Intrinsic value of MGE Energy - MGEE

Previous Close

$63.87

  Intrinsic Value

$16.50

stock screener

  Rating & Target

str. sell

-74%

Previous close

$63.87

 
Intrinsic value

$16.50

 
Up/down potential

-74%

 
Rating

str. sell

We calculate the intrinsic value of MGEE 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 2.2

 

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, %
  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
  574
  588
  603
  620
  638
  659
  681
  706
  732
  760
  790
  822
  856
  893
  931
  972
  1,015
  1,061
  1,109
  1,160
  1,214
  1,270
  1,330
  1,393
  1,459
  1,529
  1,603
  1,680
  1,762
  1,847
Variable operating expenses, $m
  439
  449
  460
  473
  488
  503
  521
  539
  559
  581
  604
  628
  654
  682
  711
  743
  776
  810
  847
  886
  927
  971
  1,016
  1,064
  1,115
  1,168
  1,225
  1,284
  1,346
  1,411
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
  439
  449
  460
  473
  488
  503
  521
  539
  559
  581
  604
  628
  654
  682
  711
  743
  776
  810
  847
  886
  927
  971
  1,016
  1,064
  1,115
  1,168
  1,225
  1,284
  1,346
  1,411
Operating income, $m
  136
  139
  142
  146
  151
  156
  161
  167
  173
  179
  186
  194
  202
  211
  220
  229
  240
  250
  262
  274
  286
  300
  314
  329
  344
  361
  378
  397
  416
  436
EBITDA, $m
  190
  194
  199
  205
  211
  218
  225
  233
  242
  251
  261
  272
  283
  295
  308
  321
  335
  350
  366
  383
  401
  420
  439
  460
  482
  505
  529
  555
  582
  610
Interest expense (income), $m
  19
  23
  24
  26
  28
  30
  32
  34
  37
  39
  42
  46
  49
  53
  57
  61
  65
  70
  75
  80
  86
  91
  98
  104
  111
  118
  126
  134
  142
  151
  160
Earnings before tax, $m
  113
  114
  116
  119
  121
  124
  127
  130
  133
  137
  141
  145
  149
  154
  159
  164
  170
  175
  182
  188
  195
  202
  210
  218
  226
  235
  245
  254
  265
  276
Tax expense, $m
  30
  31
  31
  32
  33
  33
  34
  35
  36
  37
  38
  39
  40
  42
  43
  44
  46
  47
  49
  51
  53
  55
  57
  59
  61
  64
  66
  69
  71
  74
Net income, $m
  82
  83
  85
  87
  88
  90
  93
  95
  97
  100
  103
  106
  109
  112
  116
  120
  124
  128
  133
  137
  142
  148
  153
  159
  165
  172
  179
  186
  193
  201

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
  1,720
  1,759
  1,804
  1,855
  1,911
  1,973
  2,040
  2,113
  2,191
  2,276
  2,365
  2,461
  2,564
  2,672
  2,788
  2,910
  3,039
  3,176
  3,320
  3,473
  3,634
  3,804
  3,983
  4,171
  4,370
  4,579
  4,799
  5,030
  5,274
  5,530
Adjusted assets (=assets-cash), $m
  1,720
  1,759
  1,804
  1,855
  1,911
  1,973
  2,040
  2,113
  2,191
  2,276
  2,365
  2,461
  2,564
  2,672
  2,788
  2,910
  3,039
  3,176
  3,320
  3,473
  3,634
  3,804
  3,983
  4,171
  4,370
  4,579
  4,799
  5,030
  5,274
  5,530
Revenue / Adjusted assets
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
Average production assets, $m
  1,338
  1,368
  1,404
  1,443
  1,487
  1,535
  1,587
  1,644
  1,705
  1,770
  1,840
  1,915
  1,994
  2,079
  2,168
  2,263
  2,364
  2,470
  2,583
  2,702
  2,827
  2,959
  3,098
  3,245
  3,399
  3,562
  3,733
  3,913
  4,103
  4,302
Working capital, $m
  85
  87
  89
  92
  94
  98
  101
  104
  108
  112
  117
  122
  127
  132
  138
  144
  150
  157
  164
  172
  180
  188
  197
  206
  216
  226
  237
  249
  261
  273
Total debt, $m
  452
  480
  512
  548
  588
  631
  679
  730
  786
  846
  909
  977
  1,050
  1,126
  1,208
  1,295
  1,386
  1,483
  1,585
  1,693
  1,807
  1,927
  2,054
  2,188
  2,328
  2,476
  2,632
  2,796
  2,968
  3,150
Total liabilities, $m
  1,218
  1,246
  1,278
  1,313
  1,353
  1,397
  1,445
  1,496
  1,552
  1,611
  1,675
  1,743
  1,815
  1,892
  1,974
  2,060
  2,152
  2,249
  2,351
  2,459
  2,573
  2,693
  2,820
  2,953
  3,094
  3,242
  3,398
  3,562
  3,734
  3,915
Total equity, $m
  502
  514
  527
  542
  558
  576
  596
  617
  640
  664
  691
  719
  749
  780
  814
  850
  887
  927
  970
  1,014
  1,061
  1,111
  1,163
  1,218
  1,276
  1,337
  1,401
  1,469
  1,540
  1,615
Total liabilities and equity, $m
  1,720
  1,760
  1,805
  1,855
  1,911
  1,973
  2,041
  2,113
  2,192
  2,275
  2,366
  2,462
  2,564
  2,672
  2,788
  2,910
  3,039
  3,176
  3,321
  3,473
  3,634
  3,804
  3,983
  4,171
  4,370
  4,579
  4,799
  5,031
  5,274
  5,530
Debt-to-equity ratio
  0.900
  0.930
  0.970
  1.010
  1.050
  1.100
  1.140
  1.180
  1.230
  1.270
  1.320
  1.360
  1.400
  1.440
  1.480
  1.520
  1.560
  1.600
  1.640
  1.670
  1.700
  1.740
  1.770
  1.800
  1.820
  1.850
  1.880
  1.900
  1.930
  1.950
Adjusted equity ratio
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  82
  83
  85
  87
  88
  90
  93
  95
  97
  100
  103
  106
  109
  112
  116
  120
  124
  128
  133
  137
  142
  148
  153
  159
  165
  172
  179
  186
  193
  201
Depreciation, amort., depletion, $m
  54
  55
  57
  58
  60
  62
  64
  67
  69
  72
  74
  78
  81
  84
  88
  92
  96
  100
  105
  109
  114
  120
  125
  131
  138
  144
  151
  158
  166
  174
Funds from operations, $m
  136
  139
  142
  145
  149
  153
  157
  161
  166
  172
  177
  183
  190
  197
  204
  211
  220
  228
  237
  247
  257
  267
  279
  290
  303
  316
  330
  344
  359
  375
Change in working capital, $m
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
Cash from operations, $m
  135
  137
  140
  142
  146
  149
  153
  158
  162
  167
  173
  179
  185
  191
  198
  205
  213
  221
  230
  239
  249
  259
  270
  281
  293
  306
  319
  333
  347
  363
Maintenance CAPEX, $m
  -53
  -54
  -55
  -57
  -58
  -60
  -62
  -64
  -67
  -69
  -72
  -74
  -78
  -81
  -84
  -88
  -92
  -96
  -100
  -105
  -109
  -114
  -120
  -125
  -131
  -138
  -144
  -151
  -158
  -166
New CAPEX, $m
  -26
  -31
  -35
  -39
  -44
  -48
  -52
  -57
  -61
  -65
  -70
  -75
  -80
  -85
  -90
  -95
  -101
  -106
  -112
  -119
  -125
  -132
  -139
  -147
  -154
  -163
  -171
  -180
  -190
  -199
Cash from investing activities, $m
  -79
  -85
  -90
  -96
  -102
  -108
  -114
  -121
  -128
  -134
  -142
  -149
  -158
  -166
  -174
  -183
  -193
  -202
  -212
  -224
  -234
  -246
  -259
  -272
  -285
  -301
  -315
  -331
  -348
  -365
Free cash flow, $m
  55
  52
  49
  46
  44
  41
  39
  37
  35
  33
  31
  29
  28
  26
  24
  23
  21
  19
  18
  16
  14
  13
  11
  9
  7
  5
  3
  1
  -1
  -3
Issuance/(repayment) of debt, $m
  25
  28
  32
  36
  40
  44
  48
  51
  55
  60
  64
  68
  72
  77
  82
  86
  92
  97
  102
  108
  114
  120
  127
  133
  141
  148
  156
  164
  172
  181
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  
  25
  28
  32
  36
  40
  44
  48
  51
  55
  60
  64
  68
  72
  77
  82
  86
  92
  97
  102
  108
  114
  120
  127
  133
  141
  148
  156
  164
  172
  181
Total cash flow (excl. dividends), $m
  81
  80
  81
  82
  83
  85
  87
  88
  90
  93
  95
  97
  100
  103
  106
  109
  112
  116
  120
  124
  128
  133
  137
  142
  148
  153
  159
  165
  172
  179
Retained Cash Flow (-), $m
  -10
  -12
  -13
  -15
  -16
  -18
  -20
  -21
  -23
  -25
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
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
  70
  68
  68
  67
  67
  67
  67
  67
  68
  68
  69
  69
  70
  71
  72
  73
  75
  76
  78
  79
  81
  83
  85
  87
  90
  92
  95
  98
  101
  104
Discount rate, %
  6.50
  6.83
  7.17
  7.52
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
PV of cash for distribution, $m
  66
  60
  55
  50
  46
  41
  37
  33
  30
  26
  23
  20
  17
  14
  12
  10
  8
  6
  5
  4
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
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

MGE Energy, Inc. (MGE) is a public utility holding company. The Company operates through five segments: Regulated electric utility operations; Regulated gas utility operations; Nonregulated energy operations; Transmission investments, and All other. The Regulated electric utility operations segment is engaged in generating, purchasing and distributing electricity through Madison Gas and Electric Company (MGE). The Regulated gas utility operations segment is engaged in purchasing and distributing natural gas through MGE. The Nonregulated energy operations segment is engaged in owning and leasing electric generating capacity that assists MGE through MGE Energy's subsidiaries MGE Power Elm Road, LLC and MGE Power West Campus, LLC. The Transmission investments segment represents its investment in American Transmission Company LLC and ATC Holdco, LLC. The All other segment is engaged in investing and financing in companies and property that relate to the regulated operations.

FINANCIAL RATIOS  of  MGE Energy (MGEE)

Valuation Ratios
P/E Ratio 29.1
Price to Sales 4.1
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 15
Price to Free Cash Flow 34.6
Growth Rates
Sales Growth Rate -3.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 16.7%
Cap. Spend. - 3 Yr. Gr. Rate -6.7%
Financial Strength
Quick Ratio 24
Current Ratio 0.6
LT Debt to Equity 52.9%
Total Debt to Equity 53.5%
Interest Coverage 7
Management Effectiveness
Return On Assets 5%
Ret/ On Assets - 3 Yr. Avg. 5.2%
Return On Total Capital 6.9%
Ret/ On T. Cap. - 3 Yr. Avg. 7.1%
Return On Equity 10.7%
Return On Equity - 3 Yr. Avg. 11.3%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 33.4%
EBITDA Margin - 3 Yr. Avg. 31.8%
Operating Margin 23.5%
Oper. Margin - 3 Yr. Avg. 22.6%
Pre-Tax Margin 21.7%
Pre-Tax Margin - 3 Yr. Avg. 20.8%
Net Profit Margin 13.9%
Net Profit Margin - 3 Yr. Avg. 13.1%
Effective Tax Rate 35.6%
Eff/ Tax Rate - 3 Yr. Avg. 36.9%
Payout Ratio 55.3%

MGEE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MGEE stock intrinsic value calculation we used $563.099 million for the last fiscal year's total revenue generated by MGE Energy. The default revenue input number comes from 0001 income statement of MGE 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 MGEE 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 6.5%, whose default value for MGEE is calculated based on our internal credit rating of MGE 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 MGE 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 MGEE stock the variable cost ratio is equal to 76.4%.

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 MGEE 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 MGE Energy.

Corporate tax rate of 27% is the nominal tax rate for MGE 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 MGEE 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 MGEE are equal to 232.9%.

Life of production assets of 24.7 years is the average useful life of capital assets used in MGE 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 MGEE is equal to 14.8%. 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 - $491.872 million for MGE 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 34.668 million for MGE 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 MGE Energy at the current share price and the inputted number of shares is $2.2 billion.

RELATED COMPANIES Price Int.Val. Rating
WEC WEC Energy Gro 70.51 34.45  sell
LNT Alliant Energy 45.12 4.47  str.sell
CMS CMS Energy 50.65 29.04  sell
DTE DTE Energy 119.31 44.09  str.sell

COMPANY NEWS

▶ MGE Energy Issues Third-Quarter Financial Update   [Nov-07-18 04:01PM  Business Wire]
▶ MGE: 3Q Earnings Snapshot   [Nov-06-18 01:06PM  Associated Press]
▶ MGE Energy Reports Third-Quarter Earnings   [12:59PM  Business Wire]
▶ MGE Energy Declares Regular Dividend   [Oct-19-18 02:51PM  Business Wire]
▶ MGE Energy Issues October 2018 'Inside View'   [Oct-16-18 10:05AM  Business Wire]
▶ MGE Energy Expands Sustainability Reporting   [Oct-15-18 11:18AM  Business Wire]
▶ Investors Are Paying Way Too Much for These 3 Stocks   [Sep-29-18 02:16PM  Motley Fool]
▶ MGE Energy Issues September 2018 'Interim Report'   [Sep-17-18 05:19PM  Business Wire]
▶ MGE Energy Issues Second-Quarter Financial Update   [Aug-14-18 03:15PM  Business Wire]
▶ MGE: 2Q Earnings Snapshot   [Aug-07-18 03:13PM  Associated Press]
▶ MGE Energy Reports Second-Quarter Earnings   [03:00PM  Business Wire]
▶ What You Must Know About MGE Energy Incs (NASDAQ:MGEE) ROE   [Jun-27-18 07:50AM  Simply Wall St.]
▶ MGE Energy Issues June 2018 'Interim Report'   [Jun-15-18 02:29PM  Business Wire]
▶ MGE Energy Issues May 2018 'Inside View'   [May-17-18 03:04PM  Business Wire]
▶ MGE Energy Declares Regular Dividend   [May-15-18 02:50PM  Business Wire]
▶ MGE Energy Issues First-Quarter Financial Update   [May-14-18 04:30PM  Business Wire]
▶ MGE: 1Q Earnings Snapshot   [May-08-18 11:54AM  Associated Press]
▶ MGE Energy Reports First-Quarter Earnings   [11:48AM  Business Wire]
▶ MGE Energy Issues Fourth-Quarter Financial Update   [Mar-02-18 03:46PM  Business Wire]
▶ MGE posts 4Q profit   [Feb-23-18 01:41PM  Associated Press]
▶ MGE Energy Reports Fourth-Quarter Earnings   [01:07PM  Business Wire]
▶ MGE Energy Declares Regular Dividend   [Jan-19-18 03:04PM  Business Wire]
▶ MGE Energy Issues December 2017 'Interim Report'   [Dec-15-17 11:14AM  Business Wire]
▶ MGE posts 3Q profit   [11:21AM  Associated Press]
▶ MGE Energy Reports Third-Quarter Earnings   [10:55AM  Business Wire]
▶ MGE Energy Declares Regular Dividend   [Oct-20-17 02:03PM  Business Wire]
▶ MGE Energy Issues October 2017 'Inside View'   [Oct-06-17 09:12AM  Business Wire]
▶ MGE Energy Issues September 2017 'Interim Report'   [Sep-15-17 04:46PM  Business Wire]
▶ MGE Energy Issues Second-Quarter Financial Update   [Aug-07-17 12:37PM  Business Wire]
▶ MGE posts 2Q profit   [Aug-04-17 08:32PM  Associated Press]
▶ MGE Energy Reports Second-Quarter Earnings   [10:23AM  Business Wire]
▶ ETFs with exposure to MGE Energy, Inc. : July 28, 2017   [Jul-28-17 04:34PM  Capital Cube]
▶ ETFs with exposure to MGE Energy, Inc. : July 18, 2017   [Jul-18-17 01:56PM  Capital Cube]
▶ ETFs with exposure to MGE Energy, Inc. : July 7, 2017   [Jul-07-17 03:09PM  Capital Cube]
▶ MGE Energy Issues June 2017 'Interim Report'   [Jun-15-17 10:39AM  Business Wire]
▶ MGE Energy Issues May 2017 'Inside View'   [May-19-17 08:46AM  Business Wire]
▶ MGE Energy Declares Regular Dividend   [May-16-17 02:11PM  Business Wire]
▶ MGE posts 1Q profit   [May-05-17 12:22PM  Associated Press]
▶ MGE Energy Reports First-Quarter Earnings   [11:56AM  Business Wire]
▶ MGE Energy Issues March 2017 'Interim Report'   [Mar-15-17 10:40AM  Business Wire]
▶ Company Profile for MGE Energy, Inc.   [Mar-03-17 10:40AM  Business Wire]
▶ MGE Energy Issues Fourth-Quarter Financial Update   [Mar-01-17 12:44PM  Business Wire]
▶ MGE posts 4Q profit   [10:56AM  Associated Press]
▶ MGE Energy Reports Fourth-Quarter Earnings   [10:51AM  Business Wire]
▶ MGE plans largest wind energy project to date   [Feb-22-17 10:35AM  at bizjournals.com]
▶ MGE plans largest wind energy project to date   [10:35AM  American City Business Journals]
▶ MGE Energy Declares Regular Dividend   [Jan-20-17 02:15PM  Business Wire]

CONTACT US       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.