Intrinsic value of PNM Resources - PNM

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$37.75

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$37.75

 
Intrinsic value

$9.48

 
Up/down potential

-75%

 
Rating

str. sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of PNM 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 3.0

 

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, %
  -5.28
  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
  1,363
  1,390
  1,422
  1,459
  1,500
  1,545
  1,595
  1,650
  1,708
  1,772
  1,840
  1,912
  1,990
  2,073
  2,160
  2,254
  2,352
  2,457
  2,568
  2,684
  2,808
  2,938
  3,075
  3,220
  3,372
  3,533
  3,702
  3,880
  4,067
  4,264
  4,471
Variable operating expenses, $m
 
  1,270
  1,299
  1,331
  1,368
  1,409
  1,453
  1,502
  1,554
  1,611
  1,672
  1,709
  1,778
  1,852
  1,931
  2,014
  2,102
  2,196
  2,294
  2,399
  2,509
  2,625
  2,748
  2,877
  3,013
  3,157
  3,308
  3,467
  3,634
  3,810
  3,995
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
  1,085
  1,270
  1,299
  1,331
  1,368
  1,409
  1,453
  1,502
  1,554
  1,611
  1,672
  1,709
  1,778
  1,852
  1,931
  2,014
  2,102
  2,196
  2,294
  2,399
  2,509
  2,625
  2,748
  2,877
  3,013
  3,157
  3,308
  3,467
  3,634
  3,810
  3,995
Operating income, $m
  278
  120
  124
  127
  132
  137
  142
  148
  154
  161
  168
  203
  212
  221
  230
  240
  250
  261
  273
  286
  299
  313
  327
  343
  359
  376
  394
  413
  433
  454
  476
EBITDA, $m
  520
  190
  195
  200
  205
  211
  218
  226
  234
  242
  252
  262
  272
  284
  296
  308
  322
  336
  351
  367
  384
  402
  421
  440
  461
  483
  506
  531
  556
  583
  612
Interest expense (income), $m
  115
  123
  127
  132
  138
  145
  152
  160
  169
  178
  189
  200
  211
  224
  237
  251
  266
  282
  299
  317
  336
  356
  377
  399
  422
  447
  472
  500
  528
  558
  590
Earnings before tax, $m
  195
  -3
  -4
  -5
  -6
  -8
  -10
  -13
  -15
  -18
  -21
  4
  0
  -3
  -7
  -12
  -16
  -21
  -26
  -31
  -37
  -43
  -49
  -56
  -63
  -71
  -79
  -87
  -96
  -105
  -114
Tax expense, $m
  63
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  117
  -3
  -4
  -5
  -6
  -8
  -10
  -13
  -15
  -18
  -21
  3
  0
  -3
  -7
  -12
  -16
  -21
  -26
  -31
  -37
  -43
  -49
  -56
  -63
  -71
  -79
  -87
  -96
  -105
  -114

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  5
  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
  6,471
  6,589
  6,740
  6,914
  7,108
  7,324
  7,560
  7,818
  8,096
  8,397
  8,719
  9,064
  9,431
  9,823
  10,239
  10,681
  11,149
  11,645
  12,168
  12,722
  13,307
  13,923
  14,574
  15,260
  15,982
  16,743
  17,544
  18,387
  19,274
  20,208
  21,190
Adjusted assets (=assets-cash), $m
  6,466
  6,589
  6,740
  6,914
  7,108
  7,324
  7,560
  7,818
  8,096
  8,397
  8,719
  9,064
  9,431
  9,823
  10,239
  10,681
  11,149
  11,645
  12,168
  12,722
  13,307
  13,923
  14,574
  15,260
  15,982
  16,743
  17,544
  18,387
  19,274
  20,208
  21,190
Revenue / Adjusted assets
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
Average production assets, $m
  207
  211
  216
  222
  228
  235
  242
  251
  260
  269
  280
  291
  302
  315
  328
  343
  358
  373
  390
  408
  427
  447
  467
  489
  513
  537
  563
  590
  618
  648
  680
Working capital, $m
  -427
  131
  134
  137
  141
  145
  150
  155
  161
  167
  173
  180
  187
  195
  203
  212
  221
  231
  241
  252
  264
  276
  289
  303
  317
  332
  348
  365
  382
  401
  420
Total debt, $m
  2,680
  2,765
  2,877
  3,005
  3,149
  3,308
  3,483
  3,673
  3,879
  4,101
  4,339
  4,594
  4,866
  5,155
  5,463
  5,789
  6,135
  6,501
  6,889
  7,298
  7,730
  8,185
  8,666
  9,173
  9,707
  10,269
  10,861
  11,484
  12,140
  12,830
  13,555
Total liabilities, $m
  4,784
  4,869
  4,981
  5,109
  5,253
  5,412
  5,587
  5,777
  5,983
  6,205
  6,443
  6,698
  6,970
  7,259
  7,567
  7,893
  8,239
  8,605
  8,993
  9,402
  9,834
  10,289
  10,770
  11,277
  11,811
  12,373
  12,965
  13,588
  14,244
  14,934
  15,659
Total equity, $m
  1,687
  1,720
  1,759
  1,804
  1,855
  1,911
  1,973
  2,040
  2,113
  2,191
  2,276
  2,366
  2,462
  2,564
  2,672
  2,788
  2,910
  3,039
  3,176
  3,320
  3,473
  3,634
  3,804
  3,983
  4,171
  4,370
  4,579
  4,799
  5,031
  5,274
  5,531
Total liabilities and equity, $m
  6,471
  6,589
  6,740
  6,913
  7,108
  7,323
  7,560
  7,817
  8,096
  8,396
  8,719
  9,064
  9,432
  9,823
  10,239
  10,681
  11,149
  11,644
  12,169
  12,722
  13,307
  13,923
  14,574
  15,260
  15,982
  16,743
  17,544
  18,387
  19,275
  20,208
  21,190
Debt-to-equity ratio
  1.589
  1.610
  1.640
  1.670
  1.700
  1.730
  1.770
  1.800
  1.840
  1.870
  1.910
  1.940
  1.980
  2.010
  2.040
  2.080
  2.110
  2.140
  2.170
  2.200
  2.230
  2.250
  2.280
  2.300
  2.330
  2.350
  2.370
  2.390
  2.410
  2.430
  2.450
Adjusted equity ratio
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  117
  -3
  -4
  -5
  -6
  -8
  -10
  -13
  -15
  -18
  -21
  3
  0
  -3
  -7
  -12
  -16
  -21
  -26
  -31
  -37
  -43
  -49
  -56
  -63
  -71
  -79
  -87
  -96
  -105
  -114
Depreciation, amort., depletion, $m
  242
  70
  71
  72
  73
  75
  76
  78
  80
  82
  84
  58
  60
  63
  66
  69
  72
  75
  78
  82
  85
  89
  93
  98
  103
  107
  113
  118
  124
  130
  136
Funds from operations, $m
  392
  67
  67
  67
  67
  67
  66
  65
  65
  64
  63
  61
  61
  60
  58
  57
  56
  54
  52
  50
  48
  46
  44
  42
  39
  37
  34
  31
  28
  25
  21
Change in working capital, $m
  -23
  3
  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
  19
  19
Cash from operations, $m
  415
  66
  64
  64
  63
  62
  61
  60
  59
  58
  57
  54
  53
  52
  50
  48
  46
  44
  42
  39
  37
  34
  31
  28
  25
  22
  18
  14
  10
  6
  2
Maintenance CAPEX, $m
  0
  -41
  -42
  -43
  -44
  -46
  -47
  -48
  -50
  -52
  -54
  -56
  -58
  -60
  -63
  -66
  -69
  -72
  -75
  -78
  -82
  -85
  -89
  -93
  -98
  -103
  -107
  -113
  -118
  -124
  -130
New CAPEX, $m
  -600
  -5
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
Cash from investing activities, $m
  -699
  -46
  -47
  -49
  -50
  -53
  -55
  -56
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -80
  -84
  -88
  -92
  -96
  -101
  -105
  -110
  -115
  -121
  -127
  -133
  -140
  -146
  -154
  -161
Free cash flow, $m
  -284
  20
  17
  15
  12
  10
  7
  4
  0
  -4
  -8
  -13
  -16
  -21
  -26
  -32
  -37
  -43
  -50
  -56
  -64
  -71
  -79
  -87
  -96
  -105
  -115
  -125
  -136
  -147
  -159
Issuance/(repayment) of debt, $m
  336
  90
  112
  128
  144
  159
  175
  190
  206
  222
  238
  255
  272
  289
  308
  326
  346
  366
  387
  409
  432
  456
  481
  507
  534
  562
  592
  623
  656
  690
  726
Issuance/(repurchase) of shares, $m
  -8
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  313
  90
  112
  128
  144
  159
  175
  190
  206
  222
  238
  255
  272
  289
  308
  326
  346
  366
  387
  409
  432
  456
  481
  507
  534
  562
  592
  623
  656
  690
  726
Total cash flow (excl. dividends), $m
  29
  110
  129
  143
  156
  169
  182
  194
  206
  218
  231
  242
  255
  268
  281
  295
  309
  323
  337
  353
  368
  385
  402
  419
  438
  457
  477
  498
  520
  543
  566
Retained Cash Flow (-), $m
  -21
  -33
  -40
  -45
  -51
  -56
  -62
  -67
  -73
  -78
  -84
  -90
  -96
  -102
  -109
  -115
  -122
  -129
  -137
  -144
  -153
  -161
  -170
  -179
  -189
  -199
  -209
  -220
  -232
  -244
  -256
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  77
  90
  98
  105
  113
  120
  127
  133
  140
  146
  152
  159
  166
  173
  180
  186
  193
  201
  208
  216
  224
  232
  240
  249
  258
  268
  278
  288
  299
  310
Discount rate, %
 
  9.30
  9.77
  10.25
  10.77
  11.30
  11.87
  12.46
  13.09
  13.74
  14.43
  15.15
  15.91
  16.70
  17.54
  18.41
  19.33
  20.30
  21.32
  22.38
  23.50
  24.68
  25.91
  27.20
  28.57
  29.99
  31.49
  33.07
  34.72
  36.46
  38.28
PV of cash for distribution, $m
 
  71
  74
  73
  70
  66
  61
  56
  50
  44
  38
  32
  27
  22
  18
  14
  11
  8
  6
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

PNM Resources, Inc., through its subsidiaries, operates in the energy and energy-related businesses in the United States. The company is primarily involved in the generation, transmission, and distribution of electricity. It generates electricity using coal, natural gas and oil, nuclear fuel, solar, wind, and geothermal energy sources. The company also provides regulated transmission and distribution services. As of December 31, 2015, its owned or leased facilities had a total net generation capacity of 2,477 megawatts. The company serves approximately 760,000 residential, commercial, and industrial customers, as well as end-users of electricity in New Mexico and Texas. PNM Resources, Inc. was founded in 1917 and is based in Albuquerque, New Mexico.

FINANCIAL RATIOS  of  PNM Resources (PNM)

Valuation Ratios
P/E Ratio 25.7
Price to Sales 2.2
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 7.2
Price to Free Cash Flow -16.3
Growth Rates
Sales Growth Rate -5.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 7.3%
Cap. Spend. - 3 Yr. Gr. Rate 11.5%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 125.7%
Total Debt to Equity 158.9%
Interest Coverage 3
Management Effectiveness
Return On Assets 3.1%
Ret/ On Assets - 3 Yr. Avg. 2.6%
Return On Total Capital 2.8%
Ret/ On T. Cap. - 3 Yr. Avg. 2.1%
Return On Equity 7%
Return On Equity - 3 Yr. Avg. 4.9%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 40.5%
EBITDA Margin - 3 Yr. Avg. 34.2%
Operating Margin 20.4%
Oper. Margin - 3 Yr. Avg. 16.6%
Pre-Tax Margin 14.3%
Pre-Tax Margin - 3 Yr. Avg. 10.5%
Net Profit Margin 8.6%
Net Profit Margin - 3 Yr. Avg. 5.9%
Effective Tax Rate 32.3%
Eff/ Tax Rate - 3 Yr. Avg. 33.2%
Payout Ratio 60.7%

PNM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PNM stock intrinsic value calculation we used $1363 million for the last fiscal year's total revenue generated by PNM Resources. The default revenue input number comes from 2016 income statement of PNM Resources. 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 PNM 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 9.3%, whose default value for PNM is calculated based on our internal credit rating of PNM Resources, 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 PNM Resources.
    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 PNM stock the variable cost ratio is equal to 91.4%.

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 PNM stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.6% for PNM Resources.

Corporate tax rate of 27% is the nominal tax rate for PNM Resources. 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 PNM 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 PNM are equal to 15.2%.

Life of production assets of 2 years is the average useful life of capital assets used in PNM Resources 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 PNM is equal to 9.4%. 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 - $1687 million for PNM Resources - 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 79.73 million for PNM Resources 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 PNM Resources at the current share price and the inputted number of shares is $3.0 billion.


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COMPANY NEWS

▶ PNM Planning a Cleaner Energy Future   [Apr-21-17 06:30AM  PR Newswire]
▶ PNM Resources Management to Meet with Investors   [Apr-17-17 06:30AM  PR Newswire]
▶ PNM Rate Case Settlement Period Extension Requested   [Mar-17-17 05:19PM  PR Newswire]
▶ PNM Resources Management to Meet with Investors   [Mar-14-17 06:30AM  PR Newswire]
▶ PNM Declares Preferred Dividend   [Mar-13-17 04:35PM  PR Newswire]
▶ PNM Resources Management to Meet with Investors   [Mar-06-17 06:30AM  PR Newswire]
▶ PNM Resources beats 4Q profit forecasts   [06:49AM  Associated Press]
▶ PNM Resources Management to Meet with Investors   [Jan-12-17 06:30AM  PR Newswire]
▶ PNM Declares Preferred Dividend   [06:30AM  PR Newswire]
▶ Hedge Funds Are Betting On PNM Resources Inc (PNM)   [03:59AM  at Insider Monkey]
▶ Here's how much your PNM bill might go up in 2018   [Dec-07-16 07:45PM  at bizjournals.com]
▶ PNM Files 2018 General Rate Case   [06:03PM  PR Newswire]
▶ Should You Buy Molina Healthcare, Inc. (MOH)?   [Nov-26-16 06:23AM  at Insider Monkey]
▶ PNM Resources Management to Meet with Investors   [Nov-04-16 04:45PM  PR Newswire]
▶ PNM Resources Management to Meet with Investors   [Oct-06-16 06:30AM  PR Newswire]
▶ PNM rate case headed to court   [Sep-29-16 03:30PM  at bizjournals.com]
▶ PNM rate case decided to tune of $65.7 million   [Sep-28-16 05:00PM  at bizjournals.com]
▶ 5 Unusual Analyst Upgrades From This Tuesday   [01:20PM  at 24/7 Wall St.]
▶ PNM Declares Preferred Dividend   [Sep-09-16 06:30PM  PR Newswire]
▶ PNM Seeks NMPRC Ruling in Rate Case   [Aug-29-16 06:00PM  PR Newswire]
▶ PNM rate case could be reopened   [Aug-25-16 09:10AM  at bizjournals.com]
▶ NMPRC Orders Extension in PNM General Rate Case Schedule   [Aug-24-16 06:10PM  PR Newswire]
▶ Energy storage summit brings big hitters to NM   [Aug-23-16 08:30PM  at bizjournals.com]
▶ Utah energy plan for Facebook data center sails through   [Aug-18-16 05:58PM  at bizjournals.com]
▶ PNM gets go-ahead on Facebook energy plan   [Aug-17-16 01:24PM  at bizjournals.com]
▶ Time to Buy These Stocks at Support   [Aug-15-16 02:14PM  at Investopedia]
▶ PNM rate increase receives tough scrutiny from hearing examiner   [Aug-05-16 09:30AM  at bizjournals.com]
▶ Race to lure Facebook data center heating up   [03:04PM  at bizjournals.com]
▶ PNM's facing some tough questions on its $87M smart meter plan   [Jul-29-16 04:40PM  at bizjournals.com]
Stock chart of PNM Financial statements of PNM
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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