Intrinsic value of PNM Resources - PNM

Previous Close

$40.95

  Intrinsic Value

$48.82

stock screener

  Rating & Target

hold

+19%

  Value-price divergence*

+71%

Previous close

$40.95

 
Intrinsic value

$48.82

 
Up/down potential

+19%

 
Rating

hold

 
Value-price divergence*

+71%

*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

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 3.3

 

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
  14.90
  13.91
  13.02
  12.22
  11.50
  10.85
  10.26
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.26
  7.04
  6.83
  6.65
  6.49
  6.34
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
Revenue, $m
  1,363
  1,566
  1,784
  2,016
  2,262
  2,523
  2,796
  3,083
  3,383
  3,697
  4,023
  4,363
  4,717
  5,085
  5,467
  5,864
  6,277
  6,706
  7,152
  7,616
  8,098
  8,601
  9,124
  9,669
  10,237
  10,830
  11,448
  12,094
  12,768
  13,473
  14,209
Variable operating expenses, $m
 
  1,427
  1,622
  1,829
  2,050
  2,282
  2,526
  2,783
  3,051
  3,331
  3,623
  3,899
  4,215
  4,544
  4,885
  5,240
  5,609
  5,992
  6,391
  6,805
  7,237
  7,686
  8,153
  8,640
  9,148
  9,678
  10,230
  10,807
  11,410
  12,039
  12,698
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
  1,427
  1,622
  1,829
  2,050
  2,282
  2,526
  2,783
  3,051
  3,331
  3,623
  3,899
  4,215
  4,544
  4,885
  5,240
  5,609
  5,992
  6,391
  6,805
  7,237
  7,686
  8,153
  8,640
  9,148
  9,678
  10,230
  10,807
  11,410
  12,039
  12,698
Operating income, $m
  278
  139
  162
  187
  213
  241
  270
  300
  332
  366
  400
  464
  502
  541
  582
  624
  668
  713
  761
  810
  862
  915
  971
  1,029
  1,089
  1,152
  1,218
  1,287
  1,359
  1,433
  1,512
EBITDA, $m
  520
  214
  244
  276
  310
  345
  383
  422
  463
  506
  550
  597
  645
  696
  748
  802
  859
  917
  978
  1,042
  1,108
  1,177
  1,248
  1,323
  1,400
  1,481
  1,566
  1,654
  1,747
  1,843
  1,944
Interest expense (income), $m
  115
  123
  156
  191
  228
  268
  310
  354
  400
  448
  499
  551
  606
  663
  722
  784
  848
  914
  984
  1,055
  1,130
  1,208
  1,289
  1,373
  1,461
  1,553
  1,648
  1,748
  1,852
  1,960
  2,074
Earnings before tax, $m
  195
  16
  6
  -4
  -15
  -27
  -40
  -53
  -68
  -83
  -99
  -87
  -104
  -122
  -141
  -160
  -180
  -201
  -223
  -245
  -269
  -293
  -318
  -344
  -372
  -400
  -430
  -461
  -493
  -527
  -562
Tax expense, $m
  63
  4
  2
  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
  12
  5
  -4
  -15
  -27
  -40
  -53
  -68
  -83
  -99
  -87
  -104
  -122
  -141
  -160
  -180
  -201
  -223
  -245
  -269
  -293
  -318
  -344
  -372
  -400
  -430
  -461
  -493
  -527
  -562

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
  7,422
  8,455
  9,555
  10,723
  11,955
  13,252
  14,612
  16,034
  17,519
  19,067
  20,679
  22,355
  24,098
  25,909
  27,792
  29,748
  31,781
  33,895
  36,093
  38,380
  40,761
  43,241
  45,824
  48,518
  51,327
  54,258
  57,318
  60,514
  63,853
  67,343
Adjusted assets (=assets-cash), $m
  6,466
  7,422
  8,455
  9,555
  10,723
  11,955
  13,252
  14,612
  16,034
  17,519
  19,067
  20,679
  22,355
  24,098
  25,909
  27,792
  29,748
  31,781
  33,895
  36,093
  38,380
  40,761
  43,241
  45,824
  48,518
  51,327
  54,258
  57,318
  60,514
  63,853
  67,343
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
  238
  271
  306
  344
  383
  425
  469
  514
  562
  612
  663
  717
  773
  831
  891
  954
  1,019
  1,087
  1,158
  1,231
  1,307
  1,387
  1,470
  1,556
  1,646
  1,740
  1,838
  1,941
  2,048
  2,160
Working capital, $m
  -427
  147
  168
  190
  213
  237
  263
  290
  318
  347
  378
  410
  443
  478
  514
  551
  590
  630
  672
  716
  761
  808
  858
  909
  962
  1,018
  1,076
  1,137
  1,200
  1,266
  1,336
Total debt, $m
  2,680
  3,381
  4,144
  4,957
  5,820
  6,731
  7,689
  8,694
  9,745
  10,843
  11,987
  13,178
  14,417
  15,704
  17,043
  18,434
  19,880
  21,382
  22,944
  24,569
  26,259
  28,019
  29,851
  31,760
  33,751
  35,826
  37,993
  40,254
  42,616
  45,083
  47,663
Total liabilities, $m
  4,784
  5,485
  6,248
  7,061
  7,924
  8,835
  9,793
  10,798
  11,849
  12,947
  14,091
  15,282
  16,521
  17,808
  19,147
  20,538
  21,984
  23,486
  25,048
  26,673
  28,363
  30,123
  31,955
  33,864
  35,855
  37,930
  40,097
  42,358
  44,720
  47,187
  49,767
Total equity, $m
  1,687
  1,937
  2,207
  2,494
  2,799
  3,120
  3,459
  3,814
  4,185
  4,573
  4,977
  5,397
  5,835
  6,290
  6,762
  7,254
  7,764
  8,295
  8,846
  9,420
  10,017
  10,639
  11,286
  11,960
  12,663
  13,396
  14,161
  14,960
  15,794
  16,666
  17,577
Total liabilities and equity, $m
  6,471
  7,422
  8,455
  9,555
  10,723
  11,955
  13,252
  14,612
  16,034
  17,520
  19,068
  20,679
  22,356
  24,098
  25,909
  27,792
  29,748
  31,781
  33,894
  36,093
  38,380
  40,762
  43,241
  45,824
  48,518
  51,326
  54,258
  57,318
  60,514
  63,853
  67,344
Debt-to-equity ratio
  1.589
  1.750
  1.880
  1.990
  2.080
  2.160
  2.220
  2.280
  2.330
  2.370
  2.410
  2.440
  2.470
  2.500
  2.520
  2.540
  2.560
  2.580
  2.590
  2.610
  2.620
  2.630
  2.640
  2.660
  2.670
  2.670
  2.680
  2.690
  2.700
  2.710
  2.710
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
  12
  5
  -4
  -15
  -27
  -40
  -53
  -68
  -83
  -99
  -87
  -104
  -122
  -141
  -160
  -180
  -201
  -223
  -245
  -269
  -293
  -318
  -344
  -372
  -400
  -430
  -461
  -493
  -527
  -562
Depreciation, amort., depletion, $m
  242
  75
  82
  89
  97
  104
  113
  122
  131
  140
  150
  133
  143
  155
  166
  178
  191
  204
  217
  232
  246
  261
  277
  294
  311
  329
  348
  368
  388
  410
  432
Funds from operations, $m
  392
  87
  87
  85
  81
  77
  73
  68
  63
  57
  52
  45
  39
  32
  25
  18
  11
  3
  -5
  -14
  -22
  -31
  -41
  -50
  -61
  -71
  -82
  -93
  -105
  -117
  -130
Change in working capital, $m
  -23
  19
  20
  22
  23
  24
  26
  27
  28
  29
  31
  32
  33
  35
  36
  37
  39
  40
  42
  44
  45
  47
  49
  51
  53
  56
  58
  61
  63
  66
  69
Cash from operations, $m
  415
  68
  66
  63
  58
  53
  47
  41
  35
  28
  21
  14
  6
  -2
  -10
  -19
  -28
  -37
  -47
  -57
  -68
  -79
  -90
  -102
  -114
  -127
  -140
  -154
  -168
  -183
  -199
Maintenance CAPEX, $m
  0
  -41
  -48
  -54
  -61
  -69
  -77
  -85
  -94
  -103
  -112
  -122
  -133
  -143
  -155
  -166
  -178
  -191
  -204
  -217
  -232
  -246
  -261
  -277
  -294
  -311
  -329
  -348
  -368
  -388
  -410
New CAPEX, $m
  -600
  -32
  -33
  -35
  -37
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -73
  -76
  -80
  -83
  -86
  -90
  -94
  -98
  -102
  -107
  -112
Cash from investing activities, $m
  -699
  -73
  -81
  -89
  -98
  -109
  -119
  -129
  -140
  -151
  -162
  -174
  -187
  -199
  -213
  -226
  -241
  -256
  -272
  -288
  -305
  -322
  -341
  -360
  -380
  -401
  -423
  -446
  -470
  -495
  -522
Free cash flow, $m
  -284
  -5
  -14
  -26
  -40
  -55
  -71
  -88
  -105
  -123
  -141
  -160
  -181
  -201
  -223
  -246
  -269
  -293
  -319
  -345
  -373
  -401
  -431
  -462
  -494
  -528
  -563
  -600
  -639
  -679
  -721
Issuance/(repayment) of debt, $m
  336
  706
  763
  813
  863
  911
  958
  1,005
  1,051
  1,097
  1,144
  1,191
  1,239
  1,288
  1,339
  1,391
  1,446
  1,502
  1,562
  1,625
  1,690
  1,760
  1,832
  1,909
  1,990
  2,076
  2,166
  2,261
  2,362
  2,468
  2,579
Issuance/(repurchase) of shares, $m
  -8
  239
  265
  291
  320
  349
  378
  408
  439
  470
  503
  508
  542
  577
  614
  651
  691
  732
  774
  819
  866
  914
  965
  1,019
  1,075
  1,133
  1,195
  1,260
  1,327
  1,398
  1,473
Cash from financing (excl. dividends), $m  
  313
  945
  1,028
  1,104
  1,183
  1,260
  1,336
  1,413
  1,490
  1,567
  1,647
  1,699
  1,781
  1,865
  1,953
  2,042
  2,137
  2,234
  2,336
  2,444
  2,556
  2,674
  2,797
  2,928
  3,065
  3,209
  3,361
  3,521
  3,689
  3,866
  4,052
Total cash flow (excl. dividends), $m
  29
  940
  1,013
  1,078
  1,142
  1,204
  1,265
  1,326
  1,386
  1,445
  1,505
  1,538
  1,600
  1,664
  1,729
  1,797
  1,867
  1,941
  2,018
  2,098
  2,183
  2,273
  2,367
  2,466
  2,571
  2,681
  2,798
  2,921
  3,050
  3,187
  3,332
Retained Cash Flow (-), $m
  -21
  -250
  -269
  -291
  -320
  -349
  -378
  -408
  -439
  -470
  -503
  -508
  -542
  -577
  -614
  -651
  -691
  -732
  -774
  -819
  -866
  -914
  -965
  -1,019
  -1,075
  -1,133
  -1,195
  -1,260
  -1,327
  -1,398
  -1,473
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
 
  689
  744
  787
  822
  856
  887
  917
  947
  975
  1,003
  1,030
  1,058
  1,086
  1,115
  1,145
  1,176
  1,209
  1,243
  1,279
  1,318
  1,358
  1,402
  1,447
  1,496
  1,548
  1,603
  1,661
  1,723
  1,789
  1,859
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
 
  631
  617
  587
  546
  501
  453
  403
  354
  306
  261
  218
  180
  146
  116
  91
  70
  52
  38
  28
  19
  13
  9
  6
  4
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  93.2
  87.1
  81.6
  76.6
  72.0
  67.8
  63.9
  60.3
  57.1
  54.0
  51.3
  48.8
  46.5
  44.2
  42.2
  40.2
  38.4
  36.6
  34.9
  33.4
  31.9
  30.5
  29.1
  27.8
  26.6
  25.4
  24.3
  23.3
  22.3
  21.3

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 27.9
Price to Sales 2.4
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 7.9
Price to Free Cash Flow -17.6
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 14.9% 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 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 80.374 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 $3.3 billion.

RELATED COMPANIES Price Int.Val. Rating
PNW Pinnacle West 87.27 65.45  sell
XEL Xcel Energy 48.49 36.32  sell
EE El Paso Electr 57.00 22.71  str.sell
EIX Edison Interna 77.64 89.23  hold
NWE NorthWestern 58.50 38.00  sell
IDA IDACORP 90.18 45.97  sell
NEE NextEra Energy 151.52 186.41  buy
PCG PG&E 53.43 38.73  sell

COMPANY NEWS

▶ 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]
▶ PNM Resources beats 4Q profit forecasts   [06:49AM  Associated Press]
▶ PNM Resources Management to Meet with Investors   [Jan-12-17 06:30AM  PR Newswire]
▶ PNM Declares Preferred Dividend   [06:30AM  PR Newswire]
▶ Hedge Funds Are Betting On PNM Resources Inc (PNM)   [03:59AM  at Insider Monkey]
▶ Here's how much your PNM bill might go up in 2018   [Dec-07-16 07:45PM  at bizjournals.com]
▶ PNM Files 2018 General Rate Case   [06:03PM  PR Newswire]
▶ Should You Buy Molina Healthcare, Inc. (MOH)?   [Nov-26-16 06:23AM  at Insider Monkey]
▶ PNM Resources Management to Meet with Investors   [Nov-04-16 04:45PM  PR Newswire]
▶ PNM Resources Management to Meet with Investors   [Oct-06-16 06:30AM  PR Newswire]
▶ PNM rate case headed to court   [Sep-29-16 03:30PM  at bizjournals.com]
Financial statements of PNM
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.