Intrinsic value of PNM Resources - PNM

Previous Close

$36.15

  Intrinsic Value

$20.10

stock screener

  Rating & Target

sell

-44%

Previous close

$36.15

 
Intrinsic value

$20.10

 
Up/down potential

-44%

 
Rating

sell

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

We calculate the intrinsic value of PNM 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  -5.28
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
Revenue, $m
  1,363
  1,431
  1,503
  1,578
  1,657
  1,740
  1,827
  1,918
  2,014
  2,114
  2,220
  2,331
  2,448
  2,570
  2,699
  2,834
  2,975
  3,124
  3,280
  3,444
  3,616
  3,797
  3,987
  4,186
  4,396
  4,616
  4,846
  5,089
  5,343
  5,610
  5,891
Variable operating expenses, $m
 
  1,307
  1,371
  1,438
  1,508
  1,582
  1,660
  1,742
  1,827
  1,917
  2,012
  2,083
  2,187
  2,297
  2,412
  2,532
  2,659
  2,792
  2,931
  3,078
  3,232
  3,393
  3,563
  3,741
  3,928
  4,125
  4,331
  4,547
  4,775
  5,013
  5,264
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
  1,085
  1,307
  1,371
  1,438
  1,508
  1,582
  1,660
  1,742
  1,827
  1,917
  2,012
  2,083
  2,187
  2,297
  2,412
  2,532
  2,659
  2,792
  2,931
  3,078
  3,232
  3,393
  3,563
  3,741
  3,928
  4,125
  4,331
  4,547
  4,775
  5,013
  5,264
Operating income, $m
  278
  124
  132
  140
  148
  157
  167
  176
  186
  197
  208
  248
  260
  273
  287
  301
  317
  332
  349
  366
  385
  404
  424
  445
  468
  491
  516
  541
  568
  597
  627
EBITDA, $m
  520
  196
  206
  216
  227
  238
  250
  262
  275
  289
  304
  319
  335
  352
  369
  388
  407
  427
  449
  471
  495
  519
  545
  573
  601
  631
  663
  696
  731
  767
  806
Interest expense (income), $m
  115
  123
  134
  145
  157
  170
  183
  197
  212
  228
  244
  261
  279
  298
  317
  338
  360
  383
  407
  432
  458
  486
  515
  546
  578
  611
  647
  684
  723
  764
  807
Earnings before tax, $m
  195
  1
  -2
  -5
  -9
  -13
  -17
  -21
  -26
  -30
  -35
  -13
  -18
  -24
  -30
  -37
  -43
  -50
  -58
  -65
  -73
  -82
  -91
  -100
  -110
  -120
  -131
  -143
  -155
  -167
  -180
Tax expense, $m
  63
  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
  117
  1
  -2
  -5
  -9
  -13
  -17
  -21
  -26
  -30
  -35
  -13
  -18
  -24
  -30
  -37
  -43
  -50
  -58
  -65
  -73
  -82
  -91
  -100
  -110
  -120
  -131
  -143
  -155
  -167
  -180

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  5
  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
  6,471
  6,783
  7,122
  7,478
  7,852
  8,244
  8,657
  9,089
  9,544
  10,021
  10,522
  11,048
  11,601
  12,181
  12,790
  13,429
  14,101
  14,806
  15,546
  16,323
  17,140
  17,997
  18,896
  19,841
  20,833
  21,875
  22,969
  24,117
  25,323
  26,589
  27,919
Adjusted assets (=assets-cash), $m
  6,466
  6,783
  7,122
  7,478
  7,852
  8,244
  8,657
  9,089
  9,544
  10,021
  10,522
  11,048
  11,601
  12,181
  12,790
  13,429
  14,101
  14,806
  15,546
  16,323
  17,140
  17,997
  18,896
  19,841
  20,833
  21,875
  22,969
  24,117
  25,323
  26,589
  27,919
Revenue / Adjusted assets
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
Average production assets, $m
  207
  218
  228
  240
  252
  264
  278
  292
  306
  321
  337
  354
  372
  391
  410
  431
  452
  475
  499
  524
  550
  577
  606
  636
  668
  702
  737
  773
  812
  853
  895
Working capital, $m
  -427
  135
  141
  148
  156
  164
  172
  180
  189
  199
  209
  219
  230
  242
  254
  266
  280
  294
  308
  324
  340
  357
  375
  394
  413
  434
  456
  478
  502
  527
  554
Total debt, $m
  2,680
  2,908
  3,159
  3,422
  3,698
  3,989
  4,293
  4,613
  4,949
  5,302
  5,672
  6,061
  6,469
  6,898
  7,348
  7,820
  8,316
  8,837
  9,385
  9,959
  10,562
  11,195
  11,860
  12,559
  13,292
  14,062
  14,870
  15,719
  16,610
  17,545
  18,528
Total liabilities, $m
  4,784
  5,012
  5,263
  5,526
  5,802
  6,093
  6,397
  6,717
  7,053
  7,406
  7,776
  8,165
  8,573
  9,002
  9,452
  9,924
  10,420
  10,941
  11,489
  12,063
  12,666
  13,299
  13,964
  14,663
  15,396
  16,166
  16,974
  17,823
  18,714
  19,649
  20,632
Total equity, $m
  1,687
  1,770
  1,859
  1,952
  2,049
  2,152
  2,259
  2,372
  2,491
  2,616
  2,746
  2,884
  3,028
  3,179
  3,338
  3,505
  3,680
  3,864
  4,058
  4,260
  4,473
  4,697
  4,932
  5,179
  5,437
  5,709
  5,995
  6,295
  6,609
  6,940
  7,287
Total liabilities and equity, $m
  6,471
  6,782
  7,122
  7,478
  7,851
  8,245
  8,656
  9,089
  9,544
  10,022
  10,522
  11,049
  11,601
  12,181
  12,790
  13,429
  14,100
  14,805
  15,547
  16,323
  17,139
  17,996
  18,896
  19,842
  20,833
  21,875
  22,969
  24,118
  25,323
  26,589
  27,919
Debt-to-equity ratio
  1.589
  1.640
  1.700
  1.750
  1.800
  1.850
  1.900
  1.940
  1.990
  2.030
  2.070
  2.100
  2.140
  2.170
  2.200
  2.230
  2.260
  2.290
  2.310
  2.340
  2.360
  2.380
  2.400
  2.430
  2.440
  2.460
  2.480
  2.500
  2.510
  2.530
  2.540
Adjusted equity ratio
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  117
  1
  -2
  -5
  -9
  -13
  -17
  -21
  -26
  -30
  -35
  -13
  -18
  -24
  -30
  -37
  -43
  -50
  -58
  -65
  -73
  -82
  -91
  -100
  -110
  -120
  -131
  -143
  -155
  -167
  -180
Depreciation, amort., depletion, $m
  242
  71
  73
  76
  78
  81
  83
  86
  89
  92
  95
  71
  74
  78
  82
  86
  90
  95
  100
  105
  110
  115
  121
  127
  134
  140
  147
  155
  162
  171
  179
Funds from operations, $m
  392
  72
  72
  71
  69
  68
  66
  65
  63
  62
  60
  58
  56
  54
  52
  50
  47
  45
  42
  39
  37
  34
  30
  27
  24
  20
  16
  12
  8
  3
  -1
Change in working capital, $m
  -23
  6
  7
  7
  7
  8
  8
  9
  9
  9
  10
  10
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
Cash from operations, $m
  415
  66
  65
  63
  62
  60
  58
  56
  54
  52
  50
  48
  45
  43
  40
  37
  34
  31
  28
  24
  20
  17
  13
  8
  4
  -1
  -6
  -11
  -16
  -22
  -28
Maintenance CAPEX, $m
  0
  -41
  -44
  -46
  -48
  -50
  -53
  -56
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -86
  -90
  -95
  -100
  -105
  -110
  -115
  -121
  -127
  -134
  -140
  -147
  -155
  -162
  -171
New CAPEX, $m
  -600
  -11
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
Cash from investing activities, $m
  -699
  -52
  -55
  -57
  -60
  -63
  -66
  -70
  -73
  -76
  -80
  -84
  -89
  -93
  -98
  -103
  -108
  -113
  -119
  -125
  -131
  -137
  -144
  -151
  -159
  -167
  -175
  -184
  -194
  -203
  -214
Free cash flow, $m
  -284
  14
  11
  6
  2
  -3
  -8
  -13
  -19
  -24
  -30
  -37
  -43
  -51
  -58
  -66
  -74
  -82
  -91
  -101
  -110
  -121
  -132
  -143
  -155
  -168
  -181
  -195
  -209
  -225
  -241
Issuance/(repayment) of debt, $m
  336
  233
  251
  263
  276
  290
  305
  320
  336
  353
  370
  389
  408
  429
  450
  473
  496
  521
  547
  574
  603
  633
  665
  698
  733
  770
  808
  849
  891
  936
  982
Issuance/(repurchase) of shares, $m
  -8
  82
  90
  98
  107
  115
  125
  134
  144
  155
  166
  150
  163
  176
  189
  203
  218
  234
  251
  268
  286
  306
  326
  347
  369
  392
  417
  442
  469
  498
  527
Cash from financing (excl. dividends), $m  
  313
  315
  341
  361
  383
  405
  430
  454
  480
  508
  536
  539
  571
  605
  639
  676
  714
  755
  798
  842
  889
  939
  991
  1,045
  1,102
  1,162
  1,225
  1,291
  1,360
  1,434
  1,509
Total cash flow (excl. dividends), $m
  29
  329
  352
  368
  385
  403
  421
  441
  462
  483
  506
  502
  527
  554
  581
  610
  641
  673
  707
  742
  779
  818
  859
  902
  947
  994
  1,044
  1,096
  1,151
  1,209
  1,269
Retained Cash Flow (-), $m
  -21
  -83
  -90
  -98
  -107
  -115
  -125
  -134
  -144
  -155
  -166
  -150
  -163
  -176
  -189
  -203
  -218
  -234
  -251
  -268
  -286
  -306
  -326
  -347
  -369
  -392
  -417
  -442
  -469
  -498
  -527
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
 
  246
  261
  270
  278
  287
  297
  307
  317
  328
  340
  352
  365
  378
  392
  407
  422
  439
  456
  474
  493
  512
  533
  555
  578
  602
  627
  654
  682
  711
  742
Discount rate, %
 
  9.30
  9.77
  10.25
  10.77
  11.30
  11.87
  12.46
  13.09
  13.74
  14.43
  15.15
  15.91
  16.70
  17.54
  18.41
  19.33
  20.30
  21.32
  22.38
  23.50
  24.68
  25.91
  27.20
  28.57
  29.99
  31.49
  33.07
  34.72
  36.46
  38.28
PV of cash for distribution, $m
 
  225
  217
  201
  185
  168
  151
  135
  119
  103
  88
  75
  62
  51
  41
  32
  25
  19
  14
  10
  7
  5
  3
  2
  1
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  97.2
  94.4
  91.6
  88.8
  85.9
  83.1
  80.3
  77.6
  74.9
  72.2
  69.9
  67.7
  65.5
  63.3
  61.1
  59.0
  56.8
  54.8
  52.7
  50.7
  48.8
  46.9
  45.0
  43.2
  41.5
  39.8
  38.2
  36.6
  35.0
  33.5

PNM Resources, Inc. (PNMR) is an investor-owned holding company with approximately two regulated utilities providing electricity and electric services in New Mexico and Texas. PNMR's electric utilities are Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP). It operates in three segments: PNM, TNMP, and Corporate and Other. The Company, through its Website provides information, including news releases, notices of Webcasts, and filings. PNM is an electric utility that provides electric generation, transmission and distribution service to its rate-regulated customers. TNMP is a regulated utility operating in Texas. TNMP provides transmission and distribution services in Texas under the provisions of Texas Electric Choice Act (TECA) and the Texas Public Utility Regulatory Act. The Corporate and Other segment includes PNMR holding company activities, related to corporate level debt and PNMR Services Company.

FINANCIAL RATIOS  of  PNM Resources (PNM)

Valuation Ratios
P/E Ratio 24.6
Price to Sales 2.1
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 6.9
Price to Free Cash Flow -15.6
Growth Rates
Sales Growth Rate -5.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 7.3%
Cap. Spend. - 3 Yr. Gr. Rate 11.5%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 125.7%
Total Debt to Equity 158.9%
Interest Coverage 3
Management Effectiveness
Return On Assets 3.1%
Ret/ On Assets - 3 Yr. Avg. 2.6%
Return On Total Capital 2.8%
Ret/ On T. Cap. - 3 Yr. Avg. 2.1%
Return On Equity 7%
Return On Equity - 3 Yr. Avg. 4.9%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 40.5%
EBITDA Margin - 3 Yr. Avg. 34.2%
Operating Margin 20.4%
Oper. Margin - 3 Yr. Avg. 16.6%
Pre-Tax Margin 14.3%
Pre-Tax Margin - 3 Yr. Avg. 10.5%
Net Profit Margin 8.6%
Net Profit Margin - 3 Yr. Avg. 5.9%
Effective Tax Rate 32.3%
Eff/ Tax Rate - 3 Yr. Avg. 33.2%
Payout Ratio 60.7%

PNM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PNM stock intrinsic value calculation we used $1363 million for the last fiscal year's total revenue generated by PNM Resources. The default revenue input number comes from 2016 income statement of PNM Resources. 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 PNM stock valuation model: a) initial revenue growth rate of 5% 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 9.3%, whose default value for PNM is calculated based on our internal credit rating of PNM Resources, 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 PNM Resources.
    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 PNM stock the variable cost ratio is equal to 91.4%.

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 PNM 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 4.6% for PNM Resources.

Corporate tax rate of 27% is the nominal tax rate for PNM Resources. 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 PNM 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 PNM are equal to 15.2%.

Life of production assets of 2 years is the average useful life of capital assets used in PNM Resources 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 PNM is equal to 9.4%. 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 - $1687 million for PNM Resources - 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 79.852 million for PNM Resources 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 PNM Resources at the current share price and the inputted number of shares is $2.9 billion.

RELATED COMPANIES Price Int.Val. Rating
PNW Pinnacle West 79.53 55.47  sell
XEL Xcel Energy 45.69 25.17  sell
EE El Paso Electr 51.90 17.95  str.sell
EIX Edison Interna 61.71 52.70  hold
NWE NorthWestern 53.87 44.01  sell
IDA IDACORP 84.33 64.47  sell
NEE NextEra Energy 151.88 63.74  str.sell
PCG PG&E 44.20 38.79  hold

COMPANY NEWS

▶ PNM Resources Management to Meet with Investors   [Jan-11-18 02:15PM  PR Newswire]
▶ PNM Resources Management to Meet with Investors   [Dec-11-17 06:30AM  PR Newswire]
▶ /C O R R E C T I O N -- PNM Resources, Inc./   [Dec-08-17 05:13PM  PR Newswire]
▶ PNM Declares Preferred Dividend   [Dec-07-17 04:30PM  PR Newswire]
▶ Closing Bell Ringer, December 7, 2017   [03:59PM  CNBC Videos]
▶ PNM Resources Clears Key Benchmark, Hitting 80-Plus RS Rating   [03:00AM  Investor's Business Daily]
▶ PNM Resources Management to Meet with Investors   [Nov-03-17 07:50PM  PR Newswire]
▶ PNM Resources, Inc. to Host Earnings Call   [Oct-27-17 08:10AM  ACCESSWIRE]
▶ PNM Resources beats 3Q profit forecasts   [06:49AM  Associated Press]
▶ IBD Rating Upgrades: PNM Resources Shows Improved Technical Strength   [Oct-05-17 03:00AM  Investor's Business Daily]
▶ PNM Resources Sees RS Rating Rise To 73   [Oct-03-17 03:00AM  Investor's Business Daily]
▶ PNM Resources Management to Meet with Investors   [Oct-02-17 06:30AM  PR Newswire]
▶ PNM Declares Preferred Dividend   [Sep-11-17 05:52PM  PR Newswire]
▶ PNM Resources Management to Meet with Investors   [Aug-21-17 06:30AM  PR Newswire]
▶ PNM Resources Management to Meet with Investors   [Aug-16-17 06:30AM  PR Newswire]
▶ PNM Resources beats 2Q profit forecasts   [Jul-28-17 09:45PM  Associated Press]
▶ The Best Stock in New Mexico: PNM Resources   [Jul-20-17 08:50AM  Kiplinger]
▶ Behind the scenes of PNM's latest commercial   [09:45AM  American City Business Journals]
▶ PNM Resources Management to Meet with Investors   [Jun-21-17 06:30AM  PR Newswire]
▶ PNM Resources Management to Meet with Investors   [Jun-15-17 06:30AM  PR Newswire]
▶ PNM Declares Preferred Dividend   [Jun-12-17 03:12PM  PR Newswire]
▶ PNM Resources Management to Meet with Investors   [Jun-06-17 06:30AM  PR Newswire]
▶ PNM Files Settlement in General Rate Case   [May-05-17 05:00PM  PR Newswire]
▶ ETFs with exposure to PNM Resources, Inc. : May 4, 2017   [May-04-17 04:14PM  Capital Cube]
▶ PNM reaches agreement for framework of a deal on rate case   [Apr-28-17 11:03AM  American City Business Journals]
▶ PNM Resources beats 1Q profit forecasts   [06:42AM  Associated Press]
▶ PNM Planning a Cleaner Energy Future   [Apr-21-17 06:30AM  PR Newswire]
▶ PNM Resources Management to Meet with Investors   [Apr-17-17 06:30AM  PR Newswire]
▶ PNM Rate Case Settlement Period Extension Requested   [Mar-17-17 05:19PM  PR Newswire]
▶ PNM Resources Management to Meet with Investors   [Mar-14-17 06:30AM  PR Newswire]
▶ PNM Declares Preferred Dividend   [Mar-13-17 04:35PM  PR Newswire]
▶ PNM Resources Management to Meet with Investors   [Mar-06-17 06:30AM  PR Newswire]
Financial statements of PNM
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