Intrinsic value of Spire - SR

Previous Close

$78.20

  Intrinsic Value

$240.78

stock screener

  Rating & Target

str. buy

+208%

Previous close

$78.20

 
Intrinsic value

$240.78

 
Up/down potential

+208%

 
Rating

str. buy

We calculate the intrinsic value of SR 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 3.8

 

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, %
  -22.22
  30.10
  27.59
  25.33
  23.30
  21.47
  19.82
  18.34
  17.01
  15.80
  14.72
  13.75
  12.88
  12.09
  11.38
  10.74
  10.17
  9.65
  9.19
  8.77
  8.39
  8.05
  7.75
  7.47
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
Revenue, $m
  1,457
  2,000
  2,551
  3,198
  3,943
  4,789
  5,738
  6,791
  7,945
  9,201
  10,556
  12,007
  13,554
  15,192
  16,921
  18,739
  20,644
  22,636
  24,716
  26,883
  29,138
  31,484
  33,923
  36,458
  39,092
  41,829
  44,674
  47,633
  50,709
  53,911
  57,244
Variable operating expenses, $m
 
  1,689
  2,122
  2,630
  3,216
  3,882
  4,628
  5,455
  6,363
  7,350
  8,416
  9,440
  10,656
  11,944
  13,303
  14,732
  16,230
  17,797
  19,432
  21,135
  22,909
  24,753
  26,671
  28,663
  30,734
  32,886
  35,123
  37,449
  39,868
  42,385
  45,005
Fixed operating expenses, $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
Total operating expenses, $m
  1,255
  1,689
  2,122
  2,630
  3,216
  3,882
  4,628
  5,455
  6,363
  7,350
  8,416
  9,440
  10,656
  11,944
  13,303
  14,732
  16,230
  17,797
  19,432
  21,135
  22,909
  24,753
  26,671
  28,663
  30,734
  32,886
  35,123
  37,449
  39,868
  42,385
  45,005
Operating income, $m
  282
  311
  429
  567
  726
  907
  1,110
  1,335
  1,582
  1,851
  2,140
  2,567
  2,898
  3,248
  3,618
  4,006
  4,414
  4,840
  5,284
  5,747
  6,230
  6,731
  7,253
  7,795
  8,358
  8,943
  9,551
  10,184
  10,842
  11,526
  12,239
EBITDA, $m
  420
  430
  548
  687
  848
  1,029
  1,234
  1,460
  1,708
  1,978
  2,269
  2,581
  2,914
  3,266
  3,637
  4,028
  4,438
  4,866
  5,313
  5,779
  6,264
  6,768
  7,292
  7,837
  8,403
  8,992
  9,603
  10,239
  10,901
  11,589
  12,306
Interest expense (income), $m
  73
  86
  131
  185
  248
  321
  403
  496
  599
  711
  834
  966
  1,107
  1,258
  1,418
  1,587
  1,764
  1,950
  2,144
  2,347
  2,559
  2,779
  3,008
  3,246
  3,493
  3,750
  4,017
  4,294
  4,583
  4,883
  5,196
Earnings before tax, $m
  214
  225
  298
  382
  478
  587
  707
  839
  984
  1,139
  1,307
  1,601
  1,790
  1,990
  2,199
  2,419
  2,649
  2,890
  3,140
  3,400
  3,671
  3,953
  4,245
  4,549
  4,865
  5,193
  5,534
  5,889
  6,258
  6,643
  7,043
Tax expense, $m
  70
  61
  80
  103
  129
  158
  191
  227
  266
  308
  353
  432
  483
  537
  594
  653
  715
  780
  848
  918
  991
  1,067
  1,146
  1,228
  1,314
  1,402
  1,494
  1,590
  1,690
  1,794
  1,902
Net income, $m
  144
  164
  217
  279
  349
  428
  516
  613
  718
  832
  954
  1,169
  1,307
  1,452
  1,606
  1,766
  1,934
  2,109
  2,292
  2,482
  2,680
  2,885
  3,099
  3,321
  3,551
  3,791
  4,040
  4,299
  4,569
  4,849
  5,141

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  5
  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
  6,064
  7,873
  10,045
  12,589
  15,522
  18,854
  22,591
  26,735
  31,281
  36,225
  41,559
  47,274
  53,361
  59,812
  66,618
  73,774
  81,276
  89,120
  97,306
  105,837
  114,718
  123,954
  133,556
  143,535
  153,905
  164,682
  175,883
  187,530
  199,644
  212,248
  225,370
Adjusted assets (=assets-cash), $m
  6,059
  7,873
  10,045
  12,589
  15,522
  18,854
  22,591
  26,735
  31,281
  36,225
  41,559
  47,274
  53,361
  59,812
  66,618
  73,774
  81,276
  89,120
  97,306
  105,837
  114,718
  123,954
  133,556
  143,535
  153,905
  164,682
  175,883
  187,530
  199,644
  212,248
  225,370
Revenue / Adjusted assets
  0.240
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
Average production assets, $m
  14
  18
  23
  29
  35
  43
  52
  61
  72
  83
  95
  108
  122
  137
  152
  169
  186
  204
  222
  242
  262
  283
  305
  328
  352
  376
  402
  429
  456
  485
  515
Working capital, $m
  -591
  68
  87
  109
  134
  163
  195
  231
  270
  313
  359
  408
  461
  517
  575
  637
  702
  770
  840
  914
  991
  1,070
  1,153
  1,240
  1,329
  1,422
  1,519
  1,620
  1,724
  1,833
  1,946
Total debt, $m
  2,469
  3,747
  5,285
  7,086
  9,163
  11,522
  14,168
  17,101
  20,320
  23,820
  27,596
  31,643
  35,952
  40,520
  45,339
  50,405
  55,716
  61,270
  67,066
  73,106
  79,393
  85,933
  92,731
  99,796
  107,138
  114,768
  122,698
  130,944
  139,521
  148,445
  157,735
Total liabilities, $m
  4,296
  5,574
  7,112
  8,913
  10,990
  13,349
  15,995
  18,928
  22,147
  25,647
  29,423
  33,470
  37,779
  42,347
  47,166
  52,232
  57,543
  63,097
  68,893
  74,933
  81,220
  87,760
  94,558
  101,623
  108,965
  116,595
  124,525
  132,771
  141,348
  150,272
  159,562
Total equity, $m
  1,768
  2,299
  2,933
  3,676
  4,532
  5,505
  6,597
  7,806
  9,134
  10,578
  12,135
  13,804
  15,581
  17,465
  19,453
  21,542
  23,732
  26,023
  28,413
  30,905
  33,498
  36,195
  38,998
  41,912
  44,940
  48,087
  51,358
  54,759
  58,296
  61,977
  65,808
Total liabilities and equity, $m
  6,064
  7,873
  10,045
  12,589
  15,522
  18,854
  22,592
  26,734
  31,281
  36,225
  41,558
  47,274
  53,360
  59,812
  66,619
  73,774
  81,275
  89,120
  97,306
  105,838
  114,718
  123,955
  133,556
  143,535
  153,905
  164,682
  175,883
  187,530
  199,644
  212,249
  225,370
Debt-to-equity ratio
  1.396
  1.630
  1.800
  1.930
  2.020
  2.090
  2.150
  2.190
  2.220
  2.250
  2.270
  2.290
  2.310
  2.320
  2.330
  2.340
  2.350
  2.350
  2.360
  2.370
  2.370
  2.370
  2.380
  2.380
  2.380
  2.390
  2.390
  2.390
  2.390
  2.400
  2.400
Adjusted equity ratio
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  144
  164
  217
  279
  349
  428
  516
  613
  718
  832
  954
  1,169
  1,307
  1,452
  1,606
  1,766
  1,934
  2,109
  2,292
  2,482
  2,680
  2,885
  3,099
  3,321
  3,551
  3,791
  4,040
  4,299
  4,569
  4,849
  5,141
Depreciation, amort., depletion, $m
  138
  119
  119
  120
  121
  122
  123
  124
  126
  127
  129
  14
  16
  18
  20
  22
  24
  26
  29
  31
  34
  37
  40
  43
  46
  49
  52
  56
  59
  63
  67
Funds from operations, $m
  306
  283
  337
  399
  470
  550
  639
  737
  844
  959
  1,083
  1,183
  1,323
  1,470
  1,625
  1,788
  1,958
  2,136
  2,321
  2,514
  2,714
  2,922
  3,139
  3,363
  3,597
  3,840
  4,092
  4,355
  4,628
  4,912
  5,208
Change in working capital, $m
  -22
  16
  19
  22
  25
  29
  32
  36
  39
  43
  46
  49
  53
  56
  59
  62
  65
  68
  71
  74
  77
  80
  83
  86
  90
  93
  97
  101
  105
  109
  113
Cash from operations, $m
  328
  267
  318
  377
  445
  522
  607
  701
  805
  916
  1,037
  1,134
  1,270
  1,415
  1,567
  1,726
  1,893
  2,068
  2,250
  2,440
  2,637
  2,842
  3,056
  3,277
  3,507
  3,747
  3,996
  4,254
  4,523
  4,803
  5,095
Maintenance CAPEX, $m
  0
  -2
  -2
  -3
  -4
  -5
  -6
  -7
  -8
  -9
  -11
  -12
  -14
  -16
  -18
  -20
  -22
  -24
  -26
  -29
  -31
  -34
  -37
  -40
  -43
  -46
  -49
  -52
  -56
  -59
  -63
New CAPEX, $m
  -293
  -4
  -5
  -6
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
Cash from investing activities, $m
  -613
  -6
  -7
  -9
  -11
  -13
  -15
  -16
  -18
  -20
  -23
  -25
  -28
  -31
  -34
  -36
  -39
  -42
  -45
  -49
  -51
  -55
  -59
  -63
  -67
  -71
  -75
  -79
  -84
  -88
  -93
Free cash flow, $m
  -285
  261
  311
  368
  435
  509
  593
  685
  786
  896
  1,014
  1,108
  1,242
  1,384
  1,533
  1,690
  1,854
  2,026
  2,205
  2,391
  2,585
  2,787
  2,997
  3,215
  3,441
  3,676
  3,921
  4,175
  4,440
  4,715
  5,002
Issuance/(repayment) of debt, $m
  226
  1,283
  1,538
  1,801
  2,077
  2,359
  2,646
  2,933
  3,219
  3,500
  3,776
  4,046
  4,310
  4,567
  4,819
  5,067
  5,311
  5,554
  5,796
  6,040
  6,287
  6,540
  6,798
  7,065
  7,342
  7,630
  7,931
  8,246
  8,576
  8,924
  9,290
Issuance/(repurchase) of shares, $m
  137
  367
  417
  464
  507
  545
  575
  597
  609
  612
  604
  500
  471
  431
  382
  323
  256
  181
  98
  9
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  361
  1,650
  1,955
  2,265
  2,584
  2,904
  3,221
  3,530
  3,828
  4,112
  4,380
  4,546
  4,781
  4,998
  5,201
  5,390
  5,567
  5,735
  5,894
  6,049
  6,287
  6,540
  6,798
  7,065
  7,342
  7,630
  7,931
  8,246
  8,576
  8,924
  9,290
Total cash flow (excl. dividends), $m
  76
  1,910
  2,265
  2,634
  3,018
  3,413
  3,814
  4,216
  4,614
  5,008
  5,394
  5,654
  6,023
  6,382
  6,734
  7,080
  7,422
  7,761
  8,100
  8,441
  8,873
  9,327
  9,795
  10,280
  10,783
  11,306
  11,852
  12,421
  13,016
  13,639
  14,292
Retained Cash Flow (-), $m
  -194
  -531
  -634
  -743
  -856
  -973
  -1,091
  -1,210
  -1,328
  -1,444
  -1,557
  -1,669
  -1,777
  -1,884
  -1,988
  -2,090
  -2,190
  -2,290
  -2,390
  -2,491
  -2,593
  -2,697
  -2,804
  -2,914
  -3,028
  -3,147
  -3,271
  -3,401
  -3,537
  -3,681
  -3,832
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
 
  1,380
  1,631
  1,891
  2,162
  2,440
  2,723
  3,006
  3,287
  3,564
  3,836
  3,986
  4,245
  4,499
  4,747
  4,991
  5,231
  5,470
  5,709
  5,949
  6,280
  6,630
  6,991
  7,366
  7,755
  8,160
  8,581
  9,020
  9,479
  9,959
  10,461
Discount rate, %
 
  9.20
  9.66
  10.14
  10.65
  11.18
  11.74
  12.33
  12.95
  13.59
  14.27
  14.99
  15.74
  16.52
  17.35
  18.22
  19.13
  20.08
  21.09
  22.14
  23.25
  24.41
  25.63
  26.91
  28.26
  29.67
  31.15
  32.71
  34.35
  36.07
  37.87
PV of cash for distribution, $m
 
  1,263
  1,356
  1,415
  1,442
  1,436
  1,399
  1,332
  1,241
  1,132
  1,010
  858
  735
  616
  506
  406
  318
  244
  182
  133
  96
  68
  46
  31
  20
  12
  7
  4
  2
  1
  1
Current shareholders' claim on cash, %
  100
  91.1
  84.0
  78.2
  73.4
  69.5
  66.3
  63.6
  61.3
  59.5
  57.9
  56.8
  55.9
  55.2
  54.7
  54.2
  53.9
  53.7
  53.6
  53.6
  53.6
  53.6
  53.6
  53.6
  53.6
  53.6
  53.6
  53.6
  53.6
  53.6
  53.6

Spire Inc., formerly The Laclede Group, Inc., is engaged to transform its business and pursue growth by growing its gas utility business through prudent investment in infrastructure upgrades and organic growth initiatives; acquire and integrate gas utilities; modernize its gas assets, and invest in innovation. The Company has two business segments, which include gas utility and gas marketing. The gas utility segment includes the regulated operations of Laclede Gas Company (Laclede Gas), Alabama Gas Corporation (Alagasco) and EnergySouth, Inc. (EnergySouth). The gas marketing segment includes Laclede Energy Resources, Inc. (LER), a subsidiary engaged in the marketing of natural gas and related activities on a non-regulated basis. Laclede Gas is engaged in the purchase, retail distribution and sale of natural gas, serving residential, commercial and industrial customers, through Missouri Gas Energy (MGE), Kansas City and western Missouri.

FINANCIAL RATIOS  of  Spire (SR)

Valuation Ratios
P/E Ratio 24.8
Price to Sales 2.3
Price to Book 2
Price to Tangible Book
Price to Cash Flow 10.9
Price to Free Cash Flow 101.9
Growth Rates
Sales Growth Rate -22.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1%
Cap. Spend. - 3 Yr. Gr. Rate 17.5%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 102.9%
Total Debt to Equity 139.6%
Interest Coverage 4
Management Effectiveness
Return On Assets 3.4%
Ret/ On Assets - 3 Yr. Avg. 3.2%
Return On Total Capital 3.6%
Ret/ On T. Cap. - 3 Yr. Avg. 3.4%
Return On Equity 8.6%
Return On Equity - 3 Yr. Avg. 8.1%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 27.7%
EBITDA Margin - 3 Yr. Avg. 20.8%
Operating Margin 18.3%
Oper. Margin - 3 Yr. Avg. 14.1%
Pre-Tax Margin 13.9%
Pre-Tax Margin - 3 Yr. Avg. 10.4%
Net Profit Margin 9.4%
Net Profit Margin - 3 Yr. Avg. 7.2%
Effective Tax Rate 32.7%
Eff/ Tax Rate - 3 Yr. Avg. 30.4%
Payout Ratio 59%

SR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SR stock intrinsic value calculation we used $1537 million for the last fiscal year's total revenue generated by Spire. The default revenue input number comes from 2016 income statement of Spire. 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 SR stock valuation model: a) initial revenue growth rate of 30.1% 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 9.2%, whose default value for SR is calculated based on our internal credit rating of Spire, 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 Spire.
    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 SR stock the variable cost ratio is equal to 86.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for SR 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 Spire.

Corporate tax rate of 27% is the nominal tax rate for Spire. 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 SR 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 SR are equal to 0.9%.

Life of production assets of 7.7 years is the average useful life of capital assets used in Spire 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 SR is equal to 3.4%. 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 - $1768 million for Spire - 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 48.222 million for Spire 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 Spire at the current share price and the inputted number of shares is $3.8 billion.

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COMPANY NEWS

▶ Spire reports 4Q loss   [Nov-15-17 07:19AM  Associated Press]
▶ Spire Reports 2017 Results   [07:00AM  PR Newswire]
▶ Spire Inc. to Host Earnings Call   [07:00AM  ACCESSWIRE]
▶ Spire Changes Start Time of Earnings Conference Call   [Oct-26-17 09:00AM  PR Newswire]
▶ Spire to Host Earnings Conference Call on November 15   [Oct-12-17 09:00AM  PR Newswire]
▶ Stocks With Rising Relative Strength: Spire   [Oct-05-17 03:00AM  Investor's Business Daily]
▶ Spire Shows Rising Relative Price Performance; Still Shy Of Key Benchmark   [Oct-03-17 03:00AM  Investor's Business Daily]
▶ Five Natural Gas Utilities Unite as Spire   [Sep-25-17 06:00AM  PR Newswire]
▶ Spire beats 3Q profit forecasts   [12:21AM  Associated Press]
▶ Investor Network: Spire Inc. to Host Earnings Call   [Aug-02-17 07:05AM  ACCESSWIRE]
▶ Spire Reports Third Quarter Results   [07:00AM  PR Newswire]
▶ Spire to Host Earnings Conference Call on August 2   [Jul-17-17 02:19PM  PR Newswire]
▶ Spire to Present at AGA Financial Forum   [May-18-17 10:55AM  PR Newswire]
▶ Spire beats 2Q profit forecasts   [May-03-17 07:30AM  Associated Press]
▶ Spire Reports Second Quarter Results   [07:00AM  PR Newswire]
▶ Spire to Host Earnings Conference Call on May 3   [Apr-12-17 04:05PM  PR Newswire]
▶ A Small-Cap Sector ETF That's Working   [12:41PM  Investopedia]
▶ Spire Issues 2.5 Million Common Shares   [05:19PM  PR Newswire]
▶ Spire and Laclede Gas Finalize Debt Offerings   [Mar-09-17 05:34PM  PR Newswire]
▶ Spire Prices $150 Million Debt Offering   [Feb-22-17 07:55PM  PR Newswire]
▶ Spire Reports First Quarter Results   [07:00AM  PR Newswire]
▶ Spire Hosts Annual Shareholder Meeting   [Jan-26-17 02:22PM  PR Newswire]
▶ Spire to Webcast Annual Meeting   [08:00AM  PR Newswire]
▶ Spire to Host Earnings Conference Call on February 1   [Jan-11-17 10:49AM  PR Newswire]
▶ Spire Inc (SR): Are Hedge Funds Right About This Stock?   [Dec-12-16 09:15AM  at Insider Monkey]
▶ Spire Reports 2016 Results   [07:00AM  PR Newswire]
▶ Spire to Host Earnings Conference Call on November 15   [Oct-26-16 03:50PM  PR Newswire]
▶ Spire Acquires Mobile Gas and Willmut Gas   [04:01PM  PR Newswire]
▶ Spire hits back on report claiming its acquisitions hurt customers   [Sep-07-16 04:10PM  at bizjournals.com]
Financial statements of SR
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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