Intrinsic value of Spark Energy - SPKE

Previous Close

$20.55

  Intrinsic Value

$3,258

stock screener

  Rating & Target

str. buy

+999%

  Value-price divergence*

+2730%

Previous close

$20.55

 
Intrinsic value

$3,258

 
Up/down potential

+999%

 
Rating

str. buy

 
Value-price divergence*

+2730%

*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 0.3

 

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
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  547
  875
  1,352
  2,022
  2,934
  4,140
  5,691
  7,639
  10,030
  12,907
  16,302
  20,244
  24,750
  29,832
  35,494
  41,735
  48,548
  55,923
  63,848
  72,311
  81,300
  90,801
  100,805
  111,305
  122,296
  133,777
  145,747
  158,214
  171,185
  184,672
  198,689
Variable operating expenses, $m
 
  621
  955
  1,425
  2,063
  2,908
  3,995
  5,359
  7,035
  9,050
  11,429
  14,182
  17,339
  20,899
  24,866
  29,238
  34,010
  39,177
  44,729
  50,658
  56,955
  63,611
  70,620
  77,976
  85,676
  93,718
  102,105
  110,838
  119,925
  129,373
  139,193
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
  697
  1,033
  1,505
  2,145
  2,992
  4,081
  5,447
  7,125
  9,142
  11,524
  14,279
  17,439
  21,001
  24,971
  29,345
  34,120
  39,290
  44,844
  50,776
  57,076
  63,735
  70,747
  78,107
  85,810
  93,855
  102,246
  110,982
  120,073
  129,524
  139,348
Operating income, $m
  84
  178
  319
  518
  789
  1,148
  1,610
  2,192
  2,905
  3,765
  4,779
  5,965
  7,312
  8,831
  10,524
  12,390
  14,427
  16,633
  19,003
  21,535
  24,223
  27,065
  30,058
  33,199
  36,487
  39,921
  43,502
  47,232
  51,112
  55,147
  59,341
EBITDA, $m
  133
  190
  333
  535
  810
  1,174
  1,643
  2,233
  2,958
  3,829
  4,859
  6,054
  7,421
  8,962
  10,680
  12,574
  14,641
  16,879
  19,284
  21,853
  24,581
  27,465
  30,502
  33,689
  37,025
  40,510
  44,144
  47,928
  51,865
  55,960
  60,215
Interest expense (income), $m
  2
  2
  9
  19
  33
  52
  78
  110
  151
  202
  262
  334
  417
  511
  618
  737
  869
  1,012
  1,167
  1,334
  1,512
  1,701
  1,901
  2,112
  2,333
  2,564
  2,806
  3,057
  3,320
  3,593
  3,876
Earnings before tax, $m
  76
  176
  310
  499
  756
  1,096
  1,533
  2,081
  2,754
  3,563
  4,517
  5,631
  6,895
  8,320
  9,906
  11,652
  13,559
  15,621
  17,836
  20,201
  22,711
  25,364
  28,157
  31,087
  34,154
  37,357
  40,697
  44,174
  47,793
  51,554
  55,464
Tax expense, $m
  10
  48
  84
  135
  204
  296
  414
  562
  744
  962
  1,220
  1,520
  1,862
  2,246
  2,674
  3,146
  3,661
  4,218
  4,816
  5,454
  6,132
  6,848
  7,602
  8,394
  9,222
  10,086
  10,988
  11,927
  12,904
  13,920
  14,975
Net income, $m
  14
  128
  226
  364
  552
  800
  1,119
  1,519
  2,011
  2,601
  3,297
  4,111
  5,033
  6,073
  7,231
  8,506
  9,898
  11,403
  13,020
  14,747
  16,579
  18,516
  20,554
  22,694
  24,933
  27,271
  29,709
  32,247
  34,889
  37,635
  40,489

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
  585
  903
  1,351
  1,960
  2,765
  3,802
  5,103
  6,700
  8,622
  10,890
  13,523
  16,533
  19,928
  23,710
  27,879
  32,430
  37,356
  42,651
  48,304
  54,308
  60,655
  67,338
  74,352
  81,694
  89,363
  97,360
  105,687
  114,352
  123,361
  132,725
Adjusted assets (=assets-cash), $m
  349
  585
  903
  1,351
  1,960
  2,765
  3,802
  5,103
  6,700
  8,622
  10,890
  13,523
  16,533
  19,928
  23,710
  27,879
  32,430
  37,356
  42,651
  48,304
  54,308
  60,655
  67,338
  74,352
  81,694
  89,363
  97,360
  105,687
  114,352
  123,361
  132,725
Revenue / Adjusted assets
  1.567
  1.496
  1.497
  1.497
  1.497
  1.497
  1.497
  1.497
  1.497
  1.497
  1.497
  1.497
  1.497
  1.497
  1.497
  1.497
  1.497
  1.497
  1.497
  1.497
  1.497
  1.497
  1.497
  1.497
  1.497
  1.497
  1.497
  1.497
  1.497
  1.497
  1.497
Average production assets, $m
  24
  39
  59
  89
  129
  182
  250
  336
  441
  568
  717
  891
  1,089
  1,313
  1,562
  1,836
  2,136
  2,461
  2,809
  3,182
  3,577
  3,995
  4,435
  4,897
  5,381
  5,886
  6,413
  6,961
  7,532
  8,126
  8,742
Working capital, $m
  14
  96
  149
  222
  323
  455
  626
  840
  1,103
  1,420
  1,793
  2,227
  2,722
  3,282
  3,904
  4,591
  5,340
  6,151
  7,023
  7,954
  8,943
  9,988
  11,089
  12,244
  13,453
  14,715
  16,032
  17,404
  18,830
  20,314
  21,856
Total debt, $m
  78
  258
  545
  948
  1,496
  2,221
  3,153
  4,325
  5,762
  7,492
  9,533
  11,903
  14,612
  17,667
  21,071
  24,823
  28,919
  33,353
  38,118
  43,206
  48,610
  54,322
  60,336
  66,649
  73,257
  80,159
  87,356
  94,851
  102,649
  110,757
  119,184
Total liabilities, $m
  346
  526
  813
  1,216
  1,764
  2,489
  3,421
  4,593
  6,030
  7,760
  9,801
  12,171
  14,880
  17,935
  21,339
  25,091
  29,187
  33,621
  38,386
  43,474
  48,878
  54,590
  60,604
  66,917
  73,525
  80,427
  87,624
  95,119
  102,917
  111,025
  119,452
Total equity, $m
  30
  58
  90
  135
  196
  277
  380
  510
  670
  862
  1,089
  1,352
  1,653
  1,993
  2,371
  2,788
  3,243
  3,736
  4,265
  4,830
  5,431
  6,066
  6,734
  7,435
  8,169
  8,936
  9,736
  10,569
  11,435
  12,336
  13,272
Total liabilities and equity, $m
  376
  584
  903
  1,351
  1,960
  2,766
  3,801
  5,103
  6,700
  8,622
  10,890
  13,523
  16,533
  19,928
  23,710
  27,879
  32,430
  37,357
  42,651
  48,304
  54,309
  60,656
  67,338
  74,352
  81,694
  89,363
  97,360
  105,688
  114,352
  123,361
  132,724
Debt-to-equity ratio
  2.600
  4.420
  6.030
  7.020
  7.630
  8.030
  8.300
  8.470
  8.600
  8.690
  8.750
  8.800
  8.840
  8.870
  8.890
  8.900
  8.920
  8.930
  8.940
  8.940
  8.950
  8.960
  8.960
  8.960
  8.970
  8.970
  8.970
  8.970
  8.980
  8.980
  8.980
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
  128
  226
  364
  552
  800
  1,119
  1,519
  2,011
  2,601
  3,297
  4,111
  5,033
  6,073
  7,231
  8,506
  9,898
  11,403
  13,020
  14,747
  16,579
  18,516
  20,554
  22,694
  24,933
  27,271
  29,709
  32,247
  34,889
  37,635
  40,489
Depreciation, amort., depletion, $m
  49
  12
  14
  17
  21
  26
  33
  42
  52
  65
  80
  89
  109
  131
  156
  184
  214
  246
  281
  318
  358
  400
  444
  490
  538
  589
  641
  696
  753
  813
  874
Funds from operations, $m
  54
  140
  240
  381
  573
  826
  1,152
  1,561
  2,063
  2,666
  3,377
  4,200
  5,142
  6,205
  7,387
  8,690
  10,111
  11,649
  13,301
  15,065
  16,937
  18,915
  20,998
  23,183
  25,471
  27,859
  30,350
  32,943
  35,642
  38,447
  41,363
Change in working capital, $m
  -14
  36
  52
  74
  100
  133
  171
  214
  263
  316
  374
  434
  496
  559
  623
  686
  749
  811
  872
  931
  989
  1,045
  1,100
  1,155
  1,209
  1,263
  1,317
  1,371
  1,427
  1,484
  1,542
Cash from operations, $m
  68
  104
  188
  307
  472
  693
  981
  1,347
  1,799
  2,349
  3,003
  3,766
  4,647
  5,645
  6,764
  8,003
  9,362
  10,838
  12,429
  14,134
  15,948
  17,870
  19,897
  22,028
  24,262
  26,597
  29,033
  31,572
  34,215
  36,964
  39,821
Maintenance CAPEX, $m
  0
  -2
  -4
  -6
  -9
  -13
  -18
  -25
  -34
  -44
  -57
  -72
  -89
  -109
  -131
  -156
  -184
  -214
  -246
  -281
  -318
  -358
  -400
  -444
  -490
  -538
  -589
  -641
  -696
  -753
  -813
New CAPEX, $m
  -2
  -15
  -21
  -29
  -40
  -53
  -68
  -86
  -105
  -127
  -149
  -173
  -198
  -224
  -249
  -275
  -300
  -325
  -349
  -372
  -395
  -418
  -440
  -462
  -484
  -505
  -527
  -549
  -571
  -593
  -617
Cash from investing activities, $m
  -36
  -17
  -25
  -35
  -49
  -66
  -86
  -111
  -139
  -171
  -206
  -245
  -287
  -333
  -380
  -431
  -484
  -539
  -595
  -653
  -713
  -776
  -840
  -906
  -974
  -1,043
  -1,116
  -1,190
  -1,267
  -1,346
  -1,430
Free cash flow, $m
  32
  87
  163
  272
  423
  627
  895
  1,236
  1,661
  2,178
  2,797
  3,521
  4,359
  5,313
  6,384
  7,573
  8,879
  10,300
  11,835
  13,480
  15,234
  17,094
  19,058
  21,123
  23,288
  25,553
  27,918
  30,382
  32,948
  35,617
  38,392
Issuance/(repayment) of debt, $m
  12
  191
  287
  403
  548
  725
  933
  1,171
  1,438
  1,729
  2,041
  2,370
  2,709
  3,055
  3,404
  3,752
  4,096
  4,434
  4,765
  5,088
  5,404
  5,712
  6,015
  6,313
  6,608
  6,902
  7,197
  7,495
  7,798
  8,108
  8,427
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
  191
  287
  403
  548
  725
  933
  1,171
  1,438
  1,729
  2,041
  2,370
  2,709
  3,055
  3,404
  3,752
  4,096
  4,434
  4,765
  5,088
  5,404
  5,712
  6,015
  6,313
  6,608
  6,902
  7,197
  7,495
  7,798
  8,108
  8,427
Total cash flow (excl. dividends), $m
  22
  278
  450
  675
  971
  1,352
  1,827
  2,407
  3,098
  3,908
  4,839
  5,891
  7,068
  8,368
  9,788
  11,325
  12,974
  14,734
  16,600
  18,569
  20,638
  22,807
  25,072
  27,436
  29,896
  32,455
  35,115
  37,877
  40,746
  43,725
  46,819
Retained Cash Flow (-), $m
  -19
  -28
  -32
  -45
  -61
  -81
  -104
  -130
  -160
  -192
  -227
  -263
  -301
  -339
  -378
  -417
  -455
  -493
  -529
  -565
  -600
  -635
  -668
  -701
  -734
  -767
  -800
  -833
  -866
  -901
  -936
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
 
  249
  418
  630
  911
  1,272
  1,724
  2,277
  2,939
  3,716
  4,612
  5,627
  6,767
  8,029
  9,410
  10,908
  12,519
  14,241
  16,070
  18,003
  20,038
  22,172
  24,404
  26,734
  29,162
  31,688
  34,315
  37,045
  39,880
  42,824
  45,883
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
 
  239
  383
  548
  750
  986
  1,251
  1,538
  1,837
  2,134
  2,418
  2,672
  2,888
  3,053
  3,159
  3,202
  3,181
  3,099
  2,959
  2,772
  2,546
  2,293
  2,025
  1,752
  1,485
  1,233
  1,001
  795
  617
  467
  345
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., through its subsidiaries, operates as an independent retail energy services company in the United States. It operates through two segments, Retail Natural Gas and Retail Electricity. The company is involved in the retail distribution of natural gas and electricity to residential, commercial, and industrial customers. As of December 31, 2015, it operated in 66 utility service territories across 16 states, and had approximately 328,000 residential customers and 19,000 commercial customers. Spark Energy, Inc. was founded in 1999 and is headquartered in Houston, Texas.

FINANCIAL RATIOS  of  Spark Energy (SPKE)

Valuation Ratios
P/E Ratio 24.5
Price to Sales 0.6
Price to Book 11.5
Price to Tangible Book
Price to Cash Flow 5.1
Price to Free Cash Flow 5.2
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 60% 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 10 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 16.69 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 $0.3 billion.

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COMPANY NEWS

▶ 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]
Stock chart of SPKE Financial statements of SPKE Annual reports 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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