Intrinsic value of Westar Energy - WR

Previous Close

$50.90

  Intrinsic Value

$27.31

stock screener

  Rating & Target

sell

-46%

  Value-price divergence*

+193%

Previous close

$50.90

 
Intrinsic value

$27.31

 
Up/down potential

-46%

 
Rating

sell

 
Value-price divergence*

+193%

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

We calculate the intrinsic value of WR 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 7.2

 

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, %
  4.19
  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
  0
  2,613
  2,673
  2,742
  2,819
  2,905
  2,998
  3,101
  3,211
  3,330
  3,458
  3,595
  3,741
  3,896
  4,061
  4,236
  4,422
  4,618
  4,826
  5,046
  5,278
  5,522
  5,780
  6,052
  6,339
  6,640
  6,958
  7,293
  7,644
  8,015
  8,404
Variable operating expenses, $m
 
  1,066
  1,091
  1,119
  1,150
  1,185
  1,223
  1,265
  1,310
  1,359
  1,411
  1,467
  1,526
  1,590
  1,657
  1,728
  1,804
  1,884
  1,969
  2,059
  2,153
  2,253
  2,358
  2,469
  2,586
  2,709
  2,839
  2,975
  3,119
  3,270
  3,429
Fixed operating expenses, $m
 
  877
  899
  922
  945
  968
  993
  1,018
  1,043
  1,069
  1,096
  1,123
  1,151
  1,180
  1,210
  1,240
  1,271
  1,303
  1,335
  1,368
  1,403
  1,438
  1,474
  1,511
  1,548
  1,587
  1,627
  1,667
  1,709
  1,752
  1,796
Total operating expenses, $m
  1,880
  1,943
  1,990
  2,041
  2,095
  2,153
  2,216
  2,283
  2,353
  2,428
  2,507
  2,590
  2,677
  2,770
  2,867
  2,968
  3,075
  3,187
  3,304
  3,427
  3,556
  3,691
  3,832
  3,980
  4,134
  4,296
  4,466
  4,642
  4,828
  5,022
  5,225
Operating income, $m
  682
  670
  683
  701
  724
  751
  782
  818
  858
  902
  951
  1,005
  1,063
  1,126
  1,195
  1,268
  1,347
  1,432
  1,522
  1,619
  1,722
  1,831
  1,948
  2,072
  2,204
  2,344
  2,493
  2,650
  2,817
  2,993
  3,180
EBITDA, $m
  1,021
  670
  683
  701
  724
  751
  782
  818
  858
  902
  951
  1,005
  1,063
  1,126
  1,195
  1,268
  1,347
  1,432
  1,522
  1,619
  1,722
  1,831
  1,948
  2,072
  2,204
  2,344
  2,493
  2,650
  2,817
  2,993
  3,180
Interest expense (income), $m
  145
  153
  159
  166
  173
  182
  192
  203
  214
  227
  240
  255
  271
  287
  305
  324
  344
  365
  387
  411
  436
  462
  490
  520
  551
  583
  618
  654
  692
  732
  774
Earnings before tax, $m
  546
  517
  525
  536
  551
  569
  590
  615
  644
  676
  711
  750
  793
  839
  890
  944
  1,003
  1,067
  1,135
  1,208
  1,286
  1,369
  1,458
  1,553
  1,653
  1,761
  1,875
  1,996
  2,124
  2,261
  2,405
Tax expense, $m
  185
  140
  142
  145
  149
  154
  159
  166
  174
  182
  192
  202
  214
  227
  240
  255
  271
  288
  306
  326
  347
  370
  394
  419
  446
  475
  506
  539
  574
  610
  649
Net income, $m
  347
  377
  383
  391
  402
  415
  431
  449
  470
  493
  519
  547
  579
  613
  649
  689
  732
  779
  828
  882
  939
  999
  1,064
  1,133
  1,207
  1,285
  1,369
  1,457
  1,551
  1,650
  1,756

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  3
  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
  11,487
  11,719
  11,988
  12,296
  12,642
  13,025
  13,446
  13,904
  14,399
  14,934
  15,507
  16,120
  16,774
  17,471
  18,211
  18,996
  19,829
  20,710
  21,642
  22,627
  23,666
  24,763
  25,920
  27,140
  28,424
  29,778
  31,202
  32,702
  34,280
  35,940
  37,686
Adjusted assets (=assets-cash), $m
  11,484
  11,719
  11,988
  12,296
  12,642
  13,025
  13,446
  13,904
  14,399
  14,934
  15,507
  16,120
  16,774
  17,471
  18,211
  18,996
  19,829
  20,710
  21,642
  22,627
  23,666
  24,763
  25,920
  27,140
  28,424
  29,778
  31,202
  32,702
  34,280
  35,940
  37,686
Revenue / Adjusted assets
  0.000
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
Average production assets, $m
  -3,731
  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
  -279
  243
  249
  255
  262
  270
  279
  288
  299
  310
  322
  334
  348
  362
  378
  394
  411
  430
  449
  469
  491
  514
  538
  563
  589
  618
  647
  678
  711
  745
  782
Total debt, $m
  4,018
  4,177
  4,357
  4,563
  4,795
  5,051
  5,332
  5,639
  5,970
  6,328
  6,711
  7,121
  7,559
  8,025
  8,520
  9,046
  9,603
  10,192
  10,815
  11,474
  12,170
  12,904
  13,678
  14,493
  15,353
  16,258
  17,211
  18,215
  19,270
  20,381
  21,549
Total liabilities, $m
  7,681
  7,840
  8,020
  8,226
  8,458
  8,714
  8,995
  9,302
  9,633
  9,991
  10,374
  10,784
  11,222
  11,688
  12,183
  12,709
  13,266
  13,855
  14,478
  15,137
  15,833
  16,567
  17,341
  18,156
  19,016
  19,921
  20,874
  21,878
  22,933
  24,044
  25,212
Total equity, $m
  3,806
  3,879
  3,968
  4,070
  4,185
  4,311
  4,451
  4,602
  4,766
  4,943
  5,133
  5,336
  5,552
  5,783
  6,028
  6,288
  6,563
  6,855
  7,164
  7,489
  7,834
  8,197
  8,580
  8,983
  9,408
  9,856
  10,328
  10,824
  11,347
  11,896
  12,474
Total liabilities and equity, $m
  11,487
  11,719
  11,988
  12,296
  12,643
  13,025
  13,446
  13,904
  14,399
  14,934
  15,507
  16,120
  16,774
  17,471
  18,211
  18,997
  19,829
  20,710
  21,642
  22,626
  23,667
  24,764
  25,921
  27,139
  28,424
  29,777
  31,202
  32,702
  34,280
  35,940
  37,686
Debt-to-equity ratio
  1.056
  1.080
  1.100
  1.120
  1.150
  1.170
  1.200
  1.230
  1.250
  1.280
  1.310
  1.330
  1.360
  1.390
  1.410
  1.440
  1.460
  1.490
  1.510
  1.530
  1.550
  1.570
  1.590
  1.610
  1.630
  1.650
  1.670
  1.680
  1.700
  1.710
  1.730
Adjusted equity ratio
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  347
  377
  383
  391
  402
  415
  431
  449
  470
  493
  519
  547
  579
  613
  649
  689
  732
  779
  828
  882
  939
  999
  1,064
  1,133
  1,207
  1,285
  1,369
  1,457
  1,551
  1,650
  1,756
Depreciation, amort., depletion, $m
  339
  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
  722
  377
  383
  391
  402
  415
  431
  449
  470
  493
  519
  547
  579
  613
  649
  689
  732
  779
  828
  882
  939
  999
  1,064
  1,133
  1,207
  1,285
  1,369
  1,457
  1,551
  1,650
  1,756
Change in working capital, $m
  -100
  5
  6
  6
  7
  8
  9
  9
  10
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  25
  27
  28
  30
  31
  33
  34
  36
Cash from operations, $m
  822
  373
  377
  385
  395
  407
  422
  440
  460
  482
  507
  535
  565
  598
  634
  673
  715
  760
  809
  861
  917
  977
  1,040
  1,108
  1,180
  1,257
  1,339
  1,426
  1,518
  1,616
  1,720
Maintenance CAPEX, $m
  0
  373
  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
  -1,087
  -3,731
  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
  -1,013
  -3,358
  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
  -191
  -2,985
  377
  385
  395
  407
  422
  440
  460
  482
  507
  535
  565
  598
  634
  673
  715
  760
  809
  861
  917
  977
  1,040
  1,108
  1,180
  1,257
  1,339
  1,426
  1,518
  1,616
  1,720
Issuance/(repayment) of debt, $m
  400
  162
  180
  206
  231
  256
  281
  306
  332
  357
  383
  410
  438
  466
  495
  526
  557
  590
  623
  659
  696
  734
  774
  816
  860
  905
  953
  1,003
  1,056
  1,111
  1,168
Issuance/(repurchase) of shares, $m
  2
  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  
  394
  162
  180
  206
  231
  256
  281
  306
  332
  357
  383
  410
  438
  466
  495
  526
  557
  590
  623
  659
  696
  734
  774
  816
  860
  905
  953
  1,003
  1,056
  1,111
  1,168
Total cash flow (excl. dividends), $m
  204
  -2,823
  558
  591
  626
  664
  704
  746
  791
  839
  890
  945
  1,003
  1,064
  1,129
  1,199
  1,272
  1,350
  1,432
  1,520
  1,612
  1,710
  1,814
  1,924
  2,040
  2,163
  2,292
  2,429
  2,574
  2,727
  2,888
Retained Cash Flow (-), $m
  -149
  -73
  -89
  -102
  -114
  -127
  -139
  -152
  -164
  -177
  -190
  -203
  -217
  -231
  -245
  -260
  -276
  -292
  -308
  -326
  -344
  -363
  -383
  -404
  -425
  -448
  -472
  -496
  -522
  -550
  -578
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
 
  -73
  468
  489
  512
  537
  564
  595
  627
  663
  701
  742
  786
  834
  884
  939
  996
  1,058
  1,124
  1,194
  1,268
  1,347
  1,431
  1,520
  1,615
  1,715
  1,821
  1,933
  2,051
  2,177
  2,310
Discount rate, %
 
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.42
  17.24
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
  28.09
  29.49
  30.97
  32.52
PV of cash for distribution, $m
 
  -68
  399
  381
  361
  339
  317
  294
  270
  245
  221
  196
  172
  149
  127
  106
  87
  71
  56
  44
  33
  25
  18
  13
  9
  6
  4
  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

Westar Energy, Inc., an electric utility company, generates, transmits, and distributes electricity in Kansas. The company has 6,292 megawatts of electric generation capacity that produces electricity through various fuel types, including coal, uranium, natural gas, and diesel. It also owns approximately 6,400 miles of transmission lines, 24,000 miles of overhead distribution lines, and 5,000 miles of underground distribution lines. It retails electricity to residential, commercial, and industrial customers, as well as for lighting public streets and highways; and is involved in electricity wholesale to electric cooperatives, municipalities, other electric utilities, and regional transmission organizations. The company provides its services in central and northeastern Kansas, including the cities of Topeka, Lawrence, Manhattan, Salina, and Hutchinson, as well as in south-central and southeastern Kansas, including the city of Wichita. It serves approximately 704,000 customers. Westar Energy, Inc. was founded in 1924 and is headquartered in Topeka, Kansas.

FINANCIAL RATIOS  of  Westar Energy (WR)

Valuation Ratios
P/E Ratio 20.8
Price to Sales 2.8
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 8.8
Price to Free Cash Flow -27.2
Growth Rates
Sales Growth Rate 4.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 55.3%
Cap. Spend. - 3 Yr. Gr. Rate 6.9%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 91.9%
Total Debt to Equity 105.6%
Interest Coverage 5
Management Effectiveness
Return On Assets 4%
Ret/ On Assets - 3 Yr. Avg. 3.7%
Return On Total Capital 4.6%
Ret/ On T. Cap. - 3 Yr. Avg. 4.4%
Return On Equity 9.3%
Return On Equity - 3 Yr. Avg. 9.2%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 40.2%
EBITDA Margin - 3 Yr. Avg. 35.8%
Operating Margin 26.6%
Oper. Margin - 3 Yr. Avg. 25.4%
Pre-Tax Margin 21.3%
Pre-Tax Margin - 3 Yr. Avg. 19.3%
Net Profit Margin 13.5%
Net Profit Margin - 3 Yr. Avg. 12.5%
Effective Tax Rate 33.9%
Eff/ Tax Rate - 3 Yr. Avg. 33.1%
Payout Ratio 58.8%

WR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WR stock intrinsic value calculation we used $2562 million for the last fiscal year's total revenue generated by Westar Energy. The default revenue input number comes from 2016 income statement of Westar Energy. 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 WR 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 7.9%, whose default value for WR is calculated based on our internal credit rating of Westar Energy, 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 Westar Energy.
    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 WR stock the variable cost ratio is equal to 40.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $856 million in the base year in the intrinsic value calculation for WR 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 3.8% for Westar Energy.

Corporate tax rate of 27% is the nominal tax rate for Westar Energy. 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 WR 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 WR are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in Westar Energy 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 WR is equal to 9.3%. 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 - $3806 million for Westar Energy - 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 142.045 million for Westar Energy 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 Westar Energy at the current share price and the inputted number of shares is $7.2 billion.

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COMPANY NEWS

▶ Westar posts 2Q profit   [Aug-09-17 04:57PM  Associated Press]
▶ Westar Energy announces 2nd quarter 2017 results   [Aug-08-17 05:00PM  GlobeNewswire]
▶ What Are Gabelli Funds Largest Holdings?   [07:44AM  Market Realist]
▶ No money down: Great Plains now wants no-cash merger with Westar   [Jul-13-17 05:10PM  American City Business Journals]
▶ BREAKING: Westar Energy merger with Great Plains Energy back on   [05:05PM  American City Business Journals]
▶ [$$] Great Plains/ Westar: Utility function   [01:25PM  Financial Times]
▶ Story Stocks from Briefing.com   [09:48AM  Briefing.com]
▶ ETFs with exposure to Westar Energy, Inc. : July 7, 2017   [Jul-07-17 03:45PM  Capital Cube]
▶ ETFs with exposure to Westar Energy, Inc. : June 26, 2017   [Jun-26-17 05:15PM  Capital Cube]
▶ ETFs with exposure to Westar Energy, Inc. : June 15, 2017   [Jun-15-17 03:50PM  Capital Cube]
▶ Kansas regulators hand Great Plains/Westar deal yet another defeat   [04:15PM  American City Business Journals]
▶ Westar Energy declares dividend.   [May-18-17 04:36PM  GlobeNewswire]
▶ Westar posts 1Q profit   [May-10-17 05:03AM  Associated Press]
▶ Westar Energy Announces 1st Quarter 2017 Results.   [May-09-17 05:01PM  GlobeNewswire]
▶ Why you should (continue to) care about the $12.2B Great Plains/Westar merger   [May-08-17 01:57PM  American City Business Journals]
▶ With their deal crippled, Great Plains and Westar head into unknown territory   [Apr-20-17 05:20PM  American City Business Journals]
▶ Kansas regulators reject Great Plains' $12.2B merger bid for Westar   [Apr-19-17 08:05PM  American City Business Journals]
▶ Westar Energy announces 2016 results.   [Feb-22-17 05:01PM  GlobeNewswire]
▶ Westar Energy schedules 2016 release of year end results.   [Feb-01-17 05:02PM  GlobeNewswire]
▶ Great Plains announces leadership of combined KCP&L, Westar   [Dec-08-16 10:10AM  at bizjournals.com]
▶ Hedge Funds Arent Crazy About Westar Energy Inc (WR) Anymore   [Nov-30-16 05:33AM  at Insider Monkey]
▶ Westar Energy declares dividend.   [Nov-23-16 05:01PM  GlobeNewswire]
▶ Westar Energy schedules 3rd quarter release.   [04:59PM  GlobeNewswire]
Stock chart of WR Financial statements of WR
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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