Intrinsic value of NorthWestern - NWE

Previous Close

$62.55

  Intrinsic Value

$10.40

stock screener

  Rating & Target

str. sell

-83%

Previous close

$62.55

 
Intrinsic value

$10.40

 
Up/down potential

-83%

 
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 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 3.1

 

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
  1,332
  1,362
  1,397
  1,437
  1,480
  1,528
  1,580
  1,636
  1,697
  1,762
  1,832
  1,906
  1,985
  2,070
  2,159
  2,253
  2,354
  2,460
  2,571
  2,690
  2,814
  2,946
  3,084
  3,230
  3,384
  3,546
  3,716
  3,896
  4,084
  4,283
Variable operating expenses, $m
  898
  918
  941
  966
  994
  1,025
  1,059
  1,096
  1,135
  1,177
  1,186
  1,235
  1,286
  1,340
  1,398
  1,459
  1,524
  1,593
  1,665
  1,742
  1,823
  1,908
  1,997
  2,092
  2,192
  2,296
  2,407
  2,523
  2,645
  2,774
Fixed operating expenses, $m
  170
  173
  177
  181
  185
  189
  193
  198
  202
  206
  211
  216
  220
  225
  230
  235
  240
  246
  251
  257
  262
  268
  274
  280
  286
  292
  299
  305
  312
  319
Total operating expenses, $m
  1,068
  1,091
  1,118
  1,147
  1,179
  1,214
  1,252
  1,294
  1,337
  1,383
  1,397
  1,451
  1,506
  1,565
  1,628
  1,694
  1,764
  1,839
  1,916
  1,999
  2,085
  2,176
  2,271
  2,372
  2,478
  2,588
  2,706
  2,828
  2,957
  3,093
Operating income, $m
  264
  271
  279
  289
  301
  314
  328
  343
  360
  379
  435
  456
  479
  504
  531
  559
  589
  621
  655
  691
  730
  770
  813
  858
  907
  957
  1,011
  1,068
  1,127
  1,190
EBITDA, $m
  462
  473
  486
  501
  517
  536
  556
  579
  603
  630
  658
  689
  722
  757
  794
  834
  876
  921
  969
  1,020
  1,073
  1,130
  1,190
  1,253
  1,320
  1,390
  1,465
  1,543
  1,626
  1,713
Interest expense (income), $m
  85
  115
  119
  124
  129
  135
  141
  149
  156
  165
  174
  184
  194
  205
  217
  230
  243
  257
  272
  288
  305
  322
  341
  361
  381
  403
  426
  451
  476
  503
  531
Earnings before tax, $m
  148
  152
  156
  160
  166
  172
  179
  187
  196
  205
  251
  262
  274
  287
  301
  316
  332
  349
  367
  387
  407
  429
  452
  477
  503
  531
  560
  591
  624
  659
Tax expense, $m
  40
  41
  42
  43
  45
  46
  48
  50
  53
  55
  68
  71
  74
  78
  81
  85
  90
  94
  99
  104
  110
  116
  122
  129
  136
  143
  151
  160
  169
  178
Net income, $m
  108
  111
  114
  117
  121
  126
  131
  137
  143
  150
  183
  191
  200
  210
  220
  231
  242
  255
  268
  282
  297
  313
  330
  348
  367
  388
  409
  432
  456
  481

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
  5,526
  5,653
  5,798
  5,961
  6,142
  6,341
  6,556
  6,790
  7,042
  7,312
  7,601
  7,910
  8,238
  8,587
  8,958
  9,350
  9,766
  10,205
  10,670
  11,160
  11,677
  12,223
  12,798
  13,404
  14,042
  14,714
  15,421
  16,165
  16,948
  17,771
Adjusted assets (=assets-cash), $m
  5,526
  5,653
  5,798
  5,961
  6,142
  6,341
  6,556
  6,790
  7,042
  7,312
  7,601
  7,910
  8,238
  8,587
  8,958
  9,350
  9,766
  10,205
  10,670
  11,160
  11,677
  12,223
  12,798
  13,404
  14,042
  14,714
  15,421
  16,165
  16,948
  17,771
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
  4,553
  4,658
  4,778
  4,912
  5,061
  5,224
  5,402
  5,595
  5,802
  6,025
  6,263
  6,518
  6,788
  7,076
  7,381
  7,705
  8,047
  8,409
  8,792
  9,196
  9,622
  10,071
  10,545
  11,044
  11,570
  12,124
  12,707
  13,320
  13,965
  14,643
Working capital, $m
  -27
  -27
  -28
  -29
  -30
  -31
  -32
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -71
  -74
  -78
  -82
  -86
Total debt, $m
  2,207
  2,292
  2,389
  2,498
  2,618
  2,751
  2,895
  3,051
  3,219
  3,400
  3,593
  3,799
  4,019
  4,252
  4,499
  4,761
  5,039
  5,333
  5,643
  5,970
  6,316
  6,680
  7,064
  7,469
  7,895
  8,344
  8,816
  9,314
  9,837
  10,387
Total liabilities, $m
  3,691
  3,776
  3,873
  3,982
  4,103
  4,235
  4,380
  4,536
  4,704
  4,885
  5,078
  5,284
  5,503
  5,736
  5,984
  6,246
  6,524
  6,817
  7,127
  7,455
  7,800
  8,165
  8,549
  8,954
  9,380
  9,829
  10,301
  10,798
  11,321
  11,871
Total equity, $m
  1,835
  1,877
  1,925
  1,979
  2,039
  2,105
  2,177
  2,254
  2,338
  2,428
  2,524
  2,626
  2,735
  2,851
  2,974
  3,104
  3,242
  3,388
  3,542
  3,705
  3,877
  4,058
  4,249
  4,450
  4,662
  4,885
  5,120
  5,367
  5,627
  5,900
Total liabilities and equity, $m
  5,526
  5,653
  5,798
  5,961
  6,142
  6,340
  6,557
  6,790
  7,042
  7,313
  7,602
  7,910
  8,238
  8,587
  8,958
  9,350
  9,766
  10,205
  10,669
  11,160
  11,677
  12,223
  12,798
  13,404
  14,042
  14,714
  15,421
  16,165
  16,948
  17,771
Debt-to-equity ratio
  1.200
  1.220
  1.240
  1.260
  1.280
  1.310
  1.330
  1.350
  1.380
  1.400
  1.420
  1.450
  1.470
  1.490
  1.510
  1.530
  1.550
  1.570
  1.590
  1.610
  1.630
  1.650
  1.660
  1.680
  1.690
  1.710
  1.720
  1.740
  1.750
  1.760
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
  108
  111
  114
  117
  121
  126
  131
  137
  143
  150
  183
  191
  200
  210
  220
  231
  242
  255
  268
  282
  297
  313
  330
  348
  367
  388
  409
  432
  456
  481
Depreciation, amort., depletion, $m
  198
  202
  206
  211
  217
  222
  229
  236
  243
  251
  224
  233
  242
  253
  264
  275
  287
  300
  314
  328
  344
  360
  377
  394
  413
  433
  454
  476
  499
  523
Funds from operations, $m
  307
  313
  320
  328
  338
  348
  360
  372
  386
  401
  407
  424
  443
  462
  483
  506
  530
  555
  582
  611
  641
  673
  707
  743
  781
  821
  863
  907
  955
  1,004
Change in working capital, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
Cash from operations, $m
  307
  314
  321
  329
  339
  349
  361
  373
  387
  402
  408
  426
  444
  464
  485
  508
  532
  557
  584
  613
  643
  676
  710
  746
  784
  824
  866
  911
  958
  1,008
Maintenance CAPEX, $m
  -159
  -163
  -166
  -171
  -175
  -181
  -187
  -193
  -200
  -207
  -215
  -224
  -233
  -242
  -253
  -264
  -275
  -287
  -300
  -314
  -328
  -344
  -360
  -377
  -394
  -413
  -433
  -454
  -476
  -499
New CAPEX, $m
  -88
  -105
  -120
  -134
  -149
  -163
  -178
  -193
  -207
  -223
  -238
  -254
  -271
  -288
  -305
  -323
  -342
  -362
  -383
  -404
  -426
  -450
  -474
  -499
  -526
  -554
  -583
  -613
  -645
  -679
Cash from investing activities, $m
  -247
  -268
  -286
  -305
  -324
  -344
  -365
  -386
  -407
  -430
  -453
  -478
  -504
  -530
  -558
  -587
  -617
  -649
  -683
  -718
  -754
  -794
  -834
  -876
  -920
  -967
  -1,016
  -1,067
  -1,121
  -1,178
Free cash flow, $m
  60
  46
  35
  24
  14
  5
  -4
  -12
  -20
  -28
  -45
  -52
  -59
  -66
  -73
  -79
  -86
  -92
  -99
  -105
  -111
  -118
  -124
  -130
  -137
  -143
  -149
  -156
  -162
  -169
Issuance/(repayment) of debt, $m
  69
  85
  97
  109
  121
  132
  144
  156
  168
  181
  193
  206
  219
  233
  247
  262
  278
  294
  310
  327
  346
  364
  384
  405
  426
  449
  472
  497
  523
  550
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  
  69
  85
  97
  109
  121
  132
  144
  156
  168
  181
  193
  206
  219
  233
  247
  262
  278
  294
  310
  327
  346
  364
  384
  405
  426
  449
  472
  497
  523
  550
Total cash flow (excl. dividends), $m
  129
  131
  132
  133
  135
  137
  140
  144
  148
  153
  148
  154
  160
  167
  175
  183
  192
  201
  212
  222
  234
  247
  260
  274
  290
  306
  323
  341
  360
  381
Retained Cash Flow (-), $m
  -36
  -42
  -48
  -54
  -60
  -66
  -72
  -78
  -84
  -90
  -96
  -102
  -109
  -116
  -123
  -130
  -138
  -146
  -154
  -163
  -172
  -181
  -191
  -201
  -212
  -223
  -235
  -247
  -260
  -273
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
  94
  89
  84
  79
  75
  71
  69
  66
  64
  63
  52
  51
  51
  51
  52
  53
  54
  55
  57
  60
  63
  66
  69
  73
  78
  83
  88
  94
  101
  108
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
  86
  75
  64
  54
  46
  39
  33
  27
  22
  18
  13
  10
  8
  7
  5
  4
  3
  2
  2
  1
  1
  1
  0
  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 18.4
Price to Sales 2.4
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 10.5
Price to Free Cash Flow 3023
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 $1305.652 million for the last fiscal year's total revenue generated by NorthWestern. The default revenue input number comes from 0001 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 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 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 67.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $166 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%.

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 341.9%.

Life of production assets of 28 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%. 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 - $1798.915 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 50.317 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 $3.1 billion.

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COMPANY NEWS

▶ [$$] The myth of the young start-up whizz   [Nov-02-18 12:00AM  Financial Times]
▶ 5 Utility Stocks That Could Electrify Your Portfolio   [Oct-11-18 12:26PM  InvestorPlace]
▶ Taking A Look At NorthWestern Corporations (NYSE:NWE) ROE   [Oct-10-18 10:14AM  Simply Wall St.]
▶ 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.]
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▶ 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]

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