Intrinsic value of Spark Energy - SPKE

Previous Close

$15.80

  Intrinsic Value

$1,060

stock screener

  Rating & Target

str. buy

+999%

  Value-price divergence*

-71%

Previous close

$15.80

 
Intrinsic value

$1,060

 
Up/down potential

+999%

 
Rating

str. buy

 
Value-price divergence*

-71%

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

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

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 0.5

 

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
  52.80
  48.02
  43.72
  39.85
  36.36
  33.23
  30.40
  27.86
  25.58
  23.52
  21.67
  20.00
  18.50
  17.15
  15.94
  14.84
  13.86
  12.97
  12.17
  11.46
  10.81
  10.23
  9.71
  9.24
  8.81
  8.43
  8.09
  7.78
  7.50
  7.25
Revenue, $m
  547
  836
  1,237
  1,778
  2,487
  3,391
  4,517
  5,891
  7,532
  9,458
  11,683
  14,214
  17,057
  20,212
  23,679
  27,452
  31,526
  35,895
  40,551
  45,488
  50,700
  56,181
  61,929
  67,940
  74,215
  80,756
  87,565
  94,647
  102,011
  109,663
  117,615
Variable operating expenses, $m
 
  593
  875
  1,254
  1,750
  2,383
  3,172
  4,135
  5,284
  6,634
  8,192
  9,958
  11,949
  14,160
  16,588
  19,232
  22,086
  25,147
  28,408
  31,867
  35,518
  39,358
  43,385
  47,596
  51,992
  56,574
  61,344
  66,306
  71,464
  76,825
  82,396
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
  669
  953
  1,334
  1,832
  2,467
  3,258
  4,223
  5,374
  6,726
  8,287
  10,055
  12,049
  14,262
  16,693
  19,339
  22,196
  25,260
  28,523
  31,985
  35,639
  39,482
  43,512
  47,727
  52,126
  56,711
  61,485
  66,450
  71,612
  76,976
  82,551
Operating income, $m
  84
  167
  285
  445
  655
  924
  1,259
  1,668
  2,157
  2,732
  3,396
  4,159
  5,008
  5,950
  6,986
  8,113
  9,330
  10,636
  12,027
  13,503
  15,060
  16,699
  18,417
  20,214
  22,089
  24,045
  26,080
  28,197
  30,399
  32,686
  35,064
EBITDA, $m
  133
  182
  304
  468
  685
  961
  1,307
  1,728
  2,231
  2,823
  3,506
  4,284
  5,158
  6,128
  7,194
  8,355
  9,608
  10,952
  12,384
  13,903
  15,507
  17,193
  18,962
  20,811
  22,742
  24,755
  26,851
  29,030
  31,296
  33,651
  36,099
Interest expense (income), $m
  2
  2
  7
  15
  26
  41
  59
  81
  109
  142
  181
  225
  276
  333
  397
  467
  542
  624
  712
  806
  905
  1,010
  1,120
  1,236
  1,356
  1,483
  1,614
  1,751
  1,893
  2,041
  2,195
Earnings before tax, $m
  76
  165
  277
  429
  629
  883
  1,200
  1,587
  2,048
  2,590
  3,215
  3,934
  4,732
  5,617
  6,589
  7,647
  8,788
  10,012
  11,315
  12,697
  14,155
  15,689
  17,297
  18,978
  20,733
  22,562
  24,466
  26,446
  28,505
  30,645
  32,869
Tax expense, $m
  10
  44
  75
  116
  170
  238
  324
  428
  553
  699
  868
  1,062
  1,278
  1,517
  1,779
  2,065
  2,373
  2,703
  3,055
  3,428
  3,822
  4,236
  4,670
  5,124
  5,598
  6,092
  6,606
  7,141
  7,696
  8,274
  8,875
Net income, $m
  14
  120
  202
  313
  459
  645
  876
  1,158
  1,495
  1,891
  2,347
  2,872
  3,454
  4,100
  4,810
  5,582
  6,415
  7,308
  8,260
  9,269
  10,333
  11,453
  12,627
  13,854
  15,135
  16,470
  17,860
  19,306
  20,809
  22,371
  23,994

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
  533
  790
  1,135
  1,587
  2,164
  2,883
  3,759
  4,807
  6,036
  7,455
  9,071
  10,885
  12,899
  15,111
  17,519
  20,119
  22,907
  25,878
  29,029
  32,355
  35,853
  39,520
  43,357
  47,361
  51,535
  55,881
  60,400
  65,099
  69,983
  75,057
Adjusted assets (=assets-cash), $m
  349
  533
  790
  1,135
  1,587
  2,164
  2,883
  3,759
  4,807
  6,036
  7,455
  9,071
  10,885
  12,899
  15,111
  17,519
  20,119
  22,907
  25,878
  29,029
  32,355
  35,853
  39,520
  43,357
  47,361
  51,535
  55,881
  60,400
  65,099
  69,983
  75,057
Revenue / Adjusted assets
  1.567
  1.568
  1.566
  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
  37
  54
  78
  109
  149
  199
  259
  331
  416
  514
  625
  750
  889
  1,042
  1,208
  1,387
  1,579
  1,784
  2,001
  2,231
  2,472
  2,725
  2,989
  3,265
  3,553
  3,853
  4,164
  4,488
  4,825
  5,175
Working capital, $m
  14
  92
  136
  196
  274
  373
  497
  648
  829
  1,040
  1,285
  1,564
  1,876
  2,223
  2,605
  3,020
  3,468
  3,948
  4,461
  5,004
  5,577
  6,180
  6,812
  7,473
  8,164
  8,883
  9,632
  10,411
  11,221
  12,063
  12,938
Total debt, $m
  78
  212
  443
  753
  1,160
  1,679
  2,326
  3,115
  4,058
  5,164
  6,442
  7,896
  9,528
  11,341
  13,332
  15,499
  17,839
  20,348
  23,022
  25,858
  28,851
  31,999
  35,300
  38,753
  42,357
  46,114
  50,024
  54,092
  58,321
  62,716
  67,284
Total liabilities, $m
  346
  480
  711
  1,021
  1,428
  1,947
  2,594
  3,383
  4,326
  5,432
  6,710
  8,164
  9,796
  11,609
  13,600
  15,767
  18,107
  20,616
  23,290
  26,126
  29,119
  32,267
  35,568
  39,021
  42,625
  46,382
  50,292
  54,360
  58,589
  62,984
  67,552
Total equity, $m
  30
  53
  79
  113
  159
  216
  288
  376
  481
  604
  746
  907
  1,088
  1,290
  1,511
  1,752
  2,012
  2,291
  2,588
  2,903
  3,235
  3,585
  3,952
  4,336
  4,736
  5,154
  5,588
  6,040
  6,510
  6,998
  7,506
Total liabilities and equity, $m
  376
  533
  790
  1,134
  1,587
  2,163
  2,882
  3,759
  4,807
  6,036
  7,456
  9,071
  10,884
  12,899
  15,111
  17,519
  20,119
  22,907
  25,878
  29,029
  32,354
  35,852
  39,520
  43,357
  47,361
  51,536
  55,880
  60,400
  65,099
  69,982
  75,058
Debt-to-equity ratio
  2.600
  3.980
  5.610
  6.640
  7.310
  7.760
  8.070
  8.290
  8.440
  8.560
  8.640
  8.700
  8.750
  8.790
  8.820
  8.850
  8.870
  8.880
  8.900
  8.910
  8.920
  8.930
  8.930
  8.940
  8.940
  8.950
  8.950
  8.960
  8.960
  8.960
  8.960
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
  120
  202
  313
  459
  645
  876
  1,158
  1,495
  1,891
  2,347
  2,872
  3,454
  4,100
  4,810
  5,582
  6,415
  7,308
  8,260
  9,269
  10,333
  11,453
  12,627
  13,854
  15,135
  16,470
  17,860
  19,306
  20,809
  22,371
  23,994
Depreciation, amort., depletion, $m
  49
  15
  19
  24
  30
  38
  48
  60
  74
  91
  111
  125
  150
  178
  208
  242
  277
  316
  357
  400
  446
  494
  545
  598
  653
  711
  771
  833
  898
  965
  1,035
Funds from operations, $m
  54
  136
  221
  337
  489
  682
  924
  1,218
  1,569
  1,982
  2,458
  2,997
  3,604
  4,278
  5,018
  5,824
  6,693
  7,624
  8,617
  9,669
  10,780
  11,947
  13,172
  14,452
  15,788
  17,181
  18,631
  20,139
  21,707
  23,336
  25,029
Change in working capital, $m
  -14
  32
  44
  59
  78
  99
  124
  151
  181
  212
  245
  278
  313
  347
  381
  415
  448
  481
  512
  543
  573
  603
  632
  661
  690
  719
  749
  779
  810
  842
  875
Cash from operations, $m
  68
  104
  177
  277
  411
  583
  800
  1,067
  1,389
  1,770
  2,213
  2,718
  3,291
  3,931
  4,637
  5,408
  6,244
  7,144
  8,105
  9,126
  10,206
  11,344
  12,539
  13,791
  15,098
  16,461
  17,882
  19,360
  20,897
  22,494
  24,154
Maintenance CAPEX, $m
  0
  -5
  -7
  -11
  -16
  -22
  -30
  -40
  -52
  -66
  -83
  -103
  -125
  -150
  -178
  -208
  -242
  -277
  -316
  -357
  -400
  -446
  -494
  -545
  -598
  -653
  -711
  -771
  -833
  -898
  -965
New CAPEX, $m
  -2
  -13
  -18
  -24
  -31
  -40
  -50
  -60
  -72
  -85
  -98
  -111
  -125
  -139
  -153
  -166
  -179
  -192
  -205
  -217
  -229
  -241
  -253
  -265
  -276
  -288
  -300
  -312
  -324
  -337
  -350
Cash from investing activities, $m
  -36
  -18
  -25
  -35
  -47
  -62
  -80
  -100
  -124
  -151
  -181
  -214
  -250
  -289
  -331
  -374
  -421
  -469
  -521
  -574
  -629
  -687
  -747
  -810
  -874
  -941
  -1,011
  -1,083
  -1,157
  -1,235
  -1,315
Free cash flow, $m
  32
  86
  152
  243
  364
  521
  720
  967
  1,265
  1,619
  2,032
  2,504
  3,041
  3,642
  4,307
  5,034
  5,824
  6,674
  7,584
  8,552
  9,577
  10,657
  11,792
  12,981
  14,224
  15,521
  16,872
  18,278
  19,740
  21,260
  22,839
Issuance/(repayment) of debt, $m
  12
  161
  231
  311
  407
  519
  647
  789
  943
  1,106
  1,278
  1,454
  1,633
  1,812
  1,991
  2,167
  2,340
  2,509
  2,674
  2,835
  2,993
  3,148
  3,301
  3,453
  3,604
  3,756
  3,911
  4,068
  4,229
  4,395
  4,567
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
  161
  231
  311
  407
  519
  647
  789
  943
  1,106
  1,278
  1,454
  1,633
  1,812
  1,991
  2,167
  2,340
  2,509
  2,674
  2,835
  2,993
  3,148
  3,301
  3,453
  3,604
  3,756
  3,911
  4,068
  4,229
  4,395
  4,567
Total cash flow (excl. dividends), $m
  22
  247
  383
  553
  771
  1,041
  1,367
  1,755
  2,207
  2,725
  3,309
  3,958
  4,674
  5,455
  6,298
  7,201
  8,164
  9,183
  10,258
  11,387
  12,570
  13,805
  15,093
  16,434
  17,828
  19,277
  20,782
  22,345
  23,969
  25,655
  27,407
Retained Cash Flow (-), $m
  -19
  -23
  -26
  -35
  -45
  -58
  -72
  -88
  -105
  -123
  -142
  -162
  -181
  -201
  -221
  -241
  -260
  -279
  -297
  -315
  -333
  -350
  -367
  -384
  -400
  -417
  -435
  -452
  -470
  -488
  -507
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
 
  224
  357
  519
  726
  983
  1,296
  1,668
  2,103
  2,602
  3,167
  3,796
  4,493
  5,253
  6,076
  6,960
  7,904
  8,904
  9,961
  11,072
  12,237
  13,455
  14,726
  16,050
  17,428
  18,860
  20,348
  21,893
  23,499
  25,167
  26,899
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
 
  215
  327
  452
  597
  762
  940
  1,127
  1,314
  1,495
  1,661
  1,803
  1,917
  1,997
  2,040
  2,043
  2,008
  1,937
  1,834
  1,705
  1,555
  1,392
  1,222
  1,052
  888
  734
  594
  470
  364
  275
  203
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 26.2
Price to Sales 0.7
Price to Book 12.2
Price to Tangible Book
Price to Cash Flow 5.4
Price to Free Cash Flow 5.6
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 52.8% 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 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 33.355 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 $0.5 billion.

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COMPANY NEWS

▶ 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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