Intrinsic value of Scana - SCG

Previous Close

$62.05

  Intrinsic Value

$54.11

stock screener

  Rating & Target

hold

-13%

  Value-price divergence*

+149%

Previous close

$62.05

 
Intrinsic value

$54.11

 
Up/down potential

-13%

 
Rating

hold

 
Value-price divergence*

+149%

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

We calculate the intrinsic value of SCG 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 9.0

 

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, %
  -3.49
  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
  4,227
  4,312
  4,411
  4,524
  4,651
  4,792
  4,947
  5,116
  5,298
  5,494
  5,705
  5,931
  6,172
  6,428
  6,700
  6,989
  7,296
  7,620
  7,963
  8,325
  8,707
  9,111
  9,537
  9,985
  10,458
  10,956
  11,480
  12,032
  12,612
  13,223
  13,866
Variable operating expenses, $m
 
  2,918
  2,985
  3,061
  3,147
  3,242
  3,346
  3,459
  3,581
  3,713
  3,855
  3,986
  4,147
  4,320
  4,503
  4,697
  4,903
  5,121
  5,351
  5,595
  5,852
  6,123
  6,409
  6,710
  7,028
  7,363
  7,715
  8,086
  8,476
  8,886
  9,318
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
  3,074
  2,918
  2,985
  3,061
  3,147
  3,242
  3,346
  3,459
  3,581
  3,713
  3,855
  3,986
  4,147
  4,320
  4,503
  4,697
  4,903
  5,121
  5,351
  5,595
  5,852
  6,123
  6,409
  6,710
  7,028
  7,363
  7,715
  8,086
  8,476
  8,886
  9,318
Operating income, $m
  1,153
  1,393
  1,426
  1,463
  1,504
  1,551
  1,601
  1,657
  1,717
  1,781
  1,850
  1,945
  2,024
  2,108
  2,197
  2,292
  2,393
  2,499
  2,611
  2,730
  2,856
  2,988
  3,128
  3,275
  3,430
  3,593
  3,765
  3,946
  4,136
  4,337
  4,548
EBITDA, $m
  1,542
  1,443
  1,476
  1,514
  1,556
  1,603
  1,655
  1,711
  1,773
  1,838
  1,909
  1,984
  2,065
  2,151
  2,242
  2,338
  2,441
  2,549
  2,664
  2,785
  2,913
  3,048
  3,191
  3,341
  3,499
  3,665
  3,841
  4,025
  4,220
  4,424
  4,639
Interest expense (income), $m
  328
  339
  353
  367
  384
  402
  422
  444
  468
  494
  522
  552
  584
  618
  655
  694
  735
  778
  824
  873
  925
  979
  1,037
  1,098
  1,161
  1,229
  1,300
  1,374
  1,453
  1,536
  1,623
Earnings before tax, $m
  866
  1,054
  1,072
  1,095
  1,121
  1,149
  1,180
  1,213
  1,249
  1,287
  1,328
  1,393
  1,440
  1,490
  1,543
  1,599
  1,658
  1,721
  1,787
  1,857
  1,931
  2,009
  2,091
  2,177
  2,268
  2,364
  2,465
  2,572
  2,684
  2,801
  2,925
Tax expense, $m
  271
  284
  290
  296
  303
  310
  319
  327
  337
  348
  359
  376
  389
  402
  417
  432
  448
  465
  482
  501
  521
  542
  565
  588
  612
  638
  666
  694
  725
  756
  790
Net income, $m
  595
  769
  783
  800
  818
  839
  861
  885
  912
  940
  970
  1,017
  1,051
  1,088
  1,126
  1,167
  1,210
  1,256
  1,305
  1,356
  1,409
  1,466
  1,526
  1,589
  1,656
  1,726
  1,800
  1,877
  1,959
  2,045
  2,135

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  208
  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
  18,707
  18,910
  19,345
  19,842
  20,401
  21,019
  21,698
  22,437
  23,236
  24,098
  25,023
  26,012
  27,068
  28,192
  29,387
  30,655
  31,998
  33,420
  34,924
  36,513
  38,190
  39,961
  41,827
  43,795
  45,868
  48,052
  50,351
  52,771
  55,318
  57,997
  60,815
Adjusted assets (=assets-cash), $m
  18,499
  18,910
  19,345
  19,842
  20,401
  21,019
  21,698
  22,437
  23,236
  24,098
  25,023
  26,012
  27,068
  28,192
  29,387
  30,655
  31,998
  33,420
  34,924
  36,513
  38,190
  39,961
  41,827
  43,795
  45,868
  48,052
  50,351
  52,771
  55,318
  57,997
  60,815
Revenue / Adjusted assets
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
Average production assets, $m
  278
  285
  291
  299
  307
  316
  327
  338
  350
  363
  377
  391
  407
  424
  442
  461
  482
  503
  526
  549
  575
  601
  629
  659
  690
  723
  758
  794
  832
  873
  915
Working capital, $m
  -559
  194
  198
  204
  209
  216
  223
  230
  238
  247
  257
  267
  278
  289
  302
  315
  328
  343
  358
  375
  392
  410
  429
  449
  471
  493
  517
  541
  568
  595
  624
Total debt, $m
  7,431
  7,516
  7,817
  8,160
  8,546
  8,973
  9,442
  9,953
  10,505
  11,101
  11,740
  12,424
  13,153
  13,930
  14,755
  15,631
  16,560
  17,542
  18,581
  19,679
  20,839
  22,062
  23,352
  24,711
  26,144
  27,653
  29,242
  30,914
  32,674
  34,525
  36,472
Total liabilities, $m
  12,982
  13,067
  13,368
  13,711
  14,097
  14,524
  14,993
  15,504
  16,056
  16,652
  17,291
  17,975
  18,704
  19,481
  20,306
  21,182
  22,111
  23,093
  24,132
  25,230
  26,390
  27,613
  28,903
  30,262
  31,695
  33,204
  34,793
  36,465
  38,225
  40,076
  42,023
Total equity, $m
  5,725
  5,843
  5,978
  6,131
  6,304
  6,495
  6,705
  6,933
  7,180
  7,446
  7,732
  8,038
  8,364
  8,711
  9,081
  9,472
  9,887
  10,327
  10,791
  11,282
  11,801
  12,348
  12,925
  13,533
  14,173
  14,848
  15,559
  16,306
  17,093
  17,921
  18,792
Total liabilities and equity, $m
  18,707
  18,910
  19,346
  19,842
  20,401
  21,019
  21,698
  22,437
  23,236
  24,098
  25,023
  26,013
  27,068
  28,192
  29,387
  30,654
  31,998
  33,420
  34,923
  36,512
  38,191
  39,961
  41,828
  43,795
  45,868
  48,052
  50,352
  52,771
  55,318
  57,997
  60,815
Debt-to-equity ratio
  1.298
  1.290
  1.310
  1.330
  1.360
  1.380
  1.410
  1.440
  1.460
  1.490
  1.520
  1.550
  1.570
  1.600
  1.620
  1.650
  1.670
  1.700
  1.720
  1.740
  1.770
  1.790
  1.810
  1.830
  1.840
  1.860
  1.880
  1.900
  1.910
  1.930
  1.940
Adjusted equity ratio
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  595
  769
  783
  800
  818
  839
  861
  885
  912
  940
  970
  1,017
  1,051
  1,088
  1,126
  1,167
  1,210
  1,256
  1,305
  1,356
  1,409
  1,466
  1,526
  1,589
  1,656
  1,726
  1,800
  1,877
  1,959
  2,045
  2,135
Depreciation, amort., depletion, $m
  389
  49
  50
  51
  52
  53
  54
  55
  56
  57
  59
  39
  41
  42
  44
  46
  48
  50
  53
  55
  57
  60
  63
  66
  69
  72
  76
  79
  83
  87
  92
Funds from operations, $m
  947
  819
  833
  850
  870
  891
  915
  940
  968
  997
  1,028
  1,056
  1,092
  1,130
  1,170
  1,213
  1,259
  1,306
  1,357
  1,411
  1,467
  1,526
  1,589
  1,655
  1,725
  1,798
  1,876
  1,957
  2,042
  2,132
  2,227
Change in working capital, $m
  -145
  4
  4
  5
  6
  6
  7
  8
  8
  9
  9
  10
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  27
  29
Cash from operations, $m
  1,092
  815
  828
  845
  864
  885
  908
  933
  959
  988
  1,019
  1,046
  1,081
  1,119
  1,158
  1,200
  1,245
  1,292
  1,342
  1,394
  1,450
  1,508
  1,570
  1,635
  1,704
  1,776
  1,852
  1,932
  2,016
  2,105
  2,198
Maintenance CAPEX, $m
  0
  -28
  -28
  -29
  -30
  -31
  -32
  -33
  -34
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -57
  -60
  -63
  -66
  -69
  -72
  -76
  -79
  -83
  -87
New CAPEX, $m
  -1,579
  -7
  -7
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
Cash from investing activities, $m
  -1,620
  -35
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -73
  -77
  -80
  -84
  -88
  -93
  -97
  -102
  -107
  -112
  -117
  -123
  -129
Free cash flow, $m
  -528
  780
  793
  809
  826
  845
  866
  889
  914
  940
  969
  994
  1,026
  1,061
  1,098
  1,137
  1,178
  1,222
  1,269
  1,318
  1,370
  1,424
  1,482
  1,543
  1,607
  1,674
  1,745
  1,820
  1,898
  1,981
  2,068
Issuance/(repayment) of debt, $m
  885
  293
  301
  344
  386
  427
  469
  511
  553
  595
  639
  684
  730
  777
  825
  876
  928
  983
  1,039
  1,098
  1,159
  1,223
  1,290
  1,360
  1,433
  1,509
  1,589
  1,672
  1,760
  1,851
  1,947
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  
  885
  293
  301
  344
  386
  427
  469
  511
  553
  595
  639
  684
  730
  777
  825
  876
  928
  983
  1,039
  1,098
  1,159
  1,223
  1,290
  1,360
  1,433
  1,509
  1,589
  1,672
  1,760
  1,851
  1,947
Total cash flow (excl. dividends), $m
  357
  1,073
  1,094
  1,152
  1,212
  1,272
  1,335
  1,399
  1,466
  1,536
  1,608
  1,677
  1,756
  1,838
  1,923
  2,013
  2,107
  2,205
  2,308
  2,416
  2,529
  2,647
  2,772
  2,902
  3,039
  3,183
  3,334
  3,492
  3,658
  3,832
  4,015
Retained Cash Flow (-), $m
  -282
  -118
  -134
  -154
  -172
  -191
  -210
  -228
  -247
  -266
  -286
  -306
  -326
  -347
  -369
  -392
  -415
  -439
  -465
  -491
  -518
  -547
  -577
  -608
  -641
  -675
  -710
  -748
  -787
  -828
  -871
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
 
  955
  960
  999
  1,039
  1,081
  1,125
  1,171
  1,219
  1,269
  1,322
  1,372
  1,429
  1,490
  1,554
  1,621
  1,692
  1,765
  1,843
  1,925
  2,010
  2,100
  2,195
  2,294
  2,399
  2,508
  2,623
  2,744
  2,871
  3,004
  3,145
Discount rate, %
 
  8.70
  9.14
  9.59
  10.07
  10.57
  11.10
  11.66
  12.24
  12.85
  13.50
  14.17
  14.88
  15.62
  16.41
  17.23
  18.09
  18.99
  19.94
  20.94
  21.98
  23.08
  24.24
  25.45
  26.72
  28.06
  29.46
  30.93
  32.48
  34.11
  35.81
PV of cash for distribution, $m
 
  879
  806
  759
  708
  654
  598
  541
  484
  427
  373
  319
  271
  226
  185
  149
  118
  92
  70
  52
  38
  27
  19
  12
  8
  5
  3
  2
  1
  1
  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

SCANA Corporation, through its subsidiaries, engages in the generation, transmission, distribution, and sale of electricity to retail and wholesale customers in South Carolina. It owns nuclear, coal, hydro, natural gas and oil, and biomass/solar generating facilities. The company also purchases, sells, and transports natural gas; and offers energy-related services. As of December 31, 2015, the company supplied electricity to approximately 698,000 customers; and provided natural gas to approximately 534,000 residential, commercial, and industrial customers in North Carolina, as well as markets natural gas to approximately 450,000 customers in Georgia. It serves municipalities, electric cooperatives, other investor-owned utilities, registered marketers, and federal and state electric agencies, as well as chemical, educational service, paper product, food product, lumber and wood product, health service, textile manufacturing, rubber and miscellaneous plastic product, automotive and tire, and fabricated metal product industries. The company was founded in 1924 and is based in Cayce, South Carolina.

FINANCIAL RATIOS  of  Scana (SCG)

Valuation Ratios
P/E Ratio 14.9
Price to Sales 2.1
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 8.1
Price to Free Cash Flow -18.2
Growth Rates
Sales Growth Rate -3.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 36.9%
Cap. Spend. - 3 Yr. Gr. Rate 7.4%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 113.1%
Total Debt to Equity 129.8%
Interest Coverage 4
Management Effectiveness
Return On Assets 4.6%
Ret/ On Assets - 3 Yr. Avg. 4.9%
Return On Total Capital 4.7%
Ret/ On T. Cap. - 3 Yr. Avg. 5.3%
Return On Equity 10.7%
Return On Equity - 3 Yr. Avg. 12%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 37.4%
EBITDA Margin - 3 Yr. Avg. 36.3%
Operating Margin 27.3%
Oper. Margin - 3 Yr. Avg. 26.6%
Pre-Tax Margin 20.5%
Pre-Tax Margin - 3 Yr. Avg. 20.8%
Net Profit Margin 14.1%
Net Profit Margin - 3 Yr. Avg. 14%
Effective Tax Rate 31.3%
Eff/ Tax Rate - 3 Yr. Avg. 32.4%
Payout Ratio 54.6%

SCG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SCG stock intrinsic value calculation we used $4227 million for the last fiscal year's total revenue generated by Scana. The default revenue input number comes from 2016 income statement of Scana. 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 SCG 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 8.7%, whose default value for SCG is calculated based on our internal credit rating of Scana, 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 Scana.
    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 SCG stock the variable cost ratio is equal to 67.7%.

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 SCG 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 4.7% for Scana.

Corporate tax rate of 27% is the nominal tax rate for Scana. 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 SCG 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 SCG are equal to 6.6%.

Life of production assets of 10 years is the average useful life of capital assets used in Scana 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 SCG is equal to 4.5%. 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 - $5725 million for Scana - 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 144.664 million for Scana 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 Scana at the current share price and the inputted number of shares is $9.0 billion.

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COMPANY NEWS

▶ SCANA sees little hope for reviving V.C. Summer nuclear project despite partner search   [Aug-16-17 03:40PM  American City Business Journals]
▶ SCANA withdraws for now petition to abandon $18 billion nuclear project   [Aug-15-17 10:20PM  American City Business Journals]
▶ Utility pays bonuses to execs before nuclear project fails   [Aug-10-17 05:41PM  Associated Press]
▶ [$$] Westinghouse Says Work Ended on Nuclear Reactors 'Without Warning'   [Aug-08-17 04:20PM  The Wall Street Journal]
▶ [$$] South Carolina Seeks Ways to Salvage Nuclear Project   [12:35AM  The Wall Street Journal]
▶ [$$] South Carolina Seeks Ways to Salvage Nuclear Project   [Aug-07-17 03:46PM  The Wall Street Journal]
▶ Here's Why Fluor Corporation's Stock Is Falling Today   [Aug-04-17 12:15PM  Motley Fool]
▶ SCANA (SCG) Beats Q2 Earnings Estimate   [Aug-03-17 09:33PM  Zacks]
▶ Scana beats 2Q profit forecasts   [07:51AM  Associated Press]
▶ S.C. regulators blindsided by devastating decision to abandon V.C. Summer expansion   [Aug-02-17 04:28PM  American City Business Journals]
▶ [$$] Nuclear Powers Growth in U.S. Takes a Hit   [02:04AM  The Wall Street Journal]
▶ [$$] Nuclear Power's Growth in U.S. Takes a Hit   [06:53PM  The Wall Street Journal]
▶ Scana votes to stop nuke construction   [01:37PM  CNBC Videos]
▶ ETFs with exposure to SCANA Corp. : July 24, 2017   [Jul-24-17 07:05PM  Capital Cube]
▶ SCANA: Petition to block construction of V.C. Summer plant is premature   [Jul-21-17 03:00PM  American City Business Journals]
▶ Report says abandoning Summer nuclear project could save S.C. customers billions   [Jul-19-17 09:35AM  American City Business Journals]
▶ ETFs with exposure to SCANA Corp. : July 14, 2017   [Jul-14-17 04:44PM  Capital Cube]
▶ ETFs with exposure to SCANA Corp. : July 4, 2017   [Jul-04-17 03:27PM  Capital Cube]
▶ ETFs with exposure to SCANA Corp. : June 22, 2017   [Jun-22-17 04:23PM  Capital Cube]
▶ Report: Bechtel, Fluor will bid to take over construction of Vogtle nuclear project   [May-27-17 08:11AM  American City Business Journals]
▶ Lockout at Westinghouse N.H. plant could impact V.C. Summer and Vogtle construction   [May-25-17 12:40PM  American City Business Journals]
▶ Westinghouse responds to push to make nuclear contract details public   [May-19-17 08:34AM  American City Business Journals]
▶ These Utility Stocks Could Be Bearish   [May-08-17 05:05PM  Market Realist]
▶ S.C. regulatory staff calls for opening confidential V.C. Summer filings to public   [May-02-17 02:11PM  American City Business Journals]
▶ SCANA Corp. Value Analysis (NYSE:SCG) : May 1, 2017   [May-01-17 05:21PM  Capital Cube]
▶ Time, money and taxes weigh on troubled SCANA nuclear project   [Apr-28-17 01:45PM  American City Business Journals]
▶ Scana misses 1Q profit forecasts   [07:58AM  Associated Press]
▶ Nuclear construction shutdown among options amid bankruptcy   [Apr-12-17 04:31PM  Associated Press]
▶ Nuclear costs hurt Toshiba's Westinghouse   [Mar-30-17 07:01PM  AAP]
Stock chart of SCG Financial statements of SCG
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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