Intrinsic value of Portland General Electric - POR

Previous Close

$46.56

  Intrinsic Value

$74.83

stock screener

  Rating & Target

str. buy

+61%

  Value-price divergence*

+64%

Previous close

$46.56

 
Intrinsic value

$74.83

 
Up/down potential

+61%

 
Rating

str. buy

 
Value-price divergence*

+64%

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

We calculate the intrinsic value of POR 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 4.2

 

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, %
  1.32
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.64
  6.47
  6.32
  6.19
  6.07
  5.97
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.42
  5.37
  5.34
  5.30
  5.27
  5.25
  5.22
  5.20
  5.18
Revenue, $m
  1,936
  2,092
  2,268
  2,452
  2,642
  2,840
  3,046
  3,260
  3,482
  3,713
  3,953
  4,203
  4,464
  4,735
  5,017
  5,312
  5,619
  5,939
  6,274
  6,623
  6,988
  7,370
  7,769
  8,187
  8,624
  9,081
  9,560
  10,061
  10,587
  11,137
  11,714
Variable operating expenses, $m
 
  349
  379
  409
  441
  474
  509
  544
  581
  620
  660
  702
  745
  791
  838
  887
  938
  992
  1,048
  1,106
  1,167
  1,231
  1,297
  1,367
  1,440
  1,517
  1,597
  1,680
  1,768
  1,860
  1,956
Fixed operating expenses, $m
 
  1,336
  1,369
  1,403
  1,438
  1,474
  1,511
  1,549
  1,588
  1,627
  1,668
  1,710
  1,752
  1,796
  1,841
  1,887
  1,934
  1,983
  2,032
  2,083
  2,135
  2,188
  2,243
  2,299
  2,357
  2,416
  2,476
  2,538
  2,601
  2,666
  2,733
Total operating expenses, $m
  1,590
  1,685
  1,748
  1,812
  1,879
  1,948
  2,020
  2,093
  2,169
  2,247
  2,328
  2,412
  2,497
  2,587
  2,679
  2,774
  2,872
  2,975
  3,080
  3,189
  3,302
  3,419
  3,540
  3,666
  3,797
  3,933
  4,073
  4,218
  4,369
  4,526
  4,689
Operating income, $m
  333
  407
  521
  639
  763
  892
  1,026
  1,166
  1,313
  1,466
  1,625
  1,792
  1,966
  2,148
  2,338
  2,537
  2,746
  2,965
  3,194
  3,434
  3,686
  3,951
  4,229
  4,520
  4,827
  5,149
  5,487
  5,843
  6,217
  6,611
  7,024
EBITDA, $m
  654
  480
  599
  724
  854
  990
  1,131
  1,279
  1,433
  1,594
  1,762
  1,937
  2,120
  2,312
  2,512
  2,721
  2,940
  3,170
  3,411
  3,663
  3,928
  4,206
  4,497
  4,804
  5,125
  5,463
  5,818
  6,191
  6,584
  6,996
  7,430
Interest expense (income), $m
  104
  107
  128
  150
  173
  196
  221
  246
  273
  300
  329
  358
  389
  421
  455
  490
  526
  564
  604
  645
  688
  734
  781
  830
  882
  936
  992
  1,052
  1,114
  1,178
  1,247
Earnings before tax, $m
  243
  300
  392
  489
  590
  695
  805
  920
  1,040
  1,165
  1,296
  1,433
  1,576
  1,726
  1,883
  2,047
  2,220
  2,400
  2,590
  2,789
  2,998
  3,217
  3,448
  3,690
  3,945
  4,213
  4,495
  4,792
  5,104
  5,432
  5,778
Tax expense, $m
  50
  81
  106
  132
  159
  188
  217
  248
  281
  315
  350
  387
  426
  466
  508
  553
  599
  648
  699
  753
  809
  869
  931
  996
  1,065
  1,138
  1,214
  1,294
  1,378
  1,467
  1,560
Net income, $m
  193
  219
  286
  357
  431
  508
  588
  672
  759
  851
  946
  1,046
  1,151
  1,260
  1,375
  1,495
  1,620
  1,752
  1,891
  2,036
  2,188
  2,349
  2,517
  2,694
  2,880
  3,076
  3,281
  3,498
  3,726
  3,966
  4,218

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  14
  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
  7,527
  8,173
  8,861
  9,577
  10,321
  11,094
  11,898
  12,733
  13,601
  14,504
  15,442
  16,419
  17,436
  18,495
  19,598
  20,748
  21,948
  23,200
  24,507
  25,872
  27,299
  28,790
  30,349
  31,980
  33,687
  35,473
  37,343
  39,302
  41,354
  43,504
  45,757
Adjusted assets (=assets-cash), $m
  7,513
  8,173
  8,861
  9,577
  10,321
  11,094
  11,898
  12,733
  13,601
  14,504
  15,442
  16,419
  17,436
  18,495
  19,598
  20,748
  21,948
  23,200
  24,507
  25,872
  27,299
  28,790
  30,349
  31,980
  33,687
  35,473
  37,343
  39,302
  41,354
  43,504
  45,757
Revenue / Adjusted assets
  0.258
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
Average production assets, $m
  665
  724
  785
  848
  914
  983
  1,054
  1,128
  1,205
  1,285
  1,368
  1,454
  1,544
  1,638
  1,736
  1,838
  1,944
  2,055
  2,171
  2,292
  2,418
  2,550
  2,688
  2,833
  2,984
  3,142
  3,308
  3,481
  3,663
  3,853
  4,053
Working capital, $m
  -114
  23
  25
  27
  29
  31
  34
  36
  38
  41
  43
  46
  49
  52
  55
  58
  62
  65
  69
  73
  77
  81
  85
  90
  95
  100
  105
  111
  116
  123
  129
Total debt, $m
  2,350
  2,790
  3,263
  3,756
  4,268
  4,800
  5,353
  5,927
  6,525
  7,145
  7,791
  8,463
  9,163
  9,891
  10,650
  11,442
  12,267
  13,129
  14,028
  14,967
  15,948
  16,974
  18,047
  19,169
  20,343
  21,572
  22,859
  24,207
  25,619
  27,098
  28,648
Total liabilities, $m
  5,183
  5,623
  6,096
  6,589
  7,101
  7,633
  8,186
  8,760
  9,358
  9,978
  10,624
  11,296
  11,996
  12,724
  13,483
  14,275
  15,100
  15,962
  16,861
  17,800
  18,781
  19,807
  20,880
  22,002
  23,176
  24,405
  25,692
  27,040
  28,452
  29,931
  31,481
Total equity, $m
  2,344
  2,550
  2,765
  2,988
  3,220
  3,461
  3,712
  3,973
  4,244
  4,525
  4,818
  5,123
  5,440
  5,770
  6,115
  6,473
  6,848
  7,238
  7,646
  8,072
  8,517
  8,982
  9,469
  9,978
  10,510
  11,068
  11,651
  12,262
  12,903
  13,573
  14,276
Total liabilities and equity, $m
  7,527
  8,173
  8,861
  9,577
  10,321
  11,094
  11,898
  12,733
  13,602
  14,503
  15,442
  16,419
  17,436
  18,494
  19,598
  20,748
  21,948
  23,200
  24,507
  25,872
  27,298
  28,789
  30,349
  31,980
  33,686
  35,473
  37,343
  39,302
  41,355
  43,504
  45,757
Debt-to-equity ratio
  1.003
  1.090
  1.180
  1.260
  1.330
  1.390
  1.440
  1.490
  1.540
  1.580
  1.620
  1.650
  1.680
  1.710
  1.740
  1.770
  1.790
  1.810
  1.830
  1.850
  1.870
  1.890
  1.910
  1.920
  1.940
  1.950
  1.960
  1.970
  1.990
  2.000
  2.010
Adjusted equity ratio
  0.310
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  193
  219
  286
  357
  431
  508
  588
  672
  759
  851
  946
  1,046
  1,151
  1,260
  1,375
  1,495
  1,620
  1,752
  1,891
  2,036
  2,188
  2,349
  2,517
  2,694
  2,880
  3,076
  3,281
  3,498
  3,726
  3,966
  4,218
Depreciation, amort., depletion, $m
  321
  72
  78
  85
  91
  98
  105
  113
  120
  128
  137
  145
  154
  164
  174
  184
  194
  205
  217
  229
  242
  255
  269
  283
  298
  314
  331
  348
  366
  385
  405
Funds from operations, $m
  542
  291
  365
  442
  522
  606
  693
  785
  880
  979
  1,083
  1,192
  1,305
  1,424
  1,548
  1,678
  1,815
  1,958
  2,108
  2,265
  2,430
  2,604
  2,786
  2,977
  3,178
  3,390
  3,612
  3,846
  4,092
  4,351
  4,623
Change in working capital, $m
  -11
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
Cash from operations, $m
  553
  289
  363
  440
  520
  604
  691
  782
  877
  977
  1,081
  1,189
  1,302
  1,421
  1,545
  1,675
  1,811
  1,954
  2,104
  2,261
  2,426
  2,599
  2,781
  2,973
  3,173
  3,385
  3,607
  3,840
  4,086
  4,345
  4,617
Maintenance CAPEX, $m
  0
  -67
  -72
  -78
  -85
  -91
  -98
  -105
  -113
  -120
  -128
  -137
  -145
  -154
  -164
  -174
  -184
  -194
  -205
  -217
  -229
  -242
  -255
  -269
  -283
  -298
  -314
  -331
  -348
  -366
  -385
New CAPEX, $m
  -584
  -59
  -61
  -63
  -66
  -69
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -98
  -102
  -106
  -111
  -116
  -121
  -126
  -132
  -138
  -144
  -151
  -158
  -166
  -174
  -182
  -190
  -200
Cash from investing activities, $m
  -585
  -126
  -133
  -141
  -151
  -160
  -169
  -179
  -190
  -200
  -211
  -224
  -235
  -248
  -262
  -276
  -290
  -305
  -321
  -338
  -355
  -374
  -393
  -413
  -434
  -456
  -480
  -505
  -530
  -556
  -585
Free cash flow, $m
  -32
  164
  230
  298
  369
  444
  522
  603
  688
  776
  869
  966
  1,067
  1,173
  1,284
  1,400
  1,521
  1,649
  1,783
  1,923
  2,071
  2,225
  2,388
  2,559
  2,739
  2,928
  3,127
  3,336
  3,556
  3,788
  4,032
Issuance/(repayment) of debt, $m
  151
  454
  473
  492
  512
  532
  553
  575
  597
  621
  646
  672
  700
  729
  759
  791
  825
  861
  899
  939
  981
  1,026
  1,073
  1,122
  1,174
  1,229
  1,287
  1,348
  1,412
  1,479
  1,550
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  144
  454
  473
  492
  512
  532
  553
  575
  597
  621
  646
  672
  700
  729
  759
  791
  825
  861
  899
  939
  981
  1,026
  1,073
  1,122
  1,174
  1,229
  1,287
  1,348
  1,412
  1,479
  1,550
Total cash flow (excl. dividends), $m
  112
  618
  703
  790
  881
  976
  1,074
  1,177
  1,285
  1,397
  1,515
  1,638
  1,766
  1,901
  2,043
  2,191
  2,347
  2,510
  2,682
  2,862
  3,052
  3,251
  3,461
  3,681
  3,913
  4,157
  4,414
  4,684
  4,968
  5,267
  5,582
Retained Cash Flow (-), $m
  -86
  -206
  -215
  -223
  -232
  -241
  -251
  -261
  -271
  -282
  -293
  -305
  -317
  -330
  -344
  -359
  -374
  -391
  -408
  -426
  -445
  -465
  -486
  -509
  -532
  -557
  -584
  -611
  -640
  -671
  -703
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
 
  412
  488
  567
  649
  734
  824
  917
  1,014
  1,116
  1,222
  1,333
  1,449
  1,571
  1,698
  1,832
  1,972
  2,120
  2,274
  2,436
  2,607
  2,786
  2,974
  3,172
  3,381
  3,600
  3,830
  4,073
  4,328
  4,596
  4,879
Discount rate, %
 
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
PV of cash for distribution, $m
 
  383
  419
  445
  463
  472
  473
  465
  450
  428
  401
  369
  334
  298
  260
  224
  189
  156
  126
  100
  78
  59
  43
  31
  22
  15
  10
  6
  4
  2
  1
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

Portland General Electric Company, an integrated electric utility company, engages in the generation, wholesale purchase, transmission, distribution, and retail sale of electricity in the state of Oregon. The company operates seven thermal plants; seven hydroelectric plants; and two wind farms. As of December 31, 2016, it owned an electric transmission system consisting of 1,248 circuit miles, including 287 circuit miles of 500 kilovolt line, 402 circuit miles of 230 kilovolt line, and 551 miles of 115 kilovolt line. It has 27,259 circuit miles of distribution lines. The company also purchases and sells electricity and natural gas in the wholesale market to utilities and power marketers in the United States and Canada. It serves residential, commercial, and industrial customers. The company was founded in 1930 and is headquartered in Portland, Oregon.

FINANCIAL RATIOS  of  Portland General Electric (POR)

Valuation Ratios
P/E Ratio 21.5
Price to Sales 2.2
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 7.5
Price to Free Cash Flow -133.6
Growth Rates
Sales Growth Rate 1.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -2.3%
Cap. Spend. - 3 Yr. Gr. Rate -2.3%
Financial Strength
Quick Ratio 0
Current Ratio 0.3
LT Debt to Equity 93.9%
Total Debt to Equity 100.3%
Interest Coverage 3
Management Effectiveness
Return On Assets 3.7%
Ret/ On Assets - 3 Yr. Avg. 3.7%
Return On Total Capital 4.2%
Ret/ On T. Cap. - 3 Yr. Avg. 4.1%
Return On Equity 8.4%
Return On Equity - 3 Yr. Avg. 8.7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 34.7%
EBITDA Margin - 3 Yr. Avg. 33.6%
Operating Margin 17.3%
Oper. Margin - 3 Yr. Avg. 16.3%
Pre-Tax Margin 12.6%
Pre-Tax Margin - 3 Yr. Avg. 12.1%
Net Profit Margin 10%
Net Profit Margin - 3 Yr. Avg. 9.4%
Effective Tax Rate 20.6%
Eff/ Tax Rate - 3 Yr. Avg. 22.4%
Payout Ratio 57%

POR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the POR stock intrinsic value calculation we used $1923 million for the last fiscal year's total revenue generated by Portland General Electric. The default revenue input number comes from 2016 income statement of Portland General Electric. 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 POR stock valuation model: a) initial revenue growth rate of 8.8% 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 7.6%, whose default value for POR is calculated based on our internal credit rating of Portland General Electric, 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 Portland General Electric.
    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 POR stock the variable cost ratio is equal to 16.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1303 million in the base year in the intrinsic value calculation for POR 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 Portland General Electric.

Corporate tax rate of 27% is the nominal tax rate for Portland General Electric. 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 POR 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 POR are equal to 34.6%.

Life of production assets of 10 years is the average useful life of capital assets used in Portland General Electric 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 POR is equal to 1.1%. 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 - $2344 million for Portland General Electric - 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 89.927 million for Portland General Electric 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 Portland General Electric at the current share price and the inputted number of shares is $4.2 billion.

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XEL Xcel Energy 48.94 37.53  hold
PPL PPL 39.05 24.43  sell

COMPANY NEWS

▶ PGE misses 2Q profit forecasts   [Jul-28-17 11:14PM  Associated Press]
▶ PGE's Piro set to retire, company taps familiar name to replace him   [10:25AM  American City Business Journals]
▶ PGE Announces CEO Succession Plan   [08:00AM  Business Wire]
▶ Portland General Electric Declares Dividend   [Jul-26-17 05:15PM  Business Wire]
▶ PUC approves Portland General Electric tank farm sale, disappointing environmentalists   [Jun-27-17 04:50PM  American City Business Journals]
▶ PUC delays vote on PGE fuel-tank sale opposed by environmentalists   [Jun-14-17 09:20AM  American City Business Journals]
▶ Dividend-Paying Utility Stock In Buy Zone; Gets Rating Upgrade   [Jun-08-17 04:27PM  Investor's Business Daily]
▶ Which Stocks Are Showing Rising Relative Strength?   [12:18PM  Investor's Business Daily]
▶ PGEs new challenge: Opposition to big renewable energy buy   [May-16-17 11:56AM  American City Business Journals]
▶ PGE Suspends Permitting Processes for New Power Plant Sites   [May-12-17 09:54PM  Business Wire]
▶ Portland General Electric shifts focus away from new natural gas plant   [12:07AM  American City Business Journals]
▶ PGE meets 1Q profit forecasts   [Apr-28-17 05:08AM  Associated Press]
▶ Portland General Electric Increases Dividend   [Apr-26-17 05:41PM  Business Wire]
▶ In U.S. first, Uber launches electric vehicle-focused program in Portland   [Apr-12-17 04:45PM  American City Business Journals]
▶ Exclusive: Judge rejects PGE bid to drop Deschutes hydro lawsuit   [Mar-29-17 05:17PM  at bizjournals.com]
▶ Exclusive: Judge rejects PGE bid to drop Deschutes hydro lawsuit   [05:17PM  American City Business Journals]
▶ Big wind development returning to Oregon with a mystery power buyer   [11:46AM  American City Business Journals]
▶ PGE's downtown 'Electric Avenue' powers 1M miles of driving   [Mar-15-17 05:14PM  at bizjournals.com]
▶ PGE's downtown 'Electric Avenue' powers 1M miles of driving   [05:14PM  American City Business Journals]
▶ Portland General Electric to seek rate increase   [06:45PM  at bizjournals.com]
▶ Portland General Electric Declares Dividend   [Feb-15-17 05:24PM  Business Wire]
▶ PGE power plan debate: Its not just natural gas vs. renewables   [Jan-27-17 11:50AM  at bizjournals.com]
▶ PGE draws fire from all sides in power plan comments   [Jan-25-17 07:25PM  at bizjournals.com]
▶ PGE restarts permitting for more natural gas   [Dec-22-16 05:34PM  at bizjournals.com]
▶ Could this be Oregon's next big wind farm?   [Dec-02-16 04:18PM  at bizjournals.com]
▶ Should You Be Wary of Fidelity National Financial Inc (FNFV)?   [Dec-01-16 02:33PM  at Insider Monkey]
▶ NCI makes abrupt change at the top   [Nov-01-16 01:25PM  at bizjournals.com]
▶ Portland General Electric Declares Dividend   [Oct-26-16 05:53PM  Business Wire]
▶ [$$] Portland Utility Can Proceed With Abengoa Litigation   [Oct-07-16 11:39AM  at The Wall Street Journal]
Stock chart of POR Financial statements of POR
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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