Intrinsic value of Spire - SR

Previous Close

$68.25

  Intrinsic Value

$57.52

stock screener

  Rating & Target

hold

-16%

Previous close

$68.25

 
Intrinsic value

$57.52

 
Up/down potential

-16%

 
Rating

hold

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

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
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  13.27
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,660
  1,776
  1,817
  1,863
  1,916
  1,974
  2,038
  2,107
  2,182
  2,263
  2,350
  2,443
  2,542
  2,647
  2,760
  2,879
  3,005
  3,138
  3,280
  3,429
  3,586
  3,753
  3,928
  4,113
  4,307
  4,512
  4,728
  4,956
  5,195
  5,446
  5,711
Variable operating expenses, $m
 
  1,425
  1,456
  1,490
  1,529
  1,571
  1,618
  1,669
  1,725
  1,784
  1,848
  1,800
  1,873
  1,950
  2,033
  2,121
  2,214
  2,312
  2,416
  2,526
  2,642
  2,764
  2,894
  3,030
  3,173
  3,324
  3,483
  3,651
  3,827
  4,012
  4,207
Fixed operating expenses, $m
 
  19
  20
  20
  21
  21
  22
  23
  23
  24
  24
  25
  26
  26
  27
  28
  28
  29
  30
  30
  31
  32
  33
  34
  34
  35
  36
  37
  38
  39
  40
Total operating expenses, $m
  1,419
  1,444
  1,476
  1,510
  1,550
  1,592
  1,640
  1,692
  1,748
  1,808
  1,872
  1,825
  1,899
  1,976
  2,060
  2,149
  2,242
  2,341
  2,446
  2,556
  2,673
  2,796
  2,927
  3,064
  3,207
  3,359
  3,519
  3,688
  3,865
  4,051
  4,247
Operating income, $m
  322
  331
  341
  353
  366
  381
  397
  415
  434
  455
  477
  618
  644
  671
  700
  730
  763
  797
  834
  872
  913
  956
  1,002
  1,049
  1,100
  1,153
  1,209
  1,268
  1,330
  1,395
  1,464
EBITDA, $m
  476
  448
  459
  470
  484
  499
  515
  532
  552
  572
  595
  619
  644
  671
  700
  731
  763
  798
  834
  873
  914
  957
  1,002
  1,050
  1,100
  1,154
  1,210
  1,269
  1,331
  1,396
  1,465
Interest expense (income), $m
  86
  90
  93
  97
  101
  106
  111
  117
  124
  130
  138
  146
  154
  163
  173
  183
  194
  206
  218
  231
  245
  259
  274
  290
  307
  325
  344
  364
  384
  406
  429
Earnings before tax, $m
  239
  241
  248
  256
  265
  275
  286
  298
  311
  325
  339
  473
  490
  508
  527
  547
  569
  592
  616
  642
  669
  697
  727
  759
  793
  828
  865
  904
  946
  989
  1,035
Tax expense, $m
  77
  65
  67
  69
  72
  74
  77
  80
  84
  88
  92
  128
  132
  137
  142
  148
  154
  160
  166
  173
  181
  188
  196
  205
  214
  224
  234
  244
  255
  267
  279
Net income, $m
  162
  176
  181
  187
  194
  201
  209
  217
  227
  237
  248
  345
  357
  371
  385
  399
  415
  432
  450
  468
  488
  509
  531
  554
  579
  604
  632
  660
  690
  722
  755

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  7
  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
  6,547
  6,676
  6,830
  7,005
  7,202
  7,420
  7,660
  7,921
  8,203
  8,508
  8,834
  9,183
  9,556
  9,953
  10,375
  10,822
  11,296
  11,798
  12,329
  12,890
  13,483
  14,108
  14,767
  15,461
  16,193
  16,964
  17,776
  18,630
  19,529
  20,475
  21,470
Adjusted assets (=assets-cash), $m
  6,540
  6,676
  6,830
  7,005
  7,202
  7,420
  7,660
  7,921
  8,203
  8,508
  8,834
  9,183
  9,556
  9,953
  10,375
  10,822
  11,296
  11,798
  12,329
  12,890
  13,483
  14,108
  14,767
  15,461
  16,193
  16,964
  17,776
  18,630
  19,529
  20,475
  21,470
Revenue / Adjusted assets
  0.254
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
Average production assets, $m
  3
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
Working capital, $m
  -372
  202
  207
  212
  218
  225
  232
  240
  249
  258
  268
  278
  290
  302
  315
  328
  343
  358
  374
  391
  409
  428
  448
  469
  491
  514
  539
  565
  592
  621
  651
Total debt, $m
  2,572
  2,663
  2,769
  2,892
  3,029
  3,181
  3,347
  3,529
  3,726
  3,937
  4,164
  4,408
  4,667
  4,943
  5,237
  5,548
  5,878
  6,228
  6,597
  6,988
  7,400
  7,835
  8,294
  8,777
  9,287
  9,823
  10,388
  10,983
  11,608
  12,267
  12,959
Total liabilities, $m
  4,555
  4,647
  4,753
  4,876
  5,013
  5,165
  5,331
  5,513
  5,710
  5,921
  6,148
  6,392
  6,651
  6,927
  7,221
  7,532
  7,862
  8,212
  8,581
  8,972
  9,384
  9,819
  10,278
  10,761
  11,271
  11,807
  12,372
  12,967
  13,592
  14,251
  14,943
Total equity, $m
  1,991
  2,030
  2,076
  2,130
  2,189
  2,256
  2,329
  2,408
  2,494
  2,586
  2,686
  2,792
  2,905
  3,026
  3,154
  3,290
  3,434
  3,587
  3,748
  3,919
  4,099
  4,289
  4,489
  4,700
  4,923
  5,157
  5,404
  5,664
  5,937
  6,224
  6,527
Total liabilities and equity, $m
  6,546
  6,677
  6,829
  7,006
  7,202
  7,421
  7,660
  7,921
  8,204
  8,507
  8,834
  9,184
  9,556
  9,953
  10,375
  10,822
  11,296
  11,799
  12,329
  12,891
  13,483
  14,108
  14,767
  15,461
  16,194
  16,964
  17,776
  18,631
  19,529
  20,475
  21,470
Debt-to-equity ratio
  1.292
  1.310
  1.330
  1.360
  1.380
  1.410
  1.440
  1.470
  1.490
  1.520
  1.550
  1.580
  1.610
  1.630
  1.660
  1.690
  1.710
  1.740
  1.760
  1.780
  1.810
  1.830
  1.850
  1.870
  1.890
  1.900
  1.920
  1.940
  1.960
  1.970
  1.990
Adjusted equity ratio
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  162
  176
  181
  187
  194
  201
  209
  217
  227
  237
  248
  345
  357
  371
  385
  399
  415
  432
  450
  468
  488
  509
  531
  554
  579
  604
  632
  660
  690
  722
  755
Depreciation, amort., depletion, $m
  154
  117
  117
  117
  117
  117
  117
  117
  117
  117
  118
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
Funds from operations, $m
  184
  293
  298
  304
  311
  318
  326
  335
  344
  354
  365
  345
  358
  371
  385
  400
  416
  432
  450
  469
  489
  509
  531
  555
  579
  605
  632
  661
  691
  723
  756
Change in working capital, $m
  -104
  4
  5
  5
  6
  7
  7
  8
  9
  9
  10
  11
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
Cash from operations, $m
  288
  290
  294
  299
  305
  312
  319
  327
  336
  345
  355
  335
  346
  359
  372
  386
  401
  417
  434
  452
  471
  491
  512
  534
  557
  582
  608
  635
  664
  694
  726
Maintenance CAPEX, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
New CAPEX, $m
  -438
  1
  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 investing activities, $m
  -434
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Free cash flow, $m
  -146
  290
  294
  299
  305
  311
  319
  327
  335
  345
  355
  334
  346
  358
  372
  386
  401
  417
  433
  451
  470
  490
  511
  533
  556
  581
  607
  634
  663
  693
  725
Issuance/(repayment) of debt, $m
  105
  98
  107
  122
  137
  152
  167
  182
  197
  212
  227
  243
  259
  276
  294
  311
  330
  349
  370
  390
  412
  435
  459
  484
  509
  537
  565
  595
  626
  658
  692
Issuance/(repurchase) of shares, $m
  147
  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  
  243
  98
  107
  122
  137
  152
  167
  182
  197
  212
  227
  243
  259
  276
  294
  311
  330
  349
  370
  390
  412
  435
  459
  484
  509
  537
  565
  595
  626
  658
  692
Total cash flow (excl. dividends), $m
  98
  387
  400
  421
  442
  463
  485
  508
  532
  557
  582
  577
  605
  635
  665
  697
  731
  766
  803
  842
  882
  925
  970
  1,016
  1,066
  1,117
  1,172
  1,229
  1,288
  1,351
  1,417
Retained Cash Flow (-), $m
  -223
  -39
  -47
  -53
  -60
  -66
  -73
  -79
  -86
  -92
  -99
  -106
  -113
  -121
  -128
  -136
  -144
  -153
  -161
  -171
  -180
  -190
  -200
  -211
  -223
  -234
  -247
  -260
  -273
  -288
  -302
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
 
  349
  354
  368
  382
  397
  413
  429
  446
  464
  483
  471
  492
  514
  537
  561
  587
  613
  642
  671
  702
  735
  769
  805
  843
  883
  925
  969
  1,015
  1,064
  1,115
Discount rate, %
 
  8.90
  9.35
  9.81
  10.30
  10.82
  11.36
  11.93
  12.52
  13.15
  13.81
  14.50
  15.22
  15.98
  16.78
  17.62
  18.50
  19.43
  20.40
  21.42
  22.49
  23.61
  24.80
  26.03
  27.34
  28.70
  30.14
  31.65
  33.23
  34.89
  36.63
PV of cash for distribution, $m
 
  320
  296
  278
  258
  237
  216
  195
  174
  153
  133
  106
  90
  75
  61
  49
  39
  30
  23
  17
  12
  9
  6
  4
  3
  2
  1
  1
  0
  0
  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., 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 20.3
Price to Sales 1.9
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 11.4
Price to Free Cash Flow -22
Growth Rates
Sales Growth Rate 13.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 49.5%
Cap. Spend. - 3 Yr. Gr. Rate 20.7%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 100.2%
Total Debt to Equity 129.2%
Interest Coverage 4
Management Effectiveness
Return On Assets 3.5%
Ret/ On Assets - 3 Yr. Avg. 3.5%
Return On Total Capital 3.7%
Ret/ On T. Cap. - 3 Yr. Avg. 3.7%
Return On Equity 8.6%
Return On Equity - 3 Yr. Avg. 8.7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 27.5%
EBITDA Margin - 3 Yr. Avg. 25.1%
Operating Margin 18.5%
Oper. Margin - 3 Yr. Avg. 16.9%
Pre-Tax Margin 13.7%
Pre-Tax Margin - 3 Yr. Avg. 12.6%
Net Profit Margin 9.3%
Net Profit Margin - 3 Yr. Avg. 8.5%
Effective Tax Rate 32.2%
Eff/ Tax Rate - 3 Yr. Avg. 32%
Payout Ratio 59.3%

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 $1741 million for the last fiscal year's total revenue generated by Spire. The default revenue input number comes from 2017 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 2% 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 8.9%, 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 80.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $19 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 0.1%.

Life of production assets of 7.6 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 11.4%. 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 - $1991 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 48.436 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 $3.3 billion.

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COMPANY NEWS

▶ Spire statement on Missouri rate case decision   [Feb-22-18 09:10AM  PR Newswire]
▶ Spire beats 1Q profit forecasts   [Feb-01-18 08:33AM  Associated Press]
▶ Spire Reports First Quarter Results   [07:00AM  PR Newswire]
▶ Spire Inc. to Host Earnings Call   [Jan-31-18 07:30AM  ACCESSWIRE]
▶ Spire Changes Date of Earnings Conference Call   [Jan-29-18 04:43PM  PR Newswire]
▶ Spire to Host Earnings Conference Call on January 31   [Jan-05-18 09:58AM  PR Newswire]
▶ IIROC Trade Halt - Scorpion Resources Inc.   [Dec-15-17 03:57PM  Newsfile]
▶ Stocks Showing Improved Relative Strength: Spire   [03:00AM  Investor's Business Daily]
▶ 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]
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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