Intrinsic value of Vectren - VVC

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$60.82

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$60.82

 
Intrinsic value

$87.38

 
Up/down potential

+44%

 
Rating

buy

 
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*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
  15.70
  14.63
  13.67
  12.80
  12.02
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.61
  6.45
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
Revenue, $m
  1,378
  2,832
  3,247
  3,690
  4,163
  4,663
  5,191
  5,746
  6,327
  6,935
  7,569
  8,230
  8,918
  9,633
  10,377
  11,150
  11,953
  12,787
  13,655
  14,557
  15,495
  16,472
  17,488
  18,547
  19,650
  20,800
  22,000
  23,252
  24,559
  25,925
  27,352
Variable operating expenses, $m
 
  2,406
  2,753
  3,126
  3,522
  3,942
  4,385
  4,850
  5,338
  5,848
  6,380
  6,905
  7,482
  8,082
  8,706
  9,354
  10,028
  10,728
  11,456
  12,213
  13,000
  13,819
  14,672
  15,560
  16,486
  17,451
  18,458
  19,508
  20,605
  21,751
  22,948
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
  2,406
  2,753
  3,126
  3,522
  3,942
  4,385
  4,850
  5,338
  5,848
  6,380
  6,905
  7,482
  8,082
  8,706
  9,354
  10,028
  10,728
  11,456
  12,213
  13,000
  13,819
  14,672
  15,560
  16,486
  17,451
  18,458
  19,508
  20,605
  21,751
  22,948
Operating income, $m
  382
  427
  493
  565
  641
  721
  806
  896
  989
  1,087
  1,189
  1,325
  1,436
  1,551
  1,671
  1,795
  1,925
  2,059
  2,199
  2,344
  2,495
  2,652
  2,816
  2,986
  3,164
  3,349
  3,542
  3,744
  3,954
  4,174
  4,404
EBITDA, $m
  642
  458
  525
  597
  674
  755
  840
  930
  1,024
  1,122
  1,225
  1,332
  1,443
  1,559
  1,679
  1,804
  1,934
  2,069
  2,210
  2,355
  2,507
  2,665
  2,830
  3,001
  3,180
  3,366
  3,560
  3,762
  3,974
  4,195
  4,426
Interest expense (income), $m
  87
  86
  116
  147
  181
  217
  255
  296
  338
  382
  428
  477
  527
  579
  634
  691
  749
  811
  874
  940
  1,009
  1,080
  1,155
  1,232
  1,313
  1,397
  1,484
  1,576
  1,671
  1,771
  1,875
Earnings before tax, $m
  325
  340
  377
  417
  460
  504
  551
  600
  652
  705
  761
  848
  909
  972
  1,037
  1,105
  1,175
  1,248
  1,324
  1,404
  1,486
  1,572
  1,661
  1,754
  1,851
  1,952
  2,058
  2,168
  2,283
  2,403
  2,529
Tax expense, $m
  113
  92
  102
  113
  124
  136
  149
  162
  176
  190
  205
  229
  245
  262
  280
  298
  317
  337
  358
  379
  401
  424
  448
  474
  500
  527
  556
  585
  616
  649
  683
Net income, $m
  212
  248
  276
  305
  336
  368
  402
  438
  476
  515
  555
  619
  663
  709
  757
  806
  858
  911
  967
  1,025
  1,085
  1,147
  1,213
  1,280
  1,351
  1,425
  1,502
  1,583
  1,667
  1,754
  1,846

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
  6,633
  7,604
  8,643
  9,749
  10,921
  12,157
  13,456
  14,817
  16,241
  17,726
  19,274
  20,885
  22,560
  24,302
  26,112
  27,992
  29,947
  31,979
  34,091
  36,289
  38,575
  40,955
  43,435
  46,018
  48,712
  51,522
  54,454
  57,516
  60,714
  64,055
Adjusted assets (=assets-cash), $m
  5,732
  6,633
  7,604
  8,643
  9,749
  10,921
  12,157
  13,456
  14,817
  16,241
  17,726
  19,274
  20,885
  22,560
  24,302
  26,112
  27,992
  29,947
  31,979
  34,091
  36,289
  38,575
  40,955
  43,435
  46,018
  48,712
  51,522
  54,454
  57,516
  60,714
  64,055
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
  11
  13
  15
  17
  19
  21
  23
  25
  28
  30
  33
  36
  39
  42
  45
  48
  51
  55
  58
  62
  66
  70
  74
  79
  83
  88
  93
  98
  104
  109
Working capital, $m
  -149
  116
  133
  151
  171
  191
  213
  236
  259
  284
  310
  337
  366
  395
  425
  457
  490
  524
  560
  597
  635
  675
  717
  760
  806
  853
  902
  953
  1,007
  1,063
  1,121
Total debt, $m
  1,908
  2,465
  3,137
  3,856
  4,621
  5,432
  6,288
  7,187
  8,129
  9,114
  10,141
  11,212
  12,327
  13,487
  14,692
  15,944
  17,246
  18,598
  20,004
  21,466
  22,987
  24,569
  26,216
  27,932
  29,720
  31,584
  33,528
  35,557
  37,676
  39,889
  42,201
Total liabilities, $m
  4,033
  4,590
  5,262
  5,981
  6,746
  7,557
  8,413
  9,312
  10,254
  11,239
  12,266
  13,337
  14,452
  15,612
  16,817
  18,069
  19,371
  20,723
  22,129
  23,591
  25,112
  26,694
  28,341
  30,057
  31,845
  33,709
  35,653
  37,682
  39,801
  42,014
  44,326
Total equity, $m
  1,768
  2,043
  2,342
  2,662
  3,003
  3,364
  3,744
  4,144
  4,564
  5,002
  5,460
  5,936
  6,432
  6,948
  7,485
  8,042
  8,622
  9,224
  9,849
  10,500
  11,177
  11,881
  12,614
  13,378
  14,174
  15,003
  15,869
  16,772
  17,715
  18,700
  19,729
Total liabilities and equity, $m
  5,801
  6,633
  7,604
  8,643
  9,749
  10,921
  12,157
  13,456
  14,818
  16,241
  17,726
  19,273
  20,884
  22,560
  24,302
  26,111
  27,993
  29,947
  31,978
  34,091
  36,289
  38,575
  40,955
  43,435
  46,019
  48,712
  51,522
  54,454
  57,516
  60,714
  64,055
Debt-to-equity ratio
  1.079
  1.210
  1.340
  1.450
  1.540
  1.610
  1.680
  1.730
  1.780
  1.820
  1.860
  1.890
  1.920
  1.940
  1.960
  1.980
  2.000
  2.020
  2.030
  2.040
  2.060
  2.070
  2.080
  2.090
  2.100
  2.110
  2.110
  2.120
  2.130
  2.130
  2.140
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
  248
  276
  305
  336
  368
  402
  438
  476
  515
  555
  619
  663
  709
  757
  806
  858
  911
  967
  1,025
  1,085
  1,147
  1,213
  1,280
  1,351
  1,425
  1,502
  1,583
  1,667
  1,754
  1,846
Depreciation, amort., depletion, $m
  260
  32
  32
  32
  33
  33
  34
  34
  34
  35
  35
  7
  7
  8
  8
  9
  10
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
Funds from operations, $m
  458
  280
  308
  337
  368
  401
  436
  472
  510
  550
  591
  626
  671
  717
  765
  815
  867
  922
  978
  1,036
  1,097
  1,161
  1,227
  1,295
  1,367
  1,442
  1,520
  1,601
  1,686
  1,775
  1,868
Change in working capital, $m
  -66
  16
  17
  18
  19
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  37
  38
  40
  42
  43
  45
  47
  49
  51
  54
  56
  59
Cash from operations, $m
  524
  275
  291
  319
  349
  381
  414
  449
  486
  525
  565
  599
  642
  688
  735
  784
  834
  887
  942
  999
  1,059
  1,120
  1,185
  1,252
  1,322
  1,395
  1,471
  1,550
  1,633
  1,719
  1,810
Maintenance CAPEX, $m
  0
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
New CAPEX, $m
  -542
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
Cash from investing activities, $m
  -509
  -3
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -15
  -16
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -25
  -27
Free cash flow, $m
  15
  272
  287
  314
  344
  375
  408
  443
  479
  517
  557
  590
  633
  678
  724
  772
  822
  874
  929
  985
  1,043
  1,104
  1,168
  1,234
  1,302
  1,374
  1,449
  1,527
  1,609
  1,694
  1,783
Issuance/(repayment) of debt, $m
  107
  626
  672
  719
  766
  811
  855
  899
  942
  985
  1,028
  1,071
  1,115
  1,159
  1,205
  1,252
  1,302
  1,353
  1,406
  1,462
  1,521
  1,582
  1,647
  1,716
  1,788
  1,864
  1,944
  2,029
  2,119
  2,213
  2,312
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
  626
  672
  719
  766
  811
  855
  899
  942
  985
  1,028
  1,071
  1,115
  1,159
  1,205
  1,252
  1,302
  1,353
  1,406
  1,462
  1,521
  1,582
  1,647
  1,716
  1,788
  1,864
  1,944
  2,029
  2,119
  2,213
  2,312
Total cash flow (excl. dividends), $m
  128
  898
  958
  1,034
  1,110
  1,186
  1,264
  1,342
  1,421
  1,502
  1,585
  1,661
  1,748
  1,837
  1,929
  2,025
  2,124
  2,227
  2,334
  2,447
  2,564
  2,686
  2,815
  2,949
  3,090
  3,238
  3,394
  3,556
  3,727
  3,907
  4,096
Retained Cash Flow (-), $m
  -84
  -275
  -299
  -320
  -341
  -361
  -381
  -400
  -419
  -438
  -457
  -477
  -496
  -516
  -536
  -557
  -579
  -602
  -626
  -651
  -677
  -704
  -733
  -764
  -796
  -830
  -865
  -903
  -943
  -985
  -1,029
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
 
  623
  659
  714
  769
  825
  883
  942
  1,002
  1,064
  1,127
  1,184
  1,252
  1,321
  1,393
  1,467
  1,545
  1,625
  1,709
  1,796
  1,887
  1,982
  2,082
  2,186
  2,295
  2,409
  2,528
  2,653
  2,784
  2,922
  3,066
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
 
  582
  571
  569
  561
  546
  525
  499
  468
  433
  396
  355
  316
  278
  240
  204
  171
  140
  113
  90
  70
  53
  39
  28
  20
  14
  9
  6
  4
  2
  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 23.8
Price to Sales 2.1
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 9.6
Price to Free Cash Flow -280.1
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 15.7% 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 1.2 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 83.603 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 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]
▶ Vectren misses 1Q profit forecasts   [May-09-16 04:23PM  AP]
▶ Vectren Declares Quarterly Dividend   [May-02-16 04:15PM  Marketwired]
▶ ETFs with exposure to Vectren Corp. : April 25, 2016   [Apr-25-16 04:03PM  at Capital Cube]
▶ These 3 High-Yield Dividend Stocks Are Heading Higher   [Apr-16-16 09:40AM  at TheStreet]
▶ Gas pipeline upgrades underway in Princeton, Indiana   [Mar-28-16 02:19PM  at noodls]
Stock chart of VVC Financial statements of VVC Annual reports 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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