Intrinsic value of Vectren - VVC

Previous Close

$62.97

  Intrinsic Value

$58.03

stock screener

  Rating & Target

hold

-8%

Previous close

$62.97

 
Intrinsic value

$58.03

 
Up/down potential

-8%

 
Rating

hold

*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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Vectren (VVC) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  9.50
  9.05
  8.64
  8.28
  7.95
  7.66
  7.39
  7.15
  6.94
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.93
  5.83
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
Revenue, $m
  1,378
  2,681
  2,923
  3,176
  3,439
  3,712
  3,997
  4,292
  4,599
  4,918
  5,250
  5,594
  5,953
  6,327
  6,715
  7,120
  7,542
  7,982
  8,441
  8,920
  9,420
  9,943
  10,489
  11,060
  11,657
  12,282
  12,936
  13,620
  14,337
  15,087
  15,873
Variable operating expenses, $m
 
  2,278
  2,482
  2,694
  2,915
  3,144
  3,382
  3,630
  3,888
  4,156
  4,434
  4,694
  4,995
  5,308
  5,634
  5,974
  6,328
  6,697
  7,082
  7,484
  7,904
  8,342
  8,800
  9,279
  9,780
  10,304
  10,853
  11,427
  12,028
  12,658
  13,318
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
  2,278
  2,482
  2,694
  2,915
  3,144
  3,382
  3,630
  3,888
  4,156
  4,434
  4,694
  4,995
  5,308
  5,634
  5,974
  6,328
  6,697
  7,082
  7,484
  7,904
  8,342
  8,800
  9,279
  9,780
  10,304
  10,853
  11,427
  12,028
  12,658
  13,318
Operating income, $m
  382
  402
  441
  482
  524
  568
  614
  662
  711
  762
  816
  901
  959
  1,019
  1,081
  1,146
  1,214
  1,285
  1,359
  1,436
  1,517
  1,601
  1,689
  1,781
  1,877
  1,977
  2,083
  2,193
  2,308
  2,429
  2,556
EBITDA, $m
  642
  434
  473
  514
  556
  601
  647
  694
  744
  796
  849
  905
  963
  1,024
  1,087
  1,152
  1,220
  1,292
  1,366
  1,443
  1,524
  1,609
  1,697
  1,790
  1,886
  1,987
  2,093
  2,204
  2,320
  2,441
  2,568
Interest expense (income), $m
  87
  86
  104
  123
  142
  162
  183
  205
  227
  250
  275
  300
  326
  354
  382
  412
  442
  475
  508
  543
  580
  618
  657
  699
  743
  788
  836
  885
  938
  992
  1,049
Earnings before tax, $m
  325
  316
  337
  359
  382
  406
  431
  457
  484
  512
  541
  601
  632
  665
  699
  735
  772
  811
  851
  893
  937
  983
  1,031
  1,082
  1,134
  1,189
  1,247
  1,308
  1,371
  1,437
  1,506
Tax expense, $m
  113
  85
  91
  97
  103
  110
  116
  123
  131
  138
  146
  162
  171
  180
  189
  198
  208
  219
  230
  241
  253
  265
  278
  292
  306
  321
  337
  353
  370
  388
  407
Net income, $m
  212
  231
  246
  262
  279
  297
  315
  334
  353
  374
  395
  439
  462
  485
  510
  536
  563
  592
  621
  652
  684
  718
  753
  790
  828
  868
  910
  954
  1,001
  1,049
  1,100

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
  6,278
  6,846
  7,438
  8,053
  8,694
  9,360
  10,051
  10,770
  11,518
  12,294
  13,102
  13,942
  14,816
  15,726
  16,675
  17,663
  18,693
  19,768
  20,890
  22,062
  23,286
  24,564
  25,902
  27,300
  28,763
  30,294
  31,897
  33,575
  35,333
  37,174
Adjusted assets (=assets-cash), $m
  5,732
  6,278
  6,846
  7,438
  8,053
  8,694
  9,360
  10,051
  10,770
  11,518
  12,294
  13,102
  13,942
  14,816
  15,726
  16,675
  17,663
  18,693
  19,768
  20,890
  22,062
  23,286
  24,564
  25,902
  27,300
  28,763
  30,294
  31,897
  33,575
  35,333
  37,174
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
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  24
  25
  27
  28
  30
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  54
  57
  60
  63
Working capital, $m
  -149
  110
  120
  130
  141
  152
  164
  176
  189
  202
  215
  229
  244
  259
  275
  292
  309
  327
  346
  366
  386
  408
  430
  453
  478
  504
  530
  558
  588
  619
  651
Total debt, $m
  1,908
  2,219
  2,612
  3,022
  3,448
  3,891
  4,352
  4,831
  5,328
  5,845
  6,383
  6,941
  7,523
  8,128
  8,758
  9,414
  10,098
  10,811
  11,555
  12,331
  13,142
  13,989
  14,874
  15,799
  16,767
  17,779
  18,838
  19,948
  21,109
  22,325
  23,600
Total liabilities, $m
  4,033
  4,344
  4,737
  5,147
  5,573
  6,016
  6,477
  6,956
  7,453
  7,970
  8,508
  9,066
  9,648
  10,253
  10,883
  11,539
  12,223
  12,936
  13,680
  14,456
  15,267
  16,114
  16,999
  17,924
  18,892
  19,904
  20,963
  22,073
  23,234
  24,450
  25,725
Total equity, $m
  1,768
  1,934
  2,109
  2,291
  2,480
  2,678
  2,883
  3,096
  3,317
  3,547
  3,787
  4,035
  4,294
  4,563
  4,844
  5,136
  5,440
  5,758
  6,089
  6,434
  6,795
  7,172
  7,566
  7,978
  8,408
  8,859
  9,331
  9,824
  10,341
  10,883
  11,450
Total liabilities and equity, $m
  5,801
  6,278
  6,846
  7,438
  8,053
  8,694
  9,360
  10,052
  10,770
  11,517
  12,295
  13,101
  13,942
  14,816
  15,727
  16,675
  17,663
  18,694
  19,769
  20,890
  22,062
  23,286
  24,565
  25,902
  27,300
  28,763
  30,294
  31,897
  33,575
  35,333
  37,175
Debt-to-equity ratio
  1.079
  1.150
  1.240
  1.320
  1.390
  1.450
  1.510
  1.560
  1.610
  1.650
  1.690
  1.720
  1.750
  1.780
  1.810
  1.830
  1.860
  1.880
  1.900
  1.920
  1.930
  1.950
  1.970
  1.980
  1.990
  2.010
  2.020
  2.030
  2.040
  2.050
  2.060
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
  231
  246
  262
  279
  297
  315
  334
  353
  374
  395
  439
  462
  485
  510
  536
  563
  592
  621
  652
  684
  718
  753
  790
  828
  868
  910
  954
  1,001
  1,049
  1,100
Depreciation, amort., depletion, $m
  260
  32
  32
  32
  32
  32
  33
  33
  33
  33
  34
  4
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
Funds from operations, $m
  458
  262
  278
  294
  311
  329
  347
  367
  386
  407
  429
  443
  466
  491
  516
  542
  570
  598
  628
  659
  692
  726
  761
  798
  837
  878
  921
  965
  1,012
  1,061
  1,112
Change in working capital, $m
  -66
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  21
  22
  23
  24
  26
  27
  28
  29
  31
  32
Cash from operations, $m
  524
  253
  268
  284
  300
  318
  336
  354
  374
  394
  415
  429
  452
  475
  500
  525
  552
  580
  609
  640
  671
  704
  739
  775
  813
  853
  894
  937
  983
  1,030
  1,080
Maintenance CAPEX, $m
  0
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
New CAPEX, $m
  -542
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
Cash from investing activities, $m
  -509
  -2
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -13
  -13
  -14
  -14
  -15
Free cash flow, $m
  15
  250
  265
  280
  297
  314
  332
  350
  369
  389
  410
  423
  446
  469
  493
  519
  545
  572
  601
  631
  662
  695
  729
  764
  802
  841
  882
  924
  969
  1,016
  1,065
Issuance/(repayment) of debt, $m
  107
  380
  393
  410
  426
  443
  461
  479
  497
  517
  537
  559
  581
  605
  630
  656
  684
  713
  744
  776
  811
  847
  885
  925
  968
  1,012
  1,059
  1,109
  1,161
  1,216
  1,274
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  
  113
  380
  393
  410
  426
  443
  461
  479
  497
  517
  537
  559
  581
  605
  630
  656
  684
  713
  744
  776
  811
  847
  885
  925
  968
  1,012
  1,059
  1,109
  1,161
  1,216
  1,274
Total cash flow (excl. dividends), $m
  128
  630
  658
  690
  723
  757
  792
  829
  867
  906
  947
  982
  1,027
  1,074
  1,123
  1,175
  1,229
  1,285
  1,345
  1,407
  1,473
  1,542
  1,614
  1,690
  1,769
  1,853
  1,941
  2,033
  2,130
  2,232
  2,339
Retained Cash Flow (-), $m
  -84
  -166
  -175
  -182
  -190
  -197
  -205
  -213
  -221
  -230
  -239
  -249
  -259
  -269
  -280
  -292
  -304
  -317
  -331
  -346
  -361
  -377
  -394
  -412
  -431
  -451
  -472
  -494
  -517
  -541
  -567
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
 
  465
  483
  508
  533
  560
  587
  616
  645
  676
  708
  733
  768
  805
  843
  883
  924
  968
  1,014
  1,062
  1,112
  1,165
  1,220
  1,278
  1,339
  1,402
  1,469
  1,540
  1,613
  1,691
  1,772
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
 
  434
  418
  405
  389
  370
  349
  326
  301
  275
  249
  220
  194
  169
  145
  123
  102
  84
  67
  53
  41
  31
  23
  17
  12
  8
  5
  4
  2
  1
  1
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

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 24.6
Price to Sales 2.1
Price to Book 3
Price to Tangible Book
Price to Cash Flow 10
Price to Free Cash Flow -290
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 9.5% 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 7.1%, 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 83.051 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 $5.2 billion.

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COMPANY NEWS

▶ 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]
▶ 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
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