Intrinsic value of Vectren - VVC

Previous Close

$61.05

  Intrinsic Value

$47.71

stock screener

  Rating & Target

sell

-22%

  Value-price divergence*

+143%

Previous close

$61.05

 
Intrinsic value

$47.71

 
Up/down potential

-22%

 
Rating

sell

 
Value-price divergence*

+143%

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

We calculate the intrinsic value of VVC 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 5.1

 

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, %
  0.53
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
Revenue, $m
  1,378
  2,614
  2,788
  2,968
  3,155
  3,350
  3,553
  3,765
  3,985
  4,215
  4,456
  4,706
  4,968
  5,242
  5,528
  5,827
  6,140
  6,468
  6,810
  7,169
  7,545
  7,939
  8,352
  8,784
  9,237
  9,712
  10,210
  10,733
  11,281
  11,855
  12,458
Variable operating expenses, $m
 
  2,223
  2,368
  2,519
  2,676
  2,840
  3,010
  3,188
  3,373
  3,566
  3,768
  3,949
  4,168
  4,398
  4,638
  4,889
  5,151
  5,426
  5,714
  6,015
  6,330
  6,661
  7,007
  7,370
  7,750
  8,148
  8,566
  9,005
  9,464
  9,946
  10,452
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
  2,067
  2,223
  2,368
  2,519
  2,676
  2,840
  3,010
  3,188
  3,373
  3,566
  3,768
  3,949
  4,168
  4,398
  4,638
  4,889
  5,151
  5,426
  5,714
  6,015
  6,330
  6,661
  7,007
  7,370
  7,750
  8,148
  8,566
  9,005
  9,464
  9,946
  10,452
Operating income, $m
  382
  392
  419
  448
  479
  510
  543
  577
  612
  649
  688
  758
  800
  844
  890
  938
  989
  1,041
  1,097
  1,154
  1,215
  1,278
  1,345
  1,414
  1,487
  1,564
  1,644
  1,728
  1,816
  1,909
  2,006
EBITDA, $m
  642
  422
  450
  479
  509
  541
  573
  608
  643
  680
  719
  760
  802
  846
  892
  941
  991
  1,044
  1,099
  1,157
  1,218
  1,281
  1,348
  1,418
  1,491
  1,568
  1,648
  1,732
  1,821
  1,914
  2,011
Interest expense (income), $m
  87
  86
  99
  112
  126
  140
  155
  171
  187
  204
  221
  239
  259
  279
  299
  321
  344
  368
  393
  419
  446
  475
  505
  536
  569
  604
  640
  678
  718
  759
  803
Earnings before tax, $m
  325
  305
  320
  336
  352
  370
  387
  406
  425
  446
  467
  518
  541
  565
  591
  617
  645
  674
  704
  735
  769
  803
  840
  878
  918
  960
  1,004
  1,050
  1,099
  1,149
  1,203
Tax expense, $m
  113
  82
  86
  91
  95
  100
  105
  110
  115
  120
  126
  140
  146
  153
  159
  167
  174
  182
  190
  199
  208
  217
  227
  237
  248
  259
  271
  284
  297
  310
  325
Net income, $m
  212
  223
  234
  245
  257
  270
  283
  296
  311
  325
  341
  378
  395
  413
  431
  450
  471
  492
  514
  537
  561
  586
  613
  641
  670
  701
  733
  767
  802
  839
  878

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  69
  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
  5,801
  6,123
  6,528
  6,950
  7,388
  7,845
  8,321
  8,816
  9,333
  9,872
  10,435
  11,022
  11,635
  12,276
  12,946
  13,647
  14,380
  15,146
  15,949
  16,790
  17,670
  18,592
  19,559
  20,571
  21,633
  22,745
  23,912
  25,135
  26,418
  27,764
  29,176
Adjusted assets (=assets-cash), $m
  5,732
  6,123
  6,528
  6,950
  7,388
  7,845
  8,321
  8,816
  9,333
  9,872
  10,435
  11,022
  11,635
  12,276
  12,946
  13,647
  14,380
  15,146
  15,949
  16,790
  17,670
  18,592
  19,559
  20,571
  21,633
  22,745
  23,912
  25,135
  26,418
  27,764
  29,176
Revenue / Adjusted assets
  0.240
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
Average production assets, $m
  11
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  33
  35
  37
  39
  41
  43
  45
  47
  50
Working capital, $m
  -149
  107
  114
  122
  129
  137
  146
  154
  163
  173
  183
  193
  204
  215
  227
  239
  252
  265
  279
  294
  309
  325
  342
  360
  379
  398
  419
  440
  463
  486
  511
Total debt, $m
  1,908
  2,112
  2,393
  2,684
  2,988
  3,304
  3,633
  3,976
  4,334
  4,707
  5,096
  5,502
  5,927
  6,370
  6,834
  7,318
  7,826
  8,356
  8,912
  9,494
  10,103
  10,741
  11,410
  12,110
  12,845
  13,615
  14,422
  15,269
  16,157
  17,088
  18,065
Total liabilities, $m
  4,033
  4,237
  4,518
  4,809
  5,113
  5,429
  5,758
  6,101
  6,459
  6,832
  7,221
  7,627
  8,052
  8,495
  8,959
  9,443
  9,951
  10,481
  11,037
  11,619
  12,228
  12,866
  13,535
  14,235
  14,970
  15,740
  16,547
  17,394
  18,282
  19,213
  20,190
Total equity, $m
  1,768
  1,886
  2,011
  2,141
  2,276
  2,416
  2,563
  2,715
  2,875
  3,041
  3,214
  3,395
  3,584
  3,781
  3,987
  4,203
  4,429
  4,665
  4,912
  5,171
  5,442
  5,726
  6,024
  6,336
  6,663
  7,006
  7,365
  7,742
  8,137
  8,551
  8,986
Total liabilities and equity, $m
  5,801
  6,123
  6,529
  6,950
  7,389
  7,845
  8,321
  8,816
  9,334
  9,873
  10,435
  11,022
  11,636
  12,276
  12,946
  13,646
  14,380
  15,146
  15,949
  16,790
  17,670
  18,592
  19,559
  20,571
  21,633
  22,746
  23,912
  25,136
  26,419
  27,764
  29,176
Debt-to-equity ratio
  1.079
  1.120
  1.190
  1.250
  1.310
  1.370
  1.420
  1.460
  1.510
  1.550
  1.590
  1.620
  1.650
  1.680
  1.710
  1.740
  1.770
  1.790
  1.810
  1.840
  1.860
  1.880
  1.890
  1.910
  1.930
  1.940
  1.960
  1.970
  1.990
  2.000
  2.010
Adjusted equity ratio
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  212
  223
  234
  245
  257
  270
  283
  296
  311
  325
  341
  378
  395
  413
  431
  450
  471
  492
  514
  537
  561
  586
  613
  641
  670
  701
  733
  767
  802
  839
  878
Depreciation, amort., depletion, $m
  260
  30
  31
  31
  31
  31
  31
  31
  31
  31
  31
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
Funds from operations, $m
  458
  253
  264
  276
  288
  301
  314
  327
  342
  356
  372
  380
  397
  415
  433
  453
  473
  494
  516
  540
  564
  590
  616
  644
  674
  705
  737
  771
  807
  844
  883
Change in working capital, $m
  -66
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  19
  20
  21
  22
  24
  25
Cash from operations, $m
  524
  246
  257
  268
  280
  293
  305
  319
  332
  347
  362
  370
  386
  404
  422
  441
  460
  481
  502
  525
  549
  574
  600
  627
  655
  685
  717
  750
  784
  820
  858
Maintenance CAPEX, $m
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
New CAPEX, $m
  -542
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Cash from investing activities, $m
  -509
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
Free cash flow, $m
  15
  245
  255
  267
  278
  290
  303
  316
  330
  344
  359
  367
  383
  401
  418
  437
  457
  477
  498
  521
  544
  569
  595
  622
  650
  680
  711
  743
  778
  813
  851
Issuance/(repayment) of debt, $m
  107
  273
  280
  292
  304
  316
  329
  343
  358
  373
  389
  406
  424
  444
  464
  485
  507
  531
  556
  582
  609
  638
  669
  701
  734
  770
  807
  847
  888
  931
  977
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  113
  273
  280
  292
  304
  316
  329
  343
  358
  373
  389
  406
  424
  444
  464
  485
  507
  531
  556
  582
  609
  638
  669
  701
  734
  770
  807
  847
  888
  931
  977
Total cash flow (excl. dividends), $m
  128
  518
  536
  558
  582
  606
  632
  659
  688
  717
  749
  774
  808
  844
  882
  922
  964
  1,008
  1,054
  1,103
  1,154
  1,207
  1,263
  1,322
  1,384
  1,450
  1,518
  1,590
  1,665
  1,745
  1,828
Retained Cash Flow (-), $m
  -84
  -118
  -125
  -130
  -135
  -141
  -146
  -153
  -159
  -166
  -173
  -181
  -189
  -197
  -206
  -216
  -226
  -236
  -247
  -259
  -271
  -284
  -298
  -312
  -327
  -343
  -359
  -377
  -395
  -415
  -435
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
 
  401
  411
  429
  447
  466
  486
  507
  529
  551
  575
  593
  619
  647
  676
  706
  738
  772
  807
  844
  882
  923
  966
  1,011
  1,058
  1,107
  1,159
  1,213
  1,270
  1,330
  1,393
Discount rate, %
 
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.51
  9.99
  10.49
  11.01
  11.57
  12.14
  12.75
  13.39
  14.06
  14.76
  15.50
  16.27
  17.09
  17.94
  18.84
  19.78
  20.77
  21.81
  22.90
  24.04
  25.25
  26.51
  27.83
  29.22
PV of cash for distribution, $m
 
  374
  356
  342
  326
  308
  289
  268
  247
  225
  202
  178
  156
  136
  116
  98
  82
  67
  53
  42
  33
  25
  18
  13
  9
  6
  4
  3
  2
  1
  1
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

Vectren Corporation provides energy delivery services to residential, commercial, and industrial and other contract customers. The company offers natural gas distribution and transportation services, and electric transmission and distribution services; and owns and operates coal-fired, natural gas or oil-fired, and landfill gas electric generating facilities with an installed generating capacity of 1,248 megawatts. Its electric transmission system consists of approximately 1,000 circuit miles of 345, 138, and 69 kilovolt lines, and 34 substations; and distribution system comprises 4,558 circuit miles of lower voltage overhead lines and 436 trench miles of conduit containing 2,386 circuit miles of underground distribution cable, as well as 86 distribution substations and 55,000 distribution transformers. The company also provides underground pipeline construction and repair services; and energy performance contracting and sustainable infrastructure, such as distributed generation, renewables, and combined heat and power projects, as well as invests in energy-related opportunities and services. It serves various industries comprising automotive assembly, parts, and accessories; feed, flour, and grain processing; metal castings and plastic products; gypsum products; electrical equipment, metal specialties, and glass and steel finishing; pharmaceutical and nutritional products; gasoline and oil products; ethanol; and coal mining. As of December 31, 2016, the company supplied natural gas services to approximately 1,028,300 customers in Indiana and Ohio; and electric services to approximately 145,500 customers in Indiana. Vectren Corporation was incorporated in 1999 and is headquartered in Evansville, Indiana.

FINANCIAL RATIOS  of  Vectren (VVC)

Valuation Ratios
P/E Ratio 23.9
Price to Sales 2.1
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 9.7
Price to Free Cash Flow -281.2
Growth Rates
Sales Growth Rate 0.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 13.6%
Cap. Spend. - 3 Yr. Gr. Rate 6.6%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 89.9%
Total Debt to Equity 107.9%
Interest Coverage 5
Management Effectiveness
Return On Assets 4.8%
Ret/ On Assets - 3 Yr. Avg. 4.7%
Return On Total Capital 5.9%
Ret/ On T. Cap. - 3 Yr. Avg. 5.5%
Return On Equity 12.3%
Return On Equity - 3 Yr. Avg. 11.6%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 27.5%
EBITDA Margin - 3 Yr. Avg. 25.6%
Operating Margin 15.6%
Oper. Margin - 3 Yr. Avg. 14.2%
Pre-Tax Margin 13.3%
Pre-Tax Margin - 3 Yr. Avg. 11.7%
Net Profit Margin 8.7%
Net Profit Margin - 3 Yr. Avg. 7.7%
Effective Tax Rate 34.8%
Eff/ Tax Rate - 3 Yr. Avg. 33.7%
Payout Ratio 63.2%

VVC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VVC stock intrinsic value calculation we used $2448 million for the last fiscal year's total revenue generated by Vectren. The default revenue input number comes from 2016 income statement of Vectren. 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 VVC stock valuation model: a) initial revenue growth rate of 6.8% 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 7.1%, whose default value for VVC is calculated based on our internal credit rating of Vectren, 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 Vectren.
    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 VVC stock the variable cost ratio is equal to 85.1%.

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 VVC 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 4.7% for Vectren.

Corporate tax rate of 27% is the nominal tax rate for Vectren. 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 VVC 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 VVC are equal to 0.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Vectren 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 VVC is equal to 4.1%. 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 - $1768 million for Vectren - 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 83.422 million for Vectren 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 Vectren at the current share price and the inputted number of shares is $5.1 billion.

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COMPANY NEWS

▶ Vectren beats 2Q profit forecasts   [Aug-04-17 08:15PM  Associated Press]
▶ Vectren Declares Quarterly Dividend   [04:15PM  GlobeNewswire]
▶ ETFs with exposure to Vectren Corp. : July 13, 2017   [Jul-13-17 04:52PM  Capital Cube]
▶ ETFs with exposure to Vectren Corp. : July 3, 2017   [Jul-03-17 03:59PM  Capital Cube]
▶ ETFs with exposure to Vectren Corp. : June 22, 2017   [Jun-22-17 04:37PM  Capital Cube]
▶ Glenville State College Saves Energy and Resources   [Jun-06-17 05:31PM  GlobeNewswire]
▶ Vectren beats 1Q profit forecasts   [07:00AM  Associated Press]
▶ Vectren Declares Quarterly Dividend   [Apr-12-17 04:30PM  Marketwired]
▶ Vectren beats 4Q profit forecasts   [Feb-22-17 06:34PM  Associated Press]
▶ Vectren Declares Quarterly Dividend   [Feb-01-17 04:30PM  Marketwired]
▶ Vectren putting $16M into new lines in 2017   [Jan-18-17 03:10PM  at bizjournals.com]
▶ Vectren putting $16M into new lines in 2017   [03:10PM  American City Business Journals]
▶ Here is What Hedge Funds Think About Vectren Corporation (VVC)   [Dec-08-16 11:41AM  at Insider Monkey]
▶ Dayton school, Vectren partner to grow local engineering talent   [Oct-18-16 10:30AM  at bizjournals.com]
▶ Dividend Kings In Focus: Vectren Corporation (VVC)   [Oct-05-16 12:01AM  at Insider Monkey]
▶ Vectren Declares Quarterly Dividend   [04:15PM  Marketwired]
Stock chart of VVC Financial statements of VVC
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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