Intrinsic value of Plug Power - PLUG

Previous Close

$1.80

  Intrinsic Value

$0.07

stock screener

  Rating & Target

str. sell

-96%

Previous close

$1.80

 
Intrinsic value

$0.07

 
Up/down potential

-96%

 
Rating

str. sell

We calculate the intrinsic value of PLUG 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 0.4

 

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, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  165
  255
  382
  554
  781
  1,074
  1,442
  1,894
  2,437
  3,078
  3,822
  4,672
  5,632
  6,701
  7,879
  9,165
  10,557
  12,053
  13,651
  15,348
  17,141
  19,030
  21,012
  23,087
  25,254
  27,514
  29,867
  32,316
  34,862
  37,508
Variable operating expenses, $m
  264
  407
  608
  882
  1,243
  1,709
  2,293
  3,011
  3,873
  4,892
  6,073
  7,425
  8,950
  10,648
  12,521
  14,564
  16,777
  19,155
  21,694
  24,390
  27,241
  30,242
  33,392
  36,690
  40,134
  43,725
  47,465
  51,356
  55,402
  59,608
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
  264
  407
  608
  882
  1,243
  1,709
  2,293
  3,011
  3,873
  4,892
  6,073
  7,425
  8,950
  10,648
  12,521
  14,564
  16,777
  19,155
  21,694
  24,390
  27,241
  30,242
  33,392
  36,690
  40,134
  43,725
  47,465
  51,356
  55,402
  59,608
Operating income, $m
  -99
  -152
  -226
  -328
  -462
  -634
  -851
  -1,117
  -1,437
  -1,815
  -2,252
  -2,753
  -3,318
  -3,948
  -4,642
  -5,400
  -6,220
  -7,102
  -8,043
  -9,043
  -10,099
  -11,212
  -12,380
  -13,603
  -14,879
  -16,211
  -17,598
  -19,040
  -20,540
  -22,099
EBITDA, $m
  -83
  -128
  -191
  -278
  -392
  -538
  -723
  -949
  -1,221
  -1,542
  -1,915
  -2,341
  -2,822
  -3,358
  -3,948
  -4,592
  -5,290
  -6,040
  -6,840
  -7,690
  -8,589
  -9,536
  -10,529
  -11,568
  -12,654
  -13,787
  -14,966
  -16,193
  -17,469
  -18,795
Interest expense (income), $m
  8
  12
  26
  45
  73
  110
  160
  224
  304
  402
  520
  660
  822
  1,007
  1,216
  1,449
  1,705
  1,985
  2,288
  2,614
  2,962
  3,331
  3,722
  4,133
  4,564
  5,016
  5,488
  5,980
  6,492
  7,025
  7,580
Earnings before tax, $m
  -111
  -177
  -272
  -401
  -572
  -794
  -1,075
  -1,421
  -1,839
  -2,335
  -2,911
  -3,575
  -4,325
  -5,164
  -6,091
  -7,105
  -8,205
  -9,390
  -10,657
  -12,004
  -13,431
  -14,934
  -16,513
  -18,167
  -19,896
  -21,699
  -23,578
  -25,533
  -27,566
  -29,679
Tax expense, $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
Net income, $m
  -111
  -177
  -272
  -401
  -572
  -794
  -1,075
  -1,421
  -1,839
  -2,335
  -2,911
  -3,575
  -4,325
  -5,164
  -6,091
  -7,105
  -8,205
  -9,390
  -10,657
  -12,004
  -13,431
  -14,934
  -16,513
  -18,167
  -19,896
  -21,699
  -23,578
  -25,533
  -27,566
  -29,679

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
  426
  658
  984
  1,428
  2,014
  2,769
  3,717
  4,880
  6,280
  7,932
  9,849
  12,042
  14,515
  17,269
  20,306
  23,620
  27,209
  31,065
  35,183
  39,556
  44,179
  49,046
  54,155
  59,503
  65,088
  70,912
  76,978
  83,289
  89,851
  96,671
Adjusted assets (=assets-cash), $m
  426
  658
  984
  1,428
  2,014
  2,769
  3,717
  4,880
  6,280
  7,932
  9,849
  12,042
  14,515
  17,269
  20,306
  23,620
  27,209
  31,065
  35,183
  39,556
  44,179
  49,046
  54,155
  59,503
  65,088
  70,912
  76,978
  83,289
  89,851
  96,671
Revenue / Adjusted assets
  0.387
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
Average production assets, $m
  138
  214
  320
  464
  654
  899
  1,207
  1,585
  2,039
  2,576
  3,199
  3,911
  4,714
  5,608
  6,594
  7,671
  8,836
  10,089
  11,426
  12,846
  14,347
  15,928
  17,587
  19,324
  21,138
  23,029
  24,999
  27,049
  29,180
  31,394
Working capital, $m
  -18
  -27
  -40
  -59
  -83
  -114
  -153
  -201
  -258
  -326
  -405
  -495
  -597
  -710
  -835
  -971
  -1,119
  -1,278
  -1,447
  -1,627
  -1,817
  -2,017
  -2,227
  -2,447
  -2,677
  -2,916
  -3,166
  -3,426
  -3,695
  -3,976
Total debt, $m
  220
  387
  623
  943
  1,366
  1,911
  2,596
  3,436
  4,446
  5,639
  7,023
  8,606
  10,392
  12,381
  14,573
  16,966
  19,557
  22,341
  25,314
  28,471
  31,809
  35,323
  39,012
  42,873
  46,906
  51,111
  55,490
  60,047
  64,784
  69,709
Total liabilities, $m
  307
  475
  710
  1,031
  1,454
  1,999
  2,683
  3,524
  4,534
  5,727
  7,111
  8,694
  10,479
  12,469
  14,661
  17,054
  19,645
  22,429
  25,402
  28,559
  31,897
  35,411
  39,100
  42,961
  46,994
  51,199
  55,578
  60,135
  64,872
  69,796
Total equity, $m
  118
  183
  274
  397
  560
  770
  1,033
  1,357
  1,746
  2,205
  2,738
  3,348
  4,035
  4,801
  5,645
  6,566
  7,564
  8,636
  9,781
  10,997
  12,282
  13,635
  15,055
  16,542
  18,094
  19,714
  21,400
  23,154
  24,978
  26,875
Total liabilities and equity, $m
  425
  658
  984
  1,428
  2,014
  2,769
  3,716
  4,881
  6,280
  7,932
  9,849
  12,042
  14,514
  17,270
  20,306
  23,620
  27,209
  31,065
  35,183
  39,556
  44,179
  49,046
  54,155
  59,503
  65,088
  70,913
  76,978
  83,289
  89,850
  96,671
Debt-to-equity ratio
  1.850
  2.120
  2.280
  2.380
  2.440
  2.480
  2.510
  2.530
  2.550
  2.560
  2.570
  2.570
  2.580
  2.580
  2.580
  2.580
  2.590
  2.590
  2.590
  2.590
  2.590
  2.590
  2.590
  2.590
  2.590
  2.590
  2.590
  2.590
  2.590
  2.590
Adjusted equity ratio
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -111
  -177
  -272
  -401
  -572
  -794
  -1,075
  -1,421
  -1,839
  -2,335
  -2,911
  -3,575
  -4,325
  -5,164
  -6,091
  -7,105
  -8,205
  -9,390
  -10,657
  -12,004
  -13,431
  -14,934
  -16,513
  -18,167
  -19,896
  -21,699
  -23,578
  -25,533
  -27,566
  -29,679
Depreciation, amort., depletion, $m
  16
  24
  35
  50
  70
  96
  128
  168
  216
  272
  337
  412
  496
  590
  694
  807
  930
  1,062
  1,203
  1,352
  1,510
  1,677
  1,851
  2,034
  2,225
  2,424
  2,631
  2,847
  3,072
  3,305
Funds from operations, $m
  -95
  -154
  -237
  -350
  -502
  -698
  -946
  -1,253
  -1,623
  -2,062
  -2,575
  -3,163
  -3,829
  -4,573
  -5,396
  -6,297
  -7,275
  -8,328
  -9,454
  -10,652
  -11,920
  -13,257
  -14,662
  -16,133
  -17,671
  -19,275
  -20,946
  -22,685
  -24,494
  -26,375
Change in working capital, $m
  -7
  -10
  -13
  -18
  -24
  -31
  -39
  -48
  -58
  -68
  -79
  -90
  -102
  -113
  -125
  -136
  -148
  -159
  -169
  -180
  -190
  -200
  -210
  -220
  -230
  -240
  -249
  -260
  -270
  -281
Cash from operations, $m
  -88
  -144
  -223
  -332
  -478
  -667
  -907
  -1,205
  -1,565
  -1,994
  -2,496
  -3,073
  -3,727
  -4,460
  -5,272
  -6,161
  -7,127
  -8,169
  -9,285
  -10,472
  -11,730
  -13,057
  -14,452
  -15,913
  -17,441
  -19,035
  -20,697
  -22,426
  -24,224
  -26,094
Maintenance CAPEX, $m
  -9
  -15
  -22
  -34
  -49
  -69
  -95
  -127
  -167
  -215
  -271
  -337
  -412
  -496
  -590
  -694
  -807
  -930
  -1,062
  -1,203
  -1,352
  -1,510
  -1,677
  -1,851
  -2,034
  -2,225
  -2,424
  -2,631
  -2,847
  -3,072
New CAPEX, $m
  -52
  -75
  -106
  -144
  -190
  -245
  -308
  -378
  -454
  -537
  -623
  -712
  -803
  -895
  -986
  -1,076
  -1,165
  -1,252
  -1,337
  -1,420
  -1,501
  -1,581
  -1,659
  -1,737
  -1,814
  -1,891
  -1,970
  -2,049
  -2,131
  -2,215
Cash from investing activities, $m
  -61
  -90
  -128
  -178
  -239
  -314
  -403
  -505
  -621
  -752
  -894
  -1,049
  -1,215
  -1,391
  -1,576
  -1,770
  -1,972
  -2,182
  -2,399
  -2,623
  -2,853
  -3,091
  -3,336
  -3,588
  -3,848
  -4,116
  -4,394
  -4,680
  -4,978
  -5,287
Free cash flow, $m
  -149
  -234
  -352
  -510
  -717
  -981
  -1,310
  -1,710
  -2,187
  -2,746
  -3,390
  -4,121
  -4,942
  -5,851
  -6,848
  -7,932
  -9,100
  -10,352
  -11,684
  -13,095
  -14,584
  -16,148
  -17,787
  -19,501
  -21,289
  -23,152
  -25,091
  -27,107
  -29,203
  -31,380
Issuance/(repayment) of debt, $m
  116
  168
  235
  320
  423
  545
  684
  840
  1,010
  1,193
  1,385
  1,583
  1,785
  1,989
  2,192
  2,393
  2,591
  2,784
  2,973
  3,157
  3,338
  3,514
  3,689
  3,861
  4,033
  4,205
  4,379
  4,556
  4,738
  4,924
Issuance/(repurchase) of shares, $m
  156
  242
  362
  524
  735
  1,004
  1,338
  1,744
  2,228
  2,794
  3,444
  4,184
  5,012
  5,930
  6,935
  8,026
  9,203
  10,462
  11,802
  13,220
  14,716
  16,287
  17,933
  19,654
  21,448
  23,318
  25,264
  27,287
  29,390
  31,575
Cash from financing (excl. dividends), $m  
  272
  410
  597
  844
  1,158
  1,549
  2,022
  2,584
  3,238
  3,987
  4,829
  5,767
  6,797
  7,919
  9,127
  10,419
  11,794
  13,246
  14,775
  16,377
  18,054
  19,801
  21,622
  23,515
  25,481
  27,523
  29,643
  31,843
  34,128
  36,499
Total cash flow (excl. dividends), $m
  122
  176
  246
  334
  442
  568
  713
  875
  1,052
  1,241
  1,439
  1,646
  1,856
  2,068
  2,279
  2,488
  2,693
  2,894
  3,091
  3,282
  3,470
  3,653
  3,834
  4,014
  4,192
  4,372
  4,553
  4,737
  4,925
  5,119
Retained Cash Flow (-), $m
  -156
  -242
  -362
  -524
  -735
  -1,004
  -1,338
  -1,744
  -2,228
  -2,794
  -3,444
  -4,184
  -5,012
  -5,930
  -6,935
  -8,026
  -9,203
  -10,462
  -11,802
  -13,220
  -14,716
  -16,287
  -17,933
  -19,654
  -21,448
  -23,318
  -25,264
  -27,287
  -29,390
  -31,575
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
  -34
  -66
  -116
  -190
  -294
  -436
  -625
  -869
  -1,176
  -1,553
  -2,005
  -2,539
  -3,157
  -3,862
  -4,656
  -5,538
  -6,509
  -7,568
  -8,711
  -9,938
  -11,246
  -12,634
  -14,099
  -15,640
  -17,256
  -18,947
  -20,711
  -22,550
  -24,465
  -26,456
Discount rate, %
  6.90
  7.25
  7.61
  7.99
  8.39
  8.81
  9.25
  9.71
  10.19
  10.70
  11.24
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.61
  17.44
  18.31
  19.22
  20.18
  21.19
  22.25
  23.37
  24.53
  25.76
  27.05
  28.40
PV of cash for distribution, $m
  -31
  -58
  -93
  -139
  -196
  -263
  -337
  -414
  -491
  -562
  -621
  -666
  -691
  -697
  -682
  -649
  -599
  -539
  -470
  -399
  -329
  -264
  -205
  -155
  -114
  -81
  -55
  -37
  -24
  -15
Current shareholders' claim on cash, %
  71.3
  51.3
  37.2
  27.2
  20.1
  15.0
  11.3
  8.5
  6.5
  5.0
  3.8
  3.0
  2.3
  1.8
  1.4
  1.1
  0.9
  0.7
  0.5
  0.4
  0.3
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1
  0.0

Plug Power Inc. is a provider of alternative energy technology focused on the design, development, commercialization and manufacture of hydrogen fuel cell systems used for the industrial off-road market and the stationary power market. The Company's product line includes GenKey, GenDrive, GenFuel, GenCare and ReliOn. GenKey offers solutions to customers transitioning their material handling vehicles to fuel cell power. GenDrive is a hydrogen fueled proton exchange membrane (PEM) fuel cell system. It provides power to material handling vehicles. GenFuel is a hydrogen fueling delivery system. It is designed to allow customers to refuel its GenDrive units for productivity. GenCare is an ongoing maintenance program for both the GenDrive fuel cells and GenFuel products. ReliOn is a stationary fuel cell solution. It provides scalable, modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation and utility sectors.

FINANCIAL RATIOS  of  Plug Power (PLUG)

Valuation Ratios
P/E Ratio -6
Price to Sales 4
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow -11.5
Price to Free Cash Flow -3.9
Growth Rates
Sales Growth Rate -16.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1350%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 3
Current Ratio 0.2
LT Debt to Equity 52.6%
Total Debt to Equity 71.6%
Interest Coverage -6
Management Effectiveness
Return On Assets -21.8%
Ret/ On Assets - 3 Yr. Avg. -40.7%
Return On Total Capital -37.5%
Ret/ On T. Cap. - 3 Yr. Avg. -63.9%
Return On Equity -51.6%
Return On Equity - 3 Yr. Avg. -71.3%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 4.7%
Gross Margin - 3 Yr. Avg. -4.3%
EBITDA Margin -51.2%
EBITDA Margin - 3 Yr. Avg. -78.2%
Operating Margin -59.3%
Oper. Margin - 3 Yr. Avg. -58.1%
Pre-Tax Margin -67.4%
Pre-Tax Margin - 3 Yr. Avg. -87%
Net Profit Margin -66.3%
Net Profit Margin - 3 Yr. Avg. -86%
Effective Tax Rate 1.7%
Eff/ Tax Rate - 3 Yr. Avg. 0.9%
Payout Ratio 0%

PLUG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PLUG stock intrinsic value calculation we used $103.262 million for the last fiscal year's total revenue generated by Plug Power. The default revenue input number comes from 0001 income statement of Plug Power. 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 PLUG stock valuation model: a) initial revenue growth rate of 60% 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 6.9%, whose default value for PLUG is calculated based on our internal credit rating of Plug Power, 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 Plug Power.
    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 PLUG stock the variable cost ratio is equal to 160.2%.

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 PLUG 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 11.7% for Plug Power.

Corporate tax rate of 27% is the nominal tax rate for Plug Power. 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 PLUG 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 PLUG are equal to 83.7%.

Life of production assets of 9.5 years is the average useful life of capital assets used in Plug Power 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 PLUG is equal to -10.6%. 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 - $73.646 million for Plug Power - 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 214.275 million for Plug Power 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 Plug Power at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ Plug Power: 3Q Earnings Snapshot   [08:22AM  Associated Press]
▶ Is Plug Power, Inc. a Buy?   [Nov-04-18 10:32AM  Motley Fool]
▶ Plug Power to Announce 2018 Third Quarter Results   [Nov-02-18 07:00AM  GlobeNewswire]
▶ The 7 Best Penny Stocks to Buy   [Nov-01-18 12:12PM  InvestorPlace]
▶ Plug Power raising $35 million in private placement   [10:16AM  American City Business Journals]
▶ Plug Power increases revenue goal for 2018   [Oct-16-18 10:23AM  American City Business Journals]
▶ Top 4 Technology Penny Stocks to Watch   [Oct-01-18 06:44PM  Investopedia]
▶ Plug Power starts production of new proprietary equipment after acquisition   [Sep-18-18 10:13AM  American City Business Journals]
▶ Here's Why Ballard Power Systems Soared 16% in August   [Sep-08-18 07:10PM  Motley Fool]
▶ Will Plug Power (PLUG) Ever Turn a Profit?   [Sep-04-18 08:09AM  Motley Fool]
▶ Plug Power CEO says he is optimistic about easing trade tensions   [Aug-23-18 02:38PM  American City Business Journals]
▶ Plug Power CEO More Optimistic About Easing of Trade Tensions   [Aug-22-18 08:39PM  Bloomberg Video]
▶ Plug Power CEO's strategy to increase production up to 20,000 fuel cells per year   [Aug-17-18 02:38PM  American City Business Journals]
▶ Plug Power Stock Falls on Q2 Earnings Miss   [Aug-09-18 05:02PM  InvestorPlace]
▶ Plug Power: 2Q Earnings Snapshot   [10:17AM  Associated Press]
▶ Plug Power board members make bigger bet on fuel cell company   [Aug-08-18 01:23PM  American City Business Journals]
▶ 3 Things to Look For When Plug Power Reports Q2 Earnings   [Aug-06-18 08:35AM  Motley Fool]
▶ Plug Power to Announce 2018 Second Quarter Results   [Aug-02-18 07:00AM  GlobeNewswire]
▶ Why 2018 Could Be Plug Power's Best Year Yet   [Jul-08-18 09:30AM  Motley Fool]
▶ Plug Power adds former Obama energy official to its board   [Jun-26-18 09:42AM  American City Business Journals]
▶ Is Plug Power Inc (NASDAQ:PLUG) Undervalued?   [Jun-25-18 08:40AM  Simply Wall St.]
▶ Plug Power partnering with German company to expand more aggressively in Europe   [Jun-11-18 02:07PM  American City Business Journals]
▶ Plug Power acquires Rochester company to expand into on-road delivery   [09:45AM  American City Business Journals]
▶ How Trump's trade tariffs could impact Plug Power's business   [Jun-04-18 02:03PM  American City Business Journals]
▶ Plug Power says new technology will put it on par with Toyota's hydrogen fuel cell car   [May-09-18 10:45AM  American City Business Journals]
▶ Plug Power: 1Q Earnings Snapshot   [08:01AM  Associated Press]
▶ This Albany tech company is powering FedEx vans with hydrogen   [May-01-18 10:35AM  American City Business Journals]
▶ Plug Power's CEO makes 56 times the salary of its median employee   [Apr-24-18 11:07AM  American City Business Journals]
▶ Is Plug Power, Inc. (PLUG) a Buy?   [Apr-18-18 08:06AM  Motley Fool]
▶ Here's how much Plug Power's executives made in 2017   [Mar-23-18 11:42AM  American City Business Journals]
▶ Plug Power raising $100 million in private offering   [Mar-22-18 10:42AM  American City Business Journals]

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