Intrinsic value of WGL Holdings - WGL

Previous Close

$85.30

  Intrinsic Value

$36.59

stock screener

  Rating & Target

str. sell

-57%

  Value-price divergence*

-25%

Previous close

$85.30

 
Intrinsic value

$36.59

 
Up/down potential

-57%

 
Rating

str. sell

 
Value-price divergence*

-25%

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

We calculate the intrinsic value of WGL 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 4.4

 

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, %
  -11.65
  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
  1,044
  2,397
  2,452
  2,515
  2,586
  2,664
  2,750
  2,844
  2,945
  3,055
  3,172
  3,297
  3,431
  3,574
  3,725
  3,886
  4,056
  4,236
  4,427
  4,628
  4,841
  5,065
  5,302
  5,551
  5,814
  6,091
  6,382
  6,689
  7,012
  7,351
  7,709
Variable operating expenses, $m
 
  2,162
  2,212
  2,269
  2,332
  2,403
  2,481
  2,565
  2,657
  2,755
  2,861
  2,974
  3,095
  3,223
  3,360
  3,505
  3,658
  3,821
  3,993
  4,175
  4,366
  4,569
  4,782
  5,007
  5,244
  5,494
  5,757
  6,034
  6,325
  6,631
  6,953
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
  2,049
  2,162
  2,212
  2,269
  2,332
  2,403
  2,481
  2,565
  2,657
  2,755
  2,861
  2,974
  3,095
  3,223
  3,360
  3,505
  3,658
  3,821
  3,993
  4,175
  4,366
  4,569
  4,782
  5,007
  5,244
  5,494
  5,757
  6,034
  6,325
  6,631
  6,953
Operating income, $m
  300
  235
  240
  246
  253
  261
  270
  279
  289
  299
  311
  323
  336
  350
  365
  381
  397
  415
  434
  454
  474
  496
  520
  544
  570
  597
  625
  656
  687
  720
  755
EBITDA, $m
  433
  235
  240
  246
  253
  261
  270
  279
  289
  299
  311
  323
  336
  350
  365
  381
  397
  415
  434
  454
  474
  496
  520
  544
  570
  597
  625
  656
  687
  720
  755
Interest expense (income), $m
  52
  62
  65
  69
  73
  78
  84
  90
  96
  103
  111
  119
  128
  137
  147
  157
  168
  180
  193
  206
  220
  235
  250
  267
  284
  302
  321
  341
  363
  385
  409
Earnings before tax, $m
  266
  173
  175
  177
  180
  183
  186
  189
  192
  196
  200
  204
  209
  213
  218
  223
  229
  235
  241
  248
  255
  262
  269
  277
  286
  295
  304
  314
  325
  335
  347
Tax expense, $m
  98
  47
  47
  48
  49
  49
  50
  51
  52
  53
  54
  55
  56
  58
  59
  60
  62
  63
  65
  67
  69
  71
  73
  75
  77
  80
  82
  85
  88
  91
  94
Net income, $m
  169
  126
  128
  129
  131
  133
  136
  138
  140
  143
  146
  149
  152
  156
  159
  163
  167
  171
  176
  181
  186
  191
  197
  203
  209
  215
  222
  229
  237
  245
  253

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  6
  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
  6,059
  6,178
  6,320
  6,482
  6,665
  6,867
  7,088
  7,330
  7,591
  7,873
  8,175
  8,498
  8,843
  9,210
  9,600
  10,015
  10,453
  10,918
  11,409
  11,928
  12,476
  13,055
  13,665
  14,308
  14,985
  15,698
  16,449
  17,240
  18,072
  18,947
  19,868
Adjusted assets (=assets-cash), $m
  6,053
  6,178
  6,320
  6,482
  6,665
  6,867
  7,088
  7,330
  7,591
  7,873
  8,175
  8,498
  8,843
  9,210
  9,600
  10,015
  10,453
  10,918
  11,409
  11,928
  12,476
  13,055
  13,665
  14,308
  14,985
  15,698
  16,449
  17,240
  18,072
  18,947
  19,868
Revenue / Adjusted assets
  0.172
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
Average production assets, $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
Working capital, $m
  -184
  144
  147
  151
  155
  160
  165
  171
  177
  183
  190
  198
  206
  214
  223
  233
  243
  254
  266
  278
  290
  304
  318
  333
  349
  365
  383
  401
  421
  441
  463
Total debt, $m
  1,776
  1,866
  1,975
  2,099
  2,239
  2,395
  2,565
  2,750
  2,951
  3,167
  3,399
  3,648
  3,912
  4,194
  4,494
  4,812
  5,149
  5,506
  5,883
  6,282
  6,703
  7,147
  7,615
  8,109
  8,629
  9,177
  9,754
  10,361
  11,000
  11,672
  12,379
Total liabilities, $m
  4,655
  4,745
  4,854
  4,978
  5,118
  5,274
  5,444
  5,629
  5,830
  6,046
  6,278
  6,527
  6,791
  7,073
  7,373
  7,691
  8,028
  8,385
  8,762
  9,161
  9,582
  10,026
  10,494
  10,988
  11,508
  12,056
  12,633
  13,240
  13,879
  14,551
  15,258
Total equity, $m
  1,404
  1,433
  1,466
  1,504
  1,546
  1,593
  1,645
  1,701
  1,761
  1,826
  1,897
  1,972
  2,052
  2,137
  2,227
  2,323
  2,425
  2,533
  2,647
  2,767
  2,895
  3,029
  3,170
  3,319
  3,476
  3,642
  3,816
  4,000
  4,193
  4,396
  4,609
Total liabilities and equity, $m
  6,059
  6,178
  6,320
  6,482
  6,664
  6,867
  7,089
  7,330
  7,591
  7,872
  8,175
  8,499
  8,843
  9,210
  9,600
  10,014
  10,453
  10,918
  11,409
  11,928
  12,477
  13,055
  13,664
  14,307
  14,984
  15,698
  16,449
  17,240
  18,072
  18,947
  19,867
Debt-to-equity ratio
  1.265
  1.300
  1.350
  1.400
  1.450
  1.500
  1.560
  1.620
  1.680
  1.730
  1.790
  1.850
  1.910
  1.960
  2.020
  2.070
  2.120
  2.170
  2.220
  2.270
  2.320
  2.360
  2.400
  2.440
  2.480
  2.520
  2.560
  2.590
  2.620
  2.660
  2.690
Adjusted equity ratio
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  169
  126
  128
  129
  131
  133
  136
  138
  140
  143
  146
  149
  152
  156
  159
  163
  167
  171
  176
  181
  186
  191
  197
  203
  209
  215
  222
  229
  237
  245
  253
Depreciation, amort., depletion, $m
  133
  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
Funds from operations, $m
  -46
  126
  128
  129
  131
  133
  136
  138
  140
  143
  146
  149
  152
  156
  159
  163
  167
  171
  176
  181
  186
  191
  197
  203
  209
  215
  222
  229
  237
  245
  253
Change in working capital, $m
  -274
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  17
  18
  19
  20
  21
Cash from operations, $m
  228
  123
  124
  126
  127
  129
  130
  132
  134
  137
  139
  142
  144
  147
  150
  154
  157
  161
  165
  169
  173
  178
  182
  188
  193
  199
  205
  211
  218
  224
  232
Maintenance CAPEX, $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
New CAPEX, $m
  -530
  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 investing activities, $m
  -665
  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
Free cash flow, $m
  -437
  123
  124
  126
  127
  129
  130
  132
  134
  137
  139
  142
  144
  147
  150
  154
  157
  161
  165
  169
  173
  178
  182
  188
  193
  199
  205
  211
  218
  224
  232
Issuance/(repayment) of debt, $m
  410
  96
  109
  125
  140
  155
  170
  185
  201
  216
  232
  248
  265
  282
  300
  318
  337
  357
  377
  399
  421
  444
  468
  494
  520
  548
  577
  607
  639
  672
  707
Issuance/(repurchase) of shares, $m
  78
  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  
  530
  96
  109
  125
  140
  155
  170
  185
  201
  216
  232
  248
  265
  282
  300
  318
  337
  357
  377
  399
  421
  444
  468
  494
  520
  548
  577
  607
  639
  672
  707
Total cash flow (excl. dividends), $m
  92
  219
  234
  250
  267
  284
  301
  318
  335
  353
  371
  390
  409
  429
  450
  472
  494
  517
  542
  567
  594
  622
  651
  681
  713
  747
  781
  818
  856
  897
  939
Retained Cash Flow (-), $m
  -133
  -29
  -33
  -38
  -42
  -47
  -51
  -56
  -61
  -65
  -70
  -75
  -80
  -85
  -91
  -96
  -102
  -108
  -114
  -120
  -127
  -134
  -141
  -149
  -157
  -166
  -174
  -183
  -193
  -203
  -214
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
 
  190
  201
  213
  225
  237
  249
  262
  274
  287
  301
  315
  329
  344
  359
  375
  392
  410
  428
  447
  467
  488
  509
  532
  556
  581
  607
  635
  663
  694
  725
Discount rate, %
 
  7.80
  8.19
  8.60
  9.03
  9.48
  9.95
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.41
  27.73
  29.12
  30.58
  32.11
PV of cash for distribution, $m
 
  176
  171
  166
  159
  151
  141
  130
  119
  108
  96
  84
  73
  63
  53
  44
  35
  28
  22
  17
  13
  9
  7
  5
  3
  2
  1
  1
  1
  0
  0
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

WGL Holdings, Inc., through its subsidiaries, sells and delivers natural gas; and provides energy-related products and services. The company operates through four segments: Regulated Utility, Retail Energy-Marketing, Commercial Energy Systems, and Midstream Energy Services. The Regulated Utility segment sells and delivers natural gas to retail customers; and owns full and partial interests in underground natural gas storage facilities, including pipeline delivery facilities located in and around Hampshire County, West Virginia. The Retail Energy-Marketing segment sells natural gas and electricity directly to residential, commercial, and industrial customers. The Commercial Energy Systems segment provides clean and energy efficient solutions, including commercial solar, energy efficiency, and combined heat and power projects, as well as other distributed generation solutions to government and commercial clients. This segment also focuses on upgrading the mechanical, electrical, and water and energy-related infrastructure of governmental and commercial facilities by implementing traditional and alternative energy technologies. The Midstream Energy Services segment acquires, invests in, manages, and optimizes natural gas storage and transportation assets. As of September 30, 2016, the company had approximately 577 miles of transmission mains; 12,990 miles of distribution mains; and 12,572 miles of distribution services, as well as served approximately 133,000 natural gas customers and approximately 127,400 electricity customers in Maryland, Virginia, Delaware, Pennsylvania, and the District of Columbia. WGL Holdings, Inc. was founded in 1848 and is based in Washington, the District of Columbia.

FINANCIAL RATIOS  of  WGL Holdings (WGL)

Valuation Ratios
P/E Ratio 25.8
Price to Sales 1.9
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 19.1
Price to Free Cash Flow -14.4
Growth Rates
Sales Growth Rate -11.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 14.2%
Cap. Spend. - 3 Yr. Gr. Rate 11.2%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 102.9%
Total Debt to Equity 126.5%
Interest Coverage 6
Management Effectiveness
Return On Assets 3.6%
Ret/ On Assets - 3 Yr. Avg. 3.2%
Return On Total Capital 5.9%
Ret/ On T. Cap. - 3 Yr. Avg. 5.3%
Return On Equity 12.6%
Return On Equity - 3 Yr. Avg. 10.5%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 19.2%
EBITDA Margin - 3 Yr. Avg. 15%
Operating Margin 12.8%
Oper. Margin - 3 Yr. Avg. 9.9%
Pre-Tax Margin 11.3%
Pre-Tax Margin - 3 Yr. Avg. 8.5%
Net Profit Margin 7.2%
Net Profit Margin - 3 Yr. Avg. 5.3%
Effective Tax Rate 36.8%
Eff/ Tax Rate - 3 Yr. Avg. 36.8%
Payout Ratio 55%

WGL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WGL stock intrinsic value calculation we used $2350 million for the last fiscal year's total revenue generated by WGL Holdings. The default revenue input number comes from 2016 income statement of WGL 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 WGL 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 7.8%, whose default value for WGL is calculated based on our internal credit rating of WGL 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 WGL 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 WGL stock the variable cost ratio is equal to 90.2%.

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 WGL 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 WGL Holdings.

Corporate tax rate of 27% is the nominal tax rate for WGL 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 WGL 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 WGL are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in WGL 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 WGL is equal to 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 - $1404 million for WGL 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 51.374 million for WGL 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 WGL Holdings at the current share price and the inputted number of shares is $4.4 billion.

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COMPANY NEWS

▶ ETFs with exposure to WGL Holdings, Inc. : July 5, 2017   [Jul-05-17 01:13PM  Capital Cube]
▶ ETFs with exposure to WGL Holdings, Inc. : June 22, 2017   [Jun-22-17 04:39PM  Capital Cube]
▶ WGL misses 2Q profit forecasts   [May-05-17 05:03AM  Associated Press]
▶ WGL Releases Corporate Sustainability Targets for 2025   [May-03-17 08:30AM  Business Wire]
▶ The Wharf just landed a major utility as an anchor tenant   [Apr-20-17 11:45AM  American City Business Journals]
▶ WGL misses 1Q profit forecasts   [05:01AM  Associated Press]
▶ [$$] Canada's AltaGas to Buy D.C. Utility WGL   [Jan-25-17 09:35PM  at The Wall Street Journal]
▶ Washington Gas parent to be acquired in $6.4B deal   [06:21PM  at bizjournals.com]
▶ [$$] Canadas AltaGas in Talks to Combine With D.C. Utility WGL   [Jan-12-17 11:24PM  at The Wall Street Journal]
▶ [$$] Canada's AltaGas in Talks to Combine With D.C. Utility WGL   [11:13PM  at The Wall Street Journal]
▶ Is Black Hills Corp (BKH) Going to Burn Investors?   [Dec-08-16 03:00PM  at Insider Monkey]
▶ Hedge Funds Are Crazy About WGL Holdings Inc (WGL)   [06:43AM  at Insider Monkey]
▶ WGL Volunteers Helped Hundreds Beat Winters Icy Chill   [Nov-07-16 08:30AM  Business Wire]
▶ [$$] Two Dead, Many Hurt in Explosion and Fire at Maryland Apartments   [Aug-11-16 01:29PM  at The Wall Street Journal]
Stock chart of WGL Financial statements of WGL Annual reports of WGL
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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