Intrinsic value of Eversource Energy - ES

Previous Close

$58.75

  Intrinsic Value

$26.89

stock screener

  Rating & Target

str. sell

-54%

Previous close

$58.75

 
Intrinsic value

$26.89

 
Up/down potential

-54%

 
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 2017), $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 18.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

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
  7,907
  8,089
  8,297
  8,530
  8,789
  9,073
  9,382
  9,716
  10,076
  10,463
  10,877
  11,318
  11,788
  12,288
  12,818
  13,379
  13,974
  14,603
  15,267
  15,969
  16,709
  17,489
  18,312
  19,179
  20,092
  21,054
  22,065
  23,130
  24,250
  25,429
Variable operating expenses, $m
  3,802
  3,880
  3,968
  4,067
  4,177
  4,298
  4,429
  4,571
  4,724
  4,888
  4,621
  4,809
  5,009
  5,221
  5,446
  5,685
  5,937
  6,205
  6,487
  6,785
  7,099
  7,431
  7,781
  8,149
  8,537
  8,946
  9,375
  9,828
  10,304
  10,804
Fixed operating expenses, $m
  2,188
  2,236
  2,285
  2,336
  2,387
  2,440
  2,493
  2,548
  2,604
  2,661
  2,720
  2,780
  2,841
  2,904
  2,967
  3,033
  3,099
  3,168
  3,237
  3,309
  3,381
  3,456
  3,532
  3,609
  3,689
  3,770
  3,853
  3,938
  4,024
  4,113
Total operating expenses, $m
  5,990
  6,116
  6,253
  6,403
  6,564
  6,738
  6,922
  7,119
  7,328
  7,549
  7,341
  7,589
  7,850
  8,125
  8,413
  8,718
  9,036
  9,373
  9,724
  10,094
  10,480
  10,887
  11,313
  11,758
  12,226
  12,716
  13,228
  13,766
  14,328
  14,917
Operating income, $m
  1,917
  1,973
  2,043
  2,127
  2,225
  2,335
  2,459
  2,597
  2,748
  2,913
  3,535
  3,729
  3,938
  4,163
  4,404
  4,662
  4,937
  5,231
  5,543
  5,875
  6,228
  6,603
  7,000
  7,421
  7,866
  8,338
  8,837
  9,365
  9,922
  10,511
EBITDA, $m
  5,058
  5,176
  5,318
  5,481
  5,667
  5,875
  6,104
  6,356
  6,630
  6,927
  7,247
  7,592
  7,962
  8,357
  8,779
  9,228
  9,706
  10,215
  10,754
  11,325
  11,931
  12,572
  13,250
  13,967
  14,724
  15,524
  16,368
  17,259
  18,199
  19,190
Interest expense (income), $m
  0
  724
  752
  784
  820
  861
  906
  956
  1,010
  1,069
  1,132
  1,199
  1,272
  1,349
  1,431
  1,519
  1,612
  1,710
  1,814
  1,924
  2,041
  2,164
  2,293
  2,430
  2,574
  2,726
  2,886
  3,054
  3,231
  3,418
  3,614
Earnings before tax, $m
  1,192
  1,221
  1,260
  1,307
  1,364
  1,429
  1,504
  1,587
  1,680
  1,782
  2,336
  2,457
  2,589
  2,732
  2,885
  3,050
  3,227
  3,416
  3,619
  3,835
  4,065
  4,309
  4,570
  4,847
  5,141
  5,452
  5,783
  6,133
  6,505
  6,898
Tax expense, $m
  322
  330
  340
  353
  368
  386
  406
  428
  453
  481
  631
  664
  699
  738
  779
  824
  871
  922
  977
  1,035
  1,097
  1,164
  1,234
  1,309
  1,388
  1,472
  1,561
  1,656
  1,756
  1,862
Net income, $m
  870
  892
  920
  954
  996
  1,043
  1,098
  1,158
  1,226
  1,300
  1,705
  1,794
  1,890
  1,994
  2,106
  2,227
  2,356
  2,494
  2,642
  2,799
  2,967
  3,146
  3,336
  3,538
  3,753
  3,980
  4,222
  4,477
  4,748
  5,035

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
  36,949
  37,799
  38,770
  39,861
  41,069
  42,395
  43,839
  45,402
  47,086
  48,893
  50,826
  52,889
  55,085
  57,419
  59,896
  62,521
  65,299
  68,237
  71,342
  74,620
  78,079
  81,727
  85,571
  89,623
  93,889
  98,381
  103,110
  108,085
  113,320
  118,826
Adjusted assets (=assets-cash), $m
  36,949
  37,799
  38,770
  39,861
  41,069
  42,395
  43,839
  45,402
  47,086
  48,893
  50,826
  52,889
  55,085
  57,419
  59,896
  62,521
  65,299
  68,237
  71,342
  74,620
  78,079
  81,727
  85,571
  89,623
  93,889
  98,381
  103,110
  108,085
  113,320
  118,826
Revenue / Adjusted assets
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
Average production assets, $m
  26,987
  27,607
  28,317
  29,113
  29,996
  30,965
  32,019
  33,161
  34,390
  35,710
  37,122
  38,629
  40,233
  41,938
  43,747
  45,664
  47,693
  49,839
  52,107
  54,501
  57,027
  59,692
  62,500
  65,459
  68,575
  71,856
  75,310
  78,944
  82,767
  86,788
Working capital, $m
  -878
  -898
  -921
  -947
  -976
  -1,007
  -1,041
  -1,078
  -1,118
  -1,161
  -1,207
  -1,256
  -1,308
  -1,364
  -1,423
  -1,485
  -1,551
  -1,621
  -1,695
  -1,773
  -1,855
  -1,941
  -2,033
  -2,129
  -2,230
  -2,337
  -2,449
  -2,567
  -2,692
  -2,823
Total debt, $m
  13,922
  14,511
  15,186
  15,942
  16,781
  17,701
  18,703
  19,788
  20,957
  22,211
  23,552
  24,984
  26,508
  28,128
  29,847
  31,669
  33,597
  35,636
  37,791
  40,066
  42,466
  44,997
  47,666
  50,477
  53,438
  56,556
  59,837
  63,290
  66,923
  70,744
Total liabilities, $m
  25,642
  26,232
  26,906
  27,663
  28,502
  29,422
  30,424
  31,509
  32,677
  33,931
  35,273
  36,705
  38,229
  39,849
  41,568
  43,389
  45,318
  47,357
  49,511
  51,786
  54,187
  56,718
  59,387
  62,198
  65,159
  68,277
  71,558
  75,011
  78,644
  82,465
Total equity, $m
  11,306
  11,566
  11,864
  12,197
  12,567
  12,973
  13,415
  13,893
  14,408
  14,961
  15,553
  16,184
  16,856
  17,570
  18,328
  19,131
  19,982
  20,881
  21,831
  22,834
  23,892
  25,008
  26,185
  27,424
  28,730
  30,105
  31,552
  33,074
  34,676
  36,361
Total liabilities and equity, $m
  36,948
  37,798
  38,770
  39,860
  41,069
  42,395
  43,839
  45,402
  47,085
  48,892
  50,826
  52,889
  55,085
  57,419
  59,896
  62,520
  65,300
  68,238
  71,342
  74,620
  78,079
  81,726
  85,572
  89,622
  93,889
  98,382
  103,110
  108,085
  113,320
  118,826
Debt-to-equity ratio
  1.230
  1.250
  1.280
  1.310
  1.340
  1.360
  1.390
  1.420
  1.450
  1.480
  1.510
  1.540
  1.570
  1.600
  1.630
  1.660
  1.680
  1.710
  1.730
  1.750
  1.780
  1.800
  1.820
  1.840
  1.860
  1.880
  1.900
  1.910
  1.930
  1.950
Adjusted equity ratio
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  870
  892
  920
  954
  996
  1,043
  1,098
  1,158
  1,226
  1,300
  1,705
  1,794
  1,890
  1,994
  2,106
  2,227
  2,356
  2,494
  2,642
  2,799
  2,967
  3,146
  3,336
  3,538
  3,753
  3,980
  4,222
  4,477
  4,748
  5,035
Depreciation, amort., depletion, $m
  3,141
  3,203
  3,274
  3,354
  3,442
  3,539
  3,645
  3,759
  3,882
  4,014
  3,712
  3,863
  4,023
  4,194
  4,375
  4,566
  4,769
  4,984
  5,211
  5,450
  5,703
  5,969
  6,250
  6,546
  6,857
  7,186
  7,531
  7,894
  8,277
  8,679
Funds from operations, $m
  4,012
  4,095
  4,194
  4,308
  4,438
  4,582
  4,742
  4,917
  5,108
  5,314
  5,417
  5,657
  5,913
  6,188
  6,481
  6,793
  7,125
  7,478
  7,852
  8,249
  8,670
  9,115
  9,586
  10,084
  10,610
  11,166
  11,753
  12,372
  13,025
  13,714
Change in working capital, $m
  -17
  -20
  -23
  -26
  -29
  -31
  -34
  -37
  -40
  -43
  -46
  -49
  -52
  -55
  -59
  -62
  -66
  -70
  -74
  -78
  -82
  -87
  -91
  -96
  -101
  -107
  -112
  -118
  -124
  -131
Cash from operations, $m
  4,029
  4,115
  4,217
  4,334
  4,467
  4,614
  4,776
  4,954
  5,148
  5,357
  5,463
  5,706
  5,966
  6,243
  6,540
  6,855
  7,191
  7,548
  7,926
  8,327
  8,752
  9,202
  9,677
  10,180
  10,712
  11,273
  11,865
  12,490
  13,149
  13,845
Maintenance CAPEX, $m
  -2,646
  -2,699
  -2,761
  -2,832
  -2,911
  -3,000
  -3,096
  -3,202
  -3,316
  -3,439
  -3,571
  -3,712
  -3,863
  -4,023
  -4,194
  -4,375
  -4,566
  -4,769
  -4,984
  -5,211
  -5,450
  -5,703
  -5,969
  -6,250
  -6,546
  -6,857
  -7,186
  -7,531
  -7,894
  -8,277
New CAPEX, $m
  -529
  -621
  -710
  -797
  -883
  -968
  -1,055
  -1,142
  -1,230
  -1,320
  -1,412
  -1,507
  -1,604
  -1,705
  -1,809
  -1,917
  -2,029
  -2,146
  -2,268
  -2,394
  -2,526
  -2,664
  -2,808
  -2,959
  -3,116
  -3,281
  -3,454
  -3,634
  -3,823
  -4,021
Cash from investing activities, $m
  -3,175
  -3,320
  -3,471
  -3,629
  -3,794
  -3,968
  -4,151
  -4,344
  -4,546
  -4,759
  -4,983
  -5,219
  -5,467
  -5,728
  -6,003
  -6,292
  -6,595
  -6,915
  -7,252
  -7,605
  -7,976
  -8,367
  -8,777
  -9,209
  -9,662
  -10,138
  -10,640
  -11,165
  -11,717
  -12,298
Free cash flow, $m
  854
  796
  747
  706
  673
  646
  625
  611
  602
  598
  480
  487
  499
  515
  537
  564
  595
  632
  675
  722
  776
  835
  900
  971
  1,049
  1,134
  1,226
  1,325
  1,432
  1,547
Issuance/(repayment) of debt, $m
  508
  590
  674
  757
  839
  920
  1,002
  1,085
  1,169
  1,254
  1,342
  1,432
  1,524
  1,620
  1,719
  1,822
  1,928
  2,039
  2,155
  2,275
  2,400
  2,531
  2,668
  2,811
  2,961
  3,118
  3,281
  3,453
  3,633
  3,821
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  
  508
  590
  674
  757
  839
  920
  1,002
  1,085
  1,169
  1,254
  1,342
  1,432
  1,524
  1,620
  1,719
  1,822
  1,928
  2,039
  2,155
  2,275
  2,400
  2,531
  2,668
  2,811
  2,961
  3,118
  3,281
  3,453
  3,633
  3,821
Total cash flow (excl. dividends), $m
  1,362
  1,386
  1,421
  1,463
  1,511
  1,566
  1,627
  1,696
  1,770
  1,852
  1,822
  1,919
  2,023
  2,135
  2,256
  2,385
  2,524
  2,671
  2,829
  2,997
  3,176
  3,366
  3,568
  3,783
  4,010
  4,252
  4,507
  4,778
  5,065
  5,368
Retained Cash Flow (-), $m
  -220
  -260
  -297
  -334
  -370
  -406
  -442
  -478
  -515
  -553
  -592
  -631
  -672
  -714
  -758
  -803
  -850
  -899
  -950
  -1,003
  -1,058
  -1,116
  -1,177
  -1,240
  -1,306
  -1,375
  -1,447
  -1,523
  -1,602
  -1,685
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
  1,142
  1,126
  1,124
  1,129
  1,141
  1,160
  1,186
  1,217
  1,255
  1,299
  1,230
  1,287
  1,351
  1,421
  1,498
  1,582
  1,673
  1,772
  1,879
  1,994
  2,118
  2,250
  2,392
  2,543
  2,705
  2,877
  3,060
  3,255
  3,463
  3,683
Discount rate, %
  8.30
  8.72
  9.15
  9.61
  10.09
  10.59
  11.12
  11.68
  12.26
  12.88
  13.52
  14.20
  14.91
  15.65
  16.43
  17.26
  18.12
  19.02
  19.97
  20.97
  22.02
  23.12
  24.28
  25.49
  26.77
  28.11
  29.51
  30.99
  32.54
  34.16
PV of cash for distribution, $m
  1,054
  952
  864
  782
  706
  634
  567
  503
  443
  387
  305
  262
  222
  186
  153
  124
  99
  77
  59
  44
  32
  23
  16
  11
  7
  5
  3
  2
  1
  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

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 19.8
Price to Sales 2.4
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 8.6
Price to Free Cash Flow 94
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 $7752 million for the last fiscal year's total revenue generated by Eversource Energy. The default revenue input number comes from 2017 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 8.3%, 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 48.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2141 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 341.3%.

Life of production assets of 10 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 -11.1%. 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 - $11086 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 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 $18.6 billion.

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COMPANY NEWS

▶ Eversource Energy to Discuss Second Quarter Results   [Jul-18-18 09:50AM  Business Wire]
▶ Deals of the day-Mergers and acquisitions   [Jul-13-18 05:23PM  Reuters]
▶ [$$] Connecticut Water Opens Door to Counter Offers in SJW Deal   [May-31-18 04:49PM  The Wall Street Journal]
▶ Survey asks why young people stay in, leave New Hampshire   [May-21-18 04:45PM  Associated Press]
▶ 3 Defensive Stocks to Weather an Uncertain Market   [May-11-18 02:33PM  Investopedia]
▶ Linda Forry Named Eversource Trustee   [May-03-18 03:00PM  Business Wire]
▶ Eversource: 1Q Earnings Snapshot   [May-02-18 05:38PM  Associated Press]
▶ Eversource Energy Files Preliminary Proxy Statement   [Apr-27-18 05:12PM  Business Wire]
▶ [$$] California Water Takes SJW Offer Public   [12:18PM  The Wall Street Journal]
▶ [$$] California Water Made Takeover Bid for SJW   [12:06AM  The Wall Street Journal]
▶ [$$] California Water Made Takeover Bid for SJW   [Apr-25-18 07:30PM  The Wall Street Journal]
▶ Eversource Energy to Webcast First Quarter Results   [Apr-12-18 02:15PM  Business Wire]
▶ That's a lot of dough: Half of Dunkin' corporate workers make over $110,000   [Apr-03-18 02:57PM  American City Business Journals]
▶ Massachusetts ends deal with Northern Pass hydro project   [Mar-28-18 04:42PM  Associated Press]
▶ Groups for, against Northern Pass weigh in on hearing   [Mar-09-18 02:31PM  Associated Press]
▶ Best NYSE Dividend Paying Companies   [08:02AM  Simply Wall St.]
▶ [$$] Crews Race to Restore Power Along Atlantic Seaboard as Storm Eases   [Mar-04-18 06:08PM  The Wall Street Journal]
▶ [$$] New England Has a Power Problem   [Feb-23-18 10:47PM  The Wall Street Journal]
▶ [$$] New England Has a Power Problem   [08:00AM  The Wall Street Journal]
▶ Eversource Energy Reports Full Year 2017 Results   [Feb-22-18 04:15PM  Business Wire]
▶ Morgan Stanley Issues Industrywide Utilities Update   [Feb-13-18 05:18PM  Benzinga]
▶ Eversource Energy to Discuss Fourth Quarter Results   [Feb-12-18 10:00AM  Business Wire]
▶ Eversource Energy Raises Common Dividend by 6.3%   [Feb-07-18 04:15PM  Business Wire]
▶ N.H. denies Mass. pick, Northern Pass power line   [Feb-02-18 06:45AM  American City Business Journals]
▶ The 10 Top Picks For 2018 From Argus Research   [Jan-28-18 10:04AM  Forbes]
▶ Eversource Energy and W.W. Grainger on January 25   [Jan-26-18 12:45PM  Market Realist]
▶ [$$] Deal Close Announcements: Jan. 8-12   [Jan-12-18 05:43PM  The Wall Street Journal]
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