Intrinsic value of Allete - ALE

Previous Close

$77.44

  Intrinsic Value

$9.03

stock screener

  Rating & Target

str. sell

-88%

Previous close

$77.44

 
Intrinsic value

$9.03

 
Up/down potential

-88%

 
Rating

str. sell

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 2017), $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 3.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
  5.25
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
Revenue, $m
  1,503
  1,590
  1,681
  1,776
  1,876
  1,979
  2,088
  2,201
  2,320
  2,444
  2,574
  2,709
  2,852
  3,001
  3,157
  3,321
  3,492
  3,672
  3,861
  4,059
  4,266
  4,484
  4,712
  4,951
  5,202
  5,466
  5,742
  6,032
  6,337
  6,656
Variable operating expenses, $m
  1,252
  1,323
  1,398
  1,476
  1,557
  1,642
  1,730
  1,823
  1,920
  2,022
  2,105
  2,217
  2,333
  2,455
  2,583
  2,717
  2,857
  3,004
  3,159
  3,320
  3,490
  3,668
  3,855
  4,050
  4,256
  4,471
  4,697
  4,935
  5,184
  5,445
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
  1,252
  1,323
  1,398
  1,476
  1,557
  1,642
  1,730
  1,823
  1,920
  2,022
  2,105
  2,217
  2,333
  2,455
  2,583
  2,717
  2,857
  3,004
  3,159
  3,320
  3,490
  3,668
  3,855
  4,050
  4,256
  4,471
  4,697
  4,935
  5,184
  5,445
Operating income, $m
  251
  267
  283
  301
  319
  337
  357
  378
  399
  422
  468
  493
  519
  546
  574
  604
  635
  668
  702
  738
  776
  816
  857
  901
  946
  994
  1,045
  1,097
  1,153
  1,211
EBITDA, $m
  697
  737
  780
  824
  870
  918
  968
  1,021
  1,076
  1,133
  1,194
  1,257
  1,323
  1,392
  1,464
  1,540
  1,620
  1,703
  1,791
  1,883
  1,979
  2,080
  2,185
  2,296
  2,413
  2,535
  2,663
  2,798
  2,939
  3,087
Interest expense (income), $m
  68
  81
  91
  101
  111
  122
  134
  146
  158
  171
  185
  199
  214
  230
  246
  263
  281
  300
  319
  340
  362
  384
  408
  433
  459
  487
  516
  546
  578
  611
  646
Earnings before tax, $m
  170
  176
  182
  189
  196
  204
  212
  220
  228
  237
  269
  279
  289
  300
  311
  323
  336
  349
  362
  377
  392
  408
  424
  441
  460
  479
  499
  520
  542
  565
Tax expense, $m
  46
  47
  49
  51
  53
  55
  57
  59
  62
  64
  73
  75
  78
  81
  84
  87
  91
  94
  98
  102
  106
  110
  114
  119
  124
  129
  135
  140
  146
  153
Net income, $m
  124
  128
  133
  138
  143
  149
  154
  160
  167
  173
  197
  204
  211
  219
  227
  236
  245
  255
  265
  275
  286
  297
  310
  322
  336
  349
  364
  379
  396
  413

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
  5,386
  5,699
  6,026
  6,366
  6,722
  7,094
  7,483
  7,889
  8,314
  8,759
  9,224
  9,711
  10,222
  10,756
  11,316
  11,903
  12,518
  13,163
  13,839
  14,547
  15,291
  16,070
  16,888
  17,746
  18,646
  19,590
  20,581
  21,621
  22,712
  23,857
Adjusted assets (=assets-cash), $m
  5,386
  5,699
  6,026
  6,366
  6,722
  7,094
  7,483
  7,889
  8,314
  8,759
  9,224
  9,711
  10,222
  10,756
  11,316
  11,903
  12,518
  13,163
  13,839
  14,547
  15,291
  16,070
  16,888
  17,746
  18,646
  19,590
  20,581
  21,621
  22,712
  23,857
Revenue / Adjusted assets
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
Average production assets, $m
  4,236
  4,482
  4,739
  5,007
  5,287
  5,580
  5,885
  6,205
  6,539
  6,889
  7,255
  7,638
  8,039
  8,460
  8,900
  9,362
  9,845
  10,352
  10,884
  11,441
  12,026
  12,639
  13,282
  13,957
  14,665
  15,408
  16,187
  17,005
  17,863
  18,764
Working capital, $m
  -42
  -45
  -47
  -50
  -53
  -55
  -58
  -62
  -65
  -68
  -72
  -76
  -80
  -84
  -88
  -93
  -98
  -103
  -108
  -114
  -119
  -126
  -132
  -139
  -146
  -153
  -161
  -169
  -177
  -186
Total debt, $m
  1,685
  1,871
  2,064
  2,267
  2,478
  2,698
  2,929
  3,170
  3,422
  3,685
  3,961
  4,250
  4,553
  4,870
  5,202
  5,550
  5,914
  6,297
  6,698
  7,118
  7,559
  8,021
  8,506
  9,015
  9,548
  10,108
  10,696
  11,312
  11,960
  12,639
Total liabilities, $m
  3,194
  3,380
  3,573
  3,775
  3,986
  4,207
  4,437
  4,678
  4,930
  5,194
  5,470
  5,759
  6,061
  6,378
  6,710
  7,058
  7,423
  7,805
  8,206
  8,627
  9,067
  9,530
  10,015
  10,523
  11,057
  11,617
  12,205
  12,821
  13,468
  14,147
Total equity, $m
  2,192
  2,320
  2,452
  2,591
  2,736
  2,887
  3,045
  3,211
  3,384
  3,565
  3,754
  3,953
  4,160
  4,378
  4,606
  4,844
  5,095
  5,357
  5,632
  5,921
  6,223
  6,541
  6,873
  7,223
  7,589
  7,973
  8,376
  8,800
  9,244
  9,710
Total liabilities and equity, $m
  5,386
  5,700
  6,025
  6,366
  6,722
  7,094
  7,482
  7,889
  8,314
  8,759
  9,224
  9,712
  10,221
  10,756
  11,316
  11,902
  12,518
  13,162
  13,838
  14,548
  15,290
  16,071
  16,888
  17,746
  18,646
  19,590
  20,581
  21,621
  22,712
  23,857
Debt-to-equity ratio
  0.770
  0.810
  0.840
  0.870
  0.910
  0.930
  0.960
  0.990
  1.010
  1.030
  1.060
  1.080
  1.090
  1.110
  1.130
  1.150
  1.160
  1.180
  1.190
  1.200
  1.210
  1.230
  1.240
  1.250
  1.260
  1.270
  1.280
  1.290
  1.290
  1.300
Adjusted equity ratio
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  124
  128
  133
  138
  143
  149
  154
  160
  167
  173
  197
  204
  211
  219
  227
  236
  245
  255
  265
  275
  286
  297
  310
  322
  336
  349
  364
  379
  396
  413
Depreciation, amort., depletion, $m
  446
  471
  497
  523
  551
  581
  611
  643
  677
  711
  725
  764
  804
  846
  890
  936
  985
  1,035
  1,088
  1,144
  1,203
  1,264
  1,328
  1,396
  1,466
  1,541
  1,619
  1,700
  1,786
  1,876
Funds from operations, $m
  570
  599
  630
  661
  695
  729
  766
  803
  843
  885
  922
  967
  1,015
  1,065
  1,117
  1,172
  1,230
  1,290
  1,353
  1,419
  1,489
  1,561
  1,638
  1,718
  1,802
  1,890
  1,983
  2,080
  2,182
  2,289
Change in working capital, $m
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
Cash from operations, $m
  572
  602
  632
  664
  697
  732
  769
  807
  846
  888
  926
  971
  1,019
  1,069
  1,122
  1,177
  1,234
  1,295
  1,358
  1,425
  1,494
  1,567
  1,644
  1,725
  1,809
  1,898
  1,991
  2,088
  2,190
  2,298
Maintenance CAPEX, $m
  -400
  -424
  -448
  -474
  -501
  -529
  -558
  -589
  -620
  -654
  -689
  -725
  -764
  -804
  -846
  -890
  -936
  -985
  -1,035
  -1,088
  -1,144
  -1,203
  -1,264
  -1,328
  -1,396
  -1,466
  -1,541
  -1,619
  -1,700
  -1,786
New CAPEX, $m
  -235
  -246
  -257
  -268
  -280
  -292
  -306
  -320
  -334
  -350
  -366
  -383
  -401
  -420
  -440
  -462
  -484
  -507
  -532
  -557
  -585
  -613
  -643
  -675
  -708
  -743
  -779
  -818
  -858
  -901
Cash from investing activities, $m
  -635
  -670
  -705
  -742
  -781
  -821
  -864
  -909
  -954
  -1,004
  -1,055
  -1,108
  -1,165
  -1,224
  -1,286
  -1,352
  -1,420
  -1,492
  -1,567
  -1,645
  -1,729
  -1,816
  -1,907
  -2,003
  -2,104
  -2,209
  -2,320
  -2,437
  -2,558
  -2,687
Free cash flow, $m
  -62
  -68
  -73
  -78
  -83
  -89
  -95
  -101
  -108
  -116
  -129
  -137
  -146
  -155
  -165
  -175
  -185
  -197
  -209
  -221
  -234
  -248
  -263
  -278
  -295
  -312
  -330
  -348
  -368
  -389
Issuance/(repayment) of debt, $m
  182
  186
  194
  202
  211
  220
  230
  241
  252
  264
  276
  289
  303
  317
  332
  348
  365
  382
  401
  420
  441
  462
  485
  509
  534
  560
  588
  617
  647
  679
Issuance/(repurchase) of shares, $m
  0
  0
  0
  1
  2
  3
  4
  5
  6
  8
  0
  0
  0
  0
  1
  3
  5
  8
  11
  13
  17
  20
  23
  27
  31
  35
  39
  44
  49
  54
Cash from financing (excl. dividends), $m  
  182
  186
  194
  203
  213
  223
  234
  246
  258
  272
  276
  289
  303
  317
  333
  351
  370
  390
  412
  433
  458
  482
  508
  536
  565
  595
  627
  661
  696
  733
Total cash flow (excl. dividends), $m
  120
  117
  121
  125
  129
  134
  139
  144
  150
  156
  147
  152
  157
  162
  168
  176
  184
  193
  203
  213
  223
  234
  245
  257
  270
  283
  297
  312
  327
  344
Retained Cash Flow (-), $m
  -124
  -127
  -133
  -139
  -145
  -151
  -158
  -165
  -173
  -181
  -189
  -198
  -208
  -218
  -228
  -239
  -250
  -262
  -275
  -288
  -303
  -317
  -333
  -349
  -366
  -384
  -403
  -423
  -444
  -466
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
  7
  8
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
  17
  18
  19
  20
  21
  22
  24
  25
  26
  27
  29
  30
  32
Cash available for distribution, $m
  -4
  -10
  -12
  -14
  -15
  -17
  -19
  -21
  -23
  -25
  -43
  -47
  -51
  -56
  -60
  -63
  -66
  -69
  -72
  -76
  -80
  -83
  -88
  -92
  -96
  -101
  -106
  -111
  -117
  -123
Discount rate, %
  5.90
  6.20
  6.50
  6.83
  7.17
  7.53
  7.91
  8.30
  8.72
  9.15
  9.61
  10.09
  10.60
  11.13
  11.68
  12.27
  12.88
  13.52
  14.20
  14.91
  15.65
  16.44
  17.26
  18.12
  19.03
  19.98
  20.98
  22.03
  23.13
  24.29
PV of cash for distribution, $m
  -4
  -9
  -10
  -11
  -11
  -11
  -11
  -11
  -11
  -10
  -16
  -15
  -14
  -13
  -11
  -10
  -8
  -7
  -6
  -5
  -4
  -3
  -2
  -2
  -1
  -1
  -1
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  99.9
  99.9
  99.8
  99.7
  99.6
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.4
  99.3
  99.2
  99.1
  99.0
  98.8
  98.6
  98.4
  98.2
  98.0
  97.7
  97.4
  97.2
  96.9

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 58.2
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 $1419 million for the last fiscal year's total revenue generated by Allete. The default revenue input number comes from 2017 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 5.9% 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 5.9%, 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 83.4%.

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 5.4% 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 0.5%.

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 281.9%.

Life of production assets of 10 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 -2.8%. 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 - $2068 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 51 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 $3.9 billion.

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COMPANY NEWS

▶ Best Dividend Stocks In NYSE   [Jun-20-18 09:02AM  Simply Wall St.]
▶ Should You Sell ALLETE Inc (NYSE:ALE) At This PE Ratio?   [May-17-18 03:07PM  Simply Wall St.]
▶ ALLETE Honored for Advancing Women in Leadership Roles   [May-07-18 12:40PM  Business Wire]
▶ Allete: 1Q Earnings Snapshot   [06:56AM  Associated Press]
▶ ALLETE Board of Directors Declares Dividend on Common Stock   [Apr-25-18 06:30AM  Business Wire]
▶ Top Dividend Picks For The Day   [Apr-13-18 09:02AM  Simply Wall St.]
▶ ALLETE to Announce First Quarter Financial Results on May 2   [Apr-04-18 06:30AM  Business Wire]
▶ New Strong Sell Stocks for March 27th   [Mar-27-18 08:21AM  Zacks]
▶ Top NYSE Dividend Paying Companies   [Mar-13-18 09:02AM  Simply Wall St.]
▶ ALLETE, Inc. to Host Earnings Call   [Feb-15-18 07:30AM  ACCESSWIRE]
▶ Allete misses 4Q profit forecasts   [06:54AM  Associated Press]
▶ 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]
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