Intrinsic value of PNM Resources - PNM

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$37.70

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$37.70

 
Intrinsic value

$17.91

 
Up/down potential

-52%

 
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
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.17
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
Revenue, $m
  1,363
  1,446
  1,533
  1,623
  1,717
  1,815
  1,918
  2,025
  2,137
  2,254
  2,376
  2,504
  2,638
  2,778
  2,925
  3,079
  3,239
  3,408
  3,585
  3,770
  3,964
  4,167
  4,381
  4,605
  4,839
  5,086
  5,344
  5,615
  5,899
  6,197
  6,511
Variable operating expenses, $m
 
  1,320
  1,397
  1,478
  1,562
  1,650
  1,742
  1,837
  1,938
  2,042
  2,151
  2,238
  2,357
  2,483
  2,614
  2,751
  2,895
  3,045
  3,203
  3,369
  3,542
  3,724
  3,915
  4,115
  4,324
  4,544
  4,775
  5,017
  5,271
  5,538
  5,818
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
  1,320
  1,397
  1,478
  1,562
  1,650
  1,742
  1,837
  1,938
  2,042
  2,151
  2,238
  2,357
  2,483
  2,614
  2,751
  2,895
  3,045
  3,203
  3,369
  3,542
  3,724
  3,915
  4,115
  4,324
  4,544
  4,775
  5,017
  5,271
  5,538
  5,818
Operating income, $m
  278
  126
  135
  145
  155
  165
  176
  188
  200
  212
  225
  266
  281
  296
  311
  328
  345
  363
  381
  401
  422
  443
  466
  490
  515
  541
  569
  597
  628
  659
  693
EBITDA, $m
  520
  198
  210
  222
  235
  248
  262
  277
  292
  308
  325
  343
  361
  380
  400
  421
  443
  466
  490
  516
  542
  570
  599
  630
  662
  696
  731
  768
  807
  848
  891
Interest expense (income), $m
  115
  123
  136
  150
  165
  180
  196
  212
  229
  248
  266
  286
  307
  328
  351
  374
  399
  425
  452
  481
  511
  542
  575
  609
  645
  683
  723
  764
  808
  854
  902
Earnings before tax, $m
  195
  3
  -1
  -5
  -10
  -15
  -19
  -25
  -30
  -35
  -41
  -20
  -26
  -33
  -40
  -47
  -55
  -63
  -71
  -80
  -89
  -98
  -109
  -119
  -130
  -142
  -154
  -167
  -180
  -194
  -209
Tax expense, $m
  63
  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
Net income, $m
  117
  2
  -1
  -5
  -10
  -15
  -19
  -25
  -30
  -35
  -41
  -20
  -26
  -33
  -40
  -47
  -55
  -63
  -71
  -80
  -89
  -98
  -109
  -119
  -130
  -142
  -154
  -167
  -180
  -194
  -209

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
  6,854
  7,264
  7,692
  8,139
  8,604
  9,090
  9,598
  10,128
  10,683
  11,262
  11,869
  12,503
  13,167
  13,862
  14,590
  15,353
  16,152
  16,989
  17,866
  18,786
  19,751
  20,762
  21,823
  22,935
  24,102
  25,326
  26,610
  27,958
  29,372
  30,856
Adjusted assets (=assets-cash), $m
  6,466
  6,854
  7,264
  7,692
  8,139
  8,604
  9,090
  9,598
  10,128
  10,683
  11,262
  11,869
  12,503
  13,167
  13,862
  14,590
  15,353
  16,152
  16,989
  17,866
  18,786
  19,751
  20,762
  21,823
  22,935
  24,102
  25,326
  26,610
  27,958
  29,372
  30,856
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
  220
  233
  247
  261
  276
  292
  308
  325
  343
  361
  381
  401
  422
  445
  468
  492
  518
  545
  573
  603
  633
  666
  700
  736
  773
  812
  853
  897
  942
  990
Working capital, $m
  -427
  136
  144
  153
  161
  171
  180
  190
  201
  212
  223
  235
  248
  261
  275
  289
  305
  320
  337
  354
  373
  392
  412
  433
  455
  478
  502
  528
  555
  583
  612
Total debt, $m
  2,680
  2,961
  3,264
  3,581
  3,910
  4,255
  4,614
  4,989
  5,381
  5,791
  6,219
  6,667
  7,136
  7,626
  8,140
  8,678
  9,242
  9,832
  10,451
  11,099
  11,779
  12,492
  13,239
  14,023
  14,845
  15,707
  16,612
  17,561
  18,557
  19,602
  20,698
Total liabilities, $m
  4,784
  5,065
  5,368
  5,685
  6,014
  6,359
  6,718
  7,093
  7,485
  7,895
  8,323
  8,771
  9,240
  9,730
  10,244
  10,782
  11,346
  11,936
  12,555
  13,203
  13,883
  14,596
  15,343
  16,127
  16,949
  17,811
  18,716
  19,665
  20,661
  21,706
  22,802
Total equity, $m
  1,687
  1,789
  1,896
  2,008
  2,124
  2,246
  2,373
  2,505
  2,643
  2,788
  2,939
  3,098
  3,263
  3,437
  3,618
  3,808
  4,007
  4,216
  4,434
  4,663
  4,903
  5,155
  5,419
  5,696
  5,986
  6,291
  6,610
  6,945
  7,297
  7,666
  8,053
Total liabilities and equity, $m
  6,471
  6,854
  7,264
  7,693
  8,138
  8,605
  9,091
  9,598
  10,128
  10,683
  11,262
  11,869
  12,503
  13,167
  13,862
  14,590
  15,353
  16,152
  16,989
  17,866
  18,786
  19,751
  20,762
  21,823
  22,935
  24,102
  25,326
  26,610
  27,958
  29,372
  30,855
Debt-to-equity ratio
  1.589
  1.660
  1.720
  1.780
  1.840
  1.890
  1.940
  1.990
  2.040
  2.080
  2.120
  2.150
  2.190
  2.220
  2.250
  2.280
  2.310
  2.330
  2.360
  2.380
  2.400
  2.420
  2.440
  2.460
  2.480
  2.500
  2.510
  2.530
  2.540
  2.560
  2.570
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
  2
  -1
  -5
  -10
  -15
  -19
  -25
  -30
  -35
  -41
  -20
  -26
  -33
  -40
  -47
  -55
  -63
  -71
  -80
  -89
  -98
  -109
  -119
  -130
  -142
  -154
  -167
  -180
  -194
  -209
Depreciation, amort., depletion, $m
  242
  72
  74
  77
  80
  83
  86
  89
  93
  96
  100
  76
  80
  84
  89
  94
  98
  104
  109
  115
  121
  127
  133
  140
  147
  155
  162
  171
  179
  188
  198
Funds from operations, $m
  392
  74
  73
  72
  70
  68
  67
  65
  63
  61
  59
  57
  54
  52
  49
  47
  44
  41
  38
  35
  32
  28
  25
  21
  17
  13
  8
  4
  -1
  -6
  -11
Change in working capital, $m
  -23
  8
  8
  8
  9
  9
  10
  10
  11
  11
  11
  12
  13
  13
  14
  14
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
Cash from operations, $m
  415
  68
  65
  63
  61
  59
  57
  55
  52
  50
  47
  44
  42
  39
  36
  32
  29
  25
  21
  18
  13
  9
  5
  0
  -5
  -10
  -16
  -22
  -28
  -34
  -40
Maintenance CAPEX, $m
  0
  -41
  -44
  -47
  -49
  -52
  -55
  -58
  -62
  -65
  -69
  -72
  -76
  -80
  -84
  -89
  -94
  -98
  -104
  -109
  -115
  -121
  -127
  -133
  -140
  -147
  -155
  -162
  -171
  -179
  -188
New CAPEX, $m
  -600
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -48
Cash from investing activities, $m
  -699
  -54
  -57
  -61
  -63
  -67
  -71
  -74
  -79
  -83
  -88
  -91
  -96
  -101
  -106
  -112
  -118
  -124
  -131
  -137
  -145
  -152
  -159
  -167
  -176
  -184
  -194
  -203
  -214
  -224
  -236
Free cash flow, $m
  -284
  13
  8
  3
  -2
  -8
  -14
  -20
  -26
  -33
  -40
  -47
  -55
  -63
  -71
  -80
  -89
  -99
  -109
  -120
  -131
  -142
  -155
  -167
  -181
  -195
  -210
  -225
  -241
  -259
  -276
Issuance/(repayment) of debt, $m
  336
  286
  303
  316
  330
  344
  359
  375
  392
  410
  428
  448
  469
  491
  514
  538
  564
  590
  619
  648
  680
  713
  747
  784
  822
  862
  905
  949
  996
  1,045
  1,097
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
  286
  303
  316
  330
  344
  359
  375
  392
  410
  428
  448
  469
  491
  514
  538
  564
  590
  619
  648
  680
  713
  747
  784
  822
  862
  905
  949
  996
  1,045
  1,097
Total cash flow (excl. dividends), $m
  29
  299
  312
  319
  328
  336
  345
  355
  366
  377
  388
  401
  414
  428
  442
  458
  474
  492
  510
  529
  549
  570
  593
  616
  641
  667
  695
  724
  754
  786
  820
Retained Cash Flow (-), $m
  -21
  -102
  -107
  -112
  -116
  -122
  -127
  -132
  -138
  -145
  -151
  -158
  -166
  -173
  -181
  -190
  -199
  -209
  -219
  -229
  -240
  -252
  -264
  -277
  -290
  -305
  -319
  -335
  -352
  -369
  -387
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
 
  197
  204
  208
  211
  215
  219
  223
  227
  232
  237
  243
  248
  255
  261
  268
  275
  283
  291
  300
  309
  319
  329
  340
  351
  363
  375
  389
  403
  417
  433
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
 
  180
  170
  155
  140
  126
  112
  98
  85
  73
  62
  51
  42
  34
  27
  21
  16
  12
  9
  6
  5
  3
  2
  1
  1
  1
  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 -16.2
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 6.1% 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 80 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 Files Settlement in General Rate Case   [May-05-17 05:00PM  PR Newswire]
▶ ETFs with exposure to PNM Resources, Inc. : May 4, 2017   [May-04-17 04:14PM  Capital Cube]
▶ PNM reaches agreement for framework of a deal on rate case   [Apr-28-17 11:03AM  American City Business Journals]
▶ PNM Resources beats 1Q profit forecasts   [06:42AM  Associated Press]
▶ 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]
Stock chart of PNM Financial statements of PNM Annual reports 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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