Intrinsic value of Spire - SR

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$69.15

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$69.15

 
Intrinsic value

$216.59

 
Up/down potential

+213%

 
Rating

str. buy

 
Value-price divergence* premium content

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

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 3.2

 

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
  24.10
  22.19
  20.47
  18.92
  17.53
  16.28
  15.15
  14.14
  13.22
  12.40
  11.66
  10.99
  10.39
  9.85
  9.37
  8.93
  8.54
  8.19
  7.87
  7.58
  7.32
  7.09
  6.88
  6.69
  6.52
  6.37
  6.23
  6.11
  6.00
  5.90
Revenue, $m
  1,457
  1,907
  2,331
  2,808
  3,339
  3,925
  4,563
  5,255
  5,998
  6,791
  7,633
  8,522
  9,459
  10,443
  11,472
  12,547
  13,667
  14,834
  16,049
  17,311
  18,623
  19,987
  21,404
  22,877
  24,408
  26,000
  27,657
  29,381
  31,176
  33,047
  34,996
Variable operating expenses, $m
 
  1,616
  1,949
  2,324
  2,742
  3,202
  3,704
  4,248
  4,832
  5,455
  6,117
  6,700
  7,437
  8,210
  9,019
  9,864
  10,745
  11,663
  12,618
  13,610
  14,642
  15,714
  16,828
  17,986
  19,190
  20,442
  21,744
  23,099
  24,511
  25,981
  27,514
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
  1,616
  1,949
  2,324
  2,742
  3,202
  3,704
  4,248
  4,832
  5,455
  6,117
  6,700
  7,437
  8,210
  9,019
  9,864
  10,745
  11,663
  12,618
  13,610
  14,642
  15,714
  16,828
  17,986
  19,190
  20,442
  21,744
  23,099
  24,511
  25,981
  27,514
Operating income, $m
  282
  291
  382
  484
  597
  723
  859
  1,007
  1,166
  1,335
  1,515
  1,822
  2,022
  2,233
  2,453
  2,682
  2,922
  3,172
  3,431
  3,701
  3,982
  4,273
  4,576
  4,891
  5,218
  5,559
  5,913
  6,282
  6,665
  7,065
  7,482
EBITDA, $m
  420
  410
  501
  604
  718
  844
  981
  1,130
  1,289
  1,460
  1,641
  1,832
  2,033
  2,245
  2,466
  2,697
  2,938
  3,189
  3,450
  3,721
  4,003
  4,297
  4,601
  4,918
  5,247
  5,589
  5,945
  6,316
  6,702
  7,104
  7,523
Interest expense (income), $m
  73
  87
  123
  165
  211
  264
  321
  384
  451
  524
  602
  685
  772
  864
  960
  1,061
  1,167
  1,277
  1,391
  1,510
  1,634
  1,763
  1,896
  2,035
  2,180
  2,330
  2,486
  2,649
  2,818
  2,994
  3,177
Earnings before tax, $m
  214
  205
  259
  319
  386
  459
  538
  623
  714
  811
  913
  1,137
  1,250
  1,369
  1,492
  1,621
  1,755
  1,895
  2,040
  2,191
  2,348
  2,510
  2,680
  2,856
  3,038
  3,229
  3,427
  3,633
  3,848
  4,071
  4,305
Tax expense, $m
  70
  55
  70
  86
  104
  124
  145
  168
  193
  219
  247
  307
  338
  370
  403
  438
  474
  512
  551
  592
  634
  678
  724
  771
  820
  872
  925
  981
  1,039
  1,099
  1,162
Net income, $m
  144
  149
  189
  233
  282
  335
  393
  455
  521
  592
  667
  830
  913
  999
  1,089
  1,183
  1,281
  1,383
  1,489
  1,599
  1,714
  1,833
  1,956
  2,085
  2,218
  2,357
  2,501
  2,652
  2,809
  2,972
  3,142

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
  6,077
  7,539
  9,212
  11,098
  13,198
  15,512
  18,037
  20,770
  23,706
  26,840
  30,168
  33,686
  37,389
  41,275
  45,343
  49,591
  54,021
  58,634
  63,434
  68,424
  73,610
  79,000
  84,601
  90,423
  96,474
  102,768
  109,315
  116,130
  123,227
  130,620
  138,326
Adjusted assets (=assets-cash), $m
  6,072
  7,539
  9,212
  11,098
  13,198
  15,512
  18,037
  20,770
  23,706
  26,840
  30,168
  33,686
  37,389
  41,275
  45,343
  49,591
  54,021
  58,634
  63,434
  68,424
  73,610
  79,000
  84,601
  90,423
  96,474
  102,768
  109,315
  116,130
  123,227
  130,620
  138,326
Revenue / Adjusted assets
  0.240
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
Average production assets, $m
  14
  17
  21
  25
  30
  35
  41
  47
  54
  61
  69
  77
  85
  94
  103
  113
  123
  134
  144
  156
  168
  180
  193
  206
  220
  234
  249
  264
  281
  297
  315
Working capital, $m
  -591
  65
  79
  95
  114
  133
  155
  179
  204
  231
  260
  290
  322
  355
  390
  427
  465
  504
  546
  589
  633
  680
  728
  778
  830
  884
  940
  999
  1,060
  1,124
  1,190
Total debt, $m
  2,482
  3,518
  4,704
  6,041
  7,530
  9,171
  10,961
  12,899
  14,980
  17,203
  19,562
  22,056
  24,682
  27,437
  30,321
  33,333
  36,474
  39,745
  43,147
  46,685
  50,363
  54,184
  58,155
  62,283
  66,573
  71,035
  75,678
  80,509
  85,541
  90,782
  96,246
Total liabilities, $m
  4,309
  5,345
  6,531
  7,868
  9,357
  10,998
  12,788
  14,726
  16,807
  19,030
  21,389
  23,883
  26,509
  29,264
  32,148
  35,160
  38,301
  41,572
  44,974
  48,512
  52,190
  56,011
  59,982
  64,110
  68,400
  72,862
  77,505
  82,336
  87,368
  92,609
  98,073
Total equity, $m
  1,768
  2,194
  2,681
  3,230
  3,841
  4,514
  5,249
  6,044
  6,898
  7,810
  8,779
  9,803
  10,880
  12,011
  13,195
  14,431
  15,720
  17,063
  18,459
  19,911
  21,421
  22,989
  24,619
  26,313
  28,074
  29,905
  31,811
  33,794
  35,859
  38,010
  40,253
Total liabilities and equity, $m
  6,077
  7,539
  9,212
  11,098
  13,198
  15,512
  18,037
  20,770
  23,705
  26,840
  30,168
  33,686
  37,389
  41,275
  45,343
  49,591
  54,021
  58,635
  63,433
  68,423
  73,611
  79,000
  84,601
  90,423
  96,474
  102,767
  109,316
  116,130
  123,227
  130,619
  138,326
Debt-to-equity ratio
  1.404
  1.600
  1.750
  1.870
  1.960
  2.030
  2.090
  2.130
  2.170
  2.200
  2.230
  2.250
  2.270
  2.280
  2.300
  2.310
  2.320
  2.330
  2.340
  2.340
  2.350
  2.360
  2.360
  2.370
  2.370
  2.380
  2.380
  2.380
  2.390
  2.390
  2.390
Adjusted equity ratio
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  144
  149
  189
  233
  282
  335
  393
  455
  521
  592
  667
  830
  913
  999
  1,089
  1,183
  1,281
  1,383
  1,489
  1,599
  1,714
  1,833
  1,956
  2,085
  2,218
  2,357
  2,501
  2,652
  2,809
  2,972
  3,142
Depreciation, amort., depletion, $m
  138
  119
  119
  120
  120
  121
  122
  123
  124
  124
  125
  10
  11
  12
  13
  15
  16
  17
  19
  20
  22
  23
  25
  27
  29
  30
  32
  34
  36
  39
  41
Funds from operations, $m
  306
  268
  308
  353
  402
  456
  515
  578
  645
  716
  792
  840
  924
  1,011
  1,103
  1,198
  1,297
  1,401
  1,508
  1,620
  1,736
  1,856
  1,981
  2,111
  2,247
  2,387
  2,534
  2,686
  2,845
  3,011
  3,183
Change in working capital, $m
  -22
  13
  14
  16
  18
  20
  22
  24
  25
  27
  29
  30
  32
  33
  35
  37
  38
  40
  41
  43
  45
  46
  48
  50
  52
  54
  56
  59
  61
  64
  66
Cash from operations, $m
  328
  256
  294
  337
  384
  436
  493
  554
  620
  689
  763
  810
  892
  978
  1,068
  1,162
  1,259
  1,361
  1,467
  1,577
  1,691
  1,810
  1,933
  2,061
  2,195
  2,333
  2,477
  2,628
  2,784
  2,947
  3,117
Maintenance CAPEX, $m
  0
  -2
  -2
  -3
  -3
  -4
  -5
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -15
  -16
  -17
  -19
  -20
  -22
  -23
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -39
New CAPEX, $m
  -293
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
Cash from investing activities, $m
  -613
  -6
  -6
  -7
  -8
  -9
  -11
  -11
  -13
  -14
  -16
  -17
  -18
  -20
  -21
  -23
  -25
  -27
  -28
  -30
  -32
  -34
  -36
  -38
  -41
  -43
  -45
  -48
  -50
  -53
  -57
Free cash flow, $m
  -285
  251
  288
  330
  376
  427
  483
  543
  607
  675
  748
  793
  874
  958
  1,046
  1,139
  1,235
  1,335
  1,438
  1,547
  1,659
  1,776
  1,897
  2,023
  2,154
  2,290
  2,432
  2,580
  2,734
  2,894
  3,061
Issuance/(repayment) of debt, $m
  226
  1,041
  1,186
  1,337
  1,489
  1,641
  1,790
  1,937
  2,082
  2,222
  2,360
  2,494
  2,626
  2,755
  2,884
  3,012
  3,141
  3,271
  3,403
  3,538
  3,677
  3,821
  3,971
  4,127
  4,291
  4,462
  4,642
  4,832
  5,031
  5,242
  5,464
Issuance/(repurchase) of shares, $m
  137
  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  
  361
  1,041
  1,186
  1,337
  1,489
  1,641
  1,790
  1,937
  2,082
  2,222
  2,360
  2,494
  2,626
  2,755
  2,884
  3,012
  3,141
  3,271
  3,403
  3,538
  3,677
  3,821
  3,971
  4,127
  4,291
  4,462
  4,642
  4,832
  5,031
  5,242
  5,464
Total cash flow (excl. dividends), $m
  76
  1,292
  1,474
  1,667
  1,865
  2,068
  2,273
  2,480
  2,688
  2,898
  3,108
  3,287
  3,499
  3,713
  3,930
  4,151
  4,375
  4,605
  4,841
  5,085
  5,336
  5,597
  5,868
  6,150
  6,445
  6,752
  7,074
  7,412
  7,765
  8,136
  8,525
Retained Cash Flow (-), $m
  -194
  -426
  -487
  -549
  -611
  -673
  -735
  -795
  -854
  -912
  -968
  -1,024
  -1,078
  -1,131
  -1,184
  -1,236
  -1,289
  -1,342
  -1,397
  -1,452
  -1,509
  -1,568
  -1,630
  -1,694
  -1,761
  -1,831
  -1,905
  -1,983
  -2,065
  -2,151
  -2,242
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
 
  866
  987
  1,118
  1,254
  1,394
  1,538
  1,685
  1,834
  1,986
  2,139
  2,263
  2,422
  2,583
  2,747
  2,914
  3,086
  3,263
  3,445
  3,632
  3,827
  4,029
  4,238
  4,456
  4,684
  4,921
  5,169
  5,428
  5,700
  5,984
  6,282
Discount rate, %
 
  9.30
  9.77
  10.25
  10.77
  11.30
  11.87
  12.46
  13.09
  13.74
  14.43
  15.15
  15.91
  16.70
  17.54
  18.41
  19.33
  20.30
  21.32
  22.38
  23.50
  24.68
  25.91
  27.20
  28.57
  29.99
  31.49
  33.07
  34.72
  36.46
  38.28
PV of cash for distribution, $m
 
  792
  819
  834
  833
  816
  785
  740
  686
  623
  556
  480
  412
  347
  286
  231
  182
  141
  106
  78
  56
  39
  27
  18
  11
  7
  4
  2
  1
  1
  0
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

Spire Inc., through its subsidiaries, engages in the purchase, retail distribution, and sale of natural gas on regulated-basis to residential, commercial, industrial, and other end-users of natural gas customers in the United States. It operates through two segments, Gas Utility and Gas Marketing. The company is also involved in marketing natural gas and related activities on non-regulated basis to on-system utility transportation customers, as well as to retail and wholesale customers. In addition, it engages in the transportation of propane through its propane pipeline; compression of natural gas; risk management; and other activities. The company was formerly known as The Laclede Group, Inc. and changed its name to Spire Inc. in April 2016. Spire Inc. was founded in 1857 and is headquartered in St. Louis, Missouri.

FINANCIAL RATIOS  of  Spire (SR)

Valuation Ratios
P/E Ratio 21.9
Price to Sales 2.1
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 9.6
Price to Free Cash Flow 90.2
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 103.7%
Total Debt to Equity 140.4%
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 24.1% 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 9.3%, 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 45.778 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 $3.2 billion.


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COMPANY NEWS

▶ 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]
▶ Spire Reports Third Quarter Results   [07:00AM  PR Newswire]
▶ Spire STL Pipeline Announces Open Season   [Aug-01-16 08:00AM  PR Newswire]
▶ Spire Declares Dividend   [Jul-28-16 04:21PM  PR Newswire]
▶ Spire to Host Earnings Conference Call on August 3   [Jul-12-16 10:18AM  PR Newswire]
▶ [$$] CEOs Sometimes Use Small Changes as Wedge for Broad Transformation   [Jul-06-16 01:05AM  at The Wall Street Journal]
▶ [$$] CEOs Use Small Changes as Wedge for Makeover   [Jul-05-16 11:12AM  at The Wall Street Journal]
▶ Spire to Present at J.P. Morgan Energy Equity Conference   [Jun-27-16 08:00AM  PR Newswire]
▶ Spire Building Earns LEED Gold Certification   [Jun-07-16 11:49AM  PR Newswire]
▶ Spire to Present at AGA Financial Forum   [May-13-16 08:00AM  PR Newswire]
▶ The Laclede Groups Sitherwood sees pay reach $3.1 million   [May-04-16 05:15PM  at bizjournals.com]
▶ Spire's second quarter income increases   [09:20AM  at bizjournals.com]
▶ Spire Reports Second Quarter Results   [07:00AM  PR Newswire]
▶ Laclede Group picks new name   [Apr-30-16 12:15AM  at bizjournals.com]
Stock chart of SR 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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