Intrinsic value of Xcel Energy - XEL

Previous Close

$48.94

  Intrinsic Value

$37.53

stock screener

  Rating & Target

sell

-23%

  Value-price divergence*

+26%

Previous close

$48.94

 
Intrinsic value

$37.53

 
Up/down potential

-23%

 
Rating

sell

 
Value-price divergence*

+26%

*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 25.1

 

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
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
Revenue, $m
  11,037
  11,807
  12,535
  13,294
  14,085
  14,909
  15,769
  16,666
  17,603
  18,582
  19,605
  20,674
  21,792
  22,961
  24,185
  25,466
  26,808
  28,213
  29,685
  31,227
  32,843
  34,537
  36,313
  38,175
  40,128
  42,176
  44,324
  46,578
  48,942
  51,422
  54,025
Variable operating expenses, $m
 
  9,670
  10,266
  10,888
  11,535
  12,210
  12,915
  13,650
  14,417
  15,219
  16,056
  16,932
  17,847
  18,805
  19,808
  20,857
  21,956
  23,106
  24,312
  25,575
  26,898
  28,286
  29,740
  31,266
  32,865
  34,542
  36,302
  38,147
  40,083
  42,115
  44,246
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
  9,670
  10,266
  10,888
  11,535
  12,210
  12,915
  13,650
  14,417
  15,219
  16,056
  16,932
  17,847
  18,805
  19,808
  20,857
  21,956
  23,106
  24,312
  25,575
  26,898
  28,286
  29,740
  31,266
  32,865
  34,542
  36,302
  38,147
  40,083
  42,115
  44,246
Operating income, $m
  2,214
  2,137
  2,269
  2,406
  2,549
  2,699
  2,854
  3,017
  3,186
  3,363
  3,548
  3,742
  3,944
  4,156
  4,378
  4,609
  4,852
  5,107
  5,373
  5,652
  5,945
  6,251
  6,573
  6,910
  7,263
  7,634
  8,023
  8,431
  8,858
  9,307
  9,778
EBITDA, $m
  3,533
  2,276
  2,417
  2,563
  2,716
  2,874
  3,040
  3,213
  3,394
  3,583
  3,780
  3,986
  4,201
  4,427
  4,663
  4,910
  5,169
  5,439
  5,723
  6,021
  6,332
  6,659
  7,001
  7,360
  7,737
  8,132
  8,546
  8,980
  9,436
  9,914
  10,416
Interest expense (income), $m
  592
  605
  685
  766
  851
  939
  1,030
  1,126
  1,226
  1,330
  1,439
  1,552
  1,671
  1,795
  1,925
  2,061
  2,204
  2,353
  2,509
  2,673
  2,844
  3,024
  3,212
  3,409
  3,616
  3,833
  4,061
  4,300
  4,550
  4,813
  5,089
Earnings before tax, $m
  1,705
  1,532
  1,583
  1,640
  1,699
  1,760
  1,824
  1,891
  1,961
  2,034
  2,110
  2,190
  2,273
  2,361
  2,452
  2,548
  2,648
  2,754
  2,864
  2,979
  3,101
  3,228
  3,361
  3,500
  3,647
  3,800
  3,962
  4,131
  4,308
  4,494
  4,690
Tax expense, $m
  582
  414
  428
  443
  459
  475
  492
  511
  529
  549
  570
  591
  614
  637
  662
  688
  715
  743
  773
  804
  837
  871
  907
  945
  985
  1,026
  1,070
  1,115
  1,163
  1,213
  1,266
Net income, $m
  1,123
  1,118
  1,156
  1,197
  1,240
  1,285
  1,331
  1,380
  1,431
  1,485
  1,540
  1,599
  1,659
  1,723
  1,790
  1,860
  1,933
  2,010
  2,091
  2,175
  2,263
  2,356
  2,453
  2,555
  2,662
  2,774
  2,892
  3,015
  3,145
  3,281
  3,423

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
  43,729
  46,427
  49,237
  52,165
  55,219
  58,403
  61,727
  65,197
  68,822
  72,610
  76,569
  80,710
  85,042
  89,575
  94,320
  99,289
  104,492
  109,943
  115,655
  121,641
  127,915
  134,493
  141,390
  148,622
  156,207
  164,164
  172,510
  181,266
  190,452
  200,091
Adjusted assets (=assets-cash), $m
  41,071
  43,729
  46,427
  49,237
  52,165
  55,219
  58,403
  61,727
  65,197
  68,822
  72,610
  76,569
  80,710
  85,042
  89,575
  94,320
  99,289
  104,492
  109,943
  115,655
  121,641
  127,915
  134,493
  141,390
  148,622
  156,207
  164,164
  172,510
  181,266
  190,452
  200,091
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
  1,393
  1,479
  1,569
  1,662
  1,759
  1,861
  1,967
  2,077
  2,193
  2,313
  2,439
  2,571
  2,709
  2,854
  3,005
  3,163
  3,329
  3,503
  3,685
  3,875
  4,075
  4,285
  4,505
  4,735
  4,977
  5,230
  5,496
  5,775
  6,068
  6,375
Working capital, $m
  -405
  165
  175
  186
  197
  209
  221
  233
  246
  260
  274
  289
  305
  321
  339
  357
  375
  395
  416
  437
  460
  484
  508
  534
  562
  590
  621
  652
  685
  720
  756
Total debt, $m
  14,842
  16,717
  18,692
  20,749
  22,893
  25,128
  27,459
  29,892
  32,432
  35,086
  37,858
  40,757
  43,788
  46,959
  50,277
  53,750
  57,387
  61,196
  65,187
  69,368
  73,749
  78,342
  83,157
  88,205
  93,500
  99,052
  104,876
  110,985
  117,394
  124,119
  131,175
Total liabilities, $m
  30,134
  32,009
  33,984
  36,041
  38,185
  40,420
  42,751
  45,184
  47,724
  50,378
  53,150
  56,049
  59,080
  62,251
  65,569
  69,042
  72,679
  76,488
  80,479
  84,660
  89,041
  93,634
  98,449
  103,497
  108,792
  114,344
  120,168
  126,277
  132,686
  139,411
  146,467
Total equity, $m
  11,021
  11,719
  12,442
  13,195
  13,980
  14,799
  15,652
  16,543
  17,473
  18,444
  19,459
  20,521
  21,630
  22,791
  24,006
  25,278
  26,609
  28,004
  29,465
  30,996
  32,600
  34,281
  36,044
  37,892
  39,831
  41,864
  43,996
  46,233
  48,579
  51,041
  53,625
Total liabilities and equity, $m
  41,155
  43,728
  46,426
  49,236
  52,165
  55,219
  58,403
  61,727
  65,197
  68,822
  72,609
  76,570
  80,710
  85,042
  89,575
  94,320
  99,288
  104,492
  109,944
  115,656
  121,641
  127,915
  134,493
  141,389
  148,623
  156,208
  164,164
  172,510
  181,265
  190,452
  200,092
Debt-to-equity ratio
  1.347
  1.430
  1.500
  1.570
  1.640
  1.700
  1.750
  1.810
  1.860
  1.900
  1.950
  1.990
  2.020
  2.060
  2.090
  2.130
  2.160
  2.190
  2.210
  2.240
  2.260
  2.290
  2.310
  2.330
  2.350
  2.370
  2.380
  2.400
  2.420
  2.430
  2.450
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
  1,118
  1,156
  1,197
  1,240
  1,285
  1,331
  1,380
  1,431
  1,485
  1,540
  1,599
  1,659
  1,723
  1,790
  1,860
  1,933
  2,010
  2,091
  2,175
  2,263
  2,356
  2,453
  2,555
  2,662
  2,774
  2,892
  3,015
  3,145
  3,281
  3,423
Depreciation, amort., depletion, $m
  1,319
  139
  148
  157
  166
  176
  186
  197
  208
  219
  231
  244
  257
  271
  285
  301
  316
  333
  350
  368
  388
  408
  428
  450
  474
  498
  523
  550
  578
  607
  637
Funds from operations, $m
  2,929
  1,258
  1,304
  1,354
  1,406
  1,461
  1,518
  1,577
  1,639
  1,704
  1,772
  1,842
  1,917
  1,994
  2,076
  2,161
  2,250
  2,343
  2,441
  2,543
  2,651
  2,764
  2,882
  3,006
  3,136
  3,272
  3,415
  3,565
  3,722
  3,888
  4,061
Change in working capital, $m
  -123
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  32
  33
  35
  36
Cash from operations, $m
  3,052
  1,248
  1,294
  1,343
  1,395
  1,449
  1,506
  1,564
  1,626
  1,690
  1,757
  1,828
  1,901
  1,978
  2,058
  2,143
  2,231
  2,323
  2,420
  2,522
  2,628
  2,740
  2,857
  2,980
  3,108
  3,243
  3,385
  3,533
  3,689
  3,853
  4,024
Maintenance CAPEX, $m
  0
  -132
  -139
  -148
  -157
  -166
  -176
  -186
  -197
  -208
  -219
  -231
  -244
  -257
  -271
  -285
  -301
  -316
  -333
  -350
  -368
  -388
  -408
  -428
  -450
  -474
  -498
  -523
  -550
  -578
  -607
New CAPEX, $m
  -3,256
  -78
  -86
  -90
  -93
  -97
  -101
  -106
  -111
  -115
  -121
  -126
  -132
  -138
  -144
  -151
  -158
  -166
  -174
  -182
  -191
  -200
  -210
  -220
  -230
  -242
  -253
  -266
  -279
  -293
  -307
Cash from investing activities, $m
  -3,261
  -210
  -225
  -238
  -250
  -263
  -277
  -292
  -308
  -323
  -340
  -357
  -376
  -395
  -415
  -436
  -459
  -482
  -507
  -532
  -559
  -588
  -618
  -648
  -680
  -716
  -751
  -789
  -829
  -871
  -914
Free cash flow, $m
  -209
  1,038
  1,068
  1,106
  1,145
  1,186
  1,228
  1,272
  1,319
  1,367
  1,417
  1,470
  1,525
  1,583
  1,643
  1,706
  1,772
  1,841
  1,914
  1,990
  2,069
  2,152
  2,240
  2,331
  2,427
  2,528
  2,634
  2,745
  2,861
  2,983
  3,111
Issuance/(repayment) of debt, $m
  934
  1,959
  1,975
  2,057
  2,144
  2,235
  2,331
  2,433
  2,540
  2,653
  2,773
  2,898
  3,031
  3,171
  3,318
  3,473
  3,637
  3,809
  3,990
  4,181
  4,382
  4,593
  4,815
  5,048
  5,294
  5,552
  5,824
  6,109
  6,409
  6,725
  7,056
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
  1,959
  1,975
  2,057
  2,144
  2,235
  2,331
  2,433
  2,540
  2,653
  2,773
  2,898
  3,031
  3,171
  3,318
  3,473
  3,637
  3,809
  3,990
  4,181
  4,382
  4,593
  4,815
  5,048
  5,294
  5,552
  5,824
  6,109
  6,409
  6,725
  7,056
Total cash flow (excl. dividends), $m
  681
  2,998
  3,043
  3,163
  3,289
  3,421
  3,559
  3,705
  3,859
  4,020
  4,190
  4,368
  4,556
  4,754
  4,961
  5,180
  5,409
  5,650
  5,904
  6,171
  6,451
  6,745
  7,055
  7,380
  7,722
  8,080
  8,458
  8,854
  9,270
  9,707
  10,166
Retained Cash Flow (-), $m
  -420
  -698
  -723
  -753
  -785
  -818
  -854
  -891
  -930
  -971
  -1,015
  -1,061
  -1,110
  -1,161
  -1,215
  -1,272
  -1,332
  -1,395
  -1,461
  -1,531
  -1,604
  -1,682
  -1,763
  -1,848
  -1,938
  -2,033
  -2,132
  -2,237
  -2,347
  -2,462
  -2,583
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
 
  2,299
  2,320
  2,410
  2,504
  2,602
  2,706
  2,815
  2,929
  3,049
  3,175
  3,307
  3,446
  3,593
  3,746
  3,908
  4,078
  4,256
  4,443
  4,640
  4,847
  5,064
  5,292
  5,532
  5,783
  6,048
  6,325
  6,617
  6,923
  7,245
  7,583
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
 
  2,119
  1,956
  1,842
  1,720
  1,592
  1,459
  1,323
  1,186
  1,051
  920
  794
  676
  567
  467
  379
  302
  236
  180
  135
  99
  71
  49
  33
  22
  14
  9
  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 22.1
Price to Sales 2.2
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 8.1
Price to Free Cash Flow -121.7
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 6.3% 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 10 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 511.954 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 $25.1 billion.

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AVA Avista 51.76 28.08  sell
DUK Duke Energy 86.31 100.67  buy
AEE Ameren 59.14 44.93  hold
SCG Scana 62.05 54.11  hold

COMPANY NEWS

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▶ Xcel Energy on the Street: The Analysts View   [10:40AM  Market Realist]
▶ Inside Xcel Energys 2Q17 Earnings and Growth Prospects   [Jul-28-17 05:35PM  Market Realist]
▶ What Drove Xcel Energys 2Q17 Revenues?   [03:51PM  Market Realist]
▶ Xcel beats 2Q profit forecasts   [Jul-27-17 04:31PM  Associated Press]
▶ Looking at Xcel Energys Price Targets ahead of Q2 Earnings   [Jul-24-17 10:39AM  Market Realist]
▶ Xcel Energys Valuation and Total Returns   [07:40AM  Market Realist]
▶ Panasonic, Xcel, NREL team up for 'carbon neutrality' at development near DIA   [Jul-21-17 06:51PM  American City Business Journals]
▶ What Could Drive Xcel Energys 2Q17 Revenues   [03:27PM  Market Realist]
▶ How Xcel is progressing on its $400 million NM project   [Jul-17-17 04:45PM  American City Business Journals]
▶ Southern Company Stock Trades in the Oversold Zone   [Jul-11-17 09:48AM  Market Realist]
▶ Behind Xcel Energys Revenue Growth   [Jul-06-17 10:37AM  Market Realist]
▶ Understanding Xcel Energys Current Valuation   [07:39AM  Market Realist]
▶ Inside Xcel Energys Recent Stock Performance   [Jul-05-17 05:21PM  Market Realist]
▶ Hearing on New Mexico-based Xcel wind project delayed   [Jun-30-17 11:55AM  American City Business Journals]
▶ How Analysts View PPL Stock   [10:37AM  Market Realist]
▶ Whats PPLs Implied Volatility?   [07:37AM  Market Realist]
▶ How PPL Stock Is Currently Valued Compared to Peers   [Jun-29-17 06:05PM  Market Realist]
▶ Wheres PPL Stock Headed?   [04:35PM  Market Realist]
▶ Xcel Energy 2nd Quarter 2017 Earnings Conference Call   [Jun-27-17 07:00AM  Business Wire]
▶ Could Russian hackers target the U.S. electrical grid?   [Jun-23-17 04:27PM  Fox Business Videos]
▶ Xcel seeks to raise natural gas rates over three years   [Jun-02-17 07:35PM  American City Business Journals]
▶ Xcel says company-wide carbon emissions down drastically since 2005   [May-30-17 04:35PM  American City Business Journals]
▶ Xcel Energy completes substation project in Hobbs   [May-24-17 05:00PM  American City Business Journals]
▶ Xcel Energy Inc. Board Declares Dividend on Common Stock   [May-17-17 03:39PM  Business Wire]
▶ ETFs with exposure to Xcel Energy, Inc. : May 15, 2017   [May-15-17 04:58PM  Capital Cube]
▶ Xcel, others propose path to smarter, leaner electric system   [May-08-17 10:00PM  American City Business Journals]
▶ Energy company's 3-year, $1B plan includes investing in NM   [04:57PM  American City Business Journals]
▶ ETFs with exposure to Xcel Energy, Inc. : May 3, 2017   [May-03-17 04:29PM  Capital Cube]
▶ Xcel misses 1Q profit forecasts   [06:04AM  Associated Press]
▶ 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]
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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