Intrinsic value of WEC Energy Group - WEC

Previous Close

$66.81

  Intrinsic Value

$40.12

stock screener

  Rating & Target

sell

-40%

Previous close

$66.81

 
Intrinsic value

$40.12

 
Up/down potential

-40%

 
Rating

sell

We calculate the intrinsic value of WEC 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 21.1

 

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, %
  26.09
  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
  7,424
  7,621
  7,797
  7,997
  8,222
  8,471
  8,745
  9,043
  9,365
  9,712
  10,085
  10,484
  10,909
  11,362
  11,844
  12,355
  12,896
  13,469
  14,075
  14,716
  15,392
  16,105
  16,858
  17,651
  18,486
  19,367
  20,293
  21,268
  22,295
  23,375
  24,510
Variable operating expenses, $m
 
  5,489
  5,608
  5,745
  5,898
  6,067
  6,253
  6,456
  6,675
  6,911
  7,165
  7,131
  7,421
  7,729
  8,057
  8,404
  8,772
  9,162
  9,575
  10,010
  10,470
  10,955
  11,467
  12,007
  12,575
  13,174
  13,804
  14,468
  15,166
  15,900
  16,673
Fixed operating expenses, $m
 
  426
  437
  448
  459
  471
  482
  494
  507
  520
  533
  546
  559
  573
  588
  602
  618
  633
  649
  665
  682
  699
  716
  734
  752
  771
  791
  810
  831
  851
  873
Total operating expenses, $m
  5,790
  5,915
  6,045
  6,193
  6,357
  6,538
  6,735
  6,950
  7,182
  7,431
  7,698
  7,677
  7,980
  8,302
  8,645
  9,006
  9,390
  9,795
  10,224
  10,675
  11,152
  11,654
  12,183
  12,741
  13,327
  13,945
  14,595
  15,278
  15,997
  16,751
  17,546
Operating income, $m
  1,682
  1,706
  1,751
  1,805
  1,865
  1,934
  2,009
  2,092
  2,183
  2,282
  2,388
  2,807
  2,929
  3,060
  3,199
  3,348
  3,506
  3,674
  3,852
  4,041
  4,240
  4,451
  4,674
  4,910
  5,159
  5,422
  5,699
  5,991
  6,299
  6,623
  6,965
EBITDA, $m
  2,445
  2,328
  2,381
  2,442
  2,512
  2,591
  2,678
  2,774
  2,878
  2,991
  3,112
  3,243
  3,383
  3,533
  3,693
  3,863
  4,043
  4,235
  4,438
  4,653
  4,881
  5,122
  5,376
  5,645
  5,929
  6,228
  6,544
  6,876
  7,227
  7,596
  7,986
Interest expense (income), $m
  412
  406
  423
  443
  466
  491
  520
  551
  584
  621
  660
  702
  748
  796
  847
  902
  959
  1,021
  1,086
  1,154
  1,227
  1,303
  1,384
  1,469
  1,559
  1,654
  1,753
  1,858
  1,969
  2,085
  2,207
Earnings before tax, $m
  1,507
  1,301
  1,328
  1,361
  1,399
  1,442
  1,490
  1,542
  1,599
  1,661
  1,728
  2,104
  2,181
  2,264
  2,352
  2,447
  2,547
  2,653
  2,766
  2,886
  3,013
  3,148
  3,290
  3,441
  3,600
  3,768
  3,945
  4,132
  4,330
  4,538
  4,758
Tax expense, $m
  567
  351
  359
  368
  378
  389
  402
  416
  432
  448
  466
  568
  589
  611
  635
  661
  688
  716
  747
  779
  814
  850
  888
  929
  972
  1,017
  1,065
  1,116
  1,169
  1,225
  1,285
Net income, $m
  940
  949
  969
  994
  1,022
  1,053
  1,087
  1,125
  1,167
  1,212
  1,261
  1,536
  1,592
  1,653
  1,717
  1,786
  1,859
  1,937
  2,019
  2,107
  2,200
  2,298
  2,402
  2,512
  2,628
  2,751
  2,880
  3,017
  3,161
  3,313
  3,473

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  38
  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
  30,123
  30,732
  31,438
  32,246
  33,153
  34,159
  35,261
  36,462
  37,762
  39,163
  40,666
  42,274
  43,989
  45,816
  47,757
  49,818
  52,001
  54,312
  56,756
  59,338
  62,064
  64,941
  67,975
  71,173
  74,542
  78,091
  81,827
  85,760
  89,898
  94,252
  98,832
Adjusted assets (=assets-cash), $m
  30,085
  30,732
  31,438
  32,246
  33,153
  34,159
  35,261
  36,462
  37,762
  39,163
  40,666
  42,274
  43,989
  45,816
  47,757
  49,818
  52,001
  54,312
  56,756
  59,338
  62,064
  64,941
  67,975
  71,173
  74,542
  78,091
  81,827
  85,760
  89,898
  94,252
  98,832
Revenue / Adjusted assets
  0.247
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
Average production assets, $m
  2,082
  2,126
  2,175
  2,231
  2,294
  2,364
  2,440
  2,523
  2,613
  2,710
  2,814
  2,925
  3,044
  3,170
  3,304
  3,447
  3,598
  3,758
  3,927
  4,106
  4,294
  4,493
  4,703
  4,925
  5,158
  5,403
  5,662
  5,934
  6,220
  6,522
  6,838
Working capital, $m
  -263
  732
  748
  768
  789
  813
  840
  868
  899
  932
  968
  1,006
  1,047
  1,091
  1,137
  1,186
  1,238
  1,293
  1,351
  1,413
  1,478
  1,546
  1,618
  1,694
  1,775
  1,859
  1,948
  2,042
  2,140
  2,244
  2,353
Total debt, $m
  10,176
  10,587
  11,083
  11,650
  12,287
  12,992
  13,767
  14,610
  15,522
  16,505
  17,560
  18,689
  19,893
  21,176
  22,539
  23,985
  25,518
  27,140
  28,855
  30,668
  32,582
  34,602
  36,731
  38,976
  41,342
  43,833
  46,456
  49,217
  52,122
  55,178
  58,393
Total liabilities, $m
  21,163
  21,574
  22,070
  22,637
  23,274
  23,979
  24,754
  25,597
  26,509
  27,492
  28,547
  29,676
  30,880
  32,163
  33,526
  34,972
  36,505
  38,127
  39,842
  41,655
  43,569
  45,589
  47,718
  49,963
  52,329
  54,820
  57,443
  60,204
  63,109
  66,165
  69,380
Total equity, $m
  8,960
  9,158
  9,369
  9,609
  9,880
  10,179
  10,508
  10,866
  11,253
  11,670
  12,118
  12,598
  13,109
  13,653
  14,232
  14,846
  15,496
  16,185
  16,913
  17,683
  18,495
  19,352
  20,257
  21,209
  22,214
  23,271
  24,385
  25,556
  26,790
  28,087
  29,452
Total liabilities and equity, $m
  30,123
  30,732
  31,439
  32,246
  33,154
  34,158
  35,262
  36,463
  37,762
  39,162
  40,665
  42,274
  43,989
  45,816
  47,758
  49,818
  52,001
  54,312
  56,755
  59,338
  62,064
  64,941
  67,975
  71,172
  74,543
  78,091
  81,828
  85,760
  89,899
  94,252
  98,832
Debt-to-equity ratio
  1.136
  1.160
  1.180
  1.210
  1.240
  1.280
  1.310
  1.340
  1.380
  1.410
  1.450
  1.480
  1.520
  1.550
  1.580
  1.620
  1.650
  1.680
  1.710
  1.730
  1.760
  1.790
  1.810
  1.840
  1.860
  1.880
  1.910
  1.930
  1.950
  1.960
  1.980
Adjusted equity ratio
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  940
  949
  969
  994
  1,022
  1,053
  1,087
  1,125
  1,167
  1,212
  1,261
  1,536
  1,592
  1,653
  1,717
  1,786
  1,859
  1,937
  2,019
  2,107
  2,200
  2,298
  2,402
  2,512
  2,628
  2,751
  2,880
  3,017
  3,161
  3,313
  3,473
Depreciation, amort., depletion, $m
  763
  622
  629
  638
  647
  657
  669
  681
  695
  709
  725
  437
  454
  473
  493
  514
  537
  561
  586
  613
  641
  671
  702
  735
  770
  806
  845
  886
  928
  973
  1,021
Funds from operations, $m
  2,086
  1,571
  1,599
  1,631
  1,669
  1,710
  1,756
  1,807
  1,862
  1,921
  1,986
  1,973
  2,047
  2,126
  2,210
  2,300
  2,396
  2,498
  2,606
  2,720
  2,841
  2,969
  3,104
  3,247
  3,398
  3,557
  3,725
  3,902
  4,089
  4,286
  4,494
Change in working capital, $m
  -18
  14
  17
  19
  22
  24
  26
  29
  31
  33
  36
  38
  41
  43
  46
  49
  52
  55
  58
  61
  65
  68
  72
  76
  80
  84
  89
  94
  99
  104
  109
Cash from operations, $m
  2,104
  1,557
  1,582
  1,612
  1,647
  1,686
  1,730
  1,778
  1,831
  1,888
  1,950
  1,934
  2,006
  2,082
  2,164
  2,251
  2,344
  2,443
  2,547
  2,658
  2,776
  2,900
  3,032
  3,171
  3,317
  3,473
  3,636
  3,809
  3,991
  4,183
  4,385
Maintenance CAPEX, $m
  0
  -311
  -317
  -325
  -333
  -342
  -353
  -364
  -377
  -390
  -404
  -420
  -437
  -454
  -473
  -493
  -514
  -537
  -561
  -586
  -613
  -641
  -671
  -702
  -735
  -770
  -806
  -845
  -886
  -928
  -973
New CAPEX, $m
  -1,424
  -45
  -49
  -56
  -63
  -70
  -76
  -83
  -90
  -97
  -104
  -111
  -119
  -126
  -134
  -143
  -151
  -160
  -169
  -179
  -189
  -199
  -210
  -221
  -233
  -246
  -259
  -272
  -286
  -301
  -317
Cash from investing activities, $m
  -1,270
  -356
  -366
  -381
  -396
  -412
  -429
  -447
  -467
  -487
  -508
  -531
  -556
  -580
  -607
  -636
  -665
  -697
  -730
  -765
  -802
  -840
  -881
  -923
  -968
  -1,016
  -1,065
  -1,117
  -1,172
  -1,229
  -1,290
Free cash flow, $m
  834
  1,201
  1,216
  1,232
  1,251
  1,274
  1,301
  1,331
  1,364
  1,401
  1,441
  1,403
  1,451
  1,502
  1,557
  1,616
  1,679
  1,746
  1,817
  1,894
  1,974
  2,060
  2,151
  2,247
  2,349
  2,457
  2,571
  2,692
  2,819
  2,953
  3,095
Issuance/(repayment) of debt, $m
  -141
  449
  496
  567
  637
  706
  774
  843
  913
  983
  1,055
  1,129
  1,204
  1,282
  1,363
  1,446
  1,533
  1,622
  1,716
  1,813
  1,914
  2,020
  2,130
  2,245
  2,365
  2,491
  2,623
  2,761
  2,905
  3,056
  3,215
Issuance/(repurchase) of shares, $m
  -66
  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  
  -221
  449
  496
  567
  637
  706
  774
  843
  913
  983
  1,055
  1,129
  1,204
  1,282
  1,363
  1,446
  1,533
  1,622
  1,716
  1,813
  1,914
  2,020
  2,130
  2,245
  2,365
  2,491
  2,623
  2,761
  2,905
  3,056
  3,215
Total cash flow (excl. dividends), $m
  613
  1,650
  1,712
  1,799
  1,888
  1,980
  2,075
  2,174
  2,277
  2,384
  2,497
  2,532
  2,655
  2,784
  2,920
  3,062
  3,211
  3,368
  3,533
  3,706
  3,888
  4,080
  4,281
  4,492
  4,715
  4,948
  5,194
  5,452
  5,724
  6,009
  6,309
Retained Cash Flow (-), $m
  -275
  -198
  -211
  -241
  -270
  -300
  -329
  -358
  -387
  -417
  -448
  -479
  -511
  -544
  -579
  -614
  -651
  -689
  -728
  -770
  -812
  -857
  -904
  -953
  -1,004
  -1,058
  -1,113
  -1,172
  -1,233
  -1,297
  -1,365
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
 
  1,452
  1,501
  1,558
  1,618
  1,680
  1,746
  1,816
  1,889
  1,967
  2,049
  2,053
  2,144
  2,240
  2,341
  2,448
  2,561
  2,680
  2,805
  2,937
  3,076
  3,222
  3,377
  3,539
  3,711
  3,891
  4,081
  4,280
  4,491
  4,712
  4,945
Discount rate, %
 
  8.20
  8.61
  9.04
  9.49
  9.97
  10.47
  10.99
  11.54
  12.12
  12.72
  13.36
  14.02
  14.73
  15.46
  16.24
  17.05
  17.90
  18.79
  19.73
  20.72
  21.76
  22.84
  23.99
  25.19
  26.45
  27.77
  29.16
  30.61
  32.15
  33.75
PV of cash for distribution, $m
 
  1,342
  1,273
  1,202
  1,125
  1,045
  961
  875
  789
  703
  619
  517
  444
  375
  313
  256
  206
  163
  126
  96
  71
  52
  37
  25
  17
  11
  7
  4
  3
  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

WEC Energy Group, Inc. was a diversified holding company with natural gas and electric utility operations, an approximately 60% equity ownership interest in American Transmission Company LLC, and non-utility electric operations through its We Power business, as of December 31, 2016. Its segments include Wisconsin; Illinois; Other States; Electric Transmission; We Power, and Corporate and Other. Wisconsin includes the electric and natural gas utility operations of Wisconsin Electric Power Company, Wisconsin Gas LLC, and Wisconsin Public Service Corporation, including WE's and WPS's electric and natural gas operations in the state of Michigan. Illinois includes the natural gas utility and non-utility operations of The Peoples Gas Light and Coke Company and North Shore Gas Company. Other states includes the natural gas utility and non-utility operations of Minnesota Energy Resources Corporation and Michigan Gas Utilities Corporation.

FINANCIAL RATIOS  of  WEC Energy Group (WEC)

Valuation Ratios
P/E Ratio 22.4
Price to Sales 2.8
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 10
Price to Free Cash Flow 31
Growth Rates
Sales Growth Rate 26.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 12.5%
Cap. Spend. - 3 Yr. Gr. Rate 15.7%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 102.2%
Total Debt to Equity 113.6%
Interest Coverage 5
Management Effectiveness
Return On Assets 4%
Ret/ On Assets - 3 Yr. Avg. 4.3%
Return On Total Capital 4.9%
Ret/ On T. Cap. - 3 Yr. Avg. 5.2%
Return On Equity 10.7%
Return On Equity - 3 Yr. Avg. 11.3%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 35.9%
EBITDA Margin - 3 Yr. Avg. 33.9%
Operating Margin 22.5%
Oper. Margin - 3 Yr. Avg. 22%
Pre-Tax Margin 20.2%
Pre-Tax Margin - 3 Yr. Avg. 19.1%
Net Profit Margin 12.6%
Net Profit Margin - 3 Yr. Avg. 11.7%
Effective Tax Rate 37.6%
Eff/ Tax Rate - 3 Yr. Avg. 38.7%
Payout Ratio 66.5%

WEC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WEC stock intrinsic value calculation we used $7472 million for the last fiscal year's total revenue generated by WEC Energy Group. The default revenue input number comes from 2016 income statement of WEC Energy Group. 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 WEC 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 8.2%, whose default value for WEC is calculated based on our internal credit rating of WEC Energy Group, 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 WEC Energy Group.
    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 WEC stock the variable cost ratio is equal to 72.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $416 million in the base year in the intrinsic value calculation for WEC 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% for WEC Energy Group.

Corporate tax rate of 27% is the nominal tax rate for WEC Energy Group. 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 WEC 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 WEC are equal to 27.9%.

Life of production assets of 6.7 years is the average useful life of capital assets used in WEC Energy Group 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 WEC is equal to 9.6%. 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 - $8960 million for WEC Energy Group - 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 315.522 million for WEC Energy Group 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 WEC Energy Group at the current share price and the inputted number of shares is $21.1 billion.

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COMPANY NEWS

▶ WEC Energy Group declares quarterly dividend   [Oct-19-17 01:34PM  PR Newswire]
▶ A statement from WEC Energy Group   [Oct-12-17 05:22PM  PR Newswire]
▶ When Should You Buy WEC Energy Group Inc (WEC)?   [Oct-02-17 10:22AM  Simply Wall St.]
▶ IBD Rating Upgrades: WEC Energy Flashes Improved Relative Price Strength   [Sep-08-17 03:00AM  Investor's Business Daily]
▶ Stocks Showing Improved Relative Strength: WEC Energy   [Sep-06-17 03:00AM  Investor's Business Daily]
▶ WEC Energy beats 2Q profit forecasts   [Jul-26-17 10:23PM  Associated Press]
▶ Wisconsin Electric declares quarterly dividends   [Jul-20-17 03:19PM  PR Newswire]
▶ Peoples Gas opens training center for energy workers and public school students   [Jun-28-17 04:00PM  American City Business Journals]
▶ We Energies parent will cut coal emissions despite Trump order   [May-04-17 05:45PM  American City Business Journals]
▶ WEC Energy beats 1Q profit forecasts   [07:19AM  Associated Press]
▶ Wisconsin Electric declares quarterly dividends   [Apr-20-17 02:17PM  PR Newswire]
▶ Buy Alert: 2 Cheap Funds Paying 6.7%+   [Mar-29-17 07:42AM  at Forbes]
▶ $178 billion in profits, no taxes paid   [Mar-09-17 02:55PM  at bizjournals.com]
▶ WEC Energy misses 4Q profit forecasts   [07:28AM  Associated Press]
▶ How Is WEC Energy Valued Compared to Its Peers?   [Jan-25-17 12:05PM  Market Realist]
▶ WEC Energy Group raises quarterly dividend   [Jan-19-17 02:35PM  PR Newswire]
Financial statements of WEC
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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