Intrinsic value of Portland General Electric - POR

Previous Close

$44.77

  Intrinsic Value

$43.98

stock screener

  Rating & Target

hold

-2%

  Value-price divergence*

+120%

Previous close

$44.77

 
Intrinsic value

$43.98

 
Up/down potential

-2%

 
Rating

hold

 
Value-price divergence*

+120%

*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 4.0

 

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, %
  1.32
  4.90
  4.91
  4.92
  4.93
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  5.00
Revenue, $m
  1,936
  2,017
  2,116
  2,220
  2,330
  2,445
  2,566
  2,692
  2,826
  2,966
  3,113
  3,268
  3,430
  3,600
  3,780
  3,968
  4,165
  4,373
  4,591
  4,819
  5,060
  5,312
  5,577
  5,855
  6,148
  6,455
  6,777
  7,115
  7,471
  7,844
  8,236
Variable operating expenses, $m
 
  337
  353
  371
  389
  408
  428
  450
  472
  495
  520
  546
  573
  601
  631
  663
  696
  730
  767
  805
  845
  887
  931
  978
  1,027
  1,078
  1,132
  1,188
  1,248
  1,310
  1,375
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
  1,673
  1,722
  1,774
  1,827
  1,882
  1,939
  1,999
  2,060
  2,122
  2,188
  2,256
  2,325
  2,397
  2,472
  2,550
  2,630
  2,713
  2,799
  2,888
  2,980
  3,075
  3,174
  3,277
  3,384
  3,494
  3,608
  3,726
  3,849
  3,976
  4,108
Operating income, $m
  333
  345
  394
  446
  502
  562
  626
  694
  766
  843
  925
  1,012
  1,105
  1,203
  1,307
  1,418
  1,535
  1,660
  1,792
  1,932
  2,080
  2,237
  2,403
  2,578
  2,764
  2,961
  3,169
  3,389
  3,622
  3,867
  4,127
EBITDA, $m
  654
  484
  540
  600
  664
  731
  804
  880
  962
  1,049
  1,141
  1,238
  1,342
  1,452
  1,569
  1,692
  1,824
  1,962
  2,109
  2,265
  2,430
  2,604
  2,789
  2,984
  3,190
  3,408
  3,638
  3,881
  4,139
  4,410
  4,697
Interest expense (income), $m
  104
  107
  119
  131
  144
  158
  172
  187
  203
  219
  236
  255
  274
  294
  315
  337
  360
  385
  410
  437
  465
  495
  526
  559
  594
  630
  668
  707
  749
  793
  839
Earnings before tax, $m
  243
  237
  275
  315
  358
  405
  454
  507
  564
  624
  689
  758
  831
  909
  992
  1,081
  1,175
  1,275
  1,381
  1,494
  1,614
  1,741
  1,876
  2,019
  2,171
  2,331
  2,501
  2,682
  2,872
  3,074
  3,288
Tax expense, $m
  50
  64
  74
  85
  97
  109
  123
  137
  152
  169
  186
  205
  224
  245
  268
  292
  317
  344
  373
  403
  436
  470
  507
  545
  586
  629
  675
  724
  776
  830
  888
Net income, $m
  193
  173
  201
  230
  262
  295
  331
  370
  412
  456
  503
  553
  607
  664
  724
  789
  858
  931
  1,008
  1,091
  1,178
  1,271
  1,370
  1,474
  1,585
  1,702
  1,826
  1,958
  2,097
  2,244
  2,400

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
  7,880
  8,267
  8,673
  9,101
  9,550
  10,022
  10,517
  11,038
  11,585
  12,160
  12,764
  13,398
  14,064
  14,764
  15,499
  16,270
  17,081
  17,932
  18,826
  19,765
  20,751
  21,786
  22,873
  24,015
  25,213
  26,472
  27,794
  29,182
  30,640
  32,170
Adjusted assets (=assets-cash), $m
  7,513
  7,880
  8,267
  8,673
  9,101
  9,550
  10,022
  10,517
  11,038
  11,585
  12,160
  12,764
  13,398
  14,064
  14,764
  15,499
  16,270
  17,081
  17,932
  18,826
  19,765
  20,751
  21,786
  22,873
  24,015
  25,213
  26,472
  27,794
  29,182
  30,640
  32,170
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
  698
  732
  768
  806
  846
  888
  932
  978
  1,026
  1,077
  1,131
  1,187
  1,246
  1,308
  1,373
  1,441
  1,513
  1,588
  1,668
  1,751
  1,838
  1,930
  2,026
  2,127
  2,233
  2,345
  2,462
  2,585
  2,714
  2,850
Working capital, $m
  -114
  22
  23
  24
  26
  27
  28
  30
  31
  33
  34
  36
  38
  40
  42
  44
  46
  48
  50
  53
  56
  58
  61
  64
  68
  71
  75
  78
  82
  86
  91
Total debt, $m
  2,350
  2,588
  2,854
  3,134
  3,428
  3,737
  4,062
  4,403
  4,761
  5,138
  5,533
  5,949
  6,385
  6,843
  7,325
  7,830
  8,361
  8,919
  9,504
  10,119
  10,765
  11,443
  12,156
  12,904
  13,689
  14,514
  15,380
  16,289
  17,244
  18,247
  19,300
Total liabilities, $m
  5,183
  5,421
  5,687
  5,967
  6,261
  6,570
  6,895
  7,236
  7,594
  7,971
  8,366
  8,782
  9,218
  9,676
  10,158
  10,663
  11,194
  11,752
  12,337
  12,952
  13,598
  14,276
  14,989
  15,737
  16,522
  17,347
  18,213
  19,122
  20,077
  21,080
  22,133
Total equity, $m
  2,344
  2,458
  2,579
  2,706
  2,839
  2,980
  3,127
  3,281
  3,444
  3,615
  3,794
  3,982
  4,180
  4,388
  4,606
  4,836
  5,076
  5,329
  5,595
  5,874
  6,167
  6,474
  6,797
  7,136
  7,493
  7,867
  8,259
  8,672
  9,105
  9,560
  10,037
Total liabilities and equity, $m
  7,527
  7,879
  8,266
  8,673
  9,100
  9,550
  10,022
  10,517
  11,038
  11,586
  12,160
  12,764
  13,398
  14,064
  14,764
  15,499
  16,270
  17,081
  17,932
  18,826
  19,765
  20,750
  21,786
  22,873
  24,015
  25,214
  26,472
  27,794
  29,182
  30,640
  32,170
Debt-to-equity ratio
  1.003
  1.050
  1.110
  1.160
  1.210
  1.250
  1.300
  1.340
  1.380
  1.420
  1.460
  1.490
  1.530
  1.560
  1.590
  1.620
  1.650
  1.670
  1.700
  1.720
  1.750
  1.770
  1.790
  1.810
  1.830
  1.840
  1.860
  1.880
  1.890
  1.910
  1.920
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
  173
  201
  230
  262
  295
  331
  370
  412
  456
  503
  553
  607
  664
  724
  789
  858
  931
  1,008
  1,091
  1,178
  1,271
  1,370
  1,474
  1,585
  1,702
  1,826
  1,958
  2,097
  2,244
  2,400
Depreciation, amort., depletion, $m
  321
  140
  146
  154
  161
  169
  178
  186
  196
  205
  215
  226
  237
  249
  262
  275
  288
  303
  318
  334
  350
  368
  386
  405
  425
  447
  469
  492
  517
  543
  570
Funds from operations, $m
  542
  313
  347
  384
  423
  464
  509
  556
  607
  661
  718
  779
  844
  913
  986
  1,064
  1,146
  1,233
  1,326
  1,424
  1,528
  1,639
  1,756
  1,879
  2,010
  2,149
  2,295
  2,450
  2,614
  2,787
  2,970
Change in working capital, $m
  -11
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
Cash from operations, $m
  553
  312
  346
  383
  422
  463
  508
  555
  606
  659
  717
  778
  842
  911
  984
  1,062
  1,144
  1,231
  1,324
  1,422
  1,526
  1,636
  1,753
  1,876
  2,007
  2,145
  2,291
  2,446
  2,610
  2,783
  2,966
Maintenance CAPEX, $m
  0
  -133
  -140
  -146
  -154
  -161
  -169
  -178
  -186
  -196
  -205
  -215
  -226
  -237
  -249
  -262
  -275
  -288
  -303
  -318
  -334
  -350
  -368
  -386
  -405
  -425
  -447
  -469
  -492
  -517
  -543
New CAPEX, $m
  -584
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -65
  -68
  -72
  -75
  -79
  -83
  -87
  -92
  -96
  -101
  -106
  -112
  -117
  -123
  -129
  -136
Cash from investing activities, $m
  -585
  -166
  -174
  -182
  -192
  -201
  -211
  -222
  -232
  -244
  -256
  -268
  -282
  -296
  -311
  -327
  -343
  -360
  -378
  -397
  -417
  -437
  -460
  -482
  -506
  -531
  -559
  -586
  -615
  -646
  -679
Free cash flow, $m
  -32
  146
  172
  200
  230
  262
  297
  334
  373
  415
  461
  509
  560
  615
  673
  735
  801
  871
  946
  1,025
  1,109
  1,199
  1,293
  1,394
  1,501
  1,614
  1,733
  1,860
  1,995
  2,137
  2,287
Issuance/(repayment) of debt, $m
  151
  252
  266
  280
  294
  309
  325
  341
  358
  376
  395
  415
  436
  458
  481
  506
  531
  558
  586
  615
  646
  678
  712
  748
  785
  825
  866
  909
  955
  1,003
  1,053
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
  252
  266
  280
  294
  309
  325
  341
  358
  376
  395
  415
  436
  458
  481
  506
  531
  558
  586
  615
  646
  678
  712
  748
  785
  825
  866
  909
  955
  1,003
  1,053
Total cash flow (excl. dividends), $m
  112
  398
  438
  480
  524
  571
  621
  675
  732
  792
  856
  924
  996
  1,073
  1,154
  1,241
  1,332
  1,429
  1,531
  1,640
  1,755
  1,877
  2,006
  2,142
  2,286
  2,438
  2,599
  2,770
  2,950
  3,140
  3,340
Retained Cash Flow (-), $m
  -86
  -114
  -121
  -127
  -133
  -140
  -147
  -155
  -163
  -171
  -179
  -188
  -198
  -208
  -218
  -229
  -241
  -253
  -266
  -279
  -293
  -308
  -323
  -339
  -356
  -374
  -393
  -412
  -433
  -455
  -478
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
 
  284
  318
  353
  391
  431
  474
  520
  569
  621
  677
  736
  798
  865
  936
  1,011
  1,091
  1,176
  1,266
  1,361
  1,462
  1,569
  1,683
  1,803
  1,930
  2,064
  2,207
  2,357
  2,516
  2,685
  2,863
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
 
  264
  272
  277
  279
  277
  272
  264
  252
  238
  222
  204
  184
  164
  144
  124
  104
  87
  70
  56
  44
  33
  25
  18
  13
  9
  6
  4
  2
  1
  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 is an electric utility that is engaged in the wholesale purchase, transmission, distribution and retail sale of electricity in the State of Oregon. Its service area allocation of approximately 4,000 square miles is located entirely within Oregon and includes approximately 51 incorporated cities, of which Portland and Salem. It has five natural gas-fired generating facilities, which include Port Westward Unit 1 (PW1), Port Westward Unit 2 (PW2), Beaver natural gas-fired generating plant (Beaver), Coyote Springs Unit 1 (Coyote Springs) and Carty natural gas-fired generating plant (Carty). As of December 31, 2016, the Company owned and operated two wind farms, Biglow Canyon Wind Farm (Biglow Canyon) and Tucannon River Wind Farm (Tucannon River). The Company's hydroelectric projects consist of Pelton/Round Butte on the Deschutes River near Madras, Oregon, four plants on the Clackamas River, and one on the Willamette River.

FINANCIAL RATIOS  of  Portland General Electric (POR)

Valuation Ratios
P/E Ratio 20.6
Price to Sales 2.1
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 7.2
Price to Free Cash Flow -128.5
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 4.9% 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 2.1 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 88.884 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 $4.0 billion.

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COMPANY NEWS

▶ PGE getting access to cheaper power, more renewables   [Oct-02-17 06:00PM  American City Business Journals]
▶ A 1.8% solution: Agreement could dramatically slash PGE's proposed rate hike   [Sep-19-17 06:45PM  American City Business Journals]
▶ Portland council set to approve deals to keep hydropower flowing   [Aug-17-17 06:51PM  American City Business Journals]
▶ 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]
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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