Intrinsic value of ONE Gas - OGS

Previous Close

$76.48

  Intrinsic Value

$8.27

stock screener

  Rating & Target

str. sell

-89%

Previous close

$76.48

 
Intrinsic value

$8.27

 
Up/down potential

-89%

 
Rating

str. sell

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

We calculate the intrinsic value of OGS 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 4.0

 

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, %
  -7.82
  13.80
  12.92
  12.13
  11.42
  10.77
  10.20
  9.68
  9.21
  8.79
  8.41
  8.07
  7.76
  7.49
  7.24
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
  6.07
  5.96
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
Revenue, $m
  1,427
  1,624
  1,834
  2,056
  2,291
  2,538
  2,796
  3,067
  3,349
  3,644
  3,950
  4,269
  4,600
  4,945
  5,302
  5,674
  6,061
  6,463
  6,881
  7,316
  7,768
  8,240
  8,731
  9,243
  9,778
  10,335
  10,917
  11,525
  12,160
  12,824
  13,519
Variable operating expenses, $m
 
  1,372
  1,547
  1,733
  1,928
  2,135
  2,351
  2,577
  2,812
  3,058
  3,314
  3,564
  3,841
  4,128
  4,427
  4,738
  5,060
  5,396
  5,745
  6,108
  6,486
  6,880
  7,290
  7,718
  8,164
  8,629
  9,115
  9,623
  10,153
  10,708
  11,287
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
  1,158
  1,372
  1,547
  1,733
  1,928
  2,135
  2,351
  2,577
  2,812
  3,058
  3,314
  3,564
  3,841
  4,128
  4,427
  4,738
  5,060
  5,396
  5,745
  6,108
  6,486
  6,880
  7,290
  7,718
  8,164
  8,629
  9,115
  9,623
  10,153
  10,708
  11,287
Operating income, $m
  269
  252
  287
  324
  362
  403
  446
  490
  537
  586
  636
  705
  759
  816
  875
  937
  1,000
  1,067
  1,136
  1,208
  1,282
  1,360
  1,441
  1,526
  1,614
  1,706
  1,802
  1,902
  2,007
  2,117
  2,232
EBITDA, $m
  413
  425
  480
  539
  600
  665
  732
  803
  877
  954
  1,035
  1,118
  1,205
  1,295
  1,389
  1,486
  1,588
  1,693
  1,802
  1,916
  2,035
  2,158
  2,287
  2,421
  2,561
  2,707
  2,860
  3,019
  3,185
  3,359
  3,541
Interest expense (income), $m
  42
  46
  61
  76
  93
  110
  129
  148
  168
  189
  211
  234
  258
  282
  308
  335
  362
  391
  421
  452
  485
  518
  553
  590
  628
  668
  709
  753
  798
  845
  895
Earnings before tax, $m
  225
  206
  226
  247
  269
  293
  317
  342
  369
  396
  425
  471
  502
  534
  567
  602
  638
  676
  715
  755
  798
  842
  888
  936
  986
  1,038
  1,093
  1,150
  1,209
  1,272
  1,337
Tax expense, $m
  85
  56
  61
  67
  73
  79
  86
  92
  100
  107
  115
  127
  135
  144
  153
  163
  172
  182
  193
  204
  215
  227
  240
  253
  266
  280
  295
  310
  326
  343
  361
Net income, $m
  140
  150
  165
  180
  197
  214
  231
  250
  269
  289
  310
  344
  366
  390
  414
  439
  466
  493
  522
  551
  582
  615
  648
  683
  720
  758
  798
  839
  883
  928
  976

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  15
  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
  4,943
  5,600
  6,323
  7,090
  7,899
  8,751
  9,643
  10,576
  11,550
  12,565
  13,621
  14,720
  15,863
  17,050
  18,284
  19,567
  20,899
  22,285
  23,727
  25,226
  26,787
  28,413
  30,108
  31,874
  33,716
  35,639
  37,646
  39,742
  41,933
  44,222
  46,617
Adjusted assets (=assets-cash), $m
  4,928
  5,600
  6,323
  7,090
  7,899
  8,751
  9,643
  10,576
  11,550
  12,565
  13,621
  14,720
  15,863
  17,050
  18,284
  19,567
  20,899
  22,285
  23,727
  25,226
  26,787
  28,413
  30,108
  31,874
  33,716
  35,639
  37,646
  39,742
  41,933
  44,222
  46,617
Revenue / Adjusted assets
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
Average production assets, $m
  3,622
  4,122
  4,654
  5,218
  5,814
  6,441
  7,097
  7,784
  8,501
  9,248
  10,026
  10,835
  11,675
  12,549
  13,458
  14,401
  15,382
  16,402
  17,463
  18,567
  19,716
  20,913
  22,160
  23,460
  24,816
  26,231
  27,708
  29,251
  30,863
  32,549
  34,311
Working capital, $m
  125
  291
  328
  368
  410
  454
  501
  549
  600
  652
  707
  764
  823
  885
  949
  1,016
  1,085
  1,157
  1,232
  1,309
  1,391
  1,475
  1,563
  1,655
  1,750
  1,850
  1,954
  2,063
  2,177
  2,296
  2,420
Total debt, $m
  1,337
  1,737
  2,183
  2,657
  3,156
  3,681
  4,232
  4,807
  5,408
  6,034
  6,686
  7,365
  8,069
  8,802
  9,563
  10,355
  11,177
  12,032
  12,921
  13,847
  14,810
  15,813
  16,858
  17,948
  19,085
  20,271
  21,509
  22,803
  24,154
  25,567
  27,045
Total liabilities, $m
  3,055
  3,455
  3,901
  4,375
  4,874
  5,399
  5,950
  6,525
  7,126
  7,752
  8,404
  9,083
  9,787
  10,520
  11,281
  12,073
  12,895
  13,750
  14,639
  15,565
  16,528
  17,531
  18,576
  19,666
  20,803
  21,989
  23,227
  24,521
  25,872
  27,285
  28,763
Total equity, $m
  1,888
  2,145
  2,422
  2,716
  3,025
  3,351
  3,693
  4,051
  4,424
  4,812
  5,217
  5,638
  6,076
  6,530
  7,003
  7,494
  8,004
  8,535
  9,087
  9,662
  10,260
  10,882
  11,531
  12,208
  12,913
  13,650
  14,418
  15,221
  16,060
  16,937
  17,854
Total liabilities and equity, $m
  4,943
  5,600
  6,323
  7,091
  7,899
  8,750
  9,643
  10,576
  11,550
  12,564
  13,621
  14,721
  15,863
  17,050
  18,284
  19,567
  20,899
  22,285
  23,726
  25,227
  26,788
  28,413
  30,107
  31,874
  33,716
  35,639
  37,645
  39,742
  41,932
  44,222
  46,617
Debt-to-equity ratio
  0.708
  0.810
  0.900
  0.980
  1.040
  1.100
  1.150
  1.190
  1.220
  1.250
  1.280
  1.310
  1.330
  1.350
  1.370
  1.380
  1.400
  1.410
  1.420
  1.430
  1.440
  1.450
  1.460
  1.470
  1.480
  1.490
  1.490
  1.500
  1.500
  1.510
  1.510
Adjusted equity ratio
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  140
  150
  165
  180
  197
  214
  231
  250
  269
  289
  310
  344
  366
  390
  414
  439
  466
  493
  522
  551
  582
  615
  648
  683
  720
  758
  798
  839
  883
  928
  976
Depreciation, amort., depletion, $m
  144
  173
  193
  215
  238
  262
  287
  313
  340
  369
  398
  414
  446
  479
  514
  550
  587
  626
  667
  709
  753
  798
  846
  895
  947
  1,001
  1,058
  1,116
  1,178
  1,242
  1,310
Funds from operations, $m
  202
  323
  358
  395
  434
  475
  518
  563
  610
  658
  709
  757
  812
  869
  928
  989
  1,053
  1,119
  1,188
  1,260
  1,335
  1,413
  1,494
  1,579
  1,667
  1,759
  1,855
  1,956
  2,061
  2,171
  2,285
Change in working capital, $m
  -80
  35
  38
  40
  42
  44
  46
  48
  51
  53
  55
  57
  59
  62
  64
  67
  69
  72
  75
  78
  81
  84
  88
  92
  96
  100
  104
  109
  114
  119
  124
Cash from operations, $m
  282
  288
  321
  356
  392
  431
  472
  514
  559
  605
  654
  700
  752
  807
  864
  923
  984
  1,047
  1,113
  1,182
  1,254
  1,328
  1,406
  1,487
  1,571
  1,659
  1,751
  1,847
  1,947
  2,052
  2,161
Maintenance CAPEX, $m
  0
  -138
  -157
  -178
  -199
  -222
  -246
  -271
  -297
  -324
  -353
  -383
  -414
  -446
  -479
  -514
  -550
  -587
  -626
  -667
  -709
  -753
  -798
  -846
  -895
  -947
  -1,001
  -1,058
  -1,116
  -1,178
  -1,242
New CAPEX, $m
  -309
  -500
  -533
  -564
  -596
  -626
  -657
  -687
  -717
  -747
  -778
  -809
  -841
  -874
  -908
  -944
  -981
  -1,020
  -1,061
  -1,104
  -1,149
  -1,197
  -1,247
  -1,300
  -1,356
  -1,415
  -1,477
  -1,543
  -1,612
  -1,685
  -1,762
Cash from investing activities, $m
  -309
  -638
  -690
  -742
  -795
  -848
  -903
  -958
  -1,014
  -1,071
  -1,131
  -1,192
  -1,255
  -1,320
  -1,387
  -1,458
  -1,531
  -1,607
  -1,687
  -1,771
  -1,858
  -1,950
  -2,045
  -2,146
  -2,251
  -2,362
  -2,478
  -2,601
  -2,728
  -2,863
  -3,004
Free cash flow, $m
  -27
  -350
  -369
  -386
  -403
  -417
  -431
  -443
  -455
  -466
  -477
  -492
  -502
  -513
  -524
  -535
  -547
  -560
  -573
  -588
  -604
  -621
  -639
  -659
  -680
  -703
  -727
  -754
  -782
  -812
  -844
Issuance/(repayment) of debt, $m
  133
  415
  446
  473
  499
  525
  551
  576
  601
  626
  652
  678
  705
  733
  761
  791
  822
  855
  889
  925
  963
  1,003
  1,045
  1,090
  1,137
  1,186
  1,238
  1,293
  1,352
  1,413
  1,477
Issuance/(repurchase) of shares, $m
  -20
  106
  112
  113
  113
  112
  110
  107
  104
  99
  94
  77
  71
  65
  59
  52
  45
  38
  30
  23
  16
  8
  1
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  112
  521
  558
  586
  612
  637
  661
  683
  705
  725
  746
  755
  776
  798
  820
  843
  867
  893
  919
  948
  979
  1,011
  1,046
  1,090
  1,137
  1,186
  1,238
  1,293
  1,352
  1,413
  1,477
Total cash flow (excl. dividends), $m
  85
  171
  190
  200
  210
  220
  230
  240
  250
  260
  270
  264
  274
  285
  296
  308
  320
  333
  346
  360
  375
  390
  407
  431
  457
  483
  511
  540
  570
  601
  634
Retained Cash Flow (-), $m
  -46
  -257
  -277
  -294
  -310
  -326
  -342
  -357
  -373
  -389
  -405
  -421
  -438
  -455
  -473
  -491
  -510
  -531
  -552
  -574
  -598
  -623
  -649
  -676
  -706
  -736
  -769
  -803
  -839
  -877
  -917
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
 
  -85
  -88
  -94
  -100
  -106
  -112
  -117
  -123
  -129
  -135
  -157
  -163
  -170
  -176
  -183
  -190
  -198
  -206
  -214
  -223
  -232
  -242
  -246
  -249
  -253
  -258
  -263
  -269
  -276
  -283
Discount rate, %
 
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.12
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.82
  25.01
  26.26
  27.58
PV of cash for distribution, $m
 
  -80
  -76
  -76
  -74
  -72
  -68
  -64
  -60
  -55
  -50
  -50
  -44
  -39
  -33
  -28
  -24
  -19
  -16
  -13
  -10
  -7
  -6
  -4
  -3
  -2
  -1
  -1
  -1
  0
  0
Current shareholders' claim on cash, %
  100
  97.4
  95.1
  93.0
  91.2
  89.6
  88.3
  87.1
  86.0
  85.1
  84.4
  83.8
  83.3
  82.8
  82.5
  82.2
  82.0
  81.8
  81.7
  81.6
  81.5
  81.5
  81.5
  81.5
  81.5
  81.5
  81.5
  81.5
  81.5
  81.5
  81.5

ONE Gas, Inc. is a regulated natural gas distribution utility in the United States. The Company provides natural gas distribution services. The Company distributes natural gas in Oklahoma, Kansas and Texas. The Company serves residential, commercial and industrial, transportation and wholesale and public authority customers. The Company's natural gas distribution markets in terms of customers are Oklahoma City and Tulsa, Oklahoma; Kansas City, Wichita and Topeka, Kansas, and Austin and El Paso, Texas. As of December 31, 2016, its three divisions, Oklahoma Natural Gas, Kansas Gas Service and Texas Gas Service, distribute natural gas to approximately 88%, 72% and 13% of the natural gas distribution customers in Oklahoma, Kansas and Texas, respectively. As of December 31, 2016, the Company had 50.4 billion cubic feet (Bcf) of natural gas storage capacity under lease with remaining terms ranging from 1 to 10 years and maximum allowable daily withdrawal capacity of approximately 1.3 Bcf.

FINANCIAL RATIOS  of  ONE Gas (OGS)

Valuation Ratios
P/E Ratio 28.6
Price to Sales 2.8
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 14.2
Price to Free Cash Flow -148.1
Growth Rates
Sales Growth Rate -7.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 5.1%
Cap. Spend. - 3 Yr. Gr. Rate 1.1%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 63.1%
Total Debt to Equity 70.8%
Interest Coverage 6
Management Effectiveness
Return On Assets 3.5%
Ret/ On Assets - 3 Yr. Avg. 3.2%
Return On Total Capital 4.5%
Ret/ On T. Cap. - 3 Yr. Avg. 4.1%
Return On Equity 7.5%
Return On Equity - 3 Yr. Avg. 7.1%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 62%
Gross Margin - 3 Yr. Avg. 54%
EBITDA Margin 28.8%
EBITDA Margin - 3 Yr. Avg. 23.5%
Operating Margin 18.9%
Oper. Margin - 3 Yr. Avg. 15.6%
Pre-Tax Margin 15.8%
Pre-Tax Margin - 3 Yr. Avg. 12.7%
Net Profit Margin 9.8%
Net Profit Margin - 3 Yr. Avg. 7.8%
Effective Tax Rate 37.8%
Eff/ Tax Rate - 3 Yr. Avg. 38%
Payout Ratio 52.1%

OGS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the OGS stock intrinsic value calculation we used $1427 million for the last fiscal year's total revenue generated by ONE Gas. The default revenue input number comes from 2016 income statement of ONE 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 OGS stock valuation model: a) initial revenue growth rate of 13.8% 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 6.7%, whose default value for OGS is calculated based on our internal credit rating of ONE 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 ONE 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 OGS stock the variable cost ratio is equal to 84.6%.

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 OGS 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 3.5% for ONE Gas.

Corporate tax rate of 27% is the nominal tax rate for ONE 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 OGS 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 OGS are equal to 253.8%.

Life of production assets of 26.2 years is the average useful life of capital assets used in ONE 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 OGS is equal to 17.9%. 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 - $1888 million for ONE 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 52.288 million for ONE 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 ONE Gas at the current share price and the inputted number of shares is $4.0 billion.

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COMPANY NEWS

▶ ONE Gas to Present at Jefferies 2017 Energy Conference   [Nov-20-17 04:05PM  PR Newswire]
▶ ETFs with exposure to ONE Gas, Inc. : November 14, 2017   [Nov-14-17 02:39PM  Capital Cube]
▶ ETFs with exposure to ONE Gas, Inc. : November 3, 2017   [Nov-03-17 12:25PM  Capital Cube]
▶ ONE Gas, Inc. to Host Earnings Call   [Oct-31-17 08:50AM  ACCESSWIRE]
▶ ONE Gas beats 3Q profit forecasts   [Oct-30-17 06:11PM  Associated Press]
▶ ETFs with exposure to ONE Gas, Inc. : October 12, 2017   [Oct-12-17 10:47AM  Capital Cube]
▶ ETFs with exposure to ONE Gas, Inc. : August 31, 2017   [Aug-31-17 07:51PM  Capital Cube]
▶ ONE Gas misses 2Q profit forecasts   [Jul-31-17 10:00PM  Associated Press]
▶ ONE Gas Declares Quarterly Dividend   [Jul-24-17 04:05PM  PR Newswire]
▶ ONE Gas, Inc. Value Analysis (NYSE:OGS) : July 3, 2017   [Jul-03-17 04:43PM  Capital Cube]
▶ ONE Gas to Participate in Jefferies Utilities Summit   [Jun-12-17 04:05PM  PR Newswire]
▶ Utility Industry Outlook - May 2017   [May-18-17 02:25PM  Zacks]
▶ ETFs with exposure to ONE Gas, Inc. : May 9, 2017   [May-09-17 04:54PM  Capital Cube]
▶ ONE Gas beats 1Q profit forecasts   [May-01-17 05:26PM  Associated Press]
▶ ONE Gas Increases Quarterly Dividend   [Jan-17-17 04:10PM  PR Newswire]
▶ ONE Gas Issues 2017 Financial Guidance   [04:05PM  PR Newswire]
▶ Is ONE Gas Inc (OGS) A Good Stock To Buy?   [Dec-11-16 10:00AM  at Insider Monkey]
Financial statements of OGS
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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