Intrinsic value of Vectren - VVC

Previous Close

$71.42

  Intrinsic Value

$18.12

stock screener

  Rating & Target

str. sell

-75%

Previous close

$71.42

 
Intrinsic value

$18.12

 
Up/down potential

-75%

 
Rating

str. sell

We calculate the intrinsic value of VVC 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 5.9

 

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, %
  8.50
  8.15
  7.83
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
Revenue, $m
  2,883
  3,118
  3,362
  3,616
  3,880
  4,154
  4,439
  4,735
  5,043
  5,364
  5,697
  6,045
  6,407
  6,784
  7,178
  7,588
  8,017
  8,465
  8,932
  9,421
  9,932
  10,467
  11,027
  11,612
  12,225
  12,867
  13,540
  14,244
  14,982
  15,756
Variable operating expenses, $m
  2,431
  2,626
  2,830
  3,041
  3,261
  3,489
  3,727
  3,974
  4,230
  4,497
  4,746
  5,035
  5,337
  5,651
  5,979
  6,321
  6,678
  7,051
  7,440
  7,847
  8,273
  8,718
  9,184
  9,672
  10,183
  10,717
  11,278
  11,864
  12,479
  13,124
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
  2,431
  2,626
  2,830
  3,041
  3,261
  3,489
  3,727
  3,974
  4,230
  4,497
  4,746
  5,035
  5,337
  5,651
  5,979
  6,321
  6,678
  7,051
  7,440
  7,847
  8,273
  8,718
  9,184
  9,672
  10,183
  10,717
  11,278
  11,864
  12,479
  13,124
Operating income, $m
  452
  491
  532
  575
  619
  665
  712
  762
  813
  867
  952
  1,010
  1,070
  1,133
  1,199
  1,268
  1,339
  1,414
  1,492
  1,574
  1,659
  1,749
  1,842
  1,940
  2,042
  2,150
  2,262
  2,380
  2,503
  2,632
EBITDA, $m
  1,010
  1,092
  1,178
  1,267
  1,359
  1,455
  1,555
  1,659
  1,766
  1,879
  1,996
  2,117
  2,244
  2,376
  2,514
  2,658
  2,808
  2,965
  3,129
  3,300
  3,479
  3,666
  3,862
  4,067
  4,282
  4,507
  4,742
  4,989
  5,248
  5,519
Interest expense (income), $m
  87
  113
  133
  154
  176
  198
  222
  246
  272
  298
  326
  354
  384
  415
  447
  481
  516
  553
  591
  631
  673
  716
  762
  810
  860
  912
  967
  1,024
  1,084
  1,147
  1,213
Earnings before tax, $m
  339
  359
  378
  399
  420
  443
  466
  490
  515
  541
  597
  626
  655
  686
  718
  752
  786
  823
  861
  901
  943
  987
  1,032
  1,080
  1,130
  1,183
  1,238
  1,296
  1,356
  1,420
Tax expense, $m
  92
  97
  102
  108
  114
  120
  126
  132
  139
  146
  161
  169
  177
  185
  194
  203
  212
  222
  233
  243
  255
  266
  279
  292
  305
  319
  334
  350
  366
  383
Net income, $m
  248
  262
  276
  291
  307
  323
  340
  358
  376
  395
  436
  457
  478
  501
  524
  549
  574
  601
  629
  658
  688
  720
  754
  789
  825
  864
  904
  946
  990
  1,036

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
  6,767
  7,319
  7,892
  8,488
  9,108
  9,751
  10,420
  11,115
  11,839
  12,591
  13,374
  14,190
  15,040
  15,926
  16,849
  17,813
  18,819
  19,870
  20,968
  22,116
  23,316
  24,571
  25,884
  27,258
  28,697
  30,204
  31,783
  33,437
  35,170
  36,986
Adjusted assets (=assets-cash), $m
  6,767
  7,319
  7,892
  8,488
  9,108
  9,751
  10,420
  11,115
  11,839
  12,591
  13,374
  14,190
  15,040
  15,926
  16,849
  17,813
  18,819
  19,870
  20,968
  22,116
  23,316
  24,571
  25,884
  27,258
  28,697
  30,204
  31,783
  33,437
  35,170
  36,986
Revenue / Adjusted assets
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
Average production assets, $m
  5,281
  5,712
  6,159
  6,624
  7,108
  7,610
  8,132
  8,675
  9,239
  9,827
  10,438
  11,074
  11,738
  12,429
  13,150
  13,902
  14,687
  15,507
  16,364
  17,260
  18,196
  19,176
  20,201
  21,273
  22,396
  23,572
  24,804
  26,095
  27,448
  28,865
Working capital, $m
  -259
  -281
  -303
  -325
  -349
  -374
  -400
  -426
  -454
  -483
  -513
  -544
  -577
  -611
  -646
  -683
  -722
  -762
  -804
  -848
  -894
  -942
  -992
  -1,045
  -1,100
  -1,158
  -1,219
  -1,282
  -1,348
  -1,418
Total debt, $m
  2,462
  2,850
  3,254
  3,674
  4,110
  4,563
  5,034
  5,523
  6,032
  6,562
  7,113
  7,688
  8,286
  8,910
  9,560
  10,238
  10,947
  11,687
  12,459
  13,267
  14,112
  14,996
  15,920
  16,888
  17,901
  18,962
  20,073
  21,237
  22,457
  23,736
Total liabilities, $m
  4,764
  5,152
  5,556
  5,976
  6,412
  6,865
  7,336
  7,825
  8,334
  8,864
  9,416
  9,990
  10,588
  11,212
  11,862
  12,541
  13,249
  13,989
  14,762
  15,569
  16,414
  17,298
  18,222
  19,190
  20,203
  21,264
  22,375
  23,539
  24,760
  26,038
Total equity, $m
  2,003
  2,166
  2,336
  2,513
  2,696
  2,886
  3,084
  3,290
  3,504
  3,727
  3,959
  4,200
  4,452
  4,714
  4,987
  5,273
  5,571
  5,882
  6,207
  6,546
  6,901
  7,273
  7,662
  8,068
  8,494
  8,940
  9,408
  9,897
  10,410
  10,948
Total liabilities and equity, $m
  6,767
  7,318
  7,892
  8,489
  9,108
  9,751
  10,420
  11,115
  11,838
  12,591
  13,375
  14,190
  15,040
  15,926
  16,849
  17,814
  18,820
  19,871
  20,969
  22,115
  23,315
  24,571
  25,884
  27,258
  28,697
  30,204
  31,783
  33,436
  35,170
  36,986
Debt-to-equity ratio
  1.230
  1.320
  1.390
  1.460
  1.520
  1.580
  1.630
  1.680
  1.720
  1.760
  1.800
  1.830
  1.860
  1.890
  1.920
  1.940
  1.970
  1.990
  2.010
  2.030
  2.040
  2.060
  2.080
  2.090
  2.110
  2.120
  2.130
  2.150
  2.160
  2.170
Adjusted equity ratio
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  248
  262
  276
  291
  307
  323
  340
  358
  376
  395
  436
  457
  478
  501
  524
  549
  574
  601
  629
  658
  688
  720
  754
  789
  825
  864
  904
  946
  990
  1,036
Depreciation, amort., depletion, $m
  558
  601
  645
  692
  740
  790
  843
  897
  953
  1,012
  1,044
  1,107
  1,174
  1,243
  1,315
  1,390
  1,469
  1,551
  1,636
  1,726
  1,820
  1,918
  2,020
  2,127
  2,240
  2,357
  2,480
  2,610
  2,745
  2,887
Funds from operations, $m
  805
  862
  922
  983
  1,047
  1,114
  1,183
  1,254
  1,329
  1,407
  1,480
  1,564
  1,652
  1,744
  1,839
  1,939
  2,043
  2,152
  2,265
  2,384
  2,508
  2,638
  2,774
  2,916
  3,065
  3,221
  3,384
  3,555
  3,735
  3,923
Change in working capital, $m
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -63
  -66
  -70
Cash from operations, $m
  826
  883
  944
  1,006
  1,071
  1,138
  1,208
  1,281
  1,357
  1,436
  1,510
  1,596
  1,685
  1,778
  1,875
  1,976
  2,081
  2,192
  2,307
  2,428
  2,554
  2,686
  2,824
  2,969
  3,120
  3,279
  3,445
  3,619
  3,801
  3,992
Maintenance CAPEX, $m
  -487
  -528
  -571
  -616
  -662
  -711
  -761
  -813
  -867
  -924
  -983
  -1,044
  -1,107
  -1,174
  -1,243
  -1,315
  -1,390
  -1,469
  -1,551
  -1,636
  -1,726
  -1,820
  -1,918
  -2,020
  -2,127
  -2,240
  -2,357
  -2,480
  -2,610
  -2,745
New CAPEX, $m
  -414
  -430
  -448
  -465
  -483
  -502
  -522
  -543
  -564
  -587
  -611
  -637
  -663
  -691
  -721
  -752
  -785
  -820
  -857
  -896
  -936
  -979
  -1,025
  -1,073
  -1,123
  -1,176
  -1,232
  -1,291
  -1,353
  -1,418
Cash from investing activities, $m
  -901
  -958
  -1,019
  -1,081
  -1,145
  -1,213
  -1,283
  -1,356
  -1,431
  -1,511
  -1,594
  -1,681
  -1,770
  -1,865
  -1,964
  -2,067
  -2,175
  -2,289
  -2,408
  -2,532
  -2,662
  -2,799
  -2,943
  -3,093
  -3,250
  -3,416
  -3,589
  -3,771
  -3,963
  -4,163
Free cash flow, $m
  -75
  -75
  -75
  -75
  -75
  -75
  -75
  -75
  -75
  -75
  -84
  -85
  -86
  -87
  -89
  -91
  -94
  -97
  -100
  -104
  -108
  -113
  -118
  -124
  -130
  -137
  -144
  -152
  -161
  -170
Issuance/(repayment) of debt, $m
  374
  388
  404
  420
  436
  453
  471
  490
  509
  530
  551
  574
  598
  624
  650
  679
  708
  740
  773
  808
  845
  884
  925
  968
  1,013
  1,061
  1,111
  1,164
  1,220
  1,279
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  
  374
  388
  404
  420
  436
  453
  471
  490
  509
  530
  551
  574
  598
  624
  650
  679
  708
  740
  773
  808
  845
  884
  925
  968
  1,013
  1,061
  1,111
  1,164
  1,220
  1,279
Total cash flow (excl. dividends), $m
  299
  313
  329
  344
  361
  378
  396
  415
  434
  454
  467
  489
  512
  536
  561
  587
  614
  643
  673
  704
  736
  770
  806
  844
  883
  924
  967
  1,012
  1,059
  1,109
Retained Cash Flow (-), $m
  -154
  -163
  -170
  -176
  -183
  -191
  -198
  -206
  -214
  -223
  -232
  -241
  -252
  -262
  -273
  -285
  -298
  -311
  -325
  -340
  -355
  -372
  -389
  -407
  -426
  -446
  -467
  -490
  -513
  -538
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
  145
  150
  159
  168
  178
  188
  198
  209
  220
  232
  236
  248
  261
  274
  288
  302
  317
  332
  348
  364
  381
  399
  417
  437
  457
  478
  500
  522
  546
  571
Discount rate, %
  7.30
  7.67
  8.05
  8.45
  8.87
  9.32
  9.78
  10.27
  10.79
  11.32
  11.89
  12.49
  13.11
  13.77
  14.45
  15.18
  15.93
  16.73
  17.57
  18.45
  19.37
  20.34
  21.35
  22.42
  23.54
  24.72
  25.96
  27.25
  28.62
  30.05
PV of cash for distribution, $m
  135
  129
  126
  121
  116
  110
  103
  96
  88
  79
  68
  60
  53
  45
  38
  31
  26
  20
  16
  12
  9
  7
  5
  3
  2
  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

Vectren Corporation (Vectren) is an energy holding company. The Company segregates its operations into groups, including the Utility Group, the Nonutility Group, and Corporate and Other. The Company's subsidiary, Vectren Utility Holdings, Inc. (Utility Holdings or VUHI), serves as the intermediate holding company for three public utilities: Indiana Gas Company, Inc. (Indiana Gas), Southern Indiana Gas and Electric Company (SIGECO) and Vectren Energy Delivery of Ohio, Inc. (VEDO). The Company, through Vectren Enterprises Inc. (Enterprises), is involved in non-utility activities in two primary business areas: Infrastructure Services and Energy Services. Infrastructure Services provides underground pipeline construction and repair services. Energy Services provides energy performance contracting and sustainable infrastructure, such as renewables, distributed generation, and combined heat and power projects.

FINANCIAL RATIOS  of  Vectren (VVC)

Valuation Ratios
P/E Ratio 27.9
Price to Sales 2.4
Price to Book 3.3
Price to Tangible Book
Price to Cash Flow 11.3
Price to Free Cash Flow -328.9
Growth Rates
Sales Growth Rate 0.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 13.6%
Cap. Spend. - 3 Yr. Gr. Rate 6.6%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 89.9%
Total Debt to Equity 107.9%
Interest Coverage 5
Management Effectiveness
Return On Assets 4.8%
Ret/ On Assets - 3 Yr. Avg. 4.7%
Return On Total Capital 5.9%
Ret/ On T. Cap. - 3 Yr. Avg. 5.5%
Return On Equity 12.3%
Return On Equity - 3 Yr. Avg. 11.6%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 27.5%
EBITDA Margin - 3 Yr. Avg. 25.6%
Operating Margin 15.6%
Oper. Margin - 3 Yr. Avg. 14.2%
Pre-Tax Margin 13.3%
Pre-Tax Margin - 3 Yr. Avg. 11.7%
Net Profit Margin 8.7%
Net Profit Margin - 3 Yr. Avg. 7.7%
Effective Tax Rate 34.8%
Eff/ Tax Rate - 3 Yr. Avg. 33.7%
Payout Ratio 63.2%

VVC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VVC stock intrinsic value calculation we used $2657 million for the last fiscal year's total revenue generated by Vectren. The default revenue input number comes from 2017 income statement of Vectren. 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 VVC stock valuation model: a) initial revenue growth rate of 8.5% 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 7.3%, whose default value for VVC is calculated based on our internal credit rating of Vectren, 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 Vectren.
    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 VVC stock the variable cost ratio is equal to 84.4%.

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 VVC 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 Vectren.

Corporate tax rate of 27% is the nominal tax rate for Vectren. 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 VVC 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 VVC are equal to 183.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Vectren 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 VVC is equal to -9%. 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 - $1849 million for Vectren - 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 83 million for Vectren 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 Vectren at the current share price and the inputted number of shares is $5.9 billion.

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COMPANY NEWS

▶ Vectren: 1Q Earnings Snapshot   [May-01-18 06:50PM  Associated Press]
▶ Vectren Declares Quarterly Dividend   [04:20PM  GlobeNewswire]
▶ [$$] CenterPoint Energy to Buy Vectren for About $6 Billion   [Apr-23-18 11:54PM  The Wall Street Journal]
▶ CenterPoint paying $6 billion for Vectren   [11:29AM  Associated Press]
▶ [$$] CenterPoint Energy to Buy Vectren for About $6 Billion   [08:52AM  The Wall Street Journal]
▶ CenterPoint Energy to acquire Indiana-based rival for $6B   [08:48AM  American City Business Journals]
▶ CenterPoint Energy and Vectren to Merge   [06:30AM  PR Newswire]
▶ Why Vectren Corporation (NYSE:VVC) Could Be A Buy   [Mar-18-18 03:50PM  Simply Wall St.]
▶ 6 Highly Charged Utility Stock Picks for Income and Growth   [Mar-08-18 12:06PM  TheStreet.com]
▶ Vectren Corporation to Host Earnings Call   [Feb-21-18 10:00AM  ACCESSWIRE]
▶ Vectren posts 4Q profit   [Feb-20-18 07:21PM  Associated Press]
▶ Vectren Declares Quarterly Dividend   [Feb-01-18 04:30PM  GlobeNewswire]
▶ Vectren beats 3Q profit forecasts   [05:39AM  Associated Press]
▶ Vectren Corporation to Host Earnings Call   [Nov-03-17 10:10AM  ACCESSWIRE]
▶ Vectren Increases Dividend 7.1 Percent   [04:15PM  GlobeNewswire]
▶ ETFs with exposure to Vectren Corp. : October 27, 2017   [Oct-27-17 11:22AM  Capital Cube]
▶ Stocks With Rising Relative Strength: Centerpoint Energy   [Oct-11-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Vectren Corp. : September 12, 2017   [Sep-12-17 01:55AM  Capital Cube]
▶ ETFs with exposure to Vectren Corp. : September 2, 2017   [Sep-01-17 09:07PM  Capital Cube]
▶ Vectren beats 2Q profit forecasts   [Aug-04-17 08:15PM  Associated Press]
▶ Vectren Declares Quarterly Dividend   [04:15PM  GlobeNewswire]
▶ ETFs with exposure to Vectren Corp. : July 13, 2017   [Jul-13-17 04:52PM  Capital Cube]
▶ ETFs with exposure to Vectren Corp. : July 3, 2017   [Jul-03-17 03:59PM  Capital Cube]
▶ ETFs with exposure to Vectren Corp. : June 22, 2017   [Jun-22-17 04:37PM  Capital Cube]
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