Intrinsic value of Spark Energy - SPKE

Previous Close

$9.15

  Intrinsic Value

$6,889

stock screener

  Rating & Target

str. buy

+999%

Previous close

$9.15

 
Intrinsic value

$6,889

 
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
  46.00
  41.90
  38.21
  34.89
  31.90
  29.21
  26.79
  24.61
  22.65
  20.88
  19.30
  17.87
  16.58
  15.42
  14.38
  13.44
  12.60
  11.84
  11.15
  10.54
  9.98
  9.49
  9.04
  8.63
  8.27
  7.94
  7.65
  7.38
  7.15
  6.93
Revenue, $m
  547
  1,165
  1,653
  2,285
  3,082
  4,065
  5,253
  6,660
  8,299
  10,179
  12,305
  14,679
  17,301
  20,170
  23,280
  26,628
  30,207
  34,012
  38,039
  42,282
  46,737
  51,404
  56,280
  61,367
  66,665
  72,178
  77,912
  83,871
  90,064
  96,500
  103,189
Variable operating expenses, $m
 
  112
  152
  203
  268
  347
  444
  558
  691
  844
  1,016
  1,192
  1,405
  1,638
  1,890
  2,162
  2,453
  2,762
  3,089
  3,433
  3,795
  4,174
  4,570
  4,983
  5,413
  5,861
  6,326
  6,810
  7,313
  7,835
  8,378
Fixed operating expenses, $m
 
  64
  66
  67
  69
  70
  72
  73
  75
  77
  78
  80
  82
  84
  85
  87
  89
  91
  93
  95
  97
  99
  102
  104
  106
  109
  111
  113
  116
  118
  121
Total operating expenses, $m
  463
  176
  218
  270
  337
  417
  516
  631
  766
  921
  1,094
  1,272
  1,487
  1,722
  1,975
  2,249
  2,542
  2,853
  3,182
  3,528
  3,892
  4,273
  4,672
  5,087
  5,519
  5,970
  6,437
  6,923
  7,429
  7,953
  8,499
Operating income, $m
  84
  989
  1,436
  2,015
  2,746
  3,648
  4,737
  6,029
  7,533
  9,258
  11,210
  13,407
  15,815
  18,449
  21,305
  24,379
  27,665
  31,160
  34,857
  38,753
  42,845
  47,131
  51,609
  56,280
  61,146
  66,209
  71,475
  76,948
  82,636
  88,546
  94,689
EBITDA, $m
  133
  1,028
  1,484
  2,075
  2,821
  3,741
  4,853
  6,171
  7,706
  9,467
  11,458
  13,683
  16,140
  18,828
  21,742
  24,879
  28,233
  31,799
  35,572
  39,548
  43,724
  48,097
  52,667
  57,434
  62,399
  67,566
  72,939
  78,525
  84,329
  90,361
  96,629
Interest expense (income), $m
  2
  14
  34
  61
  97
  142
  198
  265
  344
  437
  543
  663
  797
  945
  1,107
  1,283
  1,472
  1,675
  1,890
  2,117
  2,357
  2,609
  2,872
  3,148
  3,435
  3,734
  4,046
  4,370
  4,707
  5,057
  5,420
Earnings before tax, $m
  76
  974
  1,402
  1,953
  2,649
  3,506
  4,540
  5,764
  7,189
  8,821
  10,667
  12,744
  15,018
  17,503
  20,197
  23,095
  26,193
  29,485
  32,967
  36,636
  40,488
  44,522
  48,737
  53,132
  57,711
  62,475
  67,429
  72,578
  77,929
  83,490
  89,269
Tax expense, $m
  10
  263
  379
  527
  715
  947
  1,226
  1,556
  1,941
  2,382
  2,880
  3,441
  4,055
  4,726
  5,453
  6,236
  7,072
  7,961
  8,901
  9,892
  10,932
  12,021
  13,159
  14,346
  15,582
  16,868
  18,206
  19,596
  21,041
  22,542
  24,103
Net income, $m
  14
  711
  1,024
  1,426
  1,934
  2,559
  3,314
  4,208
  5,248
  6,440
  7,787
  9,303
  10,963
  12,777
  14,744
  16,860
  19,121
  21,524
  24,066
  26,744
  29,557
  32,501
  35,578
  38,787
  42,129
  45,607
  49,223
  52,982
  56,888
  60,948
  65,166

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
  739
  1,048
  1,449
  1,954
  2,578
  3,331
  4,223
  5,263
  6,455
  7,802
  9,308
  10,971
  12,790
  14,762
  16,885
  19,155
  21,568
  24,121
  26,811
  29,637
  32,596
  35,688
  38,913
  42,273
  45,769
  49,405
  53,184
  57,111
  61,192
  65,434
Adjusted assets (=assets-cash), $m
  349
  739
  1,048
  1,449
  1,954
  2,578
  3,331
  4,223
  5,263
  6,455
  7,802
  9,308
  10,971
  12,790
  14,762
  16,885
  19,155
  21,568
  24,121
  26,811
  29,637
  32,596
  35,688
  38,913
  42,273
  45,769
  49,405
  53,184
  57,111
  61,192
  65,434
Revenue / Adjusted assets
  1.567
  1.576
  1.577
  1.577
  1.577
  1.577
  1.577
  1.577
  1.577
  1.577
  1.577
  1.577
  1.577
  1.577
  1.577
  1.577
  1.577
  1.577
  1.577
  1.577
  1.577
  1.577
  1.577
  1.577
  1.577
  1.577
  1.577
  1.577
  1.577
  1.577
  1.577
Average production assets, $m
  24
  219
  311
  430
  579
  764
  988
  1,252
  1,560
  1,914
  2,313
  2,760
  3,253
  3,792
  4,377
  5,006
  5,679
  6,394
  7,151
  7,949
  8,787
  9,664
  10,581
  11,537
  12,533
  13,570
  14,647
  15,768
  16,932
  18,142
  19,399
Working capital, $m
  14
  -113
  -160
  -222
  -299
  -394
  -510
  -646
  -805
  -987
  -1,194
  -1,424
  -1,678
  -1,956
  -2,258
  -2,583
  -2,930
  -3,299
  -3,690
  -4,101
  -4,534
  -4,986
  -5,459
  -5,953
  -6,466
  -7,001
  -7,557
  -8,136
  -8,736
  -9,361
  -10,009
Total debt, $m
  78
  341
  619
  980
  1,435
  1,996
  2,674
  3,477
  4,412
  5,485
  6,698
  8,053
  9,550
  11,187
  12,962
  14,872
  16,915
  19,087
  21,385
  23,806
  26,349
  29,012
  31,795
  34,698
  37,722
  40,868
  44,140
  47,541
  51,076
  54,749
  58,566
Total liabilities, $m
  346
  665
  944
  1,304
  1,759
  2,320
  2,998
  3,801
  4,736
  5,809
  7,022
  8,377
  9,874
  11,511
  13,286
  15,197
  17,239
  19,411
  21,709
  24,130
  26,673
  29,336
  32,119
  35,022
  38,046
  41,192
  44,465
  47,866
  51,400
  55,073
  58,890
Total equity, $m
  30
  74
  105
  145
  195
  258
  333
  422
  526
  645
  780
  931
  1,097
  1,279
  1,476
  1,689
  1,915
  2,157
  2,412
  2,681
  2,964
  3,260
  3,569
  3,891
  4,227
  4,577
  4,941
  5,318
  5,711
  6,119
  6,543
Total liabilities and equity, $m
  376
  739
  1,049
  1,449
  1,954
  2,578
  3,331
  4,223
  5,262
  6,454
  7,802
  9,308
  10,971
  12,790
  14,762
  16,886
  19,154
  21,568
  24,121
  26,811
  29,637
  32,596
  35,688
  38,913
  42,273
  45,769
  49,406
  53,184
  57,111
  61,192
  65,433
Debt-to-equity ratio
  2.600
  4.610
  5.910
  6.760
  7.340
  7.740
  8.030
  8.230
  8.380
  8.500
  8.580
  8.650
  8.700
  8.750
  8.780
  8.810
  8.830
  8.850
  8.870
  8.880
  8.890
  8.900
  8.910
  8.920
  8.920
  8.930
  8.930
  8.940
  8.940
  8.950
  8.950
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
  711
  1,024
  1,426
  1,934
  2,559
  3,314
  4,208
  5,248
  6,440
  7,787
  9,303
  10,963
  12,777
  14,744
  16,860
  19,121
  21,524
  24,066
  26,744
  29,557
  32,501
  35,578
  38,787
  42,129
  45,607
  49,223
  52,982
  56,888
  60,948
  65,166
Depreciation, amort., depletion, $m
  49
  39
  48
  60
  75
  94
  116
  143
  173
  209
  249
  276
  325
  379
  438
  501
  568
  639
  715
  795
  879
  966
  1,058
  1,154
  1,253
  1,357
  1,465
  1,577
  1,693
  1,814
  1,940
Funds from operations, $m
  54
  751
  1,072
  1,486
  2,009
  2,653
  3,430
  4,350
  5,421
  6,648
  8,035
  9,579
  11,288
  13,156
  15,182
  17,360
  19,689
  22,163
  24,781
  27,539
  30,435
  33,468
  36,636
  39,940
  43,382
  46,964
  50,688
  54,559
  58,581
  62,762
  67,106
Change in working capital, $m
  -14
  -36
  -47
  -61
  -77
  -95
  -115
  -136
  -159
  -182
  -206
  -230
  -254
  -278
  -302
  -325
  -347
  -369
  -391
  -412
  -432
  -453
  -473
  -493
  -514
  -535
  -556
  -578
  -601
  -624
  -649
Cash from operations, $m
  68
  786
  1,119
  1,548
  2,086
  2,748
  3,545
  4,487
  5,580
  6,831
  8,242
  9,809
  11,542
  13,435
  15,483
  17,685
  20,036
  22,533
  25,172
  27,951
  30,867
  33,920
  37,109
  40,434
  43,896
  47,498
  51,244
  55,137
  59,182
  63,386
  67,755
Maintenance CAPEX, $m
  0
  -15
  -22
  -31
  -43
  -58
  -76
  -99
  -125
  -156
  -191
  -231
  -276
  -325
  -379
  -438
  -501
  -568
  -639
  -715
  -795
  -879
  -966
  -1,058
  -1,154
  -1,253
  -1,357
  -1,465
  -1,577
  -1,693
  -1,814
New CAPEX, $m
  -2
  -69
  -92
  -119
  -150
  -185
  -223
  -265
  -308
  -353
  -400
  -446
  -493
  -539
  -585
  -629
  -673
  -715
  -757
  -798
  -838
  -877
  -917
  -956
  -996
  -1,037
  -1,078
  -1,120
  -1,164
  -1,210
  -1,257
Cash from investing activities, $m
  -36
  -84
  -114
  -150
  -193
  -243
  -299
  -364
  -433
  -509
  -591
  -677
  -769
  -864
  -964
  -1,067
  -1,174
  -1,283
  -1,396
  -1,513
  -1,633
  -1,756
  -1,883
  -2,014
  -2,150
  -2,290
  -2,435
  -2,585
  -2,741
  -2,903
  -3,071
Free cash flow, $m
  32
  702
  1,006
  1,398
  1,893
  2,505
  3,246
  4,123
  5,147
  6,321
  7,651
  9,132
  10,773
  12,570
  14,519
  16,618
  18,862
  21,249
  23,775
  26,438
  29,235
  32,164
  35,226
  38,419
  41,746
  45,209
  48,809
  52,552
  56,441
  60,483
  64,684
Issuance/(repayment) of debt, $m
  12
  195
  279
  361
  455
  561
  678
  803
  935
  1,073
  1,213
  1,355
  1,497
  1,637
  1,775
  1,910
  2,043
  2,172
  2,298
  2,421
  2,543
  2,663
  2,783
  2,903
  3,024
  3,147
  3,272
  3,401
  3,534
  3,673
  3,817
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
  195
  279
  361
  455
  561
  678
  803
  935
  1,073
  1,213
  1,355
  1,497
  1,637
  1,775
  1,910
  2,043
  2,172
  2,298
  2,421
  2,543
  2,663
  2,783
  2,903
  3,024
  3,147
  3,272
  3,401
  3,534
  3,673
  3,817
Total cash flow (excl. dividends), $m
  22
  897
  1,284
  1,758
  2,348
  3,067
  3,923
  4,926
  6,082
  7,394
  8,864
  10,487
  12,270
  14,207
  16,295
  18,528
  20,905
  23,421
  26,073
  28,859
  31,778
  34,827
  38,009
  41,322
  44,770
  48,355
  52,081
  55,953
  59,976
  64,156
  68,501
Retained Cash Flow (-), $m
  -19
  -38
  -31
  -40
  -51
  -62
  -75
  -89
  -104
  -119
  -135
  -151
  -166
  -182
  -197
  -212
  -227
  -241
  -255
  -269
  -283
  -296
  -309
  -323
  -336
  -350
  -364
  -378
  -393
  -408
  -424
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
 
  6
  8
  12
  16
  22
  28
  37
  47
  58
  71
  86
  103
  121
  141
  163
  186
  211
  238
  266
  296
  327
  360
  394
  430
  467
  505
  545
  587
  630
  676
Cash available for distribution, $m
 
  859
  1,253
  1,718
  2,298
  3,004
  3,848
  4,837
  5,978
  7,275
  8,729
  10,336
  12,104
  14,025
  16,097
  18,316
  20,678
  23,180
  25,818
  28,590
  31,495
  34,532
  37,699
  41,000
  44,434
  48,005
  51,718
  55,575
  59,583
  63,748
  68,077
Discount rate, %
 
  4.50
  4.73
  4.96
  5.21
  5.47
  5.74
  6.03
  6.33
  6.65
  6.98
  7.33
  7.70
  8.08
  8.49
  8.91
  9.36
  9.82
  10.31
  10.83
  11.37
  11.94
  12.54
  13.16
  13.82
  14.51
  15.24
  16.00
  16.80
  17.64
  18.52
PV of cash for distribution, $m
 
  822
  1,143
  1,486
  1,875
  2,302
  2,752
  3,211
  3,658
  4,076
  4,445
  4,747
  4,972
  5,107
  5,147
  5,091
  4,944
  4,713
  4,411
  4,053
  3,654
  3,232
  2,804
  2,385
  1,987
  1,622
  1,294
  1,010
  770
  573
  416
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 15.2
Price to Sales 0.4
Price to Book 7.1
Price to Tangible Book
Price to Cash Flow 3.1
Price to Free Cash Flow 3.2
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 $798 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 46% 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 4.5%, 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 10.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $63 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 9.9% 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 0.7%.

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 18.8%.

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 -9.7%. 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 - $36 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 13 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 $0.1 billion.

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COMPANY NEWS

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▶ 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]
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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