Intrinsic value of Macquarie Infrastructure - MIC

Previous Close

$37.70

  Intrinsic Value

$15.67

stock screener

  Rating & Target

str. sell

-58%

Previous close

$37.70

 
Intrinsic value

$15.67

 
Up/down potential

-58%

 
Rating

str. sell

We calculate the intrinsic value of MIC 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 3.2

 

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, %
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.87
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.59
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
Revenue, $m
  1,976
  2,144
  2,319
  2,501
  2,690
  2,887
  3,091
  3,303
  3,524
  3,753
  3,992
  4,240
  4,499
  4,769
  5,050
  5,343
  5,648
  5,968
  6,301
  6,649
  7,013
  7,394
  7,792
  8,208
  8,644
  9,101
  9,579
  10,079
  10,604
  11,153
Variable operating expenses, $m
  1,566
  1,674
  1,786
  1,903
  2,024
  2,151
  2,282
  2,418
  2,559
  2,706
  2,561
  2,721
  2,887
  3,060
  3,240
  3,428
  3,624
  3,829
  4,043
  4,266
  4,500
  4,744
  4,999
  5,267
  5,546
  5,839
  6,146
  6,467
  6,804
  7,156
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
  1,566
  1,674
  1,786
  1,903
  2,024
  2,151
  2,282
  2,418
  2,559
  2,706
  2,561
  2,721
  2,887
  3,060
  3,240
  3,428
  3,624
  3,829
  4,043
  4,266
  4,500
  4,744
  4,999
  5,267
  5,546
  5,839
  6,146
  6,467
  6,804
  7,156
Operating income, $m
  410
  470
  533
  598
  666
  736
  809
  885
  965
  1,047
  1,431
  1,520
  1,612
  1,709
  1,810
  1,915
  2,024
  2,139
  2,258
  2,383
  2,513
  2,650
  2,792
  2,942
  3,098
  3,261
  3,433
  3,612
  3,800
  3,997
EBITDA, $m
  973
  1,056
  1,142
  1,231
  1,324
  1,421
  1,521
  1,626
  1,735
  1,847
  1,965
  2,087
  2,215
  2,347
  2,486
  2,630
  2,780
  2,937
  3,101
  3,273
  3,452
  3,639
  3,835
  4,040
  4,255
  4,480
  4,715
  4,961
  5,219
  5,490
Interest expense (income), $m
  109
  194
  216
  241
  266
  292
  319
  348
  377
  408
  440
  473
  507
  543
  580
  619
  659
  702
  746
  792
  840
  890
  943
  997
  1,055
  1,115
  1,178
  1,243
  1,312
  1,385
  1,460
Earnings before tax, $m
  216
  254
  292
  332
  374
  417
  462
  508
  557
  607
  958
  1,013
  1,069
  1,129
  1,191
  1,255
  1,322
  1,393
  1,466
  1,543
  1,623
  1,707
  1,795
  1,887
  1,983
  2,084
  2,189
  2,300
  2,415
  2,537
Tax expense, $m
  58
  69
  79
  90
  101
  113
  125
  137
  150
  164
  259
  273
  289
  305
  321
  339
  357
  376
  396
  417
  438
  461
  485
  509
  535
  563
  591
  621
  652
  685
Net income, $m
  158
  185
  213
  243
  273
  304
  337
  371
  406
  443
  699
  739
  781
  824
  869
  916
  965
  1,017
  1,070
  1,126
  1,185
  1,246
  1,310
  1,377
  1,448
  1,521
  1,598
  1,679
  1,763
  1,852

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
  8,706
  9,447
  10,217
  11,019
  11,852
  12,717
  13,617
  14,551
  15,523
  16,534
  17,586
  18,680
  19,820
  21,007
  22,245
  23,536
  24,883
  26,289
  27,757
  29,291
  30,895
  32,571
  34,325
  36,160
  38,080
  40,091
  42,197
  44,402
  46,713
  49,134
Adjusted assets (=assets-cash), $m
  8,706
  9,447
  10,217
  11,019
  11,852
  12,717
  13,617
  14,551
  15,523
  16,534
  17,586
  18,680
  19,820
  21,007
  22,245
  23,536
  24,883
  26,289
  27,757
  29,291
  30,895
  32,571
  34,325
  36,160
  38,080
  40,091
  42,197
  44,402
  46,713
  49,134
Revenue / Adjusted assets
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
Average production assets, $m
  6,508
  7,062
  7,638
  8,237
  8,859
  9,506
  10,179
  10,877
  11,604
  12,359
  13,145
  13,964
  14,816
  15,703
  16,628
  17,593
  18,600
  19,651
  20,749
  21,896
  23,094
  24,347
  25,658
  27,030
  28,466
  29,969
  31,542
  33,191
  34,918
  36,728
Working capital, $m
  22
  24
  26
  28
  30
  32
  34
  36
  39
  41
  44
  47
  49
  52
  56
  59
  62
  66
  69
  73
  77
  81
  86
  90
  95
  100
  105
  111
  117
  123
Total debt, $m
  4,008
  4,457
  4,924
  5,410
  5,914
  6,439
  6,984
  7,550
  8,139
  8,752
  9,389
  10,052
  10,743
  11,463
  12,213
  12,995
  13,811
  14,663
  15,553
  16,483
  17,455
  18,471
  19,533
  20,645
  21,809
  23,027
  24,303
  25,640
  27,040
  28,508
Total liabilities, $m
  5,276
  5,725
  6,192
  6,677
  7,182
  7,707
  8,252
  8,818
  9,407
  10,020
  10,657
  11,320
  12,011
  12,730
  13,481
  14,263
  15,079
  15,931
  16,821
  17,751
  18,722
  19,738
  20,801
  21,913
  23,077
  24,295
  25,571
  26,908
  28,308
  29,775
Total equity, $m
  3,430
  3,722
  4,026
  4,341
  4,670
  5,011
  5,365
  5,733
  6,116
  6,514
  6,929
  7,360
  7,809
  8,277
  8,765
  9,273
  9,804
  10,358
  10,936
  11,541
  12,173
  12,833
  13,524
  14,247
  15,004
  15,796
  16,625
  17,494
  18,405
  19,359
Total liabilities and equity, $m
  8,706
  9,447
  10,218
  11,018
  11,852
  12,718
  13,617
  14,551
  15,523
  16,534
  17,586
  18,680
  19,820
  21,007
  22,246
  23,536
  24,883
  26,289
  27,757
  29,292
  30,895
  32,571
  34,325
  36,160
  38,081
  40,091
  42,196
  44,402
  46,713
  49,134
Debt-to-equity ratio
  1.170
  1.200
  1.220
  1.250
  1.270
  1.290
  1.300
  1.320
  1.330
  1.340
  1.360
  1.370
  1.380
  1.380
  1.390
  1.400
  1.410
  1.420
  1.420
  1.430
  1.430
  1.440
  1.440
  1.450
  1.450
  1.460
  1.460
  1.470
  1.470
  1.470
Adjusted equity ratio
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  158
  185
  213
  243
  273
  304
  337
  371
  406
  443
  699
  739
  781
  824
  869
  916
  965
  1,017
  1,070
  1,126
  1,185
  1,246
  1,310
  1,377
  1,448
  1,521
  1,598
  1,679
  1,763
  1,852
Depreciation, amort., depletion, $m
  563
  585
  609
  633
  658
  685
  712
  740
  770
  801
  534
  568
  602
  638
  676
  715
  756
  799
  843
  890
  939
  990
  1,043
  1,099
  1,157
  1,218
  1,282
  1,349
  1,419
  1,493
Funds from operations, $m
  721
  771
  822
  876
  931
  989
  1,049
  1,112
  1,176
  1,244
  1,234
  1,307
  1,383
  1,462
  1,545
  1,631
  1,722
  1,816
  1,914
  2,016
  2,124
  2,236
  2,353
  2,476
  2,605
  2,739
  2,880
  3,028
  3,183
  3,345
Change in working capital, $m
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
Cash from operations, $m
  719
  769
  820
  874
  929
  987
  1,047
  1,109
  1,174
  1,241
  1,231
  1,304
  1,380
  1,459
  1,542
  1,628
  1,718
  1,812
  1,910
  2,013
  2,120
  2,232
  2,349
  2,472
  2,600
  2,734
  2,875
  3,022
  3,177
  3,339
Maintenance CAPEX, $m
  -243
  -265
  -287
  -310
  -335
  -360
  -386
  -414
  -442
  -472
  -502
  -534
  -568
  -602
  -638
  -676
  -715
  -756
  -799
  -843
  -890
  -939
  -990
  -1,043
  -1,099
  -1,157
  -1,218
  -1,282
  -1,349
  -1,419
New CAPEX, $m
  -531
  -554
  -576
  -599
  -623
  -647
  -672
  -699
  -726
  -756
  -786
  -818
  -852
  -888
  -925
  -965
  -1,007
  -1,051
  -1,098
  -1,147
  -1,199
  -1,253
  -1,311
  -1,372
  -1,436
  -1,503
  -1,574
  -1,649
  -1,727
  -1,810
Cash from investing activities, $m
  -774
  -819
  -863
  -909
  -958
  -1,007
  -1,058
  -1,113
  -1,168
  -1,228
  -1,288
  -1,352
  -1,420
  -1,490
  -1,563
  -1,641
  -1,722
  -1,807
  -1,897
  -1,990
  -2,089
  -2,192
  -2,301
  -2,415
  -2,535
  -2,660
  -2,792
  -2,931
  -3,076
  -3,229
Free cash flow, $m
  -55
  -50
  -43
  -36
  -28
  -20
  -12
  -3
  5
  14
  -57
  -48
  -39
  -31
  -22
  -13
  -4
  5
  14
  22
  31
  40
  48
  57
  66
  74
  83
  92
  100
  109
Issuance/(repayment) of debt, $m
  420
  449
  467
  486
  505
  525
  545
  567
  589
  612
  637
  663
  691
  720
  750
  782
  816
  852
  890
  930
  972
  1,016
  1,063
  1,112
  1,164
  1,218
  1,276
  1,337
  1,400
  1,467
Issuance/(repurchase) of shares, $m
  119
  107
  90
  73
  55
  37
  17
  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  
  539
  556
  557
  559
  560
  562
  562
  567
  589
  612
  637
  663
  691
  720
  750
  782
  816
  852
  890
  930
  972
  1,016
  1,063
  1,112
  1,164
  1,218
  1,276
  1,337
  1,400
  1,467
Total cash flow (excl. dividends), $m
  484
  506
  514
  523
  532
  541
  550
  563
  594
  627
  580
  615
  651
  689
  729
  770
  812
  857
  903
  952
  1,003
  1,056
  1,111
  1,169
  1,229
  1,293
  1,359
  1,428
  1,501
  1,577
Retained Cash Flow (-), $m
  -276
  -292
  -304
  -316
  -328
  -341
  -354
  -368
  -383
  -398
  -414
  -431
  -449
  -468
  -488
  -509
  -531
  -554
  -579
  -604
  -632
  -661
  -691
  -723
  -757
  -792
  -830
  -869
  -910
  -954
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
  208
  214
  211
  207
  204
  200
  196
  195
  211
  228
  166
  184
  202
  221
  241
  261
  282
  303
  325
  348
  371
  395
  420
  446
  473
  500
  529
  559
  590
  623
Discount rate, %
  8.30
  8.72
  9.15
  9.61
  10.09
  10.59
  11.12
  11.68
  12.26
  12.88
  13.52
  14.20
  14.91
  15.65
  16.43
  17.26
  18.12
  19.02
  19.97
  20.97
  22.02
  23.12
  24.28
  25.49
  26.77
  28.11
  29.51
  30.99
  32.54
  34.16
PV of cash for distribution, $m
  192
  181
  162
  144
  126
  109
  94
  81
  75
  68
  41
  37
  33
  29
  25
  20
  17
  13
  10
  8
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  96.4
  93.6
  91.4
  89.8
  88.7
  88.0
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7

Macquarie Infrastructure Corporation owns and operates a group of businesses that provide services, such as bulk liquid terminalling and handling services. The Company operates through four segments: International-Matex Tank Terminals (IMTT), Atlantic Aviation, Contracted Power (CP) and MIC Hawaii. Its group of businesses also provides services, such as aircraft fueling, CP generation and utility gas services. Its group of businesses provides services to businesses, government agencies and individuals in the United States. IMTT segment provides bulk liquid terminal services in the United States. As of December 31, 2016, Atlantic Aviation operated Fixed based operations (FBOs) at 69 airports in the United States. The businesses in its CP segment sell electricity to off-takers, pursuant to multi-year contracts. MIC Hawaii segment consists of Hawaii Gas and several smaller businesses. Hawaii Gas consists of a gas utility and a liquefied petroleum gas (LPG) distribution business.

FINANCIAL RATIOS  of  Macquarie Infrastructure (MIC)

Valuation Ratios
P/E Ratio 19.8
Price to Sales 1.9
Price to Book 1
Price to Tangible Book
Price to Cash Flow 5.5
Price to Free Cash Flow 12.6
Growth Rates
Sales Growth Rate 0.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 62.4%
Cap. Spend. - 3 Yr. Gr. Rate 23.2%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 102.9%
Total Debt to Equity 104.3%
Interest Coverage 3
Management Effectiveness
Return On Assets 3.1%
Ret/ On Assets - 3 Yr. Avg. 9%
Return On Total Capital 2.6%
Ret/ On T. Cap. - 3 Yr. Avg. 9.8%
Return On Equity 5.2%
Return On Equity - 3 Yr. Avg. 18.6%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 60.4%
Gross Margin - 3 Yr. Avg. 53.8%
EBITDA Margin 37.9%
EBITDA Margin - 3 Yr. Avg. 48%
Operating Margin 19.4%
Oper. Margin - 3 Yr. Avg. 31.6%
Pre-Tax Margin 13.7%
Pre-Tax Margin - 3 Yr. Avg. 26%
Net Profit Margin 9.4%
Net Profit Margin - 3 Yr. Avg. 26.6%
Effective Tax Rate 31.4%
Eff/ Tax Rate - 3 Yr. Avg. 21.8%
Payout Ratio 253.8%

MIC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MIC stock intrinsic value calculation we used $1814.713 million for the last fiscal year's total revenue generated by Macquarie Infrastructure. The default revenue input number comes from 0001 income statement of Macquarie Infrastructure. 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 MIC stock valuation model: a) initial revenue growth rate of 8.9% 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 8.3%, whose default value for MIC is calculated based on our internal credit rating of Macquarie Infrastructure, 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 Macquarie Infrastructure.
    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 MIC stock the variable cost ratio is equal to 80.6%.

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 MIC 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 Macquarie Infrastructure.

Corporate tax rate of 27% is the nominal tax rate for Macquarie Infrastructure. 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 MIC 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 MIC are equal to 329.3%.

Life of production assets of 24.6 years is the average useful life of capital assets used in Macquarie Infrastructure 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 MIC is equal to 1.1%. 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 - $3153.692 million for Macquarie Infrastructure - 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 85.371 million for Macquarie Infrastructure 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 Macquarie Infrastructure at the current share price and the inputted number of shares is $3.2 billion.

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COMPANY NEWS

▶ Macquarie: 3Q Earnings Snapshot   [06:37PM  Associated Press]
▶ MIC Announces Completion of Sale of Bayonne Energy Center   [Oct-15-18 09:28AM  Business Wire]
▶ [$$] Energy Capital Partners to Sell Wheelabrator to Macquarie   [Oct-02-18 11:51AM  The Wall Street Journal]
▶ Notice of Third Quarter 2018 Results and Conference Call   [Sep-28-18 07:32AM  PR Newswire]
▶ Everybodys showing up: A deal for Lambert airport could fetch $2.5 billion   [Sep-19-18 03:21PM  American City Business Journals]
▶ 2 Core Income Stocks Investors Can Put on Auto Pilot   [Sep-15-18 12:00PM  TheStreet.com]
▶ New York City stocks that are driving Wall Street's latest bull run   [Aug-23-18 11:50AM  American City Business Journals]
▶ Macquarie: 2Q Earnings Snapshot   [05:05AM  Associated Press]
▶ MIC Enters into Agreement to Sell Bayonne Energy Center   [Jul-29-18 06:00PM  Business Wire]

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