Intrinsic value of Vectren - VVC

Previous Close

$71.30

  Intrinsic Value

$19.06

stock screener

  Rating & Target

str. sell

-73%

Previous close

$71.30

 
Intrinsic value

$19.06

 
Up/down potential

-73%

 
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 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 5.9

 

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, %
  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
  2,716
  2,783
  2,859
  2,944
  3,037
  3,138
  3,249
  3,368
  3,495
  3,632
  3,778
  3,934
  4,100
  4,276
  4,462
  4,659
  4,868
  5,089
  5,322
  5,568
  5,827
  6,101
  6,389
  6,693
  7,012
  7,349
  7,703
  8,075
  8,467
  8,880
Variable operating expenses, $m
  2,291
  2,348
  2,411
  2,481
  2,559
  2,644
  2,735
  2,834
  2,941
  3,055
  3,147
  3,277
  3,415
  3,561
  3,717
  3,881
  4,055
  4,239
  4,433
  4,638
  4,854
  5,082
  5,322
  5,575
  5,841
  6,121
  6,416
  6,727
  7,053
  7,396
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
  2,291
  2,348
  2,411
  2,481
  2,559
  2,644
  2,735
  2,834
  2,941
  3,055
  3,147
  3,277
  3,415
  3,561
  3,717
  3,881
  4,055
  4,239
  4,433
  4,638
  4,854
  5,082
  5,322
  5,575
  5,841
  6,121
  6,416
  6,727
  7,053
  7,396
Operating income, $m
  424
  436
  448
  462
  478
  495
  513
  533
  555
  577
  631
  657
  685
  714
  745
  778
  813
  850
  889
  930
  973
  1,019
  1,067
  1,118
  1,171
  1,228
  1,287
  1,349
  1,414
  1,483
EBITDA, $m
  728
  746
  766
  789
  814
  841
  871
  903
  937
  973
  1,013
  1,054
  1,099
  1,146
  1,196
  1,249
  1,305
  1,364
  1,426
  1,492
  1,562
  1,635
  1,712
  1,794
  1,879
  1,970
  2,064
  2,164
  2,269
  2,380
Interest expense (income), $m
  87
  113
  118
  124
  131
  138
  147
  156
  166
  176
  188
  200
  213
  227
  242
  257
  274
  291
  310
  330
  351
  373
  396
  420
  446
  473
  501
  532
  563
  596
  631
Earnings before tax, $m
  312
  317
  324
  332
  340
  348
  358
  368
  378
  390
  431
  444
  458
  473
  488
  504
  522
  540
  559
  579
  601
  623
  647
  672
  698
  726
  755
  786
  818
  852
Tax expense, $m
  84
  86
  88
  90
  92
  94
  97
  99
  102
  105
  116
  120
  124
  128
  132
  136
  141
  146
  151
  156
  162
  168
  175
  181
  189
  196
  204
  212
  221
  230
Net income, $m
  227
  232
  237
  242
  248
  254
  261
  268
  276
  285
  315
  324
  334
  345
  356
  368
  381
  394
  408
  423
  439
  455
  472
  491
  510
  530
  551
  574
  597
  622

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
  6,375
  6,533
  6,712
  6,910
  7,129
  7,367
  7,626
  7,905
  8,205
  8,526
  8,870
  9,235
  9,624
  10,037
  10,474
  10,937
  11,427
  11,946
  12,493
  13,070
  13,679
  14,321
  14,998
  15,710
  16,461
  17,251
  18,082
  18,957
  19,877
  20,844
Adjusted assets (=assets-cash), $m
  6,375
  6,533
  6,712
  6,910
  7,129
  7,367
  7,626
  7,905
  8,205
  8,526
  8,870
  9,235
  9,624
  10,037
  10,474
  10,937
  11,427
  11,946
  12,493
  13,070
  13,679
  14,321
  14,998
  15,710
  16,461
  17,251
  18,082
  18,957
  19,877
  20,844
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
  4,826
  4,946
  5,081
  5,231
  5,396
  5,577
  5,773
  5,984
  6,211
  6,455
  6,714
  6,991
  7,285
  7,598
  7,929
  8,280
  8,651
  9,043
  9,457
  9,894
  10,355
  10,841
  11,353
  11,893
  12,461
  13,059
  13,688
  14,350
  15,047
  15,779
Working capital, $m
  76
  78
  80
  82
  85
  88
  91
  94
  98
  102
  106
  110
  115
  120
  125
  130
  136
  142
  149
  156
  163
  171
  179
  187
  196
  206
  216
  226
  237
  249
Total debt, $m
  2,186
  2,298
  2,423
  2,563
  2,717
  2,885
  3,067
  3,263
  3,475
  3,701
  3,942
  4,200
  4,473
  4,764
  5,072
  5,398
  5,743
  6,108
  6,493
  6,899
  7,328
  7,780
  8,256
  8,758
  9,286
  9,843
  10,428
  11,044
  11,691
  12,373
Total liabilities, $m
  4,488
  4,599
  4,725
  4,865
  5,019
  5,187
  5,369
  5,565
  5,776
  6,003
  6,244
  6,502
  6,775
  7,066
  7,374
  7,700
  8,045
  8,410
  8,795
  9,201
  9,630
  10,082
  10,558
  11,060
  11,588
  12,144
  12,730
  13,345
  13,993
  14,674
Total equity, $m
  1,887
  1,934
  1,987
  2,045
  2,110
  2,181
  2,257
  2,340
  2,429
  2,524
  2,625
  2,734
  2,849
  2,971
  3,100
  3,237
  3,383
  3,536
  3,698
  3,869
  4,049
  4,239
  4,439
  4,650
  4,872
  5,106
  5,352
  5,611
  5,883
  6,170
Total liabilities and equity, $m
  6,375
  6,533
  6,712
  6,910
  7,129
  7,368
  7,626
  7,905
  8,205
  8,527
  8,869
  9,236
  9,624
  10,037
  10,474
  10,937
  11,428
  11,946
  12,493
  13,070
  13,679
  14,321
  14,997
  15,710
  16,460
  17,250
  18,082
  18,956
  19,876
  20,844
Debt-to-equity ratio
  1.160
  1.190
  1.220
  1.250
  1.290
  1.320
  1.360
  1.390
  1.430
  1.470
  1.500
  1.540
  1.570
  1.600
  1.640
  1.670
  1.700
  1.730
  1.760
  1.780
  1.810
  1.840
  1.860
  1.880
  1.910
  1.930
  1.950
  1.970
  1.990
  2.010
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
  227
  232
  237
  242
  248
  254
  261
  268
  276
  285
  315
  324
  334
  345
  356
  368
  381
  394
  408
  423
  439
  455
  472
  491
  510
  530
  551
  574
  597
  622
Depreciation, amort., depletion, $m
  304
  310
  318
  327
  336
  346
  357
  369
  382
  396
  381
  397
  414
  432
  451
  470
  492
  514
  537
  562
  588
  616
  645
  676
  708
  742
  778
  815
  855
  897
Funds from operations, $m
  531
  542
  555
  569
  584
  600
  618
  638
  658
  681
  696
  722
  748
  777
  807
  839
  872
  908
  946
  985
  1,027
  1,071
  1,117
  1,166
  1,218
  1,272
  1,329
  1,389
  1,452
  1,518
Change in working capital, $m
  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
  9
  10
  10
  11
  12
Cash from operations, $m
  529
  540
  553
  566
  581
  598
  615
  634
  655
  677
  692
  717
  744
  772
  802
  833
  867
  902
  939
  978
  1,020
  1,063
  1,109
  1,158
  1,209
  1,263
  1,319
  1,379
  1,441
  1,507
Maintenance CAPEX, $m
  -268
  -274
  -281
  -289
  -297
  -307
  -317
  -328
  -340
  -353
  -367
  -381
  -397
  -414
  -432
  -451
  -470
  -492
  -514
  -537
  -562
  -588
  -616
  -645
  -676
  -708
  -742
  -778
  -815
  -855
New CAPEX, $m
  -105
  -120
  -135
  -150
  -165
  -181
  -196
  -211
  -227
  -243
  -260
  -277
  -294
  -312
  -331
  -351
  -371
  -392
  -414
  -437
  -461
  -486
  -512
  -539
  -568
  -598
  -629
  -662
  -696
  -732
Cash from investing activities, $m
  -373
  -394
  -416
  -439
  -462
  -488
  -513
  -539
  -567
  -596
  -627
  -658
  -691
  -726
  -763
  -802
  -841
  -884
  -928
  -974
  -1,023
  -1,074
  -1,128
  -1,184
  -1,244
  -1,306
  -1,371
  -1,440
  -1,511
  -1,587
Free cash flow, $m
  156
  146
  136
  127
  119
  110
  103
  95
  88
  81
  66
  59
  52
  45
  39
  32
  25
  18
  11
  4
  -3
  -11
  -19
  -27
  -35
  -43
  -52
  -61
  -71
  -80
Issuance/(repayment) of debt, $m
  98
  111
  126
  140
  154
  168
  182
  197
  211
  226
  242
  257
  274
  291
  308
  326
  345
  365
  385
  406
  429
  452
  476
  502
  528
  556
  585
  616
  648
  681
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  
  98
  111
  126
  140
  154
  168
  182
  197
  211
  226
  242
  257
  274
  291
  308
  326
  345
  365
  385
  406
  429
  452
  476
  502
  528
  556
  585
  616
  648
  681
Total cash flow (excl. dividends), $m
  254
  258
  262
  267
  272
  278
  285
  292
  299
  307
  307
  316
  326
  336
  347
  358
  370
  383
  396
  410
  425
  441
  458
  475
  493
  513
  533
  555
  577
  601
Retained Cash Flow (-), $m
  -38
  -47
  -53
  -59
  -65
  -71
  -77
  -83
  -89
  -95
  -102
  -108
  -115
  -122
  -130
  -137
  -145
  -153
  -162
  -171
  -180
  -190
  -200
  -211
  -222
  -234
  -246
  -259
  -272
  -286
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
  216
  211
  209
  208
  208
  208
  208
  209
  210
  212
  206
  208
  211
  214
  217
  221
  225
  229
  234
  239
  245
  251
  257
  264
  271
  279
  287
  296
  305
  314
Discount rate, %
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
PV of cash for distribution, $m
  201
  181
  164
  149
  134
  119
  106
  93
  81
  69
  57
  48
  40
  33
  27
  21
  17
  13
  10
  7
  5
  4
  3
  2
  1
  1
  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
  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 -328.4
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 $2657.3 million for the last fiscal year's total revenue generated by Vectren. The default revenue input number comes from 0001 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 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 7.6%, 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 177.7%.

Life of production assets of 17.6 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 2.8%. 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 - $1849.3 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 83.081 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: 3Q Earnings Snapshot   [Nov-05-18 07:31PM  Associated Press]
▶ Vectren Shareholders Approve Merger with CenterPoint Energy   [Aug-28-18 12:48PM  GlobeNewswire]
▶ Vectren to Webcast Special Meeting of Shareholders   [Aug-27-18 01:00PM  GlobeNewswire]
▶ Vectren Corporation to Host Earnings Call   [Aug-02-18 12:00PM  ACCESSWIRE]
▶ Vectren: 2Q Earnings Snapshot   [05:12AM  Associated Press]
▶ Vectren Declares Quarterly Dividend   [04:15PM  GlobeNewswire]
▶ 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]

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