Intrinsic value of Unitil - UTL

Previous Close

$48.36

  Intrinsic Value

$8.49

stock screener

  Rating & Target

str. sell

-82%

Previous close

$48.36

 
Intrinsic value

$8.49

 
Up/down potential

-82%

 
Rating

str. sell

We calculate the intrinsic value of UTL 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 0.7

 

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, %
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.85
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
Revenue, $m
  425
  445
  465
  487
  510
  535
  560
  587
  616
  645
  677
  710
  744
  781
  819
  860
  902
  946
  993
  1,042
  1,094
  1,148
  1,205
  1,265
  1,328
  1,394
  1,463
  1,536
  1,612
  1,693
Variable operating expenses, $m
  346
  362
  379
  397
  416
  436
  457
  479
  502
  526
  552
  578
  607
  636
  668
  701
  735
  771
  809
  849
  892
  936
  982
  1,031
  1,082
  1,136
  1,192
  1,252
  1,314
  1,379
Fixed operating expenses, $m
  6
  6
  6
  7
  7
  7
  7
  7
  7
  7
  8
  8
  8
  8
  8
  8
  9
  9
  9
  9
  9
  10
  10
  10
  10
  11
  11
  11
  11
  12
Total operating expenses, $m
  352
  368
  385
  404
  423
  443
  464
  486
  509
  533
  560
  586
  615
  644
  676
  709
  744
  780
  818
  858
  901
  946
  992
  1,041
  1,092
  1,147
  1,203
  1,263
  1,325
  1,391
Operating income, $m
  72
  76
  80
  84
  88
  92
  97
  101
  107
  112
  118
  124
  130
  136
  143
  151
  158
  166
  175
  184
  193
  203
  213
  224
  235
  247
  260
  273
  287
  302
EBITDA, $m
  121
  127
  133
  140
  147
  154
  161
  169
  178
  186
  196
  205
  216
  226
  238
  250
  262
  275
  289
  304
  319
  335
  352
  370
  388
  408
  429
  450
  473
  497
Interest expense (income), $m
  22
  24
  27
  29
  32
  34
  37
  40
  43
  46
  50
  53
  57
  61
  65
  70
  74
  79
  84
  90
  95
  101
  107
  114
  121
  128
  135
  143
  152
  160
  170
Earnings before tax, $m
  48
  49
  51
  52
  53
  55
  57
  58
  60
  62
  64
  66
  69
  71
  74
  76
  79
  82
  85
  88
  92
  95
  99
  103
  107
  112
  116
  121
  127
  132
Tax expense, $m
  13
  13
  14
  14
  14
  15
  15
  16
  16
  17
  17
  18
  19
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  36
Net income, $m
  35
  36
  37
  38
  39
  40
  41
  43
  44
  45
  47
  49
  50
  52
  54
  56
  58
  60
  62
  65
  67
  70
  72
  75
  78
  82
  85
  89
  92
  96

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
  1,299
  1,360
  1,423
  1,490
  1,561
  1,635
  1,713
  1,796
  1,883
  1,974
  2,070
  2,171
  2,277
  2,388
  2,505
  2,629
  2,758
  2,894
  3,037
  3,187
  3,345
  3,511
  3,685
  3,868
  4,060
  4,262
  4,474
  4,697
  4,931
  5,176
Adjusted assets (=assets-cash), $m
  1,299
  1,360
  1,423
  1,490
  1,561
  1,635
  1,713
  1,796
  1,883
  1,974
  2,070
  2,171
  2,277
  2,388
  2,505
  2,629
  2,758
  2,894
  3,037
  3,187
  3,345
  3,511
  3,685
  3,868
  4,060
  4,262
  4,474
  4,697
  4,931
  5,176
Revenue / Adjusted assets
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
Average production assets, $m
  970
  1,015
  1,063
  1,113
  1,166
  1,221
  1,280
  1,341
  1,406
  1,474
  1,546
  1,621
  1,700
  1,784
  1,871
  1,963
  2,060
  2,162
  2,268
  2,381
  2,498
  2,622
  2,752
  2,889
  3,032
  3,183
  3,342
  3,508
  3,683
  3,866
Working capital, $m
  65
  68
  72
  75
  79
  82
  86
  90
  95
  99
  104
  109
  115
  120
  126
  132
  139
  146
  153
  161
  168
  177
  186
  195
  204
  215
  225
  237
  248
  261
Total debt, $m
  495
  539
  585
  634
  686
  740
  797
  857
  920
  987
  1,057
  1,130
  1,208
  1,289
  1,374
  1,464
  1,559
  1,658
  1,762
  1,871
  1,987
  2,107
  2,234
  2,368
  2,508
  2,655
  2,810
  2,972
  3,142
  3,321
Total liabilities, $m
  947
  991
  1,038
  1,086
  1,138
  1,192
  1,249
  1,309
  1,372
  1,439
  1,509
  1,582
  1,660
  1,741
  1,826
  1,916
  2,011
  2,110
  2,214
  2,324
  2,439
  2,559
  2,686
  2,820
  2,960
  3,107
  3,262
  3,424
  3,594
  3,773
Total equity, $m
  352
  368
  386
  404
  423
  443
  464
  487
  510
  535
  561
  588
  617
  647
  679
  712
  747
  784
  823
  864
  907
  951
  999
  1,048
  1,100
  1,155
  1,212
  1,273
  1,336
  1,403
Total liabilities and equity, $m
  1,299
  1,359
  1,424
  1,490
  1,561
  1,635
  1,713
  1,796
  1,882
  1,974
  2,070
  2,170
  2,277
  2,388
  2,505
  2,628
  2,758
  2,894
  3,037
  3,188
  3,346
  3,510
  3,685
  3,868
  4,060
  4,262
  4,474
  4,697
  4,930
  5,176
Debt-to-equity ratio
  1.410
  1.460
  1.520
  1.570
  1.620
  1.670
  1.720
  1.760
  1.800
  1.840
  1.880
  1.920
  1.960
  1.990
  2.020
  2.060
  2.090
  2.110
  2.140
  2.170
  2.190
  2.210
  2.240
  2.260
  2.280
  2.300
  2.320
  2.330
  2.350
  2.370
Adjusted equity ratio
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  35
  36
  37
  38
  39
  40
  41
  43
  44
  45
  47
  49
  50
  52
  54
  56
  58
  60
  62
  65
  67
  70
  72
  75
  78
  82
  85
  89
  92
  96
Depreciation, amort., depletion, $m
  49
  51
  54
  56
  59
  62
  65
  68
  71
  74
  78
  82
  86
  90
  95
  99
  104
  109
  115
  120
  126
  132
  139
  146
  153
  161
  169
  177
  186
  195
Funds from operations, $m
  84
  87
  91
  94
  98
  102
  106
  110
  115
  120
  125
  130
  136
  142
  148
  155
  162
  169
  177
  185
  193
  202
  211
  221
  232
  242
  254
  266
  278
  292
Change in working capital, $m
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
Cash from operations, $m
  81
  84
  87
  91
  94
  98
  102
  106
  111
  115
  120
  125
  131
  136
  142
  149
  155
  162
  170
  177
  185
  194
  203
  212
  222
  232
  243
  255
  267
  279
Maintenance CAPEX, $m
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -71
  -74
  -78
  -82
  -86
  -90
  -95
  -99
  -104
  -109
  -115
  -120
  -126
  -132
  -139
  -146
  -153
  -161
  -169
  -177
  -186
New CAPEX, $m
  -43
  -45
  -47
  -50
  -53
  -56
  -58
  -62
  -65
  -68
  -72
  -75
  -79
  -83
  -88
  -92
  -97
  -102
  -107
  -112
  -118
  -124
  -130
  -137
  -144
  -151
  -158
  -166
  -175
  -183
Cash from investing activities, $m
  -90
  -94
  -98
  -104
  -109
  -115
  -120
  -127
  -133
  -139
  -146
  -153
  -161
  -169
  -178
  -187
  -196
  -206
  -216
  -227
  -238
  -250
  -262
  -276
  -290
  -304
  -319
  -335
  -352
  -369
Free cash flow, $m
  -9
  -10
  -11
  -13
  -15
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -33
  -35
  -38
  -41
  -43
  -46
  -50
  -53
  -56
  -60
  -64
  -68
  -72
  -76
  -81
  -85
  -90
Issuance/(repayment) of debt, $m
  42
  44
  46
  49
  51
  54
  57
  60
  63
  66
  70
  74
  77
  81
  85
  90
  94
  99
  104
  110
  115
  121
  127
  133
  140
  147
  155
  162
  170
  179
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  
  42
  44
  46
  49
  51
  54
  57
  60
  63
  66
  70
  74
  77
  81
  85
  90
  94
  99
  104
  110
  115
  121
  127
  133
  140
  147
  155
  162
  170
  179
Total cash flow (excl. dividends), $m
  33
  34
  35
  36
  37
  38
  39
  40
  41
  43
  44
  45
  47
  49
  50
  52
  54
  56
  58
  60
  62
  65
  67
  70
  73
  75
  79
  82
  85
  89
Retained Cash Flow (-), $m
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -57
  -60
  -63
  -67
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
  18
  18
  18
  18
  18
  18
  18
  18
  18
  18
  18
  18
  18
  18
  18
  19
  19
  19
  19
  19
  19
  20
  20
  20
  20
  21
  21
  21
  22
  22
Discount rate, %
  8.30
  8.72
  9.15
  9.61
  10.09
  10.59
  11.12
  11.68
  12.26
  12.88
  13.52
  14.20
  14.91
  15.65
  16.43
  17.26
  18.12
  19.02
  19.97
  20.97
  22.02
  23.12
  24.28
  25.49
  26.77
  28.11
  29.51
  30.99
  32.54
  34.16
PV of cash for distribution, $m
  16
  15
  14
  12
  11
  10
  9
  7
  6
  5
  4
  4
  3
  2
  2
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  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
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  100.0
  100.0
  100.0
  100.0
  100.0

Unitil Corporation is a public utility holding company. The Company's principal business is the local distribution of electricity in the southeastern seacoast and state capital regions of New Hampshire and the greater Fitchburg area of north central Massachusetts and the local distribution of natural gas in southeastern New Hampshire, portions of southern Maine to the Lewiston-Auburn area and in the greater Fitchburg area of north central Massachusetts. Its segments include utility gas operations, utility electric operations and non-regulated. Its operations include natural gas operations; natural gas distribution utility operations; gas transmission pipeline operations; electric distribution utility operations, and non-regulated and other non-utility operations. As of December 31, 2016, it was engaged in the distribution of electricity and natural gas to approximately 184,200 customers throughout its service territories in the states of New Hampshire, Massachusetts and Maine.

FINANCIAL RATIOS  of  Unitil (UTL)

Valuation Ratios
P/E Ratio 25.2
Price to Sales 1.8
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 10
Price to Free Cash Flow -22.7
Growth Rates
Sales Growth Rate -10.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -5.8%
Cap. Spend. - 3 Yr. Gr. Rate 1.7%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 110.9%
Total Debt to Equity 145.7%
Interest Coverage 3
Management Effectiveness
Return On Assets 3.8%
Ret/ On Assets - 3 Yr. Avg. 3.9%
Return On Total Capital 3.9%
Ret/ On T. Cap. - 3 Yr. Avg. 4%
Return On Equity 9.4%
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 29.2%
EBITDA Margin - 3 Yr. Avg. 26.3%
Operating Margin 17%
Oper. Margin - 3 Yr. Avg. 15.3%
Pre-Tax Margin 11.2%
Pre-Tax Margin - 3 Yr. Avg. 10.1%
Net Profit Margin 7%
Net Profit Margin - 3 Yr. Avg. 6.3%
Effective Tax Rate 37.2%
Eff/ Tax Rate - 3 Yr. Avg. 37.1%
Payout Ratio 74.1%

UTL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UTL stock intrinsic value calculation we used $406.2 million for the last fiscal year's total revenue generated by Unitil. The default revenue input number comes from 0001 income statement of Unitil. 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 UTL stock valuation model: a) initial revenue growth rate of 4.6% 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 8.3%, whose default value for UTL is calculated based on our internal credit rating of Unitil, 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 Unitil.
    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 UTL stock the variable cost ratio is equal to 81.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $6 million in the base year in the intrinsic value calculation for UTL 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 Unitil.

Corporate tax rate of 27% is the nominal tax rate for Unitil. 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 UTL 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 UTL are equal to 228.4%.

Life of production assets of 19.8 years is the average useful life of capital assets used in Unitil 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 UTL is equal to 15.4%. 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 - $336.6 million for Unitil - 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 14.867 million for Unitil 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 Unitil at the current share price and the inputted number of shares is $0.7 billion.

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COMPANY NEWS

▶ What Does Unitil Corporations (NYSE:UTL) P/E Ratio Tell You?   [Nov-06-18 11:28AM  Simply Wall St.]
▶ Unitil: 3Q Earnings Snapshot   [09:38AM  Associated Press]
▶ Unitil Reports Third Quarter Earnings   [06:45AM  GlobeNewswire]
▶ Unitil Declares Common Stock Dividend   [Oct-24-18 04:30PM  GlobeNewswire]
▶ How Much Money Does Unitil Corporation (NYSE:UTL) Make?   [Oct-14-18 09:31AM  Simply Wall St.]
▶ Unitil Corporation (NYSE:UTL): Will The Growth Last?   [Sep-24-18 08:05AM  Simply Wall St.]
▶ Is Unitil (UTL) a High-Growth Dividend Stock?   [Sep-03-18 09:15AM  Zacks]
▶ Is Unitil (UTL) a Great Dividend Play?   [Aug-16-18 09:15AM  Zacks]
▶ Unitil: 2Q Earnings Snapshot   [Jul-26-18 10:52AM  Associated Press]
▶ Unitil Reports Second Quarter Earnings   [06:45AM  GlobeNewswire]
▶ Unitil Declares Common Stock Dividend   [Jul-25-18 04:30PM  GlobeNewswire]
▶ Why Unitil (UTL) is a Great Dividend Stock   [Jul-23-18 10:30AM  Zacks]
▶ Best Dividend Paying Stocks   [May-28-18 09:02AM  Simply Wall St.]
▶ Best Rated NYSE Dividend Stocks   [Apr-27-18 09:02AM  Simply Wall St.]
▶ Unitil: 1Q Earnings Snapshot   [Apr-26-18 10:52AM  Associated Press]
▶ Unitil Reports First Quarter Earnings   [06:45AM  GlobeNewswire]
▶ Unitil Declares Common Stock Dividend   [Apr-25-18 04:30PM  GlobeNewswire]
▶ Top Rated NYSE Utilities Dividend Stocks   [Mar-08-18 07:02AM  Simply Wall St.]
▶ Unitil Announces Leadership Change Effective April 25, 2018   [Mar-01-18 04:30PM  GlobeNewswire]
▶ Unitil Corporation to Host Earnings Call   [Feb-01-18 10:30AM  ACCESSWIRE]
▶ Unitil posts 4Q profit   [09:03AM  Associated Press]
▶ Unitil Reports Year-End Earnings   [06:45AM  GlobeNewswire]
▶ Unitil Announces Closing of Public Offering of Common Stock   [Dec-14-17 04:30PM  GlobeNewswire]
▶ Unitil announces pricing of public offering of common stock   [Dec-12-17 08:19AM  GlobeNewswire]
▶ Unitil Announces Public Offering of Common Stock   [Dec-11-17 04:10PM  GlobeNewswire]
▶ Unitil posts 3Q profit   [09:24AM  Associated Press]
▶ Unitil Reports Third Quarter Earnings   [06:45AM  GlobeNewswire]
▶ Unitil Declares Common Stock Dividend   [Oct-25-17 02:00PM  GlobeNewswire]
▶ ETFs with exposure to UNITIL Corp. : August 11, 2017   [Aug-11-17 07:12PM  Capital Cube]
▶ Unitil posts 2Q profit   [Jul-27-17 04:19PM  Associated Press]
▶ Unitil Reports Second Quarter Earnings   [06:45AM  GlobeNewswire]
▶ Unitil Declares Common Stock Dividend   [Jul-26-17 01:00PM  GlobeNewswire]
▶ ETFs with exposure to UNITIL Corp. : May 4, 2017   [May-04-17 04:26PM  Capital Cube]
▶ Unitil posts 1Q profit   [Apr-27-17 10:06AM  Associated Press]
▶ Unitil Reports First Quarter Earnings   [06:45AM  GlobeNewswire]
▶ Unitil Shareholders Elect Directors at Annual Meeting   [Apr-26-17 12:52PM  GlobeNewswire]
▶ Unitil Declares Common Stock Dividend   [11:18AM  GlobeNewswire]

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