Intrinsic value of MDU Resources Group - MDU

Previous Close

$29.22

  Intrinsic Value

$9.12

stock screener

  Rating & Target

str. sell

-69%

Previous close

$29.22

 
Intrinsic value

$9.12

 
Up/down potential

-69%

 
Rating

str. sell

We calculate the intrinsic value of MDU 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 5.7

 

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, %
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.24
  6.12
  6.01
  5.91
  5.82
  5.73
  5.66
  5.59
  5.54
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
Revenue, $m
  4,781
  5,132
  5,496
  5,875
  6,269
  6,679
  7,105
  7,549
  8,011
  8,492
  8,993
  9,517
  10,062
  10,632
  11,227
  11,848
  12,498
  13,177
  13,887
  14,630
  15,408
  16,222
  17,075
  17,968
  18,903
  19,884
  20,911
  21,989
  23,118
  24,302
Variable operating expenses, $m
  4,303
  4,614
  4,937
  5,273
  5,622
  5,986
  6,364
  6,757
  7,167
  7,593
  7,974
  8,438
  8,922
  9,427
  9,955
  10,506
  11,081
  11,684
  12,313
  12,972
  13,662
  14,384
  15,140
  15,932
  16,761
  17,631
  18,542
  19,497
  20,498
  21,548
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
  4,303
  4,614
  4,937
  5,273
  5,622
  5,986
  6,364
  6,757
  7,167
  7,593
  7,974
  8,438
  8,922
  9,427
  9,955
  10,506
  11,081
  11,684
  12,313
  12,972
  13,662
  14,384
  15,140
  15,932
  16,761
  17,631
  18,542
  19,497
  20,498
  21,548
Operating income, $m
  478
  518
  559
  602
  647
  693
  742
  792
  844
  899
  1,019
  1,078
  1,140
  1,205
  1,272
  1,343
  1,416
  1,493
  1,574
  1,658
  1,746
  1,838
  1,935
  2,036
  2,142
  2,253
  2,370
  2,492
  2,620
  2,754
EBITDA, $m
  1,041
  1,118
  1,197
  1,280
  1,366
  1,455
  1,548
  1,644
  1,745
  1,850
  1,959
  2,073
  2,192
  2,316
  2,445
  2,581
  2,722
  2,870
  3,025
  3,187
  3,356
  3,533
  3,719
  3,914
  4,117
  4,331
  4,555
  4,789
  5,035
  5,293
Interest expense (income), $m
  88
  93
  109
  126
  143
  161
  180
  199
  219
  240
  262
  285
  309
  334
  360
  387
  415
  445
  476
  508
  542
  577
  614
  653
  693
  736
  780
  827
  876
  927
  980
Earnings before tax, $m
  386
  409
  434
  459
  486
  514
  542
  572
  604
  636
  734
  769
  806
  845
  885
  927
  971
  1,017
  1,066
  1,116
  1,169
  1,224
  1,282
  1,343
  1,406
  1,473
  1,543
  1,616
  1,693
  1,773
Tax expense, $m
  104
  110
  117
  124
  131
  139
  146
  155
  163
  172
  198
  208
  218
  228
  239
  250
  262
  275
  288
  301
  316
  331
  346
  363
  380
  398
  417
  436
  457
  479
Net income, $m
  281
  299
  317
  335
  355
  375
  396
  418
  441
  464
  536
  562
  589
  617
  646
  677
  709
  743
  778
  815
  853
  894
  936
  980
  1,027
  1,075
  1,126
  1,180
  1,236
  1,295

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
  6,820
  7,320
  7,841
  8,381
  8,943
  9,528
  10,136
  10,769
  11,427
  12,114
  12,829
  13,576
  14,354
  15,167
  16,015
  16,902
  17,828
  18,797
  19,810
  20,870
  21,980
  23,141
  24,358
  25,632
  26,966
  28,365
  29,831
  31,367
  32,979
  34,668
Adjusted assets (=assets-cash), $m
  6,820
  7,320
  7,841
  8,381
  8,943
  9,528
  10,136
  10,769
  11,427
  12,114
  12,829
  13,576
  14,354
  15,167
  16,015
  16,902
  17,828
  18,797
  19,810
  20,870
  21,980
  23,141
  24,358
  25,632
  26,966
  28,365
  29,831
  31,367
  32,979
  34,668
Revenue / Adjusted assets
  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
Average production assets, $m
  4,996
  5,362
  5,744
  6,140
  6,551
  6,979
  7,425
  7,888
  8,371
  8,874
  9,398
  9,945
  10,515
  11,110
  11,732
  12,381
  13,060
  13,770
  14,512
  15,288
  16,101
  16,952
  17,843
  18,776
  19,754
  20,779
  21,852
  22,978
  24,158
  25,396
Working capital, $m
  -91
  -97
  -104
  -112
  -119
  -127
  -135
  -143
  -152
  -161
  -171
  -181
  -191
  -202
  -213
  -225
  -237
  -250
  -264
  -278
  -293
  -308
  -324
  -341
  -359
  -378
  -397
  -418
  -439
  -462
Total debt, $m
  2,017
  2,326
  2,647
  2,980
  3,327
  3,688
  4,063
  4,453
  4,860
  5,284
  5,725
  6,185
  6,666
  7,167
  7,691
  8,238
  8,809
  9,407
  10,032
  10,686
  11,371
  12,087
  12,838
  13,624
  14,447
  15,310
  16,215
  17,163
  18,157
  19,199
Total liabilities, $m
  4,208
  4,517
  4,838
  5,171
  5,518
  5,879
  6,254
  6,644
  7,051
  7,474
  7,916
  8,376
  8,856
  9,358
  9,881
  10,428
  11,000
  11,598
  12,223
  12,877
  13,561
  14,278
  15,029
  15,815
  16,638
  17,501
  18,406
  19,354
  20,348
  21,390
Total equity, $m
  2,612
  2,804
  3,003
  3,210
  3,425
  3,649
  3,882
  4,124
  4,377
  4,640
  4,914
  5,199
  5,498
  5,809
  6,134
  6,473
  6,828
  7,199
  7,587
  7,993
  8,418
  8,863
  9,329
  9,817
  10,328
  10,864
  11,425
  12,014
  12,631
  13,278
Total liabilities and equity, $m
  6,820
  7,321
  7,841
  8,381
  8,943
  9,528
  10,136
  10,768
  11,428
  12,114
  12,830
  13,575
  14,354
  15,167
  16,015
  16,901
  17,828
  18,797
  19,810
  20,870
  21,979
  23,141
  24,358
  25,632
  26,966
  28,365
  29,831
  31,368
  32,979
  34,668
Debt-to-equity ratio
  0.770
  0.830
  0.880
  0.930
  0.970
  1.010
  1.050
  1.080
  1.110
  1.140
  1.170
  1.190
  1.210
  1.230
  1.250
  1.270
  1.290
  1.310
  1.320
  1.340
  1.350
  1.360
  1.380
  1.390
  1.400
  1.410
  1.420
  1.430
  1.440
  1.450
Adjusted equity ratio
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  281
  299
  317
  335
  355
  375
  396
  418
  441
  464
  536
  562
  589
  617
  646
  677
  709
  743
  778
  815
  853
  894
  936
  980
  1,027
  1,075
  1,126
  1,180
  1,236
  1,295
Depreciation, amort., depletion, $m
  563
  600
  638
  678
  719
  762
  806
  852
  901
  951
  940
  994
  1,052
  1,111
  1,173
  1,238
  1,306
  1,377
  1,451
  1,529
  1,610
  1,695
  1,784
  1,878
  1,975
  2,078
  2,185
  2,298
  2,416
  2,540
Funds from operations, $m
  845
  898
  954
  1,013
  1,073
  1,136
  1,202
  1,270
  1,341
  1,415
  1,475
  1,556
  1,640
  1,728
  1,819
  1,915
  2,015
  2,120
  2,229
  2,344
  2,463
  2,589
  2,720
  2,858
  3,002
  3,153
  3,311
  3,478
  3,652
  3,834
Change in working capital, $m
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -20
  -21
  -22
Cash from operations, $m
  851
  905
  961
  1,020
  1,081
  1,144
  1,210
  1,279
  1,350
  1,425
  1,485
  1,566
  1,650
  1,739
  1,831
  1,927
  2,027
  2,133
  2,243
  2,358
  2,478
  2,604
  2,736
  2,875
  3,020
  3,172
  3,331
  3,498
  3,673
  3,857
Maintenance CAPEX, $m
  -464
  -500
  -536
  -574
  -614
  -655
  -698
  -742
  -789
  -837
  -887
  -940
  -994
  -1,052
  -1,111
  -1,173
  -1,238
  -1,306
  -1,377
  -1,451
  -1,529
  -1,610
  -1,695
  -1,784
  -1,878
  -1,975
  -2,078
  -2,185
  -2,298
  -2,416
New CAPEX, $m
  -354
  -367
  -381
  -396
  -412
  -428
  -445
  -464
  -483
  -503
  -524
  -547
  -570
  -595
  -622
  -649
  -679
  -710
  -742
  -777
  -813
  -851
  -891
  -933
  -978
  -1,025
  -1,074
  -1,126
  -1,180
  -1,237
Cash from investing activities, $m
  -818
  -867
  -917
  -970
  -1,026
  -1,083
  -1,143
  -1,206
  -1,272
  -1,340
  -1,411
  -1,487
  -1,564
  -1,647
  -1,733
  -1,822
  -1,917
  -2,016
  -2,119
  -2,228
  -2,342
  -2,461
  -2,586
  -2,717
  -2,856
  -3,000
  -3,152
  -3,311
  -3,478
  -3,653
Free cash flow, $m
  33
  39
  44
  50
  55
  61
  67
  73
  79
  85
  73
  80
  86
  92
  98
  104
  111
  117
  123
  130
  137
  143
  150
  157
  164
  172
  179
  187
  195
  203
Issuance/(repayment) of debt, $m
  302
  309
  321
  334
  347
  361
  375
  390
  407
  424
  441
  460
  480
  501
  524
  547
  572
  598
  625
  654
  685
  717
  750
  786
  824
  863
  904
  948
  994
  1,042
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  
  302
  309
  321
  334
  347
  361
  375
  390
  407
  424
  441
  460
  480
  501
  524
  547
  572
  598
  625
  654
  685
  717
  750
  786
  824
  863
  904
  948
  994
  1,042
Total cash flow (excl. dividends), $m
  335
  348
  365
  383
  402
  422
  442
  463
  485
  508
  515
  540
  566
  593
  622
  651
  682
  715
  749
  784
  821
  860
  901
  943
  988
  1,035
  1,084
  1,135
  1,189
  1,246
Retained Cash Flow (-), $m
  -183
  -192
  -199
  -207
  -215
  -224
  -233
  -242
  -252
  -263
  -274
  -286
  -298
  -311
  -325
  -340
  -355
  -371
  -388
  -406
  -425
  -445
  -466
  -488
  -511
  -536
  -561
  -589
  -617
  -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
  152
  156
  166
  176
  187
  198
  209
  221
  233
  245
  241
  254
  268
  282
  297
  312
  327
  344
  360
  378
  396
  415
  435
  455
  477
  499
  522
  547
  572
  599
Discount rate, %
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
  25.93
PV of cash for distribution, $m
  143
  137
  136
  133
  129
  124
  119
  112
  104
  97
  82
  74
  66
  59
  51
  44
  37
  30
  25
  20
  15
  12
  9
  7
  5
  3
  2
  1
  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

MDU Resources Group, Inc. is engaged in regulated energy delivery and construction materials and services business. The Company's businesses segments are electric, natural gas distribution, pipeline and midstream, construction materials and contracting, and construction services. The electric segment generates, transmits and distributes electricity. The natural gas distribution segment distributes natural gas. The pipeline and midstream segment provides natural gas transportation, underground storage, processing and gathering services, as well as oil gathering. The construction materials and contracting segment mines aggregates and markets crushed stone, sand, gravel and related construction materials, including ready-mixed concrete, asphalt, liquid asphalt and other value-added products. The construction services segment provides utility construction services in constructing and maintaining electric and communication lines, and external lighting and traffic signalization.

FINANCIAL RATIOS  of  MDU Resources Group (MDU)

Valuation Ratios
P/E Ratio 89.2
Price to Sales 1.4
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 12.4
Price to Free Cash Flow 77.1
Growth Rates
Sales Growth Rate 2.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -27.7%
Cap. Spend. - 3 Yr. Gr. Rate -6.1%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 75.4%
Total Debt to Equity 77.3%
Interest Coverage 5
Management Effectiveness
Return On Assets 2%
Ret/ On Assets - 3 Yr. Avg. -0.3%
Return On Total Capital 1.5%
Ret/ On T. Cap. - 3 Yr. Avg. -1.9%
Return On Equity 2.7%
Return On Equity - 3 Yr. Avg. -3.3%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 15.3%
EBITDA Margin - 3 Yr. Avg. 14%
Operating Margin 9.9%
Oper. Margin - 3 Yr. Avg. 8.6%
Pre-Tax Margin 7.9%
Pre-Tax Margin - 3 Yr. Avg. 6.7%
Net Profit Margin 1.6%
Net Profit Margin - 3 Yr. Avg. -2.2%
Effective Tax Rate 28.5%
Eff/ Tax Rate - 3 Yr. Avg. 27.7%
Payout Ratio 229.7%

MDU stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MDU stock intrinsic value calculation we used $4443 million for the last fiscal year's total revenue generated by MDU Resources Group. The default revenue input number comes from 2017 income statement of MDU Resources Group. 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 MDU stock valuation model: a) initial revenue growth rate of 7.6% 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 6.3%, whose default value for MDU is calculated based on our internal credit rating of MDU Resources Group, 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 MDU Resources Group.
    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 MDU stock the variable cost ratio is equal to 90.1%.

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 MDU 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 MDU Resources Group.

Corporate tax rate of 27% is the nominal tax rate for MDU Resources Group. 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 MDU 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 MDU are equal to 104.5%.

Life of production assets of 10 years is the average useful life of capital assets used in MDU Resources Group 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 MDU is equal to -1.9%. 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 - $2429 million for MDU Resources Group - 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 195 million for MDU Resources Group 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 MDU Resources Group at the current share price and the inputted number of shares is $5.7 billion.

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COMPANY NEWS

▶ MDU Resources Group Acquires Tri-City Paving, Inc.   [Jun-04-18 08:25AM  PR Newswire]
▶ MDU Resources Announces Director Holaday's Retirement   [May-08-18 05:03PM  PR Newswire]
▶ MDU Resources: 1Q Earnings Snapshot   [May-03-18 05:13AM  Associated Press]
▶ March Top Dividend Payers   [Mar-09-18 08:02AM  Simply Wall St.]
▶ MDU Resources Announces Webcast of Analyst Seminar   [Mar-07-18 11:55AM  PR Newswire]
▶ MDU Resources posts 4Q profit   [Feb-06-18 07:25PM  Associated Press]
▶ MDU Resources misses 3Q profit forecasts   [Nov-02-17 05:49AM  Associated Press]
▶ MDU Resources Reports Higher Third Quarter Earnings   [Nov-01-17 05:00PM  PR Newswire]
▶ MDU Resources Names Hastings CEO of Pipeline Business   [Oct-10-17 04:15PM  PR Newswire]
▶ Ferrellgas hires former Fortune 500 CFO   [Sep-22-17 01:25PM  American City Business Journals]
▶ Four Utility Buys In A High-Priced Sector   [Sep-18-17 03:53PM  Forbes]
▶ MDU Resources posts 2Q profit   [12:35AM  Associated Press]
▶ MDU Resources posts 2Q profit   [Aug-01-17 07:34PM  Associated Press]
▶ The Best Stock in North Dakota: MDU Resources   [Jul-21-17 11:50PM  Kiplinger]
▶ What 2017's top stock picker is buying   [Jun-19-17 02:35PM  CNBC Videos]
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