Intrinsic value of DTE Energy Company - DTE

Previous Close

$124.89

  Intrinsic Value

$36.72

stock screener

  Rating & Target

str. sell

-71%

Previous close

$124.89

 
Intrinsic value

$36.72

 
Up/down potential

-71%

 
Rating

str. sell

We calculate the intrinsic value of DTE 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 22.7

 

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, %
  14.60
  13.64
  12.78
  12.00
  11.30
  10.67
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  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
Revenue, $m
  16,287
  18,508
  20,873
  23,378
  26,019
  28,795
  31,704
  34,744
  37,918
  41,224
  44,665
  48,244
  51,964
  55,830
  59,848
  64,023
  68,363
  72,876
  77,569
  82,454
  87,539
  92,835
  98,355
  104,109
  110,112
  116,376
  122,917
  129,749
  136,888
  144,352
Variable operating expenses, $m
  14,026
  15,896
  17,887
  19,996
  22,219
  24,556
  27,005
  29,565
  32,237
  35,020
  37,603
  40,616
  43,748
  47,003
  50,385
  53,900
  57,554
  61,353
  65,305
  69,417
  73,698
  78,157
  82,804
  87,649
  92,702
  97,976
  103,483
  109,235
  115,245
  121,529
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
  14,026
  15,896
  17,887
  19,996
  22,219
  24,556
  27,005
  29,565
  32,237
  35,020
  37,603
  40,616
  43,748
  47,003
  50,385
  53,900
  57,554
  61,353
  65,305
  69,417
  73,698
  78,157
  82,804
  87,649
  92,702
  97,976
  103,483
  109,235
  115,245
  121,529
Operating income, $m
  2,261
  2,612
  2,986
  3,382
  3,800
  4,238
  4,698
  5,179
  5,681
  6,204
  7,062
  7,628
  8,216
  8,827
  9,462
  10,123
  10,809
  11,522
  12,264
  13,037
  13,841
  14,678
  15,551
  16,461
  17,410
  18,400
  19,434
  20,514
  21,643
  22,823
EBITDA, $m
  3,777
  4,293
  4,841
  5,422
  6,035
  6,678
  7,353
  8,058
  8,794
  9,561
  10,359
  11,189
  12,052
  12,949
  13,881
  14,849
  15,856
  16,902
  17,991
  19,124
  20,303
  21,532
  22,812
  24,146
  25,539
  26,992
  28,509
  30,093
  31,749
  33,480
Interest expense (income), $m
  448
  769
  973
  1,193
  1,427
  1,675
  1,936
  2,210
  2,498
  2,799
  3,113
  3,440
  3,780
  4,134
  4,502
  4,884
  5,282
  5,695
  6,124
  6,570
  7,035
  7,518
  8,021
  8,544
  9,090
  9,660
  10,253
  10,873
  11,520
  12,196
  12,902
Earnings before tax, $m
  1,492
  1,639
  1,793
  1,955
  2,125
  2,303
  2,488
  2,681
  2,882
  3,091
  3,622
  3,848
  4,082
  4,325
  4,578
  4,841
  5,114
  5,398
  5,694
  6,002
  6,323
  6,657
  7,006
  7,370
  7,750
  8,147
  8,561
  8,995
  9,448
  9,921
Tax expense, $m
  403
  443
  484
  528
  574
  622
  672
  724
  778
  835
  978
  1,039
  1,102
  1,168
  1,236
  1,307
  1,381
  1,458
  1,537
  1,621
  1,707
  1,797
  1,892
  1,990
  2,093
  2,200
  2,312
  2,429
  2,551
  2,679
Net income, $m
  1,089
  1,196
  1,309
  1,427
  1,551
  1,681
  1,816
  1,957
  2,104
  2,256
  2,644
  2,809
  2,980
  3,157
  3,342
  3,534
  3,733
  3,941
  4,157
  4,381
  4,616
  4,860
  5,115
  5,380
  5,658
  5,947
  6,250
  6,566
  6,897
  7,243

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
  41,548
  47,216
  53,248
  59,637
  66,375
  73,456
  80,877
  88,634
  96,728
  105,162
  113,941
  123,070
  132,561
  142,423
  152,672
  163,324
  174,395
  185,907
  197,881
  210,341
  223,313
  236,825
  250,905
  265,585
  280,898
  296,879
  313,564
  330,993
  349,205
  368,244
Adjusted assets (=assets-cash), $m
  41,548
  47,216
  53,248
  59,637
  66,375
  73,456
  80,877
  88,634
  96,728
  105,162
  113,941
  123,070
  132,561
  142,423
  152,672
  163,324
  174,395
  185,907
  197,881
  210,341
  223,313
  236,825
  250,905
  265,585
  280,898
  296,879
  313,564
  330,993
  349,205
  368,244
Revenue / Adjusted assets
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
Average production assets, $m
  26,092
  29,651
  33,439
  37,451
  41,682
  46,129
  50,789
  55,661
  60,744
  66,040
  71,553
  77,286
  83,246
  89,440
  95,876
  102,565
  109,517
  116,747
  124,266
  132,091
  140,237
  148,722
  157,564
  166,783
  176,399
  186,435
  196,913
  207,858
  219,295
  231,252
Working capital, $m
  863
  981
  1,106
  1,239
  1,379
  1,526
  1,680
  1,841
  2,010
  2,185
  2,367
  2,557
  2,754
  2,959
  3,172
  3,393
  3,623
  3,862
  4,111
  4,370
  4,640
  4,920
  5,213
  5,518
  5,836
  6,168
  6,515
  6,877
  7,255
  7,651
Total debt, $m
  18,023
  22,092
  26,423
  31,010
  35,848
  40,932
  46,260
  51,830
  57,642
  63,698
  70,000
  76,555
  83,369
  90,451
  97,810
  105,457
  113,407
  121,672
  130,270
  139,216
  148,530
  158,231
  168,341
  178,881
  189,876
  201,350
  213,330
  225,844
  238,920
  252,590
Total liabilities, $m
  29,832
  33,901
  38,232
  42,819
  47,657
  52,741
  58,069
  63,639
  69,451
  75,507
  81,809
  88,364
  95,178
  102,260
  109,619
  117,266
  125,216
  133,481
  142,079
  151,025
  160,339
  170,040
  180,150
  190,690
  201,685
  213,159
  225,139
  237,653
  250,729
  264,399
Total equity, $m
  11,717
  13,315
  15,016
  16,818
  18,718
  20,715
  22,807
  24,995
  27,277
  29,656
  32,131
  34,706
  37,382
  40,163
  43,054
  46,057
  49,179
  52,426
  55,802
  59,316
  62,974
  66,785
  70,755
  74,895
  79,213
  83,720
  88,425
  93,340
  98,476
  103,845
Total liabilities and equity, $m
  41,549
  47,216
  53,248
  59,637
  66,375
  73,456
  80,876
  88,634
  96,728
  105,163
  113,940
  123,070
  132,560
  142,423
  152,673
  163,323
  174,395
  185,907
  197,881
  210,341
  223,313
  236,825
  250,905
  265,585
  280,898
  296,879
  313,564
  330,993
  349,205
  368,244
Debt-to-equity ratio
  1.540
  1.660
  1.760
  1.840
  1.920
  1.980
  2.030
  2.070
  2.110
  2.150
  2.180
  2.210
  2.230
  2.250
  2.270
  2.290
  2.310
  2.320
  2.330
  2.350
  2.360
  2.370
  2.380
  2.390
  2.400
  2.410
  2.410
  2.420
  2.430
  2.430
Adjusted equity ratio
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,089
  1,196
  1,309
  1,427
  1,551
  1,681
  1,816
  1,957
  2,104
  2,256
  2,644
  2,809
  2,980
  3,157
  3,342
  3,534
  3,733
  3,941
  4,157
  4,381
  4,616
  4,860
  5,115
  5,380
  5,658
  5,947
  6,250
  6,566
  6,897
  7,243
Depreciation, amort., depletion, $m
  1,517
  1,681
  1,855
  2,040
  2,235
  2,440
  2,655
  2,879
  3,113
  3,358
  3,297
  3,562
  3,836
  4,122
  4,418
  4,726
  5,047
  5,380
  5,727
  6,087
  6,463
  6,854
  7,261
  7,686
  8,129
  8,591
  9,074
  9,579
  10,106
  10,657
Funds from operations, $m
  2,606
  2,877
  3,164
  3,467
  3,786
  4,121
  4,471
  4,836
  5,217
  5,614
  5,942
  6,370
  6,816
  7,279
  7,760
  8,260
  8,780
  9,321
  9,883
  10,469
  11,078
  11,713
  12,376
  13,066
  13,787
  14,539
  15,324
  16,145
  17,003
  17,899
Change in working capital, $m
  110
  118
  125
  133
  140
  147
  154
  161
  168
  175
  182
  190
  197
  205
  213
  221
  230
  239
  249
  259
  270
  281
  293
  305
  318
  332
  347
  362
  378
  396
Cash from operations, $m
  2,496
  2,759
  3,039
  3,335
  3,646
  3,974
  4,317
  4,675
  5,049
  5,439
  5,759
  6,181
  6,619
  7,074
  7,547
  8,039
  8,550
  9,082
  9,634
  10,210
  10,809
  11,433
  12,083
  12,761
  13,468
  14,207
  14,977
  15,783
  16,624
  17,504
Maintenance CAPEX, $m
  -1,049
  -1,202
  -1,366
  -1,541
  -1,726
  -1,921
  -2,126
  -2,341
  -2,565
  -2,799
  -3,043
  -3,297
  -3,562
  -3,836
  -4,122
  -4,418
  -4,726
  -5,047
  -5,380
  -5,727
  -6,087
  -6,463
  -6,854
  -7,261
  -7,686
  -8,129
  -8,591
  -9,074
  -9,579
  -10,106
New CAPEX, $m
  -3,331
  -3,559
  -3,788
  -4,012
  -4,231
  -4,447
  -4,660
  -4,872
  -5,083
  -5,296
  -5,513
  -5,733
  -5,960
  -6,194
  -6,436
  -6,689
  -6,953
  -7,229
  -7,520
  -7,825
  -8,146
  -8,485
  -8,842
  -9,219
  -9,616
  -10,036
  -10,478
  -10,945
  -11,437
  -11,956
Cash from investing activities, $m
  -4,380
  -4,761
  -5,154
  -5,553
  -5,957
  -6,368
  -6,786
  -7,213
  -7,648
  -8,095
  -8,556
  -9,030
  -9,522
  -10,030
  -10,558
  -11,107
  -11,679
  -12,276
  -12,900
  -13,552
  -14,233
  -14,948
  -15,696
  -16,480
  -17,302
  -18,165
  -19,069
  -20,019
  -21,016
  -22,062
Free cash flow, $m
  -1,884
  -2,002
  -2,116
  -2,219
  -2,311
  -2,394
  -2,469
  -2,537
  -2,599
  -2,657
  -2,797
  -2,850
  -2,903
  -2,956
  -3,011
  -3,068
  -3,129
  -3,195
  -3,265
  -3,342
  -3,425
  -3,515
  -3,613
  -3,719
  -3,834
  -3,958
  -4,092
  -4,237
  -4,392
  -4,558
Issuance/(repayment) of debt, $m
  3,781
  4,069
  4,331
  4,587
  4,838
  5,084
  5,328
  5,570
  5,812
  6,056
  6,303
  6,555
  6,814
  7,081
  7,359
  7,648
  7,949
  8,265
  8,597
  8,946
  9,314
  9,701
  10,110
  10,540
  10,995
  11,474
  11,980
  12,514
  13,077
  13,670
Issuance/(repurchase) of shares, $m
  391
  402
  392
  374
  349
  316
  276
  230
  179
  122
  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  
  4,172
  4,471
  4,723
  4,961
  5,187
  5,400
  5,604
  5,800
  5,991
  6,178
  6,303
  6,555
  6,814
  7,081
  7,359
  7,648
  7,949
  8,265
  8,597
  8,946
  9,314
  9,701
  10,110
  10,540
  10,995
  11,474
  11,980
  12,514
  13,077
  13,670
Total cash flow (excl. dividends), $m
  2,287
  2,469
  2,608
  2,743
  2,876
  3,006
  3,135
  3,263
  3,392
  3,521
  3,506
  3,705
  3,912
  4,126
  4,348
  4,580
  4,820
  5,071
  5,332
  5,605
  5,889
  6,186
  6,497
  6,821
  7,161
  7,516
  7,888
  8,277
  8,685
  9,112
Retained Cash Flow (-), $m
  -1,480
  -1,598
  -1,701
  -1,802
  -1,900
  -1,997
  -2,093
  -2,188
  -2,283
  -2,378
  -2,475
  -2,575
  -2,676
  -2,781
  -2,890
  -3,004
  -3,122
  -3,246
  -3,377
  -3,514
  -3,658
  -3,810
  -3,971
  -4,140
  -4,318
  -4,507
  -4,705
  -4,915
  -5,136
  -5,369
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
  808
  871
  906
  941
  976
  1,009
  1,043
  1,076
  1,109
  1,142
  1,031
  1,131
  1,235
  1,344
  1,458
  1,576
  1,698
  1,825
  1,956
  2,091
  2,231
  2,376
  2,526
  2,682
  2,843
  3,010
  3,183
  3,362
  3,549
  3,743
Discount rate, %
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
  34.58
PV of cash for distribution, $m
  745
  735
  695
  650
  600
  548
  494
  440
  387
  336
  251
  226
  199
  172
  145
  120
  97
  77
  59
  45
  33
  23
  16
  11
  7
  4
  3
  2
  1
  1
Current shareholders' claim on cash, %
  98.3
  96.8
  95.5
  94.5
  93.6
  92.9
  92.3
  91.9
  91.6
  91.4
  91.4
  91.4
  91.4
  91.4
  91.4
  91.4
  91.4
  91.4
  91.4
  91.4
  91.4
  91.4
  91.4
  91.4
  91.4
  91.4
  91.4
  91.4
  91.4
  91.4

DTE Energy Company is an energy company. Its segments include Electric, which consists of DTE Electric Company, which is engaged in the generation, purchase, distribution and sale of electricity to residential, commercial and industrial customers in southeastern Michigan; Gas, which consists of DTE Gas Company, which is engaged in the purchase, storage, transportation, distribution and sale of natural gas to residential, commercial and industrial customers throughout Michigan; Gas Storage and Pipelines, which consists of natural gas pipeline, gathering and storage businesses; Power and Industrial Projects, which consists of projects that deliver energy and utility-type products and services to industrial, commercial and institutional customers, and sell electricity from renewable energy projects; Energy Trading, which consists of energy marketing and trading operations, and Corporate and Other, which includes various holding company activities and holds certain non-utility debt.

FINANCIAL RATIOS  of  DTE Energy Company (DTE)

Valuation Ratios
P/E Ratio 25.8
Price to Sales 2.1
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 10.8
Price to Free Cash Flow 574.6
Growth Rates
Sales Growth Rate 2.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1.2%
Cap. Spend. - 3 Yr. Gr. Rate 1.7%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 125.1%
Total Debt to Equity 130.8%
Interest Coverage 3
Management Effectiveness
Return On Assets 4%
Ret/ On Assets - 3 Yr. Avg. 4%
Return On Total Capital 4.4%
Ret/ On T. Cap. - 3 Yr. Avg. 4.6%
Return On Equity 9.8%
Return On Equity - 3 Yr. Avg. 9.8%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 23.8%
EBITDA Margin - 3 Yr. Avg. 22.8%
Operating Margin 13.6%
Oper. Margin - 3 Yr. Avg. 12.8%
Pre-Tax Margin 10.4%
Pre-Tax Margin - 3 Yr. Avg. 10%
Net Profit Margin 8.2%
Net Profit Margin - 3 Yr. Avg. 7.5%
Effective Tax Rate 24.5%
Eff/ Tax Rate - 3 Yr. Avg. 25.8%
Payout Ratio 61.2%

DTE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DTE stock intrinsic value calculation we used $14212 million for the last fiscal year's total revenue generated by DTE Energy Company. The default revenue input number comes from 0001 income statement of DTE Energy Company. 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 DTE stock valuation model: a) initial revenue growth rate of 14.6% 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 8.4%, whose default value for DTE is calculated based on our internal credit rating of DTE Energy Company, 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 DTE Energy Company.
    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 DTE stock the variable cost ratio is equal to 86.4%.

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 DTE 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 DTE Energy Company.

Corporate tax rate of 27% is the nominal tax rate for DTE Energy Company. 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 DTE 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 DTE are equal to 160.2%.

Life of production assets of 21.7 years is the average useful life of capital assets used in DTE Energy Company 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 DTE is equal to 5.3%. 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 - $10237 million for DTE Energy Company - 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 181.884 million for DTE Energy Company 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 DTE Energy Company at the current share price and the inputted number of shares is $22.7 billion.

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