Intrinsic value of Genie Energy - GNE

Previous Close

$6.81

  Intrinsic Value

$34.41

stock screener

  Rating & Target

str. buy

+405%

Previous close

$6.81

 
Intrinsic value

$34.41

 
Up/down potential

+405%

 
Rating

str. buy

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

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 0.2

 

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, %
  12.30
  11.57
  10.91
  10.32
  9.79
  9.31
  8.88
  8.49
  8.14
  7.83
  7.55
  7.29
  7.06
  6.86
  6.67
  6.50
  6.35
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
Revenue, $m
  297
  331
  367
  405
  445
  486
  529
  574
  621
  670
  720
  773
  827
  884
  943
  1,004
  1,068
  1,134
  1,203
  1,276
  1,351
  1,429
  1,511
  1,596
  1,685
  1,778
  1,875
  1,977
  2,084
  2,195
Variable operating expenses, $m
  155
  173
  191
  211
  232
  253
  275
  299
  323
  348
  373
  400
  428
  457
  488
  520
  553
  587
  623
  660
  699
  739
  782
  826
  872
  920
  970
  1,023
  1,078
  1,136
Fixed operating expenses, $m
  138
  141
  144
  147
  151
  154
  157
  161
  164
  168
  172
  175
  179
  183
  187
  191
  195
  200
  204
  209
  213
  218
  223
  228
  233
  238
  243
  248
  254
  259
Total operating expenses, $m
  293
  314
  335
  358
  383
  407
  432
  460
  487
  516
  545
  575
  607
  640
  675
  711
  748
  787
  827
  869
  912
  957
  1,005
  1,054
  1,105
  1,158
  1,213
  1,271
  1,332
  1,395
Operating income, $m
  4
  17
  32
  47
  63
  79
  97
  115
  134
  154
  176
  198
  220
  243
  268
  293
  320
  348
  377
  407
  439
  472
  506
  543
  581
  620
  662
  706
  752
  800
EBITDA, $m
  7
  20
  35
  50
  66
  83
  101
  119
  138
  159
  179
  201
  224
  248
  272
  298
  325
  353
  382
  413
  445
  479
  514
  550
  589
  629
  671
  715
  762
  810
Interest expense (income), $m
  0
  0
  1
  3
  4
  5
  6
  7
  9
  10
  11
  13
  14
  16
  18
  19
  21
  23
  25
  27
  29
  31
  33
  36
  38
  41
  44
  46
  49
  53
  56
Earnings before tax, $m
  3
  16
  29
  43
  58
  73
  90
  106
  124
  143
  163
  183
  204
  226
  249
  272
  297
  323
  350
  378
  407
  438
  471
  504
  540
  577
  616
  657
  699
  744
Tax expense, $m
  1
  4
  8
  12
  16
  20
  24
  29
  34
  38
  44
  49
  55
  61
  67
  74
  80
  87
  94
  102
  110
  118
  127
  136
  146
  156
  166
  177
  189
  201
Net income, $m
  2
  12
  21
  31
  42
  54
  65
  78
  91
  104
  119
  134
  149
  165
  181
  199
  217
  236
  255
  276
  297
  320
  343
  368
  394
  421
  449
  479
  510
  543

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
  141
  158
  175
  193
  212
  232
  252
  274
  296
  319
  343
  368
  394
  421
  449
  478
  509
  540
  573
  608
  643
  681
  720
  760
  803
  847
  893
  942
  993
  1,046
Adjusted assets (=assets-cash), $m
  141
  158
  175
  193
  212
  232
  252
  274
  296
  319
  343
  368
  394
  421
  449
  478
  509
  540
  573
  608
  643
  681
  720
  760
  803
  847
  893
  942
  993
  1,046
Revenue / Adjusted assets
  2.106
  2.095
  2.097
  2.098
  2.099
  2.095
  2.099
  2.095
  2.098
  2.100
  2.099
  2.101
  2.099
  2.100
  2.100
  2.100
  2.098
  2.100
  2.099
  2.099
  2.101
  2.098
  2.099
  2.100
  2.098
  2.099
  2.100
  2.099
  2.099
  2.098
Average production assets, $m
  11
  12
  14
  15
  16
  18
  20
  21
  23
  25
  27
  29
  31
  33
  35
  37
  40
  42
  45
  47
  50
  53
  56
  59
  62
  66
  69
  73
  77
  81
Working capital, $m
  6
  7
  8
  9
  9
  10
  11
  12
  13
  14
  15
  16
  17
  19
  20
  21
  22
  24
  25
  27
  28
  30
  32
  34
  35
  37
  39
  42
  44
  46
Total debt, $m
  8
  13
  19
  25
  31
  38
  44
  52
  59
  67
  75
  83
  92
  101
  110
  120
  130
  140
  151
  162
  174
  187
  200
  213
  227
  242
  257
  273
  290
  308
Total liabilities, $m
  47
  52
  58
  64
  70
  77
  84
  91
  98
  106
  114
  122
  131
  140
  149
  159
  169
  179
  190
  202
  214
  226
  239
  252
  267
  281
  297
  313
  330
  347
Total equity, $m
  94
  105
  117
  129
  142
  155
  168
  183
  198
  213
  229
  246
  263
  281
  300
  320
  340
  361
  383
  406
  430
  455
  481
  508
  536
  566
  597
  629
  663
  699
Total liabilities and equity, $m
  141
  157
  175
  193
  212
  232
  252
  274
  296
  319
  343
  368
  394
  421
  449
  479
  509
  540
  573
  608
  644
  681
  720
  760
  803
  847
  894
  942
  993
  1,046
Debt-to-equity ratio
  0.080
  0.120
  0.160
  0.190
  0.220
  0.240
  0.260
  0.280
  0.300
  0.310
  0.330
  0.340
  0.350
  0.360
  0.370
  0.370
  0.380
  0.390
  0.390
  0.400
  0.410
  0.410
  0.420
  0.420
  0.420
  0.430
  0.430
  0.430
  0.440
  0.440
Adjusted equity ratio
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2
  12
  21
  31
  42
  54
  65
  78
  91
  104
  119
  134
  149
  165
  181
  199
  217
  236
  255
  276
  297
  320
  343
  368
  394
  421
  449
  479
  510
  543
Depreciation, amort., depletion, $m
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
Funds from operations, $m
  5
  15
  24
  35
  46
  57
  69
  82
  95
  109
  123
  137
  153
  169
  186
  204
  222
  241
  261
  282
  304
  327
  351
  376
  402
  430
  458
  489
  520
  554
Change in working capital, $m
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
Cash from operations, $m
  5
  14
  24
  34
  45
  56
  68
  81
  94
  108
  122
  136
  152
  168
  185
  202
  221
  240
  260
  280
  302
  325
  349
  374
  400
  428
  456
  486
  518
  551
Maintenance CAPEX, $m
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
New CAPEX, $m
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
Cash from investing activities, $m
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
Free cash flow, $m
  2
  11
  21
  31
  42
  53
  65
  77
  90
  103
  116
  131
  146
  162
  178
  196
  213
  232
  252
  272
  293
  316
  339
  364
  389
  416
  444
  474
  505
  537
Issuance/(repayment) of debt, $m
  5
  5
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
Issuance/(repurchase) of shares, $m
  8
  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  
  13
  5
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
Total cash flow (excl. dividends), $m
  15
  17
  27
  37
  48
  59
  71
  84
  97
  111
  124
  139
  155
  171
  188
  205
  224
  243
  263
  283
  305
  328
  352
  377
  403
  431
  460
  490
  522
  555
Retained Cash Flow (-), $m
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
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
  5
  6
  15
  25
  35
  46
  58
  70
  82
  95
  108
  123
  137
  153
  169
  186
  203
  221
  241
  261
  281
  303
  326
  350
  375
  401
  429
  458
  488
  520
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
  5
  5
  13
  20
  27
  34
  39
  43
  47
  50
  51
  52
  52
  51
  50
  47
  44
  41
  37
  33
  29
  25
  21
  18
  15
  12
  9
  7
  5
  4
Current shareholders' claim on cash, %
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5

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 -6.7
Price to Sales 0.8
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 10.5
Price to Free Cash Flow 56
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 $264.202 million for the last fiscal year's total revenue generated by Genie Energy. The default revenue input number comes from 0001 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 12.3% 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 52.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $135 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 19.2% 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 3.7%.

Life of production assets of 7.8 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 2.1%. 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 - $84.013 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 24.876 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 $0.2 billion.

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COMPANY NEWS

▶ Genie Energy: 3Q Earnings Snapshot   [06:01PM  Associated Press]
▶ Genie Energy (GNE) to Report Third Quarter 2018 Results   [Oct-25-18 08:30AM  PR Newswire]
▶ Is Genie Energy Ltds (NYSE:GNE) 4.8% Worse Than Average?   [Oct-18-18 10:00AM  Simply Wall St.]
▶ Does Genie Energy Ltd (NYSE:GNE) Go Up With The Market?   [Sep-07-18 12:01PM  Simply Wall St.]
▶ Genie Energy: 2Q Earnings Snapshot   [Aug-06-18 07:48AM  Associated Press]
▶ Genie Energy (GNE) to Report Second Quarter 2018 Results   [Jul-25-18 06:00PM  PR Newswire]
▶ Genie Energy To Present at IDEAS Investor Conference   [May-09-18 08:59AM  PR Newswire]
▶ Genie Energy: 1Q Earnings Snapshot   [May-03-18 09:21AM  Associated Press]
▶ Genie Energy (GNE) to Report First Quarter 2018 Results   [Apr-26-18 10:00AM  PR Newswire]
▶ Genie Energy reports 4Q loss   [Mar-08-18 10:05AM  Associated Press]
▶ 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]

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