Intrinsic value of Xcel Energy - XEL

Previous Close

$44.68

  Intrinsic Value

$25.17

stock screener

  Rating & Target

sell

-44%

Previous close

$44.68

 
Intrinsic value

$25.17

 
Up/down potential

-44%

 
Rating

sell

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  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
  11,037
  11,329
  11,590
  11,888
  12,222
  12,592
  12,999
  13,442
  13,921
  14,437
  14,991
  15,584
  16,217
  16,890
  17,606
  18,365
  19,170
  20,022
  20,923
  21,875
  22,880
  23,940
  25,059
  26,238
  27,480
  28,788
  30,165
  31,615
  33,141
  34,746
  36,434
Variable operating expenses, $m
 
  9,279
  9,492
  9,736
  10,010
  10,313
  10,646
  11,009
  11,401
  11,824
  12,278
  12,763
  13,281
  13,833
  14,419
  15,041
  15,700
  16,398
  17,136
  17,915
  18,739
  19,607
  20,523
  21,489
  22,506
  23,577
  24,706
  25,893
  27,142
  28,457
  29,840
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
  9,279
  9,492
  9,736
  10,010
  10,313
  10,646
  11,009
  11,401
  11,824
  12,278
  12,763
  13,281
  13,833
  14,419
  15,041
  15,700
  16,398
  17,136
  17,915
  18,739
  19,607
  20,523
  21,489
  22,506
  23,577
  24,706
  25,893
  27,142
  28,457
  29,840
Operating income, $m
  2,214
  2,051
  2,098
  2,152
  2,212
  2,279
  2,353
  2,433
  2,520
  2,613
  2,713
  2,821
  2,935
  3,057
  3,187
  3,324
  3,470
  3,624
  3,787
  3,959
  4,141
  4,333
  4,536
  4,749
  4,974
  5,211
  5,460
  5,722
  5,998
  6,289
  6,595
EBITDA, $m
  3,533
  2,318
  2,371
  2,432
  2,501
  2,576
  2,660
  2,750
  2,848
  2,954
  3,067
  3,188
  3,318
  3,456
  3,602
  3,758
  3,922
  4,096
  4,281
  4,476
  4,681
  4,898
  5,127
  5,368
  5,622
  5,890
  6,172
  6,468
  6,781
  7,109
  7,454
Interest expense (income), $m
  592
  605
  632
  661
  694
  732
  773
  818
  867
  920
  978
  1,039
  1,105
  1,176
  1,250
  1,330
  1,414
  1,504
  1,599
  1,699
  1,805
  1,916
  2,034
  2,158
  2,289
  2,428
  2,573
  2,726
  2,887
  3,057
  3,235
Earnings before tax, $m
  1,705
  1,445
  1,465
  1,490
  1,518
  1,548
  1,580
  1,615
  1,653
  1,693
  1,736
  1,781
  1,830
  1,881
  1,936
  1,994
  2,055
  2,120
  2,188
  2,261
  2,337
  2,417
  2,502
  2,591
  2,684
  2,783
  2,887
  2,996
  3,111
  3,232
  3,359
Tax expense, $m
  582
  390
  396
  402
  410
  418
  427
  436
  446
  457
  469
  481
  494
  508
  523
  538
  555
  572
  591
  610
  631
  653
  675
  699
  725
  751
  779
  809
  840
  873
  907
Net income, $m
  1,123
  1,055
  1,070
  1,088
  1,108
  1,130
  1,153
  1,179
  1,206
  1,236
  1,267
  1,300
  1,336
  1,373
  1,413
  1,456
  1,500
  1,548
  1,598
  1,650
  1,706
  1,764
  1,826
  1,891
  1,960
  2,032
  2,107
  2,187
  2,271
  2,359
  2,452

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
  41,960
  42,925
  44,028
  45,267
  46,639
  48,145
  49,784
  51,559
  53,471
  55,523
  57,719
  60,061
  62,555
  65,206
  68,019
  71,000
  74,155
  77,492
  81,018
  84,740
  88,668
  92,810
  97,177
  101,777
  106,622
  111,724
  117,094
  122,744
  128,688
  134,941
Adjusted assets (=assets-cash), $m
  41,071
  41,960
  42,925
  44,028
  45,267
  46,639
  48,145
  49,784
  51,559
  53,471
  55,523
  57,719
  60,061
  62,555
  65,206
  68,019
  71,000
  74,155
  77,492
  81,018
  84,740
  88,668
  92,810
  97,177
  101,777
  106,622
  111,724
  117,094
  122,744
  128,688
  134,941
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
  1,337
  1,368
  1,403
  1,442
  1,486
  1,534
  1,586
  1,643
  1,704
  1,769
  1,839
  1,914
  1,993
  2,077
  2,167
  2,262
  2,363
  2,469
  2,581
  2,700
  2,825
  2,957
  3,096
  3,243
  3,397
  3,560
  3,731
  3,911
  4,100
  4,299
Working capital, $m
  -405
  159
  162
  166
  171
  176
  182
  188
  195
  202
  210
  218
  227
  236
  246
  257
  268
  280
  293
  306
  320
  335
  351
  367
  385
  403
  422
  443
  464
  486
  510
Total debt, $m
  14,842
  15,423
  16,129
  16,937
  17,843
  18,848
  19,950
  21,150
  22,449
  23,849
  25,351
  26,958
  28,673
  30,499
  32,439
  34,498
  36,680
  38,990
  41,432
  44,013
  46,738
  49,613
  52,645
  55,841
  59,209
  62,756
  66,490
  70,420
  74,557
  78,908
  83,485
Total liabilities, $m
  30,134
  30,715
  31,421
  32,229
  33,135
  34,140
  35,242
  36,442
  37,741
  39,141
  40,643
  42,250
  43,965
  45,791
  47,731
  49,790
  51,972
  54,282
  56,724
  59,305
  62,030
  64,905
  67,937
  71,133
  74,501
  78,048
  81,782
  85,712
  89,849
  94,200
  98,777
Total equity, $m
  11,021
  11,245
  11,504
  11,800
  12,131
  12,499
  12,903
  13,342
  13,818
  14,330
  14,880
  15,469
  16,096
  16,765
  17,475
  18,229
  19,028
  19,874
  20,768
  21,713
  22,710
  23,763
  24,873
  26,043
  27,276
  28,575
  29,942
  31,381
  32,895
  34,488
  36,164
Total liabilities and equity, $m
  41,155
  41,960
  42,925
  44,029
  45,266
  46,639
  48,145
  49,784
  51,559
  53,471
  55,523
  57,719
  60,061
  62,556
  65,206
  68,019
  71,000
  74,156
  77,492
  81,018
  84,740
  88,668
  92,810
  97,176
  101,777
  106,623
  111,724
  117,093
  122,744
  128,688
  134,941
Debt-to-equity ratio
  1.347
  1.370
  1.400
  1.440
  1.470
  1.510
  1.550
  1.590
  1.620
  1.660
  1.700
  1.740
  1.780
  1.820
  1.860
  1.890
  1.930
  1.960
  2.000
  2.030
  2.060
  2.090
  2.120
  2.140
  2.170
  2.200
  2.220
  2.240
  2.270
  2.290
  2.310
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
  1,055
  1,070
  1,088
  1,108
  1,130
  1,153
  1,179
  1,206
  1,236
  1,267
  1,300
  1,336
  1,373
  1,413
  1,456
  1,500
  1,548
  1,598
  1,650
  1,706
  1,764
  1,826
  1,891
  1,960
  2,032
  2,107
  2,187
  2,271
  2,359
  2,452
Depreciation, amort., depletion, $m
  1,319
  267
  274
  281
  288
  297
  307
  317
  329
  341
  354
  368
  383
  399
  415
  433
  452
  473
  494
  516
  540
  565
  591
  619
  649
  679
  712
  746
  782
  820
  860
Funds from operations, $m
  2,929
  1,323
  1,343
  1,369
  1,396
  1,427
  1,460
  1,496
  1,535
  1,576
  1,621
  1,668
  1,719
  1,772
  1,829
  1,889
  1,953
  2,020
  2,091
  2,166
  2,246
  2,329
  2,417
  2,510
  2,608
  2,711
  2,819
  2,933
  3,053
  3,179
  3,312
Change in working capital, $m
  -123
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  17
  18
  19
  20
  21
  22
  24
Cash from operations, $m
  3,052
  1,319
  1,340
  1,364
  1,392
  1,422
  1,455
  1,490
  1,528
  1,569
  1,613
  1,660
  1,710
  1,763
  1,819
  1,878
  1,942
  2,008
  2,079
  2,153
  2,232
  2,315
  2,402
  2,494
  2,591
  2,693
  2,800
  2,913
  3,032
  3,157
  3,289
Maintenance CAPEX, $m
  0
  -263
  -267
  -274
  -281
  -288
  -297
  -307
  -317
  -329
  -341
  -354
  -368
  -383
  -399
  -415
  -433
  -452
  -473
  -494
  -516
  -540
  -565
  -591
  -619
  -649
  -679
  -712
  -746
  -782
  -820
New CAPEX, $m
  -3,256
  -22
  -31
  -35
  -39
  -44
  -48
  -52
  -57
  -61
  -65
  -70
  -75
  -79
  -84
  -90
  -95
  -101
  -106
  -112
  -119
  -125
  -132
  -139
  -147
  -154
  -163
  -171
  -180
  -189
  -199
Cash from investing activities, $m
  -3,261
  -285
  -298
  -309
  -320
  -332
  -345
  -359
  -374
  -390
  -406
  -424
  -443
  -462
  -483
  -505
  -528
  -553
  -579
  -606
  -635
  -665
  -697
  -730
  -766
  -803
  -842
  -883
  -926
  -971
  -1,019
Free cash flow, $m
  -209
  1,035
  1,042
  1,056
  1,072
  1,090
  1,109
  1,131
  1,154
  1,180
  1,207
  1,236
  1,267
  1,300
  1,336
  1,373
  1,413
  1,455
  1,500
  1,547
  1,597
  1,649
  1,705
  1,763
  1,825
  1,890
  1,958
  2,030
  2,106
  2,186
  2,269
Issuance/(repayment) of debt, $m
  934
  665
  706
  808
  907
  1,005
  1,102
  1,200
  1,299
  1,400
  1,502
  1,607
  1,715
  1,826
  1,940
  2,059
  2,182
  2,310
  2,442
  2,581
  2,725
  2,875
  3,032
  3,196
  3,368
  3,547
  3,734
  3,931
  4,136
  4,351
  4,577
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
  665
  706
  808
  907
  1,005
  1,102
  1,200
  1,299
  1,400
  1,502
  1,607
  1,715
  1,826
  1,940
  2,059
  2,182
  2,310
  2,442
  2,581
  2,725
  2,875
  3,032
  3,196
  3,368
  3,547
  3,734
  3,931
  4,136
  4,351
  4,577
Total cash flow (excl. dividends), $m
  681
  1,699
  1,748
  1,863
  1,978
  2,094
  2,212
  2,331
  2,454
  2,579
  2,709
  2,843
  2,982
  3,126
  3,276
  3,432
  3,595
  3,765
  3,942
  4,128
  4,322
  4,525
  4,737
  4,959
  5,192
  5,437
  5,692
  5,961
  6,242
  6,537
  6,846
Retained Cash Flow (-), $m
  -420
  -224
  -259
  -296
  -332
  -368
  -404
  -439
  -476
  -512
  -550
  -588
  -628
  -668
  -710
  -754
  -799
  -846
  -894
  -945
  -998
  -1,053
  -1,110
  -1,170
  -1,233
  -1,299
  -1,367
  -1,439
  -1,514
  -1,593
  -1,676
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
 
  1,475
  1,489
  1,568
  1,646
  1,726
  1,808
  1,892
  1,978
  2,067
  2,159
  2,255
  2,354
  2,458
  2,566
  2,679
  2,796
  2,919
  3,048
  3,183
  3,324
  3,472
  3,627
  3,789
  3,960
  4,138
  4,325
  4,522
  4,728
  4,944
  5,171
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
 
  1,359
  1,255
  1,198
  1,131
  1,056
  975
  889
  801
  713
  626
  542
  462
  388
  320
  260
  207
  162
  124
  93
  68
  49
  34
  23
  15
  10
  6
  4
  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

Xcel Energy Inc. is a public utility holding company. The Company's operations include the activity of four utility subsidiaries that serve electric and natural gas customers in eight states. The Company's segments include regulated electric utility, regulated natural gas utility and all other. The Company's utility subsidiaries include NSP-Minnesota, NSP-Wisconsin, Public Service Company of Colorado (PSCo) and Southwestern Public Service Co. (SPS), which serve customers in portions of Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin. Along with WYCO Development LLC (WYCO), a joint venture formed with Colorado Interstate Gas Company, LLC (CIG) to develop and lease natural gas pipelines storage and compression facilities, and WestGas InterState, Inc. (WGI), an interstate natural gas pipeline company, these companies comprise the regulated utility operations.

FINANCIAL RATIOS  of  Xcel Energy (XEL)

Valuation Ratios
P/E Ratio 20.2
Price to Sales 2
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 7.4
Price to Free Cash Flow -111.1
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 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 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 507.379 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 $22.7 billion.

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COMPANY NEWS

▶ Utility offered Burgum more than free Super Bowl tickets   [Feb-17-18 07:47PM  Associated Press]
▶ Morgan Stanley Issues Industrywide Utilities Update   [Feb-13-18 05:18PM  Benzinga]
▶ Xcel Energy Inc. to Host Earnings Call   [08:00AM  ACCESSWIRE]
▶ Xcel misses 4Q profit forecasts   [06:15AM  Associated Press]
▶ Xcel Energy 2017 Year End Earnings Report   [06:00AM  Business Wire]
▶ Even Utilities Can Ride the Bitcoin Wave!   [Jan-10-18 05:22PM  Barrons.com]
▶ Xcel Energy 4th Quarter 2017 Earnings Conference Call   [Jan-08-18 07:00AM  Business Wire]
▶ These SPX Utilities Received Price Target Changes Last Week   [Jan-03-18 09:01AM  Market Realist]
▶ Xcel Energy Stock Begins Trading on Nasdaq   [Jan-02-18 10:55AM  Business Wire]
▶ FirstEnergy Returns to Its Regulated Past   [Dec-29-17 07:00AM  Morningstar]
▶ Wind, solar, oil and gas What the federal tax overhaul does for them   [Dec-21-17 05:09PM  American City Business Journals]
▶ PPL: Analysts Recommendations and Target Price   [Dec-20-17 03:35PM  Market Realist]
▶ Xcel Energy to Transfer Stock Exchange Listing to Nasdaq   [Dec-19-17 07:30AM  Business Wire]
▶ Xcel Energy Inc. Board Declares Dividend on Common Stock   [Dec-13-17 01:27PM  Business Wire]
▶ New Mexico AG, others reach agreement on proposed wind farms   [Dec-11-17 06:41PM  Associated Press]
▶ How Wall Street Views on PPL Stock Have Changed   [Nov-22-17 09:04AM  Market Realist]
▶ Which S&P 500 Utilities Received a Target Price Change?   [Nov-21-17 10:32AM  Market Realist]
▶ [$$] The "Golden Age of Gas" Is Over   [Nov-09-17 02:52PM  Barrons.com]
▶ Election 2017: In Boulder, Xcel-divorce tax measure uncertain   [Nov-08-17 04:02PM  American City Business Journals]
▶ Puerto Rico to scrap controversial $300M energy contract   [Oct-30-17 10:42AM  Yahoo Finance Video]
▶ Xcel Energy Inc. to Host Earnings Call   [07:50AM  ACCESSWIRE]
▶ Xcel is eyeing NM for future job growth. Here's why   [Oct-19-17 04:50PM  American City Business Journals]
▶ What Steam Is Left in the Top-Rallying S&P 500 Utilities?   [Oct-12-17 10:38AM  Market Realist]
▶ How the Top Utility Performers of 2017 Are Currently Valued   [Oct-11-17 03:35PM  Market Realist]
▶ Xcel exec, ex-Colorado public-health chief picked as EPA's Denver-based regional head   [Oct-06-17 01:07PM  American City Business Journals]
▶ Xcel Energy asks regulators to raise electricity rates by $244.9 million   [Oct-03-17 05:05PM  American City Business Journals]
▶ Xcel Energy 3rd Quarter 2017 Earnings Conference Call   [Oct-02-17 07:00AM  Business Wire]
▶ Xcel Energys Target Price and Analysts Views   [07:41AM  Market Realist]
▶ What Is Xcel Energy Incs (XEL) Share Price Doing?   [Sep-22-17 07:01PM  Simply Wall St.]
▶ Colorado energy regulators issue order on Xcel-Boulder breakup   [Sep-14-17 07:35PM  American City Business Journals]
▶ GE Stock Doomed Despite Internet of Things Hype   [Sep-08-17 07:59AM  InvestorPlace]
▶ A Look at Xcel Energys Dividend Statistics   [05:35PM  Market Realist]
▶ PPL: Whats Its Expected Dividend Growth?   [12:36PM  Market Realist]
▶ Xcel Energy, other interest groups want to shutter Colorado coal plants   [Aug-29-17 07:44PM  American City Business Journals]
▶ Xcel Energy Inc. Board Declares Dividend on Common Stock   [Aug-23-17 02:16PM  Business Wire]
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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