Intrinsic value of Spire - SR

Previous Close

$72.15

  Intrinsic Value

$80.65

stock screener

  Rating & Target

hold

+12%

  Value-price divergence*

0%

Previous close

$72.15

 
Intrinsic value

$80.65

 
Up/down potential

+12%

 
Rating

hold

 
Value-price divergence*

0%

*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 3.3

 

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
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.87
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.59
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
Revenue, $m
  1,457
  1,674
  1,816
  1,964
  2,118
  2,279
  2,445
  2,618
  2,798
  2,985
  3,179
  3,381
  3,591
  3,811
  4,039
  4,277
  4,525
  4,784
  5,054
  5,337
  5,632
  5,940
  6,262
  6,599
  6,952
  7,321
  7,708
  8,113
  8,537
  8,981
  9,447
Variable operating expenses, $m
 
  1,432
  1,544
  1,661
  1,782
  1,908
  2,039
  2,175
  2,316
  2,463
  2,616
  2,658
  2,824
  2,996
  3,175
  3,362
  3,558
  3,761
  3,974
  4,196
  4,428
  4,670
  4,923
  5,188
  5,466
  5,756
  6,060
  6,378
  6,712
  7,061
  7,427
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
  1,432
  1,544
  1,661
  1,782
  1,908
  2,039
  2,175
  2,316
  2,463
  2,616
  2,658
  2,824
  2,996
  3,175
  3,362
  3,558
  3,761
  3,974
  4,196
  4,428
  4,670
  4,923
  5,188
  5,466
  5,756
  6,060
  6,378
  6,712
  7,061
  7,427
Operating income, $m
  282
  241
  272
  303
  336
  371
  406
  443
  482
  522
  563
  723
  768
  815
  864
  914
  967
  1,023
  1,081
  1,141
  1,204
  1,270
  1,339
  1,411
  1,486
  1,565
  1,648
  1,734
  1,825
  1,920
  2,020
EBITDA, $m
  420
  359
  390
  422
  455
  489
  525
  562
  601
  641
  682
  726
  771
  818
  867
  918
  972
  1,027
  1,085
  1,146
  1,209
  1,275
  1,344
  1,417
  1,493
  1,572
  1,655
  1,742
  1,833
  1,928
  2,028
Interest expense (income), $m
  73
  87
  100
  114
  129
  144
  160
  176
  193
  210
  229
  248
  268
  288
  310
  332
  356
  380
  405
  432
  459
  488
  519
  550
  583
  618
  654
  692
  732
  773
  817
Earnings before tax, $m
  214
  155
  172
  189
  208
  227
  247
  267
  289
  311
  334
  475
  500
  526
  554
  582
  612
  643
  675
  709
  745
  782
  820
  861
  903
  947
  994
  1,042
  1,093
  1,147
  1,203
Tax expense, $m
  70
  42
  46
  51
  56
  61
  67
  72
  78
  84
  90
  128
  135
  142
  149
  157
  165
  174
  182
  191
  201
  211
  221
  232
  244
  256
  268
  281
  295
  310
  325
Net income, $m
  144
  113
  125
  138
  152
  166
  180
  195
  211
  227
  244
  347
  365
  384
  404
  425
  447
  469
  493
  518
  544
  571
  599
  628
  659
  692
  725
  761
  798
  837
  878

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
  6,616
  7,179
  7,765
  8,373
  9,006
  9,664
  10,348
  11,058
  11,797
  12,565
  13,364
  14,196
  15,062
  15,964
  16,905
  17,886
  18,909
  19,978
  21,093
  22,259
  23,478
  24,752
  26,084
  27,479
  28,938
  30,466
  32,066
  33,742
  35,498
  37,338
Adjusted assets (=assets-cash), $m
  6,072
  6,616
  7,179
  7,765
  8,373
  9,006
  9,664
  10,348
  11,058
  11,797
  12,565
  13,364
  14,196
  15,062
  15,964
  16,905
  17,886
  18,909
  19,978
  21,093
  22,259
  23,478
  24,752
  26,084
  27,479
  28,938
  30,466
  32,066
  33,742
  35,498
  37,338
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
  15
  16
  18
  19
  21
  22
  24
  25
  27
  29
  30
  32
  34
  36
  38
  41
  43
  45
  48
  51
  53
  56
  59
  63
  66
  69
  73
  77
  81
  85
Working capital, $m
  -591
  57
  62
  67
  72
  77
  83
  89
  95
  101
  108
  115
  122
  130
  137
  145
  154
  163
  172
  181
  191
  202
  213
  224
  236
  249
  262
  276
  290
  305
  321
Total debt, $m
  2,482
  2,864
  3,263
  3,678
  4,110
  4,559
  5,025
  5,509
  6,013
  6,537
  7,081
  7,648
  8,238
  8,852
  9,492
  10,158
  10,854
  11,580
  12,337
  13,128
  13,955
  14,819
  15,722
  16,667
  17,656
  18,690
  19,774
  20,908
  22,096
  23,341
  24,646
Total liabilities, $m
  4,309
  4,691
  5,090
  5,505
  5,937
  6,386
  6,852
  7,336
  7,840
  8,364
  8,908
  9,475
  10,065
  10,679
  11,319
  11,985
  12,681
  13,407
  14,164
  14,955
  15,782
  16,646
  17,549
  18,494
  19,483
  20,517
  21,601
  22,735
  23,923
  25,168
  26,473
Total equity, $m
  1,768
  1,925
  2,089
  2,259
  2,437
  2,621
  2,812
  3,011
  3,218
  3,433
  3,656
  3,889
  4,131
  4,383
  4,646
  4,919
  5,205
  5,503
  5,813
  6,138
  6,477
  6,832
  7,203
  7,591
  7,996
  8,421
  8,866
  9,331
  9,819
  10,330
  10,865
Total liabilities and equity, $m
  6,077
  6,616
  7,179
  7,764
  8,374
  9,007
  9,664
  10,347
  11,058
  11,797
  12,564
  13,364
  14,196
  15,062
  15,965
  16,904
  17,886
  18,910
  19,977
  21,093
  22,259
  23,478
  24,752
  26,085
  27,479
  28,938
  30,467
  32,066
  33,742
  35,498
  37,338
Debt-to-equity ratio
  1.404
  1.490
  1.560
  1.630
  1.690
  1.740
  1.790
  1.830
  1.870
  1.900
  1.940
  1.970
  1.990
  2.020
  2.040
  2.070
  2.090
  2.100
  2.120
  2.140
  2.150
  2.170
  2.180
  2.200
  2.210
  2.220
  2.230
  2.240
  2.250
  2.260
  2.270
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
  113
  125
  138
  152
  166
  180
  195
  211
  227
  244
  347
  365
  384
  404
  425
  447
  469
  493
  518
  544
  571
  599
  628
  659
  692
  725
  761
  798
  837
  878
Depreciation, amort., depletion, $m
  138
  118
  118
  118
  118
  119
  119
  119
  119
  119
  119
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
Funds from operations, $m
  306
  231
  243
  256
  270
  284
  299
  314
  330
  346
  363
  350
  368
  388
  408
  429
  451
  474
  498
  522
  549
  576
  604
  634
  665
  698
  732
  768
  806
  845
  886
Change in working capital, $m
  -22
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  13
  13
  14
  14
  15
  16
Cash from operations, $m
  328
  226
  239
  251
  265
  279
  293
  308
  324
  340
  357
  343
  361
  380
  400
  421
  442
  465
  488
  513
  539
  565
  593
  623
  653
  686
  719
  754
  791
  830
  871
Maintenance CAPEX, $m
  0
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
New CAPEX, $m
  -293
  -2
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
Cash from investing activities, $m
  -613
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -8
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -11
  -11
  -12
  -12
Free cash flow, $m
  -285
  223
  236
  248
  262
  275
  290
  304
  320
  336
  352
  338
  356
  375
  395
  415
  436
  458
  482
  506
  531
  558
  585
  614
  644
  676
  709
  744
  780
  818
  858
Issuance/(repayment) of debt, $m
  226
  387
  399
  415
  432
  449
  466
  485
  504
  524
  545
  567
  590
  614
  640
  667
  696
  726
  758
  791
  827
  864
  903
  945
  989
  1,035
  1,083
  1,134
  1,188
  1,245
  1,305
Issuance/(repurchase) of shares, $m
  137
  44
  39
  32
  26
  19
  11
  4
  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
  431
  438
  447
  458
  468
  477
  489
  504
  524
  545
  567
  590
  614
  640
  667
  696
  726
  758
  791
  827
  864
  903
  945
  989
  1,035
  1,083
  1,134
  1,188
  1,245
  1,305
Total cash flow (excl. dividends), $m
  76
  654
  674
  696
  719
  743
  767
  793
  823
  859
  897
  905
  946
  989
  1,034
  1,082
  1,132
  1,184
  1,239
  1,297
  1,358
  1,421
  1,488
  1,559
  1,633
  1,711
  1,792
  1,878
  1,969
  2,063
  2,163
Retained Cash Flow (-), $m
  -194
  -157
  -164
  -170
  -177
  -184
  -191
  -199
  -207
  -215
  -224
  -233
  -242
  -252
  -263
  -274
  -285
  -298
  -311
  -325
  -339
  -355
  -371
  -388
  -406
  -425
  -445
  -466
  -488
  -511
  -535
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
 
  497
  510
  526
  542
  559
  576
  594
  617
  644
  673
  672
  704
  737
  772
  808
  846
  886
  928
  972
  1,018
  1,067
  1,118
  1,171
  1,227
  1,286
  1,348
  1,413
  1,481
  1,552
  1,628
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
 
  455
  423
  392
  360
  327
  294
  261
  231
  202
  175
  142
  120
  99
  80
  64
  50
  38
  29
  21
  15
  10
  7
  5
  3
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  98.7
  97.6
  96.8
  96.2
  95.8
  95.6
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5

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 22.9
Price to Sales 2.1
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 10
Price to Free Cash Flow 94.1
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 8.9% 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 10 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 45.489 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 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]
▶ 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]
Stock chart of SR Financial statements of SR Annual reports 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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