Intrinsic value of Southwest Gas Holdings - SWX

Previous Close

$80.48

  Intrinsic Value

$48.93

stock screener

  Rating & Target

sell

-39%

Previous close

$80.48

 
Intrinsic value

$48.93

 
Up/down potential

-39%

 
Rating

sell

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

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 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 3.8

 

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, %
  -0.16
  2.20
  2.48
  2.73
  2.96
  3.16
  3.35
  3.51
  3.66
  3.79
  3.92
  4.02
  4.12
  4.21
  4.29
  4.36
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
Revenue, $m
  1,321
  2,514
  2,576
  2,647
  2,725
  2,811
  2,905
  3,007
  3,118
  3,236
  3,363
  3,498
  3,642
  3,795
  3,958
  4,131
  4,313
  4,507
  4,711
  4,927
  5,154
  5,395
  5,648
  5,915
  6,196
  6,492
  6,803
  7,131
  7,476
  7,839
  8,220
Variable operating expenses, $m
 
  2,220
  2,274
  2,336
  2,405
  2,480
  2,563
  2,653
  2,749
  2,853
  2,964
  3,069
  3,195
  3,330
  3,472
  3,624
  3,784
  3,954
  4,133
  4,322
  4,522
  4,733
  4,955
  5,189
  5,435
  5,695
  5,968
  6,256
  6,559
  6,877
  7,212
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
  2,165
  2,220
  2,274
  2,336
  2,405
  2,480
  2,563
  2,653
  2,749
  2,853
  2,964
  3,069
  3,195
  3,330
  3,472
  3,624
  3,784
  3,954
  4,133
  4,322
  4,522
  4,733
  4,955
  5,189
  5,435
  5,695
  5,968
  6,256
  6,559
  6,877
  7,212
Operating income, $m
  296
  294
  302
  311
  320
  331
  342
  355
  369
  383
  399
  429
  447
  466
  486
  507
  529
  553
  578
  604
  632
  662
  693
  726
  760
  796
  835
  875
  917
  962
  1,009
EBITDA, $m
  585
  352
  360
  370
  381
  393
  406
  421
  436
  453
  470
  489
  509
  531
  554
  578
  603
  630
  659
  689
  721
  755
  790
  827
  867
  908
  952
  998
  1,046
  1,097
  1,150
Interest expense (income), $m
  67
  66
  69
  74
  78
  84
  89
  95
  102
  110
  117
  126
  135
  144
  155
  165
  177
  189
  202
  215
  230
  245
  261
  277
  295
  314
  333
  354
  376
  399
  423
Earnings before tax, $m
  232
  229
  233
  237
  242
  247
  253
  260
  266
  273
  281
  303
  312
  321
  331
  341
  352
  364
  376
  389
  403
  417
  432
  448
  465
  483
  501
  521
  541
  563
  586
Tax expense, $m
  79
  62
  63
  64
  65
  67
  68
  70
  72
  74
  76
  82
  84
  87
  89
  92
  95
  98
  102
  105
  109
  113
  117
  121
  126
  130
  135
  141
  146
  152
  158
Net income, $m
  152
  167
  170
  173
  177
  181
  185
  189
  194
  200
  205
  221
  228
  235
  242
  249
  257
  266
  275
  284
  294
  305
  316
  327
  339
  352
  366
  380
  395
  411
  428

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  32
  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
  5,581
  5,675
  5,816
  5,975
  6,152
  6,346
  6,559
  6,789
  7,037
  7,305
  7,590
  7,896
  8,221
  8,567
  8,935
  9,324
  9,737
  10,173
  10,634
  11,121
  11,635
  12,177
  12,749
  13,351
  13,986
  14,654
  15,357
  16,097
  16,876
  17,695
  18,556
Adjusted assets (=assets-cash), $m
  5,549
  5,675
  5,816
  5,975
  6,152
  6,346
  6,559
  6,789
  7,037
  7,305
  7,590
  7,896
  8,221
  8,567
  8,935
  9,324
  9,737
  10,173
  10,634
  11,121
  11,635
  12,177
  12,749
  13,351
  13,986
  14,654
  15,357
  16,097
  16,876
  17,695
  18,556
Revenue / Adjusted assets
  0.238
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
Average production assets, $m
  213
  216
  222
  228
  234
  242
  250
  259
  268
  278
  289
  301
  313
  326
  340
  355
  371
  388
  405
  424
  443
  464
  486
  509
  533
  558
  585
  613
  643
  674
  707
Working capital, $m
  -95
  -78
  -80
  -82
  -84
  -87
  -90
  -93
  -97
  -100
  -104
  -108
  -113
  -118
  -123
  -128
  -134
  -140
  -146
  -153
  -160
  -167
  -175
  -183
  -192
  -201
  -211
  -221
  -232
  -243
  -255
Total debt, $m
  1,600
  1,655
  1,753
  1,864
  1,988
  2,124
  2,273
  2,434
  2,608
  2,795
  2,995
  3,209
  3,437
  3,679
  3,936
  4,209
  4,498
  4,803
  5,126
  5,467
  5,827
  6,206
  6,606
  7,028
  7,472
  7,940
  8,432
  8,950
  9,495
  10,068
  10,671
Total liabilities, $m
  3,918
  3,973
  4,071
  4,182
  4,306
  4,442
  4,591
  4,752
  4,926
  5,113
  5,313
  5,527
  5,755
  5,997
  6,254
  6,527
  6,816
  7,121
  7,444
  7,785
  8,145
  8,524
  8,924
  9,346
  9,790
  10,258
  10,750
  11,268
  11,813
  12,386
  12,989
Total equity, $m
  1,663
  1,703
  1,745
  1,792
  1,845
  1,904
  1,968
  2,037
  2,111
  2,191
  2,277
  2,369
  2,466
  2,570
  2,680
  2,797
  2,921
  3,052
  3,190
  3,336
  3,491
  3,653
  3,825
  4,005
  4,196
  4,396
  4,607
  4,829
  5,063
  5,308
  5,567
Total liabilities and equity, $m
  5,581
  5,676
  5,816
  5,974
  6,151
  6,346
  6,559
  6,789
  7,037
  7,304
  7,590
  7,896
  8,221
  8,567
  8,934
  9,324
  9,737
  10,173
  10,634
  11,121
  11,636
  12,177
  12,749
  13,351
  13,986
  14,654
  15,357
  16,097
  16,876
  17,694
  18,556
Debt-to-equity ratio
  0.962
  0.970
  1.000
  1.040
  1.080
  1.120
  1.160
  1.200
  1.240
  1.280
  1.320
  1.350
  1.390
  1.430
  1.470
  1.500
  1.540
  1.570
  1.610
  1.640
  1.670
  1.700
  1.730
  1.750
  1.780
  1.810
  1.830
  1.850
  1.880
  1.900
  1.920
Adjusted equity ratio
  0.294
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  152
  167
  170
  173
  177
  181
  185
  189
  194
  200
  205
  221
  228
  235
  242
  249
  257
  266
  275
  284
  294
  305
  316
  327
  339
  352
  366
  380
  395
  411
  428
Depreciation, amort., depletion, $m
  289
  57
  58
  60
  61
  62
  64
  66
  68
  70
  72
  60
  63
  65
  68
  71
  74
  78
  81
  85
  89
  93
  97
  102
  107
  112
  117
  123
  129
  135
  141
Funds from operations, $m
  689
  224
  228
  233
  238
  243
  249
  255
  262
  269
  277
  282
  290
  300
  310
  320
  331
  343
  356
  369
  383
  397
  413
  429
  446
  464
  483
  503
  524
  546
  569
Change in working capital, $m
  91
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
Cash from operations, $m
  598
  226
  230
  235
  240
  246
  252
  258
  265
  273
  281
  286
  295
  305
  315
  326
  337
  349
  362
  376
  390
  405
  421
  437
  455
  473
  493
  513
  534
  557
  581
Maintenance CAPEX, $m
  0
  -43
  -43
  -44
  -46
  -47
  -48
  -50
  -52
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -93
  -97
  -102
  -107
  -112
  -117
  -123
  -129
  -135
New CAPEX, $m
  -530
  -4
  -5
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
Cash from investing activities, $m
  -526
  -47
  -48
  -50
  -53
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -72
  -76
  -79
  -83
  -87
  -91
  -96
  -100
  -105
  -110
  -115
  -120
  -126
  -132
  -139
  -145
  -153
  -160
  -168
Free cash flow, $m
  72
  180
  181
  184
  188
  191
  195
  200
  204
  209
  214
  216
  222
  229
  236
  243
  250
  258
  267
  276
  285
  295
  306
  317
  329
  341
  354
  368
  382
  397
  413
Issuance/(repayment) of debt, $m
  6
  87
  99
  111
  124
  136
  149
  161
  174
  187
  200
  214
  228
  242
  257
  273
  289
  305
  323
  341
  360
  380
  400
  422
  444
  468
  492
  518
  545
  573
  603
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
  0
Cash from financing (excl. dividends), $m  
  2
  87
  99
  111
  124
  136
  149
  161
  174
  187
  200
  214
  228
  242
  257
  273
  289
  305
  323
  341
  360
  380
  400
  422
  444
  468
  492
  518
  545
  573
  603
Total cash flow (excl. dividends), $m
  75
  266
  280
  296
  311
  328
  344
  361
  378
  396
  415
  430
  450
  471
  493
  515
  539
  564
  590
  617
  645
  675
  706
  739
  773
  809
  846
  886
  927
  971
  1,016
Retained Cash Flow (-), $m
  -69
  -40
  -42
  -48
  -53
  -58
  -64
  -69
  -75
  -80
  -86
  -92
  -98
  -104
  -110
  -117
  -124
  -131
  -138
  -146
  -154
  -163
  -171
  -181
  -190
  -200
  -211
  -222
  -234
  -246
  -258
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
 
  227
  238
  248
  258
  269
  280
  292
  304
  316
  329
  339
  353
  367
  383
  399
  415
  433
  451
  471
  491
  512
  535
  558
  583
  608
  635
  664
  694
  725
  758
Discount rate, %
 
  6.90
  7.25
  7.61
  7.99
  8.39
  8.81
  9.25
  9.71
  10.19
  10.70
  11.24
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.61
  17.44
  18.31
  19.22
  20.18
  21.19
  22.25
  23.37
  24.53
  25.76
  27.05
  28.40
PV of cash for distribution, $m
 
  212
  207
  199
  190
  180
  169
  157
  145
  132
  119
  105
  92
  80
  69
  58
  49
  40
  32
  25
  20
  15
  11
  8
  6
  4
  3
  2
  1
  1
  0
Current shareholders' claim on cash, %
  100
  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 25.1
Price to Sales 1.6
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 6.4
Price to Free Cash Flow 56.2
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 $2460 million for the last fiscal year's total revenue generated by Southwest Gas Holdings. The default revenue input number comes from 2016 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 2.2% 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 6.9%, 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 88.3%.

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 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 4.2% 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%.

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 8.6%.

Life of production assets of 1.2 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 -3.1%. 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 - $1663 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 47.649 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. 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]
▶ Southwest Gas beats 4Q profit forecasts   [Feb-27-17 06:26PM  Associated Press]
▶ Southwest Gas Holdings, Inc. Announces Conference Call   [Feb-22-17 05:00PM  PR Newswire]
▶ Southwest Gas Completes Holding Company Reorganization   [Jan-03-17 06:00AM  PR Newswire]
▶ Southwest Gas Declares First Quarter 2017 Dividend   [Nov-15-16 05:00PM  PR Newswire]
▶ Southwest Gas Corporation Announces Conference Call   [Nov-02-16 06:00PM  PR Newswire]
Financial statements of SWX
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.

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