Intrinsic value of WGL Holdings - WGL

Previous Close

$84.28

  Intrinsic Value

$65.92

stock screener

  Rating & Target

sell

-22%

  Value-price divergence*

+41%

Previous close

$84.28

 
Intrinsic value

$65.92

 
Up/down potential

-22%

 
Rating

sell

 
Value-price divergence*

+41%

*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 4.3

 

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
  7.50
  7.25
  7.02
  6.82
  6.64
  6.48
  6.33
  6.20
  6.08
  5.97
  5.87
  5.78
  5.71
  5.64
  5.57
  5.51
  5.46
  5.42
  5.38
  5.34
  5.30
  5.27
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
Revenue, $m
  1,044
  2,526
  2,709
  2,900
  3,098
  3,303
  3,517
  3,740
  3,971
  4,213
  4,464
  4,726
  5,000
  5,285
  5,583
  5,894
  6,219
  6,559
  6,914
  7,286
  7,675
  8,082
  8,508
  8,954
  9,422
  9,912
  10,425
  10,963
  11,527
  12,119
  12,739
Variable operating expenses, $m
 
  2,279
  2,444
  2,616
  2,794
  2,980
  3,173
  3,373
  3,582
  3,800
  4,027
  4,263
  4,510
  4,767
  5,036
  5,316
  5,610
  5,916
  6,236
  6,572
  6,922
  7,290
  7,674
  8,077
  8,498
  8,940
  9,403
  9,889
  10,397
  10,931
  11,490
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
  2,279
  2,444
  2,616
  2,794
  2,980
  3,173
  3,373
  3,582
  3,800
  4,027
  4,263
  4,510
  4,767
  5,036
  5,316
  5,610
  5,916
  6,236
  6,572
  6,922
  7,290
  7,674
  8,077
  8,498
  8,940
  9,403
  9,889
  10,397
  10,931
  11,490
Operating income, $m
  300
  248
  266
  284
  304
  324
  345
  366
  389
  413
  437
  463
  490
  518
  547
  578
  609
  643
  678
  714
  752
  792
  834
  878
  923
  971
  1,022
  1,074
  1,130
  1,188
  1,248
EBITDA, $m
  433
  248
  266
  284
  304
  324
  345
  366
  389
  413
  437
  463
  490
  518
  547
  578
  609
  643
  678
  714
  752
  792
  834
  878
  923
  971
  1,022
  1,074
  1,130
  1,188
  1,248
Interest expense (income), $m
  52
  62
  74
  86
  100
  113
  127
  142
  158
  174
  190
  208
  226
  245
  264
  285
  307
  329
  352
  377
  403
  430
  458
  487
  518
  550
  584
  620
  657
  696
  737
Earnings before tax, $m
  266
  186
  192
  198
  204
  210
  217
  224
  232
  239
  247
  255
  264
  273
  283
  293
  303
  314
  325
  337
  349
  362
  376
  390
  405
  421
  438
  455
  473
  492
  512
Tax expense, $m
  98
  50
  52
  53
  55
  57
  59
  61
  63
  65
  67
  69
  71
  74
  76
  79
  82
  85
  88
  91
  94
  98
  102
  105
  109
  114
  118
  123
  128
  133
  138
Net income, $m
  169
  136
  140
  144
  149
  154
  159
  164
  169
  175
  180
  186
  193
  199
  206
  214
  221
  229
  237
  246
  255
  265
  275
  285
  296
  307
  319
  332
  345
  359
  374

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
  6,049
  6,494
  6,965
  7,454
  7,963
  8,492
  9,042
  9,614
  10,209
  10,830
  11,476
  12,150
  12,853
  13,586
  14,352
  15,152
  15,987
  16,861
  17,774
  18,729
  19,729
  20,775
  21,871
  23,018
  24,220
  25,480
  26,799
  28,183
  29,633
  31,153
  32,747
Adjusted assets (=assets-cash), $m
  6,043
  6,494
  6,965
  7,454
  7,963
  8,492
  9,042
  9,614
  10,209
  10,830
  11,476
  12,150
  12,853
  13,586
  14,352
  15,152
  15,987
  16,861
  17,774
  18,729
  19,729
  20,775
  21,871
  23,018
  24,220
  25,480
  26,799
  28,183
  29,633
  31,153
  32,747
Revenue / Adjusted assets
  0.173
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
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
  152
  163
  174
  186
  198
  211
  224
  238
  253
  268
  284
  300
  317
  335
  354
  373
  394
  415
  437
  460
  485
  510
  537
  565
  595
  625
  658
  692
  727
  764
Total debt, $m
  1,766
  2,109
  2,470
  2,846
  3,237
  3,643
  4,065
  4,504
  4,962
  5,438
  5,935
  6,452
  6,992
  7,555
  8,143
  8,757
  9,399
  10,070
  10,771
  11,505
  12,273
  13,077
  13,918
  14,799
  15,722
  16,689
  17,703
  18,765
  19,879
  21,047
  22,271
Total liabilities, $m
  4,646
  4,988
  5,349
  5,725
  6,116
  6,522
  6,944
  7,383
  7,841
  8,317
  8,814
  9,331
  9,871
  10,434
  11,022
  11,636
  12,278
  12,949
  13,650
  14,384
  15,152
  15,956
  16,797
  17,678
  18,601
  19,568
  20,582
  21,644
  22,758
  23,926
  25,150
Total equity, $m
  1,404
  1,507
  1,616
  1,729
  1,847
  1,970
  2,098
  2,230
  2,369
  2,513
  2,662
  2,819
  2,982
  3,152
  3,330
  3,515
  3,709
  3,912
  4,124
  4,345
  4,577
  4,820
  5,074
  5,340
  5,619
  5,911
  6,217
  6,538
  6,875
  7,228
  7,597
Total liabilities and equity, $m
  6,050
  6,495
  6,965
  7,454
  7,963
  8,492
  9,042
  9,613
  10,210
  10,830
  11,476
  12,150
  12,853
  13,586
  14,352
  15,151
  15,987
  16,861
  17,774
  18,729
  19,729
  20,776
  21,871
  23,018
  24,220
  25,479
  26,799
  28,182
  29,633
  31,154
  32,747
Debt-to-equity ratio
  1.258
  1.400
  1.530
  1.650
  1.750
  1.850
  1.940
  2.020
  2.090
  2.160
  2.230
  2.290
  2.340
  2.400
  2.450
  2.490
  2.530
  2.570
  2.610
  2.650
  2.680
  2.710
  2.740
  2.770
  2.800
  2.820
  2.850
  2.870
  2.890
  2.910
  2.930
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
  136
  140
  144
  149
  154
  159
  164
  169
  175
  180
  186
  193
  199
  206
  214
  221
  229
  237
  246
  255
  265
  275
  285
  296
  307
  319
  332
  345
  359
  374
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
  136
  140
  144
  149
  154
  159
  164
  169
  175
  180
  186
  193
  199
  206
  214
  221
  229
  237
  246
  255
  265
  275
  285
  296
  307
  319
  332
  345
  359
  374
Change in working capital, $m
  -274
  11
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  20
  21
  22
  23
  24
  26
  27
  28
  29
  31
  32
  34
  35
  37
Cash from operations, $m
  228
  125
  129
  133
  137
  141
  146
  150
  155
  160
  165
  171
  176
  182
  188
  195
  202
  209
  216
  224
  232
  240
  249
  258
  268
  278
  289
  300
  311
  324
  336
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
  125
  129
  133
  137
  141
  146
  150
  155
  160
  165
  171
  176
  182
  188
  195
  202
  209
  216
  224
  232
  240
  249
  258
  268
  278
  289
  300
  311
  324
  336
Issuance/(repayment) of debt, $m
  410
  349
  362
  376
  391
  406
  422
  439
  457
  476
  496
  518
  540
  563
  588
  614
  642
  671
  701
  734
  768
  804
  841
  881
  923
  967
  1,014
  1,062
  1,114
  1,168
  1,224
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
  349
  362
  376
  391
  406
  422
  439
  457
  476
  496
  518
  540
  563
  588
  614
  642
  671
  701
  734
  768
  804
  841
  881
  923
  967
  1,014
  1,062
  1,114
  1,168
  1,224
Total cash flow (excl. dividends), $m
  92
  474
  491
  509
  528
  547
  568
  590
  613
  637
  662
  688
  716
  746
  777
  809
  843
  879
  917
  957
  1,000
  1,044
  1,090
  1,139
  1,191
  1,245
  1,302
  1,362
  1,425
  1,491
  1,561
Retained Cash Flow (-), $m
  -133
  -103
  -109
  -114
  -118
  -123
  -128
  -133
  -138
  -144
  -150
  -156
  -163
  -170
  -178
  -186
  -194
  -203
  -212
  -222
  -232
  -243
  -254
  -266
  -279
  -292
  -306
  -321
  -336
  -353
  -370
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
 
  371
  381
  395
  410
  425
  440
  457
  474
  493
  512
  532
  553
  575
  599
  624
  650
  677
  706
  736
  768
  801
  836
  873
  912
  953
  996
  1,041
  1,089
  1,139
  1,191
Discount rate, %
 
  7.70
  8.09
  8.49
  8.91
  9.36
  9.83
  10.32
  10.83
  11.38
  11.95
  12.54
  13.17
  13.83
  14.52
  15.25
  16.01
  16.81
  17.65
  18.53
  19.46
  20.43
  21.45
  22.52
  23.65
  24.83
  26.07
  27.38
  28.75
  30.18
  31.69
PV of cash for distribution, $m
 
  345
  326
  309
  291
  272
  251
  230
  208
  187
  166
  145
  125
  107
  90
  74
  60
  48
  38
  29
  22
  16
  12
  8
  6
  4
  2
  2
  1
  1
  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. (WGL) is a holding company. The Company operates through four segments. The Regulated Utility segment consists of Washington Gas Light Company, which provides regulated gas distribution services to end use customers and natural gas transportation services to an unaffiliated natural gas distribution company and Hampshire Gas Company, which provides regulated interstate natural gas storage services. The Retail Energy-Marketing segment consists of the operations of WGL Energy Services, Inc., which sells natural gas and electricity directly to retail customers. The Commercial Energy Systems segment consists of the operations of WGL Energy Systems, Inc., WGSW, Inc. and the results of operations of affiliate-owned commercial distributed energy projects. The Midstream Energy Services segment consists of the operations of WGL Midstream, Inc., which engages in acquiring, investing in, managing and optimizing natural gas storage and transportation assets.

FINANCIAL RATIOS  of  WGL Holdings (WGL)

Valuation Ratios
P/E Ratio 25.5
Price to Sales 1.8
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 18.9
Price to Free Cash Flow -14.3
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 102.2%
Total Debt to Equity 125.8%
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 7.5% 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 7.7%, 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 0 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 51.193 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 $4.3 billion.

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COMPANY NEWS

▶ WGL beats 3Q profit forecasts   [Aug-03-17 05:06AM  Associated Press]
▶ 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]
Financial statements 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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