Intrinsic value of National Fuel Gas - NFG

Previous Close

$57.62

  Intrinsic Value

$4.45

stock screener

  Rating & Target

str. sell

-92%

Previous close

$57.62

 
Intrinsic value

$4.45

 
Up/down potential

-92%

 
Rating

str. sell

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

We calculate the intrinsic value of NFG 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 2016), $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 4.9

 

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, %
  -17.55
  3.60
  3.74
  3.87
  3.98
  4.08
  4.17
  4.26
  4.33
  4.40
  4.46
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
Revenue, $m
  1,452
  1,504
  1,561
  1,621
  1,685
  1,754
  1,827
  1,905
  1,988
  2,075
  2,168
  2,265
  2,369
  2,478
  2,593
  2,714
  2,842
  2,977
  3,119
  3,268
  3,425
  3,591
  3,765
  3,948
  4,140
  4,343
  4,555
  4,779
  5,014
  5,261
  5,521
Variable operating expenses, $m
 
  2,026
  2,102
  2,183
  2,270
  2,363
  2,461
  2,566
  2,677
  2,795
  2,919
  3,051
  3,190
  3,337
  3,492
  3,655
  3,827
  4,009
  4,200
  4,401
  4,613
  4,835
  5,070
  5,316
  5,575
  5,848
  6,134
  6,436
  6,752
  7,085
  7,434
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
  1,869
  2,026
  2,102
  2,183
  2,270
  2,363
  2,461
  2,566
  2,677
  2,795
  2,919
  3,051
  3,190
  3,337
  3,492
  3,655
  3,827
  4,009
  4,200
  4,401
  4,613
  4,835
  5,070
  5,316
  5,575
  5,848
  6,134
  6,436
  6,752
  7,085
  7,434
Operating income, $m
  -417
  -522
  -541
  -562
  -585
  -609
  -634
  -661
  -690
  -720
  -752
  -785
  -821
  -859
  -899
  -941
  -985
  -1,032
  -1,081
  -1,133
  -1,187
  -1,245
  -1,305
  -1,368
  -1,435
  -1,505
  -1,579
  -1,657
  -1,738
  -1,824
  -1,914
EBITDA, $m
  -168
  -264
  -274
  -285
  -296
  -308
  -321
  -335
  -349
  -364
  -381
  -398
  -416
  -435
  -455
  -477
  -499
  -523
  -548
  -574
  -601
  -630
  -661
  -693
  -727
  -763
  -800
  -839
  -880
  -924
  -969
Interest expense (income), $m
  120
  121
  129
  138
  148
  159
  170
  182
  195
  208
  223
  238
  254
  271
  289
  308
  327
  348
  371
  394
  418
  444
  471
  500
  530
  561
  594
  629
  666
  704
  745
Earnings before tax, $m
  -524
  -643
  -671
  -701
  -733
  -767
  -804
  -843
  -884
  -928
  -975
  -1,023
  -1,075
  -1,130
  -1,188
  -1,248
  -1,313
  -1,380
  -1,452
  -1,527
  -1,606
  -1,689
  -1,776
  -1,868
  -1,965
  -2,067
  -2,174
  -2,286
  -2,404
  -2,528
  -2,659
Tax expense, $m
  -233
  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
Net income, $m
  -291
  -643
  -671
  -701
  -733
  -767
  -804
  -843
  -884
  -928
  -975
  -1,023
  -1,075
  -1,130
  -1,188
  -1,248
  -1,313
  -1,380
  -1,452
  -1,527
  -1,606
  -1,689
  -1,776
  -1,868
  -1,965
  -2,067
  -2,174
  -2,286
  -2,404
  -2,528
  -2,659

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  130
  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
  5,636
  5,698
  5,911
  6,140
  6,384
  6,645
  6,922
  7,216
  7,529
  7,860
  8,210
  8,581
  8,972
  9,385
  9,821
  10,281
  10,765
  11,275
  11,813
  12,379
  12,974
  13,601
  14,260
  14,953
  15,683
  16,449
  17,255
  18,102
  18,993
  19,928
  20,912
Adjusted assets (=assets-cash), $m
  5,506
  5,698
  5,911
  6,140
  6,384
  6,645
  6,922
  7,216
  7,529
  7,860
  8,210
  8,581
  8,972
  9,385
  9,821
  10,281
  10,765
  11,275
  11,813
  12,379
  12,974
  13,601
  14,260
  14,953
  15,683
  16,449
  17,255
  18,102
  18,993
  19,928
  20,912
Revenue / Adjusted assets
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
Average production assets, $m
  4,894
  5,069
  5,259
  5,462
  5,680
  5,911
  6,158
  6,420
  6,698
  6,993
  7,305
  7,634
  7,982
  8,350
  8,738
  9,147
  9,577
  10,032
  10,510
  11,013
  11,543
  12,100
  12,687
  13,304
  13,952
  14,634
  15,351
  16,105
  16,897
  17,730
  18,605
Working capital, $m
  109
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -70
  -74
  -77
Total debt, $m
  2,086
  2,228
  2,387
  2,557
  2,739
  2,934
  3,141
  3,360
  3,594
  3,841
  4,102
  4,378
  4,670
  4,978
  5,304
  5,646
  6,008
  6,388
  6,789
  7,212
  7,656
  8,123
  8,615
  9,132
  9,676
  10,248
  10,849
  11,481
  12,145
  12,843
  13,577
Total liabilities, $m
  4,109
  4,251
  4,410
  4,580
  4,762
  4,957
  5,164
  5,383
  5,617
  5,864
  6,125
  6,401
  6,693
  7,001
  7,327
  7,669
  8,031
  8,411
  8,812
  9,235
  9,679
  10,146
  10,638
  11,155
  11,699
  12,271
  12,872
  13,504
  14,168
  14,866
  15,600
Total equity, $m
  1,527
  1,447
  1,501
  1,559
  1,622
  1,688
  1,758
  1,833
  1,912
  1,996
  2,085
  2,180
  2,279
  2,384
  2,495
  2,611
  2,734
  2,864
  3,000
  3,144
  3,295
  3,455
  3,622
  3,798
  3,983
  4,178
  4,383
  4,598
  4,824
  5,062
  5,312
Total liabilities and equity, $m
  5,636
  5,698
  5,911
  6,139
  6,384
  6,645
  6,922
  7,216
  7,529
  7,860
  8,210
  8,581
  8,972
  9,385
  9,822
  10,280
  10,765
  11,275
  11,812
  12,379
  12,974
  13,601
  14,260
  14,953
  15,682
  16,449
  17,255
  18,102
  18,992
  19,928
  20,912
Debt-to-equity ratio
  1.366
  1.540
  1.590
  1.640
  1.690
  1.740
  1.790
  1.830
  1.880
  1.920
  1.970
  2.010
  2.050
  2.090
  2.130
  2.160
  2.200
  2.230
  2.260
  2.290
  2.320
  2.350
  2.380
  2.400
  2.430
  2.450
  2.480
  2.500
  2.520
  2.540
  2.560
Adjusted equity ratio
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -291
  -643
  -671
  -701
  -733
  -767
  -804
  -843
  -884
  -928
  -975
  -1,023
  -1,075
  -1,130
  -1,188
  -1,248
  -1,313
  -1,380
  -1,452
  -1,527
  -1,606
  -1,689
  -1,776
  -1,868
  -1,965
  -2,067
  -2,174
  -2,286
  -2,404
  -2,528
  -2,659
Depreciation, amort., depletion, $m
  249
  258
  267
  278
  289
  301
  313
  326
  341
  355
  371
  388
  405
  424
  444
  464
  486
  509
  533
  559
  586
  614
  644
  675
  708
  743
  779
  818
  858
  900
  944
Funds from operations, $m
  501
  -385
  -403
  -423
  -444
  -467
  -491
  -517
  -544
  -573
  -603
  -636
  -670
  -706
  -744
  -784
  -827
  -871
  -918
  -968
  -1,020
  -1,075
  -1,132
  -1,193
  -1,257
  -1,324
  -1,394
  -1,468
  -1,546
  -1,628
  -1,714
Change in working capital, $m
  -88
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
Cash from operations, $m
  589
  -384
  -402
  -422
  -443
  -466
  -490
  -516
  -543
  -572
  -602
  -634
  -668
  -704
  -742
  -782
  -825
  -869
  -916
  -966
  -1,017
  -1,072
  -1,130
  -1,190
  -1,254
  -1,321
  -1,391
  -1,465
  -1,543
  -1,625
  -1,711
Maintenance CAPEX, $m
  0
  -248
  -257
  -267
  -277
  -288
  -300
  -313
  -326
  -340
  -355
  -371
  -388
  -405
  -424
  -444
  -464
  -486
  -509
  -533
  -559
  -586
  -614
  -644
  -675
  -708
  -743
  -779
  -818
  -858
  -900
New CAPEX, $m
  -582
  -176
  -190
  -203
  -217
  -232
  -247
  -262
  -278
  -295
  -312
  -330
  -348
  -368
  -388
  -409
  -431
  -454
  -478
  -503
  -530
  -557
  -586
  -617
  -649
  -682
  -717
  -754
  -792
  -832
  -875
Cash from investing activities, $m
  -454
  -424
  -447
  -470
  -494
  -520
  -547
  -575
  -604
  -635
  -667
  -701
  -736
  -773
  -812
  -853
  -895
  -940
  -987
  -1,036
  -1,089
  -1,143
  -1,200
  -1,261
  -1,324
  -1,390
  -1,460
  -1,533
  -1,610
  -1,690
  -1,775
Free cash flow, $m
  135
  -809
  -849
  -892
  -938
  -986
  -1,037
  -1,090
  -1,147
  -1,206
  -1,269
  -1,335
  -1,404
  -1,477
  -1,554
  -1,635
  -1,720
  -1,809
  -1,904
  -2,002
  -2,106
  -2,216
  -2,330
  -2,451
  -2,578
  -2,711
  -2,851
  -2,998
  -3,153
  -3,315
  -3,485
Issuance/(repayment) of debt, $m
  0
  142
  159
  170
  182
  194
  207
  220
  233
  247
  261
  276
  292
  308
  325
  343
  361
  381
  401
  422
  444
  467
  492
  517
  544
  572
  601
  632
  664
  698
  734
Issuance/(repurchase) of shares, $m
  14
  693
  725
  759
  795
  834
  875
  918
  964
  1,012
  1,064
  1,117
  1,174
  1,235
  1,298
  1,365
  1,436
  1,510
  1,588
  1,670
  1,757
  1,848
  1,944
  2,044
  2,150
  2,261
  2,378
  2,501
  2,630
  2,766
  2,908
Cash from financing (excl. dividends), $m  
  16
  835
  884
  929
  977
  1,028
  1,082
  1,138
  1,197
  1,259
  1,325
  1,393
  1,466
  1,543
  1,623
  1,708
  1,797
  1,891
  1,989
  2,092
  2,201
  2,315
  2,436
  2,561
  2,694
  2,833
  2,979
  3,133
  3,294
  3,464
  3,642
Total cash flow (excl. dividends), $m
  151
  26
  34
  37
  39
  42
  45
  47
  50
  53
  56
  59
  62
  66
  69
  73
  77
  81
  86
  90
  95
  100
  105
  110
  116
  122
  128
  135
  142
  149
  157
Retained Cash Flow (-), $m
  498
  -693
  -725
  -759
  -795
  -834
  -875
  -918
  -964
  -1,012
  -1,064
  -1,117
  -1,174
  -1,235
  -1,298
  -1,365
  -1,436
  -1,510
  -1,588
  -1,670
  -1,757
  -1,848
  -1,944
  -2,044
  -2,150
  -2,261
  -2,378
  -2,501
  -2,630
  -2,766
  -2,908
Prev. year cash balance distribution, $m
 
  130
  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
 
  -537
  -690
  -722
  -756
  -792
  -830
  -871
  -914
  -959
  -1,007
  -1,058
  -1,112
  -1,169
  -1,229
  -1,292
  -1,359
  -1,429
  -1,503
  -1,580
  -1,662
  -1,748
  -1,839
  -1,934
  -2,034
  -2,139
  -2,250
  -2,366
  -2,488
  -2,617
  -2,752
Discount rate, %
 
  7.20
  7.56
  7.94
  8.33
  8.75
  9.19
  9.65
  10.13
  10.64
  11.17
  11.73
  12.31
  12.93
  13.58
  14.26
  14.97
  15.72
  16.50
  17.33
  18.19
  19.10
  20.06
  21.06
  22.11
  23.22
  24.38
  25.60
  26.88
  28.22
  29.64
PV of cash for distribution, $m
 
  -501
  -597
  -574
  -549
  -520
  -490
  -457
  -422
  -386
  -349
  -312
  -276
  -241
  -207
  -175
  -146
  -119
  -96
  -76
  -59
  -44
  -33
  -24
  -17
  -12
  -8
  -5
  -3
  -2
  -1
Current shareholders' claim on cash, %
  100
  86.7
  75.0
  64.9
  56.0
  48.3
  41.7
  35.9
  30.8
  26.5
  22.7
  19.5
  16.7
  14.3
  12.2
  10.5
  8.9
  7.6
  6.5
  5.6
  4.7
  4.0
  3.4
  2.9
  2.5
  2.1
  1.8
  1.5
  1.3
  1.1
  0.9

National Fuel Gas Company is a holding company. The Company is an energy company engaged principally in the production, gathering, transportation, distribution and marketing of natural gas. The Company operates in five business segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. The Company operates an integrated business, with assets centered in western New York and Pennsylvania, and the production and transportation of natural gas from the Marcellus Shale basin. The Company also develops and produces oil reserves, primarily in California. The Company's Exploration and Production segment operations are carried out by Seneca Resources Corporation (Seneca), a Pennsylvania corporation. The Company's National Fuel Gas Supply Corporation (Supply Corporation), a Pennsylvania corporation, and Empire Pipeline, Inc. (Empire), a New York corporation, carry out the Company's Pipeline and Storage segment operations.

FINANCIAL RATIOS  of  National Fuel Gas (NFG)

Valuation Ratios
P/E Ratio -16.9
Price to Sales 3.4
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 8.3
Price to Free Cash Flow 700.7
Growth Rates
Sales Growth Rate -17.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -42.8%
Cap. Spend. - 3 Yr. Gr. Rate -3.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 136.6%
Total Debt to Equity 136.6%
Interest Coverage -3
Management Effectiveness
Return On Assets -3.7%
Ret/ On Assets - 3 Yr. Avg. -1%
Return On Total Capital -7.5%
Ret/ On T. Cap. - 3 Yr. Avg. -3.1%
Return On Equity -16.4%
Return On Equity - 3 Yr. Avg. -6.8%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -10.7%
EBITDA Margin - 3 Yr. Avg. 6.5%
Operating Margin -28.7%
Oper. Margin - 3 Yr. Avg. -12.1%
Pre-Tax Margin -36.1%
Pre-Tax Margin - 3 Yr. Avg. -17.5%
Net Profit Margin -20%
Net Profit Margin - 3 Yr. Avg. -9.1%
Effective Tax Rate 44.5%
Eff/ Tax Rate - 3 Yr. Avg. 43%
Payout Ratio -46.4%

NFG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NFG stock intrinsic value calculation we used $1452 million for the last fiscal year's total revenue generated by National Fuel Gas. The default revenue input number comes from 2016 income statement of National Fuel Gas. 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 NFG stock valuation model: a) initial revenue growth rate of 3.6% 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 7.2%, whose default value for NFG is calculated based on our internal credit rating of National Fuel Gas, 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 National Fuel Gas.
    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 NFG stock the variable cost ratio is equal to 134.7%.

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 NFG 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 5.8% for National Fuel Gas.

Corporate tax rate of 27% is the nominal tax rate for National Fuel Gas. 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 NFG 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 NFG are equal to 337%.

Life of production assets of 19.7 years is the average useful life of capital assets used in National Fuel Gas 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 NFG is equal to -1.4%. 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 - $1527 million for National Fuel Gas - 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 85.561 million for National Fuel Gas 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 National Fuel Gas at the current share price and the inputted number of shares is $4.9 billion.

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COMPANY NEWS

▶ National Fuel Declares Quarterly Dividend   [Sep-14-17 01:05PM  Business Wire]
▶ National Fuel Gas meets 3Q profit forecasts   [Aug-05-17 01:12AM  Associated Press]
▶ National Fuel Reports Third Quarter Earnings   [Aug-03-17 05:05PM  Business Wire]
▶ What Are Gabelli Funds Largest Holdings?   [Jul-26-17 07:44AM  Market Realist]
▶ National Fuel Gas Company Teleconference Announcement   [Jul-06-17 04:42PM  Business Wire]
▶ National Fuel Gas beats 2Q profit forecasts   [May-05-17 05:03AM  Associated Press]
▶ National Fuel Reports Second Quarter Earnings   [May-04-17 05:05PM  Business Wire]
▶ National Fuel Gas Company Teleconference Announcement   [Apr-06-17 02:28PM  Business Wire]
▶ National Fuel Gas beats 1Q profit forecasts   [Feb-02-17 06:14PM  Associated Press]
▶ National Fuel Reports First Quarter Earnings   [04:30PM  Business Wire]
▶ Tops eyes PHH Mortgage building as new headquarters   [Jan-17-17 12:48PM  at bizjournals.com]
▶ National Fuel Gas Company Teleconference Announcement   [Jan-05-17 12:52PM  Business Wire]
▶ Tom Skains joins board of New York gas company   [Dec-19-16 04:20PM  at bizjournals.com]
▶ The Morning Risk Report: Activists Need not Attempt Proxy Access   [Dec-16-16 07:22AM  at The Wall Street Journal]
▶ National Fuel Declares Quarterly Dividend   [Dec-08-16 12:46PM  Business Wire]
▶ Should You Follow Hedge Funds Into Toro Co (TTC)?   [Nov-30-16 06:32PM  at Insider Monkey]
▶ 3 Cheap Stocks With Shifting Moats   [Nov-09-16 06:00AM  at Morningstar]
▶ National Fuel Gas Company Teleconference Announcement   [Oct-10-16 12:42PM  Business Wire]
▶ National Fuel Declares Quarterly Dividend   [Sep-16-16 12:43PM  Business Wire]
▶ Billionaire Mario Gabellis Favorite Small-Caps Stocks for Q3   [Aug-11-16 02:25PM  at Insider Monkey]
▶ National Fuel Reports Third Quarter Earnings   [05:10PM  Business Wire]
Financial statements of NFG
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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