Intrinsic value of Allete - ALE

Previous Close

$77.56

  Intrinsic Value

$61.06

stock screener

  Rating & Target

sell

-21%

Previous close

$77.56

 
Intrinsic value

$61.06

 
Up/down potential

-21%

 
Rating

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

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 4.0

 

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
  12.10
  11.39
  10.75
  10.18
  9.66
  9.19
  8.77
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.80
  6.62
  6.46
  6.32
  6.18
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
Revenue, $m
  1,340
  1,502
  1,673
  1,853
  2,042
  2,239
  2,445
  2,659
  2,882
  3,115
  3,356
  3,607
  3,868
  4,139
  4,420
  4,713
  5,018
  5,334
  5,664
  6,008
  6,366
  6,739
  7,129
  7,535
  7,959
  8,402
  8,865
  9,349
  9,855
  10,384
  10,938
Variable operating expenses, $m
 
  1,288
  1,432
  1,584
  1,743
  1,909
  2,082
  2,263
  2,451
  2,647
  2,851
  3,041
  3,261
  3,489
  3,727
  3,974
  4,230
  4,498
  4,776
  5,065
  5,367
  5,682
  6,010
  6,353
  6,710
  7,084
  7,474
  7,882
  8,309
  8,755
  9,222
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
  1,288
  1,432
  1,584
  1,743
  1,909
  2,082
  2,263
  2,451
  2,647
  2,851
  3,041
  3,261
  3,489
  3,727
  3,974
  4,230
  4,498
  4,776
  5,065
  5,367
  5,682
  6,010
  6,353
  6,710
  7,084
  7,474
  7,882
  8,309
  8,755
  9,222
Operating income, $m
  224
  214
  241
  269
  299
  330
  362
  396
  431
  467
  505
  566
  607
  649
  694
  739
  787
  837
  889
  943
  999
  1,057
  1,118
  1,182
  1,249
  1,318
  1,391
  1,467
  1,546
  1,629
  1,716
EBITDA, $m
  425
  236
  263
  291
  320
  351
  384
  417
  452
  489
  527
  566
  607
  649
  694
  739
  787
  837
  889
  943
  999
  1,057
  1,118
  1,182
  1,249
  1,318
  1,391
  1,467
  1,546
  1,629
  1,716
Interest expense (income), $m
  68
  66
  81
  98
  115
  133
  151
  171
  191
  213
  235
  258
  281
  306
  332
  359
  387
  416
  446
  477
  510
  544
  579
  616
  655
  695
  737
  781
  827
  875
  926
Earnings before tax, $m
  176
  149
  160
  172
  184
  197
  211
  225
  240
  255
  271
  308
  325
  343
  362
  381
  401
  421
  443
  466
  489
  514
  539
  566
  594
  623
  654
  686
  719
  754
  791
Tax expense, $m
  20
  40
  43
  46
  50
  53
  57
  61
  65
  69
  73
  83
  88
  93
  98
  103
  108
  114
  120
  126
  132
  139
  146
  153
  160
  168
  176
  185
  194
  204
  213
Net income, $m
  155
  108
  117
  125
  134
  144
  154
  164
  175
  186
  198
  225
  238
  250
  264
  278
  292
  308
  323
  340
  357
  375
  394
  413
  434
  455
  477
  501
  525
  550
  577

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
  5,443
  6,062
  6,714
  7,397
  8,112
  8,858
  9,635
  10,444
  11,285
  12,160
  13,069
  14,013
  14,995
  16,015
  17,076
  18,180
  19,328
  20,523
  21,768
  23,065
  24,417
  25,828
  27,300
  28,837
  30,442
  32,119
  33,872
  35,706
  37,624
  39,631
Adjusted assets (=assets-cash), $m
  4,849
  5,443
  6,062
  6,714
  7,397
  8,112
  8,858
  9,635
  10,444
  11,285
  12,160
  13,069
  14,013
  14,995
  16,015
  17,076
  18,180
  19,328
  20,523
  21,768
  23,065
  24,417
  25,828
  27,300
  28,837
  30,442
  32,119
  33,872
  35,706
  37,624
  39,631
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
  62
  69
  76
  84
  92
  100
  109
  118
  128
  138
  148
  159
  170
  181
  193
  206
  219
  232
  246
  261
  276
  292
  309
  326
  344
  363
  383
  404
  426
  448
Total debt, $m
  1,558
  1,894
  2,272
  2,670
  3,086
  3,522
  3,977
  4,451
  4,945
  5,458
  5,991
  6,546
  7,122
  7,721
  8,343
  8,990
  9,664
  10,364
  11,093
  11,852
  12,644
  13,469
  14,329
  15,227
  16,164
  17,144
  18,167
  19,236
  20,355
  21,525
  22,749
Total liabilities, $m
  2,984
  3,320
  3,698
  4,096
  4,512
  4,948
  5,403
  5,877
  6,371
  6,884
  7,417
  7,972
  8,548
  9,147
  9,769
  10,416
  11,090
  11,790
  12,519
  13,278
  14,070
  14,895
  15,755
  16,653
  17,590
  18,570
  19,593
  20,662
  21,781
  22,951
  24,175
Total equity, $m
  1,893
  2,123
  2,364
  2,619
  2,885
  3,164
  3,454
  3,758
  4,073
  4,401
  4,742
  5,097
  5,465
  5,848
  6,246
  6,660
  7,090
  7,538
  8,004
  8,489
  8,995
  9,523
  10,073
  10,647
  11,246
  11,872
  12,526
  13,210
  13,925
  14,673
  15,456
Total liabilities and equity, $m
  4,877
  5,443
  6,062
  6,715
  7,397
  8,112
  8,857
  9,635
  10,444
  11,285
  12,159
  13,069
  14,013
  14,995
  16,015
  17,076
  18,180
  19,328
  20,523
  21,767
  23,065
  24,418
  25,828
  27,300
  28,836
  30,442
  32,119
  33,872
  35,706
  37,624
  39,631
Debt-to-equity ratio
  0.823
  0.890
  0.960
  1.020
  1.070
  1.110
  1.150
  1.180
  1.210
  1.240
  1.260
  1.280
  1.300
  1.320
  1.340
  1.350
  1.360
  1.370
  1.390
  1.400
  1.410
  1.410
  1.420
  1.430
  1.440
  1.440
  1.450
  1.460
  1.460
  1.470
  1.470
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
  108
  117
  125
  134
  144
  154
  164
  175
  186
  198
  225
  238
  250
  264
  278
  292
  308
  323
  340
  357
  375
  394
  413
  434
  455
  477
  501
  525
  550
  577
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
  130
  138
  147
  156
  165
  175
  185
  196
  207
  219
  225
  238
  250
  264
  278
  292
  308
  323
  340
  357
  375
  394
  413
  434
  455
  477
  501
  525
  550
  577
Change in working capital, $m
  -7
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  12
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
Cash from operations, $m
  332
  123
  131
  139
  148
  157
  167
  177
  187
  198
  209
  215
  227
  239
  252
  266
  280
  295
  310
  326
  342
  360
  378
  397
  416
  437
  458
  481
  504
  529
  554
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
  123
  131
  139
  148
  157
  167
  177
  187
  198
  209
  215
  227
  239
  252
  266
  280
  295
  310
  326
  342
  360
  378
  397
  416
  437
  458
  481
  504
  529
  554
Issuance/(repayment) of debt, $m
  -52
  364
  378
  398
  417
  436
  455
  474
  493
  513
  534
  554
  576
  599
  622
  647
  673
  700
  729
  759
  791
  825
  860
  898
  937
  979
  1,023
  1,070
  1,118
  1,170
  1,224
Issuance/(repurchase) of shares, $m
  31
  121
  125
  129
  132
  135
  137
  139
  141
  142
  144
  129
  131
  132
  134
  136
  138
  140
  143
  146
  149
  152
  156
  161
  166
  171
  177
  183
  190
  198
  206
Cash from financing (excl. dividends), $m  
  -22
  485
  503
  527
  549
  571
  592
  613
  634
  655
  678
  683
  707
  731
  756
  783
  811
  840
  872
  905
  940
  977
  1,016
  1,059
  1,103
  1,150
  1,200
  1,253
  1,308
  1,368
  1,430
Total cash flow (excl. dividends), $m
  33
  608
  634
  666
  697
  728
  759
  790
  821
  853
  886
  899
  934
  971
  1,009
  1,049
  1,091
  1,135
  1,182
  1,231
  1,282
  1,337
  1,395
  1,455
  1,519
  1,587
  1,658
  1,733
  1,813
  1,896
  1,984
Retained Cash Flow (-), $m
  -73
  -230
  -242
  -254
  -266
  -279
  -291
  -303
  -315
  -328
  -341
  -355
  -368
  -383
  -398
  -414
  -430
  -448
  -466
  -485
  -506
  -527
  -550
  -574
  -599
  -626
  -654
  -684
  -715
  -748
  -783
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
 
  379
  392
  412
  430
  449
  468
  487
  506
  525
  545
  544
  566
  588
  611
  635
  661
  687
  716
  745
  777
  810
  844
  881
  920
  961
  1,004
  1,050
  1,098
  1,148
  1,202
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
 
  353
  338
  325
  310
  292
  272
  251
  229
  206
  184
  156
  135
  116
  98
  82
  67
  54
  43
  33
  25
  19
  14
  10
  7
  5
  3
  2
  1
  1
  0
Current shareholders' claim on cash, %
  100
  97.0
  94.4
  92.0
  89.8
  87.8
  86.0
  84.4
  82.9
  81.6
  80.3
  79.3
  78.3
  77.4
  76.6
  75.8
  75.0
  74.3
  73.7
  73.0
  72.4
  71.8
  71.3
  70.7
  70.2
  69.7
  69.2
  68.7
  68.3
  67.8
  67.3

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 24.8
Price to Sales 2.9
Price to Book 2
Price to Tangible Book
Price to Cash Flow 11.6
Price to Free Cash Flow 58.3
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 12.1% 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 50.931 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 $4.0 billion.

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NWE NorthWestern 61.94 44.04  sell
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COMPANY NEWS

▶ 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]
▶ ALLETE Names LaMarr Barnes U.S. Water Services CEO   [Jan-16-17 05:13PM  Business Wire]
Financial statements of ALE
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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