Intrinsic value of Southwest Gas Holdings - SWX

Previous Close

$73.37

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$73.37

 
Intrinsic value premium content
 
Up/down potential premium content
 
Rating premium content
 
Value-price divergence* premium content

Premium access subscription - $499/yr

please register and log in before paying

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

We calculate the intrinsic value of SWX 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 3.5

 

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, %
  -0.16
  16.10
  14.99
  13.99
  13.09
  12.28
  11.55
  10.90
  10.31
  9.78
  9.30
  8.87
  8.48
  8.13
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
Revenue, $m
  1,321
  2,861
  3,290
  3,750
  4,241
  4,762
  5,312
  5,891
  6,498
  7,133
  7,797
  8,488
  9,208
  9,957
  10,736
  11,546
  12,387
  13,261
  14,170
  15,114
  16,096
  17,119
  18,182
  19,290
  20,444
  21,648
  22,903
  24,212
  25,579
  27,006
  28,498
Variable operating expenses, $m
 
  2,475
  2,845
  3,241
  3,663
  4,112
  4,585
  5,084
  5,607
  6,154
  6,725
  7,307
  7,927
  8,572
  9,243
  9,940
  10,664
  11,416
  12,198
  13,012
  13,857
  14,737
  15,653
  16,607
  17,600
  18,636
  19,717
  20,844
  22,021
  23,249
  24,533
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
  2,165
  2,475
  2,845
  3,241
  3,663
  4,112
  4,585
  5,084
  5,607
  6,154
  6,725
  7,307
  7,927
  8,572
  9,243
  9,940
  10,664
  11,416
  12,198
  13,012
  13,857
  14,737
  15,653
  16,607
  17,600
  18,636
  19,717
  20,844
  22,021
  23,249
  24,533
Operating income, $m
  296
  385
  445
  509
  577
  650
  726
  807
  891
  980
  1,072
  1,181
  1,281
  1,385
  1,494
  1,606
  1,723
  1,845
  1,971
  2,103
  2,239
  2,381
  2,529
  2,684
  2,844
  3,011
  3,186
  3,368
  3,558
  3,757
  3,964
EBITDA, $m
  585
  398
  458
  522
  590
  662
  739
  819
  904
  992
  1,085
  1,181
  1,281
  1,385
  1,494
  1,606
  1,723
  1,845
  1,971
  2,103
  2,239
  2,381
  2,529
  2,684
  2,844
  3,011
  3,186
  3,368
  3,558
  3,757
  3,964
Interest expense (income), $m
  67
  64
  88
  115
  144
  174
  206
  241
  276
  314
  354
  395
  438
  482
  529
  577
  627
  680
  734
  790
  849
  910
  973
  1,039
  1,108
  1,180
  1,255
  1,332
  1,414
  1,499
  1,587
Earnings before tax, $m
  232
  322
  357
  394
  434
  476
  520
  566
  615
  666
  718
  786
  843
  903
  965
  1,029
  1,096
  1,165
  1,237
  1,312
  1,390
  1,471
  1,556
  1,644
  1,736
  1,832
  1,931
  2,036
  2,145
  2,258
  2,377
Tax expense, $m
  79
  87
  96
  106
  117
  128
  140
  153
  166
  180
  194
  212
  228
  244
  260
  278
  296
  315
  334
  354
  375
  397
  420
  444
  469
  495
  522
  550
  579
  610
  642
Net income, $m
  152
  235
  260
  288
  317
  347
  380
  413
  449
  486
  524
  574
  616
  659
  704
  751
  800
  851
  903
  958
  1,015
  1,074
  1,136
  1,200
  1,267
  1,337
  1,410
  1,486
  1,566
  1,649
  1,735

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  32
  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
  5,581
  6,179
  7,105
  8,099
  9,159
  10,284
  11,472
  12,723
  14,034
  15,407
  16,840
  18,333
  19,889
  21,506
  23,189
  24,937
  26,754
  28,642
  30,604
  32,644
  34,766
  36,973
  39,271
  41,664
  44,157
  46,755
  49,466
  52,294
  55,246
  58,329
  61,551
Adjusted assets (=assets-cash), $m
  5,549
  6,179
  7,105
  8,099
  9,159
  10,284
  11,472
  12,723
  14,034
  15,407
  16,840
  18,333
  19,889
  21,506
  23,189
  24,937
  26,754
  28,642
  30,604
  32,644
  34,766
  36,973
  39,271
  41,664
  44,157
  46,755
  49,466
  52,294
  55,246
  58,329
  61,551
Revenue / Adjusted assets
  0.238
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
Average production assets, $m
  -1,801
  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
Working capital, $m
  -95
  29
  33
  37
  42
  48
  53
  59
  65
  71
  78
  85
  92
  100
  107
  115
  124
  133
  142
  151
  161
  171
  182
  193
  204
  216
  229
  242
  256
  270
  285
Total debt, $m
  1,600
  2,155
  2,804
  3,501
  4,245
  5,033
  5,866
  6,743
  7,662
  8,624
  9,629
  10,676
  11,766
  12,900
  14,079
  15,305
  16,578
  17,902
  19,277
  20,707
  22,195
  23,742
  25,353
  27,030
  28,778
  30,600
  32,499
  34,482
  36,551
  38,713
  40,971
Total liabilities, $m
  3,918
  4,331
  4,980
  5,677
  6,421
  7,209
  8,042
  8,919
  9,838
  10,800
  11,805
  12,852
  13,942
  15,076
  16,255
  17,481
  18,754
  20,078
  21,453
  22,883
  24,371
  25,918
  27,529
  29,206
  30,954
  32,776
  34,675
  36,658
  38,727
  40,889
  43,147
Total equity, $m
  1,663
  1,847
  2,124
  2,422
  2,739
  3,075
  3,430
  3,804
  4,196
  4,607
  5,035
  5,482
  5,947
  6,430
  6,933
  7,456
  7,999
  8,564
  9,151
  9,761
  10,395
  11,055
  11,742
  12,457
  13,203
  13,980
  14,790
  15,636
  16,519
  17,440
  18,404
Total liabilities and equity, $m
  5,581
  6,178
  7,104
  8,099
  9,160
  10,284
  11,472
  12,723
  14,034
  15,407
  16,840
  18,334
  19,889
  21,506
  23,188
  24,937
  26,753
  28,642
  30,604
  32,644
  34,766
  36,973
  39,271
  41,663
  44,157
  46,756
  49,465
  52,294
  55,246
  58,329
  61,551
Debt-to-equity ratio
  0.962
  1.170
  1.320
  1.450
  1.550
  1.640
  1.710
  1.770
  1.830
  1.870
  1.910
  1.950
  1.980
  2.010
  2.030
  2.050
  2.070
  2.090
  2.110
  2.120
  2.140
  2.150
  2.160
  2.170
  2.180
  2.190
  2.200
  2.210
  2.210
  2.220
  2.230
Adjusted equity ratio
  0.294
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  152
  235
  260
  288
  317
  347
  380
  413
  449
  486
  524
  574
  616
  659
  704
  751
  800
  851
  903
  958
  1,015
  1,074
  1,136
  1,200
  1,267
  1,337
  1,410
  1,486
  1,566
  1,649
  1,735
Depreciation, amort., depletion, $m
  289
  13
  13
  13
  13
  13
  13
  13
  13
  13
  13
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Funds from operations, $m
  689
  247
  273
  300
  329
  360
  392
  426
  461
  498
  537
  574
  616
  659
  704
  751
  800
  851
  903
  958
  1,015
  1,074
  1,136
  1,200
  1,267
  1,337
  1,410
  1,486
  1,566
  1,649
  1,735
Change in working capital, $m
  91
  4
  4
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
Cash from operations, $m
  598
  202
  269
  296
  324
  355
  387
  420
  455
  492
  530
  567
  608
  652
  696
  743
  791
  842
  894
  948
  1,005
  1,064
  1,125
  1,189
  1,256
  1,325
  1,397
  1,473
  1,552
  1,634
  1,720
Maintenance CAPEX, $m
  0
  344
  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
New CAPEX, $m
  -530
  -1,721
  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
  -526
  -1,377
  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
Free cash flow, $m
  72
  -1,174
  269
  296
  324
  355
  387
  420
  455
  492
  530
  567
  608
  652
  696
  743
  791
  842
  894
  948
  1,005
  1,064
  1,125
  1,189
  1,256
  1,325
  1,397
  1,473
  1,552
  1,634
  1,720
Issuance/(repayment) of debt, $m
  6
  602
  649
  697
  743
  789
  833
  877
  919
  962
  1,004
  1,047
  1,090
  1,134
  1,179
  1,226
  1,274
  1,323
  1,376
  1,430
  1,487
  1,547
  1,611
  1,677
  1,748
  1,822
  1,900
  1,982
  2,070
  2,161
  2,258
Issuance/(repurchase) of shares, $m
  0
  826
  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  
  2
  1,428
  649
  697
  743
  789
  833
  877
  919
  962
  1,004
  1,047
  1,090
  1,134
  1,179
  1,226
  1,274
  1,323
  1,376
  1,430
  1,487
  1,547
  1,611
  1,677
  1,748
  1,822
  1,900
  1,982
  2,070
  2,161
  2,258
Total cash flow (excl. dividends), $m
  75
  -572
  918
  992
  1,068
  1,143
  1,220
  1,297
  1,375
  1,454
  1,535
  1,614
  1,699
  1,786
  1,876
  1,969
  2,065
  2,165
  2,270
  2,379
  2,492
  2,611
  2,736
  2,866
  3,003
  3,147
  3,297
  3,455
  3,621
  3,796
  3,979
Retained Cash Flow (-), $m
  -69
  -253
  -277
  -297
  -317
  -336
  -355
  -374
  -392
  -410
  -428
  -447
  -465
  -484
  -503
  -523
  -543
  -565
  -587
  -610
  -634
  -660
  -687
  -715
  -745
  -777
  -810
  -846
  -883
  -922
  -963
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
 
  0
  641
  695
  751
  807
  864
  923
  983
  1,044
  1,106
  1,167
  1,234
  1,302
  1,373
  1,446
  1,522
  1,601
  1,683
  1,769
  1,858
  1,951
  2,049
  2,151
  2,258
  2,370
  2,487
  2,610
  2,739
  2,874
  3,015
Discount rate, %
 
  7.20
  7.56
  7.94
  8.33
  8.75
  9.19
  9.65
  10.13
  10.64
  11.17
  11.73
  12.31
  12.93
  13.58
  14.26
  14.97
  15.72
  16.50
  17.33
  18.19
  19.10
  20.06
  21.06
  22.11
  23.22
  24.38
  25.60
  26.88
  28.22
  29.64
PV of cash for distribution, $m
 
  0
  554
  553
  545
  530
  510
  484
  454
  420
  384
  345
  306
  268
  231
  196
  163
  134
  108
  85
  66
  50
  37
  27
  19
  13
  9
  6
  3
  2
  1
Current shareholders' claim on cash, %
  100
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8
  80.8

Southwest Gas Holdings, Inc. purchases, distributes, and transports natural gas in Arizona, Nevada, and California. The company operates in two segments, Natural Gas Operations and Construction Services. As of September 30, 2016, it had 1,967,000 residential, commercial, industrial, and other natural gas customers. The company, through its subsidiaries, operates as an underground piping contractor that provides utility companies with trenching and installation, replacement, and maintenance services for energy distribution systems, and industrial construction solutions. It contracts primarily with local distribution companies to install, repair, and maintain energy distribution systems from the town border station to the end-user. The company also serves customers in the provinces of British Columbia and Ontario in Canada. Southwest Gas Holdings, Inc. was founded in 1931 and is headquartered in Las Vegas, Nevada.

FINANCIAL RATIOS  of  Southwest Gas Holdings (SWX)

Valuation Ratios
P/E Ratio 22.9
Price to Sales 1.4
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 5.8
Price to Free Cash Flow 51.2
Growth Rates
Sales Growth Rate -0.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 8.6%
Cap. Spend. - 3 Yr. Gr. Rate 7.8%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 93.2%
Total Debt to Equity 96.2%
Interest Coverage 4
Management Effectiveness
Return On Assets 3.6%
Ret/ On Assets - 3 Yr. Avg. 3.6%
Return On Total Capital 4.7%
Ret/ On T. Cap. - 3 Yr. Avg. 4.6%
Return On Equity 9.3%
Return On Equity - 3 Yr. Avg. 9.3%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 23.9%
EBITDA Margin - 3 Yr. Avg. 24%
Operating Margin 12%
Oper. Margin - 3 Yr. Avg. 12.4%
Pre-Tax Margin 9.4%
Pre-Tax Margin - 3 Yr. Avg. 9.6%
Net Profit Margin 6.2%
Net Profit Margin - 3 Yr. Avg. 6.1%
Effective Tax Rate 34.1%
Eff/ Tax Rate - 3 Yr. Avg. 35.5%
Payout Ratio 54.6%

SWX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SWX stock intrinsic value calculation we used $2464 million for the last fiscal year's total revenue generated by Southwest Gas Holdings. The default revenue input number comes from 2016 income statement of Southwest Gas Holdings. 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 SWX stock valuation model: a) initial revenue growth rate of 16.1% 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 7.2%, whose default value for SWX is calculated based on our internal credit rating of Southwest Gas Holdings, 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 Southwest Gas Holdings.
    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 SWX stock the variable cost ratio is equal to 86.6%.

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 SWX 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 4.1% for Southwest Gas Holdings.

Corporate tax rate of 27% is the nominal tax rate for Southwest Gas Holdings. 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 SWX 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 SWX are equal to 0%.

Life of production assets of -5.9 years is the average useful life of capital assets used in Southwest Gas Holdings 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 SWX is equal to 1%. 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 - $1594 million for Southwest Gas Holdings - 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 47.458 million for Southwest Gas Holdings 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 Southwest Gas Holdings at the current share price and the inputted number of shares is $3.5 billion.


Premium access subscription - $499/yr

please register and log in before paying
RELATED COMPANIES Price Int.Val. Rating
EGAS Gas Natural 12.90 prem.  prem.
NWN Northwest Natu 60.70 prem.  prem.
SRE Sempra Energy 113.18 prem.  prem.
ATO Atmos Energy 83.35 prem.  prem.
CPK Chesapeake Uti 75.55 prem.  prem.

COMPANY NEWS

▶ $10M fight over gas pipeline to ethanol plant   [May-18-17 02:15PM  American City Business Journals]
▶ Southwest Gas Holdings, Inc. Announces Conference Call   [May-10-17 05:00AM  PR Newswire]
▶ Southwest Gas misses 1Q profit forecasts   [May-08-17 05:42PM  Associated Press]
▶ Southwest Gas beats 4Q profit forecasts   [Feb-27-17 06:26PM  Associated Press]
▶ Southwest Gas Holdings, Inc. Announces Conference Call   [Feb-22-17 05:00PM  PR Newswire]
▶ Southwest Gas Completes Holding Company Reorganization   [Jan-03-17 06:00AM  PR Newswire]
▶ Southwest Gas Declares First Quarter 2017 Dividend   [Nov-15-16 05:00PM  PR Newswire]
▶ Southwest Gas Corporation Announces Conference Call   [Nov-02-16 06:00PM  PR Newswire]
▶ Southwest Gas Declares Fourth Quarter Dividend   [Sep-28-16 05:00PM  PR Newswire]
▶ Southwest Gas Corporation Announces Conference Call   [Aug-02-16 06:44PM  PR Newswire]
Stock chart of SWX Financial statements of SWX Annual reports of SWX
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.