Intrinsic value of Allete - ALE

Previous Close

$73.22

  Intrinsic Value

$28.43

stock screener

  Rating & Target

str. sell

-61%

Previous close

$73.22

 
Intrinsic value

$28.43

 
Up/down potential

-61%

 
Rating

str. sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of ALE 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, %
  -9.83
  3.70
  3.83
  3.95
  4.05
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
Revenue, $m
  1,340
  1,390
  1,443
  1,500
  1,561
  1,625
  1,694
  1,767
  1,844
  1,926
  2,013
  2,104
  2,201
  2,303
  2,411
  2,524
  2,643
  2,769
  2,902
  3,041
  3,188
  3,342
  3,504
  3,675
  3,855
  4,043
  4,242
  4,450
  4,670
  4,900
  5,142
Variable operating expenses, $m
 
  1,193
  1,238
  1,286
  1,337
  1,392
  1,450
  1,511
  1,576
  1,645
  1,718
  1,774
  1,856
  1,942
  2,032
  2,128
  2,229
  2,335
  2,446
  2,564
  2,688
  2,818
  2,955
  3,099
  3,250
  3,409
  3,576
  3,752
  3,937
  4,131
  4,335
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
  1,116
  1,193
  1,238
  1,286
  1,337
  1,392
  1,450
  1,511
  1,576
  1,645
  1,718
  1,774
  1,856
  1,942
  2,032
  2,128
  2,229
  2,335
  2,446
  2,564
  2,688
  2,818
  2,955
  3,099
  3,250
  3,409
  3,576
  3,752
  3,937
  4,131
  4,335
Operating income, $m
  224
  197
  205
  214
  224
  234
  244
  256
  268
  281
  295
  330
  345
  361
  378
  396
  415
  434
  455
  477
  500
  524
  550
  577
  605
  634
  666
  698
  733
  769
  807
EBITDA, $m
  425
  218
  226
  235
  245
  255
  266
  277
  289
  302
  316
  330
  345
  361
  378
  396
  415
  434
  455
  477
  500
  524
  550
  577
  605
  634
  666
  698
  733
  769
  807
Interest expense (income), $m
  68
  66
  71
  76
  81
  87
  93
  100
  107
  114
  122
  130
  139
  148
  158
  168
  179
  190
  202
  214
  228
  242
  256
  272
  288
  305
  323
  342
  362
  382
  404
Earnings before tax, $m
  176
  131
  134
  138
  142
  147
  151
  156
  161
  167
  173
  200
  207
  213
  221
  228
  236
  245
  253
  263
  272
  283
  294
  305
  317
  329
  343
  356
  371
  386
  402
Tax expense, $m
  20
  35
  36
  37
  38
  40
  41
  42
  44
  45
  47
  54
  56
  58
  60
  62
  64
  66
  68
  71
  74
  76
  79
  82
  86
  89
  92
  96
  100
  104
  109
Net income, $m
  155
  96
  98
  101
  104
  107
  110
  114
  118
  122
  126
  146
  151
  156
  161
  167
  172
  179
  185
  192
  199
  206
  214
  223
  231
  240
  250
  260
  271
  282
  294

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  28
  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
  4,877
  5,035
  5,228
  5,434
  5,654
  5,889
  6,138
  6,402
  6,683
  6,979
  7,293
  7,625
  7,975
  8,344
  8,734
  9,145
  9,577
  10,033
  10,513
  11,018
  11,550
  12,109
  12,697
  13,316
  13,966
  14,650
  15,369
  16,125
  16,919
  17,753
  18,630
Adjusted assets (=assets-cash), $m
  4,849
  5,035
  5,228
  5,434
  5,654
  5,889
  6,138
  6,402
  6,683
  6,979
  7,293
  7,625
  7,975
  8,344
  8,734
  9,145
  9,577
  10,033
  10,513
  11,018
  11,550
  12,109
  12,697
  13,316
  13,966
  14,650
  15,369
  16,125
  16,919
  17,753
  18,630
Revenue / Adjusted assets
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
Average production assets, $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
  0
Working capital, $m
  -105
  57
  59
  61
  64
  67
  69
  72
  76
  79
  83
  86
  90
  94
  99
  103
  108
  114
  119
  125
  131
  137
  144
  151
  158
  166
  174
  182
  191
  201
  211
Total debt, $m
  1,558
  1,645
  1,763
  1,889
  2,023
  2,166
  2,318
  2,479
  2,650
  2,831
  3,023
  3,225
  3,439
  3,664
  3,902
  4,152
  4,416
  4,694
  4,987
  5,295
  5,619
  5,961
  6,319
  6,697
  7,093
  7,511
  7,949
  8,410
  8,894
  9,403
  9,938
Total liabilities, $m
  2,984
  3,071
  3,189
  3,315
  3,449
  3,592
  3,744
  3,905
  4,076
  4,257
  4,449
  4,651
  4,865
  5,090
  5,328
  5,578
  5,842
  6,120
  6,413
  6,721
  7,045
  7,387
  7,745
  8,123
  8,519
  8,937
  9,375
  9,836
  10,320
  10,829
  11,364
Total equity, $m
  1,893
  1,964
  2,039
  2,119
  2,205
  2,297
  2,394
  2,497
  2,606
  2,722
  2,844
  2,974
  3,110
  3,254
  3,406
  3,566
  3,735
  3,913
  4,100
  4,297
  4,504
  4,723
  4,952
  5,193
  5,447
  5,714
  5,994
  6,289
  6,598
  6,924
  7,266
Total liabilities and equity, $m
  4,877
  5,035
  5,228
  5,434
  5,654
  5,889
  6,138
  6,402
  6,682
  6,979
  7,293
  7,625
  7,975
  8,344
  8,734
  9,144
  9,577
  10,033
  10,513
  11,018
  11,549
  12,110
  12,697
  13,316
  13,966
  14,651
  15,369
  16,125
  16,918
  17,753
  18,630
Debt-to-equity ratio
  0.823
  0.840
  0.860
  0.890
  0.920
  0.940
  0.970
  0.990
  1.020
  1.040
  1.060
  1.080
  1.110
  1.130
  1.150
  1.160
  1.180
  1.200
  1.220
  1.230
  1.250
  1.260
  1.280
  1.290
  1.300
  1.310
  1.330
  1.340
  1.350
  1.360
  1.370
Adjusted equity ratio
  0.385
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  155
  96
  98
  101
  104
  107
  110
  114
  118
  122
  126
  146
  151
  156
  161
  167
  172
  179
  185
  192
  199
  206
  214
  223
  231
  240
  250
  260
  271
  282
  294
Depreciation, amort., depletion, $m
  201
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Funds from operations, $m
  325
  117
  119
  122
  125
  128
  132
  135
  139
  143
  147
  146
  151
  156
  161
  167
  172
  179
  185
  192
  199
  206
  214
  223
  231
  240
  250
  260
  271
  282
  294
Change in working capital, $m
  -7
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  9
  10
Cash from operations, $m
  332
  115
  117
  120
  123
  126
  129
  132
  136
  140
  144
  142
  147
  152
  157
  162
  168
  173
  180
  186
  193
  200
  208
  216
  224
  233
  242
  252
  262
  273
  284
Maintenance CAPEX, $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
  0
New CAPEX, $m
  -266
  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 investing activities, $m
  -276
  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
Free cash flow, $m
  56
  115
  117
  120
  123
  126
  129
  132
  136
  140
  144
  142
  147
  152
  157
  162
  168
  173
  180
  186
  193
  200
  208
  216
  224
  233
  242
  252
  262
  273
  284
Issuance/(repayment) of debt, $m
  -52
  115
  118
  126
  134
  143
  152
  161
  171
  181
  191
  202
  214
  225
  238
  251
  264
  278
  293
  308
  324
  341
  359
  377
  397
  417
  438
  461
  484
  509
  535
Issuance/(repurchase) of shares, $m
  31
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  2
  5
  8
  12
  15
  19
  22
  26
  30
  34
  39
  43
  48
Cash from financing (excl. dividends), $m  
  -22
  115
  118
  126
  134
  143
  152
  161
  171
  181
  191
  202
  214
  225
  238
  251
  264
  278
  295
  313
  332
  353
  374
  396
  419
  443
  468
  495
  523
  552
  583
Total cash flow (excl. dividends), $m
  33
  230
  235
  246
  257
  269
  281
  294
  307
  321
  335
  345
  360
  377
  394
  412
  432
  451
  474
  499
  526
  553
  582
  612
  643
  676
  711
  747
  785
  825
  867
Retained Cash Flow (-), $m
  -73
  -71
  -75
  -80
  -86
  -91
  -97
  -103
  -109
  -116
  -122
  -129
  -137
  -144
  -152
  -160
  -169
  -178
  -187
  -197
  -207
  -218
  -229
  -241
  -254
  -267
  -280
  -295
  -310
  -325
  -342
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
 
  159
  160
  165
  171
  177
  184
  191
  198
  205
  213
  215
  224
  233
  242
  252
  263
  274
  287
  302
  318
  335
  352
  370
  389
  409
  430
  452
  475
  500
  525
Discount rate, %
 
  7.40
  7.77
  8.16
  8.57
  8.99
  9.44
  9.92
  10.41
  10.93
  11.48
  12.05
  12.66
  13.29
  13.95
  14.65
  15.38
  16.15
  16.96
  17.81
  18.70
  19.63
  20.62
  21.65
  22.73
  23.87
  25.06
  26.31
  27.63
  29.01
  30.46
PV of cash for distribution, $m
 
  148
  137
  131
  123
  115
  107
  98
  89
  81
  72
  62
  54
  46
  39
  32
  27
  21
  17
  13
  10
  8
  6
  4
  3
  2
  1
  1
  1
  0
  0
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
  99.9
  99.8
  99.7
  99.5
  99.3
  99.1
  98.9
  98.6
  98.3
  98.0
  97.7
  97.3

ALLETE, Inc. is an energy company. The Company's segments include Regulated Operations, ALLETE Clean Energy, Inc. (ALLETE Clean Energy), U.S. Water Services Holding Company (U.S. Water Services), and Corporate and Other. The Regulated Operations segment includes its regulated utilities, Minnesota Power, and Superior Water, Light and Power Company, and its investment in American Transmission Company LLC. The ALLETE Clean Energy segment focuses on developing, acquiring and operating clean and renewable energy projects. The U.S. Water Services provides integrated water management for industry by combining chemical, equipment, engineering and service for customized solution. As of December 31, 2016, its Corporate and Other consisted of BNI Energy, Inc. (BNI Energy), its coal mining operations in North Dakota, ALLETE Properties, LLC (ALLETE Properties), its Florida real estate investment and approximately 5,000 acres of land in Minnesota.

FINANCIAL RATIOS  of  Allete (ALE)

Valuation Ratios
P/E Ratio 23.4
Price to Sales 2.7
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 10.9
Price to Free Cash Flow 55
Growth Rates
Sales Growth Rate -9.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -7.3%
Cap. Spend. - 3 Yr. Gr. Rate -4.2%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 72.4%
Total Debt to Equity 82.3%
Interest Coverage 4
Management Effectiveness
Return On Assets 4.4%
Ret/ On Assets - 3 Yr. Avg. 4.2%
Return On Total Capital 4.5%
Ret/ On T. Cap. - 3 Yr. Avg. 4.5%
Return On Equity 8.3%
Return On Equity - 3 Yr. Avg. 8.3%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 33.2%
EBITDA Margin - 3 Yr. Avg. 30.3%
Operating Margin 16.7%
Oper. Margin - 3 Yr. Avg. 15.8%
Pre-Tax Margin 13.1%
Pre-Tax Margin - 3 Yr. Avg. 12.9%
Net Profit Margin 11.6%
Net Profit Margin - 3 Yr. Avg. 10.7%
Effective Tax Rate 11.4%
Eff/ Tax Rate - 3 Yr. Avg. 16.2%
Payout Ratio 66.5%

ALE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ALE stock intrinsic value calculation we used $1340 million for the last fiscal year's total revenue generated by Allete. The default revenue input number comes from 2016 income statement of Allete. 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 ALE stock valuation model: a) initial revenue growth rate of 3.7% 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 7.4%, whose default value for ALE is calculated based on our internal credit rating of Allete, 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 Allete.
    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 ALE stock the variable cost ratio is equal to 85.9%.

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 ALE 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 4.3% for Allete.

Corporate tax rate of 27% is the nominal tax rate for Allete. 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 ALE 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 ALE are equal to 0%.

Life of production assets of 1.1 years is the average useful life of capital assets used in Allete 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 ALE is equal to 4.1%. 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 - $1893 million for Allete - 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 50.968 million for Allete 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 Allete at the current share price and the inputted number of shares is $3.7 billion.

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COMPANY NEWS

▶ Susan K. Nestegard Named to ALLETE Board of Directors   [Jan-16-18 06:30AM  Business Wire]
▶ ALLETE to Announce 2017 Financial Results on February 15   [Jan-15-18 06:30AM  Business Wire]
▶ What You Must Know About ALLETE Incs (ALE) Financial Strength   [Dec-07-17 07:03PM  Simply Wall St.]
▶ Stocks With Rising Relative Strength: Allete   [03:00AM  Investor's Business Daily]
▶ ETFs with exposure to ALLETE, Inc. : November 27, 2017   [Nov-27-17 11:54AM  Capital Cube]
▶ Is It Too Late To Buy ALLETE Inc (ALE)?   [09:00AM  Simply Wall St.]
▶ ALLETE Clean Energy Earns Yellow Ribbon Designation   [Nov-10-17 09:30AM  Business Wire]
▶ ETFs with exposure to ALLETE, Inc. : November 9, 2017   [Nov-09-17 11:45AM  Capital Cube]
▶ ALLETE, Inc. Value Analysis (NYSE:ALE) : November 1, 2017   [Nov-01-17 01:05PM  Capital Cube]
▶ ALLETE, Inc. to Host Earnings Call   [07:50AM  ACCESSWIRE]
▶ Allete beats 3Q profit forecasts   [06:42AM  Associated Press]
▶ What You Must Know About ALLETE Incs (ALE) 8.81% ROE   [Oct-27-17 02:11PM  Simply Wall St.]
▶ Four Utility Buys In A High-Priced Sector   [Sep-18-17 03:53PM  Forbes]
▶ Is There Now An Opportunity In ALLETE Inc (ALE)?   [Sep-13-17 03:25PM  Simply Wall St.]
▶ ETFs with exposure to ALLETE, Inc. : September 12, 2017   [Sep-11-17 08:16PM  Capital Cube]
▶ ETFs with exposure to ALLETE, Inc. : August 31, 2017   [Aug-31-17 05:10PM  Capital Cube]
▶ Robert P. Powers Named to ALLETE Board of Directors   [Aug-23-17 04:50PM  Business Wire]
▶ ALLETE, Inc. Value Analysis (NYSE:ALE) : August 4, 2017   [Aug-03-17 09:49PM  Capital Cube]
▶ Allete beats 2Q profit forecasts   [Aug-02-17 09:21PM  Associated Press]
▶ ETFs with exposure to ALLETE, Inc. : July 27, 2017   [Jul-27-17 02:10PM  Capital Cube]
▶ ETFs with exposure to ALLETE, Inc. : July 17, 2017   [Jul-17-17 01:36PM  Capital Cube]
▶ [$$] Coal, Nuclear on the Losing End of Power Shift   [Jul-06-17 12:06AM  The Wall Street Journal]
▶ [$$] Coal, Nuclear on Losing End of Power Shift   [Jul-05-17 04:26PM  The Wall Street Journal]
▶ ETFs with exposure to ALLETE, Inc. : July 4, 2017   [Jul-04-17 02:28PM  Capital Cube]
▶ ETFs with exposure to ALLETE, Inc. : June 22, 2017   [Jun-22-17 03:18PM  Capital Cube]
▶ What 2017's top stock picker is buying   [Jun-19-17 02:35PM  CNBC Videos]
▶ Dairyland Power, Minnesota utility to co-develop $700M natural gas power plant   [Jun-08-17 03:14PM  American City Business Journals]
▶ Allete beats 1Q profit forecasts   [May-04-17 06:57AM  Associated Press]
▶ ALLETE Board of Directors Declares Dividend on Common Stock   [Apr-26-17 06:30AM  Business Wire]
▶ ETFs with exposure to ALLETE, Inc. : April 24, 2017   [Apr-24-17 02:15PM  Capital Cube]
▶ A Small-Cap Sector ETF That's Working   [Apr-11-17 12:41PM  Investopedia]
▶ ALLETE to Announce First Quarter Financial Results on May 4   [Apr-10-17 10:33AM  Business Wire]
▶ Allete beats 4Q profit forecasts   [06:46AM  Associated Press]
Financial statements of ALE
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