Intrinsic value of Duke Energy - DUK

Previous Close

$86.14

  Intrinsic Value

$34.05

stock screener

  Rating & Target

str. sell

-60%

Previous close

$86.14

 
Intrinsic value

$34.05

 
Up/down potential

-60%

 
Rating

str. sell

We calculate the intrinsic value of DUK 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 61.4

 

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, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  24,036
  24,589
  25,221
  25,931
  26,717
  27,579
  28,518
  29,535
  30,631
  31,806
  33,064
  34,406
  35,834
  37,353
  38,964
  40,672
  42,479
  44,391
  46,410
  48,543
  50,793
  53,166
  55,667
  58,302
  61,078
  64,000
  67,076
  70,313
  73,718
  77,300
Variable operating expenses, $m
  3,639
  3,678
  3,723
  3,773
  3,828
  3,889
  3,956
  4,027
  4,105
  4,188
  2,337
  2,432
  2,533
  2,641
  2,754
  2,875
  3,003
  3,138
  3,281
  3,432
  3,591
  3,758
  3,935
  4,121
  4,318
  4,524
  4,742
  4,971
  5,211
  5,464
Fixed operating expenses, $m
  14,526
  14,845
  15,172
  15,506
  15,847
  16,195
  16,552
  16,916
  17,288
  17,668
  18,057
  18,454
  18,860
  19,275
  19,699
  20,133
  20,576
  21,028
  21,491
  21,964
  22,447
  22,941
  23,445
  23,961
  24,488
  25,027
  25,578
  26,140
  26,715
  27,303
Total operating expenses, $m
  18,165
  18,523
  18,895
  19,279
  19,675
  20,084
  20,508
  20,943
  21,393
  21,856
  20,394
  20,886
  21,393
  21,916
  22,453
  23,008
  23,579
  24,166
  24,772
  25,396
  26,038
  26,699
  27,380
  28,082
  28,806
  29,551
  30,320
  31,111
  31,926
  32,767
Operating income, $m
  5,872
  6,066
  6,327
  6,652
  7,042
  7,495
  8,011
  8,592
  9,238
  9,950
  12,669
  13,519
  14,441
  15,437
  16,510
  17,664
  18,901
  20,224
  21,639
  23,147
  24,755
  26,467
  28,286
  30,220
  32,272
  34,449
  36,757
  39,202
  41,791
  44,532
EBITDA, $m
  11,549
  11,829
  12,188
  12,624
  13,135
  13,722
  14,385
  15,124
  15,940
  16,835
  17,810
  18,869
  20,013
  21,245
  22,569
  23,988
  25,506
  27,126
  28,855
  30,695
  32,653
  34,733
  36,942
  39,285
  41,769
  44,400
  47,186
  50,135
  53,254
  56,551
Interest expense (income), $m
  1,794
  2,940
  3,037
  3,159
  3,298
  3,454
  3,627
  3,817
  4,023
  4,247
  4,488
  4,747
  5,024
  5,319
  5,634
  5,968
  6,323
  6,698
  7,096
  7,517
  7,962
  8,431
  8,926
  9,448
  9,999
  10,579
  11,190
  11,833
  12,510
  13,223
  13,972
Earnings before tax, $m
  2,932
  3,029
  3,168
  3,355
  3,588
  3,868
  4,194
  4,568
  4,990
  5,461
  7,922
  8,495
  9,122
  9,803
  10,542
  11,341
  12,202
  13,128
  14,122
  15,186
  16,324
  17,540
  18,838
  20,221
  21,693
  23,259
  24,924
  26,692
  28,569
  30,560
Tax expense, $m
  792
  818
  855
  906
  969
  1,044
  1,133
  1,233
  1,347
  1,475
  2,139
  2,294
  2,463
  2,647
  2,846
  3,062
  3,295
  3,545
  3,813
  4,100
  4,408
  4,736
  5,086
  5,460
  5,857
  6,280
  6,729
  7,207
  7,714
  8,251
Net income, $m
  2,140
  2,211
  2,313
  2,449
  2,619
  2,823
  3,062
  3,335
  3,643
  3,987
  5,783
  6,202
  6,659
  7,156
  7,696
  8,279
  8,908
  9,583
  10,309
  11,086
  11,917
  12,805
  13,752
  14,761
  15,836
  16,979
  18,194
  19,485
  20,855
  22,309

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
  140,563
  143,796
  147,492
  151,641
  156,238
  161,282
  166,775
  172,721
  179,126
  186,000
  193,355
  201,202
  209,558
  218,437
  227,860
  237,846
  248,416
  259,594
  271,405
  283,875
  297,033
  310,910
  325,537
  340,948
  357,180
  374,269
  392,257
  411,186
  431,100
  452,046
Adjusted assets (=assets-cash), $m
  140,563
  143,796
  147,492
  151,641
  156,238
  161,282
  166,775
  172,721
  179,126
  186,000
  193,355
  201,202
  209,558
  218,437
  227,860
  237,846
  248,416
  259,594
  271,405
  283,875
  297,033
  310,910
  325,537
  340,948
  357,180
  374,269
  392,257
  411,186
  431,100
  452,046
Revenue / Adjusted assets
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
Average production assets, $m
  96,049
  98,258
  100,783
  103,618
  106,760
  110,207
  113,960
  118,023
  122,400
  127,097
  132,122
  137,485
  143,194
  149,262
  155,701
  162,524
  169,747
  177,385
  185,455
  193,976
  202,968
  212,450
  222,445
  232,975
  244,067
  255,744
  268,036
  280,970
  294,577
  308,890
Working capital, $m
  1,034
  1,057
  1,085
  1,115
  1,149
  1,186
  1,226
  1,270
  1,317
  1,368
  1,422
  1,479
  1,541
  1,606
  1,675
  1,749
  1,827
  1,909
  1,996
  2,087
  2,184
  2,286
  2,394
  2,507
  2,626
  2,752
  2,884
  3,023
  3,170
  3,324
Total debt, $m
  56,240
  58,493
  61,069
  63,961
  67,165
  70,681
  74,509
  78,653
  83,118
  87,909
  93,035
  98,505
  104,329
  110,518
  117,086
  124,046
  131,413
  139,204
  147,436
  156,128
  165,299
  174,971
  185,166
  195,908
  207,221
  219,133
  231,670
  244,864
  258,744
  273,343
Total liabilities, $m
  97,973
  100,226
  102,802
  105,694
  108,898
  112,414
  116,242
  120,386
  124,851
  129,642
  134,768
  140,238
  146,062
  152,251
  158,819
  165,779
  173,146
  180,937
  189,169
  197,861
  207,032
  216,704
  226,899
  237,641
  248,954
  260,866
  273,403
  286,597
  300,477
  315,076
Total equity, $m
  42,591
  43,570
  44,690
  45,947
  47,340
  48,868
  50,533
  52,334
  54,275
  56,358
  58,587
  60,964
  63,496
  66,187
  69,042
  72,067
  75,270
  78,657
  82,236
  86,014
  90,001
  94,206
  98,638
  103,307
  108,225
  113,404
  118,854
  124,589
  130,623
  136,970
Total liabilities and equity, $m
  140,564
  143,796
  147,492
  151,641
  156,238
  161,282
  166,775
  172,720
  179,126
  186,000
  193,355
  201,202
  209,558
  218,438
  227,861
  237,846
  248,416
  259,594
  271,405
  283,875
  297,033
  310,910
  325,537
  340,948
  357,179
  374,270
  392,257
  411,186
  431,100
  452,046
Debt-to-equity ratio
  1.320
  1.340
  1.370
  1.390
  1.420
  1.450
  1.470
  1.500
  1.530
  1.560
  1.590
  1.620
  1.640
  1.670
  1.700
  1.720
  1.750
  1.770
  1.790
  1.820
  1.840
  1.860
  1.880
  1.900
  1.910
  1.930
  1.950
  1.970
  1.980
  2.000
Adjusted equity ratio
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2,140
  2,211
  2,313
  2,449
  2,619
  2,823
  3,062
  3,335
  3,643
  3,987
  5,783
  6,202
  6,659
  7,156
  7,696
  8,279
  8,908
  9,583
  10,309
  11,086
  11,917
  12,805
  13,752
  14,761
  15,836
  16,979
  18,194
  19,485
  20,855
  22,309
Depreciation, amort., depletion, $m
  5,677
  5,763
  5,861
  5,971
  6,094
  6,228
  6,374
  6,532
  6,702
  6,885
  5,141
  5,350
  5,572
  5,808
  6,058
  6,324
  6,605
  6,902
  7,216
  7,548
  7,898
  8,267
  8,655
  9,065
  9,497
  9,951
  10,429
  10,933
  11,462
  12,019
Funds from operations, $m
  7,817
  7,974
  8,174
  8,420
  8,713
  9,051
  9,436
  9,867
  10,345
  10,872
  10,924
  11,551
  12,231
  12,964
  13,754
  14,603
  15,513
  16,486
  17,525
  18,633
  19,814
  21,071
  22,407
  23,826
  25,332
  26,930
  28,624
  30,418
  32,317
  34,328
Change in working capital, $m
  20
  24
  27
  31
  34
  37
  40
  44
  47
  51
  54
  58
  61
  65
  69
  73
  78
  82
  87
  92
  97
  102
  108
  113
  119
  126
  132
  139
  146
  154
Cash from operations, $m
  7,797
  7,950
  8,147
  8,390
  8,679
  9,014
  9,395
  9,823
  10,298
  10,821
  10,870
  11,493
  12,169
  12,899
  13,685
  14,530
  15,435
  16,403
  17,438
  18,542
  19,718
  20,969
  22,300
  23,713
  25,213
  26,804
  28,491
  30,279
  32,171
  34,174
Maintenance CAPEX, $m
  -3,664
  -3,737
  -3,823
  -3,922
  -4,032
  -4,154
  -4,288
  -4,434
  -4,592
  -4,763
  -4,945
  -5,141
  -5,350
  -5,572
  -5,808
  -6,058
  -6,324
  -6,605
  -6,902
  -7,216
  -7,548
  -7,898
  -8,267
  -8,655
  -9,065
  -9,497
  -9,951
  -10,429
  -10,933
  -11,462
New CAPEX, $m
  -1,888
  -2,209
  -2,525
  -2,835
  -3,141
  -3,447
  -3,753
  -4,063
  -4,377
  -4,697
  -5,025
  -5,362
  -5,709
  -6,068
  -6,439
  -6,823
  -7,223
  -7,638
  -8,070
  -8,521
  -8,991
  -9,482
  -9,995
  -10,531
  -11,091
  -11,678
  -12,292
  -12,934
  -13,607
  -14,313
Cash from investing activities, $m
  -5,552
  -5,946
  -6,348
  -6,757
  -7,173
  -7,601
  -8,041
  -8,497
  -8,969
  -9,460
  -9,970
  -10,503
  -11,059
  -11,640
  -12,247
  -12,881
  -13,547
  -14,243
  -14,972
  -15,737
  -16,539
  -17,380
  -18,262
  -19,186
  -20,156
  -21,175
  -22,243
  -23,363
  -24,540
  -25,775
Free cash flow, $m
  2,245
  2,004
  1,798
  1,633
  1,506
  1,413
  1,354
  1,326
  1,329
  1,361
  899
  990
  1,110
  1,259
  1,439
  1,648
  1,888
  2,160
  2,465
  2,804
  3,179
  3,589
  4,038
  4,527
  5,057
  5,630
  6,249
  6,915
  7,631
  8,399
Issuance/(repayment) of debt, $m
  1,798
  2,253
  2,576
  2,892
  3,204
  3,516
  3,828
  4,144
  4,465
  4,791
  5,126
  5,470
  5,824
  6,189
  6,568
  6,960
  7,367
  7,791
  8,232
  8,692
  9,171
  9,672
  10,195
  10,742
  11,313
  11,912
  12,538
  13,193
  13,880
  14,599
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  
  1,798
  2,253
  2,576
  2,892
  3,204
  3,516
  3,828
  4,144
  4,465
  4,791
  5,126
  5,470
  5,824
  6,189
  6,568
  6,960
  7,367
  7,791
  8,232
  8,692
  9,171
  9,672
  10,195
  10,742
  11,313
  11,912
  12,538
  13,193
  13,880
  14,599
Total cash flow (excl. dividends), $m
  4,042
  4,257
  4,374
  4,525
  4,710
  4,929
  5,182
  5,470
  5,793
  6,153
  6,025
  6,460
  6,934
  7,449
  8,006
  8,608
  9,256
  9,951
  10,698
  11,496
  12,350
  13,261
  14,233
  15,268
  16,370
  17,542
  18,786
  20,108
  21,511
  22,998
Retained Cash Flow (-), $m
  -852
  -980
  -1,120
  -1,257
  -1,393
  -1,528
  -1,664
  -1,802
  -1,941
  -2,083
  -2,228
  -2,378
  -2,532
  -2,691
  -2,855
  -3,026
  -3,203
  -3,387
  -3,579
  -3,779
  -3,987
  -4,205
  -4,432
  -4,670
  -4,918
  -5,178
  -5,450
  -5,735
  -6,034
  -6,347
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
  3,191
  3,278
  3,254
  3,268
  3,317
  3,401
  3,518
  3,669
  3,853
  4,070
  3,797
  4,082
  4,402
  4,758
  5,151
  5,582
  6,053
  6,565
  7,119
  7,718
  8,363
  9,057
  9,801
  10,599
  11,452
  12,363
  13,336
  14,373
  15,477
  16,652
Discount rate, %
  8.90
  9.35
  9.81
  10.30
  10.82
  11.36
  11.93
  12.52
  13.15
  13.81
  14.50
  15.22
  15.98
  16.78
  17.62
  18.50
  19.43
  20.40
  21.42
  22.49
  23.61
  24.80
  26.03
  27.34
  28.70
  30.14
  31.65
  33.23
  34.89
  36.63
PV of cash for distribution, $m
  2,930
  2,741
  2,457
  2,208
  1,985
  1,783
  1,599
  1,428
  1,267
  1,117
  856
  746
  641
  542
  451
  369
  296
  232
  178
  134
  97
  69
  48
  32
  21
  13
  8
  5
  3
  1
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

Duke Energy Corporation (Duke Energy) is an energy company. The Company operates through three segments: Electric Utilities and Infrastructure; Gas Utilities and Infrastructure, and Commercial Renewables. The Company operates in the United States through its direct and indirect subsidiaries. The Electric Utilities and Infrastructure segment provides retail electric service through the generation, transmission, distribution and sale of electricity to approximately 7.5 million customers within the Southeast and Midwest regions of the United States. The operations include electricity sold wholesale to municipalities, electric cooperative utilities and other load-serving entities. The Gas Utilities and Infrastructure segment serves residential, commercial, industrial and power generation natural gas customers. The Commercial Renewables primarily acquires, builds, develops and operates wind and solar renewable generation throughout the continental United States.

FINANCIAL RATIOS  of  Duke Energy (DUK)

Valuation Ratios
P/E Ratio 28
Price to Sales 2.7
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 8.3
Price to Free Cash Flow -95.9
Growth Rates
Sales Growth Rate 1.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 16.8%
Cap. Spend. - 3 Yr. Gr. Rate 7.4%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 111.1%
Total Debt to Equity 122.8%
Interest Coverage 3
Management Effectiveness
Return On Assets 2.7%
Ret/ On Assets - 3 Yr. Avg. 2.8%
Return On Total Capital 2.5%
Ret/ On T. Cap. - 3 Yr. Avg. 2.7%
Return On Equity 5.3%
Return On Equity - 3 Yr. Avg. 5.6%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 41.4%
EBITDA Margin - 3 Yr. Avg. 40.6%
Operating Margin 23.4%
Oper. Margin - 3 Yr. Avg. 22.5%
Pre-Tax Margin 16.4%
Pre-Tax Margin - 3 Yr. Avg. 16.9%
Net Profit Margin 9.5%
Net Profit Margin - 3 Yr. Avg. 10.1%
Effective Tax Rate 31%
Eff/ Tax Rate - 3 Yr. Avg. 31.9%
Payout Ratio 108.4%

DUK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DUK stock intrinsic value calculation we used $23565 million for the last fiscal year's total revenue generated by Duke Energy. The default revenue input number comes from 0001 income statement of Duke 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 DUK stock valuation model: a) initial revenue growth rate of 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 8.9%, whose default value for DUK is calculated based on our internal credit rating of Duke 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 Duke 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 DUK stock the variable cost ratio is equal to 15.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $14213 million in the base year in the intrinsic value calculation for DUK 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 Duke Energy.

Corporate tax rate of 27% is the nominal tax rate for Duke 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 DUK 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 DUK are equal to 399.6%.

Life of production assets of 25.7 years is the average useful life of capital assets used in Duke 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 DUK is equal to 4.3%. 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 - $41739 million for Duke 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 712.355 million for Duke 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 Duke Energy at the current share price and the inputted number of shares is $61.4 billion.

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COMPANY NEWS

▶ $30M hog-waste plant underway in greater Charlotte region   [12:45PM  American City Business Journals]
▶ Partners apply for federal permit for PSNC-backed MVP Southgate pipeline   [Nov-13-18 03:07PM  American City Business Journals]
▶ Do Duke Energys SC rate cases hold key to paying for $16B grid plan?   [07:10AM  American City Business Journals]
▶ Duke Energy seeks new way to fund costly storm repairs   [Nov-09-18 03:03PM  American City Business Journals]
▶ Duke Energy sells $1B worth of green bonds   [02:04PM  American City Business Journals]
▶ Duke Energy seeks large SC rate hikes for both its Carolinas utilities   [03:05PM  American City Business Journals]
▶ Utility ETFs Dip Despite Strong Earnings   [Nov-07-18 09:02PM  Zacks]
▶ Three takeaways from Duke Energy's Q3 earnings   [Nov-02-18 04:38PM  American City Business Journals]
▶ Cost estimate for Duke Energy-backed Atlantic Coast Pipeline hits $7B   [02:46PM  American City Business Journals]
▶ Duke Energy Earnings, Revenue beat in Q3   [10:30AM  Investing.com]
▶ Stock Market News Daily Roundup November 2   [09:54AM  Market Exclusive]
▶ Duke Energy easily beats expectations for Q3 earnings   [09:39AM  American City Business Journals]
▶ Hurricane repairs for Florence and Michael hit $900M, Duke Energy says   [08:48AM  American City Business Journals]
▶ Duke Energy: 3Q Earnings Snapshot   [07:26AM  Associated Press]
▶ Day Ahead: Top 3 Things to Watch   [Nov-01-18 07:54PM  Investing.com]
▶ Duke Energy's Q3 Earnings Preview   [02:48PM  Benzinga]
▶ 3 Energy Stocks to Consider Ahead of Earnings   [Oct-31-18 02:33PM  InvestorPlace]
▶ NC AG supports proposed compromise on Duke Energy renewables program   [Oct-26-18 03:01PM  American City Business Journals]
▶ Critics propose compromise on Duke Energys renewable power program   [Oct-25-18 02:59PM  American City Business Journals]
▶ 10 Top Utility Stocks to Buy for Safety and Dividends   [Oct-23-18 02:30PM  Kiplinger]
▶ 3 Stocks to Supplement Your Social Security Income   [Oct-21-18 09:03AM  Motley Fool]
▶ Duke Energy still adding up repair costs for Florence, Michael   [Oct-15-18 06:05PM  American City Business Journals]
▶ Recovery in Florida starts amid 'unimaginable' destruction   [12:55PM  American City Business Journals]
▶ Duke Energy prepares for Hurricane Michael in Florida and the Carolinas   [08:40AM  American City Business Journals]
▶ Duke Energy proposes solar-plus-storage project for NC mountain town   [03:04PM  American City Business Journals]
▶ Duke Energy chooses new NC president, shuffles executives   [02:18PM  American City Business Journals]

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