Intrinsic value of Westar Energy - WR

Previous Close

$52.94

  Intrinsic Value

$35.82

stock screener

  Rating & Target

sell

-32%

  Value-price divergence*

+74%

Previous close

$52.94

 
Intrinsic value

$35.82

 
Up/down potential

-32%

 
Rating

sell

 
Value-price divergence*

+74%

*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 7.5

 

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
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.57
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
Revenue, $m
  0
  2,670
  2,784
  2,905
  3,033
  3,169
  3,313
  3,464
  3,624
  3,793
  3,971
  4,158
  4,356
  4,564
  4,782
  5,013
  5,255
  5,510
  5,778
  6,060
  6,357
  6,668
  6,996
  7,340
  7,702
  8,082
  8,482
  8,901
  9,342
  9,806
  10,292
Variable operating expenses, $m
 
  1,089
  1,136
  1,185
  1,238
  1,293
  1,352
  1,413
  1,479
  1,547
  1,620
  1,697
  1,777
  1,862
  1,951
  2,045
  2,144
  2,248
  2,358
  2,473
  2,594
  2,721
  2,854
  2,995
  3,142
  3,298
  3,461
  3,632
  3,812
  4,001
  4,199
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
  1,966
  2,035
  2,107
  2,183
  2,261
  2,345
  2,431
  2,522
  2,616
  2,716
  2,820
  2,928
  3,042
  3,161
  3,285
  3,415
  3,551
  3,693
  3,841
  3,997
  4,159
  4,328
  4,506
  4,690
  4,885
  5,088
  5,299
  5,521
  5,753
  5,995
Operating income, $m
  682
  703
  749
  798
  851
  908
  968
  1,033
  1,102
  1,176
  1,255
  1,338
  1,427
  1,522
  1,622
  1,728
  1,840
  1,959
  2,086
  2,219
  2,361
  2,510
  2,668
  2,835
  3,011
  3,198
  3,395
  3,602
  3,822
  4,053
  4,297
EBITDA, $m
  1,021
  703
  749
  798
  851
  908
  968
  1,033
  1,102
  1,176
  1,255
  1,338
  1,427
  1,522
  1,622
  1,728
  1,840
  1,959
  2,086
  2,219
  2,361
  2,510
  2,668
  2,835
  3,011
  3,198
  3,395
  3,602
  3,822
  4,053
  4,297
Interest expense (income), $m
  145
  153
  165
  178
  192
  207
  222
  238
  256
  274
  293
  313
  335
  357
  381
  406
  432
  460
  489
  520
  552
  585
  621
  658
  698
  739
  782
  828
  876
  926
  979
Earnings before tax, $m
  546
  550
  584
  620
  659
  701
  746
  795
  847
  902
  962
  1,025
  1,092
  1,164
  1,241
  1,322
  1,408
  1,500
  1,597
  1,700
  1,809
  1,924
  2,047
  2,177
  2,314
  2,459
  2,612
  2,775
  2,946
  3,127
  3,319
Tax expense, $m
  185
  149
  158
  167
  178
  189
  201
  215
  229
  244
  260
  277
  295
  314
  335
  357
  380
  405
  431
  459
  488
  520
  553
  588
  625
  664
  705
  749
  795
  844
  896
Net income, $m
  347
  402
  426
  452
  481
  512
  545
  580
  618
  659
  702
  748
  797
  850
  906
  965
  1,028
  1,095
  1,166
  1,241
  1,320
  1,405
  1,494
  1,589
  1,689
  1,795
  1,907
  2,025
  2,151
  2,283
  2,423

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
  11,971
  12,484
  13,027
  13,602
  14,211
  14,855
  15,534
  16,251
  17,008
  17,806
  18,646
  19,532
  20,464
  21,446
  22,479
  23,566
  24,709
  25,912
  27,176
  28,505
  29,903
  31,372
  32,916
  34,538
  36,243
  38,035
  39,917
  41,894
  43,971
  46,153
Adjusted assets (=assets-cash), $m
  11,484
  11,971
  12,484
  13,027
  13,602
  14,211
  14,855
  15,534
  16,251
  17,008
  17,806
  18,646
  19,532
  20,464
  21,446
  22,479
  23,566
  24,709
  25,912
  27,176
  28,505
  29,903
  31,372
  32,916
  34,538
  36,243
  38,035
  39,917
  41,894
  43,971
  46,153
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
  248
  259
  270
  282
  295
  308
  322
  337
  353
  369
  387
  405
  424
  445
  466
  489
  512
  537
  564
  591
  620
  651
  683
  716
  752
  789
  828
  869
  912
  957
Total debt, $m
  4,018
  4,346
  4,689
  5,052
  5,437
  5,844
  6,275
  6,729
  7,209
  7,715
  8,249
  8,811
  9,404
  10,028
  10,684
  11,375
  12,102
  12,867
  13,672
  14,518
  15,407
  16,342
  17,325
  18,358
  19,443
  20,584
  21,782
  23,041
  24,364
  25,754
  27,213
Total liabilities, $m
  7,681
  8,009
  8,352
  8,715
  9,100
  9,507
  9,938
  10,392
  10,872
  11,378
  11,912
  12,474
  13,067
  13,691
  14,347
  15,038
  15,765
  16,530
  17,335
  18,181
  19,070
  20,005
  20,988
  22,021
  23,106
  24,247
  25,445
  26,704
  28,027
  29,417
  30,876
Total equity, $m
  3,806
  3,963
  4,132
  4,312
  4,502
  4,704
  4,917
  5,142
  5,379
  5,630
  5,894
  6,172
  6,465
  6,774
  7,099
  7,440
  7,800
  8,179
  8,577
  8,995
  9,435
  9,898
  10,384
  10,895
  11,432
  11,997
  12,589
  13,212
  13,867
  14,554
  15,277
Total liabilities and equity, $m
  11,487
  11,972
  12,484
  13,027
  13,602
  14,211
  14,855
  15,534
  16,251
  17,008
  17,806
  18,646
  19,532
  20,465
  21,446
  22,478
  23,565
  24,709
  25,912
  27,176
  28,505
  29,903
  31,372
  32,916
  34,538
  36,244
  38,034
  39,916
  41,894
  43,971
  46,153
Debt-to-equity ratio
  1.056
  1.100
  1.130
  1.170
  1.210
  1.240
  1.280
  1.310
  1.340
  1.370
  1.400
  1.430
  1.450
  1.480
  1.510
  1.530
  1.550
  1.570
  1.590
  1.610
  1.630
  1.650
  1.670
  1.680
  1.700
  1.720
  1.730
  1.740
  1.760
  1.770
  1.780
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
  402
  426
  452
  481
  512
  545
  580
  618
  659
  702
  748
  797
  850
  906
  965
  1,028
  1,095
  1,166
  1,241
  1,320
  1,405
  1,494
  1,589
  1,689
  1,795
  1,907
  2,025
  2,151
  2,283
  2,423
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
  402
  426
  452
  481
  512
  545
  580
  618
  659
  702
  748
  797
  850
  906
  965
  1,028
  1,095
  1,166
  1,241
  1,320
  1,405
  1,494
  1,589
  1,689
  1,795
  1,907
  2,025
  2,151
  2,283
  2,423
Change in working capital, $m
  -100
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  17
  18
  19
  20
  21
  23
  24
  25
  26
  28
  29
  30
  32
  34
  35
  37
  39
  41
  43
  45
Cash from operations, $m
  822
  392
  415
  441
  469
  499
  531
  566
  603
  643
  685
  731
  779
  831
  885
  944
  1,005
  1,071
  1,141
  1,215
  1,293
  1,376
  1,464
  1,557
  1,655
  1,760
  1,870
  1,986
  2,110
  2,240
  2,377
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
  -2,593
  415
  441
  469
  499
  531
  566
  603
  643
  685
  731
  779
  831
  885
  944
  1,005
  1,071
  1,141
  1,215
  1,293
  1,376
  1,464
  1,557
  1,655
  1,760
  1,870
  1,986
  2,110
  2,240
  2,377
Issuance/(repayment) of debt, $m
  400
  331
  343
  363
  385
  407
  430
  455
  480
  506
  534
  562
  592
  624
  657
  691
  727
  765
  804
  846
  889
  935
  983
  1,033
  1,085
  1,141
  1,198
  1,259
  1,323
  1,390
  1,460
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
  331
  343
  363
  385
  407
  430
  455
  480
  506
  534
  562
  592
  624
  657
  691
  727
  765
  804
  846
  889
  935
  983
  1,033
  1,085
  1,141
  1,198
  1,259
  1,323
  1,390
  1,460
Total cash flow (excl. dividends), $m
  204
  -2,262
  758
  805
  854
  906
  962
  1,021
  1,083
  1,149
  1,219
  1,293
  1,372
  1,454
  1,542
  1,635
  1,732
  1,836
  1,945
  2,060
  2,182
  2,311
  2,447
  2,590
  2,741
  2,900
  3,068
  3,246
  3,432
  3,629
  3,837
Retained Cash Flow (-), $m
  -149
  -157
  -170
  -180
  -190
  -201
  -213
  -225
  -237
  -250
  -264
  -278
  -293
  -309
  -325
  -342
  -360
  -378
  -398
  -419
  -440
  -463
  -486
  -511
  -537
  -564
  -593
  -623
  -654
  -688
  -722
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
 
  -157
  589
  625
  664
  705
  749
  796
  846
  899
  955
  1,015
  1,078
  1,146
  1,217
  1,293
  1,373
  1,457
  1,547
  1,642
  1,742
  1,848
  1,960
  2,079
  2,204
  2,336
  2,475
  2,623
  2,778
  2,942
  3,115
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
 
  -145
  502
  486
  468
  446
  421
  393
  364
  333
  301
  268
  236
  204
  174
  146
  120
  98
  77
  60
  46
  34
  25
  17
  12
  8
  5
  3
  2
  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

Westar Energy, Inc. is an electric utility. The Company provides electric generation, transmission and distribution services. The Company provides these services in central and northeastern Kansas, including the cities of Topeka, Lawrence, Manhattan, Salina and Hutchinson. Its subsidiary, Kansas Gas and Electric Company (KGE), provides these services in south-central and southeastern Kansas, including the city of Wichita. Both the Company and KGE conduct business using the name Westar Energy. The Company supplies electric energy at retail to customers in Kansas. The Company also supplies electric energy at wholesale to municipalities and electric cooperatives in Kansas, and has contracts for the sale or purchase of wholesale electricity with other utilities. As of December 31, 2016, it had 6,292 megawatts (MW) of generating capacity in service.

FINANCIAL RATIOS  of  Westar Energy (WR)

Valuation Ratios
P/E Ratio 21.6
Price to Sales 2.9
Price to Book 2
Price to Tangible Book
Price to Cash Flow 9.1
Price to Free Cash Flow -28.3
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 4.2% 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 142.553 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 $7.5 billion.

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COMPANY NEWS

▶ Westar Energy to webcast 2017 annual shareholder meeting   [Oct-04-17 05:00PM  GlobeNewswire]
▶ Great Plains, Westar begin push to get regulators on board with merger   [09:25AM  American City Business Journals]
▶ Westar Energy declares dividend   [Aug-25-17 05:00PM  GlobeNewswire]
▶ 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]
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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