Intrinsic value of Xcel Energy - XEL

Previous Close

$51.44

  Intrinsic Value

$36.34

stock screener

  Rating & Target

sell

-29%

Previous close

$51.44

 
Intrinsic value

$36.34

 
Up/down potential

-29%

 
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

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 26.1

 

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
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
Revenue, $m
  11,037
  11,751
  12,423
  13,125
  13,858
  14,623
  15,424
  16,260
  17,136
  18,052
  19,010
  20,014
  21,065
  22,165
  23,319
  24,527
  25,794
  27,122
  28,514
  29,974
  31,505
  33,111
  34,796
  36,563
  38,417
  40,362
  42,404
  44,546
  46,794
  49,153
  51,629
Variable operating expenses, $m
 
  9,624
  10,175
  10,749
  11,350
  11,977
  12,632
  13,317
  14,034
  14,784
  15,569
  16,391
  17,252
  18,153
  19,098
  20,088
  21,125
  22,213
  23,353
  24,549
  25,803
  27,118
  28,498
  29,945
  31,464
  33,057
  34,729
  36,483
  38,324
  40,256
  42,284
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
  9,624
  10,175
  10,749
  11,350
  11,977
  12,632
  13,317
  14,034
  14,784
  15,569
  16,391
  17,252
  18,153
  19,098
  20,088
  21,125
  22,213
  23,353
  24,549
  25,803
  27,118
  28,498
  29,945
  31,464
  33,057
  34,729
  36,483
  38,324
  40,256
  42,284
Operating income, $m
  2,214
  2,127
  2,249
  2,376
  2,508
  2,647
  2,792
  2,943
  3,102
  3,267
  3,441
  3,622
  3,813
  4,012
  4,221
  4,439
  4,669
  4,909
  5,161
  5,425
  5,702
  5,993
  6,298
  6,618
  6,953
  7,306
  7,675
  8,063
  8,470
  8,897
  9,345
EBITDA, $m
  3,533
  2,404
  2,542
  2,685
  2,835
  2,992
  3,156
  3,327
  3,506
  3,693
  3,889
  4,095
  4,310
  4,535
  4,771
  5,018
  5,277
  5,549
  5,834
  6,133
  6,446
  6,775
  7,119
  7,481
  7,860
  8,258
  8,676
  9,114
  9,574
  10,057
  10,563
Interest expense (income), $m
  592
  605
  679
  754
  832
  913
  999
  1,087
  1,180
  1,278
  1,380
  1,486
  1,598
  1,714
  1,837
  1,965
  2,099
  2,240
  2,388
  2,543
  2,705
  2,875
  3,054
  3,241
  3,437
  3,643
  3,860
  4,086
  4,325
  4,574
  4,837
Earnings before tax, $m
  1,705
  1,522
  1,569
  1,622
  1,676
  1,733
  1,793
  1,856
  1,921
  1,990
  2,061
  2,136
  2,215
  2,297
  2,384
  2,474
  2,569
  2,669
  2,773
  2,883
  2,998
  3,118
  3,245
  3,377
  3,516
  3,662
  3,816
  3,976
  4,145
  4,322
  4,508
Tax expense, $m
  582
  411
  424
  438
  453
  468
  484
  501
  519
  537
  557
  577
  598
  620
  644
  668
  694
  721
  749
  778
  809
  842
  876
  912
  949
  989
  1,030
  1,074
  1,119
  1,167
  1,217
Net income, $m
  1,123
  1,111
  1,146
  1,184
  1,224
  1,265
  1,309
  1,355
  1,402
  1,452
  1,505
  1,560
  1,617
  1,677
  1,740
  1,806
  1,876
  1,948
  2,025
  2,104
  2,188
  2,276
  2,368
  2,465
  2,567
  2,673
  2,785
  2,903
  3,026
  3,155
  3,291

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
  43,523
  46,012
  48,611
  51,325
  54,161
  57,125
  60,224
  63,466
  66,858
  70,408
  74,124
  78,017
  82,094
  86,365
  90,842
  95,533
  100,452
  105,608
  111,016
  116,686
  122,634
  128,873
  135,418
  142,285
  149,490
  157,051
  164,985
  173,310
  182,049
  191,220
Adjusted assets (=assets-cash), $m
  41,071
  43,523
  46,012
  48,611
  51,325
  54,161
  57,125
  60,224
  63,466
  66,858
  70,408
  74,124
  78,017
  82,094
  86,365
  90,842
  95,533
  100,452
  105,608
  111,016
  116,686
  122,634
  128,873
  135,418
  142,285
  149,490
  157,051
  164,985
  173,310
  182,049
  191,220
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
  1,387
  1,466
  1,549
  1,635
  1,726
  1,820
  1,919
  2,022
  2,130
  2,243
  2,362
  2,486
  2,616
  2,752
  2,894
  3,044
  3,200
  3,365
  3,537
  3,718
  3,907
  4,106
  4,314
  4,533
  4,763
  5,004
  5,256
  5,522
  5,800
  6,092
Working capital, $m
  -405
  165
  174
  184
  194
  205
  216
  228
  240
  253
  266
  280
  295
  310
  326
  343
  361
  380
  399
  420
  441
  464
  487
  512
  538
  565
  594
  624
  655
  688
  723
Total debt, $m
  14,842
  16,567
  18,389
  20,291
  22,278
  24,354
  26,523
  28,792
  31,165
  33,648
  36,246
  38,967
  41,816
  44,801
  47,927
  51,204
  54,639
  58,239
  62,013
  65,971
  70,122
  74,476
  79,043
  83,834
  88,861
  94,135
  99,669
  105,477
  111,571
  117,968
  124,681
Total liabilities, $m
  30,134
  31,859
  33,681
  35,583
  37,570
  39,646
  41,815
  44,084
  46,457
  48,940
  51,538
  54,259
  57,108
  60,093
  63,219
  66,496
  69,931
  73,531
  77,305
  81,263
  85,414
  89,768
  94,335
  99,126
  104,153
  109,427
  114,961
  120,769
  126,863
  133,260
  139,973
Total equity, $m
  11,021
  11,664
  12,331
  13,028
  13,755
  14,515
  15,309
  16,140
  17,009
  17,918
  18,869
  19,865
  20,908
  22,001
  23,146
  24,346
  25,603
  26,921
  28,303
  29,752
  31,272
  32,866
  34,538
  36,292
  38,132
  40,063
  42,090
  44,216
  46,447
  48,789
  51,247
Total liabilities and equity, $m
  41,155
  43,523
  46,012
  48,611
  51,325
  54,161
  57,124
  60,224
  63,466
  66,858
  70,407
  74,124
  78,016
  82,094
  86,365
  90,842
  95,534
  100,452
  105,608
  111,015
  116,686
  122,634
  128,873
  135,418
  142,285
  149,490
  157,051
  164,985
  173,310
  182,049
  191,220
Debt-to-equity ratio
  1.347
  1.420
  1.490
  1.560
  1.620
  1.680
  1.730
  1.780
  1.830
  1.880
  1.920
  1.960
  2.000
  2.040
  2.070
  2.100
  2.130
  2.160
  2.190
  2.220
  2.240
  2.270
  2.290
  2.310
  2.330
  2.350
  2.370
  2.390
  2.400
  2.420
  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
  1,111
  1,146
  1,184
  1,224
  1,265
  1,309
  1,355
  1,402
  1,452
  1,505
  1,560
  1,617
  1,677
  1,740
  1,806
  1,876
  1,948
  2,025
  2,104
  2,188
  2,276
  2,368
  2,465
  2,567
  2,673
  2,785
  2,903
  3,026
  3,155
  3,291
Depreciation, amort., depletion, $m
  1,319
  277
  293
  310
  327
  345
  364
  384
  404
  426
  449
  472
  497
  523
  550
  579
  609
  640
  673
  707
  744
  781
  821
  863
  907
  953
  1,001
  1,051
  1,104
  1,160
  1,218
Funds from operations, $m
  2,929
  1,388
  1,439
  1,494
  1,551
  1,611
  1,673
  1,738
  1,807
  1,878
  1,953
  2,032
  2,114
  2,200
  2,291
  2,385
  2,484
  2,588
  2,697
  2,812
  2,932
  3,058
  3,190
  3,328
  3,474
  3,626
  3,786
  3,954
  4,130
  4,315
  4,509
Change in working capital, $m
  -123
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  19
  20
  21
  22
  24
  25
  26
  27
  29
  30
  31
  33
  35
Cash from operations, $m
  3,052
  1,379
  1,429
  1,484
  1,540
  1,600
  1,662
  1,727
  1,795
  1,866
  1,940
  2,018
  2,099
  2,185
  2,274
  2,368
  2,467
  2,570
  2,678
  2,791
  2,910
  3,035
  3,166
  3,303
  3,448
  3,599
  3,757
  3,924
  4,099
  4,282
  4,475
Maintenance CAPEX, $m
  0
  -263
  -277
  -293
  -310
  -327
  -345
  -364
  -384
  -404
  -426
  -449
  -472
  -497
  -523
  -550
  -579
  -609
  -640
  -673
  -707
  -744
  -781
  -821
  -863
  -907
  -953
  -1,001
  -1,051
  -1,104
  -1,160
New CAPEX, $m
  -3,256
  -72
  -79
  -83
  -86
  -90
  -94
  -99
  -103
  -108
  -113
  -118
  -124
  -130
  -136
  -143
  -149
  -157
  -164
  -172
  -181
  -189
  -199
  -209
  -219
  -230
  -241
  -253
  -265
  -278
  -292
Cash from investing activities, $m
  -3,261
  -335
  -356
  -376
  -396
  -417
  -439
  -463
  -487
  -512
  -539
  -567
  -596
  -627
  -659
  -693
  -728
  -766
  -804
  -845
  -888
  -933
  -980
  -1,030
  -1,082
  -1,137
  -1,194
  -1,254
  -1,316
  -1,382
  -1,452
Free cash flow, $m
  -209
  1,045
  1,073
  1,108
  1,144
  1,182
  1,222
  1,264
  1,308
  1,353
  1,401
  1,451
  1,503
  1,558
  1,615
  1,675
  1,738
  1,804
  1,874
  1,946
  2,022
  2,102
  2,186
  2,274
  2,366
  2,463
  2,564
  2,671
  2,782
  2,900
  3,023
Issuance/(repayment) of debt, $m
  934
  1,809
  1,822
  1,902
  1,987
  2,076
  2,170
  2,269
  2,373
  2,483
  2,599
  2,721
  2,849
  2,984
  3,127
  3,277
  3,434
  3,600
  3,775
  3,958
  4,151
  4,354
  4,567
  4,791
  5,027
  5,274
  5,534
  5,807
  6,095
  6,396
  6,713
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
  1,809
  1,822
  1,902
  1,987
  2,076
  2,170
  2,269
  2,373
  2,483
  2,599
  2,721
  2,849
  2,984
  3,127
  3,277
  3,434
  3,600
  3,775
  3,958
  4,151
  4,354
  4,567
  4,791
  5,027
  5,274
  5,534
  5,807
  6,095
  6,396
  6,713
Total cash flow (excl. dividends), $m
  681
  2,853
  2,895
  3,010
  3,131
  3,258
  3,392
  3,532
  3,680
  3,836
  3,999
  4,171
  4,352
  4,542
  4,742
  4,952
  5,173
  5,405
  5,648
  5,904
  6,173
  6,456
  6,753
  7,065
  7,393
  7,737
  8,098
  8,478
  8,877
  9,296
  9,736
Retained Cash Flow (-), $m
  -420
  -643
  -667
  -696
  -727
  -760
  -794
  -831
  -869
  -909
  -951
  -996
  -1,043
  -1,093
  -1,145
  -1,200
  -1,257
  -1,318
  -1,382
  -1,449
  -1,520
  -1,594
  -1,672
  -1,754
  -1,840
  -1,931
  -2,026
  -2,126
  -2,231
  -2,342
  -2,458
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
 
  2,210
  2,228
  2,314
  2,404
  2,498
  2,598
  2,702
  2,812
  2,927
  3,048
  3,175
  3,309
  3,450
  3,597
  3,752
  3,915
  4,086
  4,266
  4,455
  4,654
  4,862
  5,081
  5,311
  5,552
  5,806
  6,072
  6,352
  6,646
  6,954
  7,278
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
 
  2,037
  1,878
  1,768
  1,651
  1,528
  1,400
  1,270
  1,139
  1,009
  883
  763
  649
  544
  449
  364
  290
  226
  173
  130
  95
  68
  47
  32
  21
  14
  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. 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 23.2
Price to Sales 2.3
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 8.5
Price to Free Cash Flow -127.9
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 5.8% 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 507.714 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 $26.1 billion.

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COMPANY NEWS

▶ 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]
▶ Xcel Energy Board Elects New Board Member   [Aug-22-17 12:35PM  Business Wire]
▶ Lights out: Eclipse to have big impact on California power   [Aug-18-17 07:29PM  Associated Press]
▶ Duke Energys Target Prices and Analysts Recommendations   [Aug-07-17 09:09AM  Market Realist]
▶ Analyzing Duke Energys 2Q17 Earnings and Growth Prospects   [Aug-04-17 02:35PM  Market Realist]
▶ Key Factors behind PPLs Stock Outperformance in 2017   [Jul-31-17 02:05PM  Market Realist]
▶ 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]
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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