Intrinsic value of Eversource Energy - ES

Previous Close

$77.41

  Intrinsic Value

$18.89

stock screener

  Rating & Target

str. sell

-76%

Previous close

$77.41

 
Intrinsic value

$18.89

 
Up/down potential

-76%

 
Rating

str. sell

We calculate the intrinsic value of ES 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 24.5

 

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, %
  7.40
  7.16
  6.94
  6.75
  6.57
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.16
  5.14
  5.13
  5.11
Revenue, $m
  9,073
  9,723
  10,398
  11,100
  11,830
  12,589
  13,379
  14,201
  15,058
  15,951
  16,882
  17,853
  18,867
  19,925
  21,031
  22,186
  23,394
  24,658
  25,979
  27,363
  28,811
  30,327
  31,915
  33,578
  35,322
  37,148
  39,063
  41,071
  43,176
  45,384
Variable operating expenses, $m
  6,827
  7,284
  7,759
  8,252
  8,766
  9,300
  9,856
  10,435
  11,037
  11,666
  11,878
  12,561
  13,275
  14,019
  14,797
  15,610
  16,460
  17,349
  18,279
  19,252
  20,271
  21,338
  22,455
  23,626
  24,852
  26,138
  27,485
  28,898
  30,379
  31,932
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
  6,827
  7,284
  7,759
  8,252
  8,766
  9,300
  9,856
  10,435
  11,037
  11,666
  11,878
  12,561
  13,275
  14,019
  14,797
  15,610
  16,460
  17,349
  18,279
  19,252
  20,271
  21,338
  22,455
  23,626
  24,852
  26,138
  27,485
  28,898
  30,379
  31,932
Operating income, $m
  2,247
  2,439
  2,639
  2,847
  3,064
  3,289
  3,523
  3,767
  4,021
  4,285
  5,004
  5,292
  5,592
  5,906
  6,234
  6,576
  6,934
  7,309
  7,700
  8,110
  8,540
  8,989
  9,460
  9,953
  10,469
  11,011
  11,579
  12,174
  12,798
  13,452
EBITDA, $m
  3,650
  3,911
  4,183
  4,465
  4,759
  5,064
  5,382
  5,713
  6,057
  6,417
  6,791
  7,182
  7,590
  8,015
  8,460
  8,925
  9,411
  9,919
  10,451
  11,007
  11,590
  12,200
  12,838
  13,508
  14,209
  14,944
  15,714
  16,522
  17,369
  18,257
Interest expense (income), $m
  0
  790
  897
  1,008
  1,124
  1,244
  1,369
  1,499
  1,634
  1,774
  1,921
  2,074
  2,233
  2,399
  2,572
  2,753
  2,943
  3,140
  3,347
  3,563
  3,789
  4,025
  4,273
  4,532
  4,804
  5,089
  5,387
  5,699
  6,027
  6,370
  6,730
Earnings before tax, $m
  1,456
  1,542
  1,631
  1,723
  1,820
  1,920
  2,024
  2,133
  2,246
  2,364
  2,930
  3,059
  3,193
  3,334
  3,480
  3,634
  3,794
  3,962
  4,138
  4,321
  4,514
  4,716
  4,927
  5,149
  5,381
  5,624
  5,879
  6,147
  6,427
  6,722
Tax expense, $m
  393
  416
  440
  465
  491
  518
  547
  576
  606
  638
  791
  826
  862
  900
  940
  981
  1,024
  1,070
  1,117
  1,167
  1,219
  1,273
  1,330
  1,390
  1,453
  1,519
  1,587
  1,660
  1,735
  1,815
Net income, $m
  1,063
  1,126
  1,191
  1,258
  1,328
  1,402
  1,478
  1,557
  1,640
  1,726
  2,139
  2,233
  2,331
  2,433
  2,541
  2,653
  2,770
  2,892
  3,020
  3,155
  3,295
  3,443
  3,597
  3,758
  3,928
  4,106
  4,292
  4,487
  4,692
  4,907

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
  41,055
  43,995
  47,050
  50,225
  53,527
  56,962
  60,537
  64,259
  68,135
  72,176
  76,388
  80,783
  85,370
  90,159
  95,162
  100,391
  105,857
  111,573
  117,554
  123,812
  130,364
  137,225
  144,410
  151,938
  159,826
  168,093
  176,758
  185,842
  195,368
  205,357
Adjusted assets (=assets-cash), $m
  41,055
  43,995
  47,050
  50,225
  53,527
  56,962
  60,537
  64,259
  68,135
  72,176
  76,388
  80,783
  85,370
  90,159
  95,162
  100,391
  105,857
  111,573
  117,554
  123,812
  130,364
  137,225
  144,410
  151,938
  159,826
  168,093
  176,758
  185,842
  195,368
  205,357
Revenue / Adjusted assets
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
Average production assets, $m
  28,816
  30,880
  33,024
  35,253
  37,571
  39,982
  42,491
  45,103
  47,824
  50,660
  53,617
  56,701
  59,921
  63,282
  66,794
  70,464
  74,300
  78,313
  82,510
  86,903
  91,502
  96,318
  101,361
  106,645
  112,181
  117,984
  124,066
  130,442
  137,128
  144,139
Working capital, $m
  -136
  -146
  -156
  -166
  -177
  -189
  -201
  -213
  -226
  -239
  -253
  -268
  -283
  -299
  -315
  -333
  -351
  -370
  -390
  -410
  -432
  -455
  -479
  -504
  -530
  -557
  -586
  -616
  -648
  -681
Total debt, $m
  16,616
  18,673
  20,812
  23,035
  25,346
  27,751
  30,253
  32,858
  35,572
  38,400
  41,349
  44,426
  47,636
  50,989
  54,491
  58,151
  61,977
  65,978
  70,165
  74,546
  79,132
  83,935
  88,965
  94,234
  99,755
  105,542
  111,608
  117,967
  124,635
  131,627
Total liabilities, $m
  28,738
  30,796
  32,935
  35,158
  37,469
  39,874
  42,376
  44,981
  47,695
  50,523
  53,472
  56,548
  59,759
  63,111
  66,614
  70,273
  74,100
  78,101
  82,288
  86,669
  91,255
  96,057
  101,087
  106,357
  111,878
  117,665
  123,731
  130,090
  136,758
  143,750
Total equity, $m
  12,316
  13,198
  14,115
  15,068
  16,058
  17,089
  18,161
  19,278
  20,441
  21,653
  22,917
  24,235
  25,611
  27,048
  28,549
  30,117
  31,757
  33,472
  35,266
  37,144
  39,109
  41,167
  43,323
  45,581
  47,948
  50,428
  53,027
  55,753
  58,610
  61,607
Total liabilities and equity, $m
  41,054
  43,994
  47,050
  50,226
  53,527
  56,963
  60,537
  64,259
  68,136
  72,176
  76,389
  80,783
  85,370
  90,159
  95,163
  100,390
  105,857
  111,573
  117,554
  123,813
  130,364
  137,224
  144,410
  151,938
  159,826
  168,093
  176,758
  185,843
  195,368
  205,357
Debt-to-equity ratio
  1.350
  1.410
  1.470
  1.530
  1.580
  1.620
  1.670
  1.700
  1.740
  1.770
  1.800
  1.830
  1.860
  1.890
  1.910
  1.930
  1.950
  1.970
  1.990
  2.010
  2.020
  2.040
  2.050
  2.070
  2.080
  2.090
  2.100
  2.120
  2.130
  2.140
Adjusted equity ratio
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,063
  1,126
  1,191
  1,258
  1,328
  1,402
  1,478
  1,557
  1,640
  1,726
  2,139
  2,233
  2,331
  2,433
  2,541
  2,653
  2,770
  2,892
  3,020
  3,155
  3,295
  3,443
  3,597
  3,758
  3,928
  4,106
  4,292
  4,487
  4,692
  4,907
Depreciation, amort., depletion, $m
  1,403
  1,472
  1,543
  1,618
  1,695
  1,775
  1,859
  1,946
  2,037
  2,131
  1,787
  1,890
  1,997
  2,109
  2,226
  2,349
  2,477
  2,610
  2,750
  2,897
  3,050
  3,211
  3,379
  3,555
  3,739
  3,933
  4,136
  4,348
  4,571
  4,805
Funds from operations, $m
  2,466
  2,598
  2,734
  2,876
  3,023
  3,177
  3,337
  3,503
  3,677
  3,857
  3,926
  4,123
  4,328
  4,543
  4,767
  5,001
  5,246
  5,503
  5,771
  6,051
  6,345
  6,653
  6,976
  7,313
  7,667
  8,038
  8,427
  8,835
  9,263
  9,711
Change in working capital, $m
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -33
Cash from operations, $m
  2,476
  2,607
  2,744
  2,886
  3,034
  3,188
  3,349
  3,515
  3,689
  3,871
  3,940
  4,138
  4,344
  4,559
  4,784
  5,019
  5,264
  5,522
  5,791
  6,072
  6,367
  6,676
  6,999
  7,338
  7,693
  8,066
  8,456
  8,865
  9,294
  9,745
Maintenance CAPEX, $m
  -894
  -961
  -1,029
  -1,101
  -1,175
  -1,252
  -1,333
  -1,416
  -1,503
  -1,594
  -1,689
  -1,787
  -1,890
  -1,997
  -2,109
  -2,226
  -2,349
  -2,477
  -2,610
  -2,750
  -2,897
  -3,050
  -3,211
  -3,379
  -3,555
  -3,739
  -3,933
  -4,136
  -4,348
  -4,571
New CAPEX, $m
  -1,989
  -2,063
  -2,144
  -2,229
  -2,318
  -2,411
  -2,509
  -2,612
  -2,721
  -2,836
  -2,957
  -3,085
  -3,219
  -3,362
  -3,512
  -3,670
  -3,837
  -4,012
  -4,198
  -4,393
  -4,599
  -4,815
  -5,044
  -5,284
  -5,536
  -5,802
  -6,082
  -6,376
  -6,686
  -7,011
Cash from investing activities, $m
  -2,883
  -3,024
  -3,173
  -3,330
  -3,493
  -3,663
  -3,842
  -4,028
  -4,224
  -4,430
  -4,646
  -4,872
  -5,109
  -5,359
  -5,621
  -5,896
  -6,186
  -6,489
  -6,808
  -7,143
  -7,496
  -7,865
  -8,255
  -8,663
  -9,091
  -9,541
  -10,015
  -10,512
  -11,034
  -11,582
Free cash flow, $m
  -407
  -416
  -429
  -443
  -458
  -475
  -493
  -513
  -535
  -559
  -705
  -734
  -766
  -800
  -837
  -878
  -921
  -968
  -1,018
  -1,071
  -1,128
  -1,190
  -1,255
  -1,324
  -1,398
  -1,476
  -1,559
  -1,647
  -1,740
  -1,838
Issuance/(repayment) of debt, $m
  1,984
  2,058
  2,138
  2,223
  2,311
  2,404
  2,502
  2,605
  2,714
  2,828
  2,949
  3,076
  3,211
  3,353
  3,502
  3,660
  3,826
  4,002
  4,186
  4,381
  4,586
  4,802
  5,030
  5,269
  5,521
  5,787
  6,066
  6,359
  6,668
  6,992
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  
  1,984
  2,058
  2,138
  2,223
  2,311
  2,404
  2,502
  2,605
  2,714
  2,828
  2,949
  3,076
  3,211
  3,353
  3,502
  3,660
  3,826
  4,002
  4,186
  4,381
  4,586
  4,802
  5,030
  5,269
  5,521
  5,787
  6,066
  6,359
  6,668
  6,992
Total cash flow (excl. dividends), $m
  1,577
  1,641
  1,709
  1,780
  1,853
  1,929
  2,009
  2,092
  2,179
  2,269
  2,244
  2,342
  2,445
  2,552
  2,665
  2,782
  2,905
  3,034
  3,169
  3,310
  3,458
  3,613
  3,775
  3,945
  4,124
  4,311
  4,507
  4,713
  4,928
  5,155
Retained Cash Flow (-), $m
  -830
  -882
  -916
  -953
  -991
  -1,030
  -1,072
  -1,117
  -1,163
  -1,212
  -1,264
  -1,318
  -1,376
  -1,437
  -1,501
  -1,569
  -1,640
  -1,715
  -1,794
  -1,878
  -1,966
  -2,058
  -2,156
  -2,258
  -2,366
  -2,480
  -2,600
  -2,725
  -2,858
  -2,997
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
  747
  759
  793
  827
  862
  899
  937
  976
  1,016
  1,057
  980
  1,024
  1,069
  1,116
  1,164
  1,214
  1,265
  1,319
  1,375
  1,432
  1,492
  1,555
  1,619
  1,687
  1,757
  1,831
  1,907
  1,987
  2,071
  2,158
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
  686
  635
  599
  559
  516
  471
  426
  380
  334
  290
  221
  187
  156
  127
  102
  80
  62
  47
  34
  25
  17
  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

Eversource Energy is a utility holding company engaged in the energy delivery business. The Company operates through three segments: electric distribution, electric transmission and natural gas distribution. The Company's electric distribution segment consists of the distribution businesses, which are engaged in the distribution of electricity to retail customers in Connecticut, Massachusetts, and New Hampshire and the regulated electric generation businesses. Its electric transmission segment owns and maintains transmission facilities that are part of an interstate power transmission grid over which electricity is transmitted throughout New England. Its electric distribution segment consists of the distribution businesses of The Connecticut Light and Power Company (CL&P), NSTAR Electric Company (NSTAR Electric), Public Service Company of New Hampshire (PSNH) and Western Massachusetts Electric Company (WMECO). It also provides water utility services through its subsidiary, Aquarion.

FINANCIAL RATIOS  of  Eversource Energy (ES)

Valuation Ratios
P/E Ratio 26
Price to Sales 3.2
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 11.3
Price to Free Cash Flow 123.9
Growth Rates
Sales Growth Rate -4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 14.7%
Cap. Spend. - 3 Yr. Gr. Rate 6.3%
Financial Strength
Quick Ratio 0
Current Ratio 0.3
LT Debt to Equity 81.2%
Total Debt to Equity 98.9%
Interest Coverage 0
Management Effectiveness
Return On Assets 3%
Ret/ On Assets - 3 Yr. Avg. 2.9%
Return On Total Capital 4.5%
Ret/ On T. Cap. - 3 Yr. Avg. 4.3%
Return On Equity 8.8%
Return On Equity - 3 Yr. Avg. 8.5%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 29.1%
EBITDA Margin - 3 Yr. Avg. 26.7%
Operating Margin 24.3%
Oper. Margin - 3 Yr. Avg. 22.5%
Pre-Tax Margin 19.7%
Pre-Tax Margin - 3 Yr. Avg. 18.1%
Net Profit Margin 12.3%
Net Profit Margin - 3 Yr. Avg. 11.3%
Effective Tax Rate 36.9%
Eff/ Tax Rate - 3 Yr. Avg. 37%
Payout Ratio 60.7%

ES stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ES stock intrinsic value calculation we used $8448 million for the last fiscal year's total revenue generated by Eversource Energy. The default revenue input number comes from 0001 income statement of Eversource 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 ES stock valuation model: a) initial revenue growth rate of 7.4% 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 ES is calculated based on our internal credit rating of Eversource 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 Eversource 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 ES stock the variable cost ratio is equal to 75.6%.

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 ES 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 Eversource Energy.

Corporate tax rate of 27% is the nominal tax rate for Eversource 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 ES 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 ES are equal to 317.6%.

Life of production assets of 35.4 years is the average useful life of capital assets used in Eversource 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 ES is equal to -1.5%. 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 - $11486.817 million for Eversource 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 316.883 million for Eversource 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 Eversource Energy at the current share price and the inputted number of shares is $24.5 billion.

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