Intrinsic value of Xcel Energy - XEL

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$45.02

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$45.02

 
Intrinsic value

$35.71

 
Up/down potential

-21%

 
Rating

sell

 
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 XEL 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 22.9

 

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, %
  0.75
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
Revenue, $m
  11,037
  11,729
  12,379
  13,058
  13,768
  14,510
  15,287
  16,101
  16,952
  17,843
  18,777
  19,755
  20,780
  21,854
  22,980
  24,161
  25,398
  26,697
  28,058
  29,486
  30,985
  32,556
  34,206
  35,936
  37,752
  39,658
  41,658
  43,757
  45,960
  48,272
  50,699
Variable operating expenses, $m
 
  9,606
  10,138
  10,694
  11,276
  11,884
  12,520
  13,186
  13,883
  14,614
  15,378
  16,179
  17,019
  17,898
  18,821
  19,788
  20,801
  21,865
  22,980
  24,149
  25,376
  26,664
  28,014
  29,432
  30,919
  32,480
  34,118
  35,837
  37,641
  39,535
  41,523
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
  8,893
  9,606
  10,138
  10,694
  11,276
  11,884
  12,520
  13,186
  13,883
  14,614
  15,378
  16,179
  17,019
  17,898
  18,821
  19,788
  20,801
  21,865
  22,980
  24,149
  25,376
  26,664
  28,014
  29,432
  30,919
  32,480
  34,118
  35,837
  37,641
  39,535
  41,523
Operating income, $m
  2,214
  2,123
  2,241
  2,363
  2,492
  2,626
  2,767
  2,914
  3,068
  3,230
  3,399
  3,576
  3,761
  3,956
  4,159
  4,373
  4,597
  4,832
  5,079
  5,337
  5,608
  5,893
  6,191
  6,504
  6,833
  7,178
  7,540
  7,920
  8,319
  8,737
  9,177
EBITDA, $m
  3,533
  2,400
  2,533
  2,672
  2,817
  2,969
  3,128
  3,294
  3,468
  3,651
  3,842
  4,042
  4,252
  4,471
  4,702
  4,943
  5,197
  5,462
  5,741
  6,033
  6,339
  6,661
  6,998
  7,353
  7,724
  8,114
  8,523
  8,953
  9,403
  9,876
  10,373
Interest expense (income), $m
  592
  605
  677
  749
  824
  903
  986
  1,072
  1,163
  1,257
  1,356
  1,460
  1,569
  1,683
  1,802
  1,927
  2,059
  2,196
  2,341
  2,492
  2,651
  2,817
  2,992
  3,175
  3,368
  3,569
  3,781
  4,004
  4,237
  4,482
  4,739
Earnings before tax, $m
  1,705
  1,518
  1,564
  1,614
  1,668
  1,723
  1,781
  1,842
  1,906
  1,972
  2,042
  2,115
  2,192
  2,273
  2,357
  2,446
  2,539
  2,636
  2,738
  2,845
  2,958
  3,076
  3,199
  3,329
  3,466
  3,609
  3,759
  3,916
  4,082
  4,256
  4,438
Tax expense, $m
  582
  410
  422
  436
  450
  465
  481
  497
  515
  533
  551
  571
  592
  614
  636
  660
  685
  712
  739
  768
  799
  830
  864
  899
  936
  974
  1,015
  1,057
  1,102
  1,149
  1,198
Net income, $m
  1,123
  1,108
  1,142
  1,179
  1,217
  1,258
  1,300
  1,345
  1,391
  1,440
  1,491
  1,544
  1,600
  1,659
  1,721
  1,785
  1,853
  1,924
  1,999
  2,077
  2,159
  2,245
  2,336
  2,430
  2,530
  2,634
  2,744
  2,859
  2,980
  3,107
  3,240

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  84
  0
  0
  0
  0
  0
  0
  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
  41,155
  43,441
  45,847
  48,363
  50,992
  53,743
  56,620
  59,632
  62,784
  66,086
  69,544
  73,166
  76,962
  80,941
  85,111
  89,484
  94,068
  98,876
  103,919
  109,209
  114,758
  120,579
  126,687
  133,097
  139,822
  146,880
  154,288
  162,062
  170,221
  178,786
  187,776
Adjusted assets (=assets-cash), $m
  41,071
  43,441
  45,847
  48,363
  50,992
  53,743
  56,620
  59,632
  62,784
  66,086
  69,544
  73,166
  76,962
  80,941
  85,111
  89,484
  94,068
  98,876
  103,919
  109,209
  114,758
  120,579
  126,687
  133,097
  139,822
  146,880
  154,288
  162,062
  170,221
  178,786
  187,776
Revenue / Adjusted assets
  0.269
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
Average production assets, $m
  1,315
  1,384
  1,461
  1,541
  1,625
  1,712
  1,804
  1,900
  2,000
  2,105
  2,216
  2,331
  2,452
  2,579
  2,712
  2,851
  2,997
  3,150
  3,311
  3,479
  3,656
  3,842
  4,036
  4,240
  4,455
  4,680
  4,916
  5,163
  5,423
  5,696
  5,983
Working capital, $m
  -405
  164
  173
  183
  193
  203
  214
  225
  237
  250
  263
  277
  291
  306
  322
  338
  356
  374
  393
  413
  434
  456
  479
  503
  529
  555
  583
  613
  643
  676
  710
Total debt, $m
  14,842
  16,507
  18,268
  20,109
  22,034
  24,048
  26,154
  28,358
  30,666
  33,083
  35,614
  38,266
  41,044
  43,957
  47,010
  50,210
  53,566
  57,086
  60,777
  64,649
  68,711
  72,972
  77,443
  82,135
  87,058
  92,224
  97,647
  103,337
  109,310
  115,579
  122,160
Total liabilities, $m
  30,134
  31,799
  33,560
  35,401
  37,326
  39,340
  41,446
  43,650
  45,958
  48,375
  50,906
  53,558
  56,336
  59,249
  62,302
  65,502
  68,858
  72,378
  76,069
  79,941
  84,003
  88,264
  92,735
  97,427
  102,350
  107,516
  112,939
  118,629
  124,602
  130,871
  137,452
Total equity, $m
  11,021
  11,642
  12,287
  12,961
  13,666
  14,403
  15,174
  15,981
  16,826
  17,711
  18,638
  19,609
  20,626
  21,692
  22,810
  23,982
  25,210
  26,499
  27,850
  29,268
  30,755
  32,315
  33,952
  35,670
  37,472
  39,364
  41,349
  43,433
  45,619
  47,915
  50,324
Total liabilities and equity, $m
  41,155
  43,441
  45,847
  48,362
  50,992
  53,743
  56,620
  59,631
  62,784
  66,086
  69,544
  73,167
  76,962
  80,941
  85,112
  89,484
  94,068
  98,877
  103,919
  109,209
  114,758
  120,579
  126,687
  133,097
  139,822
  146,880
  154,288
  162,062
  170,221
  178,786
  187,776
Debt-to-equity ratio
  1.347
  1.420
  1.490
  1.550
  1.610
  1.670
  1.720
  1.770
  1.820
  1.870
  1.910
  1.950
  1.990
  2.030
  2.060
  2.090
  2.120
  2.150
  2.180
  2.210
  2.230
  2.260
  2.280
  2.300
  2.320
  2.340
  2.360
  2.380
  2.400
  2.410
  2.430
Adjusted equity ratio
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,123
  1,108
  1,142
  1,179
  1,217
  1,258
  1,300
  1,345
  1,391
  1,440
  1,491
  1,544
  1,600
  1,659
  1,721
  1,785
  1,853
  1,924
  1,999
  2,077
  2,159
  2,245
  2,336
  2,430
  2,530
  2,634
  2,744
  2,859
  2,980
  3,107
  3,240
Depreciation, amort., depletion, $m
  1,319
  277
  292
  308
  325
  342
  361
  380
  400
  421
  443
  466
  490
  516
  542
  570
  599
  630
  662
  696
  731
  768
  807
  848
  891
  936
  983
  1,033
  1,085
  1,139
  1,197
Funds from operations, $m
  2,929
  1,385
  1,434
  1,487
  1,542
  1,600
  1,661
  1,725
  1,791
  1,861
  1,934
  2,011
  2,091
  2,175
  2,263
  2,356
  2,453
  2,554
  2,661
  2,773
  2,890
  3,014
  3,143
  3,278
  3,421
  3,570
  3,727
  3,892
  4,064
  4,246
  4,436
Change in working capital, $m
  -123
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  32
  34
Cash from operations, $m
  3,052
  1,434
  1,425
  1,477
  1,532
  1,590
  1,650
  1,713
  1,779
  1,848
  1,921
  1,997
  2,076
  2,160
  2,247
  2,339
  2,435
  2,536
  2,642
  2,753
  2,869
  2,991
  3,120
  3,254
  3,395
  3,544
  3,699
  3,862
  4,034
  4,213
  4,402
Maintenance CAPEX, $m
  0
  -263
  -277
  -292
  -308
  -325
  -342
  -361
  -380
  -400
  -421
  -443
  -466
  -490
  -516
  -542
  -570
  -599
  -630
  -662
  -696
  -731
  -768
  -807
  -848
  -891
  -936
  -983
  -1,033
  -1,085
  -1,139
New CAPEX, $m
  -3,256
  -69
  -77
  -80
  -84
  -88
  -92
  -96
  -100
  -105
  -110
  -115
  -121
  -127
  -133
  -139
  -146
  -153
  -161
  -169
  -177
  -185
  -195
  -204
  -214
  -225
  -236
  -248
  -260
  -273
  -286
Cash from investing activities, $m
  -3,261
  -332
  -354
  -372
  -392
  -413
  -434
  -457
  -480
  -505
  -531
  -558
  -587
  -617
  -649
  -681
  -716
  -752
  -791
  -831
  -873
  -916
  -963
  -1,011
  -1,062
  -1,116
  -1,172
  -1,231
  -1,293
  -1,358
  -1,425
Free cash flow, $m
  -209
  1,102
  1,071
  1,105
  1,140
  1,177
  1,216
  1,256
  1,299
  1,343
  1,390
  1,438
  1,489
  1,543
  1,599
  1,657
  1,719
  1,783
  1,851
  1,922
  1,997
  2,075
  2,157
  2,243
  2,333
  2,428
  2,527
  2,631
  2,741
  2,856
  2,977
Issuance/(repayment) of debt, $m
  934
  1,749
  1,762
  1,841
  1,925
  2,013
  2,106
  2,204
  2,308
  2,417
  2,531
  2,652
  2,779
  2,912
  3,053
  3,201
  3,356
  3,519
  3,691
  3,872
  4,062
  4,261
  4,471
  4,692
  4,923
  5,166
  5,422
  5,691
  5,973
  6,269
  6,581
Issuance/(repurchase) of shares, $m
  -32
  0
  0
  0
  0
  0
  0
  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  
  890
  1,749
  1,762
  1,841
  1,925
  2,013
  2,106
  2,204
  2,308
  2,417
  2,531
  2,652
  2,779
  2,912
  3,053
  3,201
  3,356
  3,519
  3,691
  3,872
  4,062
  4,261
  4,471
  4,692
  4,923
  5,166
  5,422
  5,691
  5,973
  6,269
  6,581
Total cash flow (excl. dividends), $m
  681
  2,851
  2,833
  2,946
  3,065
  3,191
  3,322
  3,461
  3,607
  3,760
  3,921
  4,090
  4,268
  4,455
  4,651
  4,858
  5,075
  5,303
  5,542
  5,794
  6,058
  6,336
  6,628
  6,934
  7,256
  7,594
  7,949
  8,322
  8,714
  9,125
  9,557
Retained Cash Flow (-), $m
  -420
  -621
  -645
  -674
  -705
  -737
  -771
  -807
  -845
  -885
  -927
  -971
  -1,017
  -1,066
  -1,118
  -1,172
  -1,229
  -1,289
  -1,351
  -1,418
  -1,487
  -1,560
  -1,637
  -1,718
  -1,802
  -1,892
  -1,985
  -2,083
  -2,187
  -2,295
  -2,409
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
 
  2,230
  2,188
  2,272
  2,360
  2,453
  2,551
  2,654
  2,762
  2,875
  2,994
  3,119
  3,251
  3,389
  3,534
  3,686
  3,846
  4,014
  4,191
  4,377
  4,571
  4,776
  4,991
  5,217
  5,454
  5,703
  5,964
  6,239
  6,527
  6,830
  7,148
Discount rate, %
 
  8.50
  8.93
  9.37
  9.84
  10.33
  10.85
  11.39
  11.96
  12.56
  13.19
  13.85
  14.54
  15.26
  16.03
  16.83
  17.67
  18.55
  19.48
  20.46
  21.48
  22.55
  23.68
  24.86
  26.11
  27.41
  28.78
  30.22
  31.73
  33.32
  34.99
PV of cash for distribution, $m
 
  2,055
  1,844
  1,737
  1,622
  1,501
  1,375
  1,247
  1,119
  991
  868
  749
  638
  535
  441
  358
  285
  222
  170
  127
  93
  67
  47
  32
  21
  13
  8
  5
  3
  2
  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

Xcel Energy Inc., through its subsidiaries, engages primarily in the generation, purchase, transmission, distribution, and sale of electricity in the United States. It operates through Regulated Electric Utility, Regulated Natural Gas Utility, and All Other segments. The company generates electricity through coal, nuclear, natural gas, hydroelectric, solar, biomass, oil and refuse, and wind energy sources. It also purchases, transports, distributes, and sells natural gas. In addition, the company develops and leases natural gas pipelines, and storage and compression facilities; and invests in rental housing projects. It serves residential, commercial, and industrial customers in the portions of Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas, and Wisconsin. Xcel Energy Inc. was founded in 1909 and is based in Minneapolis, Minnesota.

FINANCIAL RATIOS  of  Xcel Energy (XEL)

Valuation Ratios
P/E Ratio 20.3
Price to Sales 2.1
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 7.5
Price to Free Cash Flow -111.9
Growth Rates
Sales Growth Rate 0.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -11.6%
Cap. Spend. - 3 Yr. Gr. Rate -0.8%
Financial Strength
Quick Ratio 0
Current Ratio 0.3
LT Debt to Equity 128.8%
Total Debt to Equity 134.7%
Interest Coverage 4
Management Effectiveness
Return On Assets 3.8%
Ret/ On Assets - 3 Yr. Avg. 3.7%
Return On Total Capital 4.5%
Ret/ On T. Cap. - 3 Yr. Avg. 4.4%
Return On Equity 10.4%
Return On Equity - 3 Yr. Avg. 10.1%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 32.6%
EBITDA Margin - 3 Yr. Avg. 29.4%
Operating Margin 19.9%
Oper. Margin - 3 Yr. Avg. 18.2%
Pre-Tax Margin 15.4%
Pre-Tax Margin - 3 Yr. Avg. 14.1%
Net Profit Margin 10.1%
Net Profit Margin - 3 Yr. Avg. 9.3%
Effective Tax Rate 34.1%
Eff/ Tax Rate - 3 Yr. Avg. 34.5%
Payout Ratio 60.6%

XEL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the XEL stock intrinsic value calculation we used $11107 million for the last fiscal year's total revenue generated by Xcel Energy. The default revenue input number comes from 2016 income statement of Xcel 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 XEL stock valuation model: a) initial revenue growth rate of 5.6% 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 8.5%, whose default value for XEL is calculated based on our internal credit rating of Xcel 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 Xcel 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 XEL stock the variable cost ratio is equal to 81.9%.

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 XEL 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 4.1% for Xcel Energy.

Corporate tax rate of 27% is the nominal tax rate for Xcel 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 XEL 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 XEL are equal to 11.8%.

Life of production assets of 1 years is the average useful life of capital assets used in Xcel 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 XEL is equal to 1.4%. 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 - $11021 million for Xcel 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 508.886 million for Xcel 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 Xcel Energy at the current share price and the inputted number of shares is $22.9 billion.


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COMPANY NEWS

▶ Xcel kicks off $400 million NM project   [Apr-20-17 02:10PM  American City Business Journals]
▶ Xcel Energy Recognized for Lasting Wind Leadership   [Apr-19-17 05:29PM  Business Wire]
▶ Frustrated Colorado PUC delays hearings on Boulder's divorce from Xcel   [03:36PM  American City Business Journals]
▶ Boulder council votes to move forward on city power-utility plan   [Apr-18-17 04:58PM  American City Business Journals]
▶ Xcel Energy to Webcast Annual Shareholders Meeting   [Apr-17-17 07:00AM  Business Wire]
▶ Xcel Energy HQ expansion wins design-build award (Photos)   [Apr-14-17 01:03PM  American City Business Journals]
▶ Special Report: Top Women in Energy 2017   [Apr-13-17 07:26PM  American City Business Journals]
▶ Understanding Xcel Energys Implied Volatility   [10:36AM  Market Realist]
▶ Xcel Energys Valuation Goes Toe to Toe with Peers   [Apr-12-17 03:06PM  Market Realist]
▶ Xcel Energy Strength, by Chart Indicators   [01:35PM  Market Realist]
▶ DIA's newest lot sports lots of shaded parking (via solar power panels overhead)   [Apr-10-17 03:30PM  American City Business Journals]
▶ Xcel Energy CEO Ben Fowke's compensation up 22 percent   [Apr-05-17 12:35PM  American City Business Journals]
▶ Wind Energy Now Directly Competing With Coal On Cost   [Mar-27-17 07:00PM  Oilprice.com]
▶ Xcel Energy HQ expansion wins design-build award (Photos)   [Mar-21-17 06:10PM  at bizjournals.com]
▶ Xcel Energy to invest billions in new wind farms in Colorado, elsewhere   [06:05PM  American City Business Journals]
▶ Xcel Energy announces new wind farms for Dakotas, Minnesota   [Mar-16-17 03:17PM  Associated Press]
▶ 14 Dividend Stocks Rewarding Shareholders With A Raise   [Feb-27-17 11:49AM  at Insider Monkey]
▶ Xcel Energy Board Elects New Member   [03:34PM  Business Wire]
▶ Xcel Energy 2016 Year End Earnings Report   [06:00AM  Business Wire]
▶ Xcel Energy Inc. Board Declares Dividend on Common Stock   [Dec-14-16 01:39PM  Business Wire]
▶ Chairman of Colorado Public Utilities Commission to resign   [Dec-06-16 03:40PM  at bizjournals.com]
Stock chart of XEL Financial statements of XEL
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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