Intrinsic value of Genie Energy - GNE

Previous Close

$4.34

  Intrinsic Value

$0.80

stock screener

  Rating & Target

str. sell

-82%

Previous close

$4.34

 
Intrinsic value

$0.80

 
Up/down potential

-82%

 
Rating

str. sell

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

We calculate the intrinsic value of GNE 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  -0.47
  21.10
  19.49
  18.04
  16.74
  15.56
  14.51
  13.56
  12.70
  11.93
  11.24
  10.61
  10.05
  9.55
  9.09
  8.68
  8.31
  7.98
  7.69
  7.42
  7.17
  6.96
  6.76
  6.59
  6.43
  6.28
  6.16
  6.04
  5.94
  5.84
  5.76
Revenue, $m
  212
  257
  307
  362
  423
  489
  559
  635
  716
  801
  891
  986
  1,085
  1,189
  1,297
  1,409
  1,526
  1,648
  1,775
  1,907
  2,043
  2,186
  2,333
  2,487
  2,647
  2,813
  2,986
  3,167
  3,355
  3,551
  3,755
Variable operating expenses, $m
 
  266
  318
  375
  438
  506
  579
  658
  741
  829
  922
  1,019
  1,122
  1,229
  1,340
  1,457
  1,578
  1,704
  1,835
  1,971
  2,112
  2,259
  2,412
  2,571
  2,736
  2,908
  3,087
  3,274
  3,468
  3,671
  3,882
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
  243
  266
  318
  375
  438
  506
  579
  658
  741
  829
  922
  1,019
  1,122
  1,229
  1,340
  1,457
  1,578
  1,704
  1,835
  1,971
  2,112
  2,259
  2,412
  2,571
  2,736
  2,908
  3,087
  3,274
  3,468
  3,671
  3,882
Operating income, $m
  -31
  -10
  -11
  -13
  -15
  -17
  -20
  -22
  -25
  -28
  -31
  -33
  -37
  -40
  -44
  -48
  -52
  -56
  -60
  -64
  -69
  -74
  -79
  -84
  -89
  -95
  -101
  -107
  -113
  -120
  -127
EBITDA, $m
  -30
  -8
  -10
  -12
  -14
  -16
  -18
  -20
  -23
  -26
  -29
  -32
  -35
  -38
  -42
  -45
  -49
  -53
  -57
  -61
  -66
  -70
  -75
  -80
  -85
  -90
  -96
  -102
  -108
  -114
  -120
Interest expense (income), $m
  0
  0
  0
  0
  1
  1
  1
  1
  2
  2
  3
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
  12
  13
  13
  14
Earnings before tax, $m
  -30
  -10
  -11
  -14
  -16
  -18
  -21
  -24
  -27
  -30
  -34
  -36
  -40
  -44
  -48
  -52
  -57
  -61
  -66
  -71
  -76
  -82
  -87
  -93
  -99
  -105
  -112
  -119
  -126
  -133
  -141
Tax expense, $m
  2
  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
Net income, $m
  -25
  -10
  -11
  -14
  -16
  -18
  -21
  -24
  -27
  -30
  -34
  -36
  -40
  -44
  -48
  -52
  -57
  -61
  -66
  -71
  -76
  -82
  -87
  -93
  -99
  -105
  -112
  -119
  -126
  -133
  -141

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  35
  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
  122
  105
  126
  149
  173
  200
  230
  261
  294
  329
  366
  405
  445
  488
  532
  578
  626
  676
  728
  782
  839
  897
  958
  1,021
  1,086
  1,154
  1,225
  1,299
  1,377
  1,457
  1,541
Adjusted assets (=assets-cash), $m
  87
  105
  126
  149
  173
  200
  230
  261
  294
  329
  366
  405
  445
  488
  532
  578
  626
  676
  728
  782
  839
  897
  958
  1,021
  1,086
  1,154
  1,225
  1,299
  1,377
  1,457
  1,541
Revenue / Adjusted assets
  2.437
  2.448
  2.437
  2.430
  2.445
  2.445
  2.430
  2.433
  2.435
  2.435
  2.434
  2.435
  2.438
  2.436
  2.438
  2.438
  2.438
  2.438
  2.438
  2.439
  2.435
  2.437
  2.435
  2.436
  2.437
  2.438
  2.438
  2.438
  2.436
  2.437
  2.437
Average production assets, $m
  4
  4
  5
  6
  7
  8
  10
  11
  12
  14
  15
  17
  18
  20
  22
  24
  26
  28
  30
  32
  35
  37
  40
  42
  45
  48
  51
  54
  57
  60
  64
Working capital, $m
  57
  28
  33
  39
  46
  53
  60
  69
  77
  87
  96
  106
  117
  128
  140
  152
  165
  178
  192
  206
  221
  236
  252
  269
  286
  304
  323
  342
  362
  383
  406
Total debt, $m
  1
  5
  12
  18
  26
  34
  43
  52
  62
  72
  83
  95
  107
  120
  133
  147
  161
  176
  192
  208
  225
  242
  260
  279
  299
  319
  340
  363
  386
  410
  435
Total liabilities, $m
  27
  31
  38
  44
  52
  60
  69
  78
  88
  98
  109
  121
  133
  146
  159
  173
  187
  202
  218
  234
  251
  268
  286
  305
  325
  345
  366
  389
  412
  436
  461
Total equity, $m
  95
  74
  88
  104
  122
  141
  161
  183
  206
  230
  256
  284
  312
  342
  373
  405
  439
  474
  511
  548
  588
  629
  671
  715
  761
  809
  859
  911
  965
  1,021
  1,080
Total liabilities and equity, $m
  122
  105
  126
  148
  174
  201
  230
  261
  294
  328
  365
  405
  445
  488
  532
  578
  626
  676
  729
  782
  839
  897
  957
  1,020
  1,086
  1,154
  1,225
  1,300
  1,377
  1,457
  1,541
Debt-to-equity ratio
  0.011
  0.070
  0.130
  0.180
  0.210
  0.240
  0.260
  0.280
  0.300
  0.310
  0.330
  0.330
  0.340
  0.350
  0.360
  0.360
  0.370
  0.370
  0.380
  0.380
  0.380
  0.390
  0.390
  0.390
  0.390
  0.390
  0.400
  0.400
  0.400
  0.400
  0.400
Adjusted equity ratio
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -25
  -10
  -11
  -14
  -16
  -18
  -21
  -24
  -27
  -30
  -34
  -36
  -40
  -44
  -48
  -52
  -57
  -61
  -66
  -71
  -76
  -82
  -87
  -93
  -99
  -105
  -112
  -119
  -126
  -133
  -141
Depreciation, amort., depletion, $m
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
Funds from operations, $m
  19
  -8
  -10
  -12
  -14
  -17
  -19
  -22
  -25
  -28
  -31
  -35
  -38
  -42
  -46
  -50
  -54
  -58
  -63
  -68
  -73
  -78
  -83
  -89
  -95
  -101
  -107
  -113
  -120
  -127
  -135
Change in working capital, $m
  3
  5
  5
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  19
  20
  21
  22
Cash from operations, $m
  16
  -13
  -15
  -18
  -21
  -24
  -27
  -30
  -33
  -37
  -41
  -45
  -49
  -53
  -57
  -62
  -67
  -72
  -77
  -82
  -88
  -93
  -99
  -105
  -112
  -119
  -126
  -133
  -141
  -148
  -157
Maintenance CAPEX, $m
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
New CAPEX, $m
  -13
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
Cash from investing activities, $m
  -10
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
Free cash flow, $m
  6
  -14
  -17
  -19
  -22
  -26
  -29
  -32
  -36
  -40
  -44
  -48
  -52
  -57
  -61
  -66
  -71
  -76
  -82
  -87
  -93
  -99
  -105
  -112
  -119
  -126
  -133
  -141
  -149
  -158
  -166
Issuance/(repayment) of debt, $m
  -3
  5
  6
  7
  7
  8
  9
  9
  10
  10
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
Issuance/(repurchase) of shares, $m
  1
  22
  26
  29
  33
  37
  41
  46
  50
  55
  59
  63
  68
  74
  79
  85
  90
  96
  103
  109
  116
  123
  130
  137
  145
  153
  162
  171
  180
  190
  200
Cash from financing (excl. dividends), $m  
  -3
  27
  32
  36
  40
  45
  50
  55
  60
  65
  70
  75
  80
  87
  92
  99
  104
  111
  119
  125
  133
  140
  148
  156
  165
  173
  183
  193
  203
  214
  225
Total cash flow (excl. dividends), $m
  3
  14
  15
  17
  18
  20
  21
  23
  24
  25
  27
  27
  28
  30
  31
  32
  34
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  54
  56
  59
Retained Cash Flow (-), $m
  27
  -22
  -26
  -29
  -33
  -37
  -41
  -46
  -50
  -55
  -59
  -63
  -68
  -74
  -79
  -85
  -90
  -96
  -103
  -109
  -116
  -123
  -130
  -137
  -145
  -153
  -162
  -171
  -180
  -190
  -200
Prev. year cash balance distribution, $m
 
  34
  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
 
  25
  -11
  -13
  -15
  -17
  -20
  -23
  -26
  -29
  -33
  -36
  -40
  -44
  -48
  -52
  -57
  -61
  -66
  -71
  -76
  -82
  -87
  -93
  -99
  -106
  -112
  -119
  -126
  -133
  -141
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  24
  -10
  -11
  -12
  -14
  -15
  -16
  -16
  -17
  -17
  -17
  -17
  -17
  -16
  -15
  -14
  -13
  -12
  -11
  -10
  -8
  -7
  -6
  -5
  -4
  -3
  -3
  -2
  -1
  -1
Current shareholders' claim on cash, %
  100
  77.0
  60.0
  47.2
  37.5
  30.0
  24.2
  19.7
  16.1
  13.2
  11.0
  9.1
  7.6
  6.4
  5.4
  4.5
  3.9
  3.3
  2.8
  2.4
  2.0
  1.7
  1.5
  1.3
  1.1
  0.9
  0.8
  0.7
  0.6
  0.5
  0.4

Genie Energy Ltd. (Genie) owns interest in its subsidiary, Genie Energy International Corporation, which owns Genie Retail Energy and Genie Oil and Gas, Inc. The Company operates through three segments: Genie Retail Energy (GRE), Afek Oil and Gas, Ltd. (Afek), and Genie Oil and Gas (GOGAS). The GRE segment operates retail energy providers (REPs), including IDT Energy, Inc. and Residents Energy, Inc., and energy brokerage and marketing services. Its REP businesses resell electricity and natural gas to residential and small business customers. The Afek segment operates an oil and gas exploration project. The GOGAS segment is an oil and gas exploration company. The GOGAS segment consists of early-stage oil shale projects, including its interest in Genie Mongolia, Inc., an oil shale exploration project; American Shale Oil Corporation, which holds and manages an interest in AMSO, LLC, an oil shale development project, and Israel Energy Initiatives, Ltd., an oil shale development project.

FINANCIAL RATIOS  of  Genie Energy (GNE)

Valuation Ratios
P/E Ratio -4.3
Price to Sales 0.5
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 6.7
Price to Free Cash Flow 35.7
Growth Rates
Sales Growth Rate -0.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -51.9%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 35
Current Ratio 0.4
LT Debt to Equity 0%
Total Debt to Equity 1.1%
Interest Coverage 0
Management Effectiveness
Return On Assets -18%
Ret/ On Assets - 3 Yr. Avg. -13.1%
Return On Total Capital -22.7%
Ret/ On T. Cap. - 3 Yr. Avg. -16.6%
Return On Equity -23%
Return On Equity - 3 Yr. Avg. -16.7%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 36.3%
Gross Margin - 3 Yr. Avg. 28.4%
EBITDA Margin -13.7%
EBITDA Margin - 3 Yr. Avg. -9%
Operating Margin -14.6%
Oper. Margin - 3 Yr. Avg. -9.4%
Pre-Tax Margin -14.2%
Pre-Tax Margin - 3 Yr. Avg. -9.2%
Net Profit Margin -11.8%
Net Profit Margin - 3 Yr. Avg. -8.1%
Effective Tax Rate -6.7%
Eff/ Tax Rate - 3 Yr. Avg. -6.4%
Payout Ratio -28%

GNE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GNE stock intrinsic value calculation we used $212 million for the last fiscal year's total revenue generated by Genie Energy. The default revenue input number comes from 2016 income statement of Genie 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 GNE stock valuation model: a) initial revenue growth rate of 21.1% 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 4.3%, whose default value for GNE is calculated based on our internal credit rating of Genie 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 Genie 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 GNE stock the variable cost ratio is equal to 103.8%.

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 GNE 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 Genie Energy.

Corporate tax rate of 27% is the nominal tax rate for Genie 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 GNE 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 GNE are equal to 1.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Genie 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 GNE is equal to 10.8%. 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 - $95 million for Genie 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 26.952 million for Genie 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 Genie Energy at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ Genie Energy CEO Discusses Business Outlook   [Jan-30-18 03:56PM  PR Newswire]
▶ Genie Energy To Present at NobelCon14   [Jan-18-18 04:30PM  PR Newswire]
▶ Genie Energy posts 3Q profit   [Nov-02-17 08:57AM  Associated Press]
▶ ETFs with exposure to Genie Energy Ltd. : October 3, 2017   [Oct-03-17 11:15AM  Capital Cube]
▶ Diversegy Introduces "MATT", a New Matrix Pricing Tool   [Aug-23-17 08:30AM  PR Newswire]
▶ Genie Energy reports 2Q loss   [Aug-04-17 03:17AM  Associated Press]
▶ Genie Energy Ltd. Reports Second Quarter 2017 Results   [Aug-03-17 07:30AM  PR Newswire]
▶ Genie Energy (GNE) to Report Second Quarter 2017 Results   [Jul-18-17 08:30AM  PR Newswire]
▶ ETFs with exposure to Genie Energy Ltd. : July 11, 2017   [Jul-11-17 02:34PM  Capital Cube]
▶ ETFs with exposure to Genie Energy Ltd. : May 26, 2017   [May-26-17 01:10PM  Capital Cube]
▶ ETFs with exposure to Genie Energy Ltd. : May 15, 2017   [May-15-17 03:49PM  Capital Cube]
▶ Genie Energy posts 1Q profit   [May-03-17 07:36AM  Associated Press]
▶ Genie Energy (GNE) to Report First Quarter 2017 Results   [Apr-19-17 09:00AM  PR Newswire]
▶ ETFs with exposure to Genie Energy Ltd. : April 5, 2017   [Apr-05-17 04:50PM  Capital Cube]
▶ Genie Energy Ltd. Expands Loan Facility   [07:03AM  PR Newswire]
▶ Genie Energy reports 4Q loss   [07:36AM  Associated Press]
▶ Genie Retail Energy Acquires Retail Energy Holdings, LLC   [Nov-03-16 06:26PM  PR Newswire]
▶ Genie Energy (GNE) to Report Third Quarter 2016 Results   [Oct-26-16 05:31PM  PR Newswire]
▶ Genie Energy (GNE) to Report Second Quarter 2016 Results   [Jul-19-16 01:50PM  PR Newswire]
▶ BP Stock: Analyzing 5 Key Customers   [May-06-16 01:33PM  at Investopedia]
▶ Genie Energy (GNE) to Report First Quarter 2016 Results   [Apr-25-16 02:51PM  Marketwired]
Financial statements of GNE
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