Intrinsic value of Dominion Energy - D

Previous Close

$71.13

  Intrinsic Value

$26.00

stock screener

  Rating & Target

str. sell

-63%

Previous close

$71.13

 
Intrinsic value

$26.00

 
Up/down potential

-63%

 
Rating

str. sell

We calculate the intrinsic value of D 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 45.8

 

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, %
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
Revenue, $m
  13,492
  14,434
  15,413
  16,431
  17,489
  18,591
  19,738
  20,933
  22,177
  23,475
  24,829
  26,242
  27,717
  29,258
  30,868
  32,551
  34,312
  36,153
  38,080
  40,097
  42,210
  44,422
  46,739
  49,167
  51,712
  54,379
  57,175
  60,107
  63,182
  66,406
Variable operating expenses, $m
  5,454
  5,785
  6,129
  6,487
  6,859
  7,247
  7,650
  8,070
  8,508
  8,965
  8,732
  9,228
  9,747
  10,289
  10,855
  11,447
  12,066
  12,714
  13,392
  14,101
  14,844
  15,622
  16,437
  17,290
  18,185
  19,123
  20,107
  21,138
  22,219
  23,353
Fixed operating expenses, $m
  3,472
  3,548
  3,626
  3,706
  3,787
  3,871
  3,956
  4,043
  4,132
  4,223
  4,316
  4,411
  4,508
  4,607
  4,708
  4,812
  4,918
  5,026
  5,136
  5,249
  5,365
  5,483
  5,604
  5,727
  5,853
  5,982
  6,113
  6,248
  6,385
  6,526
Total operating expenses, $m
  8,926
  9,333
  9,755
  10,193
  10,646
  11,118
  11,606
  12,113
  12,640
  13,188
  13,048
  13,639
  14,255
  14,896
  15,563
  16,259
  16,984
  17,740
  18,528
  19,350
  20,209
  21,105
  22,041
  23,017
  24,038
  25,105
  26,220
  27,386
  28,604
  29,879
Operating income, $m
  4,567
  5,101
  5,657
  6,238
  6,842
  7,473
  8,132
  8,819
  9,537
  10,288
  11,782
  12,603
  13,462
  14,362
  15,305
  16,292
  17,328
  18,413
  19,552
  20,747
  22,001
  23,317
  24,699
  26,150
  27,673
  29,274
  30,955
  32,722
  34,578
  36,528
EBITDA, $m
  11,591
  12,566
  13,581
  14,638
  15,738
  16,885
  18,080
  19,327
  20,628
  21,986
  23,404
  24,887
  26,437
  28,058
  29,754
  31,530
  33,389
  35,337
  37,378
  39,517
  41,759
  44,111
  46,577
  49,165
  51,880
  54,729
  57,719
  60,858
  64,153
  67,612
Interest expense (income), $m
  905
  2,015
  2,253
  2,494
  2,744
  3,004
  3,274
  3,556
  3,849
  4,154
  4,472
  4,804
  5,150
  5,511
  5,888
  6,281
  6,693
  7,123
  7,573
  8,043
  8,536
  9,051
  9,591
  10,156
  10,748
  11,368
  12,019
  12,700
  13,415
  14,164
  14,949
Earnings before tax, $m
  2,551
  2,848
  3,164
  3,494
  3,839
  4,199
  4,576
  4,970
  5,383
  5,816
  6,978
  7,453
  7,952
  8,474
  9,023
  9,600
  10,205
  10,841
  11,509
  12,211
  12,950
  13,726
  14,543
  15,402
  16,305
  17,255
  18,255
  19,307
  20,414
  21,578
Tax expense, $m
  689
  769
  854
  943
  1,036
  1,134
  1,236
  1,342
  1,453
  1,570
  1,884
  2,012
  2,147
  2,288
  2,436
  2,592
  2,755
  2,927
  3,107
  3,297
  3,496
  3,706
  3,927
  4,158
  4,402
  4,659
  4,929
  5,213
  5,512
  5,826
Net income, $m
  1,862
  2,079
  2,310
  2,551
  2,802
  3,065
  3,340
  3,628
  3,930
  4,246
  5,094
  5,441
  5,805
  6,186
  6,587
  7,008
  7,450
  7,914
  8,402
  8,914
  9,453
  10,020
  10,616
  11,243
  11,903
  12,596
  13,326
  14,094
  14,902
  15,752

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
  82,269
  88,012
  93,981
  100,187
  106,643
  113,360
  120,354
  127,638
  135,228
  143,142
  151,397
  160,012
  169,007
  178,403
  188,221
  198,484
  209,218
  220,446
  232,197
  244,496
  257,375
  270,864
  284,994
  299,799
  315,315
  331,579
  348,629
  366,506
  385,254
  404,916
Adjusted assets (=assets-cash), $m
  82,269
  88,012
  93,981
  100,187
  106,643
  113,360
  120,354
  127,638
  135,228
  143,142
  151,397
  160,012
  169,007
  178,403
  188,221
  198,484
  209,218
  220,446
  232,197
  244,496
  257,375
  270,864
  284,994
  299,799
  315,315
  331,579
  348,629
  366,506
  385,254
  404,916
Revenue / Adjusted assets
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
Average production assets, $m
  63,157
  67,565
  72,148
  76,912
  81,868
  87,025
  92,393
  97,985
  103,813
  109,888
  116,225
  122,839
  129,744
  136,957
  144,494
  152,373
  160,613
  169,233
  178,254
  187,696
  197,583
  207,938
  218,785
  230,151
  242,062
  254,548
  267,637
  281,361
  295,753
  310,847
Working capital, $m
  648
  693
  740
  789
  839
  892
  947
  1,005
  1,065
  1,127
  1,192
  1,260
  1,330
  1,404
  1,482
  1,562
  1,647
  1,735
  1,828
  1,925
  2,026
  2,132
  2,243
  2,360
  2,482
  2,610
  2,744
  2,885
  3,033
  3,187
Total debt, $m
  41,722
  46,178
  50,810
  55,626
  60,636
  65,848
  71,275
  76,928
  82,818
  88,959
  95,365
  102,051
  109,031
  116,322
  123,940
  131,905
  140,234
  148,947
  158,066
  167,610
  177,604
  188,071
  199,036
  210,525
  222,565
  235,186
  248,417
  262,290
  276,838
  292,096
Total liabilities, $m
  63,841
  68,297
  72,929
  77,745
  82,755
  87,967
  93,394
  99,047
  104,937
  111,078
  117,484
  124,170
  131,150
  138,441
  146,059
  154,024
  162,353
  171,066
  180,185
  189,729
  199,723
  210,190
  221,155
  232,644
  244,684
  257,305
  270,536
  284,409
  298,957
  314,215
Total equity, $m
  18,428
  19,715
  21,052
  22,442
  23,888
  25,393
  26,959
  28,591
  30,291
  32,064
  33,913
  35,843
  37,858
  39,962
  42,161
  44,461
  46,865
  49,380
  52,012
  54,767
  57,652
  60,673
  63,839
  67,155
  70,631
  74,274
  78,093
  82,097
  86,297
  90,701
Total liabilities and equity, $m
  82,269
  88,012
  93,981
  100,187
  106,643
  113,360
  120,353
  127,638
  135,228
  143,142
  151,397
  160,013
  169,008
  178,403
  188,220
  198,485
  209,218
  220,446
  232,197
  244,496
  257,375
  270,863
  284,994
  299,799
  315,315
  331,579
  348,629
  366,506
  385,254
  404,916
Debt-to-equity ratio
  2.260
  2.340
  2.410
  2.480
  2.540
  2.590
  2.640
  2.690
  2.730
  2.770
  2.810
  2.850
  2.880
  2.910
  2.940
  2.970
  2.990
  3.020
  3.040
  3.060
  3.080
  3.100
  3.120
  3.130
  3.150
  3.170
  3.180
  3.190
  3.210
  3.220
Adjusted equity ratio
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,862
  2,079
  2,310
  2,551
  2,802
  3,065
  3,340
  3,628
  3,930
  4,246
  5,094
  5,441
  5,805
  6,186
  6,587
  7,008
  7,450
  7,914
  8,402
  8,914
  9,453
  10,020
  10,616
  11,243
  11,903
  12,596
  13,326
  14,094
  14,902
  15,752
Depreciation, amort., depletion, $m
  7,025
  7,466
  7,924
  8,400
  8,896
  9,411
  9,948
  10,508
  11,090
  11,698
  11,623
  12,284
  12,974
  13,696
  14,449
  15,237
  16,061
  16,923
  17,825
  18,770
  19,758
  20,794
  21,878
  23,015
  24,206
  25,455
  26,764
  28,136
  29,575
  31,085
Funds from operations, $m
  8,887
  9,544
  10,233
  10,951
  11,698
  12,477
  13,289
  14,136
  15,020
  15,943
  16,716
  17,725
  18,779
  19,882
  21,036
  22,245
  23,511
  24,837
  26,227
  27,684
  29,212
  30,814
  32,495
  34,258
  36,109
  38,051
  40,090
  42,230
  44,477
  46,837
Change in working capital, $m
  43
  45
  47
  49
  51
  53
  55
  57
  60
  62
  65
  68
  71
  74
  77
  81
  84
  88
  92
  97
  101
  106
  111
  117
  122
  128
  134
  141
  148
  155
Cash from operations, $m
  8,844
  9,499
  10,186
  10,902
  11,647
  12,424
  13,234
  14,079
  14,960
  15,881
  16,651
  17,657
  18,708
  19,808
  20,959
  22,164
  23,426
  24,749
  26,134
  27,587
  29,110
  30,708
  32,384
  34,142
  35,987
  37,923
  39,956
  42,090
  44,330
  46,682
Maintenance CAPEX, $m
  -5,891
  -6,316
  -6,757
  -7,215
  -7,691
  -8,187
  -8,702
  -9,239
  -9,799
  -10,381
  -10,989
  -11,623
  -12,284
  -12,974
  -13,696
  -14,449
  -15,237
  -16,061
  -16,923
  -17,825
  -18,770
  -19,758
  -20,794
  -21,878
  -23,015
  -24,206
  -25,455
  -26,764
  -28,136
  -29,575
New CAPEX, $m
  -4,242
  -4,408
  -4,582
  -4,764
  -4,956
  -5,157
  -5,369
  -5,592
  -5,827
  -6,075
  -6,337
  -6,614
  -6,905
  -7,213
  -7,537
  -7,879
  -8,240
  -8,620
  -9,020
  -9,442
  -9,887
  -10,355
  -10,847
  -11,366
  -11,911
  -12,485
  -13,089
  -13,724
  -14,392
  -15,094
Cash from investing activities, $m
  -10,133
  -10,724
  -11,339
  -11,979
  -12,647
  -13,344
  -14,071
  -14,831
  -15,626
  -16,456
  -17,326
  -18,237
  -19,189
  -20,187
  -21,233
  -22,328
  -23,477
  -24,681
  -25,943
  -27,267
  -28,657
  -30,113
  -31,641
  -33,244
  -34,926
  -36,691
  -38,544
  -40,488
  -42,528
  -44,669
Free cash flow, $m
  -1,290
  -1,225
  -1,152
  -1,077
  -1,000
  -920
  -837
  -753
  -665
  -576
  -675
  -579
  -481
  -379
  -274
  -164
  -51
  67
  191
  319
  454
  595
  742
  897
  1,060
  1,232
  1,412
  1,602
  1,802
  2,013
Issuance/(repayment) of debt, $m
  4,398
  4,456
  4,632
  4,816
  5,009
  5,213
  5,427
  5,652
  5,890
  6,141
  6,406
  6,685
  6,980
  7,291
  7,619
  7,965
  8,329
  8,713
  9,118
  9,545
  9,994
  10,467
  10,965
  11,489
  12,040
  12,621
  13,231
  13,873
  14,548
  15,258
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  
  4,398
  4,456
  4,632
  4,816
  5,009
  5,213
  5,427
  5,652
  5,890
  6,141
  6,406
  6,685
  6,980
  7,291
  7,619
  7,965
  8,329
  8,713
  9,118
  9,545
  9,994
  10,467
  10,965
  11,489
  12,040
  12,621
  13,231
  13,873
  14,548
  15,258
Total cash flow (excl. dividends), $m
  3,108
  3,231
  3,479
  3,739
  4,010
  4,293
  4,589
  4,900
  5,225
  5,566
  5,731
  6,106
  6,499
  6,912
  7,345
  7,800
  8,278
  8,781
  9,309
  9,864
  10,448
  11,062
  11,707
  12,386
  13,101
  13,852
  14,643
  15,475
  16,350
  17,270
Retained Cash Flow (-), $m
  -1,286
  -1,286
  -1,337
  -1,390
  -1,446
  -1,505
  -1,567
  -1,632
  -1,700
  -1,773
  -1,849
  -1,930
  -2,015
  -2,105
  -2,199
  -2,299
  -2,404
  -2,515
  -2,632
  -2,755
  -2,885
  -3,021
  -3,165
  -3,316
  -3,476
  -3,643
  -3,819
  -4,005
  -4,199
  -4,404
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
  1,821
  1,945
  2,142
  2,349
  2,564
  2,788
  3,023
  3,268
  3,525
  3,793
  3,882
  4,176
  4,484
  4,807
  5,146
  5,501
  5,874
  6,266
  6,677
  7,109
  7,563
  8,040
  8,542
  9,070
  9,625
  10,209
  10,824
  11,470
  12,150
  12,866
Discount rate, %
  10.20
  10.71
  11.25
  11.81
  12.40
  13.02
  13.67
  14.35
  15.07
  15.82
  16.61
  17.45
  18.32
  19.23
  20.20
  21.21
  22.27
  23.38
  24.55
  25.77
  27.06
  28.42
  29.84
  31.33
  32.90
  34.54
  36.27
  38.08
  39.99
  41.98
PV of cash for distribution, $m
  1,653
  1,587
  1,556
  1,503
  1,429
  1,338
  1,233
  1,118
  996
  873
  716
  606
  504
  410
  326
  254
  193
  143
  103
  72
  49
  33
  21
  13
  8
  5
  3
  1
  1
  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

Dominion Energy, Inc., formerly Dominion Resources, Inc., is a producer and transporter of energy. Dominion is focused on its investment in regulated electric generation, transmission and distribution and regulated natural gas transmission and distribution infrastructure. It operates through three segments: Dominion Virginia Power operating segment (DVP), Dominion Generation, Dominion Energy, and Corporate and Other. The DVP segment includes regulated electric distribution and regulated electric transmission. The Dominion Generation segment includes regulated electric fleet and merchant electric fleet. The Dominion Energy segment includes gas transmission and storage, gas gathering and processing, liquefied natural gas import and storage, and nonregulated retail energy marketing. As of December 31, 2016, Dominion served utility and retail energy customers, and operated an underground natural gas storage system with approximately one trillion cubic feet of storage capacity.

FINANCIAL RATIOS  of  Dominion Energy (D)

Valuation Ratios
P/E Ratio 21
Price to Sales 3.8
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 10.8
Price to Free Cash Flow -22.8
Growth Rates
Sales Growth Rate 0.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 9.1%
Cap. Spend. - 3 Yr. Gr. Rate 8.4%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 207%
Total Debt to Equity 240.3%
Interest Coverage 4
Management Effectiveness
Return On Assets 4.3%
Ret/ On Assets - 3 Yr. Avg. 4.2%
Return On Total Capital 4.7%
Ret/ On T. Cap. - 3 Yr. Avg. 4.4%
Return On Equity 15.6%
Return On Equity - 3 Yr. Avg. 14.2%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 47.9%
EBITDA Margin - 3 Yr. Avg. 42.5%
Operating Margin 30.9%
Oper. Margin - 3 Yr. Avg. 27.7%
Pre-Tax Margin 24.4%
Pre-Tax Margin - 3 Yr. Avg. 21%
Net Profit Margin 18.1%
Net Profit Margin - 3 Yr. Avg. 15%
Effective Tax Rate 22.8%
Eff/ Tax Rate - 3 Yr. Avg. 26.8%
Payout Ratio 81.3%

D stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the D stock intrinsic value calculation we used $12586 million for the last fiscal year's total revenue generated by Dominion Energy. The default revenue input number comes from 2017 income statement of Dominion 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 D stock valuation model: a) initial revenue growth rate of 7.2% 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 10.2%, whose default value for D is calculated based on our internal credit rating of Dominion 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 Dominion 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 D stock the variable cost ratio is equal to 40.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $3397 million in the base year in the intrinsic value calculation for D 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 Dominion Energy.

Corporate tax rate of 27% is the nominal tax rate for Dominion 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 D 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 D are equal to 468.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Dominion 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 D is equal to 4.8%. 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 - $17142 million for Dominion 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 644 million for Dominion 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 Dominion Energy at the current share price and the inputted number of shares is $45.8 billion.

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NEE NextEra Energy 174.79 46.97  str.sell

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