Intrinsic value of Spire - SR

Previous Close

$75.94

  Intrinsic Value

$25.00

stock screener

  Rating & Target

str. sell

-67%

Previous close

$75.94

 
Intrinsic value

$25.00

 
Up/down potential

-67%

 
Rating

str. sell

We calculate the intrinsic value of SR 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 3.8

 

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, %
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
Revenue, $m
  1,887
  2,039
  2,197
  2,361
  2,532
  2,710
  2,894
  3,086
  3,285
  3,493
  3,709
  3,934
  4,168
  4,413
  4,668
  4,934
  5,212
  5,502
  5,805
  6,122
  6,453
  6,800
  7,163
  7,542
  7,940
  8,356
  8,792
  9,249
  9,728
  10,230
Variable operating expenses, $m
  1,509
  1,621
  1,738
  1,859
  1,985
  2,116
  2,252
  2,394
  2,541
  2,694
  2,736
  2,902
  3,075
  3,255
  3,443
  3,640
  3,845
  4,059
  4,282
  4,516
  4,760
  5,016
  5,284
  5,564
  5,857
  6,164
  6,486
  6,823
  7,177
  7,547
Fixed operating expenses, $m
  17
  18
  18
  19
  19
  19
  20
  20
  21
  21
  22
  22
  23
  23
  24
  24
  25
  25
  26
  26
  27
  27
  28
  29
  29
  30
  31
  31
  32
  33
Total operating expenses, $m
  1,526
  1,639
  1,756
  1,878
  2,004
  2,135
  2,272
  2,414
  2,562
  2,715
  2,758
  2,924
  3,098
  3,278
  3,467
  3,664
  3,870
  4,084
  4,308
  4,542
  4,787
  5,043
  5,312
  5,593
  5,886
  6,194
  6,517
  6,854
  7,209
  7,580
Operating income, $m
  360
  400
  441
  484
  528
  574
  622
  672
  724
  778
  951
  1,010
  1,071
  1,134
  1,201
  1,270
  1,342
  1,418
  1,497
  1,580
  1,666
  1,756
  1,851
  1,950
  2,053
  2,162
  2,276
  2,395
  2,520
  2,651
EBITDA, $m
  625
  677
  730
  786
  844
  904
  966
  1,031
  1,099
  1,169
  1,242
  1,318
  1,397
  1,480
  1,567
  1,657
  1,751
  1,849
  1,952
  2,059
  2,172
  2,289
  2,412
  2,541
  2,676
  2,817
  2,965
  3,120
  3,282
  3,453
Interest expense (income), $m
  86
  139
  160
  181
  203
  227
  251
  276
  302
  329
  357
  386
  417
  449
  482
  516
  552
  590
  629
  670
  713
  758
  805
  854
  905
  959
  1,015
  1,074
  1,135
  1,200
  1,267
Earnings before tax, $m
  222
  240
  260
  280
  302
  324
  346
  370
  395
  421
  565
  593
  622
  653
  684
  718
  752
  789
  827
  866
  908
  952
  997
  1,045
  1,095
  1,147
  1,202
  1,260
  1,320
  1,383
Tax expense, $m
  60
  65
  70
  76
  81
  87
  94
  100
  107
  114
  153
  160
  168
  176
  185
  194
  203
  213
  223
  234
  245
  257
  269
  282
  296
  310
  325
  340
  356
  374
Net income, $m
  162
  175
  190
  205
  220
  236
  253
  270
  288
  307
  412
  433
  454
  476
  500
  524
  549
  576
  603
  632
  663
  695
  728
  763
  799
  837
  878
  920
  964
  1,010

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
  7,094
  7,665
  8,260
  8,878
  9,519
  10,187
  10,880
  11,601
  12,351
  13,131
  13,943
  14,789
  15,670
  16,589
  17,548
  18,548
  19,592
  20,683
  21,823
  23,014
  24,260
  25,563
  26,927
  28,355
  29,849
  31,415
  33,054
  34,772
  36,573
  38,460
Adjusted assets (=assets-cash), $m
  7,094
  7,665
  8,260
  8,878
  9,519
  10,187
  10,880
  11,601
  12,351
  13,131
  13,943
  14,789
  15,670
  16,589
  17,548
  18,548
  19,592
  20,683
  21,823
  23,014
  24,260
  25,563
  26,927
  28,355
  29,849
  31,415
  33,054
  34,772
  36,573
  38,460
Revenue / Adjusted assets
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
Average production assets, $m
  4,436
  4,794
  5,165
  5,552
  5,953
  6,370
  6,804
  7,255
  7,724
  8,212
  8,720
  9,249
  9,800
  10,374
  10,974
  11,599
  12,252
  12,935
  13,647
  14,392
  15,171
  15,986
  16,839
  17,732
  18,667
  19,646
  20,671
  21,745
  22,871
  24,052
Working capital, $m
  208
  224
  242
  260
  279
  298
  318
  339
  361
  384
  408
  433
  459
  485
  513
  543
  573
  605
  639
  673
  710
  748
  788
  830
  873
  919
  967
  1,017
  1,070
  1,125
Total debt, $m
  2,954
  3,352
  3,766
  4,196
  4,642
  5,107
  5,589
  6,091
  6,613
  7,156
  7,721
  8,310
  8,924
  9,563
  10,230
  10,926
  11,653
  12,412
  13,206
  14,035
  14,902
  15,809
  16,758
  17,752
  18,792
  19,881
  21,023
  22,218
  23,472
  24,785
Total liabilities, $m
  4,937
  5,335
  5,749
  6,179
  6,626
  7,090
  7,572
  8,074
  8,596
  9,139
  9,704
  10,293
  10,907
  11,546
  12,213
  12,910
  13,636
  14,395
  15,189
  16,018
  16,885
  17,792
  18,741
  19,735
  20,775
  21,865
  23,006
  24,202
  25,455
  26,768
Total equity, $m
  2,156
  2,330
  2,511
  2,699
  2,894
  3,097
  3,307
  3,527
  3,755
  3,992
  4,239
  4,496
  4,764
  5,043
  5,335
  5,639
  5,956
  6,288
  6,634
  6,996
  7,375
  7,771
  8,186
  8,620
  9,074
  9,550
  10,049
  10,571
  11,118
  11,692
Total liabilities and equity, $m
  7,093
  7,665
  8,260
  8,878
  9,520
  10,187
  10,879
  11,601
  12,351
  13,131
  13,943
  14,789
  15,671
  16,589
  17,548
  18,549
  19,592
  20,683
  21,823
  23,014
  24,260
  25,563
  26,927
  28,355
  29,849
  31,415
  33,055
  34,773
  36,573
  38,460
Debt-to-equity ratio
  1.370
  1.440
  1.500
  1.550
  1.600
  1.650
  1.690
  1.730
  1.760
  1.790
  1.820
  1.850
  1.870
  1.900
  1.920
  1.940
  1.960
  1.970
  1.990
  2.010
  2.020
  2.030
  2.050
  2.060
  2.070
  2.080
  2.090
  2.100
  2.110
  2.120
Adjusted equity ratio
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  162
  175
  190
  205
  220
  236
  253
  270
  288
  307
  412
  433
  454
  476
  500
  524
  549
  576
  603
  632
  663
  695
  728
  763
  799
  837
  878
  920
  964
  1,010
Depreciation, amort., depletion, $m
  265
  277
  289
  302
  316
  330
  344
  359
  375
  391
  291
  308
  327
  346
  366
  387
  408
  431
  455
  480
  506
  533
  561
  591
  622
  655
  689
  725
  762
  802
Funds from operations, $m
  427
  452
  479
  507
  536
  566
  597
  629
  663
  698
  703
  741
  781
  822
  865
  911
  958
  1,007
  1,058
  1,112
  1,169
  1,227
  1,289
  1,354
  1,421
  1,492
  1,567
  1,644
  1,726
  1,812
Change in working capital, $m
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  50
  53
  55
Cash from operations, $m
  411
  436
  462
  489
  517
  546
  577
  608
  641
  675
  679
  716
  755
  795
  837
  881
  927
  975
  1,025
  1,077
  1,132
  1,189
  1,249
  1,312
  1,378
  1,447
  1,519
  1,594
  1,673
  1,756
Maintenance CAPEX, $m
  -136
  -148
  -160
  -172
  -185
  -198
  -212
  -227
  -242
  -257
  -274
  -291
  -308
  -327
  -346
  -366
  -387
  -408
  -431
  -455
  -480
  -506
  -533
  -561
  -591
  -622
  -655
  -689
  -725
  -762
New CAPEX, $m
  -343
  -358
  -372
  -386
  -401
  -417
  -434
  -451
  -469
  -488
  -508
  -529
  -551
  -575
  -599
  -626
  -653
  -682
  -713
  -745
  -779
  -815
  -853
  -893
  -935
  -979
  -1,025
  -1,074
  -1,126
  -1,180
Cash from investing activities, $m
  -479
  -506
  -532
  -558
  -586
  -615
  -646
  -678
  -711
  -745
  -782
  -820
  -859
  -902
  -945
  -992
  -1,040
  -1,090
  -1,144
  -1,200
  -1,259
  -1,321
  -1,386
  -1,454
  -1,526
  -1,601
  -1,680
  -1,763
  -1,851
  -1,942
Free cash flow, $m
  -69
  -70
  -70
  -70
  -70
  -69
  -69
  -69
  -70
  -70
  -102
  -103
  -105
  -106
  -108
  -110
  -113
  -116
  -119
  -123
  -127
  -131
  -136
  -142
  -148
  -155
  -162
  -169
  -177
  -186
Issuance/(repayment) of debt, $m
  382
  398
  414
  430
  447
  464
  483
  502
  522
  543
  565
  589
  613
  640
  667
  696
  727
  759
  793
  829
  867
  907
  949
  994
  1,040
  1,089
  1,141
  1,196
  1,253
  1,313
Issuance/(repurchase) of shares, $m
  3
  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  
  385
  398
  414
  430
  447
  464
  483
  502
  522
  543
  565
  589
  613
  640
  667
  696
  727
  759
  793
  829
  867
  907
  949
  994
  1,040
  1,089
  1,141
  1,196
  1,253
  1,313
Total cash flow (excl. dividends), $m
  317
  328
  344
  360
  377
  395
  413
  432
  452
  473
  463
  485
  509
  534
  559
  586
  614
  644
  674
  707
  740
  776
  813
  852
  892
  935
  980
  1,026
  1,076
  1,127
Retained Cash Flow (-), $m
  -165
  -174
  -181
  -188
  -195
  -203
  -211
  -219
  -228
  -237
  -247
  -257
  -268
  -279
  -291
  -304
  -317
  -332
  -346
  -362
  -379
  -396
  -415
  -434
  -454
  -476
  -498
  -522
  -547
  -574
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
  151
  154
  163
  172
  182
  192
  202
  213
  224
  236
  216
  228
  241
  254
  268
  282
  297
  312
  328
  344
  362
  379
  398
  418
  438
  459
  481
  504
  528
  554
Discount rate, %
  9.00
  9.45
  9.92
  10.42
  10.94
  11.49
  12.06
  12.66
  13.30
  13.96
  14.66
  15.39
  16.16
  16.97
  17.82
  18.71
  19.65
  20.63
  21.66
  22.74
  23.88
  25.07
  26.33
  27.64
  29.03
  30.48
  32.00
  33.60
  35.28
  37.05
PV of cash for distribution, $m
  139
  129
  123
  116
  108
  100
  91
  82
  73
  64
  48
  41
  34
  28
  23
  18
  14
  11
  8
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9

Spire Inc., formerly The Laclede Group, Inc., is engaged to transform its business and pursue growth by growing its gas utility business through prudent investment in infrastructure upgrades and organic growth initiatives; acquire and integrate gas utilities; modernize its gas assets, and invest in innovation. The Company has two business segments, which include gas utility and gas marketing. The gas utility segment includes the regulated operations of Laclede Gas Company (Laclede Gas), Alabama Gas Corporation (Alagasco) and EnergySouth, Inc. (EnergySouth). The gas marketing segment includes Laclede Energy Resources, Inc. (LER), a subsidiary engaged in the marketing of natural gas and related activities on a non-regulated basis. Laclede Gas is engaged in the purchase, retail distribution and sale of natural gas, serving residential, commercial and industrial customers, through Missouri Gas Energy (MGE), Kansas City and western Missouri.

FINANCIAL RATIOS  of  Spire (SR)

Valuation Ratios
P/E Ratio 22.6
Price to Sales 2.1
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 12.7
Price to Free Cash Flow -24.4
Growth Rates
Sales Growth Rate 13.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 49.5%
Cap. Spend. - 3 Yr. Gr. Rate 20.7%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 100.2%
Total Debt to Equity 129.2%
Interest Coverage 4
Management Effectiveness
Return On Assets 3.5%
Ret/ On Assets - 3 Yr. Avg. 3.5%
Return On Total Capital 3.7%
Ret/ On T. Cap. - 3 Yr. Avg. 3.7%
Return On Equity 8.6%
Return On Equity - 3 Yr. Avg. 8.7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 27.5%
EBITDA Margin - 3 Yr. Avg. 25.1%
Operating Margin 18.5%
Oper. Margin - 3 Yr. Avg. 16.9%
Pre-Tax Margin 13.7%
Pre-Tax Margin - 3 Yr. Avg. 12.6%
Net Profit Margin 9.3%
Net Profit Margin - 3 Yr. Avg. 8.5%
Effective Tax Rate 32.2%
Eff/ Tax Rate - 3 Yr. Avg. 32%
Payout Ratio 59.3%

SR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SR stock intrinsic value calculation we used $1740.7 million for the last fiscal year's total revenue generated by Spire. The default revenue input number comes from 0001 income statement of Spire. 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 SR stock valuation model: a) initial revenue growth rate of 8.4% 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%, whose default value for SR is calculated based on our internal credit rating of Spire, 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 Spire.
    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 SR stock the variable cost ratio is equal to 80.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $17 million in the base year in the intrinsic value calculation for SR 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 Spire.

Corporate tax rate of 27% is the nominal tax rate for Spire. 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 SR 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 SR are equal to 235.1%.

Life of production assets of 30.4 years is the average useful life of capital assets used in Spire 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 SR is equal to 11%. 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 - $1991.3 million for Spire - 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 50.669 million for Spire 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 Spire at the current share price and the inputted number of shares is $3.8 billion.

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COMPANY NEWS

▶ Spire: Fiscal 4Q Earnings Snapshot   [07:21AM  Associated Press]
▶ Spire Reports 2018 Results   [07:00AM  PR Newswire]
▶ Spire Elects Steve Schwartz to Board of Directors   [Nov-14-18 04:15PM  PR Newswire]
▶ Spire names new leader for Alabama, Mississippi   [02:07PM  American City Business Journals]
▶ Is Spire Inc (NYSE:SR) Attractive At This PE Ratio?   [Oct-05-18 10:30AM  Simply Wall St.]
▶ Spire STL Pipeline Receives Federal Approval   [Aug-03-18 05:56PM  PR Newswire]
▶ Spire Inc. to Host Earnings Call   [11:00AM  ACCESSWIRE]
▶ Spire: Fiscal 3Q Earnings Snapshot   [10:29AM  Associated Press]
▶ Spire Reports Third Quarter Results   [09:00AM  PR Newswire]
▶ Spire Inc. to Host Earnings Call   [Jul-31-18 07:00AM  ACCESSWIRE]
▶ Spire Changes Date and Time of Earnings Call   [Jul-30-18 04:24PM  PR Newswire]
▶ Spire to Host Earnings Conference Call on July 31   [Jul-10-18 05:47PM  PR Newswire]
▶ Why Dividend Hunters Love Spire Inc (NYSE:SR)   [Jun-21-18 08:30AM  Simply Wall St.]
▶ Spire to Present at AGA Financial Forum   [May-18-18 02:25PM  PR Newswire]
▶ Best NYSE Dividend Payers   [May-13-18 09:02AM  Simply Wall St.]
▶ Spire Prices Public Offering of Common Stock   [May-07-18 09:44PM  PR Newswire]
▶ BofA Downgrades Spire On Lower Estimates, Valuation   [May-04-18 03:19PM  Benzinga]
▶ Spire: Fiscal 2Q Earnings Snapshot   [May-02-18 08:25AM  Associated Press]
▶ Spire Reports Second Quarter Results   [07:00AM  PR Newswire]
▶ Top Ranked Income Stocks to Buy for April 19th   [Apr-19-18 10:27AM  Zacks]
▶ Top Ranked Income Stocks to Buy for April 17th   [Apr-17-18 10:47AM  Zacks]
▶ Spire to Host Earnings Conference Call on May 2   [Apr-09-18 10:54AM  PR Newswire]
▶ Spire customers in western Missouri will save on bills   [Mar-22-18 03:17PM  PR Newswire]
▶ Spire statement on Missouri rate case decision   [Feb-22-18 09:10AM  PR Newswire]
▶ Spire beats 1Q profit forecasts   [08:33AM  Associated Press]
▶ Spire Reports First Quarter Results   [07:00AM  PR Newswire]
▶ Spire Inc. to Host Earnings Call   [Jan-31-18 07:30AM  ACCESSWIRE]
▶ Spire Changes Date of Earnings Conference Call   [Jan-29-18 04:43PM  PR Newswire]
▶ Spire to Host Earnings Conference Call on January 31   [Jan-05-18 09:58AM  PR Newswire]
▶ IIROC Trade Halt - Scorpion Resources Inc.   [Dec-15-17 03:57PM  Newsfile]
▶ Stocks Showing Improved Relative Strength: Spire   [03:00AM  Investor's Business Daily]
▶ Spire reports 4Q loss   [Nov-15-17 07:19AM  Associated Press]
▶ Spire Reports 2017 Results   [07:00AM  PR Newswire]
▶ Spire Inc. to Host Earnings Call   [07:00AM  ACCESSWIRE]
▶ Spire Changes Start Time of Earnings Conference Call   [Oct-26-17 09:00AM  PR Newswire]
▶ Spire to Host Earnings Conference Call on November 15   [Oct-12-17 09:00AM  PR Newswire]
▶ Stocks With Rising Relative Strength: Spire   [Oct-05-17 03:00AM  Investor's Business Daily]
▶ Spire Shows Rising Relative Price Performance; Still Shy Of Key Benchmark   [Oct-03-17 03:00AM  Investor's Business Daily]
▶ Five Natural Gas Utilities Unite as Spire   [Sep-25-17 06:00AM  PR Newswire]
▶ Spire beats 3Q profit forecasts   [12:21AM  Associated Press]
▶ Investor Network: Spire Inc. to Host Earnings Call   [Aug-02-17 07:05AM  ACCESSWIRE]
▶ Spire Reports Third Quarter Results   [07:00AM  PR Newswire]
▶ Spire to Host Earnings Conference Call on August 2   [Jul-17-17 02:19PM  PR Newswire]
▶ Spire to Present at AGA Financial Forum   [May-18-17 10:55AM  PR Newswire]
▶ Spire beats 2Q profit forecasts   [May-03-17 07:30AM  Associated Press]
▶ Spire Reports Second Quarter Results   [07:00AM  PR Newswire]
▶ Spire to Host Earnings Conference Call on May 3   [Apr-12-17 04:05PM  PR Newswire]

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