
  -9,103
  -10,194
  -11,344
  -12,552
  -13,817
  -15,139
  -16,518
  -17,954
  -19,449
  -21,004
  -22,619
  -24,298
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
 
  -10
  -67
  -110
  -173
  -260
  -378
  -534
  -732
  -980
  -1,282
  -1,642
  -2,066
  -2,554
  -3,110
  -3,733
  -4,424
  -5,183
  -6,008
  -6,899
  -7,853
  -8,869
  -9,946
  -11,082
  -12,276
  -13,528
  -14,836
  -16,202
  -17,625
  -19,106
  -20,647
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
 
  -10
  -59
  -89
  -128
  -176
  -231
  -292
  -356
  -419
  -477
  -526
  -562
  -583
  -588
  -576
  -549
  -509
  -459
  -403
  -344
  -285
  -230
  -181
  -138
  -102
  -73
  -51
  -34
  -22
  -14
Current shareholders' claim on cash, %
  100
  71.4
  51.6
  37.7
  27.8
  20.7
  15.5
  11.8
  9.0
  6.9
  5.3
  4.1
  3.2
  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
  0.1
  0.1
  0.1
  0.1

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 -6.3
Price to Sales 4.2
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow -12
Price to Free Cash Flow -4.1
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 60% 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 235.246 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

▶ 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]
▶ Top 4 Technology Penny Stocks to Watch   [Feb-02-18 07:48AM  Investopedia]
▶ 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]
▶ Plug Power CEO on what he learned from the company's biggest quarter to date   [Nov-13-17 08:17AM  American City Business Journals]
▶ 5 Takeaways From Plug Power's Disappointing Q3 Earnings   [Nov-12-17 10:47AM  Motley Fool]
▶ Plug Power CEO on what he learned from the company's biggest quarter to date   [Nov-10-17 04:25PM  American City Business Journals]
▶ What Is Plug Power Incs (PLUG) Share Price Doing?   [Nov-09-17 04:45PM  Simply Wall St.]
▶ Why Plug Power Inc.'s Shares Plunged 14% Today   [Nov-08-17 12:40PM  Motley Fool]
▶ Plug Power's revenue grows 250 percent in its biggest quarter ever   [10:25AM  American City Business Journals]
▶ PLUG POWER INC to Host Earnings Call   [07:50AM  ACCESSWIRE]
▶ Plug Power reports 3Q loss   [07:49AM  Associated Press]
▶ 3 Things to Look For When Plug Power Reports Q3 Earnings   [Nov-07-17 10:53AM  Motley Fool]
▶ Why Plug Power Stock Popped 9% in October   [Nov-02-17 11:00AM  Motley Fool]
▶ Plug Power adds new customer in Europe with Norwegian wholesaler   [Oct-31-17 11:25AM  American City Business Journals]
▶ Penny Stocks to Watch for November 2017   [10:12AM  Investopedia]
▶ Expectations Are High for Plug Power Inc   [Oct-25-17 09:02PM  Motley Fool]
▶ 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]
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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