Intrinsic value of Eversource Energy - ES

Previous Close

$62.13

  Intrinsic Value

$42.14

stock screener

  Rating & Target

sell

-32%

  Value-price divergence*

-52%

Previous close

$62.13

 
Intrinsic value

$42.14

 
Up/down potential

-32%

 
Rating

sell

 
Value-price divergence*

-52%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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 2016), $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 19.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -3.97
  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
  7,639
  7,792
  7,971
  8,176
  8,406
  8,661
  8,940
  9,245
  9,574
  9,929
  10,310
  10,718
  11,153
  11,616
  12,109
  12,631
  13,184
  13,770
  14,390
  15,045
  15,736
  16,465
  17,235
  18,045
  18,900
  19,799
  20,747
  21,744
  22,793
  23,897
  25,058
Variable operating expenses, $m
 
  6,055
  6,186
  6,336
  6,504
  6,691
  6,896
  7,118
  7,360
  7,620
  7,898
  7,845
  8,163
  8,502
  8,863
  9,245
  9,650
  10,079
  10,532
  11,012
  11,518
  12,052
  12,615
  13,208
  13,833
  14,492
  15,185
  15,915
  16,683
  17,491
  18,341
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
  5,779
  6,055
  6,186
  6,336
  6,504
  6,691
  6,896
  7,118
  7,360
  7,620
  7,898
  7,845
  8,163
  8,502
  8,863
  9,245
  9,650
  10,079
  10,532
  11,012
  11,518
  12,052
  12,615
  13,208
  13,833
  14,492
  15,185
  15,915
  16,683
  17,491
  18,341
Operating income, $m
  1,860
  1,737
  1,785
  1,840
  1,901
  1,970
  2,045
  2,126
  2,215
  2,310
  2,412
  2,873
  2,990
  3,114
  3,246
  3,386
  3,534
  3,691
  3,857
  4,033
  4,218
  4,414
  4,620
  4,837
  5,066
  5,308
  5,561
  5,829
  6,110
  6,406
  6,717
EBITDA, $m
  2,575
  2,254
  2,306
  2,365
  2,432
  2,506
  2,587
  2,675
  2,770
  2,873
  2,983
  3,101
  3,227
  3,361
  3,503
  3,654
  3,814
  3,984
  4,163
  4,353
  4,553
  4,764
  4,986
  5,221
  5,468
  5,728
  6,002
  6,291
  6,594
  6,914
  7,250
Interest expense (income), $m
  0
  375
  389
  406
  426
  448
  473
  500
  530
  562
  596
  633
  672
  714
  759
  807
  857
  911
  968
  1,028
  1,091
  1,158
  1,229
  1,303
  1,382
  1,464
  1,551
  1,643
  1,740
  1,841
  1,948
Earnings before tax, $m
  1,505
  1,362
  1,396
  1,433
  1,475
  1,521
  1,572
  1,626
  1,685
  1,748
  1,816
  2,240
  2,317
  2,400
  2,487
  2,579
  2,677
  2,780
  2,890
  3,005
  3,127
  3,256
  3,391
  3,534
  3,685
  3,843
  4,010
  4,186
  4,370
  4,565
  4,769
Tax expense, $m
  555
  368
  377
  387
  398
  411
  424
  439
  455
  472
  490
  605
  626
  648
  671
  696
  723
  751
  780
  811
  844
  879
  916
  954
  995
  1,038
  1,083
  1,130
  1,180
  1,232
  1,288
Net income, $m
  942
  994
  1,019
  1,046
  1,077
  1,111
  1,147
  1,187
  1,230
  1,276
  1,326
  1,635
  1,692
  1,752
  1,815
  1,883
  1,954
  2,030
  2,109
  2,194
  2,283
  2,377
  2,476
  2,580
  2,690
  2,806
  2,927
  3,056
  3,190
  3,332
  3,482

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  30
  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
  32,053
  32,602
  33,351
  34,209
  35,171
  36,237
  37,407
  38,681
  40,060
  41,546
  43,140
  44,846
  46,666
  48,604
  50,663
  52,849
  55,165
  57,616
  60,209
  62,948
  65,841
  68,893
  72,111
  75,504
  79,078
  82,843
  86,806
  90,978
  95,369
  99,987
  104,845
Adjusted assets (=assets-cash), $m
  32,023
  32,602
  33,351
  34,209
  35,171
  36,237
  37,407
  38,681
  40,060
  41,546
  43,140
  44,846
  46,666
  48,604
  50,663
  52,849
  55,165
  57,616
  60,209
  62,948
  65,841
  68,893
  72,111
  75,504
  79,078
  82,843
  86,806
  90,978
  95,369
  99,987
  104,845
Revenue / Adjusted assets
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
  0.239
Average production assets, $m
  1,038
  1,060
  1,084
  1,112
  1,143
  1,178
  1,216
  1,257
  1,302
  1,350
  1,402
  1,458
  1,517
  1,580
  1,647
  1,718
  1,793
  1,873
  1,957
  2,046
  2,140
  2,239
  2,344
  2,454
  2,570
  2,693
  2,822
  2,957
  3,100
  3,250
  3,408
Working capital, $m
  -1,161
  748
  765
  785
  807
  831
  858
  887
  919
  953
  990
  1,029
  1,071
  1,115
  1,162
  1,213
  1,266
  1,322
  1,381
  1,444
  1,511
  1,581
  1,655
  1,732
  1,814
  1,901
  1,992
  2,087
  2,188
  2,294
  2,406
Total debt, $m
  10,752
  11,116
  11,611
  12,178
  12,814
  13,519
  14,292
  15,134
  16,046
  17,028
  18,082
  19,209
  20,412
  21,693
  23,055
  24,499
  26,030
  27,650
  29,364
  31,175
  33,087
  35,104
  37,231
  39,474
  41,837
  44,325
  46,945
  49,703
  52,605
  55,658
  58,869
Total liabilities, $m
  21,186
  21,550
  22,045
  22,612
  23,248
  23,953
  24,726
  25,568
  26,480
  27,462
  28,516
  29,643
  30,846
  32,127
  33,489
  34,933
  36,464
  38,084
  39,798
  41,609
  43,521
  45,538
  47,665
  49,908
  52,271
  54,759
  57,379
  60,137
  63,039
  66,092
  69,303
Total equity, $m
  10,867
  11,052
  11,306
  11,597
  11,923
  12,284
  12,681
  13,113
  13,580
  14,084
  14,624
  15,203
  15,820
  16,477
  17,175
  17,916
  18,701
  19,532
  20,411
  21,339
  22,320
  23,355
  24,446
  25,596
  26,807
  28,084
  29,427
  30,842
  32,330
  33,896
  35,543
Total liabilities and equity, $m
  32,053
  32,602
  33,351
  34,209
  35,171
  36,237
  37,407
  38,681
  40,060
  41,546
  43,140
  44,846
  46,666
  48,604
  50,664
  52,849
  55,165
  57,616
  60,209
  62,948
  65,841
  68,893
  72,111
  75,504
  79,078
  82,843
  86,806
  90,979
  95,369
  99,988
  104,846
Debt-to-equity ratio
  0.989
  1.010
  1.030
  1.050
  1.070
  1.100
  1.130
  1.150
  1.180
  1.210
  1.240
  1.260
  1.290
  1.320
  1.340
  1.370
  1.390
  1.420
  1.440
  1.460
  1.480
  1.500
  1.520
  1.540
  1.560
  1.580
  1.600
  1.610
  1.630
  1.640
  1.660
Adjusted equity ratio
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  942
  994
  1,019
  1,046
  1,077
  1,111
  1,147
  1,187
  1,230
  1,276
  1,326
  1,635
  1,692
  1,752
  1,815
  1,883
  1,954
  2,030
  2,109
  2,194
  2,283
  2,377
  2,476
  2,580
  2,690
  2,806
  2,927
  3,056
  3,190
  3,332
  3,482
Depreciation, amort., depletion, $m
  715
  517
  521
  526
  531
  536
  542
  548
  555
  563
  571
  228
  237
  247
  257
  268
  280
  293
  306
  320
  334
  350
  366
  383
  402
  421
  441
  462
  484
  508
  532
Funds from operations, $m
  2,270
  1,511
  1,540
  1,572
  1,607
  1,646
  1,689
  1,735
  1,785
  1,839
  1,897
  1,863
  1,929
  1,998
  2,073
  2,151
  2,234
  2,322
  2,415
  2,514
  2,617
  2,727
  2,842
  2,963
  3,092
  3,226
  3,368
  3,518
  3,675
  3,840
  4,014
Change in working capital, $m
  95
  15
  17
  20
  22
  24
  27
  29
  32
  34
  37
  39
  42
  44
  47
  50
  53
  56
  59
  63
  66
  70
  74
  78
  82
  86
  91
  96
  101
  106
  111
Cash from operations, $m
  2,175
  1,497
  1,523
  1,552
  1,585
  1,622
  1,662
  1,706
  1,754
  1,805
  1,860
  1,824
  1,887
  1,954
  2,025
  2,101
  2,181
  2,266
  2,356
  2,451
  2,551
  2,657
  2,768
  2,886
  3,009
  3,140
  3,277
  3,422
  3,574
  3,734
  3,903
Maintenance CAPEX, $m
  0
  -162
  -166
  -169
  -174
  -179
  -184
  -190
  -196
  -203
  -211
  -219
  -228
  -237
  -247
  -257
  -268
  -280
  -293
  -306
  -320
  -334
  -350
  -366
  -383
  -402
  -421
  -441
  -462
  -484
  -508
New CAPEX, $m
  -1,977
  -22
  -24
  -28
  -31
  -35
  -38
  -41
  -45
  -48
  -52
  -55
  -59
  -63
  -67
  -71
  -75
  -80
  -84
  -89
  -94
  -99
  -105
  -110
  -116
  -122
  -129
  -136
  -143
  -150
  -158
Cash from investing activities, $m
  -2,151
  -184
  -190
  -197
  -205
  -214
  -222
  -231
  -241
  -251
  -263
  -274
  -287
  -300
  -314
  -328
  -343
  -360
  -377
  -395
  -414
  -433
  -455
  -476
  -499
  -524
  -550
  -577
  -605
  -634
  -666
Free cash flow, $m
  24
  1,312
  1,333
  1,355
  1,380
  1,409
  1,440
  1,475
  1,512
  1,553
  1,597
  1,550
  1,600
  1,654
  1,712
  1,773
  1,837
  1,906
  1,979
  2,056
  2,137
  2,223
  2,314
  2,409
  2,510
  2,616
  2,728
  2,845
  2,969
  3,100
  3,237
Issuance/(repayment) of debt, $m
  588
  394
  496
  567
  636
  705
  773
  842
  912
  982
  1,054
  1,127
  1,203
  1,281
  1,361
  1,445
  1,531
  1,620
  1,714
  1,811
  1,912
  2,017
  2,127
  2,242
  2,363
  2,488
  2,620
  2,758
  2,902
  3,053
  3,211
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
  0
Cash from financing (excl. dividends), $m  
  554
  394
  496
  567
  636
  705
  773
  842
  912
  982
  1,054
  1,127
  1,203
  1,281
  1,361
  1,445
  1,531
  1,620
  1,714
  1,811
  1,912
  2,017
  2,127
  2,242
  2,363
  2,488
  2,620
  2,758
  2,902
  3,053
  3,211
Total cash flow (excl. dividends), $m
  578
  1,706
  1,829
  1,922
  2,016
  2,114
  2,214
  2,317
  2,424
  2,535
  2,651
  2,677
  2,803
  2,935
  3,073
  3,217
  3,368
  3,527
  3,693
  3,867
  4,049
  4,240
  4,441
  4,652
  4,873
  5,104
  5,348
  5,603
  5,871
  6,153
  6,448
Retained Cash Flow (-), $m
  -359
  -185
  -254
  -291
  -326
  -361
  -397
  -432
  -467
  -504
  -541
  -578
  -617
  -657
  -698
  -741
  -785
  -831
  -879
  -929
  -980
  -1,035
  -1,091
  -1,150
  -1,212
  -1,276
  -1,344
  -1,414
  -1,488
  -1,566
  -1,647
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
 
  1,521
  1,575
  1,631
  1,690
  1,752
  1,817
  1,885
  1,957
  2,032
  2,111
  2,099
  2,186
  2,278
  2,375
  2,476
  2,583
  2,696
  2,814
  2,938
  3,068
  3,206
  3,350
  3,502
  3,661
  3,828
  4,004
  4,189
  4,383
  4,587
  4,801
Discount rate, %
 
  8.00
  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
PV of cash for distribution, $m
 
  1,408
  1,340
  1,266
  1,186
  1,102
  1,014
  924
  833
  743
  655
  545
  469
  398
  332
  273
  220
  175
  136
  104
  77
  56
  40
  28
  19
  12
  8
  5
  3
  2
  1
Current shareholders' claim on cash, %
  100
  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, eastern Massachusetts, New Hampshire and western Massachusetts, 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).

FINANCIAL RATIOS  of  Eversource Energy (ES)

Valuation Ratios
P/E Ratio 20.9
Price to Sales 2.6
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 9.1
Price to Free Cash Flow 99.4
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 $7639 million for the last fiscal year's total revenue generated by Eversource Energy. The default revenue input number comes from 2016 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 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%, 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 77.8%.

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 3.5% 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 13.6%.

Life of production assets of 6.4 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 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 - $10867 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 317.375 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 $19.7 billion.

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COMPANY NEWS

▶ Eversource Energy to Discuss Third Quarter Results   [Oct-16-17 10:00AM  Business Wire]
▶ [$$] UK set to end outsourcing of nuclear clean-up   [Oct-15-17 12:07PM  Financial Times]
▶ 3 Value Utility Stocks   [Oct-13-17 06:03AM  Motley Fool]
▶ [$$] Eversource Agrees to Seel New Hampshire Power Plants   [Oct-12-17 01:59PM  The Wall Street Journal]
▶ Eversource Announces Sale of Power Plants   [11:11AM  Business Wire]
▶ What You Must Know About Eversource Energys (ES) 9.14% ROE   [Oct-04-17 04:56PM  Simply Wall St.]
▶ Four Utility Buys In A High-Priced Sector   [Sep-18-17 03:53PM  Forbes]
▶ ETFs with exposure to Eversource Energy : August 31, 2017   [Aug-31-17 06:17PM  Capital Cube]
▶ How AvalonBay Compares after 2Q17   [07:35AM  Market Realist]
▶ Eversource beats 2Q profit forecasts   [Jul-27-17 10:12PM  Associated Press]
▶ Eversource Energy to Discuss Second Quarter Results   [Jul-13-17 04:15PM  Business Wire]
▶ Eversource on hook for Harbor project under deal with feds   [08:36AM  American City Business Journals]
▶ ETFs with exposure to Eversource Energy : July 3, 2017   [Jul-03-17 03:11PM  Capital Cube]
▶ ETFs with exposure to Eversource Energy : June 22, 2017   [Jun-22-17 03:42PM  Capital Cube]
▶ [$$] Paris Pullout Won't Dim Electric-Utility Outlook   [Jun-06-17 11:22AM  Barrons.com]
▶ [$$] Macquarie Sells Water Company For $1.7 Billion   [Jun-02-17 02:33PM  The Wall Street Journal]
▶ Eversource misses 1Q profit forecasts   [May-03-17 04:54PM  Associated Press]
▶ 5 Dividend Stocks to Buy in March   [Mar-05-17 08:21AM  Motley Fool]
▶ Eversource Energy Rose Due to Financial Results   [Feb-23-17 09:57AM  Market Realist]
▶ Eight Dividend Stocks Rewarding Shareholders With A Raise   [Feb-07-17 12:55PM  at Insider Monkey]
▶ Eversource Energy to Discuss Fourth Quarter Results   [Feb-06-17 10:00AM  GlobeNewswire]
▶ Eversource Energy Raises Common Dividend By 6.7%   [Feb-02-17 04:05PM  Business Wire]
▶ Billionaires Love These Utilities Stocks   [Dec-04-16 02:17PM  at Insider Monkey]
▶ Should You Buy Eversource Energy (ES)?   [05:28AM  at Insider Monkey]
Financial statements of ES
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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