Intrinsic value of Westar Energy - WR

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$52.03

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$52.03

 
Intrinsic value

$59.01

 
Up/down potential

+13%

 
Rating

hold

 
Value-price divergence* premium content

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*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 7.4

 

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, %
  4.19
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.29
  7.97
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.45
  5.40
  5.36
  5.32
  5.29
Revenue, $m
  0
  2,849
  3,150
  3,466
  3,796
  4,140
  4,499
  4,872
  5,260
  5,664
  6,083
  6,518
  6,971
  7,442
  7,931
  8,440
  8,970
  9,521
  10,096
  10,695
  11,319
  11,970
  12,650
  13,360
  14,101
  14,876
  15,686
  16,533
  17,419
  18,347
  19,318
Variable operating expenses, $m
 
  1,162
  1,285
  1,414
  1,549
  1,689
  1,836
  1,988
  2,146
  2,311
  2,482
  2,659
  2,844
  3,036
  3,236
  3,444
  3,660
  3,885
  4,119
  4,363
  4,618
  4,884
  5,161
  5,451
  5,753
  6,069
  6,400
  6,745
  7,107
  7,486
  7,882
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
  2,039
  2,184
  2,336
  2,494
  2,657
  2,829
  3,006
  3,189
  3,380
  3,578
  3,782
  3,995
  4,216
  4,446
  4,684
  4,931
  5,188
  5,454
  5,731
  6,021
  6,322
  6,635
  6,962
  7,301
  7,656
  8,027
  8,412
  8,816
  9,238
  9,678
Operating income, $m
  682
  809
  966
  1,130
  1,302
  1,483
  1,671
  1,867
  2,071
  2,284
  2,505
  2,736
  2,976
  3,225
  3,486
  3,757
  4,039
  4,334
  4,642
  4,963
  5,298
  5,649
  6,015
  6,398
  6,800
  7,220
  7,659
  8,120
  8,603
  9,110
  9,641
EBITDA, $m
  1,021
  809
  966
  1,130
  1,302
  1,483
  1,671
  1,867
  2,071
  2,284
  2,505
  2,736
  2,976
  3,225
  3,486
  3,757
  4,039
  4,334
  4,642
  4,963
  5,298
  5,649
  6,015
  6,398
  6,800
  7,220
  7,659
  8,120
  8,603
  9,110
  9,641
Interest expense (income), $m
  145
  153
  186
  220
  256
  294
  333
  374
  416
  460
  506
  554
  604
  656
  709
  765
  823
  883
  946
  1,012
  1,080
  1,151
  1,225
  1,303
  1,384
  1,468
  1,557
  1,649
  1,746
  1,847
  1,952
Earnings before tax, $m
  546
  657
  780
  910
  1,046
  1,189
  1,338
  1,493
  1,655
  1,823
  1,999
  2,181
  2,372
  2,570
  2,777
  2,992
  3,216
  3,451
  3,695
  3,951
  4,218
  4,498
  4,790
  5,096
  5,416
  5,751
  6,103
  6,471
  6,858
  7,263
  7,688
Tax expense, $m
  185
  177
  211
  246
  283
  321
  361
  403
  447
  492
  540
  589
  640
  694
  750
  808
  868
  932
  998
  1,067
  1,139
  1,214
  1,293
  1,376
  1,462
  1,553
  1,648
  1,747
  1,852
  1,961
  2,076
Net income, $m
  347
  479
  569
  664
  764
  868
  977
  1,090
  1,208
  1,331
  1,459
  1,592
  1,731
  1,876
  2,027
  2,184
  2,348
  2,519
  2,698
  2,884
  3,079
  3,283
  3,496
  3,720
  3,954
  4,198
  4,455
  4,724
  5,006
  5,302
  5,612

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
  12,776
  14,127
  15,543
  17,023
  18,566
  20,174
  21,848
  23,588
  25,397
  27,277
  29,230
  31,261
  33,371
  35,565
  37,848
  40,224
  42,697
  45,273
  47,958
  50,758
  53,678
  56,726
  59,909
  63,234
  66,708
  70,341
  74,139
  78,114
  82,273
  86,627
Adjusted assets (=assets-cash), $m
  11,484
  12,776
  14,127
  15,543
  17,023
  18,566
  20,174
  21,848
  23,588
  25,397
  27,277
  29,230
  31,261
  33,371
  35,565
  37,848
  40,224
  42,697
  45,273
  47,958
  50,758
  53,678
  56,726
  59,909
  63,234
  66,708
  70,341
  74,139
  78,114
  82,273
  86,627
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
  265
  293
  322
  353
  385
  418
  453
  489
  527
  566
  606
  648
  692
  738
  785
  834
  885
  939
  995
  1,053
  1,113
  1,176
  1,242
  1,311
  1,383
  1,459
  1,538
  1,620
  1,706
  1,797
Total debt, $m
  4,018
  4,884
  5,788
  6,735
  7,725
  8,758
  9,834
  10,953
  12,117
  13,328
  14,585
  15,892
  17,250
  18,662
  20,130
  21,657
  23,247
  24,901
  26,625
  28,421
  30,294
  32,248
  34,287
  36,416
  38,640
  40,965
  43,395
  45,936
  48,595
  51,377
  54,290
Total liabilities, $m
  7,681
  8,547
  9,451
  10,398
  11,388
  12,421
  13,497
  14,616
  15,780
  16,991
  18,248
  19,555
  20,913
  22,325
  23,793
  25,320
  26,910
  28,564
  30,288
  32,084
  33,957
  35,911
  37,950
  40,079
  42,303
  44,628
  47,058
  49,599
  52,258
  55,040
  57,953
Total equity, $m
  3,806
  4,229
  4,676
  5,145
  5,635
  6,145
  6,678
  7,232
  7,808
  8,406
  9,029
  9,675
  10,347
  11,046
  11,772
  12,528
  13,314
  14,133
  14,985
  15,874
  16,801
  17,768
  18,776
  19,830
  20,930
  22,080
  23,283
  24,540
  25,856
  27,232
  28,673
Total liabilities and equity, $m
  11,487
  12,776
  14,127
  15,543
  17,023
  18,566
  20,175
  21,848
  23,588
  25,397
  27,277
  29,230
  31,260
  33,371
  35,565
  37,848
  40,224
  42,697
  45,273
  47,958
  50,758
  53,679
  56,726
  59,909
  63,233
  66,708
  70,341
  74,139
  78,114
  82,272
  86,626
Debt-to-equity ratio
  1.056
  1.150
  1.240
  1.310
  1.370
  1.430
  1.470
  1.510
  1.550
  1.590
  1.620
  1.640
  1.670
  1.690
  1.710
  1.730
  1.750
  1.760
  1.780
  1.790
  1.800
  1.810
  1.830
  1.840
  1.850
  1.860
  1.860
  1.870
  1.880
  1.890
  1.890
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
  479
  569
  664
  764
  868
  977
  1,090
  1,208
  1,331
  1,459
  1,592
  1,731
  1,876
  2,027
  2,184
  2,348
  2,519
  2,698
  2,884
  3,079
  3,283
  3,496
  3,720
  3,954
  4,198
  4,455
  4,724
  5,006
  5,302
  5,612
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
  479
  569
  664
  764
  868
  977
  1,090
  1,208
  1,331
  1,459
  1,592
  1,731
  1,876
  2,027
  2,184
  2,348
  2,519
  2,698
  2,884
  3,079
  3,283
  3,496
  3,720
  3,954
  4,198
  4,455
  4,724
  5,006
  5,302
  5,612
Change in working capital, $m
  -100
  27
  28
  29
  31
  32
  33
  35
  36
  38
  39
  41
  42
  44
  46
  47
  49
  51
  53
  56
  58
  61
  63
  66
  69
  72
  75
  79
  82
  86
  90
Cash from operations, $m
  822
  552
  541
  635
  733
  836
  943
  1,055
  1,172
  1,294
  1,420
  1,552
  1,689
  1,832
  1,981
  2,137
  2,299
  2,468
  2,644
  2,829
  3,021
  3,223
  3,433
  3,654
  3,885
  4,126
  4,380
  4,645
  4,924
  5,216
  5,522
Maintenance CAPEX, $m
  0
  746
  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
  -2,985
  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
  -2,433
  541
  635
  733
  836
  943
  1,055
  1,172
  1,294
  1,420
  1,552
  1,689
  1,832
  1,981
  2,137
  2,299
  2,468
  2,644
  2,829
  3,021
  3,223
  3,433
  3,654
  3,885
  4,126
  4,380
  4,645
  4,924
  5,216
  5,522
Issuance/(repayment) of debt, $m
  400
  869
  904
  947
  990
  1,033
  1,076
  1,120
  1,164
  1,210
  1,258
  1,307
  1,358
  1,412
  1,468
  1,527
  1,589
  1,655
  1,724
  1,796
  1,873
  1,954
  2,039
  2,129
  2,224
  2,324
  2,430
  2,541
  2,659
  2,782
  2,913
Issuance/(repurchase) of shares, $m
  2
  1,987
  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
  2,856
  904
  947
  990
  1,033
  1,076
  1,120
  1,164
  1,210
  1,258
  1,307
  1,358
  1,412
  1,468
  1,527
  1,589
  1,655
  1,724
  1,796
  1,873
  1,954
  2,039
  2,129
  2,224
  2,324
  2,430
  2,541
  2,659
  2,782
  2,913
Total cash flow (excl. dividends), $m
  204
  -1,564
  1,446
  1,582
  1,723
  1,869
  2,019
  2,175
  2,336
  2,504
  2,678
  2,859
  3,048
  3,244
  3,449
  3,664
  3,888
  4,122
  4,368
  4,625
  4,894
  5,176
  5,472
  5,783
  6,109
  6,451
  6,810
  7,187
  7,582
  7,998
  8,435
Retained Cash Flow (-), $m
  -149
  -423
  -447
  -469
  -490
  -511
  -532
  -554
  -576
  -599
  -622
  -647
  -672
  -699
  -726
  -756
  -786
  -819
  -853
  -889
  -927
  -967
  -1,009
  -1,053
  -1,100
  -1,150
  -1,202
  -1,257
  -1,315
  -1,377
  -1,441
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
 
  0
  998
  1,114
  1,233
  1,358
  1,487
  1,621
  1,760
  1,905
  2,056
  2,212
  2,376
  2,546
  2,723
  2,908
  3,102
  3,304
  3,515
  3,736
  3,967
  4,210
  4,464
  4,729
  5,008
  5,301
  5,607
  5,929
  6,267
  6,622
  6,994
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
 
  0
  851
  867
  869
  858
  835
  801
  757
  705
  647
  584
  519
  454
  390
  329
  272
  221
  176
  137
  104
  77
  56
  40
  27
  18
  12
  7
  5
  3
  2
Current shareholders' claim on cash, %
  100
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8

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 21.3
Price to Sales 2.9
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 9
Price to Free Cash Flow -27.8
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 11.2% 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 -11 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 141.883 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 $7.4 billion.


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COMPANY NEWS

▶ 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]
▶ [$$] The Big Number   [12:05AM  at The Wall Street Journal]
▶ Shareholders sign off on $12.2B local merger   [Sep-26-16 06:09PM  at bizjournals.com]
▶ Westar Energy declares dividend.   [Aug-26-16 04:32PM  GlobeNewswire]
▶ Great Plainss $8.6 Billion Deal May Face Missouri Review   [Jul-25-16 07:55PM  at Bloomberg]
▶ SEC filing: Great Plains overpowered eight suitors to win Westar   [Jul-20-16 05:35PM  at bizjournals.com]
▶ The One Utility Merger You Need Not Fear   [09:00AM  at Bloomberg]
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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