Intrinsic value of Spark Energy - SPKE

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$22.45

  Intrinsic Value

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  Value-price divergence*

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*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 0.4

 

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
  573
  885
  1,323
  1,920
  2,709
  3,725
  5,000
  6,565
  8,447
  10,669
  13,249
  16,198
  19,524
  23,230
  27,315
  31,773
  36,600
  41,787
  47,326
  53,209
  59,427
  65,975
  72,847
  80,040
  87,554
  95,389
  103,548
  112,037
  120,864
  130,038
Variable operating expenses, $m
 
  114
  175
  261
  378
  533
  732
  982
  1,288
  1,657
  2,093
  2,596
  3,174
  3,826
  4,552
  5,353
  6,227
  7,173
  8,189
  9,275
  10,427
  11,646
  12,929
  14,276
  15,686
  17,158
  18,694
  20,292
  21,956
  23,686
  25,484
Fixed operating expenses, $m
 
  276
  283
  290
  297
  304
  312
  320
  328
  336
  344
  353
  362
  371
  380
  390
  399
  409
  420
  430
  441
  452
  463
  475
  487
  499
  511
  524
  537
  550
  564
Total operating expenses, $m
  463
  390
  458
  551
  675
  837
  1,044
  1,302
  1,616
  1,993
  2,437
  2,949
  3,536
  4,197
  4,932
  5,743
  6,626
  7,582
  8,609
  9,705
  10,868
  12,098
  13,392
  14,751
  16,173
  17,657
  19,205
  20,816
  22,493
  24,236
  26,048
Operating income, $m
  84
  183
  427
  773
  1,245
  1,872
  2,681
  3,698
  4,949
  6,454
  8,232
  10,300
  12,662
  15,327
  18,298
  21,572
  25,147
  29,018
  33,179
  37,622
  42,341
  47,329
  52,583
  58,096
  63,868
  69,897
  76,184
  82,731
  89,544
  96,627
  103,990
EBITDA, $m
  133
  189
  435
  783
  1,260
  1,892
  2,708
  3,734
  4,995
  6,513
  8,307
  10,390
  12,772
  15,460
  18,456
  21,758
  25,363
  29,267
  33,463
  37,943
  42,702
  47,733
  53,031
  58,592
  64,412
  70,492
  76,833
  83,436
  90,306
  97,449
  104,874
Interest expense (income), $m
  2
  2
  6
  11
  19
  30
  45
  64
  87
  116
  151
  192
  240
  294
  356
  424
  500
  582
  671
  767
  869
  978
  1,093
  1,214
  1,341
  1,474
  1,613
  1,757
  1,908
  2,065
  2,228
Earnings before tax, $m
  76
  181
  422
  761
  1,226
  1,842
  2,636
  3,634
  4,861
  6,338
  8,081
  10,108
  12,422
  15,033
  17,942
  21,148
  24,648
  28,436
  32,507
  36,855
  41,471
  46,351
  51,490
  56,883
  62,527
  68,423
  74,571
  80,974
  87,636
  94,562
  101,762
Tax expense, $m
  10
  49
  114
  206
  331
  497
  712
  981
  1,313
  1,711
  2,182
  2,729
  3,354
  4,059
  4,844
  5,710
  6,655
  7,678
  8,777
  9,951
  11,197
  12,515
  13,902
  15,358
  16,882
  18,474
  20,134
  21,863
  23,662
  25,532
  27,476
Net income, $m
  14
  132
  308
  556
  895
  1,344
  1,924
  2,653
  3,549
  4,627
  5,899
  7,379
  9,068
  10,974
  13,098
  15,438
  17,993
  20,758
  23,730
  26,904
  30,274
  33,836
  37,587
  41,524
  45,645
  49,949
  54,437
  59,111
  63,974
  69,031
  74,286

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
  240
  371
  554
  804
  1,135
  1,560
  2,094
  2,750
  3,539
  4,470
  5,551
  6,786
  8,179
  9,732
  11,443
  13,311
  15,333
  17,506
  19,827
  22,291
  24,896
  27,639
  30,518
  33,532
  36,679
  39,962
  43,380
  46,936
  50,634
  54,478
Adjusted assets (=assets-cash), $m
  349
  240
  371
  554
  804
  1,135
  1,560
  2,094
  2,750
  3,539
  4,470
  5,551
  6,786
  8,179
  9,732
  11,443
  13,311
  15,333
  17,506
  19,827
  22,291
  24,896
  27,639
  30,518
  33,532
  36,679
  39,962
  43,380
  46,936
  50,634
  54,478
Revenue / Adjusted assets
  1.567
  2.388
  2.385
  2.388
  2.388
  2.387
  2.388
  2.388
  2.387
  2.387
  2.387
  2.387
  2.387
  2.387
  2.387
  2.387
  2.387
  2.387
  2.387
  2.387
  2.387
  2.387
  2.387
  2.387
  2.387
  2.387
  2.387
  2.387
  2.387
  2.387
  2.387
Average production assets, $m
  24
  19
  30
  45
  65
  92
  127
  170
  223
  287
  363
  450
  551
  664
  790
  929
  1,080
  1,244
  1,421
  1,609
  1,809
  2,021
  2,243
  2,477
  2,721
  2,977
  3,243
  3,521
  3,809
  4,109
  4,421
Working capital, $m
  14
  56
  87
  130
  188
  266
  365
  490
  643
  828
  1,046
  1,298
  1,587
  1,913
  2,277
  2,677
  3,114
  3,587
  4,095
  4,638
  5,214
  5,824
  6,466
  7,139
  7,844
  8,580
  9,348
  10,148
  10,980
  11,845
  12,744
Total debt, $m
  78
  114
  232
  397
  622
  920
  1,302
  1,783
  2,373
  3,083
  3,921
  4,893
  6,005
  7,260
  8,657
  10,197
  11,878
  13,698
  15,654
  17,742
  19,960
  22,305
  24,773
  27,364
  30,077
  32,910
  35,864
  38,940
  42,141
  45,469
  48,928
Total liabilities, $m
  346
  216
  334
  499
  724
  1,022
  1,404
  1,885
  2,475
  3,185
  4,023
  4,995
  6,107
  7,362
  8,759
  10,299
  11,980
  13,800
  15,756
  17,844
  20,062
  22,407
  24,875
  27,466
  30,179
  33,012
  35,966
  39,042
  42,243
  45,571
  49,030
Total equity, $m
  30
  24
  37
  55
  80
  114
  156
  209
  275
  354
  447
  555
  679
  818
  973
  1,144
  1,331
  1,533
  1,751
  1,983
  2,229
  2,490
  2,764
  3,052
  3,353
  3,668
  3,996
  4,338
  4,694
  5,063
  5,448
Total liabilities and equity, $m
  376
  240
  371
  554
  804
  1,136
  1,560
  2,094
  2,750
  3,539
  4,470
  5,550
  6,786
  8,180
  9,732
  11,443
  13,311
  15,333
  17,507
  19,827
  22,291
  24,897
  27,639
  30,518
  33,532
  36,680
  39,962
  43,380
  46,937
  50,634
  54,478
Debt-to-equity ratio
  2.600
  4.750
  6.250
  7.160
  7.730
  8.100
  8.350
  8.510
  8.630
  8.710
  8.770
  8.820
  8.850
  8.880
  8.900
  8.910
  8.920
  8.930
  8.940
  8.950
  8.950
  8.960
  8.960
  8.970
  8.970
  8.970
  8.970
  8.980
  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
  132
  308
  556
  895
  1,344
  1,924
  2,653
  3,549
  4,627
  5,899
  7,379
  9,068
  10,974
  13,098
  15,438
  17,993
  20,758
  23,730
  26,904
  30,274
  33,836
  37,587
  41,524
  45,645
  49,949
  54,437
  59,111
  63,974
  69,031
  74,286
Depreciation, amort., depletion, $m
  49
  6
  8
  11
  15
  20
  27
  36
  46
  59
  74
  90
  110
  133
  158
  186
  216
  249
  284
  322
  362
  404
  449
  495
  544
  595
  649
  704
  762
  822
  884
Funds from operations, $m
  54
  138
  316
  567
  910
  1,365
  1,951
  2,689
  3,595
  4,686
  5,974
  7,469
  9,178
  11,107
  13,256
  15,624
  18,209
  21,007
  24,015
  27,226
  30,636
  34,241
  38,036
  42,020
  46,189
  50,544
  55,086
  59,815
  64,736
  69,852
  75,170
Change in working capital, $m
  -14
  21
  31
  43
  58
  77
  100
  125
  153
  184
  218
  253
  289
  326
  363
  400
  437
  473
  508
  543
  576
  609
  642
  673
  705
  736
  768
  800
  832
  865
  899
Cash from operations, $m
  68
  121
  285
  524
  851
  1,287
  1,852
  2,564
  3,442
  4,501
  5,756
  7,216
  8,889
  10,781
  12,892
  15,223
  17,772
  20,534
  23,506
  26,683
  30,059
  33,631
  37,394
  41,346
  45,484
  49,808
  54,318
  59,016
  63,904
  68,987
  74,271
Maintenance CAPEX, $m
  0
  -2
  -4
  -6
  -9
  -13
  -18
  -25
  -34
  -45
  -57
  -73
  -90
  -110
  -133
  -158
  -186
  -216
  -249
  -284
  -322
  -362
  -404
  -449
  -495
  -544
  -595
  -649
  -704
  -762
  -822
New CAPEX, $m
  -2
  -7
  -11
  -15
  -20
  -27
  -35
  -43
  -53
  -64
  -76
  -88
  -100
  -113
  -126
  -139
  -152
  -164
  -176
  -188
  -200
  -211
  -223
  -234
  -245
  -255
  -266
  -277
  -289
  -300
  -312
Cash from investing activities, $m
  -36
  -9
  -15
  -21
  -29
  -40
  -53
  -68
  -87
  -109
  -133
  -161
  -190
  -223
  -259
  -297
  -338
  -380
  -425
  -472
  -522
  -573
  -627
  -683
  -740
  -799
  -861
  -926
  -993
  -1,062
  -1,134
Free cash flow, $m
  32
  111
  270
  503
  822
  1,247
  1,799
  2,495
  3,355
  4,393
  5,623
  7,056
  8,699
  10,558
  12,634
  14,927
  17,435
  20,154
  23,081
  26,210
  29,538
  33,058
  36,768
  40,664
  44,744
  49,008
  53,456
  58,090
  62,911
  67,925
  73,138
Issuance/(repayment) of debt, $m
  12
  77
  118
  165
  225
  297
  383
  481
  590
  710
  838
  973
  1,112
  1,254
  1,397
  1,540
  1,681
  1,820
  1,956
  2,088
  2,218
  2,345
  2,469
  2,591
  2,712
  2,833
  2,954
  3,076
  3,201
  3,328
  3,459
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
  77
  118
  165
  225
  297
  383
  481
  590
  710
  838
  973
  1,112
  1,254
  1,397
  1,540
  1,681
  1,820
  1,956
  2,088
  2,218
  2,345
  2,469
  2,591
  2,712
  2,833
  2,954
  3,076
  3,201
  3,328
  3,459
Total cash flow (excl. dividends), $m
  22
  188
  388
  668
  1,047
  1,545
  2,182
  2,976
  3,945
  5,102
  6,461
  8,028
  9,811
  11,812
  14,031
  16,467
  19,116
  21,974
  25,037
  28,299
  31,755
  35,403
  39,236
  43,255
  47,457
  51,841
  56,410
  61,166
  66,112
  71,253
  76,597
Retained Cash Flow (-), $m
  -19
  -13
  -13
  -18
  -25
  -33
  -43
  -53
  -66
  -79
  -93
  -108
  -124
  -139
  -155
  -171
  -187
  -202
  -217
  -232
  -246
  -261
  -274
  -288
  -301
  -315
  -328
  -342
  -356
  -370
  -384
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
 
  175
  375
  650
  1,022
  1,512
  2,139
  2,923
  3,879
  5,024
  6,368
  7,920
  9,687
  11,672
  13,876
  16,295
  18,929
  21,772
  24,819
  28,067
  31,509
  35,142
  38,962
  42,967
  47,155
  51,527
  56,082
  60,824
  65,756
  70,884
  76,212
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
 
  168
  343
  565
  841
  1,172
  1,552
  1,974
  2,425
  2,886
  3,338
  3,761
  4,134
  4,438
  4,658
  4,784
  4,810
  4,737
  4,571
  4,321
  4,004
  3,635
  3,233
  2,816
  2,402
  2,004
  1,636
  1,305
  1,017
  774
  574
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 26.8
Price to Sales 0.7
Price to Book 12.5
Price to Tangible Book
Price to Cash Flow 5.5
Price to Free Cash Flow 5.7
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 $358 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 20.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $269 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 4.9% 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 3.4%.

Life of production assets of 0.8 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 9.8%. 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 - $11 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 $0.4 billion.


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COMPANY NEWS

▶ 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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