Intrinsic value of CMS Energy - CMS

Previous Close

$47.71

  Intrinsic Value

$21.52

stock screener

  Rating & Target

str. sell

-55%

Previous close

$47.71

 
Intrinsic value

$21.52

 
Up/down potential

-55%

 
Rating

str. sell

We calculate the intrinsic value of CMS 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 13.5

 

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, %
  2.90
  3.11
  3.30
  3.47
  3.62
  3.76
  3.88
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
Revenue, $m
  6,774
  6,985
  7,215
  7,465
  7,736
  8,027
  8,338
  8,671
  9,027
  9,405
  9,806
  10,232
  10,682
  11,160
  11,664
  12,197
  12,759
  13,352
  13,978
  14,637
  15,332
  16,063
  16,833
  17,643
  18,496
  19,393
  20,336
  21,328
  22,371
  23,467
Variable operating expenses, $m
  3,638
  3,751
  3,874
  4,009
  4,154
  4,310
  4,478
  4,657
  4,847
  5,050
  5,266
  5,494
  5,736
  5,993
  6,264
  6,550
  6,852
  7,170
  7,506
  7,860
  8,233
  8,626
  9,039
  9,474
  9,932
  10,414
  10,920
  11,453
  12,013
  12,602
Fixed operating expenses, $m
  1,488
  1,521
  1,554
  1,588
  1,623
  1,659
  1,696
  1,733
  1,771
  1,810
  1,850
  1,890
  1,932
  1,975
  2,018
  2,062
  2,108
  2,154
  2,202
  2,250
  2,299
  2,350
  2,402
  2,455
  2,509
  2,564
  2,620
  2,678
  2,737
  2,797
Total operating expenses, $m
  5,126
  5,272
  5,428
  5,597
  5,777
  5,969
  6,174
  6,390
  6,618
  6,860
  7,116
  7,384
  7,668
  7,968
  8,282
  8,612
  8,960
  9,324
  9,708
  10,110
  10,532
  10,976
  11,441
  11,929
  12,441
  12,978
  13,540
  14,131
  14,750
  15,399
Operating income, $m
  1,648
  1,713
  1,786
  1,868
  1,958
  2,057
  2,165
  2,282
  2,408
  2,544
  2,690
  2,847
  3,014
  3,192
  3,382
  3,585
  3,800
  4,028
  4,270
  4,527
  4,799
  5,087
  5,392
  5,714
  6,055
  6,415
  6,795
  7,197
  7,621
  8,068
EBITDA, $m
  3,319
  3,436
  3,566
  3,710
  3,867
  4,037
  4,222
  4,421
  4,635
  4,864
  5,109
  5,371
  5,649
  5,945
  6,260
  6,594
  6,947
  7,322
  7,719
  8,138
  8,581
  9,050
  9,545
  10,067
  10,618
  11,199
  11,812
  12,459
  13,140
  13,858
Interest expense (income), $m
  427
  566
  594
  626
  661
  699
  740
  784
  832
  883
  937
  994
  1,056
  1,120
  1,189
  1,262
  1,339
  1,420
  1,506
  1,596
  1,691
  1,792
  1,898
  2,009
  2,126
  2,250
  2,380
  2,516
  2,660
  2,811
  2,970
Earnings before tax, $m
  1,082
  1,120
  1,161
  1,207
  1,259
  1,317
  1,381
  1,450
  1,526
  1,608
  1,696
  1,791
  1,894
  2,003
  2,121
  2,246
  2,380
  2,522
  2,674
  2,836
  3,007
  3,190
  3,383
  3,588
  3,805
  4,035
  4,279
  4,537
  4,810
  5,098
Tax expense, $m
  292
  302
  313
  326
  340
  356
  373
  392
  412
  434
  458
  484
  511
  541
  573
  606
  643
  681
  722
  766
  812
  861
  913
  969
  1,027
  1,090
  1,155
  1,225
  1,299
  1,377
Net income, $m
  790
  817
  847
  881
  919
  961
  1,008
  1,059
  1,114
  1,173
  1,238
  1,308
  1,382
  1,462
  1,548
  1,640
  1,737
  1,841
  1,952
  2,070
  2,195
  2,328
  2,470
  2,619
  2,778
  2,946
  3,124
  3,312
  3,511
  3,722

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
  23,685
  24,422
  25,227
  26,102
  27,048
  28,065
  29,155
  30,320
  31,562
  32,883
  34,286
  35,775
  37,351
  39,020
  40,783
  42,646
  44,612
  46,687
  48,874
  51,179
  53,607
  56,164
  58,856
  61,690
  64,671
  67,807
  71,105
  74,574
  78,220
  82,054
Adjusted assets (=assets-cash), $m
  23,685
  24,422
  25,227
  26,102
  27,048
  28,065
  29,155
  30,320
  31,562
  32,883
  34,286
  35,775
  37,351
  39,020
  40,783
  42,646
  44,612
  46,687
  48,874
  51,179
  53,607
  56,164
  58,856
  61,690
  64,671
  67,807
  71,105
  74,574
  78,220
  82,054
Revenue / Adjusted assets
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
Average production assets, $m
  16,711
  17,231
  17,799
  18,417
  19,084
  19,802
  20,571
  21,393
  22,269
  23,201
  24,191
  25,241
  26,354
  27,531
  28,775
  30,089
  31,477
  32,940
  34,483
  36,110
  37,823
  39,627
  41,527
  43,526
  45,629
  47,842
  50,169
  52,616
  55,189
  57,894
Working capital, $m
  -68
  -70
  -72
  -75
  -77
  -80
  -83
  -87
  -90
  -94
  -98
  -102
  -107
  -112
  -117
  -122
  -128
  -134
  -140
  -146
  -153
  -161
  -168
  -176
  -185
  -194
  -203
  -213
  -224
  -235
Total debt, $m
  10,992
  11,586
  12,236
  12,943
  13,706
  14,526
  15,406
  16,346
  17,348
  18,415
  19,547
  20,748
  22,021
  23,367
  24,790
  26,293
  27,880
  29,554
  31,319
  33,179
  35,139
  37,203
  39,375
  41,662
  44,067
  46,598
  49,260
  52,059
  55,002
  58,096
Total liabilities, $m
  19,114
  19,708
  20,358
  21,065
  21,828
  22,648
  23,528
  24,468
  25,470
  26,537
  27,669
  28,870
  30,143
  31,489
  32,912
  34,415
  36,002
  37,676
  39,441
  41,301
  43,261
  45,325
  47,497
  49,784
  52,189
  54,720
  57,382
  60,181
  63,124
  66,218
Total equity, $m
  4,571
  4,713
  4,869
  5,038
  5,220
  5,417
  5,627
  5,852
  6,091
  6,346
  6,617
  6,905
  7,209
  7,531
  7,871
  8,231
  8,610
  9,011
  9,433
  9,878
  10,346
  10,840
  11,359
  11,906
  12,481
  13,087
  13,723
  14,393
  15,097
  15,836
Total liabilities and equity, $m
  23,685
  24,421
  25,227
  26,103
  27,048
  28,065
  29,155
  30,320
  31,561
  32,883
  34,286
  35,775
  37,352
  39,020
  40,783
  42,646
  44,612
  46,687
  48,874
  51,179
  53,607
  56,165
  58,856
  61,690
  64,670
  67,807
  71,105
  74,574
  78,221
  82,054
Debt-to-equity ratio
  2.400
  2.460
  2.510
  2.570
  2.630
  2.680
  2.740
  2.790
  2.850
  2.900
  2.950
  3.010
  3.050
  3.100
  3.150
  3.190
  3.240
  3.280
  3.320
  3.360
  3.400
  3.430
  3.470
  3.500
  3.530
  3.560
  3.590
  3.620
  3.640
  3.670
Adjusted equity ratio
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  790
  817
  847
  881
  919
  961
  1,008
  1,059
  1,114
  1,173
  1,238
  1,308
  1,382
  1,462
  1,548
  1,640
  1,737
  1,841
  1,952
  2,070
  2,195
  2,328
  2,470
  2,619
  2,778
  2,946
  3,124
  3,312
  3,511
  3,722
Depreciation, amort., depletion, $m
  1,671
  1,723
  1,780
  1,842
  1,908
  1,980
  2,057
  2,139
  2,227
  2,320
  2,419
  2,524
  2,635
  2,753
  2,877
  3,009
  3,148
  3,294
  3,448
  3,611
  3,782
  3,963
  4,153
  4,353
  4,563
  4,784
  5,017
  5,262
  5,519
  5,789
Funds from operations, $m
  2,461
  2,540
  2,627
  2,723
  2,828
  2,942
  3,065
  3,198
  3,341
  3,494
  3,657
  3,832
  4,018
  4,215
  4,426
  4,649
  4,885
  5,135
  5,401
  5,681
  5,978
  6,291
  6,622
  6,972
  7,341
  7,730
  8,141
  8,574
  9,030
  9,511
Change in working capital, $m
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
Cash from operations, $m
  2,463
  2,542
  2,630
  2,725
  2,830
  2,945
  3,068
  3,201
  3,344
  3,497
  3,661
  3,836
  4,022
  4,220
  4,431
  4,654
  4,891
  5,141
  5,407
  5,688
  5,985
  6,298
  6,630
  6,980
  7,349
  7,739
  8,150
  8,584
  9,041
  9,522
Maintenance CAPEX, $m
  -1,624
  -1,671
  -1,723
  -1,780
  -1,842
  -1,908
  -1,980
  -2,057
  -2,139
  -2,227
  -2,320
  -2,419
  -2,524
  -2,635
  -2,753
  -2,877
  -3,009
  -3,148
  -3,294
  -3,448
  -3,611
  -3,782
  -3,963
  -4,153
  -4,353
  -4,563
  -4,784
  -5,017
  -5,262
  -5,519
New CAPEX, $m
  -473
  -520
  -568
  -617
  -667
  -718
  -769
  -822
  -876
  -932
  -990
  -1,050
  -1,112
  -1,177
  -1,244
  -1,314
  -1,387
  -1,464
  -1,543
  -1,626
  -1,713
  -1,804
  -1,899
  -1,999
  -2,103
  -2,213
  -2,327
  -2,447
  -2,573
  -2,705
Cash from investing activities, $m
  -2,097
  -2,191
  -2,291
  -2,397
  -2,509
  -2,626
  -2,749
  -2,879
  -3,015
  -3,159
  -3,310
  -3,469
  -3,636
  -3,812
  -3,997
  -4,191
  -4,396
  -4,612
  -4,837
  -5,074
  -5,324
  -5,586
  -5,862
  -6,152
  -6,456
  -6,776
  -7,111
  -7,464
  -7,835
  -8,224
Free cash flow, $m
  366
  352
  338
  328
  322
  319
  319
  322
  329
  338
  351
  367
  386
  408
  433
  462
  494
  530
  570
  613
  660
  712
  768
  828
  893
  963
  1,039
  1,119
  1,206
  1,298
Issuance/(repayment) of debt, $m
  505
  594
  650
  706
  763
  821
  880
  940
  1,002
  1,066
  1,133
  1,201
  1,272
  1,346
  1,423
  1,503
  1,587
  1,674
  1,765
  1,860
  1,960
  2,064
  2,172
  2,286
  2,406
  2,531
  2,662
  2,799
  2,943
  3,094
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  505
  594
  650
  706
  763
  821
  880
  940
  1,002
  1,066
  1,133
  1,201
  1,272
  1,346
  1,423
  1,503
  1,587
  1,674
  1,765
  1,860
  1,960
  2,064
  2,172
  2,286
  2,406
  2,531
  2,662
  2,799
  2,943
  3,094
Total cash flow (excl. dividends), $m
  871
  946
  988
  1,034
  1,085
  1,139
  1,198
  1,262
  1,331
  1,405
  1,483
  1,568
  1,658
  1,754
  1,856
  1,965
  2,081
  2,204
  2,335
  2,473
  2,620
  2,776
  2,940
  3,115
  3,299
  3,494
  3,700
  3,918
  4,149
  4,392
Retained Cash Flow (-), $m
  -130
  -142
  -155
  -169
  -182
  -196
  -210
  -225
  -240
  -255
  -271
  -287
  -304
  -322
  -340
  -360
  -380
  -400
  -422
  -445
  -469
  -494
  -520
  -547
  -575
  -605
  -637
  -669
  -704
  -740
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
  740
  804
  833
  865
  902
  943
  988
  1,037
  1,091
  1,150
  1,213
  1,281
  1,354
  1,432
  1,516
  1,606
  1,702
  1,804
  1,913
  2,028
  2,151
  2,282
  2,421
  2,568
  2,724
  2,889
  3,064
  3,249
  3,445
  3,652
Discount rate, %
  9.70
  10.19
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.38
  29.79
  31.28
  32.85
  34.49
  36.21
  38.03
  39.93
PV of cash for distribution, $m
  675
  662
  614
  565
  517
  468
  420
  373
  327
  283
  241
  203
  168
  136
  109
  85
  65
  49
  36
  25
  18
  12
  8
  5
  3
  2
  1
  1
  0
  0
Current shareholders' claim on cash, %
  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
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

CMS Energy Corporation is an energy company operating primarily in Michigan. The Company operates through three segments: electric utility, which consists of regulated activities associated with the generation, transmission and distribution of electricity in Michigan; gas utility, which consists of regulated activities associated with the transportation, storage and distribution of natural gas in Michigan, and enterprises, which consists of various subsidiaries engaging primarily in domestic independent power production. The Company is the parent holding company of various subsidiaries, including Consumers Energy Company (Consumers), an electric and gas utility company, and CMS Enterprises Company (CMS Enterprises), a domestic independent power producer. Consumers serves individuals and businesses operating in the alternative energy, automotive, chemical, metal, and food products industries, as well as a group of other industries.

FINANCIAL RATIOS  of  CMS Energy (CMS)

Valuation Ratios
P/E Ratio 24.2
Price to Sales 2.1
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 8.2
Price to Free Cash Flow -309.8
Growth Rates
Sales Growth Rate -0.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 6.9%
Cap. Spend. - 3 Yr. Gr. Rate 3.9%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 205.7%
Total Debt to Equity 235.9%
Interest Coverage 3
Management Effectiveness
Return On Assets 4%
Ret/ On Assets - 3 Yr. Avg. 4%
Return On Total Capital 4%
Ret/ On T. Cap. - 3 Yr. Avg. 4%
Return On Equity 13.5%
Return On Equity - 3 Yr. Avg. 13.5%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 32.3%
EBITDA Margin - 3 Yr. Avg. 29.1%
Operating Margin 20.3%
Oper. Margin - 3 Yr. Avg. 18.1%
Pre-Tax Margin 12.9%
Pre-Tax Margin - 3 Yr. Avg. 11.8%
Net Profit Margin 8.6%
Net Profit Margin - 3 Yr. Avg. 7.8%
Effective Tax Rate 33.1%
Eff/ Tax Rate - 3 Yr. Avg. 33.8%
Payout Ratio 63%

CMS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CMS stock intrinsic value calculation we used $6583 million for the last fiscal year's total revenue generated by CMS Energy. The default revenue input number comes from 2017 income statement of CMS 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 CMS stock valuation model: a) initial revenue growth rate of 2.9% 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 9.7%, whose default value for CMS is calculated based on our internal credit rating of CMS 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 CMS 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 CMS stock the variable cost ratio is equal to 53.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1456 million in the base year in the intrinsic value calculation for CMS 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 CMS Energy.

Corporate tax rate of 27% is the nominal tax rate for CMS 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 CMS 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 CMS are equal to 246.7%.

Life of production assets of 10 years is the average useful life of capital assets used in CMS 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 CMS is equal to -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 - $4441 million for CMS 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 282 million for CMS 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 CMS Energy at the current share price and the inputted number of shares is $13.5 billion.

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COMPANY NEWS

▶ 4 Utility Stocks to Buy as US-China Trade War Escalates   [Jul-13-18 10:52AM  InvestorPlace]
▶ CMS Energy to Announce Second-Quarter Results on July 26   [Jul-12-18 04:30PM  PR Newswire]
▶ Concho Resources, CMS Energy climb while Conagra stumbles   [Jun-27-18 04:31PM  Associated Press]
▶ Should You Buy CMS Energy Corporation (NYSE:CMS) Now?   [Jun-25-18 12:00PM  Simply Wall St.]
▶ You Should Diversify With These Dividend Stocks   [May-23-18 09:02AM  Simply Wall St.]
▶ CMS Energy: 1Q Earnings Snapshot   [08:02AM  Associated Press]
▶ April Dividend Favorites Hasbro And More   [Apr-20-18 09:02AM  Simply Wall St.]
▶ February Top Dividend Paying Stocks   [08:02AM  Simply Wall St.]
▶ CMS Energy reports 4Q loss   [08:28AM  Associated Press]
▶ ETFs with exposure to CMS Energy Corp. : December 1, 2017   [Dec-01-17 10:33AM  Capital Cube]
▶ ETFs with exposure to CMS Energy Corp. : November 9, 2017   [Nov-09-17 12:23PM  Capital Cube]
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