Intrinsic value of Vectren - VVC

Previous Close

$67.70

  Intrinsic Value

$102.40

stock screener

  Rating & Target

str. buy

+51%

Previous close

$67.70

 
Intrinsic value

$102.40

 
Up/down potential

+51%

 
Rating

str. buy

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

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 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 5.6

 

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, %
  0.53
  18.20
  16.88
  15.69
  14.62
  13.66
  12.79
  12.02
  11.31
  10.68
  10.11
  9.60
  9.14
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
Revenue, $m
  1,378
  2,894
  3,382
  3,913
  4,485
  5,097
  5,750
  6,440
  7,169
  7,935
  8,737
  9,576
  10,452
  11,364
  12,314
  13,301
  14,328
  15,395
  16,503
  17,655
  18,853
  20,098
  21,393
  22,741
  24,144
  25,606
  27,129
  28,717
  30,373
  32,101
  33,906
Variable operating expenses, $m
 
  2,457
  2,867
  3,312
  3,792
  4,306
  4,853
  5,433
  6,044
  6,687
  7,360
  8,035
  8,769
  9,534
  10,331
  11,160
  12,021
  12,916
  13,846
  14,813
  15,818
  16,862
  17,949
  19,080
  20,257
  21,483
  22,761
  24,093
  25,482
  26,933
  28,447
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
  2,067
  2,457
  2,867
  3,312
  3,792
  4,306
  4,853
  5,433
  6,044
  6,687
  7,360
  8,035
  8,769
  9,534
  10,331
  11,160
  12,021
  12,916
  13,846
  14,813
  15,818
  16,862
  17,949
  19,080
  20,257
  21,483
  22,761
  24,093
  25,482
  26,933
  28,447
Operating income, $m
  382
  436
  515
  601
  693
  791
  896
  1,008
  1,125
  1,248
  1,377
  1,542
  1,683
  1,830
  1,983
  2,142
  2,307
  2,479
  2,657
  2,843
  3,036
  3,236
  3,445
  3,662
  3,887
  4,123
  4,368
  4,624
  4,890
  5,169
  5,459
EBITDA, $m
  642
  468
  547
  633
  726
  825
  930
  1,042
  1,160
  1,284
  1,414
  1,550
  1,691
  1,839
  1,992
  2,152
  2,318
  2,491
  2,670
  2,857
  3,051
  3,252
  3,462
  3,680
  3,907
  4,143
  4,390
  4,647
  4,915
  5,194
  5,486
Interest expense (income), $m
  87
  86
  121
  158
  198
  242
  288
  338
  391
  446
  505
  566
  630
  696
  766
  838
  913
  991
  1,073
  1,157
  1,245
  1,336
  1,431
  1,530
  1,632
  1,739
  1,850
  1,966
  2,087
  2,214
  2,345
Earnings before tax, $m
  325
  350
  395
  443
  495
  550
  608
  670
  734
  802
  873
  976
  1,053
  1,134
  1,217
  1,304
  1,394
  1,487
  1,584
  1,686
  1,791
  1,900
  2,014
  2,132
  2,255
  2,384
  2,518
  2,657
  2,803
  2,955
  3,114
Tax expense, $m
  113
  95
  107
  120
  134
  148
  164
  181
  198
  217
  236
  264
  284
  306
  329
  352
  376
  402
  428
  455
  483
  513
  544
  576
  609
  644
  680
  717
  757
  798
  841
Net income, $m
  212
  256
  288
  323
  361
  401
  444
  489
  536
  585
  637
  713
  769
  827
  888
  952
  1,017
  1,086
  1,157
  1,230
  1,307
  1,387
  1,470
  1,556
  1,646
  1,740
  1,838
  1,940
  2,046
  2,157
  2,273

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  69
  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
  5,801
  6,776
  7,920
  9,163
  10,503
  11,938
  13,465
  15,083
  16,789
  18,583
  20,462
  22,427
  24,478
  26,614
  28,838
  31,151
  33,555
  36,053
  38,649
  41,348
  44,152
  47,069
  50,102
  53,258
  56,544
  59,967
  63,533
  67,252
  71,131
  75,179
  79,405
Adjusted assets (=assets-cash), $m
  5,732
  6,776
  7,920
  9,163
  10,503
  11,938
  13,465
  15,083
  16,789
  18,583
  20,462
  22,427
  24,478
  26,614
  28,838
  31,151
  33,555
  36,053
  38,649
  41,348
  44,152
  47,069
  50,102
  53,258
  56,544
  59,967
  63,533
  67,252
  71,131
  75,179
  79,405
Revenue / Adjusted assets
  0.240
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
Average production assets, $m
  11
  12
  14
  16
  18
  20
  23
  26
  29
  32
  35
  38
  42
  45
  49
  53
  57
  62
  66
  71
  75
  80
  86
  91
  97
  102
  109
  115
  121
  128
  136
Working capital, $m
  -149
  119
  139
  160
  184
  209
  236
  264
  294
  325
  358
  393
  429
  466
  505
  545
  587
  631
  677
  724
  773
  824
  877
  932
  990
  1,050
  1,112
  1,177
  1,245
  1,316
  1,390
Total debt, $m
  1,908
  2,564
  3,356
  4,216
  5,143
  6,136
  7,193
  8,312
  9,493
  10,734
  12,035
  13,395
  14,814
  16,292
  17,831
  19,431
  21,095
  22,824
  24,620
  26,488
  28,428
  30,446
  32,545
  34,730
  37,004
  39,372
  41,840
  44,413
  47,097
  49,899
  52,823
Total liabilities, $m
  4,033
  4,689
  5,481
  6,341
  7,268
  8,261
  9,318
  10,437
  11,618
  12,859
  14,160
  15,520
  16,939
  18,417
  19,956
  21,556
  23,220
  24,949
  26,745
  28,613
  30,553
  32,571
  34,670
  36,855
  39,129
  41,497
  43,965
  46,538
  49,222
  52,024
  54,948
Total equity, $m
  1,768
  2,087
  2,439
  2,822
  3,235
  3,677
  4,147
  4,646
  5,171
  5,724
  6,302
  6,908
  7,539
  8,197
  8,882
  9,594
  10,335
  11,104
  11,904
  12,735
  13,599
  14,497
  15,431
  16,404
  17,416
  18,470
  19,568
  20,714
  21,908
  23,155
  24,457
Total liabilities and equity, $m
  5,801
  6,776
  7,920
  9,163
  10,503
  11,938
  13,465
  15,083
  16,789
  18,583
  20,462
  22,428
  24,478
  26,614
  28,838
  31,150
  33,555
  36,053
  38,649
  41,348
  44,152
  47,068
  50,101
  53,259
  56,545
  59,967
  63,533
  67,252
  71,130
  75,179
  79,405
Debt-to-equity ratio
  1.079
  1.230
  1.380
  1.490
  1.590
  1.670
  1.730
  1.790
  1.840
  1.880
  1.910
  1.940
  1.960
  1.990
  2.010
  2.030
  2.040
  2.060
  2.070
  2.080
  2.090
  2.100
  2.110
  2.120
  2.120
  2.130
  2.140
  2.140
  2.150
  2.150
  2.160
Adjusted equity ratio
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  212
  256
  288
  323
  361
  401
  444
  489
  536
  585
  637
  713
  769
  827
  888
  952
  1,017
  1,086
  1,157
  1,230
  1,307
  1,387
  1,470
  1,556
  1,646
  1,740
  1,838
  1,940
  2,046
  2,157
  2,273
Depreciation, amort., depletion, $m
  260
  32
  32
  33
  33
  33
  34
  35
  35
  36
  36
  8
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  26
  27
Funds from operations, $m
  458
  287
  320
  356
  394
  435
  478
  523
  571
  621
  674
  720
  777
  837
  898
  962
  1,029
  1,098
  1,170
  1,245
  1,322
  1,403
  1,487
  1,574
  1,666
  1,761
  1,859
  1,963
  2,070
  2,183
  2,300
Change in working capital, $m
  -66
  18
  20
  22
  23
  25
  27
  28
  30
  31
  33
  34
  36
  37
  39
  40
  42
  44
  45
  47
  49
  51
  53
  55
  58
  60
  62
  65
  68
  71
  74
Cash from operations, $m
  524
  269
  300
  334
  371
  410
  451
  495
  541
  590
  641
  686
  741
  799
  859
  922
  987
  1,054
  1,124
  1,197
  1,273
  1,352
  1,434
  1,519
  1,608
  1,701
  1,797
  1,898
  2,003
  2,112
  2,226
Maintenance CAPEX, $m
  0
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -26
New CAPEX, $m
  -542
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
Cash from investing activities, $m
  -509
  -3
  -4
  -5
  -5
  -6
  -7
  -8
  -8
  -9
  -9
  -10
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -30
  -31
  -33
Free cash flow, $m
  15
  266
  296
  329
  365
  404
  444
  488
  533
  581
  631
  676
  730
  787
  846
  908
  972
  1,039
  1,108
  1,180
  1,254
  1,332
  1,413
  1,497
  1,584
  1,675
  1,770
  1,870
  1,973
  2,081
  2,193
Issuance/(repayment) of debt, $m
  107
  725
  792
  860
  927
  993
  1,057
  1,120
  1,181
  1,241
  1,301
  1,360
  1,419
  1,478
  1,539
  1,600
  1,664
  1,729
  1,797
  1,867
  1,941
  2,018
  2,099
  2,184
  2,274
  2,368
  2,468
  2,573
  2,684
  2,801
  2,925
Issuance/(repurchase) of shares, $m
  0
  64
  64
  60
  52
  41
  27
  10
  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  
  113
  789
  856
  920
  979
  1,034
  1,084
  1,130
  1,181
  1,241
  1,301
  1,360
  1,419
  1,478
  1,539
  1,600
  1,664
  1,729
  1,797
  1,867
  1,941
  2,018
  2,099
  2,184
  2,274
  2,368
  2,468
  2,573
  2,684
  2,801
  2,925
Total cash flow (excl. dividends), $m
  128
  1,055
  1,152
  1,249
  1,344
  1,437
  1,528
  1,617
  1,714
  1,822
  1,932
  2,035
  2,149
  2,266
  2,385
  2,508
  2,636
  2,767
  2,904
  3,047
  3,195
  3,350
  3,512
  3,681
  3,858
  4,044
  4,239
  4,443
  4,657
  4,882
  5,118
Retained Cash Flow (-), $m
  -84
  -319
  -352
  -383
  -413
  -442
  -470
  -498
  -526
  -552
  -579
  -605
  -632
  -658
  -685
  -712
  -740
  -770
  -800
  -831
  -864
  -898
  -934
  -972
  -1,012
  -1,054
  -1,099
  -1,145
  -1,195
  -1,247
  -1,302
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
 
  736
  799
  866
  931
  995
  1,058
  1,118
  1,188
  1,270
  1,353
  1,430
  1,518
  1,608
  1,700
  1,796
  1,895
  1,998
  2,105
  2,216
  2,331
  2,452
  2,577
  2,709
  2,846
  2,990
  3,140
  3,297
  3,462
  3,635
  3,816
Discount rate, %
 
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.51
  9.99
  10.49
  11.01
  11.57
  12.14
  12.75
  13.39
  14.06
  14.76
  15.50
  16.27
  17.09
  17.94
  18.84
  19.78
  20.77
  21.81
  22.90
  24.04
  25.25
  26.51
  27.83
  29.22
PV of cash for distribution, $m
 
  687
  692
  691
  679
  658
  628
  592
  555
  517
  476
  429
  384
  338
  293
  250
  209
  173
  139
  111
  86
  65
  49
  35
  25
  17
  12
  8
  5
  3
  2
Current shareholders' claim on cash, %
  100
  98.9
  97.9
  97.2
  96.6
  96.2
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0

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 26.5
Price to Sales 2.3
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 10.7
Price to Free Cash Flow -311.8
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 $2448 million for the last fiscal year's total revenue generated by Vectren. The default revenue input number comes from 2016 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 18.2% 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 7.1%, 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 85.1%.

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 4.7% 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 0.4%.

Life of production assets of 1.2 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 4.1%. 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 - $1768 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 83.026 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 $5.6 billion.

RELATED COMPANIES Price Int.Val. Rating
SRE Sempra Energy 114.69 34.75  str.sell
NI NiSource 26.39 15.01  sell
UGI UGI 48.32 37.04  sell
ATO Atmos Energy 89.28 53.12  sell
ED Consolidated E 88.09 48.42  sell
CNP CenterPoint En 28.38 153.02  str.buy
DUK Duke Energy 87.13 106.48  buy
WGL WGL Holdings 85.81 65.84  sell

COMPANY NEWS

▶ 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]
▶ Glenville State College Saves Energy and Resources   [Jun-06-17 05:31PM  GlobeNewswire]
▶ Vectren beats 1Q profit forecasts   [07:00AM  Associated Press]
▶ Vectren Declares Quarterly Dividend   [Apr-12-17 04:30PM  Marketwired]
▶ Vectren beats 4Q profit forecasts   [Feb-22-17 06:34PM  Associated Press]
▶ Vectren Declares Quarterly Dividend   [Feb-01-17 04:30PM  Marketwired]
▶ Vectren putting $16M into new lines in 2017   [Jan-18-17 03:10PM  at bizjournals.com]
▶ Vectren putting $16M into new lines in 2017   [03:10PM  American City Business Journals]
▶ Here is What Hedge Funds Think About Vectren Corporation (VVC)   [Dec-08-16 11:41AM  at Insider Monkey]
▶ Dayton school, Vectren partner to grow local engineering talent   [Oct-18-16 10:30AM  at bizjournals.com]
▶ Dividend Kings In Focus: Vectren Corporation (VVC)   [Oct-05-16 12:01AM  at Insider Monkey]
Financial statements of VVC
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.