Intrinsic value of NorthWestern - NWE

Previous Close

$61.32

  Intrinsic Value

$8.85

stock screener

  Rating & Target

str. sell

-86%

Previous close

$61.32

 
Intrinsic value

$8.85

 
Up/down potential

-86%

 
Rating

str. sell

We calculate the intrinsic value of NWE 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 3.0

 

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, %
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
Revenue, $m
  1,357
  1,411
  1,469
  1,531
  1,597
  1,666
  1,740
  1,817
  1,900
  1,987
  2,078
  2,175
  2,277
  2,384
  2,498
  2,617
  2,742
  2,874
  3,013
  3,160
  3,313
  3,475
  3,645
  3,824
  4,012
  4,209
  4,416
  4,634
  4,864
  5,104
Variable operating expenses, $m
  921
  957
  995
  1,035
  1,078
  1,123
  1,171
  1,222
  1,275
  1,332
  1,356
  1,419
  1,486
  1,556
  1,630
  1,708
  1,790
  1,876
  1,967
  2,062
  2,162
  2,268
  2,379
  2,495
  2,618
  2,747
  2,882
  3,024
  3,174
  3,331
Fixed operating expenses, $m
  161
  165
  169
  172
  176
  180
  184
  188
  192
  196
  201
  205
  210
  214
  219
  224
  229
  234
  239
  244
  250
  255
  261
  266
  272
  278
  284
  291
  297
  304
Total operating expenses, $m
  1,082
  1,122
  1,164
  1,207
  1,254
  1,303
  1,355
  1,410
  1,467
  1,528
  1,557
  1,624
  1,696
  1,770
  1,849
  1,932
  2,019
  2,110
  2,206
  2,306
  2,412
  2,523
  2,640
  2,761
  2,890
  3,025
  3,166
  3,315
  3,471
  3,635
Operating income, $m
  274
  289
  306
  324
  343
  363
  385
  408
  432
  458
  521
  550
  581
  614
  649
  685
  724
  765
  808
  854
  902
  952
  1,006
  1,062
  1,121
  1,184
  1,250
  1,319
  1,393
  1,470
EBITDA, $m
  793
  827
  864
  904
  946
  991
  1,039
  1,090
  1,143
  1,200
  1,260
  1,324
  1,391
  1,462
  1,537
  1,616
  1,699
  1,787
  1,880
  1,977
  2,080
  2,188
  2,302
  2,422
  2,548
  2,681
  2,821
  2,968
  3,123
  3,285
Interest expense (income), $m
  85
  115
  123
  131
  140
  149
  159
  169
  180
  192
  204
  217
  231
  245
  261
  277
  294
  312
  330
  350
  371
  393
  416
  440
  465
  492
  520
  550
  581
  614
  648
Earnings before tax, $m
  159
  167
  175
  184
  194
  204
  215
  227
  240
  254
  304
  320
  336
  353
  372
  392
  412
  435
  458
  483
  509
  536
  566
  597
  629
  664
  700
  739
  779
  822
Tax expense, $m
  43
  45
  47
  50
  52
  55
  58
  61
  65
  69
  82
  86
  91
  95
  100
  106
  111
  117
  124
  130
  137
  145
  153
  161
  170
  179
  189
  199
  210
  222
Net income, $m
  116
  122
  128
  134
  141
  149
  157
  166
  175
  185
  222
  233
  245
  258
  272
  286
  301
  317
  334
  352
  371
  392
  413
  436
  459
  485
  511
  539
  569
  600

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
  5,630
  5,856
  6,097
  6,353
  6,625
  6,913
  7,218
  7,541
  7,882
  8,243
  8,623
  9,025
  9,448
  9,894
  10,364
  10,858
  11,379
  11,927
  12,504
  13,111
  13,749
  14,419
  15,125
  15,866
  16,646
  17,465
  18,326
  19,230
  20,181
  21,179
Adjusted assets (=assets-cash), $m
  5,630
  5,856
  6,097
  6,353
  6,625
  6,913
  7,218
  7,541
  7,882
  8,243
  8,623
  9,025
  9,448
  9,894
  10,364
  10,858
  11,379
  11,927
  12,504
  13,111
  13,749
  14,419
  15,125
  15,866
  16,646
  17,465
  18,326
  19,230
  20,181
  21,179
Revenue / Adjusted assets
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
Average production assets, $m
  4,827
  5,020
  5,226
  5,446
  5,679
  5,926
  6,188
  6,464
  6,757
  7,066
  7,392
  7,736
  8,099
  8,481
  8,884
  9,308
  9,755
  10,225
  10,719
  11,239
  11,786
  12,361
  12,966
  13,601
  14,269
  14,972
  15,709
  16,485
  17,300
  18,156
Working capital, $m
  -34
  -35
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -50
  -52
  -54
  -57
  -60
  -62
  -65
  -69
  -72
  -75
  -79
  -83
  -87
  -91
  -96
  -100
  -105
  -110
  -116
  -122
  -128
Total debt, $m
  2,277
  2,427
  2,588
  2,759
  2,941
  3,133
  3,337
  3,553
  3,781
  4,022
  4,276
  4,544
  4,827
  5,125
  5,438
  5,769
  6,117
  6,483
  6,868
  7,273
  7,699
  8,148
  8,619
  9,114
  9,635
  10,182
  10,757
  11,361
  11,996
  12,663
Total liabilities, $m
  3,761
  3,912
  4,073
  4,244
  4,425
  4,618
  4,822
  5,037
  5,265
  5,506
  5,760
  6,029
  6,311
  6,609
  6,923
  7,253
  7,601
  7,967
  8,353
  8,758
  9,184
  9,632
  10,103
  10,599
  11,119
  11,667
  12,242
  12,846
  13,481
  14,148
Total equity, $m
  1,869
  1,944
  2,024
  2,109
  2,199
  2,295
  2,396
  2,504
  2,617
  2,737
  2,863
  2,996
  3,137
  3,285
  3,441
  3,605
  3,778
  3,960
  4,151
  4,353
  4,565
  4,787
  5,021
  5,268
  5,526
  5,798
  6,084
  6,384
  6,700
  7,032
Total liabilities and equity, $m
  5,630
  5,856
  6,097
  6,353
  6,624
  6,913
  7,218
  7,541
  7,882
  8,243
  8,623
  9,025
  9,448
  9,894
  10,364
  10,858
  11,379
  11,927
  12,504
  13,111
  13,749
  14,419
  15,124
  15,867
  16,645
  17,465
  18,326
  19,230
  20,181
  21,180
Debt-to-equity ratio
  1.220
  1.250
  1.280
  1.310
  1.340
  1.370
  1.390
  1.420
  1.440
  1.470
  1.490
  1.520
  1.540
  1.560
  1.580
  1.600
  1.620
  1.640
  1.650
  1.670
  1.690
  1.700
  1.720
  1.730
  1.740
  1.760
  1.770
  1.780
  1.790
  1.800
Adjusted equity ratio
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  116
  122
  128
  134
  141
  149
  157
  166
  175
  185
  222
  233
  245
  258
  272
  286
  301
  317
  334
  352
  371
  392
  413
  436
  459
  485
  511
  539
  569
  600
Depreciation, amort., depletion, $m
  518
  538
  558
  580
  604
  628
  655
  682
  711
  742
  739
  774
  810
  848
  888
  931
  975
  1,022
  1,072
  1,124
  1,179
  1,236
  1,297
  1,360
  1,427
  1,497
  1,571
  1,648
  1,730
  1,816
Funds from operations, $m
  634
  659
  686
  715
  745
  777
  812
  848
  887
  928
  961
  1,007
  1,055
  1,106
  1,160
  1,217
  1,277
  1,340
  1,406
  1,476
  1,550
  1,628
  1,710
  1,796
  1,886
  1,982
  2,082
  2,188
  2,299
  2,416
Change in working capital, $m
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
Cash from operations, $m
  636
  661
  688
  716
  747
  779
  814
  850
  889
  930
  964
  1,009
  1,058
  1,109
  1,163
  1,220
  1,280
  1,343
  1,410
  1,480
  1,554
  1,632
  1,714
  1,800
  1,891
  1,987
  2,087
  2,193
  2,304
  2,422
Maintenance CAPEX, $m
  -464
  -483
  -502
  -523
  -545
  -568
  -593
  -619
  -646
  -676
  -707
  -739
  -774
  -810
  -848
  -888
  -931
  -975
  -1,022
  -1,072
  -1,124
  -1,179
  -1,236
  -1,297
  -1,360
  -1,427
  -1,497
  -1,571
  -1,648
  -1,730
New CAPEX, $m
  -182
  -194
  -206
  -219
  -233
  -247
  -262
  -277
  -293
  -309
  -326
  -344
  -363
  -382
  -403
  -424
  -446
  -470
  -494
  -520
  -547
  -575
  -605
  -636
  -668
  -702
  -738
  -775
  -815
  -856
Cash from investing activities, $m
  -646
  -677
  -708
  -742
  -778
  -815
  -855
  -896
  -939
  -985
  -1,033
  -1,083
  -1,137
  -1,192
  -1,251
  -1,312
  -1,377
  -1,445
  -1,516
  -1,592
  -1,671
  -1,754
  -1,841
  -1,933
  -2,028
  -2,129
  -2,235
  -2,346
  -2,463
  -2,586
Free cash flow, $m
  -11
  -15
  -21
  -26
  -31
  -36
  -41
  -45
  -50
  -55
  -69
  -74
  -79
  -83
  -88
  -93
  -98
  -102
  -107
  -112
  -117
  -122
  -127
  -132
  -137
  -142
  -148
  -153
  -159
  -164
Issuance/(repayment) of debt, $m
  139
  151
  161
  171
  182
  193
  204
  216
  228
  241
  254
  268
  283
  298
  314
  330
  348
  366
  385
  405
  426
  448
  471
  495
  521
  547
  575
  604
  635
  667
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  
  139
  151
  161
  171
  182
  193
  204
  216
  228
  241
  254
  268
  283
  298
  314
  330
  348
  366
  385
  405
  426
  448
  471
  495
  521
  547
  575
  604
  635
  667
Total cash flow (excl. dividends), $m
  128
  135
  140
  145
  151
  157
  163
  170
  178
  186
  185
  194
  204
  215
  226
  238
  250
  264
  278
  293
  309
  326
  344
  363
  383
  405
  427
  451
  476
  503
Retained Cash Flow (-), $m
  -70
  -75
  -80
  -85
  -90
  -96
  -101
  -107
  -113
  -120
  -126
  -133
  -141
  -148
  -156
  -164
  -173
  -182
  -191
  -201
  -212
  -223
  -234
  -246
  -259
  -272
  -286
  -300
  -316
  -332
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
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  19
Cash available for distribution, $m
  58
  60
  60
  60
  60
  61
  62
  63
  64
  66
  59
  61
  64
  66
  70
  73
  77
  82
  87
  92
  97
  104
  110
  117
  125
  133
  141
  151
  161
  171
Discount rate, %
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
  34.58
PV of cash for distribution, $m
  53
  51
  46
  42
  37
  33
  29
  26
  23
  19
  14
  12
  10
  8
  7
  6
  4
  3
  3
  2
  1
  1
  1
  0
  0
  0
  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

NorthWestern Corporation, doing business as North-Western Energy, provides electricity and natural gas. The Company's segments are Electric operations, Natural gas operations and All other. As of December 31, 2016, the Company provided electricity and natural gas to approximately 709,600 customers in Montana, South Dakota and Nebraska. It generates and distributes electricity in South Dakota; distributes natural gas in South Dakota and Nebraska, and generates and distributes electricity and distributes natural gas in Montana. Its regulated electric utility business in Montana includes generation, transmission and distribution. As of December 31, 2016, it provided retail electricity in 110 communities in South Dakota. Its regulated natural gas utility business in Montana includes production, storage, transmission and distribution. As of December 31, 2016, it provided natural gas to approximately 88,500 customers in 60 South Dakota communities and four Nebraska communities.

FINANCIAL RATIOS  of  NorthWestern (NWE)

Valuation Ratios
P/E Ratio 18.1
Price to Sales 2.4
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 10.3
Price to Free Cash Flow 2963.6
Growth Rates
Sales Growth Rate 3.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1.4%
Cap. Spend. - 3 Yr. Gr. Rate 4.6%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 108.4%
Total Debt to Equity 126.5%
Interest Coverage 3
Management Effectiveness
Return On Assets 4.7%
Ret/ On Assets - 3 Yr. Avg. 4.5%
Return On Total Capital 4.4%
Ret/ On T. Cap. - 3 Yr. Avg. 4.3%
Return On Equity 10%
Return On Equity - 3 Yr. Avg. 9.8%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 31.9%
EBITDA Margin - 3 Yr. Avg. 30.1%
Operating Margin 19.6%
Oper. Margin - 3 Yr. Avg. 18.8%
Pre-Tax Margin 12.5%
Pre-Tax Margin - 3 Yr. Avg. 12.2%
Net Profit Margin 13%
Net Profit Margin - 3 Yr. Avg. 11.8%
Effective Tax Rate -4.5%
Eff/ Tax Rate - 3 Yr. Avg. 0.7%
Payout Ratio 58.5%

NWE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NWE stock intrinsic value calculation we used $1306 million for the last fiscal year's total revenue generated by NorthWestern. The default revenue input number comes from 2017 income statement of NorthWestern. 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 NWE stock valuation model: a) initial revenue growth rate of 3.9% 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 8.4%, whose default value for NWE is calculated based on our internal credit rating of NorthWestern, 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 NorthWestern.
    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 NWE stock the variable cost ratio is equal to 68%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $158 million in the base year in the intrinsic value calculation for NWE 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 NorthWestern.

Corporate tax rate of 27% is the nominal tax rate for NorthWestern. 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 NWE stock is equal to 0.4%.

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 NWE are equal to 355.7%.

Life of production assets of 10 years is the average useful life of capital assets used in NorthWestern 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 NWE is equal to -2.5%. 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 - $1799 million for NorthWestern - 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 49 million for NorthWestern 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 NorthWestern at the current share price and the inputted number of shares is $3.0 billion.

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COMPANY NEWS

▶ Free Research Report as NorthWesterns EPS Soared 98%   [Jul-23-18 07:20AM  ACCESSWIRE]
▶ NorthWestern Corporation to Host Earnings Call   [Jul-20-18 12:00PM  ACCESSWIRE]
▶ NorthWestern: 2Q Earnings Snapshot   [Jul-19-18 06:33PM  Associated Press]
▶ Top Rated Dividend Stocks   [Jun-07-18 09:02AM  Simply Wall St.]
▶ Top Dividend Picks For The Day   [May-07-18 09:02AM  Simply Wall St.]
▶ NorthWestern: 1Q Earnings Snapshot   [Apr-25-18 05:03AM  Associated Press]
▶ NorthWestern Corporation to Host Earnings Call   [Feb-13-18 12:00PM  ACCESSWIRE]
▶ NorthWestern misses 4Q profit forecasts   [05:03AM  Associated Press]
▶ NorthWestern Reports 2017 Financial Results   [Feb-12-18 08:08PM  PR Newswire]
▶ Best NYSE Dividend Payers   [Feb-07-18 08:02AM  Simply Wall St.]
▶ NorthWestern Corporation to Host Earnings Call   [Nov-02-17 10:20AM  ACCESSWIRE]
▶ NorthWestern beats 3Q profit forecasts   [Nov-01-17 04:50PM  Associated Press]
▶ ETFs with exposure to NorthWestern Corp. : August 8, 2017   [Aug-08-17 04:58PM  Capital Cube]
▶ NorthWestern misses 2Q profit forecasts   [Jul-25-17 11:13PM  Associated Press]
▶ How Are ETF Inflows Affecting Small Cap Stocks?   [Jun-08-17 03:29PM  Barrons.com]
▶ ETFs with exposure to NorthWestern Corp. : May 1, 2017   [May-01-17 04:13PM  Capital Cube]
▶ NorthWestern Corp. Welcomes New Board Members   [Apr-27-17 12:22PM  PR Newswire]
▶ NorthWestern beats 1Q profit forecasts   [Apr-26-17 07:36PM  Associated Press]
▶ NorthWestern meets 4Q profit forecasts   [Feb-16-17 06:51PM  Associated Press]
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