Intrinsic value of Avangrid - AGR

Previous Close

$49.94

  Intrinsic Value

$9.40

stock screener

  Rating & Target

str. sell

-81%

Previous close

$49.94

 
Intrinsic value

$9.40

 
Up/down potential

-81%

 
Rating

str. sell

We calculate the intrinsic value of AGR 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 0001), $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 15.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  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
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
  5.02
  5.02
  5.01
Revenue, $m
  6,279
  6,610
  6,957
  7,320
  7,700
  8,099
  8,516
  8,954
  9,414
  9,895
  10,400
  10,930
  11,486
  12,069
  12,681
  13,323
  13,996
  14,703
  15,445
  16,223
  17,040
  17,898
  18,798
  19,743
  20,735
  21,776
  22,869
  24,017
  25,221
  26,486
Variable operating expenses, $m
  5,017
  5,264
  5,522
  5,792
  6,075
  6,371
  6,682
  7,008
  7,350
  7,708
  7,739
  8,133
  8,546
  8,980
  9,435
  9,913
  10,414
  10,940
  11,492
  12,071
  12,679
  13,317
  13,987
  14,690
  15,428
  16,203
  17,016
  17,870
  18,766
  19,707
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
  5,017
  5,264
  5,522
  5,792
  6,075
  6,371
  6,682
  7,008
  7,350
  7,708
  7,739
  8,133
  8,546
  8,980
  9,435
  9,913
  10,414
  10,940
  11,492
  12,071
  12,679
  13,317
  13,987
  14,690
  15,428
  16,203
  17,016
  17,870
  18,766
  19,707
Operating income, $m
  1,262
  1,346
  1,435
  1,528
  1,625
  1,727
  1,834
  1,946
  2,064
  2,187
  2,662
  2,798
  2,940
  3,089
  3,246
  3,410
  3,582
  3,763
  3,953
  4,152
  4,361
  4,581
  4,811
  5,053
  5,307
  5,573
  5,853
  6,147
  6,455
  6,779
EBITDA, $m
  2,446
  2,574
  2,709
  2,851
  2,999
  3,154
  3,317
  3,488
  3,666
  3,854
  4,051
  4,257
  4,474
  4,701
  4,939
  5,189
  5,451
  5,726
  6,015
  6,319
  6,637
  6,971
  7,321
  7,689
  8,076
  8,481
  8,907
  9,354
  9,823
  10,316
Interest expense (income), $m
  229
  338
  387
  437
  489
  544
  601
  661
  724
  790
  859
  931
  1,008
  1,087
  1,171
  1,259
  1,351
  1,447
  1,549
  1,655
  1,767
  1,884
  2,007
  2,136
  2,271
  2,414
  2,563
  2,720
  2,884
  3,057
  3,238
Earnings before tax, $m
  923
  959
  998
  1,039
  1,081
  1,126
  1,173
  1,222
  1,274
  1,328
  1,730
  1,790
  1,853
  1,918
  1,987
  2,059
  2,135
  2,214
  2,298
  2,385
  2,477
  2,574
  2,675
  2,782
  2,893
  3,010
  3,134
  3,263
  3,398
  3,541
Tax expense, $m
  249
  259
  269
  280
  292
  304
  317
  330
  344
  359
  467
  483
  500
  518
  536
  556
  576
  598
  620
  644
  669
  695
  722
  751
  781
  813
  846
  881
  918
  956
Net income, $m
  674
  700
  729
  758
  789
  822
  856
  892
  930
  970
  1,263
  1,307
  1,352
  1,400
  1,450
  1,503
  1,558
  1,617
  1,677
  1,741
  1,809
  1,879
  1,953
  2,031
  2,112
  2,198
  2,287
  2,382
  2,481
  2,585

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  33,399
  35,159
  37,003
  38,934
  40,957
  43,077
  45,300
  47,630
  50,073
  52,635
  55,322
  58,140
  61,096
  64,197
  67,451
  70,866
  74,448
  78,208
  82,154
  86,295
  90,641
  95,203
  99,991
  105,017
  110,293
  115,831
  121,645
  127,749
  134,156
  140,883
Adjusted assets (=assets-cash), $m
  33,399
  35,159
  37,003
  38,934
  40,957
  43,077
  45,300
  47,630
  50,073
  52,635
  55,322
  58,140
  61,096
  64,197
  67,451
  70,866
  74,448
  78,208
  82,154
  86,295
  90,641
  95,203
  99,991
  105,017
  110,293
  115,831
  121,645
  127,749
  134,156
  140,883
Revenue / Adjusted assets
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
Average production assets, $m
  25,154
  26,479
  27,868
  29,322
  30,846
  32,443
  34,117
  35,872
  37,711
  39,641
  41,664
  43,787
  46,013
  48,349
  50,800
  53,371
  56,069
  58,901
  61,872
  64,991
  68,264
  71,700
  75,306
  79,091
  83,065
  87,236
  91,615
  96,211
  101,037
  106,103
Working capital, $m
  100
  106
  111
  117
  123
  130
  136
  143
  151
  158
  166
  175
  184
  193
  203
  213
  224
  235
  247
  260
  273
  286
  301
  316
  332
  348
  366
  384
  404
  424
Total debt, $m
  7,170
  8,092
  9,058
  10,070
  11,130
  12,242
  13,406
  14,627
  15,907
  17,250
  18,658
  20,134
  21,683
  23,308
  25,014
  26,803
  28,680
  30,650
  32,717
  34,887
  37,165
  39,555
  42,064
  44,698
  47,463
  50,365
  53,411
  56,609
  59,967
  63,492
Total liabilities, $m
  17,501
  18,423
  19,389
  20,401
  21,461
  22,573
  23,737
  24,958
  26,238
  27,581
  28,989
  30,465
  32,014
  33,639
  35,345
  37,134
  39,011
  40,981
  43,048
  45,218
  47,496
  49,886
  52,395
  55,029
  57,794
  60,696
  63,742
  66,940
  70,298
  73,823
Total equity, $m
  15,898
  16,736
  17,613
  18,532
  19,496
  20,505
  21,563
  22,672
  23,835
  25,054
  26,333
  27,675
  29,082
  30,558
  32,107
  33,732
  35,437
  37,227
  39,105
  41,076
  43,145
  45,316
  47,596
  49,988
  52,499
  55,136
  57,903
  60,808
  63,858
  67,060
Total liabilities and equity, $m
  33,399
  35,159
  37,002
  38,933
  40,957
  43,078
  45,300
  47,630
  50,073
  52,635
  55,322
  58,140
  61,096
  64,197
  67,452
  70,866
  74,448
  78,208
  82,153
  86,294
  90,641
  95,202
  99,991
  105,017
  110,293
  115,832
  121,645
  127,748
  134,156
  140,883
Debt-to-equity ratio
  0.450
  0.480
  0.510
  0.540
  0.570
  0.600
  0.620
  0.650
  0.670
  0.690
  0.710
  0.730
  0.750
  0.760
  0.780
  0.790
  0.810
  0.820
  0.840
  0.850
  0.860
  0.870
  0.880
  0.890
  0.900
  0.910
  0.920
  0.930
  0.940
  0.950
Adjusted equity ratio
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  674
  700
  729
  758
  789
  822
  856
  892
  930
  970
  1,263
  1,307
  1,352
  1,400
  1,450
  1,503
  1,558
  1,617
  1,677
  1,741
  1,809
  1,879
  1,953
  2,031
  2,112
  2,198
  2,287
  2,382
  2,481
  2,585
Depreciation, amort., depletion, $m
  1,184
  1,228
  1,274
  1,323
  1,374
  1,427
  1,483
  1,541
  1,603
  1,667
  1,389
  1,460
  1,534
  1,612
  1,693
  1,779
  1,869
  1,963
  2,062
  2,166
  2,275
  2,390
  2,510
  2,636
  2,769
  2,908
  3,054
  3,207
  3,368
  3,537
Funds from operations, $m
  1,858
  1,928
  2,003
  2,081
  2,163
  2,249
  2,339
  2,434
  2,533
  2,636
  2,652
  2,766
  2,886
  3,012
  3,144
  3,282
  3,427
  3,580
  3,740
  3,908
  4,084
  4,269
  4,463
  4,667
  4,881
  5,105
  5,341
  5,589
  5,849
  6,121
Change in working capital, $m
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  17
  18
  19
  20
Cash from operations, $m
  1,853
  1,923
  1,997
  2,075
  2,157
  2,243
  2,332
  2,427
  2,525
  2,629
  2,644
  2,758
  2,877
  3,002
  3,134
  3,272
  3,417
  3,569
  3,728
  3,895
  4,071
  4,255
  4,449
  4,652
  4,865
  5,089
  5,324
  5,570
  5,829
  6,101
Maintenance CAPEX, $m
  -796
  -838
  -883
  -929
  -977
  -1,028
  -1,081
  -1,137
  -1,196
  -1,257
  -1,321
  -1,389
  -1,460
  -1,534
  -1,612
  -1,693
  -1,779
  -1,869
  -1,963
  -2,062
  -2,166
  -2,275
  -2,390
  -2,510
  -2,636
  -2,769
  -2,908
  -3,054
  -3,207
  -3,368
New CAPEX, $m
  -1,266
  -1,326
  -1,388
  -1,454
  -1,524
  -1,597
  -1,674
  -1,755
  -1,840
  -1,929
  -2,024
  -2,122
  -2,226
  -2,336
  -2,451
  -2,571
  -2,698
  -2,832
  -2,972
  -3,119
  -3,273
  -3,436
  -3,606
  -3,785
  -3,973
  -4,171
  -4,379
  -4,597
  -4,826
  -5,066
Cash from investing activities, $m
  -2,062
  -2,164
  -2,271
  -2,383
  -2,501
  -2,625
  -2,755
  -2,892
  -3,036
  -3,186
  -3,345
  -3,511
  -3,686
  -3,870
  -4,063
  -4,264
  -4,477
  -4,701
  -4,935
  -5,181
  -5,439
  -5,711
  -5,996
  -6,295
  -6,609
  -6,940
  -7,287
  -7,651
  -8,033
  -8,434
Free cash flow, $m
  -209
  -241
  -274
  -308
  -344
  -382
  -423
  -465
  -510
  -558
  -701
  -753
  -809
  -867
  -928
  -993
  -1,061
  -1,132
  -1,207
  -1,286
  -1,369
  -1,456
  -1,547
  -1,644
  -1,745
  -1,851
  -1,963
  -2,080
  -2,203
  -2,333
Issuance/(repayment) of debt, $m
  907
  922
  966
  1,012
  1,060
  1,111
  1,165
  1,221
  1,280
  1,342
  1,408
  1,477
  1,549
  1,625
  1,705
  1,789
  1,877
  1,970
  2,068
  2,170
  2,277
  2,390
  2,509
  2,634
  2,765
  2,902
  3,047
  3,198
  3,358
  3,525
Issuance/(repurchase) of shares, $m
  147
  138
  149
  161
  174
  187
  202
  217
  233
  250
  16
  35
  55
  76
  98
  122
  147
  173
  201
  230
  260
  292
  326
  362
  399
  439
  480
  524
  569
  617
Cash from financing (excl. dividends), $m  
  1,054
  1,060
  1,115
  1,173
  1,234
  1,298
  1,367
  1,438
  1,513
  1,592
  1,424
  1,512
  1,604
  1,701
  1,803
  1,911
  2,024
  2,143
  2,269
  2,400
  2,537
  2,682
  2,835
  2,996
  3,164
  3,341
  3,527
  3,722
  3,927
  4,142
Total cash flow (excl. dividends), $m
  845
  819
  841
  865
  890
  916
  943
  972
  1,003
  1,035
  723
  758
  795
  834
  875
  918
  964
  1,011
  1,061
  1,114
  1,169
  1,227
  1,288
  1,352
  1,419
  1,490
  1,564
  1,642
  1,723
  1,809
Retained Cash Flow (-), $m
  -821
  -838
  -877
  -919
  -963
  -1,009
  -1,058
  -1,109
  -1,163
  -1,219
  -1,279
  -1,341
  -1,407
  -1,476
  -1,549
  -1,625
  -1,705
  -1,790
  -1,878
  -1,971
  -2,069
  -2,171
  -2,279
  -2,392
  -2,511
  -2,636
  -2,767
  -2,905
  -3,050
  -3,202
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
  24
  -19
  -36
  -54
  -73
  -93
  -115
  -137
  -160
  -185
  -556
  -583
  -612
  -642
  -674
  -707
  -742
  -778
  -817
  -857
  -900
  -944
  -991
  -1,041
  -1,092
  -1,147
  -1,204
  -1,264
  -1,327
  -1,393
Discount rate, %
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
  22
  -17
  -30
  -42
  -53
  -62
  -69
  -75
  -78
  -80
  -213
  -195
  -176
  -157
  -139
  -121
  -104
  -89
  -74
  -61
  -49
  -39
  -30
  -23
  -17
  -13
  -9
  -6
  -4
  -3
Current shareholders' claim on cash, %
  99.1
  98.2
  97.4
  96.5
  95.6
  94.8
  93.9
  92.9
  92.0
  91.1
  91.0
  90.9
  90.7
  90.5
  90.2
  89.9
  89.5
  89.1
  88.6
  88.1
  87.6
  87.0
  86.4
  85.7
  85.1
  84.4
  83.7
  82.9
  82.2
  81.4

Avangrid, Inc. is an energy and utility company. The Company operates through three segments: Networks, Renewables and Gas. The Networks segment includes all the energy transmission and distribution activities, and any other regulated activity originating in New York and Maine, and regulated electric distribution, electric transmission and gas distribution activities originating in Connecticut and Massachusetts. The Renewables segment owns, develops, constructs and/or operates electricity generation, including renewable and thermal generators, and associated transmission facilities. The Renewables segment includes activities relating to renewable energy, mainly wind energy generation and trading related with such activities. The Gas segment operates a natural gas storage and natural gas trading business through its subsidiaries, Enstor, Inc. and Enstor Energy Services, LLC.

FINANCIAL RATIOS  of  Avangrid (AGR)

Valuation Ratios
P/E Ratio 24.5
Price to Sales 2.6
Price to Book 1
Price to Tangible Book
Price to Cash Flow 9.9
Price to Free Cash Flow -105.7
Growth Rates
Sales Growth Rate 37.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 57.8%
Cap. Spend. - 3 Yr. Gr. Rate 12.6%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 29.8%
Total Debt to Equity 33.2%
Interest Coverage 5
Management Effectiveness
Return On Assets 2.5%
Ret/ On Assets - 3 Yr. Avg. 2%
Return On Total Capital 3.1%
Ret/ On T. Cap. - 3 Yr. Avg. 2.5%
Return On Equity 4.2%
Return On Equity - 3 Yr. Avg. 3.2%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 33.9%
EBITDA Margin - 3 Yr. Avg. 30.6%
Operating Margin 19.8%
Oper. Margin - 3 Yr. Avg. 17%
Pre-Tax Margin 16.8%
Pre-Tax Margin - 3 Yr. Avg. 13%
Net Profit Margin 10.5%
Net Profit Margin - 3 Yr. Avg. 8.6%
Effective Tax Rate 37.6%
Eff/ Tax Rate - 3 Yr. Avg. 29.6%
Payout Ratio 63.7%

AGR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AGR stock intrinsic value calculation we used $5963 million for the last fiscal year's total revenue generated by Avangrid. The default revenue input number comes from 0001 income statement of Avangrid. 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 AGR stock valuation model: a) initial revenue growth rate of 5.3% 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 5.6%, whose default value for AGR is calculated based on our internal credit rating of Avangrid, 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 Avangrid.
    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 AGR stock the variable cost ratio is equal to 80.2%.

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 AGR 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 5.4% for Avangrid.

Corporate tax rate of 27% is the nominal tax rate for Avangrid. 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 AGR 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 AGR are equal to 400.6%.

Life of production assets of 31.1 years is the average useful life of capital assets used in Avangrid 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 AGR is equal to 1.6%. 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 - $15077 million for Avangrid - 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 309.005 million for Avangrid 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 Avangrid at the current share price and the inputted number of shares is $15.4 billion.

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COMPANY NEWS

▶ How fast-tracking NC's offshore wind farm plans could help Va.   [Oct-25-18 08:31AM  American City Business Journals]
▶ Avangrid: 3Q Earnings Snapshot   [Oct-23-18 04:33PM  Associated Press]
▶ NC wind farm braces for Hurricane Florence   [Sep-12-18 02:14PM  American City Business Journals]
▶ How offshore wind could add up to $710M in economic benefits for NC   [Aug-31-18 08:40AM  American City Business Journals]
▶ 3 Top Stocks in Offshore Wind Power   [Aug-16-18 06:32AM  Motley Fool]
▶ Avangrid: 2Q Earnings Snapshot   [Jul-24-18 07:19AM  Associated Press]
▶ Brown on wind moratorium: It's about base realignment   [Jul-23-18 07:30AM  American City Business Journals]
▶ AVANGRID Declares Quarterly Dividend   [Jul-11-18 04:15PM  Business Wire]
▶ Duke Energys Lynn Good is nation's highest-paid utility CEO   [01:44PM  American City Business Journals]
▶ Why AGROB Immobilien AG (MUN:AGR) Could Be A Buy   [Jun-25-18 05:52AM  Simply Wall St.]
▶ The country's first massive offshore wind farm gets a Portland imprint   [May-24-18 09:39AM  American City Business Journals]
▶ Stock Upgrades: Avangrid Shows Rising Relative Strength   [03:00AM  Investor's Business Daily]
▶ AVANGRID Declares Quarterly Dividend   [Apr-25-18 12:50PM  Business Wire]
▶ Avangrid: 1Q Earnings Snapshot   [Apr-23-18 07:11AM  Associated Press]
▶ Avangrid Inc (NYSE:AGR): What Are The Future Prospects?   [Mar-23-18 06:28PM  Simply Wall St.]
▶ N.C. wind farm developer calls off-shore 'next frontier'   [Feb-26-18 08:55AM  American City Business Journals]
▶ Benzinga Pro's 5 Stocks To Watch Today   [Feb-20-18 08:26AM  Benzinga]
▶ Avangrid reports 4Q loss   [06:20AM  Associated Press]
▶ AVANGRID Reaches Agreement to Sell Gas Storage Business   [Feb-16-18 04:28PM  Business Wire]
▶ AVANGRID Declares Quarterly Dividend   [Feb-15-18 01:55PM  Business Wire]
▶ AVANGRID Schedules 2018 Financial Update   [Feb-02-18 02:06PM  Business Wire]
▶ AVANGRID reaches agreement to sell gas trading business   [Jan-31-18 04:30PM  Business Wire]
▶ Nike agrees to buy power from Corpus Christi wind farm   [Jan-18-18 04:46PM  American City Business Journals]
▶ AVANGRID Completes Three Additional New Wind Farms   [Jan-12-18 05:31PM  Business Wire]
▶ Goldman Sachs' 3 Top Utilities Stocks In 2018   [Jan-11-18 12:02PM  Benzinga]
▶ Apple wind farm in Oregon will use 51 Vestas turbines   [Dec-29-17 04:52PM  American City Business Journals]
▶ Pearl of a deal makes Apple wind farm a very Oregon project   [04:05PM  American City Business Journals]
▶ Avangrid Hits 80-Plus Relative Strength Rating Benchmark   [Dec-07-17 03:00AM  Investor's Business Daily]
▶ Avangrid Declares Quarterly Dividend   [Dec-01-17 05:41PM  Business Wire]
▶ Avangrid Renewables does a big wind power deal with Google   [Nov-30-17 12:45PM  American City Business Journals]
▶ AVANGRID Announces Pricing of Notes   [Nov-16-17 05:18PM  Business Wire]
▶ ETFs with exposure to Avangrid, Inc. : November 9, 2017   [Nov-09-17 11:41AM  Capital Cube]

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