Intrinsic value of PPL - PPL

Previous Close

$29.56

  Intrinsic Value

$14.95

stock screener

  Rating & Target

sell

-49%

Previous close

$29.56

 
Intrinsic value

$14.95

 
Up/down potential

-49%

 
Rating

sell

We calculate the intrinsic value of PPL 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 2017), $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 20.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  7,596
  7,771
  7,970
  8,195
  8,443
  8,716
  9,012
  9,334
  9,680
  10,051
  10,449
  10,873
  11,324
  11,804
  12,313
  12,853
  13,424
  14,028
  14,667
  15,340
  16,051
  16,801
  17,592
  18,425
  19,302
  20,225
  21,197
  22,220
  23,296
  24,428
Variable operating expenses, $m
  4,504
  4,599
  4,707
  4,828
  4,962
  5,110
  5,270
  5,444
  5,631
  5,832
  5,652
  5,881
  6,125
  6,385
  6,660
  6,952
  7,261
  7,588
  7,933
  8,297
  8,682
  9,088
  9,515
  9,966
  10,440
  10,940
  11,465
  12,019
  12,601
  13,213
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
  4,504
  4,599
  4,707
  4,828
  4,962
  5,110
  5,270
  5,444
  5,631
  5,832
  5,652
  5,881
  6,125
  6,385
  6,660
  6,952
  7,261
  7,588
  7,933
  8,297
  8,682
  9,088
  9,515
  9,966
  10,440
  10,940
  11,465
  12,019
  12,601
  13,213
Operating income, $m
  3,092
  3,172
  3,264
  3,367
  3,481
  3,606
  3,742
  3,890
  4,049
  4,219
  4,797
  4,992
  5,199
  5,419
  5,653
  5,901
  6,163
  6,441
  6,734
  7,043
  7,369
  7,714
  8,077
  8,459
  8,862
  9,286
  9,732
  10,201
  10,696
  11,215
EBITDA, $m
  7,102
  7,266
  7,452
  7,662
  7,894
  8,149
  8,427
  8,727
  9,051
  9,398
  9,770
  10,166
  10,588
  11,037
  11,513
  12,018
  12,552
  13,117
  13,713
  14,343
  15,008
  15,709
  16,448
  17,227
  18,047
  18,911
  19,820
  20,776
  21,782
  22,841
Interest expense (income), $m
  854
  1,149
  1,179
  1,217
  1,262
  1,312
  1,367
  1,428
  1,494
  1,565
  1,642
  1,724
  1,813
  1,907
  2,007
  2,114
  2,227
  2,347
  2,474
  2,609
  2,750
  2,900
  3,058
  3,225
  3,401
  3,586
  3,781
  3,986
  4,202
  4,430
  4,669
Earnings before tax, $m
  1,943
  1,993
  2,046
  2,105
  2,169
  2,239
  2,315
  2,396
  2,484
  2,577
  3,073
  3,179
  3,292
  3,412
  3,539
  3,674
  3,816
  3,966
  4,125
  4,292
  4,469
  4,655
  4,852
  5,058
  5,276
  5,505
  5,746
  5,999
  6,266
  6,546
Tax expense, $m
  525
  538
  552
  568
  586
  605
  625
  647
  671
  696
  830
  858
  889
  921
  956
  992
  1,030
  1,071
  1,114
  1,159
  1,207
  1,257
  1,310
  1,366
  1,424
  1,486
  1,551
  1,620
  1,692
  1,768
Net income, $m
  1,418
  1,455
  1,494
  1,537
  1,583
  1,634
  1,690
  1,749
  1,813
  1,881
  2,243
  2,321
  2,403
  2,491
  2,583
  2,682
  2,786
  2,895
  3,011
  3,134
  3,262
  3,398
  3,542
  3,692
  3,851
  4,018
  4,194
  4,379
  4,574
  4,779

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
  42,200
  43,170
  44,280
  45,525
  46,906
  48,420
  50,069
  51,854
  53,777
  55,841
  58,049
  60,405
  62,913
  65,579
  68,408
  71,406
  74,579
  77,935
  81,481
  85,225
  89,175
  93,341
  97,732
  102,359
  107,232
  112,363
  117,763
  123,446
  129,424
  135,712
Adjusted assets (=assets-cash), $m
  42,200
  43,170
  44,280
  45,525
  46,906
  48,420
  50,069
  51,854
  53,777
  55,841
  58,049
  60,405
  62,913
  65,579
  68,408
  71,406
  74,579
  77,935
  81,481
  85,225
  89,175
  93,341
  97,732
  102,359
  107,232
  112,363
  117,763
  123,446
  129,424
  135,712
Revenue / Adjusted assets
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
Average production assets, $m
  36,149
  36,981
  37,931
  38,998
  40,180
  41,477
  42,890
  44,419
  46,066
  47,834
  49,726
  51,744
  53,893
  56,176
  58,600
  61,168
  63,886
  66,761
  69,798
  73,005
  76,389
  79,958
  83,719
  87,683
  91,857
  96,252
  100,878
  105,746
  110,867
  116,254
Working capital, $m
  -615
  -629
  -646
  -664
  -684
  -706
  -730
  -756
  -784
  -814
  -846
  -881
  -917
  -956
  -997
  -1,041
  -1,087
  -1,136
  -1,188
  -1,243
  -1,300
  -1,361
  -1,425
  -1,492
  -1,563
  -1,638
  -1,717
  -1,800
  -1,887
  -1,979
Total debt, $m
  21,827
  22,546
  23,368
  24,291
  25,314
  26,436
  27,658
  28,981
  30,406
  31,935
  33,571
  35,317
  37,176
  39,151
  41,247
  43,469
  45,820
  48,307
  50,934
  53,708
  56,636
  59,723
  62,977
  66,405
  70,016
  73,818
  77,819
  82,030
  86,460
  91,120
Total liabilities, $m
  31,270
  31,989
  32,811
  33,734
  34,757
  35,879
  37,101
  38,424
  39,849
  41,378
  43,014
  44,760
  46,619
  48,594
  50,690
  52,912
  55,263
  57,750
  60,377
  63,151
  66,079
  69,166
  72,420
  75,848
  79,459
  83,261
  87,262
  91,473
  95,903
  100,563
Total equity, $m
  10,930
  11,181
  11,468
  11,791
  12,149
  12,541
  12,968
  13,430
  13,928
  14,463
  15,035
  15,645
  16,294
  16,985
  17,718
  18,494
  19,316
  20,185
  21,104
  22,073
  23,096
  24,175
  25,313
  26,511
  27,773
  29,102
  30,501
  31,972
  33,521
  35,150
Total liabilities and equity, $m
  42,200
  43,170
  44,279
  45,525
  46,906
  48,420
  50,069
  51,854
  53,777
  55,841
  58,049
  60,405
  62,913
  65,579
  68,408
  71,406
  74,579
  77,935
  81,481
  85,224
  89,175
  93,341
  97,733
  102,359
  107,232
  112,363
  117,763
  123,445
  129,424
  135,713
Debt-to-equity ratio
  2.000
  2.020
  2.040
  2.060
  2.080
  2.110
  2.130
  2.160
  2.180
  2.210
  2.230
  2.260
  2.280
  2.310
  2.330
  2.350
  2.370
  2.390
  2.410
  2.430
  2.450
  2.470
  2.490
  2.500
  2.520
  2.540
  2.550
  2.570
  2.580
  2.590
Adjusted equity ratio
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,418
  1,455
  1,494
  1,537
  1,583
  1,634
  1,690
  1,749
  1,813
  1,881
  2,243
  2,321
  2,403
  2,491
  2,583
  2,682
  2,786
  2,895
  3,011
  3,134
  3,262
  3,398
  3,542
  3,692
  3,851
  4,018
  4,194
  4,379
  4,574
  4,779
Depreciation, amort., depletion, $m
  4,010
  4,094
  4,189
  4,295
  4,414
  4,543
  4,685
  4,837
  5,002
  5,179
  4,973
  5,174
  5,389
  5,618
  5,860
  6,117
  6,389
  6,676
  6,980
  7,301
  7,639
  7,996
  8,372
  8,768
  9,186
  9,625
  10,088
  10,575
  11,087
  11,625
Funds from operations, $m
  5,429
  5,549
  5,682
  5,832
  5,997
  6,178
  6,374
  6,587
  6,815
  7,060
  7,216
  7,495
  7,792
  8,108
  8,443
  8,798
  9,174
  9,571
  9,991
  10,434
  10,901
  11,394
  11,914
  12,461
  13,037
  13,644
  14,282
  14,954
  15,661
  16,404
Change in working capital, $m
  -12
  -14
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -37
  -39
  -41
  -44
  -46
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -75
  -79
  -83
  -87
  -92
Cash from operations, $m
  5,441
  5,563
  5,699
  5,850
  6,017
  6,200
  6,398
  6,613
  6,843
  7,090
  7,248
  7,529
  7,829
  8,147
  8,485
  8,842
  9,220
  9,620
  10,043
  10,489
  10,959
  11,455
  11,978
  12,528
  13,108
  13,718
  14,361
  15,037
  15,748
  16,496
Maintenance CAPEX, $m
  -3,544
  -3,615
  -3,698
  -3,793
  -3,900
  -4,018
  -4,148
  -4,289
  -4,442
  -4,607
  -4,783
  -4,973
  -5,174
  -5,389
  -5,618
  -5,860
  -6,117
  -6,389
  -6,676
  -6,980
  -7,301
  -7,639
  -7,996
  -8,372
  -8,768
  -9,186
  -9,625
  -10,088
  -10,575
  -11,087
New CAPEX, $m
  -709
  -831
  -950
  -1,067
  -1,182
  -1,297
  -1,413
  -1,529
  -1,647
  -1,768
  -1,891
  -2,018
  -2,149
  -2,284
  -2,423
  -2,568
  -2,718
  -2,875
  -3,037
  -3,207
  -3,384
  -3,569
  -3,762
  -3,963
  -4,174
  -4,395
  -4,626
  -4,868
  -5,121
  -5,387
Cash from investing activities, $m
  -4,253
  -4,446
  -4,648
  -4,860
  -5,082
  -5,315
  -5,561
  -5,818
  -6,089
  -6,375
  -6,674
  -6,991
  -7,323
  -7,673
  -8,041
  -8,428
  -8,835
  -9,264
  -9,713
  -10,187
  -10,685
  -11,208
  -11,758
  -12,335
  -12,942
  -13,581
  -14,251
  -14,956
  -15,696
  -16,474
Free cash flow, $m
  1,188
  1,117
  1,050
  990
  935
  884
  838
  795
  754
  716
  573
  539
  506
  474
  444
  414
  385
  357
  329
  302
  274
  247
  220
  193
  165
  138
  110
  81
  52
  22
Issuance/(repayment) of debt, $m
  552
  719
  822
  923
  1,023
  1,122
  1,222
  1,323
  1,425
  1,529
  1,636
  1,746
  1,859
  1,975
  2,096
  2,221
  2,351
  2,487
  2,627
  2,774
  2,927
  3,087
  3,254
  3,428
  3,611
  3,802
  4,002
  4,211
  4,430
  4,660
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  552
  719
  822
  923
  1,023
  1,122
  1,222
  1,323
  1,425
  1,529
  1,636
  1,746
  1,859
  1,975
  2,096
  2,221
  2,351
  2,487
  2,627
  2,774
  2,927
  3,087
  3,254
  3,428
  3,611
  3,802
  4,002
  4,211
  4,430
  4,660
Total cash flow (excl. dividends), $m
  1,740
  1,836
  1,872
  1,913
  1,958
  2,007
  2,060
  2,117
  2,179
  2,245
  2,209
  2,284
  2,365
  2,450
  2,540
  2,636
  2,737
  2,844
  2,957
  3,076
  3,202
  3,334
  3,474
  3,621
  3,776
  3,940
  4,111
  4,292
  4,482
  4,682
Retained Cash Flow (-), $m
  -169
  -251
  -287
  -323
  -357
  -392
  -427
  -462
  -498
  -535
  -572
  -610
  -650
  -690
  -733
  -776
  -822
  -869
  -918
  -970
  -1,023
  -1,079
  -1,137
  -1,198
  -1,262
  -1,329
  -1,399
  -1,472
  -1,548
  -1,629
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
  37
  38
  39
  40
  41
  42
  44
  45
  47
  48
  50
  52
  54
  57
  59
  62
  64
  67
  70
  73
  77
  80
  84
  88
  92
  97
  101
  106
  111
  116
Cash available for distribution, $m
  1,571
  1,584
  1,585
  1,590
  1,600
  1,614
  1,633
  1,655
  1,681
  1,711
  1,637
  1,674
  1,715
  1,759
  1,807
  1,859
  1,915
  1,975
  2,038
  2,106
  2,179
  2,255
  2,337
  2,423
  2,514
  2,611
  2,713
  2,820
  2,934
  3,053
Discount rate, %
  9.80
  10.29
  10.80
  11.34
  11.91
  12.51
  13.13
  13.79
  14.48
  15.20
  15.96
  16.76
  17.60
  18.48
  19.40
  20.37
  21.39
  22.46
  23.58
  24.76
  26.00
  27.30
  28.67
  30.10
  31.61
  33.19
  34.85
  36.59
  38.42
  40.34
PV of cash for distribution, $m
  1,431
  1,303
  1,165
  1,035
  912
  796
  688
  589
  498
  415
  321
  261
  208
  164
  126
  96
  71
  51
  36
  25
  17
  11
  7
  4
  3
  2
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

PPL Corporation (PPL) is a utility holding company. Through its subsidiaries, PPL delivers electricity to customers in the United Kingdom, Pennsylvania, Kentucky, Virginia and Tennessee; delivers natural gas to customers in Kentucky, and generates electricity from power plants in Kentucky. PPL operates through U.K. Regulated Segment, Kentucky Regulated Segment and Pennsylvania Regulated Segment. The U.K. Regulated Segment consists of PPL Global, which includes PPL WPD Limited's (WPD) regulated electricity distribution operations, the results of hedging the translation of WPD's earnings from British pound sterling into United States dollars, and certain costs, such as the United States income taxes, administrative costs and allocated financing costs. Kentucky Regulated segment consists of the operations of Louisville Gas and Electric Company (LG&E) and KU Energy LLC (LKE). The Pennsylvania Regulated segment consists of PPL Electric Utilities Corporation (PPL Electric).

FINANCIAL RATIOS  of  PPL (PPL)

Valuation Ratios
P/E Ratio 10.6
Price to Sales 2.7
Price to Book 2
Price to Tangible Book
Price to Cash Flow 7
Price to Free Cash Flow -299.9
Growth Rates
Sales Growth Rate -2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -17.2%
Cap. Spend. - 3 Yr. Gr. Rate -4.3%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 179.9%
Total Debt to Equity 194.5%
Interest Coverage 4
Management Effectiveness
Return On Assets 6.5%
Ret/ On Assets - 3 Yr. Avg. 4.9%
Return On Total Capital 6.4%
Ret/ On T. Cap. - 3 Yr. Avg. 4.6%
Return On Equity 19.2%
Return On Equity - 3 Yr. Avg. 12.8%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 58.7%
EBITDA Margin - 3 Yr. Avg. 53.5%
Operating Margin 40.5%
Oper. Margin - 3 Yr. Avg. 38%
Pre-Tax Margin 33.9%
Pre-Tax Margin - 3 Yr. Avg. 29.3%
Net Profit Margin 25.3%
Net Profit Margin - 3 Yr. Avg. 18.8%
Effective Tax Rate 25.4%
Eff/ Tax Rate - 3 Yr. Avg. 26.8%
Payout Ratio 54.2%

PPL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PPL stock intrinsic value calculation we used $7447 million for the last fiscal year's total revenue generated by PPL. The default revenue input number comes from 2017 income statement of PPL. 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 PPL stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 9.8%, whose default value for PPL is calculated based on our internal credit rating of PPL, 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 PPL.
    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 PPL stock the variable cost ratio is equal to 59.4%.

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 PPL stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for PPL.

Corporate tax rate of 27% is the nominal tax rate for PPL. 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 PPL stock is equal to 0.5%.

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 PPL are equal to 475.9%.

Life of production assets of 10 years is the average useful life of capital assets used in PPL 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 PPL is equal to -8.1%. 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 - $10761 million for PPL - 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 685 million for PPL 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 PPL at the current share price and the inputted number of shares is $20.2 billion.

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COMPANY NEWS

▶ This 5.8% Yield Is Worth the Risk   [Aug-14-18 06:02AM  Motley Fool]
▶ PPL: 2Q Earnings Snapshot   [08:11AM  Associated Press]
▶ PPL Corporation to Host Earnings Call   [08:00AM  ACCESSWIRE]
▶ 3 High-Yielding Utilities Just Right for Income Investors   [Jul-28-18 02:00PM  TheStreet.com]
▶ Markets Right Now: Banks lead US stocks broadly higher   [Jul-09-18 04:09PM  Associated Press]
▶ Are PPL Corporations (NYSE:PPL) Interest Costs Too High?   [Jun-21-18 01:06PM  Simply Wall St.]
▶ PPL to Pay Quarterly Stock Dividend July 2   [May-16-18 11:35AM  PR Newswire]
▶ May Dividend Stocks To Look Out For   [09:02AM  Simply Wall St.]
▶ PPL: 1Q Earnings Snapshot   [08:11AM  Associated Press]
▶ Ofgem Issues RIIO-2 Framework Consultation Document   [Mar-07-18 03:05PM  PR Newswire]
▶ Top Dividend Paying Stocks   [Feb-23-18 08:02AM  Simply Wall St.]
▶ PPL beats 4Q profit forecasts   [07:37AM  Associated Press]
▶ PPL Corporation Reports 2017 Earnings   [07:15AM  PR Newswire]
▶ PPL Corporation to Host Earnings Call   [06:10AM  ACCESSWIRE]
▶ Ray Dalio's Bridgewater Bets on Utilities in 4th Quarter   [Feb-14-18 12:56PM  GuruFocus.com]
▶ 5 Stocks That Look Good Short   [Jan-28-18 02:00PM  TheStreet.com]
▶ PPL Crews Leave on Puerto Rico Power Restoration Mission   [Jan-25-18 10:00AM  PR Newswire]
▶ What Will Drive PPL Stock Going Forward?   [Jan-12-18 10:31AM  Market Realist]
▶ 52-Week Company Lows   [Jan-11-18 10:35AM  GuruFocus.com]
▶ Staffieri to retire from LG&E and KU Energy   [Jan-08-18 03:24PM  American City Business Journals]
▶ 52-Week Company Lows   [Jan-05-18 11:00AM  GuruFocus.com]
▶ Why PPL Corporation (NYSE:PPL) Could Be A Buy   [Jan-04-18 07:00PM  Simply Wall St.]
▶ These SPX Utilities Received Price Target Changes Last Week   [Jan-03-18 09:01AM  Market Realist]
▶ Why SCANA Stock Offers Decent Upside Potential   [Dec-28-17 11:35AM  Market Realist]
▶ PPL Electric customers to help foot bill for $900M investment   [Dec-27-17 03:55PM  American City Business Journals]
▶ Iconix, PPL Corp. Slip into Tuesdays 52-Week Low Club   [Dec-26-17 04:04PM  24/7 Wall St.]
▶ 52-Week Company Lows   [Dec-21-17 10:22AM  GuruFocus.com]
▶ PPL: Analysts Recommendations and Target Price   [Dec-20-17 03:35PM  Market Realist]
▶ Analyzing PPLs Implied Volatility   [02:05PM  Market Realist]
▶ PPL Stock: How Its Valued Compared to Peers   [12:30PM  Market Realist]
▶ PPL Stock Continues to Fall   [12:30PM  Market Realist]
▶ PPL Corporation Names New Treasurer   [12:00PM  PR Newswire]
▶ The Biggest Loser: PPL Drops 4.6%   [Dec-19-17 04:41PM  Barrons.com]
▶ 52-Week Company Lows   [Dec-15-17 10:53AM  GuruFocus.com]
▶ Analyzing PPLs Earnings and Dividend Growth Going Forward   [Dec-06-17 07:33AM  Market Realist]
▶ A Look at PPLs Dividend Statistics before Ex-Dividend Date   [Dec-05-17 01:30PM  Market Realist]
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