Intrinsic value of Atmos Energy - ATO

Previous Close

$91.91

  Intrinsic Value

$53.42

stock screener

  Rating & Target

sell

-42%

Previous close

$91.91

 
Intrinsic value

$53.42

 
Up/down potential

-42%

 
Rating

sell

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

We calculate the intrinsic value of ATO 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 9.7

 

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, %
  -19.12
  15.60
  14.54
  13.59
  12.73
  11.95
  11.26
  10.63
  10.07
  9.56
  9.11
  8.70
  8.33
  7.99
  7.69
  7.42
  7.18
  6.96
  6.77
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.85
  5.76
  5.68
  5.62
  5.55
  5.50
Revenue, $m
  3,350
  3,873
  4,436
  5,038
  5,680
  6,359
  7,074
  7,827
  8,615
  9,439
  10,298
  11,194
  12,126
  13,095
  14,103
  15,150
  16,238
  17,369
  18,544
  19,766
  21,038
  22,361
  23,738
  25,173
  26,668
  28,227
  29,853
  31,550
  33,322
  35,173
  37,107
Variable operating expenses, $m
 
  3,273
  3,738
  4,236
  4,766
  5,327
  5,918
  6,540
  7,191
  7,872
  8,582
  9,249
  10,020
  10,820
  11,653
  12,518
  13,417
  14,352
  15,323
  16,333
  17,384
  18,477
  19,615
  20,800
  22,036
  23,324
  24,668
  26,070
  27,534
  29,064
  30,662
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
  2,682
  3,273
  3,738
  4,236
  4,766
  5,327
  5,918
  6,540
  7,191
  7,872
  8,582
  9,249
  10,020
  10,820
  11,653
  12,518
  13,417
  14,352
  15,323
  16,333
  17,384
  18,477
  19,615
  20,800
  22,036
  23,324
  24,668
  26,070
  27,534
  29,064
  30,662
Operating income, $m
  668
  600
  698
  802
  914
  1,032
  1,156
  1,287
  1,424
  1,567
  1,716
  1,944
  2,106
  2,275
  2,450
  2,632
  2,821
  3,017
  3,221
  3,433
  3,654
  3,884
  4,123
  4,373
  4,632
  4,903
  5,186
  5,480
  5,788
  6,110
  6,446
EBITDA, $m
  961
  951
  1,089
  1,237
  1,395
  1,561
  1,737
  1,922
  2,115
  2,318
  2,529
  2,749
  2,978
  3,216
  3,463
  3,720
  3,987
  4,265
  4,554
  4,854
  5,166
  5,491
  5,829
  6,181
  6,549
  6,931
  7,331
  7,747
  8,183
  8,637
  9,112
Interest expense (income), $m
  155
  161
  212
  266
  325
  387
  453
  522
  595
  672
  752
  835
  922
  1,013
  1,107
  1,204
  1,306
  1,412
  1,521
  1,635
  1,754
  1,877
  2,006
  2,139
  2,278
  2,423
  2,575
  2,733
  2,897
  3,069
  3,249
Earnings before tax, $m
  550
  439
  486
  536
  589
  645
  703
  764
  828
  895
  964
  1,109
  1,184
  1,262
  1,343
  1,427
  1,515
  1,605
  1,700
  1,798
  1,900
  2,007
  2,118
  2,233
  2,354
  2,480
  2,611
  2,748
  2,891
  3,041
  3,197
Tax expense, $m
  200
  119
  131
  145
  159
  174
  190
  206
  224
  242
  260
  299
  320
  341
  363
  385
  409
  433
  459
  486
  513
  542
  572
  603
  636
  669
  705
  742
  781
  821
  863
Net income, $m
  350
  320
  355
  391
  430
  471
  513
  558
  605
  653
  704
  810
  864
  921
  980
  1,042
  1,106
  1,172
  1,241
  1,313
  1,387
  1,465
  1,546
  1,630
  1,718
  1,810
  1,906
  2,006
  2,110
  2,220
  2,334

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  48
  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
  10,011
  11,526
  13,201
  14,995
  16,903
  18,924
  21,055
  23,294
  25,639
  28,091
  30,649
  33,315
  36,089
  38,973
  41,972
  45,089
  48,327
  51,693
  55,191
  58,829
  62,613
  66,550
  70,650
  74,919
  79,369
  84,009
  88,849
  93,899
  99,173
  104,682
  110,439
Adjusted assets (=assets-cash), $m
  9,963
  11,526
  13,201
  14,995
  16,903
  18,924
  21,055
  23,294
  25,639
  28,091
  30,649
  33,315
  36,089
  38,973
  41,972
  45,089
  48,327
  51,693
  55,191
  58,829
  62,613
  66,550
  70,650
  74,919
  79,369
  84,009
  88,849
  93,899
  99,173
  104,682
  110,439
Revenue / Adjusted assets
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
Average production assets, $m
  3,370
  3,896
  4,462
  5,069
  5,714
  6,397
  7,117
  7,874
  8,667
  9,495
  10,360
  11,261
  12,199
  13,174
  14,187
  15,241
  16,335
  17,473
  18,655
  19,885
  21,164
  22,495
  23,881
  25,324
  26,828
  28,396
  30,032
  31,740
  33,522
  35,384
  37,330
Working capital, $m
  -1,106
  -85
  -98
  -111
  -125
  -140
  -156
  -172
  -190
  -208
  -227
  -246
  -267
  -288
  -310
  -333
  -357
  -382
  -408
  -435
  -463
  -492
  -522
  -554
  -587
  -621
  -657
  -694
  -733
  -774
  -816
Total debt, $m
  3,269
  4,236
  5,328
  6,498
  7,742
  9,060
  10,449
  11,908
  13,438
  15,036
  16,704
  18,442
  20,251
  22,132
  24,087
  26,119
  28,230
  30,425
  32,706
  35,077
  37,544
  40,112
  42,784
  45,568
  48,470
  51,495
  54,650
  57,943
  61,382
  64,974
  68,727
Total liabilities, $m
  6,548
  7,515
  8,607
  9,777
  11,021
  12,339
  13,728
  15,187
  16,717
  18,315
  19,983
  21,721
  23,530
  25,411
  27,366
  29,398
  31,509
  33,704
  35,985
  38,356
  40,823
  43,391
  46,063
  48,847
  51,749
  54,774
  57,929
  61,222
  64,661
  68,253
  72,006
Total equity, $m
  3,463
  4,011
  4,594
  5,218
  5,882
  6,586
  7,327
  8,106
  8,923
  9,776
  10,666
  11,594
  12,559
  13,563
  14,606
  15,691
  16,818
  17,989
  19,207
  20,472
  21,789
  23,159
  24,586
  26,072
  27,621
  29,235
  30,919
  32,677
  34,512
  36,429
  38,433
Total liabilities and equity, $m
  10,011
  11,526
  13,201
  14,995
  16,903
  18,925
  21,055
  23,293
  25,640
  28,091
  30,649
  33,315
  36,089
  38,974
  41,972
  45,089
  48,327
  51,693
  55,192
  58,828
  62,612
  66,550
  70,649
  74,919
  79,370
  84,009
  88,848
  93,899
  99,173
  104,682
  110,439
Debt-to-equity ratio
  0.944
  1.060
  1.160
  1.250
  1.320
  1.380
  1.430
  1.470
  1.510
  1.540
  1.570
  1.590
  1.610
  1.630
  1.650
  1.660
  1.680
  1.690
  1.700
  1.710
  1.720
  1.730
  1.740
  1.750
  1.750
  1.760
  1.770
  1.770
  1.780
  1.780
  1.790
Adjusted equity ratio
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  350
  320
  355
  391
  430
  471
  513
  558
  605
  653
  704
  810
  864
  921
  980
  1,042
  1,106
  1,172
  1,241
  1,313
  1,387
  1,465
  1,546
  1,630
  1,718
  1,810
  1,906
  2,006
  2,110
  2,220
  2,334
Depreciation, amort., depletion, $m
  293
  351
  391
  435
  481
  530
  581
  635
  692
  751
  813
  804
  871
  941
  1,013
  1,089
  1,167
  1,248
  1,333
  1,420
  1,512
  1,607
  1,706
  1,809
  1,916
  2,028
  2,145
  2,267
  2,394
  2,527
  2,666
Funds from operations, $m
  733
  671
  746
  826
  911
  1,000
  1,094
  1,193
  1,296
  1,404
  1,517
  1,614
  1,736
  1,862
  1,994
  2,130
  2,272
  2,420
  2,573
  2,733
  2,899
  3,072
  3,252
  3,439
  3,635
  3,838
  4,051
  4,273
  4,505
  4,747
  5,000
Change in working capital, $m
  -62
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -41
  -43
Cash from operations, $m
  795
  683
  759
  839
  925
  1,015
  1,110
  1,210
  1,314
  1,422
  1,536
  1,634
  1,756
  1,884
  2,016
  2,154
  2,296
  2,445
  2,599
  2,760
  2,927
  3,101
  3,282
  3,471
  3,668
  3,873
  4,087
  4,310
  4,544
  4,788
  5,043
Maintenance CAPEX, $m
  0
  -241
  -278
  -319
  -362
  -408
  -457
  -508
  -562
  -619
  -678
  -740
  -804
  -871
  -941
  -1,013
  -1,089
  -1,167
  -1,248
  -1,333
  -1,420
  -1,512
  -1,607
  -1,706
  -1,809
  -1,916
  -2,028
  -2,145
  -2,267
  -2,394
  -2,527
New CAPEX, $m
  -1,087
  -526
  -566
  -606
  -645
  -683
  -720
  -757
  -793
  -829
  -865
  -901
  -938
  -975
  -1,014
  -1,053
  -1,095
  -1,138
  -1,183
  -1,230
  -1,279
  -1,331
  -1,386
  -1,443
  -1,504
  -1,568
  -1,636
  -1,707
  -1,783
  -1,862
  -1,946
Cash from investing activities, $m
  -1,080
  -767
  -844
  -925
  -1,007
  -1,091
  -1,177
  -1,265
  -1,355
  -1,448
  -1,543
  -1,641
  -1,742
  -1,846
  -1,955
  -2,066
  -2,184
  -2,305
  -2,431
  -2,563
  -2,699
  -2,843
  -2,993
  -3,149
  -3,313
  -3,484
  -3,664
  -3,852
  -4,050
  -4,256
  -4,473
Free cash flow, $m
  -285
  -84
  -86
  -86
  -82
  -76
  -67
  -55
  -42
  -25
  -7
  -7
  14
  37
  61
  87
  113
  141
  169
  198
  228
  258
  290
  322
  355
  388
  423
  458
  494
  531
  569
Issuance/(repayment) of debt, $m
  372
  1,015
  1,093
  1,169
  1,244
  1,318
  1,389
  1,460
  1,529
  1,599
  1,668
  1,738
  1,809
  1,881
  1,955
  2,032
  2,111
  2,194
  2,281
  2,372
  2,467
  2,567
  2,673
  2,784
  2,901
  3,025
  3,156
  3,293
  3,438
  3,592
  3,753
Issuance/(repurchase) of shares, $m
  99
  227
  228
  233
  234
  233
  228
  221
  212
  200
  186
  118
  101
  83
  63
  43
  21
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  479
  1,242
  1,321
  1,402
  1,478
  1,551
  1,617
  1,681
  1,741
  1,799
  1,854
  1,856
  1,910
  1,964
  2,018
  2,075
  2,132
  2,194
  2,281
  2,372
  2,467
  2,567
  2,673
  2,784
  2,901
  3,025
  3,156
  3,293
  3,438
  3,592
  3,753
Total cash flow (excl. dividends), $m
  194
  1,158
  1,235
  1,317
  1,396
  1,474
  1,550
  1,625
  1,699
  1,773
  1,847
  1,848
  1,924
  2,001
  2,080
  2,161
  2,246
  2,335
  2,450
  2,570
  2,695
  2,826
  2,962
  3,106
  3,256
  3,413
  3,578
  3,751
  3,933
  4,123
  4,323
Retained Cash Flow (-), $m
  -268
  -548
  -583
  -624
  -664
  -703
  -741
  -779
  -816
  -853
  -890
  -928
  -965
  -1,004
  -1,044
  -1,085
  -1,127
  -1,171
  -1,217
  -1,266
  -1,317
  -1,370
  -1,427
  -1,486
  -1,549
  -1,615
  -1,684
  -1,758
  -1,835
  -1,917
  -2,003
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
 
  610
  652
  692
  732
  771
  809
  846
  883
  920
  957
  921
  958
  997
  1,036
  1,077
  1,119
  1,164
  1,232
  1,304
  1,378
  1,455
  1,536
  1,620
  1,707
  1,799
  1,894
  1,993
  2,097
  2,206
  2,319
Discount rate, %
 
  7.30
  7.67
  8.05
  8.45
  8.87
  9.32
  9.78
  10.27
  10.79
  11.32
  11.89
  12.49
  13.11
  13.77
  14.45
  15.18
  15.93
  16.73
  17.57
  18.45
  19.37
  20.34
  21.35
  22.42
  23.54
  24.72
  25.96
  27.25
  28.62
  30.05
PV of cash for distribution, $m
 
  569
  562
  549
  529
  504
  474
  440
  404
  366
  327
  268
  234
  201
  170
  142
  117
  94
  76
  60
  47
  35
  26
  19
  13
  9
  6
  4
  2
  1
  1
Current shareholders' claim on cash, %
  100
  97.7
  95.8
  94.1
  92.6
  91.3
  90.2
  89.3
  88.4
  87.7
  87.1
  86.8
  86.5
  86.3
  86.2
  86.1
  86.1
  86.1
  86.1
  86.1
  86.1
  86.1
  86.1
  86.1
  86.1
  86.1
  86.1
  86.1
  86.1
  86.1
  86.1

Atmos Energy Corporation is a fully-regulated, natural-gas-only distributor engaged primarily in the regulated natural gas distribution and pipeline businesses, as well as other nonregulated natural gas businesses. It operates through three segments: regulated distribution segment, which includes its regulated distribution and related sales operations; regulated pipeline segment, which includes pipeline and storage operations of its Atmos Pipeline-Texas Division, and nonregulated segment, which includes its nonregulated natural gas management, nonregulated natural gas transmission, storage and other services. Its nonregulated businesses provide natural gas management, transportation and storage services to local gas distribution companies, including certain of its natural gas distribution divisions and industrial customers in the Midwest and Southeast. It also manages its natural gas pipeline and storage assets, including its intrastate natural gas pipeline systems in Texas.

FINANCIAL RATIOS  of  Atmos Energy (ATO)

Valuation Ratios
P/E Ratio 27.3
Price to Sales 2.9
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 12
Price to Free Cash Flow -32.7
Growth Rates
Sales Growth Rate -19.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 12.8%
Cap. Spend. - 3 Yr. Gr. Rate 5.2%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 63.2%
Total Debt to Equity 94.4%
Interest Coverage 5
Management Effectiveness
Return On Assets 4.7%
Ret/ On Assets - 3 Yr. Avg. 4.7%
Return On Total Capital 5.5%
Ret/ On T. Cap. - 3 Yr. Avg. 5.3%
Return On Equity 10.5%
Return On Equity - 3 Yr. Avg. 10.3%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 29.8%
EBITDA Margin - 3 Yr. Avg. 23.5%
Operating Margin 19.9%
Oper. Margin - 3 Yr. Avg. 15.8%
Pre-Tax Margin 16.4%
Pre-Tax Margin - 3 Yr. Avg. 12.8%
Net Profit Margin 10.4%
Net Profit Margin - 3 Yr. Avg. 8%
Effective Tax Rate 36.4%
Eff/ Tax Rate - 3 Yr. Avg. 38%
Payout Ratio 50%

ATO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ATO stock intrinsic value calculation we used $3350 million for the last fiscal year's total revenue generated by Atmos Energy. The default revenue input number comes from 2016 income statement of Atmos Energy. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ATO stock valuation model: a) initial revenue growth rate of 15.6% 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 7.3%, whose default value for ATO is calculated based on our internal credit rating of Atmos Energy, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Atmos Energy.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ATO stock the variable cost ratio is equal to 84.8%.

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 ATO 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% for Atmos Energy.

Corporate tax rate of 27% is the nominal tax rate for Atmos Energy. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ATO 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 ATO are equal to 100.6%.

Life of production assets of 14 years is the average useful life of capital assets used in Atmos Energy operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ATO is equal to -2.2%. 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 - $3463 million for Atmos Energy - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 106.02 million for Atmos Energy is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Atmos Energy at the current share price and the inputted number of shares is $9.7 billion.

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COMPANY NEWS

▶ Mississippi's largest gas utility to raise rates for 260,000   [Dec-05-17 06:03PM  Associated Press]
▶ Atmos Energy Earns IBD Rating Upgrade   [Dec-01-17 03:00AM  Investor's Business Daily]
▶ Atmos Energy's Long Rally Should Continue   [08:56AM  TheStreet.com]
▶ Atmos Energy Shows Rising Relative Strength; Still Shy Of Key Benchmark   [Nov-10-17 03:00AM  Investor's Business Daily]
▶ 3 Dividend Stocks That Thrive in Market Crashes   [Oct-28-17 09:45AM  Motley Fool]
▶ Own Natural Gas Stocks For Dividends, M&A   [Sep-21-17 09:47AM  Barrons.com]
▶ ETFs with exposure to Atmos Energy Corp. : August 8, 2017   [Aug-08-17 03:59PM  Capital Cube]
▶ Atmos beats 3Q profit forecasts   [Aug-04-17 01:12AM  Associated Press]
▶ ETFs with exposure to Atmos Energy Corp. : July 24, 2017   [Jul-24-17 02:13PM  Capital Cube]
▶ ETFs with exposure to Atmos Energy Corp. : July 13, 2017   [Jul-13-17 03:30PM  Capital Cube]
▶ The Top Dividend-Growing Utilities Stocks   [Jul-12-17 02:44PM  Market Realist]
▶ ETFs with exposure to Atmos Energy Corp. : July 3, 2017   [Jul-03-17 02:53PM  Capital Cube]
▶ ETFs with exposure to Atmos Energy Corp. : June 22, 2017   [Jun-22-17 03:23PM  Capital Cube]
▶ Atmos beats 2Q profit forecasts   [May-04-17 05:02AM  Associated Press]
▶ ETFs with exposure to Atmos Energy Corp. : April 11, 2017   [Apr-11-17 02:13PM  Capital Cube]
Financial statements of ATO
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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