Intrinsic value of Southwest Gas Holdings - SWX

Previous Close

$78.72

  Intrinsic Value

$27.39

stock screener

  Rating & Target

str. sell

-65%

Previous close

$78.72

 
Intrinsic value

$27.39

 
Up/down potential

-65%

 
Rating

str. sell

We calculate the intrinsic value of SWX 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 3.8

 

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, %
  3.60
  3.74
  3.87
  3.98
  4.08
  4.17
  4.26
  4.33
  4.40
  4.46
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
Revenue, $m
  2,641
  2,740
  2,845
  2,959
  3,079
  3,208
  3,344
  3,489
  3,643
  3,805
  3,977
  4,158
  4,350
  4,552
  4,765
  4,989
  5,226
  5,475
  5,737
  6,013
  6,303
  6,609
  6,930
  7,268
  7,623
  7,997
  8,390
  8,802
  9,236
  9,692
Variable operating expenses, $m
  1,804
  1,871
  1,943
  2,021
  2,103
  2,191
  2,284
  2,383
  2,488
  2,598
  2,715
  2,838
  2,969
  3,107
  3,252
  3,406
  3,567
  3,737
  3,916
  4,104
  4,303
  4,511
  4,731
  4,961
  5,204
  5,459
  5,727
  6,008
  6,304
  6,616
Fixed operating expenses, $m
  507
  518
  529
  541
  553
  565
  578
  590
  603
  617
  630
  644
  658
  673
  687
  703
  718
  734
  750
  766
  783
  801
  818
  836
  855
  873
  893
  912
  932
  953
Total operating expenses, $m
  2,311
  2,389
  2,472
  2,562
  2,656
  2,756
  2,862
  2,973
  3,091
  3,215
  3,345
  3,482
  3,627
  3,780
  3,939
  4,109
  4,285
  4,471
  4,666
  4,870
  5,086
  5,312
  5,549
  5,797
  6,059
  6,332
  6,620
  6,920
  7,236
  7,569
Operating income, $m
  330
  350
  373
  397
  423
  452
  483
  516
  552
  590
  632
  676
  722
  772
  825
  881
  941
  1,004
  1,071
  1,142
  1,217
  1,297
  1,381
  1,471
  1,565
  1,665
  1,770
  1,882
  1,999
  2,123
EBITDA, $m
  781
  818
  858
  902
  948
  999
  1,053
  1,111
  1,173
  1,239
  1,309
  1,383
  1,463
  1,547
  1,636
  1,730
  1,830
  1,936
  2,047
  2,165
  2,290
  2,422
  2,561
  2,708
  2,863
  3,026
  3,198
  3,380
  3,571
  3,773
Interest expense (income), $m
  67
  92
  100
  108
  117
  126
  136
  146
  158
  169
  182
  195
  209
  224
  240
  257
  274
  292
  312
  332
  354
  376
  400
  425
  452
  479
  508
  539
  571
  605
  641
Earnings before tax, $m
  238
  251
  265
  280
  297
  316
  337
  359
  382
  408
  437
  466
  498
  532
  568
  607
  648
  692
  739
  788
  841
  897
  956
  1,019
  1,086
  1,156
  1,231
  1,310
  1,394
  1,483
Tax expense, $m
  64
  68
  71
  76
  80
  85
  91
  97
  103
  110
  118
  126
  134
  144
  153
  164
  175
  187
  199
  213
  227
  242
  258
  275
  293
  312
  332
  354
  376
  400
Net income, $m
  174
  183
  193
  205
  217
  231
  246
  262
  279
  298
  319
  340
  364
  388
  415
  443
  473
  505
  539
  575
  614
  655
  698
  744
  793
  844
  899
  957
  1,018
  1,082

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
  5,679
  5,891
  6,119
  6,363
  6,622
  6,899
  7,192
  7,504
  7,834
  8,183
  8,552
  8,942
  9,354
  9,788
  10,247
  10,729
  11,238
  11,774
  12,338
  12,931
  13,556
  14,213
  14,904
  15,630
  16,394
  17,198
  18,042
  18,929
  19,862
  20,842
Adjusted assets (=assets-cash), $m
  5,679
  5,891
  6,119
  6,363
  6,622
  6,899
  7,192
  7,504
  7,834
  8,183
  8,552
  8,942
  9,354
  9,788
  10,247
  10,729
  11,238
  11,774
  12,338
  12,931
  13,556
  14,213
  14,904
  15,630
  16,394
  17,198
  18,042
  18,929
  19,862
  20,842
Revenue / Adjusted assets
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
Average production assets, $m
  4,495
  4,663
  4,843
  5,036
  5,241
  5,460
  5,692
  5,939
  6,200
  6,476
  6,769
  7,077
  7,403
  7,747
  8,109
  8,492
  8,894
  9,318
  9,764
  10,234
  10,728
  11,248
  11,795
  12,370
  12,975
  13,611
  14,279
  14,981
  15,719
  16,495
Working capital, $m
  -164
  -170
  -176
  -183
  -191
  -199
  -207
  -216
  -226
  -236
  -247
  -258
  -270
  -282
  -295
  -309
  -324
  -339
  -356
  -373
  -391
  -410
  -430
  -451
  -473
  -496
  -520
  -546
  -573
  -601
Total debt, $m
  1,849
  1,999
  2,160
  2,331
  2,515
  2,710
  2,917
  3,137
  3,370
  3,617
  3,877
  4,153
  4,443
  4,750
  5,073
  5,414
  5,773
  6,152
  6,550
  6,969
  7,410
  7,874
  8,361
  8,874
  9,414
  9,981
  10,577
  11,204
  11,862
  12,554
Total liabilities, $m
  4,009
  4,159
  4,320
  4,492
  4,675
  4,871
  5,078
  5,298
  5,531
  5,777
  6,038
  6,313
  6,604
  6,911
  7,234
  7,575
  7,934
  8,312
  8,710
  9,129
  9,570
  10,034
  10,522
  11,035
  11,574
  12,142
  12,738
  13,364
  14,023
  14,714
Total equity, $m
  1,670
  1,732
  1,799
  1,871
  1,947
  2,028
  2,115
  2,206
  2,303
  2,406
  2,514
  2,629
  2,750
  2,878
  3,012
  3,154
  3,304
  3,461
  3,627
  3,802
  3,985
  4,179
  4,382
  4,595
  4,820
  5,056
  5,304
  5,565
  5,839
  6,128
Total liabilities and equity, $m
  5,679
  5,891
  6,119
  6,363
  6,622
  6,899
  7,193
  7,504
  7,834
  8,183
  8,552
  8,942
  9,354
  9,789
  10,246
  10,729
  11,238
  11,773
  12,337
  12,931
  13,555
  14,213
  14,904
  15,630
  16,394
  17,198
  18,042
  18,929
  19,862
  20,842
Debt-to-equity ratio
  1.110
  1.150
  1.200
  1.250
  1.290
  1.340
  1.380
  1.420
  1.460
  1.500
  1.540
  1.580
  1.620
  1.650
  1.680
  1.720
  1.750
  1.780
  1.810
  1.830
  1.860
  1.880
  1.910
  1.930
  1.950
  1.970
  1.990
  2.010
  2.030
  2.050
Adjusted equity ratio
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  174
  183
  193
  205
  217
  231
  246
  262
  279
  298
  319
  340
  364
  388
  415
  443
  473
  505
  539
  575
  614
  655
  698
  744
  793
  844
  899
  957
  1,018
  1,082
Depreciation, amort., depletion, $m
  450
  467
  485
  505
  525
  547
  570
  595
  621
  649
  677
  708
  740
  775
  811
  849
  889
  932
  976
  1,023
  1,073
  1,125
  1,180
  1,237
  1,298
  1,361
  1,428
  1,498
  1,572
  1,650
Funds from operations, $m
  624
  650
  679
  709
  742
  778
  816
  857
  900
  947
  996
  1,048
  1,104
  1,163
  1,226
  1,292
  1,363
  1,437
  1,516
  1,599
  1,687
  1,780
  1,878
  1,981
  2,090
  2,205
  2,327
  2,455
  2,590
  2,732
Change in working capital, $m
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
Cash from operations, $m
  630
  656
  685
  716
  750
  786
  824
  866
  910
  957
  1,006
  1,059
  1,116
  1,176
  1,239
  1,306
  1,377
  1,452
  1,532
  1,616
  1,705
  1,799
  1,898
  2,002
  2,112
  2,228
  2,351
  2,480
  2,617
  2,760
Maintenance CAPEX, $m
  -434
  -449
  -466
  -484
  -504
  -524
  -546
  -569
  -594
  -620
  -648
  -677
  -708
  -740
  -775
  -811
  -849
  -889
  -932
  -976
  -1,023
  -1,073
  -1,125
  -1,180
  -1,237
  -1,298
  -1,361
  -1,428
  -1,498
  -1,572
New CAPEX, $m
  -157
  -168
  -180
  -193
  -206
  -219
  -232
  -246
  -261
  -276
  -292
  -309
  -326
  -344
  -363
  -382
  -403
  -424
  -446
  -470
  -494
  -520
  -547
  -575
  -605
  -636
  -668
  -702
  -738
  -776
Cash from investing activities, $m
  -591
  -617
  -646
  -677
  -710
  -743
  -778
  -815
  -855
  -896
  -940
  -986
  -1,034
  -1,084
  -1,138
  -1,193
  -1,252
  -1,313
  -1,378
  -1,446
  -1,517
  -1,593
  -1,672
  -1,755
  -1,842
  -1,934
  -2,029
  -2,130
  -2,236
  -2,348
Free cash flow, $m
  39
  39
  39
  39
  41
  43
  46
  50
  55
  60
  66
  74
  82
  91
  102
  113
  126
  139
  154
  170
  187
  206
  226
  247
  270
  295
  322
  350
  380
  413
Issuance/(repayment) of debt, $m
  137
  150
  161
  172
  183
  195
  207
  220
  233
  247
  261
  275
  291
  307
  323
  341
  359
  378
  398
  419
  441
  464
  488
  513
  539
  567
  596
  627
  658
  692
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  
  137
  150
  161
  172
  183
  195
  207
  220
  233
  247
  261
  275
  291
  307
  323
  341
  359
  378
  398
  419
  441
  464
  488
  513
  539
  567
  596
  627
  658
  692
Total cash flow (excl. dividends), $m
  176
  189
  199
  211
  224
  238
  253
  270
  288
  307
  327
  349
  373
  398
  425
  454
  485
  517
  552
  589
  628
  670
  714
  760
  810
  862
  918
  977
  1,039
  1,104
Retained Cash Flow (-), $m
  -60
  -62
  -67
  -72
  -76
  -81
  -86
  -92
  -97
  -103
  -109
  -115
  -121
  -128
  -135
  -142
  -150
  -157
  -166
  -175
  -184
  -193
  -203
  -214
  -225
  -236
  -248
  -261
  -274
  -288
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
  10
  11
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  34
  35
  37
Cash available for distribution, $m
  116
  126
  132
  140
  148
  157
  167
  178
  191
  204
  219
  235
  252
  270
  291
  312
  335
  360
  386
  414
  444
  476
  510
  547
  585
  626
  670
  716
  765
  816
Discount rate, %
  7.40
  7.77
  8.16
  8.57
  8.99
  9.44
  9.92
  10.41
  10.93
  11.48
  12.05
  12.66
  13.29
  13.95
  14.65
  15.38
  16.15
  16.96
  17.81
  18.70
  19.63
  20.62
  21.65
  22.73
  23.87
  25.06
  26.31
  27.63
  29.01
  30.46
PV of cash for distribution, $m
  108
  109
  105
  100
  96
  91
  86
  81
  75
  69
  63
  56
  50
  43
  37
  32
  26
  21
  17
  13
  10
  8
  6
  4
  3
  2
  1
  1
  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

Southwest Gas Holdings, Inc., formerly Southwest Gas Corporation, is engaged in the business of purchasing, distributing and transporting natural gas. The Company operates through two segments: natural gas operations and construction services, which includes the operations of the Company's subsidiary, Centuri Construction Group, Inc. (Centuri). The Company operates two pipeline transmission systems, such as a system, which includes a liquefied natural gas (LNG) storage facility owned by Paiute extending from the Idaho-Nevada border to the Reno, Sparks, and Carson City areas and communities in the Lake Tahoe area in both California and Nevada and other communities in northern and western Nevada, and a system extending from the Colorado River at the southern tip of Nevada to the Las Vegas distribution area.

FINANCIAL RATIOS  of  Southwest Gas Holdings (SWX)

Valuation Ratios
P/E Ratio 24.6
Price to Sales 1.5
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 6.3
Price to Free Cash Flow 55
Growth Rates
Sales Growth Rate -0.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 8.6%
Cap. Spend. - 3 Yr. Gr. Rate 7.8%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 93.2%
Total Debt to Equity 96.2%
Interest Coverage 4
Management Effectiveness
Return On Assets 3.6%
Ret/ On Assets - 3 Yr. Avg. 3.6%
Return On Total Capital 4.7%
Ret/ On T. Cap. - 3 Yr. Avg. 4.6%
Return On Equity 9.3%
Return On Equity - 3 Yr. Avg. 9.3%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 23.9%
EBITDA Margin - 3 Yr. Avg. 24%
Operating Margin 12%
Oper. Margin - 3 Yr. Avg. 12.4%
Pre-Tax Margin 9.4%
Pre-Tax Margin - 3 Yr. Avg. 9.6%
Net Profit Margin 6.2%
Net Profit Margin - 3 Yr. Avg. 6.1%
Effective Tax Rate 34.1%
Eff/ Tax Rate - 3 Yr. Avg. 35.5%
Payout Ratio 54.6%

SWX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SWX stock intrinsic value calculation we used $2549 million for the last fiscal year's total revenue generated by Southwest Gas Holdings. The default revenue input number comes from 2017 income statement of Southwest Gas Holdings. 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 SWX stock valuation model: a) initial revenue growth rate of 3.6% 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 7.4%, whose default value for SWX is calculated based on our internal credit rating of Southwest Gas Holdings, 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 Southwest Gas Holdings.
    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 SWX stock the variable cost ratio is equal to 68.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $496 million in the base year in the intrinsic value calculation for SWX 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 Southwest Gas Holdings.

Corporate tax rate of 27% is the nominal tax rate for Southwest Gas Holdings. 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 SWX stock is equal to 0.4%.

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 SWX are equal to 170.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Southwest Gas Holdings 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 SWX is equal to -6.2%. 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 - $1610 million for Southwest Gas Holdings - 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 48 million for Southwest Gas Holdings 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 Southwest Gas Holdings at the current share price and the inputted number of shares is $3.8 billion.

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COMPANY NEWS

▶ Southwest Gas Holdings, Inc. Announces Conference Call   [May-08-18 05:00AM  PR Newswire]
▶ Southwest Gas: 1Q Earnings Snapshot   [May-07-18 06:10PM  Associated Press]
▶ Southwest Gas Holdings, Inc. Announces Conference Call   [May-01-18 06:00PM  PR Newswire]
▶ Southwest Gas Holdings, Inc. Announces Conference Call   [Mar-01-18 05:00PM  PR Newswire]
▶ Southwest Gas posts 4Q profit   [05:04AM  Associated Press]
▶ Southwest Gas Holdings, Inc. Announces 2017 Earnings   [Feb-27-18 05:00PM  PR Newswire]
▶ February Dividend Stock Picks   [Feb-26-18 08:02AM  Simply Wall St.]
▶ Southwest Gas Holdings, Inc. Announces Conference Call   [Feb-22-18 05:00PM  PR Newswire]
▶ Southwest Gas Holdings, Inc. to Host Earnings Call   [Nov-08-17 11:00AM  ACCESSWIRE]
▶ Southwest Gas beats 3Q profit forecasts   [Nov-07-17 09:33AM  Associated Press]
▶ Southwest Gas Holdings, Inc. Announces Conference Call   [Nov-01-17 05:00PM  PR Newswire]
▶ What's fueling an ethanol plant's expensive fight with Southwest Gas   [Sep-05-17 06:46PM  American City Business Journals]
▶ Southwest Gas beats 2Q profit forecasts   [Aug-07-17 11:47PM  Associated Press]
▶ Southwest Gas Holdings, Inc. Announces Conference Call   [Aug-02-17 05:00PM  PR Newswire]
▶ $10M fight over gas pipeline to ethanol plant   [May-18-17 02:15PM  American City Business Journals]
▶ Southwest Gas Holdings, Inc. Announces Conference Call   [May-10-17 05:00AM  PR Newswire]
▶ Southwest Gas misses 1Q profit forecasts   [May-08-17 05:42PM  Associated Press]
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