Intrinsic value of Spark Energy - SPKE

Previous Close

$11.40

  Intrinsic Value

$386.86

stock screener

  Rating & Target

str. buy

+999%

Previous close

$11.40

 
Intrinsic value

$386.86

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of SPKE 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  52.79
  36.70
  33.53
  30.68
  28.11
  25.80
  23.72
  21.85
  20.16
  18.65
  17.28
  16.05
  14.95
  13.95
  13.06
  12.25
  11.53
  10.87
  10.29
  9.76
  9.28
  8.85
  8.47
  8.12
  7.81
  7.53
  7.28
  7.05
  6.84
  6.66
  6.49
Revenue, $m
  547
  748
  998
  1,305
  1,672
  2,103
  2,602
  3,170
  3,809
  4,519
  5,300
  6,151
  7,070
  8,057
  9,109
  10,225
  11,404
  12,644
  13,944
  15,305
  16,726
  18,206
  19,748
  21,352
  23,020
  24,753
  26,554
  28,425
  30,370
  32,393
  34,496
Variable operating expenses, $m
 
  532
  707
  922
  1,179
  1,481
  1,830
  2,229
  2,676
  3,174
  3,721
  4,309
  4,953
  5,644
  6,381
  7,163
  7,989
  8,858
  9,769
  10,722
  11,717
  12,755
  13,835
  14,958
  16,127
  17,341
  18,602
  19,914
  21,276
  22,693
  24,167
Fixed operating expenses, $m
 
  76
  78
  80
  82
  84
  86
  88
  90
  92
  95
  97
  100
  102
  105
  107
  110
  113
  115
  118
  121
  124
  127
  131
  134
  137
  141
  144
  148
  151
  155
Total operating expenses, $m
  463
  608
  785
  1,002
  1,261
  1,565
  1,916
  2,317
  2,766
  3,266
  3,816
  4,406
  5,053
  5,746
  6,486
  7,270
  8,099
  8,971
  9,884
  10,840
  11,838
  12,879
  13,962
  15,089
  16,261
  17,478
  18,743
  20,058
  21,424
  22,844
  24,322
Operating income, $m
  84
  140
  213
  303
  411
  538
  685
  853
  1,042
  1,253
  1,484
  1,745
  2,018
  2,311
  2,623
  2,955
  3,305
  3,673
  4,060
  4,465
  4,887
  5,327
  5,786
  6,263
  6,759
  7,275
  7,811
  8,368
  8,946
  9,548
  10,174
EBITDA, $m
  133
  155
  230
  322
  434
  564
  716
  889
  1,084
  1,301
  1,539
  1,799
  2,080
  2,381
  2,703
  3,045
  3,405
  3,785
  4,183
  4,599
  5,034
  5,488
  5,960
  6,451
  6,962
  7,493
  8,044
  8,618
  9,214
  9,833
  10,478
Interest expense (income), $m
  2
  2
  6
  11
  17
  24
  33
  43
  54
  67
  81
  97
  114
  133
  153
  174
  196
  220
  245
  271
  298
  327
  357
  388
  420
  453
  488
  524
  562
  601
  642
Earnings before tax, $m
  76
  138
  208
  292
  394
  514
  652
  810
  988
  1,186
  1,403
  1,648
  1,903
  2,178
  2,470
  2,781
  3,109
  3,454
  3,815
  4,194
  4,589
  5,001
  5,429
  5,876
  6,339
  6,821
  7,322
  7,843
  8,384
  8,947
  9,533
Tax expense, $m
  10
  37
  56
  79
  106
  139
  176
  219
  267
  320
  379
  445
  514
  588
  667
  751
  839
  932
  1,030
  1,132
  1,239
  1,350
  1,466
  1,586
  1,712
  1,842
  1,977
  2,118
  2,264
  2,416
  2,574
Net income, $m
  14
  101
  152
  213
  288
  375
  476
  592
  721
  866
  1,024
  1,203
  1,389
  1,590
  1,803
  2,030
  2,269
  2,521
  2,785
  3,061
  3,350
  3,650
  3,964
  4,289
  4,628
  4,980
  5,345
  5,726
  6,121
  6,531
  6,959

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  27
  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
  376
  477
  637
  833
  1,067
  1,342
  1,660
  2,023
  2,431
  2,884
  3,382
  3,925
  4,512
  5,142
  5,813
  6,525
  7,277
  8,069
  8,899
  9,767
  10,674
  11,619
  12,603
  13,626
  14,690
  15,796
  16,946
  18,140
  19,381
  20,672
  22,014
Adjusted assets (=assets-cash), $m
  349
  477
  637
  833
  1,067
  1,342
  1,660
  2,023
  2,431
  2,884
  3,382
  3,925
  4,512
  5,142
  5,813
  6,525
  7,277
  8,069
  8,899
  9,767
  10,674
  11,619
  12,603
  13,626
  14,690
  15,796
  16,946
  18,140
  19,381
  20,672
  22,014
Revenue / Adjusted assets
  1.567
  1.568
  1.567
  1.567
  1.567
  1.567
  1.567
  1.567
  1.567
  1.567
  1.567
  1.567
  1.567
  1.567
  1.567
  1.567
  1.567
  1.567
  1.567
  1.567
  1.567
  1.567
  1.567
  1.567
  1.567
  1.567
  1.567
  1.567
  1.567
  1.567
  1.567
Average production assets, $m
  24
  33
  44
  57
  74
  93
  114
  139
  168
  199
  233
  271
  311
  355
  401
  450
  502
  556
  614
  673
  736
  801
  869
  939
  1,013
  1,089
  1,168
  1,251
  1,336
  1,425
  1,518
Working capital, $m
  14
  82
  110
  144
  184
  231
  286
  349
  419
  497
  583
  677
  778
  886
  1,002
  1,125
  1,254
  1,391
  1,534
  1,684
  1,840
  2,003
  2,172
  2,349
  2,532
  2,723
  2,921
  3,127
  3,341
  3,563
  3,795
Total debt, $m
  78
  161
  305
  481
  692
  940
  1,226
  1,553
  1,920
  2,328
  2,776
  3,265
  3,793
  4,359
  4,964
  5,605
  6,282
  6,994
  7,741
  8,522
  9,338
  10,189
  11,074
  11,996
  12,953
  13,949
  14,983
  16,058
  17,175
  18,337
  19,545
Total liabilities, $m
  346
  429
  573
  749
  960
  1,208
  1,494
  1,821
  2,188
  2,596
  3,044
  3,533
  4,061
  4,627
  5,232
  5,873
  6,550
  7,262
  8,009
  8,790
  9,606
  10,457
  11,342
  12,264
  13,221
  14,217
  15,251
  16,326
  17,443
  18,605
  19,813
Total equity, $m
  30
  48
  64
  83
  107
  134
  166
  202
  243
  288
  338
  393
  451
  514
  581
  653
  728
  807
  890
  977
  1,067
  1,162
  1,260
  1,363
  1,469
  1,580
  1,695
  1,814
  1,938
  2,067
  2,201
Total liabilities and equity, $m
  376
  477
  637
  832
  1,067
  1,342
  1,660
  2,023
  2,431
  2,884
  3,382
  3,926
  4,512
  5,141
  5,813
  6,526
  7,278
  8,069
  8,899
  9,767
  10,673
  11,619
  12,602
  13,627
  14,690
  15,797
  16,946
  18,140
  19,381
  20,672
  22,014
Debt-to-equity ratio
  2.600
  3.380
  4.790
  5.780
  6.490
  7.000
  7.390
  7.680
  7.900
  8.070
  8.210
  8.320
  8.410
  8.480
  8.540
  8.590
  8.630
  8.670
  8.700
  8.730
  8.750
  8.770
  8.790
  8.800
  8.820
  8.830
  8.840
  8.850
  8.860
  8.870
  8.880
Adjusted equity ratio
  0.072
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  14
  101
  152
  213
  288
  375
  476
  592
  721
  866
  1,024
  1,203
  1,389
  1,590
  1,803
  2,030
  2,269
  2,521
  2,785
  3,061
  3,350
  3,650
  3,964
  4,289
  4,628
  4,980
  5,345
  5,726
  6,121
  6,531
  6,959
Depreciation, amort., depletion, $m
  49
  14
  17
  19
  23
  26
  31
  36
  41
  48
  55
  54
  62
  71
  80
  90
  100
  111
  123
  135
  147
  160
  174
  188
  203
  218
  234
  250
  267
  285
  304
Funds from operations, $m
  54
  115
  168
  233
  310
  401
  507
  627
  763
  913
  1,079
  1,257
  1,452
  1,661
  1,884
  2,120
  2,370
  2,632
  2,908
  3,196
  3,497
  3,811
  4,137
  4,477
  4,830
  5,197
  5,579
  5,976
  6,388
  6,817
  7,262
Change in working capital, $m
  -14
  22
  28
  34
  40
  47
  55
  63
  70
  78
  86
  94
  101
  109
  116
  123
  130
  136
  143
  150
  156
  163
  170
  176
  183
  191
  198
  206
  214
  222
  231
Cash from operations, $m
  68
  93
  141
  199
  270
  354
  452
  565
  692
  835
  993
  1,163
  1,351
  1,552
  1,768
  1,997
  2,240
  2,496
  2,765
  3,046
  3,341
  3,648
  3,968
  4,301
  4,647
  5,007
  5,381
  5,770
  6,174
  6,594
  7,031
Maintenance CAPEX, $m
  0
  -5
  -7
  -9
  -11
  -15
  -19
  -23
  -28
  -34
  -40
  -47
  -54
  -62
  -71
  -80
  -90
  -100
  -111
  -123
  -135
  -147
  -160
  -174
  -188
  -203
  -218
  -234
  -250
  -267
  -285
New CAPEX, $m
  -2
  -9
  -11
  -13
  -16
  -19
  -22
  -25
  -28
  -31
  -34
  -37
  -40
  -43
  -46
  -49
  -52
  -55
  -57
  -60
  -63
  -65
  -68
  -71
  -73
  -76
  -79
  -82
  -86
  -89
  -93
Cash from investing activities, $m
  -36
  -14
  -18
  -22
  -27
  -34
  -41
  -48
  -56
  -65
  -74
  -84
  -94
  -105
  -117
  -129
  -142
  -155
  -168
  -183
  -198
  -212
  -228
  -245
  -261
  -279
  -297
  -316
  -336
  -356
  -378
Free cash flow, $m
  32
  80
  123
  177
  242
  320
  412
  517
  636
  770
  919
  1,079
  1,256
  1,447
  1,651
  1,868
  2,098
  2,341
  2,596
  2,864
  3,144
  3,435
  3,740
  4,056
  4,386
  4,728
  5,084
  5,454
  5,838
  6,238
  6,653
Issuance/(repayment) of debt, $m
  12
  110
  144
  176
  211
  248
  286
  326
  367
  408
  449
  489
  528
  567
  604
  641
  677
  712
  747
  782
  816
  851
  886
  921
  958
  995
  1,034
  1,075
  1,117
  1,162
  1,208
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  -9
  110
  144
  176
  211
  248
  286
  326
  367
  408
  449
  489
  528
  567
  604
  641
  677
  712
  747
  782
  816
  851
  886
  921
  958
  995
  1,034
  1,075
  1,117
  1,162
  1,208
Total cash flow (excl. dividends), $m
  22
  190
  267
  353
  453
  568
  698
  843
  1,004
  1,178
  1,367
  1,568
  1,784
  2,013
  2,255
  2,509
  2,775
  3,053
  3,343
  3,645
  3,959
  4,286
  4,625
  4,977
  5,343
  5,723
  6,118
  6,529
  6,955
  7,399
  7,861
Retained Cash Flow (-), $m
  -19
  -18
  -16
  -20
  -23
  -28
  -32
  -36
  -41
  -45
  -50
  -54
  -59
  -63
  -67
  -71
  -75
  -79
  -83
  -87
  -91
  -95
  -98
  -102
  -106
  -111
  -115
  -119
  -124
  -129
  -134
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
 
  172
  251
  333
  430
  541
  666
  807
  963
  1,133
  1,317
  1,514
  1,725
  1,950
  2,188
  2,438
  2,700
  2,974
  3,260
  3,559
  3,869
  4,191
  4,527
  4,875
  5,237
  5,613
  6,003
  6,409
  6,831
  7,270
  7,727
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  165
  230
  290
  354
  419
  484
  545
  602
  651
  691
  719
  736
  742
  734
  716
  686
  647
  600
  548
  492
  434
  376
  320
  267
  218
  175
  138
  106
  79
  58
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

Spark Energy, Inc. is an independent retail energy services company. The Company provides residential and commercial customers across the United States with an alternative choice for their natural gas and electricity. The Company operates through two segments: Retail Natural Gas Segment and Retail Electricity Segment. The Retail Natural Gas segment consists of natural gas sales to, and natural gas transportation and distribution for, residential and commercial customers. It purchases natural gas supply through physical and financial transactions with market counterparts and supplies natural gas to residential and commercial consumers pursuant to fixed-price and variable-price. The Retail Electricity segment consists of electricity sales and transmission to residential and commercial customers. The Company has approximately 774,000 renewable energy credits (RCEs). As of July 5, 2017, the Company operates in 94 utility service territories across 19 states and the District of Columbia.

FINANCIAL RATIOS  of  Spark Energy (SPKE)

Valuation Ratios
P/E Ratio 18.9
Price to Sales 0.5
Price to Book 8.8
Price to Tangible Book
Price to Cash Flow 3.9
Price to Free Cash Flow 4
Growth Rates
Sales Growth Rate 52.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 14.9%
Financial Strength
Quick Ratio 0
Current Ratio 0.3
LT Debt to Equity 16.7%
Total Debt to Equity 260%
Interest Coverage 39
Management Effectiveness
Return On Assets 5.9%
Ret/ On Assets - 3 Yr. Avg. 3.5%
Return On Total Capital 16.7%
Ret/ On T. Cap. - 3 Yr. Avg. 8.2%
Return On Equity 68.3%
Return On Equity - 3 Yr. Avg. 36.1%
Asset Turnover 2
Profitability Ratios
Gross Margin 36.9%
Gross Margin - 3 Yr. Avg. 29.8%
EBITDA Margin 23.2%
EBITDA Margin - 3 Yr. Avg. 14.7%
Operating Margin 15.4%
Oper. Margin - 3 Yr. Avg. 7.5%
Pre-Tax Margin 13.9%
Pre-Tax Margin - 3 Yr. Avg. 6.7%
Net Profit Margin 2.6%
Net Profit Margin - 3 Yr. Avg. 1.2%
Effective Tax Rate 13.2%
Eff/ Tax Rate - 3 Yr. Avg. 13.4%
Payout Ratio 57.1%

SPKE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SPKE stock intrinsic value calculation we used $547 million for the last fiscal year's total revenue generated by Spark Energy. The default revenue input number comes from 2016 income statement of Spark Energy. 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 SPKE stock valuation model: a) initial revenue growth rate of 36.7% 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 4.3%, whose default value for SPKE is calculated based on our internal credit rating of Spark Energy, 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 Spark Energy.
    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 SPKE stock the variable cost ratio is equal to 71.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $74 million in the base year in the intrinsic value calculation for SPKE 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 3.5% for Spark Energy.

Corporate tax rate of 27% is the nominal tax rate for Spark Energy. 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 SPKE 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 SPKE are equal to 4.4%.

Life of production assets of 1.5 years is the average useful life of capital assets used in Spark Energy 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 SPKE is equal to 11%. 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 - $30 million for Spark Energy - 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 34.491 million for Spark Energy 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 Spark Energy at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ New Strong Sell Stocks for January 2nd   [Jan-02-18 05:52AM  Zacks]
▶ Spark Energy Inc (SPKE)s Earnings Grew 25.8%, Is It Enough?   [Dec-11-17 07:28PM  Simply Wall St.]
▶ December Utilities Dividend Stock Picks   [Dec-09-17 07:02AM  Simply Wall St.]
▶ Spark Energy posts 3Q profit   [Nov-03-17 03:55PM  Associated Press]
▶ Spark Energy, Inc. Provides Hurricane Harvey Update   [Sep-06-17 09:15AM  GlobeNewswire]
▶ Spark Energy posts 2Q profit   [Aug-05-17 01:06AM  Associated Press]
▶ Spark Energy, Inc. Closes on Acquisition of Verde Energy   [Jul-05-17 08:00AM  GlobeNewswire]
▶ ETFs with exposure to Spark Energy, Inc. : June 26, 2017   [Jun-26-17 04:56PM  Capital Cube]
▶ Spark Energy, Inc. Announces Share Buyback Program   [May-24-17 05:34PM  GlobeNewswire]
▶ ETFs with exposure to Spark Energy, Inc. : May 19, 2017   [May-19-17 02:10PM  Capital Cube]
▶ Spark Energy posts 1Q profit   [May-08-17 10:32AM  Associated Press]
▶ ETFs with exposure to Spark Energy, Inc. : March 30, 2017   [Mar-29-17 08:36PM  Capital Cube]
▶ Spark Energy posts 4Q profit   [10:02AM  Associated Press]
▶ These 2 High-Yield Dividend Stocks Are Ridiculously Cheap   [Feb-26-17 06:00PM  at Motley Fool]
▶ Is Spark Energy Inc (SPKE) A Good Stock To Buy?   [08:46AM  at Insider Monkey]
Financial statements of SPKE
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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