Intrinsic value of Dominion Energy, Inc. - D

Previous Close

$78.35

  Intrinsic Value

$13.97

stock screener

  Rating & Target

str. sell

-82%

Previous close

$78.35

 
Intrinsic value

$13.97

 
Up/down potential

-82%

 
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 0001), $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 62.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
Revenue, $m
  13,994
  14,656
  15,353
  16,087
  16,860
  17,673
  18,529
  19,429
  20,375
  21,370
  22,416
  23,516
  24,672
  25,886
  27,163
  28,504
  29,914
  31,395
  32,950
  34,584
  36,301
  38,104
  39,998
  41,987
  44,076
  46,271
  48,575
  50,996
  53,537
  56,207
Variable operating expenses, $m
  9,581
  10,000
  10,442
  10,908
  11,398
  11,913
  12,456
  13,026
  13,626
  14,257
  14,212
  14,910
  15,643
  16,413
  17,222
  18,073
  18,966
  19,905
  20,891
  21,927
  23,016
  24,159
  25,360
  26,621
  27,946
  29,337
  30,798
  32,333
  33,944
  35,637
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
  9,581
  10,000
  10,442
  10,908
  11,398
  11,913
  12,456
  13,026
  13,626
  14,257
  14,212
  14,910
  15,643
  16,413
  17,222
  18,073
  18,966
  19,905
  20,891
  21,927
  23,016
  24,159
  25,360
  26,621
  27,946
  29,337
  30,798
  32,333
  33,944
  35,637
Operating income, $m
  4,413
  4,656
  4,911
  5,180
  5,462
  5,760
  6,073
  6,402
  6,749
  7,113
  8,204
  8,606
  9,029
  9,474
  9,941
  10,432
  10,948
  11,489
  12,059
  12,657
  13,285
  13,945
  14,638
  15,366
  16,131
  16,934
  17,777
  18,663
  19,593
  20,570
EBITDA, $m
  7,367
  7,716
  8,083
  8,469
  8,876
  9,304
  9,755
  10,228
  10,726
  11,250
  11,801
  12,380
  12,989
  13,628
  14,300
  15,006
  15,748
  16,528
  17,347
  18,207
  19,111
  20,060
  21,057
  22,104
  23,204
  24,359
  25,573
  26,847
  28,185
  29,590
Interest expense (income), $m
  905
  1,899
  2,038
  2,192
  2,354
  2,525
  2,705
  2,895
  3,094
  3,304
  3,524
  3,756
  4,000
  4,256
  4,525
  4,808
  5,106
  5,418
  5,746
  6,091
  6,454
  6,834
  7,234
  7,654
  8,096
  8,559
  9,046
  9,557
  10,094
  10,657
  11,250
Earnings before tax, $m
  2,514
  2,618
  2,719
  2,825
  2,937
  3,054
  3,178
  3,308
  3,445
  3,588
  4,448
  4,606
  4,773
  4,948
  5,133
  5,326
  5,529
  5,743
  5,967
  6,203
  6,451
  6,711
  6,984
  7,271
  7,572
  7,888
  8,220
  8,569
  8,936
  9,320
Tax expense, $m
  679
  707
  734
  763
  793
  825
  858
  893
  930
  969
  1,201
  1,244
  1,289
  1,336
  1,386
  1,438
  1,493
  1,551
  1,611
  1,675
  1,742
  1,812
  1,886
  1,963
  2,044
  2,130
  2,219
  2,314
  2,413
  2,517
Net income, $m
  1,835
  1,911
  1,985
  2,062
  2,144
  2,230
  2,320
  2,415
  2,515
  2,620
  3,247
  3,363
  3,484
  3,612
  3,747
  3,888
  4,037
  4,192
  4,356
  4,528
  4,709
  4,899
  5,098
  5,307
  5,527
  5,758
  6,001
  6,256
  6,523
  6,804

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
  81,362
  85,210
  89,263
  93,531
  98,024
  102,751
  107,725
  112,957
  118,459
  124,244
  130,326
  136,720
  143,440
  150,503
  157,925
  165,723
  173,917
  182,526
  191,570
  201,071
  211,051
  221,535
  232,546
  244,112
  256,259
  269,016
  282,415
  296,487
  311,264
  326,784
Adjusted assets (=assets-cash), $m
  81,362
  85,210
  89,263
  93,531
  98,024
  102,751
  107,725
  112,957
  118,459
  124,244
  130,326
  136,720
  143,440
  150,503
  157,925
  165,723
  173,917
  182,526
  191,570
  201,071
  211,051
  221,535
  232,546
  244,112
  256,259
  269,016
  282,415
  296,487
  311,264
  326,784
Revenue / Adjusted assets
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
Average production assets, $m
  60,413
  63,271
  66,280
  69,449
  72,785
  76,295
  79,989
  83,873
  87,959
  92,254
  96,770
  101,518
  106,508
  111,752
  117,263
  123,054
  129,138
  135,530
  142,246
  149,300
  156,711
  164,495
  172,671
  181,259
  190,278
  199,751
  209,700
  220,148
  231,121
  242,645
Working capital, $m
  1,343
  1,407
  1,474
  1,544
  1,619
  1,697
  1,779
  1,865
  1,956
  2,052
  2,152
  2,258
  2,368
  2,485
  2,608
  2,736
  2,872
  3,014
  3,163
  3,320
  3,485
  3,658
  3,840
  4,031
  4,231
  4,442
  4,663
  4,896
  5,140
  5,396
Total debt, $m
  37,738
  40,594
  43,602
  46,768
  50,102
  53,610
  57,300
  61,182
  65,264
  69,557
  74,070
  78,814
  83,801
  89,041
  94,548
  100,335
  106,415
  112,802
  119,513
  126,563
  133,968
  141,747
  149,917
  158,499
  167,512
  176,978
  186,920
  197,361
  208,326
  219,841
Total liabilities, $m
  60,370
  63,226
  66,234
  69,400
  72,734
  76,242
  79,932
  83,814
  87,896
  92,189
  96,702
  101,446
  106,433
  111,673
  117,180
  122,967
  129,047
  135,434
  142,145
  149,195
  156,600
  164,379
  172,549
  181,131
  190,144
  199,610
  209,552
  219,993
  230,958
  242,473
Total equity, $m
  20,991
  21,984
  23,030
  24,131
  25,290
  26,510
  27,793
  29,143
  30,562
  32,055
  33,624
  35,274
  37,008
  38,830
  40,745
  42,757
  44,871
  47,092
  49,425
  51,876
  54,451
  57,156
  59,997
  62,981
  66,115
  69,406
  72,863
  76,494
  80,306
  84,310
Total liabilities and equity, $m
  81,361
  85,210
  89,264
  93,531
  98,024
  102,752
  107,725
  112,957
  118,458
  124,244
  130,326
  136,720
  143,441
  150,503
  157,925
  165,724
  173,918
  182,526
  191,570
  201,071
  211,051
  221,535
  232,546
  244,112
  256,259
  269,016
  282,415
  296,487
  311,264
  326,783
Debt-to-equity ratio
  1.800
  1.850
  1.890
  1.940
  1.980
  2.020
  2.060
  2.100
  2.140
  2.170
  2.200
  2.230
  2.260
  2.290
  2.320
  2.350
  2.370
  2.400
  2.420
  2.440
  2.460
  2.480
  2.500
  2.520
  2.530
  2.550
  2.570
  2.580
  2.590
  2.610
Adjusted equity ratio
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,835
  1,911
  1,985
  2,062
  2,144
  2,230
  2,320
  2,415
  2,515
  2,620
  3,247
  3,363
  3,484
  3,612
  3,747
  3,888
  4,037
  4,192
  4,356
  4,528
  4,709
  4,899
  5,098
  5,307
  5,527
  5,758
  6,001
  6,256
  6,523
  6,804
Depreciation, amort., depletion, $m
  2,954
  3,060
  3,172
  3,290
  3,414
  3,544
  3,682
  3,826
  3,978
  4,138
  3,597
  3,774
  3,959
  4,154
  4,359
  4,574
  4,801
  5,038
  5,288
  5,550
  5,826
  6,115
  6,419
  6,738
  7,074
  7,426
  7,796
  8,184
  8,592
  9,020
Funds from operations, $m
  4,789
  4,971
  5,157
  5,352
  5,558
  5,774
  6,002
  6,241
  6,493
  6,757
  6,844
  7,137
  7,444
  7,767
  8,106
  8,463
  8,837
  9,231
  9,644
  10,078
  10,535
  11,014
  11,517
  12,046
  12,601
  13,184
  13,796
  14,439
  15,115
  15,824
Change in working capital, $m
  60
  64
  67
  70
  74
  78
  82
  86
  91
  96
  100
  106
  111
  117
  123
  129
  135
  142
  149
  157
  165
  173
  182
  191
  201
  211
  221
  232
  244
  256
Cash from operations, $m
  4,729
  4,908
  5,090
  5,282
  5,483
  5,696
  5,919
  6,154
  6,402
  6,662
  6,744
  7,031
  7,333
  7,650
  7,983
  8,334
  8,702
  9,089
  9,495
  9,922
  10,370
  10,841
  11,335
  11,855
  12,400
  12,973
  13,575
  14,207
  14,871
  15,568
Maintenance CAPEX, $m
  -2,145
  -2,246
  -2,352
  -2,464
  -2,582
  -2,706
  -2,836
  -2,974
  -3,118
  -3,270
  -3,430
  -3,597
  -3,774
  -3,959
  -4,154
  -4,359
  -4,574
  -4,801
  -5,038
  -5,288
  -5,550
  -5,826
  -6,115
  -6,419
  -6,738
  -7,074
  -7,426
  -7,796
  -8,184
  -8,592
New CAPEX, $m
  -2,711
  -2,858
  -3,010
  -3,169
  -3,336
  -3,510
  -3,693
  -3,885
  -4,085
  -4,296
  -4,516
  -4,747
  -4,990
  -5,244
  -5,511
  -5,791
  -6,084
  -6,392
  -6,715
  -7,055
  -7,411
  -7,784
  -8,176
  -8,588
  -9,020
  -9,473
  -9,949
  -10,448
  -10,973
  -11,523
Cash from investing activities, $m
  -4,856
  -5,104
  -5,362
  -5,633
  -5,918
  -6,216
  -6,529
  -6,859
  -7,203
  -7,566
  -7,946
  -8,344
  -8,764
  -9,203
  -9,665
  -10,150
  -10,658
  -11,193
  -11,753
  -12,343
  -12,961
  -13,610
  -14,291
  -15,007
  -15,758
  -16,547
  -17,375
  -18,244
  -19,157
  -20,115
Free cash flow, $m
  -128
  -196
  -272
  -351
  -434
  -520
  -610
  -704
  -802
  -904
  -1,202
  -1,314
  -1,431
  -1,553
  -1,682
  -1,816
  -1,957
  -2,104
  -2,259
  -2,421
  -2,591
  -2,769
  -2,956
  -3,152
  -3,357
  -3,573
  -3,799
  -4,037
  -4,286
  -4,547
Issuance/(repayment) of debt, $m
  2,563
  2,856
  3,008
  3,167
  3,333
  3,508
  3,691
  3,882
  4,082
  4,293
  4,513
  4,744
  4,986
  5,240
  5,507
  5,787
  6,080
  6,388
  6,711
  7,050
  7,405
  7,779
  8,170
  8,582
  9,013
  9,466
  9,942
  10,441
  10,965
  11,515
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  
  2,563
  2,856
  3,008
  3,167
  3,333
  3,508
  3,691
  3,882
  4,082
  4,293
  4,513
  4,744
  4,986
  5,240
  5,507
  5,787
  6,080
  6,388
  6,711
  7,050
  7,405
  7,779
  8,170
  8,582
  9,013
  9,466
  9,942
  10,441
  10,965
  11,515
Total cash flow (excl. dividends), $m
  2,436
  2,660
  2,736
  2,815
  2,899
  2,988
  3,081
  3,178
  3,281
  3,389
  3,311
  3,430
  3,555
  3,687
  3,825
  3,971
  4,123
  4,283
  4,452
  4,629
  4,814
  5,010
  5,214
  5,430
  5,656
  5,893
  6,142
  6,404
  6,679
  6,968
Retained Cash Flow (-), $m
  -884
  -993
  -1,046
  -1,101
  -1,159
  -1,220
  -1,283
  -1,350
  -1,420
  -1,493
  -1,569
  -1,650
  -1,734
  -1,822
  -1,915
  -2,012
  -2,114
  -2,221
  -2,333
  -2,451
  -2,575
  -2,705
  -2,841
  -2,984
  -3,134
  -3,291
  -3,457
  -3,630
  -3,813
  -4,004
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
  1,551
  1,667
  1,690
  1,714
  1,740
  1,768
  1,797
  1,828
  1,861
  1,896
  1,742
  1,781
  1,822
  1,865
  1,910
  1,958
  2,009
  2,062
  2,118
  2,177
  2,240
  2,305
  2,374
  2,446
  2,522
  2,602
  2,686
  2,774
  2,866
  2,964
Discount rate, %
  9.50
  9.98
  10.47
  11.00
  11.55
  12.12
  12.73
  13.37
  14.04
  14.74
  15.47
  16.25
  17.06
  17.91
  18.81
  19.75
  20.74
  21.77
  22.86
  24.01
  25.21
  26.47
  27.79
  29.18
  30.64
  32.17
  33.78
  35.47
  37.24
  39.10
PV of cash for distribution, $m
  1,417
  1,378
  1,253
  1,129
  1,008
  890
  777
  670
  571
  480
  358
  292
  235
  186
  144
  110
  82
  59
  42
  29
  20
  13
  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

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, Inc. (D)

Valuation Ratios
P/E Ratio 23.2
Price to Sales 4.2
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 11.9
Price to Free Cash Flow -25.1
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 $13366 million for the last fiscal year's total revenue generated by Dominion Energy, Inc.. The default revenue input number comes from 0001 income statement of Dominion Energy, Inc.. 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 4.7% 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 9.5%, whose default value for D is calculated based on our internal credit rating of Dominion Energy, Inc., 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, Inc..
    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 68.7%.

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 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, Inc..

Corporate tax rate of 27% is the nominal tax rate for Dominion Energy, Inc.. 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 431.7%.

Life of production assets of 26.9 years is the average useful life of capital assets used in Dominion Energy, Inc. 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 9.6%. 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 - $20107 million for Dominion Energy, Inc. - 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 799.325 million for Dominion Energy, Inc. 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, Inc. at the current share price and the inputted number of shares is $62.6 billion.

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