Intrinsic value of MDU Resources Group - MDU

Previous Close

$26.98

  Intrinsic Value

$35.01

stock screener

  Rating & Target

buy

+30%

Previous close

$26.98

 
Intrinsic value

$35.01

 
Up/down potential

+30%

 
Rating

buy

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

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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of MDU Resources Group (MDU) stock.

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, %
  2.86
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
  5.02
  5.02
  5.01
Revenue, $m
  1,141
  4,348
  4,577
  4,817
  5,068
  5,332
  5,608
  5,897
  6,200
  6,518
  6,852
  7,202
  7,569
  7,953
  8,357
  8,781
  9,225
  9,692
  10,181
  10,695
  11,234
  11,799
  12,393
  13,017
  13,671
  14,358
  15,079
  15,836
  16,630
  17,464
  18,340
Variable operating expenses, $m
 
  979
  1,028
  1,078
  1,131
  1,187
  1,245
  1,306
  1,370
  1,437
  1,507
  1,517
  1,595
  1,676
  1,761
  1,850
  1,944
  2,042
  2,145
  2,253
  2,367
  2,486
  2,611
  2,743
  2,880
  3,025
  3,177
  3,336
  3,504
  3,680
  3,864
Fixed operating expenses, $m
 
  2,927
  3,001
  3,076
  3,152
  3,231
  3,312
  3,395
  3,480
  3,567
  3,656
  3,747
  3,841
  3,937
  4,035
  4,136
  4,240
  4,346
  4,454
  4,566
  4,680
  4,797
  4,917
  5,040
  5,166
  5,295
  5,427
  5,563
  5,702
  5,845
  5,991
Total operating expenses, $m
  3,720
  3,906
  4,029
  4,154
  4,283
  4,418
  4,557
  4,701
  4,850
  5,004
  5,163
  5,264
  5,436
  5,613
  5,796
  5,986
  6,184
  6,388
  6,599
  6,819
  7,047
  7,283
  7,528
  7,783
  8,046
  8,320
  8,604
  8,899
  9,206
  9,525
  9,855
Operating income, $m
  409
  441
  549
  663
  785
  914
  1,051
  1,197
  1,351
  1,515
  1,689
  1,937
  2,133
  2,341
  2,561
  2,794
  3,042
  3,304
  3,582
  3,876
  4,187
  4,516
  4,865
  5,234
  5,625
  6,038
  6,474
  6,936
  7,424
  7,940
  8,485
EBITDA, $m
  625
  671
  788
  911
  1,042
  1,182
  1,329
  1,486
  1,652
  1,828
  2,015
  2,213
  2,423
  2,646
  2,881
  3,131
  3,396
  3,676
  3,972
  4,286
  4,618
  4,969
  5,341
  5,734
  6,149
  6,589
  7,053
  7,544
  8,062
  8,610
  9,189
Interest expense (income), $m
  88
  86
  96
  106
  118
  129
  142
  154
  168
  182
  197
  212
  229
  246
  264
  282
  302
  323
  344
  367
  391
  416
  443
  470
  499
  530
  562
  595
  631
  668
  706
Earnings before tax, $m
  326
  356
  453
  557
  667
  785
  909
  1,042
  1,183
  1,333
  1,492
  1,725
  1,904
  2,095
  2,297
  2,512
  2,740
  2,981
  3,237
  3,508
  3,796
  4,100
  4,423
  4,764
  5,126
  5,508
  5,913
  6,341
  6,794
  7,273
  7,779
Tax expense, $m
  93
  96
  122
  150
  180
  212
  246
  281
  319
  360
  403
  466
  514
  566
  620
  678
  740
  805
  874
  947
  1,025
  1,107
  1,194
  1,286
  1,384
  1,487
  1,596
  1,712
  1,834
  1,964
  2,100
Net income, $m
  64
  260
  331
  407
  487
  573
  664
  761
  864
  973
  1,089
  1,259
  1,390
  1,529
  1,677
  1,834
  2,000
  2,176
  2,363
  2,561
  2,771
  2,993
  3,229
  3,478
  3,742
  4,021
  4,316
  4,629
  4,959
  5,309
  5,679

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  46
  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
  6,284
  6,568
  6,914
  7,276
  7,656
  8,054
  8,471
  8,908
  9,366
  9,847
  10,350
  10,879
  11,433
  12,014
  12,624
  13,264
  13,935
  14,640
  15,379
  16,155
  16,969
  17,824
  18,721
  19,663
  20,651
  21,688
  22,778
  23,921
  25,121
  26,381
  27,704
Adjusted assets (=assets-cash), $m
  6,238
  6,568
  6,914
  7,276
  7,656
  8,054
  8,471
  8,908
  9,366
  9,847
  10,350
  10,879
  11,433
  12,014
  12,624
  13,264
  13,935
  14,640
  15,379
  16,155
  16,969
  17,824
  18,721
  19,663
  20,651
  21,688
  22,778
  23,921
  25,121
  26,381
  27,704
Revenue / Adjusted assets
  0.183
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
Average production assets, $m
  1,743
  1,835
  1,931
  2,033
  2,139
  2,250
  2,366
  2,489
  2,617
  2,751
  2,892
  3,039
  3,194
  3,356
  3,527
  3,705
  3,893
  4,090
  4,296
  4,513
  4,741
  4,979
  5,230
  5,493
  5,769
  6,059
  6,363
  6,683
  7,018
  7,370
  7,739
Working capital, $m
  307
  322
  339
  356
  375
  395
  415
  436
  459
  482
  507
  533
  560
  589
  618
  650
  683
  717
  753
  791
  831
  873
  917
  963
  1,012
  1,062
  1,116
  1,172
  1,231
  1,292
  1,357
Total debt, $m
  1,790
  1,953
  2,171
  2,399
  2,638
  2,888
  3,150
  3,425
  3,713
  4,015
  4,332
  4,665
  5,013
  5,379
  5,763
  6,165
  6,587
  7,030
  7,495
  7,983
  8,496
  9,033
  9,598
  10,190
  10,811
  11,464
  12,149
  12,868
  13,623
  14,416
  15,248
Total liabilities, $m
  3,968
  4,131
  4,349
  4,577
  4,816
  5,066
  5,328
  5,603
  5,891
  6,193
  6,510
  6,843
  7,191
  7,557
  7,941
  8,343
  8,765
  9,208
  9,673
  10,161
  10,674
  11,211
  11,776
  12,368
  12,989
  13,642
  14,327
  15,046
  15,801
  16,594
  17,426
Total equity, $m
  2,316
  2,437
  2,565
  2,700
  2,840
  2,988
  3,143
  3,305
  3,475
  3,653
  3,840
  4,036
  4,242
  4,457
  4,684
  4,921
  5,170
  5,431
  5,706
  5,994
  6,296
  6,613
  6,945
  7,295
  7,661
  8,046
  8,450
  8,875
  9,320
  9,787
  10,278
Total liabilities and equity, $m
  6,284
  6,568
  6,914
  7,277
  7,656
  8,054
  8,471
  8,908
  9,366
  9,846
  10,350
  10,879
  11,433
  12,014
  12,625
  13,264
  13,935
  14,639
  15,379
  16,155
  16,970
  17,824
  18,721
  19,663
  20,650
  21,688
  22,777
  23,921
  25,121
  26,381
  27,704
Debt-to-equity ratio
  0.773
  0.800
  0.850
  0.890
  0.930
  0.970
  1.000
  1.040
  1.070
  1.100
  1.130
  1.160
  1.180
  1.210
  1.230
  1.250
  1.270
  1.290
  1.310
  1.330
  1.350
  1.370
  1.380
  1.400
  1.410
  1.420
  1.440
  1.450
  1.460
  1.470
  1.480
Adjusted equity ratio
  0.364
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  64
  260
  331
  407
  487
  573
  664
  761
  864
  973
  1,089
  1,259
  1,390
  1,529
  1,677
  1,834
  2,000
  2,176
  2,363
  2,561
  2,771
  2,993
  3,229
  3,478
  3,742
  4,021
  4,316
  4,629
  4,959
  5,309
  5,679
Depreciation, amort., depletion, $m
  216
  230
  239
  248
  258
  268
  278
  289
  301
  313
  326
  276
  290
  305
  321
  337
  354
  372
  391
  410
  431
  453
  475
  499
  524
  551
  578
  608
  638
  670
  704
Funds from operations, $m
  438
  490
  570
  655
  745
  841
  942
  1,050
  1,165
  1,286
  1,415
  1,535
  1,681
  1,834
  1,998
  2,171
  2,354
  2,548
  2,754
  2,971
  3,202
  3,446
  3,704
  3,977
  4,266
  4,572
  4,895
  5,236
  5,597
  5,979
  6,382
Change in working capital, $m
  -24
  16
  17
  18
  19
  19
  20
  21
  22
  24
  25
  26
  27
  28
  30
  31
  33
  35
  36
  38
  40
  42
  44
  46
  48
  51
  53
  56
  59
  62
  65
Cash from operations, $m
  462
  473
  553
  637
  726
  821
  922
  1,029
  1,142
  1,263
  1,391
  1,509
  1,653
  1,806
  1,968
  2,139
  2,321
  2,513
  2,717
  2,933
  3,162
  3,404
  3,660
  3,931
  4,218
  4,521
  4,841
  5,180
  5,539
  5,917
  6,317
Maintenance CAPEX, $m
  0
  -158
  -167
  -176
  -185
  -194
  -205
  -215
  -226
  -238
  -250
  -263
  -276
  -290
  -305
  -321
  -337
  -354
  -372
  -391
  -410
  -431
  -453
  -475
  -499
  -524
  -551
  -578
  -608
  -638
  -670
New CAPEX, $m
  -388
  -92
  -97
  -101
  -106
  -111
  -116
  -122
  -128
  -134
  -141
  -148
  -155
  -162
  -170
  -179
  -188
  -197
  -207
  -217
  -227
  -239
  -251
  -263
  -276
  -290
  -304
  -319
  -335
  -352
  -370
Cash from investing activities, $m
  -305
  -250
  -264
  -277
  -291
  -305
  -321
  -337
  -354
  -372
  -391
  -411
  -431
  -452
  -475
  -500
  -525
  -551
  -579
  -608
  -637
  -670
  -704
  -738
  -775
  -814
  -855
  -897
  -943
  -990
  -1,040
Free cash flow, $m
  157
  223
  289
  360
  435
  515
  601
  692
  788
  891
  1,000
  1,099
  1,222
  1,353
  1,492
  1,640
  1,797
  1,963
  2,139
  2,326
  2,524
  2,734
  2,957
  3,193
  3,442
  3,707
  3,986
  4,282
  4,596
  4,927
  5,278
Issuance/(repayment) of debt, $m
  -7
  207
  218
  228
  239
  250
  262
  275
  288
  302
  317
  332
  349
  366
  384
  402
  422
  443
  465
  488
  512
  538
  564
  592
  622
  653
  685
  719
  755
  793
  832
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  
  -48
  207
  218
  228
  239
  250
  262
  275
  288
  302
  317
  332
  349
  366
  384
  402
  422
  443
  465
  488
  512
  538
  564
  592
  622
  653
  685
  719
  755
  793
  832
Total cash flow (excl. dividends), $m
  109
  430
  507
  588
  674
  766
  863
  966
  1,076
  1,193
  1,317
  1,431
  1,571
  1,719
  1,876
  2,042
  2,219
  2,406
  2,604
  2,814
  3,036
  3,272
  3,521
  3,785
  4,064
  4,359
  4,671
  5,002
  5,351
  5,720
  6,110
Retained Cash Flow (-), $m
  81
  -123
  -128
  -134
  -141
  -148
  -155
  -162
  -170
  -178
  -187
  -196
  -206
  -216
  -226
  -237
  -249
  -261
  -274
  -288
  -302
  -317
  -333
  -349
  -367
  -385
  -404
  -424
  -445
  -467
  -491
Prev. year cash balance distribution, $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
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
 
  309
  378
  453
  533
  618
  708
  804
  906
  1,015
  1,130
  1,235
  1,365
  1,503
  1,650
  1,805
  1,970
  2,145
  2,330
  2,526
  2,734
  2,955
  3,188
  3,435
  3,697
  3,974
  4,267
  4,577
  4,905
  5,252
  5,619
Discount rate, %
 
  6.80
  7.14
  7.50
  7.87
  8.27
  8.68
  9.11
  9.57
  10.05
  10.55
  11.08
  11.63
  12.21
  12.82
  13.46
  14.14
  14.84
  15.59
  16.37
  17.18
  18.04
  18.94
  19.89
  20.89
  21.93
  23.03
  24.18
  25.39
  26.66
  27.99
PV of cash for distribution, $m
 
  290
  330
  365
  394
  416
  430
  437
  436
  429
  414
  389
  365
  336
  305
  271
  237
  204
  172
  142
  115
  91
  70
  53
  39
  28
  20
  13
  9
  6
  3
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

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 82.3
Price to Sales 1.3
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 11.4
Price to Free Cash Flow 71.2
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 $4129 million for the last fiscal year's total revenue generated by MDU Resources Group. The default revenue input number comes from 2016 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 5.3% 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 6.8%, 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 22.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2856 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 4.9% 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 42.2%.

Life of production assets of 11 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 7.4%. 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 - $2316 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 194.568 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 $5.2 billion.

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COMPANY NEWS

▶ 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]
▶ The highest-paid CEOs by state   [May-25-17 06:35AM  Associated Press]
▶ MDU Resources misses 1Q profit forecasts   [May-04-17 05:03AM  Associated Press]
▶ Defaulting to individual stocks   [Mar-17-17 07:35PM  CNBC Videos]
▶ MDU Resources Announces Webcast of Analyst Seminar   [Mar-07-17 11:15AM  PR Newswire]
▶ KC-based Capital Electric plugs 45 jobs into new KCK location   [Feb-15-17 02:25PM  at bizjournals.com]
Financial statements of MDU
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