Intrinsic value of WEC Energy Group - WEC

Previous Close

$67.94

  Intrinsic Value

$25.26

stock screener

  Rating & Target

str. sell

-63%

Previous close

$67.94

 
Intrinsic value

$25.26

 
Up/down potential

-63%

 
Rating

str. sell

We calculate the intrinsic value of WEC 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 21.5

 

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, %
  2.40
  2.66
  2.89
  3.10
  3.29
  3.46
  3.62
  3.76
  3.88
  3.99
  4.09
  4.18
  4.27
  4.34
  4.41
  4.46
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
Revenue, $m
  7,833
  8,041
  8,274
  8,530
  8,811
  9,117
  9,447
  9,802
  10,182
  10,588
  11,022
  11,483
  11,973
  12,492
  13,043
  13,625
  14,241
  14,891
  15,577
  16,301
  17,065
  17,870
  18,717
  19,610
  20,550
  21,539
  22,580
  23,675
  24,826
  26,037
Variable operating expenses, $m
  3,243
  3,321
  3,409
  3,505
  3,610
  3,725
  3,849
  3,982
  4,124
  4,277
  4,134
  4,307
  4,491
  4,686
  4,892
  5,110
  5,341
  5,585
  5,843
  6,114
  6,401
  6,702
  7,020
  7,355
  7,708
  8,079
  8,469
  8,880
  9,312
  9,766
Fixed operating expenses, $m
  2,813
  2,874
  2,938
  3,002
  3,068
  3,136
  3,205
  3,275
  3,347
  3,421
  3,496
  3,573
  3,652
  3,732
  3,814
  3,898
  3,984
  4,072
  4,161
  4,253
  4,346
  4,442
  4,540
  4,639
  4,742
  4,846
  4,952
  5,061
  5,173
  5,287
Total operating expenses, $m
  6,056
  6,195
  6,347
  6,507
  6,678
  6,861
  7,054
  7,257
  7,471
  7,698
  7,630
  7,880
  8,143
  8,418
  8,706
  9,008
  9,325
  9,657
  10,004
  10,367
  10,747
  11,144
  11,560
  11,994
  12,450
  12,925
  13,421
  13,941
  14,485
  15,053
Operating income, $m
  1,777
  1,845
  1,927
  2,023
  2,133
  2,256
  2,393
  2,544
  2,710
  2,891
  3,392
  3,603
  3,830
  4,075
  4,336
  4,616
  4,915
  5,234
  5,574
  5,935
  6,318
  6,725
  7,157
  7,615
  8,101
  8,615
  9,158
  9,734
  10,342
  10,985
EBITDA, $m
  4,507
  4,640
  4,794
  4,970
  5,166
  5,384
  5,623
  5,884
  6,168
  6,474
  6,804
  7,158
  7,537
  7,942
  8,374
  8,835
  9,324
  9,844
  10,396
  10,981
  11,601
  12,258
  12,952
  13,687
  14,463
  15,283
  16,149
  17,063
  18,028
  19,046
Interest expense (income), $m
  412
  596
  624
  657
  693
  733
  777
  825
  876
  932
  991
  1,055
  1,122
  1,194
  1,271
  1,352
  1,438
  1,529
  1,625
  1,727
  1,834
  1,947
  2,066
  2,192
  2,324
  2,464
  2,611
  2,765
  2,928
  3,099
  3,279
Earnings before tax, $m
  1,181
  1,221
  1,271
  1,330
  1,400
  1,479
  1,568
  1,668
  1,778
  1,899
  2,337
  2,480
  2,636
  2,804
  2,984
  3,178
  3,386
  3,609
  3,847
  4,101
  4,371
  4,659
  4,965
  5,291
  5,637
  6,004
  6,393
  6,806
  7,243
  7,706
Tax expense, $m
  319
  330
  343
  359
  378
  399
  423
  450
  480
  513
  631
  670
  712
  757
  806
  858
  914
  974
  1,039
  1,107
  1,180
  1,258
  1,341
  1,429
  1,522
  1,621
  1,726
  1,838
  1,956
  2,081
Net income, $m
  862
  891
  928
  971
  1,022
  1,080
  1,145
  1,218
  1,298
  1,387
  1,706
  1,811
  1,924
  2,047
  2,179
  2,320
  2,472
  2,635
  2,808
  2,993
  3,191
  3,401
  3,625
  3,862
  4,115
  4,383
  4,667
  4,968
  5,287
  5,625

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
  32,366
  33,227
  34,189
  35,250
  36,411
  37,673
  39,036
  40,502
  42,074
  43,754
  45,545
  47,450
  49,475
  51,621
  53,895
  56,302
  58,845
  61,533
  64,369
  67,361
  70,517
  73,842
  77,345
  81,034
  84,917
  89,005
  93,306
  97,830
  102,588
  107,592
Adjusted assets (=assets-cash), $m
  32,366
  33,227
  34,189
  35,250
  36,411
  37,673
  39,036
  40,502
  42,074
  43,754
  45,545
  47,450
  49,475
  51,621
  53,895
  56,302
  58,845
  61,533
  64,369
  67,361
  70,517
  73,842
  77,345
  81,034
  84,917
  89,005
  93,306
  97,830
  102,588
  107,592
Revenue / Adjusted assets
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
Average production assets, $m
  24,250
  24,895
  25,615
  26,410
  27,280
  28,226
  29,247
  30,345
  31,523
  32,782
  34,124
  35,551
  37,068
  38,676
  40,380
  42,183
  44,089
  46,102
  48,227
  50,469
  52,833
  55,325
  57,949
  60,713
  63,623
  66,685
  69,908
  73,297
  76,862
  80,611
Working capital, $m
  -329
  -338
  -347
  -358
  -370
  -383
  -397
  -412
  -428
  -445
  -463
  -482
  -503
  -525
  -548
  -572
  -598
  -625
  -654
  -685
  -717
  -751
  -786
  -824
  -863
  -905
  -948
  -994
  -1,043
  -1,094
Total debt, $m
  11,560
  12,163
  12,836
  13,579
  14,392
  15,275
  16,229
  17,255
  18,356
  19,531
  20,785
  22,119
  23,536
  25,039
  26,631
  28,315
  30,096
  31,977
  33,962
  36,057
  38,265
  40,593
  43,045
  45,627
  48,346
  51,207
  54,218
  57,385
  60,716
  64,218
Total liabilities, $m
  22,656
  23,259
  23,932
  24,675
  25,488
  26,371
  27,325
  28,351
  29,452
  30,628
  31,881
  33,215
  34,632
  36,135
  37,727
  39,411
  41,192
  43,073
  45,058
  47,153
  49,362
  51,689
  54,141
  56,724
  59,442
  62,303
  65,314
  68,481
  71,812
  75,314
Total equity, $m
  9,710
  9,968
  10,257
  10,575
  10,923
  11,302
  11,711
  12,151
  12,622
  13,126
  13,663
  14,235
  14,842
  15,486
  16,169
  16,890
  17,654
  18,460
  19,311
  20,208
  21,155
  22,153
  23,203
  24,310
  25,475
  26,701
  27,992
  29,349
  30,776
  32,278
Total liabilities and equity, $m
  32,366
  33,227
  34,189
  35,250
  36,411
  37,673
  39,036
  40,502
  42,074
  43,754
  45,544
  47,450
  49,474
  51,621
  53,896
  56,301
  58,846
  61,533
  64,369
  67,361
  70,517
  73,842
  77,344
  81,034
  84,917
  89,004
  93,306
  97,830
  102,588
  107,592
Debt-to-equity ratio
  1.190
  1.220
  1.250
  1.280
  1.320
  1.350
  1.390
  1.420
  1.450
  1.490
  1.520
  1.550
  1.590
  1.620
  1.650
  1.680
  1.700
  1.730
  1.760
  1.780
  1.810
  1.830
  1.860
  1.880
  1.900
  1.920
  1.940
  1.960
  1.970
  1.990
Adjusted equity ratio
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  862
  891
  928
  971
  1,022
  1,080
  1,145
  1,218
  1,298
  1,387
  1,706
  1,811
  1,924
  2,047
  2,179
  2,320
  2,472
  2,635
  2,808
  2,993
  3,191
  3,401
  3,625
  3,862
  4,115
  4,383
  4,667
  4,968
  5,287
  5,625
Depreciation, amort., depletion, $m
  2,730
  2,795
  2,867
  2,946
  3,033
  3,128
  3,230
  3,340
  3,458
  3,584
  3,412
  3,555
  3,707
  3,868
  4,038
  4,218
  4,409
  4,610
  4,823
  5,047
  5,283
  5,532
  5,795
  6,071
  6,362
  6,669
  6,991
  7,330
  7,686
  8,061
Funds from operations, $m
  3,593
  3,686
  3,794
  3,917
  4,055
  4,208
  4,375
  4,558
  4,756
  4,970
  5,118
  5,366
  5,631
  5,914
  6,217
  6,539
  6,881
  7,245
  7,631
  8,040
  8,474
  8,934
  9,420
  9,934
  10,477
  11,051
  11,658
  12,298
  12,974
  13,687
Change in working capital, $m
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -36
  -37
  -39
  -42
  -44
  -46
  -48
  -51
Cash from operations, $m
  3,600
  3,695
  3,804
  3,928
  4,067
  4,220
  4,389
  4,573
  4,772
  4,987
  5,136
  5,385
  5,652
  5,936
  6,240
  6,563
  6,907
  7,272
  7,660
  8,071
  8,506
  8,967
  9,455
  9,971
  10,517
  11,093
  11,701
  12,344
  13,022
  13,737
Maintenance CAPEX, $m
  -2,368
  -2,425
  -2,489
  -2,562
  -2,641
  -2,728
  -2,823
  -2,925
  -3,035
  -3,152
  -3,278
  -3,412
  -3,555
  -3,707
  -3,868
  -4,038
  -4,218
  -4,409
  -4,610
  -4,823
  -5,047
  -5,283
  -5,532
  -5,795
  -6,071
  -6,362
  -6,669
  -6,991
  -7,330
  -7,686
New CAPEX, $m
  -569
  -645
  -720
  -795
  -870
  -945
  -1,021
  -1,099
  -1,178
  -1,259
  -1,342
  -1,428
  -1,517
  -1,608
  -1,704
  -1,803
  -1,906
  -2,013
  -2,125
  -2,242
  -2,364
  -2,491
  -2,625
  -2,764
  -2,910
  -3,062
  -3,222
  -3,390
  -3,565
  -3,749
Cash from investing activities, $m
  -2,937
  -3,070
  -3,209
  -3,357
  -3,511
  -3,673
  -3,844
  -4,024
  -4,213
  -4,411
  -4,620
  -4,840
  -5,072
  -5,315
  -5,572
  -5,841
  -6,124
  -6,422
  -6,735
  -7,065
  -7,411
  -7,774
  -8,157
  -8,559
  -8,981
  -9,424
  -9,891
  -10,381
  -10,895
  -11,435
Free cash flow, $m
  664
  625
  594
  571
  556
  547
  545
  549
  560
  576
  516
  545
  580
  621
  668
  722
  783
  850
  924
  1,006
  1,095
  1,193
  1,298
  1,412
  1,536
  1,668
  1,811
  1,964
  2,127
  2,302
Issuance/(repayment) of debt, $m
  527
  603
  673
  743
  813
  883
  954
  1,026
  1,100
  1,176
  1,254
  1,334
  1,417
  1,503
  1,592
  1,684
  1,781
  1,881
  1,986
  2,095
  2,209
  2,328
  2,452
  2,582
  2,719
  2,861
  3,011
  3,167
  3,331
  3,503
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  
  527
  603
  673
  743
  813
  883
  954
  1,026
  1,100
  1,176
  1,254
  1,334
  1,417
  1,503
  1,592
  1,684
  1,781
  1,881
  1,986
  2,095
  2,209
  2,328
  2,452
  2,582
  2,719
  2,861
  3,011
  3,167
  3,331
  3,503
Total cash flow (excl. dividends), $m
  1,190
  1,228
  1,267
  1,314
  1,369
  1,430
  1,499
  1,576
  1,660
  1,752
  1,770
  1,879
  1,997
  2,124
  2,260
  2,406
  2,563
  2,731
  2,910
  3,101
  3,304
  3,520
  3,750
  3,995
  4,254
  4,529
  4,821
  5,130
  5,458
  5,805
Retained Cash Flow (-), $m
  -249
  -258
  -288
  -318
  -348
  -378
  -409
  -440
  -472
  -504
  -537
  -572
  -607
  -644
  -682
  -722
  -763
  -806
  -851
  -898
  -947
  -998
  -1,051
  -1,107
  -1,165
  -1,226
  -1,290
  -1,357
  -1,428
  -1,501
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
  941
  969
  979
  996
  1,020
  1,052
  1,090
  1,136
  1,188
  1,248
  1,233
  1,307
  1,390
  1,480
  1,578
  1,685
  1,800
  1,925
  2,059
  2,203
  2,357
  2,523
  2,699
  2,888
  3,089
  3,303
  3,531
  3,773
  4,031
  4,304
Discount rate, %
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.85
  11.40
  11.97
  12.57
  13.19
  13.85
  14.55
  15.27
  16.04
  16.84
  17.68
  18.57
  19.49
  20.47
  21.49
  22.57
  23.69
  24.88
  26.12
  27.43
  28.80
  30.24
  31.75
  33.34
PV of cash for distribution, $m
  871
  823
  757
  696
  638
  583
  530
  479
  430
  382
  315
  276
  238
  202
  169
  140
  113
  90
  70
  53
  40
  29
  20
  14
  9
  6
  4
  2
  1
  1
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

WEC Energy Group, Inc. was a diversified holding company with natural gas and electric utility operations, an approximately 60% equity ownership interest in American Transmission Company LLC, and non-utility electric operations through its We Power business, as of December 31, 2016. Its segments include Wisconsin; Illinois; Other States; Electric Transmission; We Power, and Corporate and Other. Wisconsin includes the electric and natural gas utility operations of Wisconsin Electric Power Company, Wisconsin Gas LLC, and Wisconsin Public Service Corporation, including WE's and WPS's electric and natural gas operations in the state of Michigan. Illinois includes the natural gas utility and non-utility operations of The Peoples Gas Light and Coke Company and North Shore Gas Company. Other states includes the natural gas utility and non-utility operations of Minnesota Energy Resources Corporation and Michigan Gas Utilities Corporation.

FINANCIAL RATIOS  of  WEC Energy Group (WEC)

Valuation Ratios
P/E Ratio 22.8
Price to Sales 2.9
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 10.2
Price to Free Cash Flow 31.5
Growth Rates
Sales Growth Rate 26.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 12.5%
Cap. Spend. - 3 Yr. Gr. Rate 15.7%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 102.2%
Total Debt to Equity 113.6%
Interest Coverage 5
Management Effectiveness
Return On Assets 4%
Ret/ On Assets - 3 Yr. Avg. 4.3%
Return On Total Capital 4.9%
Ret/ On T. Cap. - 3 Yr. Avg. 5.2%
Return On Equity 10.7%
Return On Equity - 3 Yr. Avg. 11.3%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 35.9%
EBITDA Margin - 3 Yr. Avg. 33.9%
Operating Margin 22.5%
Oper. Margin - 3 Yr. Avg. 22%
Pre-Tax Margin 20.2%
Pre-Tax Margin - 3 Yr. Avg. 19.1%
Net Profit Margin 12.6%
Net Profit Margin - 3 Yr. Avg. 11.7%
Effective Tax Rate 37.6%
Eff/ Tax Rate - 3 Yr. Avg. 38.7%
Payout Ratio 66.5%

WEC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WEC stock intrinsic value calculation we used $7649 million for the last fiscal year's total revenue generated by WEC Energy Group. The default revenue input number comes from 2017 income statement of WEC Energy Group. 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 WEC stock valuation model: a) initial revenue growth rate of 2.4% 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 8.1%, whose default value for WEC is calculated based on our internal credit rating of WEC Energy Group, 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 WEC Energy Group.
    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 WEC stock the variable cost ratio is equal to 41.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2752 million in the base year in the intrinsic value calculation for WEC 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 WEC Energy Group.

Corporate tax rate of 27% is the nominal tax rate for WEC Energy Group. 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 WEC 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 WEC are equal to 309.6%.

Life of production assets of 10 years is the average useful life of capital assets used in WEC Energy Group 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 WEC is equal to -4.2%. 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 - $9461 million for WEC Energy Group - 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 316 million for WEC Energy Group 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 WEC Energy Group at the current share price and the inputted number of shares is $21.5 billion.

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COMPANY NEWS

▶ WEC Energy Group Inc to Host Earnings Call   [Jul-31-18 12:00PM  ACCESSWIRE]
▶ WEC Energy: 2Q Earnings Snapshot   [07:19AM  Associated Press]
▶ Wisconsin Electric declares quarterly dividends   [Jul-19-18 03:09PM  PR Newswire]
▶ May Dividend Stocks To Look Out For   [May-16-18 09:02AM  Simply Wall St.]
▶ Electric substation proposed in Robert Joseph's 3rd Ward apartments would cost $101M   [May-11-18 11:54AM  American City Business Journals]
▶ We Energies will spend $140M on Foxconn-related projects: Klappa   [May-03-18 05:39PM  American City Business Journals]
▶ Klappa discusses WEC Energy succession plan if Leverett doesn't return   [May-02-18 03:31PM  American City Business Journals]
▶ WEC Energy Group posts first-quarter results   [May-01-18 07:00AM  PR Newswire]
▶ Wisconsin Electric declares quarterly dividends   [Apr-19-18 02:05PM  PR Newswire]
▶ Business, consumer groups oppose We Energies' plans for $185M in tax cuts   [Mar-01-18 10:00AM  American City Business Journals]
▶ WEC Energy beats 4Q profit forecasts   [07:19AM  Associated Press]
▶ Wisconsin Electric declares quarterly dividends   [Jan-22-18 02:08PM  PR Newswire]
▶ WEC Energy Group raises quarterly dividend   [Jan-18-18 01:24PM  PR Newswire]
▶ Farrow elected to WEC Energy Group board of directors   [Dec-07-17 04:34PM  PR Newswire]
▶ WEC Energy Earns Technical Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ Top Dividend Stocks For The Week   [Nov-04-17 09:02AM  Simply Wall St.]
▶ Wisconsin Electric declares quarterly dividends   [Oct-31-17 04:00PM  PR Newswire]
▶ Puerto Rico to scrap controversial $300M energy contract   [Oct-30-17 10:42AM  Yahoo Finance Video]
▶ WEC Energy beats 3Q profit forecasts   [07:45AM  Associated Press]
▶ WEC Energy Group declares quarterly dividend   [Oct-19-17 01:34PM  PR Newswire]
▶ A statement from WEC Energy Group   [Oct-12-17 05:22PM  PR Newswire]
▶ When Should You Buy WEC Energy Group Inc (WEC)?   [Oct-02-17 10:22AM  Simply Wall St.]
▶ IBD Rating Upgrades: WEC Energy Flashes Improved Relative Price Strength   [Sep-08-17 03:00AM  Investor's Business Daily]
▶ Stocks Showing Improved Relative Strength: WEC Energy   [Sep-06-17 03:00AM  Investor's Business Daily]
▶ WEC Energy beats 2Q profit forecasts   [Jul-26-17 10:23PM  Associated Press]
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