Intrinsic value of Westar Energy - WR

Previous Close

$50.29

  Intrinsic Value

$37.59

stock screener

  Rating & Target

sell

-25%

Previous close

$50.29

 
Intrinsic value

$37.59

 
Up/down potential

-25%

 
Rating

sell

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

We calculate the intrinsic value of WR 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

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, %
  4.19
  3.80
  3.92
  4.03
  4.13
  4.21
  4.29
  4.36
  4.43
  4.48
  4.54
  4.58
  4.62
  4.66
  4.69
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
Revenue, $m
  0
  2,659
  2,764
  2,875
  2,994
  3,120
  3,254
  3,395
  3,546
  3,705
  3,873
  4,050
  4,237
  4,435
  4,643
  4,863
  5,094
  5,337
  5,593
  5,863
  6,146
  6,445
  6,758
  7,088
  7,435
  7,800
  8,183
  8,586
  9,009
  9,454
  9,922
Variable operating expenses, $m
 
  1,085
  1,128
  1,173
  1,221
  1,273
  1,327
  1,385
  1,447
  1,512
  1,580
  1,652
  1,729
  1,809
  1,894
  1,984
  2,078
  2,177
  2,282
  2,392
  2,508
  2,629
  2,757
  2,892
  3,034
  3,182
  3,339
  3,503
  3,676
  3,857
  4,048
Fixed operating expenses, $m
 
  877
  899
  922
  945
  968
  993
  1,018
  1,043
  1,069
  1,096
  1,123
  1,151
  1,180
  1,210
  1,240
  1,271
  1,303
  1,335
  1,368
  1,403
  1,438
  1,474
  1,511
  1,548
  1,587
  1,627
  1,667
  1,709
  1,752
  1,796
Total operating expenses, $m
  1,880
  1,962
  2,027
  2,095
  2,166
  2,241
  2,320
  2,403
  2,490
  2,581
  2,676
  2,775
  2,880
  2,989
  3,104
  3,224
  3,349
  3,480
  3,617
  3,760
  3,911
  4,067
  4,231
  4,403
  4,582
  4,769
  4,966
  5,170
  5,385
  5,609
  5,844
Operating income, $m
  682
  697
  737
  780
  827
  878
  933
  993
  1,056
  1,124
  1,197
  1,275
  1,357
  1,445
  1,539
  1,639
  1,745
  1,857
  1,976
  2,102
  2,236
  2,378
  2,527
  2,686
  2,853
  3,031
  3,218
  3,416
  3,625
  3,845
  4,078
EBITDA, $m
  1,021
  813
  858
  906
  958
  1,015
  1,076
  1,141
  1,211
  1,286
  1,367
  1,452
  1,543
  1,640
  1,743
  1,852
  1,968
  2,091
  2,221
  2,359
  2,505
  2,660
  2,823
  2,996
  3,179
  3,372
  3,576
  3,792
  4,019
  4,259
  4,513
Interest expense (income), $m
  145
  153
  164
  176
  189
  202
  216
  232
  248
  265
  283
  302
  323
  344
  366
  390
  415
  441
  469
  498
  529
  561
  596
  631
  669
  708
  750
  794
  840
  888
  939
Earnings before tax, $m
  546
  544
  573
  604
  639
  676
  717
  761
  808
  859
  914
  972
  1,035
  1,102
  1,173
  1,249
  1,330
  1,416
  1,507
  1,604
  1,707
  1,816
  1,932
  2,055
  2,185
  2,322
  2,468
  2,622
  2,785
  2,957
  3,139
Tax expense, $m
  185
  147
  155
  163
  172
  183
  194
  205
  218
  232
  247
  263
  279
  297
  317
  337
  359
  382
  407
  433
  461
  490
  522
  555
  590
  627
  666
  708
  752
  798
  848
Net income, $m
  347
  397
  418
  441
  466
  494
  523
  555
  590
  627
  667
  710
  755
  804
  856
  912
  971
  1,033
  1,100
  1,171
  1,246
  1,326
  1,410
  1,500
  1,595
  1,695
  1,802
  1,914
  2,033
  2,159
  2,292

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  3
  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
  11,487
  11,925
  12,393
  12,892
  13,424
  13,989
  14,590
  15,226
  15,900
  16,613
  17,366
  18,162
  19,002
  19,887
  20,821
  21,805
  22,841
  23,933
  25,081
  26,290
  27,562
  28,900
  30,307
  31,787
  33,342
  34,977
  36,696
  38,502
  40,401
  42,395
  44,491
Adjusted assets (=assets-cash), $m
  11,484
  11,925
  12,393
  12,892
  13,424
  13,989
  14,590
  15,226
  15,900
  16,613
  17,366
  18,162
  19,002
  19,887
  20,821
  21,805
  22,841
  23,933
  25,081
  26,290
  27,562
  28,900
  30,307
  31,787
  33,342
  34,977
  36,696
  38,502
  40,401
  42,395
  44,491
Revenue / Adjusted assets
  0.000
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
Average production assets, $m
  561
  582
  605
  630
  656
  683
  713
  744
  777
  811
  848
  887
  928
  971
  1,017
  1,065
  1,116
  1,169
  1,225
  1,284
  1,346
  1,411
  1,480
  1,552
  1,628
  1,708
  1,792
  1,880
  1,973
  2,070
  2,173
Working capital, $m
  -279
  247
  257
  267
  278
  290
  303
  316
  330
  345
  360
  377
  394
  412
  432
  452
  474
  496
  520
  545
  572
  599
  629
  659
  691
  725
  761
  799
  838
  879
  923
Total debt, $m
  4,018
  4,315
  4,628
  4,962
  5,318
  5,696
  6,098
  6,523
  6,974
  7,451
  7,955
  8,487
  9,049
  9,642
  10,266
  10,925
  11,618
  12,348
  13,116
  13,925
  14,776
  15,671
  16,612
  17,602
  18,643
  19,737
  20,887
  22,095
  23,365
  24,699
  26,102
Total liabilities, $m
  7,681
  7,978
  8,291
  8,625
  8,981
  9,359
  9,761
  10,186
  10,637
  11,114
  11,618
  12,150
  12,712
  13,305
  13,929
  14,588
  15,281
  16,011
  16,779
  17,588
  18,439
  19,334
  20,275
  21,265
  22,306
  23,400
  24,550
  25,758
  27,028
  28,362
  29,765
Total equity, $m
  3,806
  3,947
  4,102
  4,267
  4,443
  4,630
  4,829
  5,040
  5,263
  5,499
  5,748
  6,012
  6,290
  6,583
  6,892
  7,217
  7,560
  7,922
  8,302
  8,702
  9,123
  9,566
  10,032
  10,521
  11,036
  11,578
  12,146
  12,744
  13,373
  14,033
  14,727
Total liabilities and equity, $m
  11,487
  11,925
  12,393
  12,892
  13,424
  13,989
  14,590
  15,226
  15,900
  16,613
  17,366
  18,162
  19,002
  19,888
  20,821
  21,805
  22,841
  23,933
  25,081
  26,290
  27,562
  28,900
  30,307
  31,786
  33,342
  34,978
  36,696
  38,502
  40,401
  42,395
  44,492
Debt-to-equity ratio
  1.056
  1.090
  1.130
  1.160
  1.200
  1.230
  1.260
  1.290
  1.330
  1.360
  1.380
  1.410
  1.440
  1.460
  1.490
  1.510
  1.540
  1.560
  1.580
  1.600
  1.620
  1.640
  1.660
  1.670
  1.690
  1.700
  1.720
  1.730
  1.750
  1.760
  1.770
Adjusted equity ratio
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  347
  397
  418
  441
  466
  494
  523
  555
  590
  627
  667
  710
  755
  804
  856
  912
  971
  1,033
  1,100
  1,171
  1,246
  1,326
  1,410
  1,500
  1,595
  1,695
  1,802
  1,914
  2,033
  2,159
  2,292
Depreciation, amort., depletion, $m
  339
  116
  121
  126
  131
  137
  143
  149
  155
  162
  170
  177
  186
  194
  203
  213
  223
  234
  245
  257
  269
  282
  296
  310
  326
  342
  358
  376
  395
  414
  435
Funds from operations, $m
  722
  514
  539
  567
  597
  630
  666
  704
  745
  789
  837
  887
  941
  998
  1,060
  1,125
  1,194
  1,267
  1,345
  1,428
  1,515
  1,608
  1,706
  1,810
  1,920
  2,037
  2,160
  2,290
  2,428
  2,573
  2,726
Change in working capital, $m
  -100
  9
  10
  10
  11
  12
  12
  13
  14
  15
  16
  17
  17
  18
  19
  20
  21
  23
  24
  25
  26
  28
  29
  31
  32
  34
  36
  37
  39
  41
  43
Cash from operations, $m
  822
  505
  529
  557
  586
  619
  653
  691
  731
  775
  821
  871
  924
  980
  1,040
  1,104
  1,172
  1,244
  1,321
  1,403
  1,489
  1,580
  1,677
  1,780
  1,888
  2,003
  2,124
  2,253
  2,388
  2,532
  2,683
Maintenance CAPEX, $m
  0
  -112
  -116
  -121
  -126
  -131
  -137
  -143
  -149
  -155
  -162
  -170
  -177
  -186
  -194
  -203
  -213
  -223
  -234
  -245
  -257
  -269
  -282
  -296
  -310
  -326
  -342
  -358
  -376
  -395
  -414
New CAPEX, $m
  -1,087
  -21
  -23
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -84
  -88
  -93
  -97
  -102
Cash from investing activities, $m
  -1,013
  -133
  -139
  -145
  -152
  -159
  -166
  -174
  -182
  -190
  -199
  -209
  -218
  -229
  -240
  -251
  -264
  -276
  -290
  -304
  -319
  -334
  -351
  -368
  -386
  -406
  -426
  -446
  -469
  -492
  -516
Free cash flow, $m
  -191
  371
  390
  411
  434
  460
  487
  517
  550
  585
  622
  662
  705
  751
  800
  853
  909
  968
  1,031
  1,099
  1,170
  1,246
  1,326
  1,411
  1,502
  1,597
  1,699
  1,806
  1,919
  2,040
  2,166
Issuance/(repayment) of debt, $m
  400
  300
  313
  334
  356
  378
  402
  426
  451
  477
  504
  532
  562
  593
  625
  658
  693
  730
  769
  809
  851
  895
  941
  990
  1,041
  1,094
  1,150
  1,208
  1,270
  1,334
  1,402
Issuance/(repurchase) of shares, $m
  2
  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  
  394
  300
  313
  334
  356
  378
  402
  426
  451
  477
  504
  532
  562
  593
  625
  658
  693
  730
  769
  809
  851
  895
  941
  990
  1,041
  1,094
  1,150
  1,208
  1,270
  1,334
  1,402
Total cash flow (excl. dividends), $m
  204
  671
  703
  745
  790
  838
  889
  943
  1,001
  1,061
  1,126
  1,194
  1,267
  1,344
  1,425
  1,511
  1,602
  1,698
  1,800
  1,907
  2,021
  2,141
  2,267
  2,401
  2,542
  2,691
  2,849
  3,014
  3,189
  3,374
  3,569
Retained Cash Flow (-), $m
  -149
  -141
  -155
  -165
  -176
  -187
  -199
  -211
  -223
  -236
  -249
  -263
  -278
  -293
  -309
  -326
  -343
  -361
  -380
  -400
  -421
  -443
  -466
  -490
  -515
  -541
  -569
  -598
  -628
  -660
  -694
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
 
  530
  548
  580
  614
  651
  690
  732
  777
  825
  877
  931
  989
  1,051
  1,116
  1,185
  1,259
  1,337
  1,420
  1,507
  1,600
  1,698
  1,802
  1,911
  2,027
  2,150
  2,280
  2,417
  2,561
  2,714
  2,875
Discount rate, %
 
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.42
  17.24
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
  28.09
  29.49
  30.97
  32.52
PV of cash for distribution, $m
 
  491
  467
  451
  433
  412
  388
  362
  335
  306
  276
  246
  216
  187
  160
  134
  110
  89
  71
  55
  42
  31
  23
  16
  11
  7
  5
  3
  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

Westar Energy, Inc. is an electric utility. The Company provides electric generation, transmission and distribution services. The Company provides these services in central and northeastern Kansas, including the cities of Topeka, Lawrence, Manhattan, Salina and Hutchinson. Its subsidiary, Kansas Gas and Electric Company (KGE), provides these services in south-central and southeastern Kansas, including the city of Wichita. Both the Company and KGE conduct business using the name Westar Energy. The Company supplies electric energy at retail to customers in Kansas. The Company also supplies electric energy at wholesale to municipalities and electric cooperatives in Kansas, and has contracts for the sale or purchase of wholesale electricity with other utilities. As of December 31, 2016, it had 6,292 megawatts (MW) of generating capacity in service.

FINANCIAL RATIOS  of  Westar Energy (WR)

Valuation Ratios
P/E Ratio 20.5
Price to Sales 2.8
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 8.7
Price to Free Cash Flow -26.9
Growth Rates
Sales Growth Rate 4.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 55.3%
Cap. Spend. - 3 Yr. Gr. Rate 6.9%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 91.9%
Total Debt to Equity 105.6%
Interest Coverage 5
Management Effectiveness
Return On Assets 4%
Ret/ On Assets - 3 Yr. Avg. 3.7%
Return On Total Capital 4.6%
Ret/ On T. Cap. - 3 Yr. Avg. 4.4%
Return On Equity 9.3%
Return On Equity - 3 Yr. Avg. 9.2%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 40.2%
EBITDA Margin - 3 Yr. Avg. 35.8%
Operating Margin 26.6%
Oper. Margin - 3 Yr. Avg. 25.4%
Pre-Tax Margin 21.3%
Pre-Tax Margin - 3 Yr. Avg. 19.3%
Net Profit Margin 13.5%
Net Profit Margin - 3 Yr. Avg. 12.5%
Effective Tax Rate 33.9%
Eff/ Tax Rate - 3 Yr. Avg. 33.1%
Payout Ratio 58.8%

WR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WR stock intrinsic value calculation we used $2562 million for the last fiscal year's total revenue generated by Westar Energy. The default revenue input number comes from 2016 income statement of Westar Energy. 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 WR stock valuation model: a) initial revenue growth rate of 3.8% 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 7.9%, whose default value for WR is calculated based on our internal credit rating of Westar Energy, 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 Westar Energy.
    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 WR stock the variable cost ratio is equal to 40.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $856 million in the base year in the intrinsic value calculation for WR 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 3.8% for Westar Energy.

Corporate tax rate of 27% is the nominal tax rate for Westar Energy. 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 WR 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 WR are equal to 21.9%.

Life of production assets of 1.7 years is the average useful life of capital assets used in Westar Energy 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 WR is equal to 9.3%. 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 - $3806 million for Westar Energy - 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 141.856 million for Westar Energy 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 Westar Energy at the current share price and the inputted number of shares is $7.1 billion.

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COMPANY NEWS

▶ Ashland Launches New Gelcoat   [Jan-16-18 07:54AM  Market Realist]
▶ Westar Energy declares dividend   [Nov-22-17 04:30PM  GlobeNewswire]
▶ Westar misses 3Q profit forecasts   [Oct-31-17 05:19PM  Associated Press]
▶ Westar Energy to webcast 2017 annual shareholder meeting   [Oct-04-17 05:00PM  GlobeNewswire]
▶ Great Plains, Westar begin push to get regulators on board with merger   [09:25AM  American City Business Journals]
▶ Westar Energy declares dividend   [Aug-25-17 05:00PM  GlobeNewswire]
▶ Westar posts 2Q profit   [Aug-09-17 04:57PM  Associated Press]
▶ Westar Energy announces 2nd quarter 2017 results   [Aug-08-17 05:00PM  GlobeNewswire]
▶ What Are Gabelli Funds Largest Holdings?   [07:44AM  Market Realist]
▶ No money down: Great Plains now wants no-cash merger with Westar   [Jul-13-17 05:10PM  American City Business Journals]
▶ BREAKING: Westar Energy merger with Great Plains Energy back on   [05:05PM  American City Business Journals]
▶ [$$] Great Plains/ Westar: Utility function   [01:25PM  Financial Times]
▶ Story Stocks from Briefing.com   [09:48AM  Briefing.com]
▶ ETFs with exposure to Westar Energy, Inc. : July 7, 2017   [Jul-07-17 03:45PM  Capital Cube]
▶ ETFs with exposure to Westar Energy, Inc. : June 26, 2017   [Jun-26-17 05:15PM  Capital Cube]
▶ ETFs with exposure to Westar Energy, Inc. : June 15, 2017   [Jun-15-17 03:50PM  Capital Cube]
▶ Kansas regulators hand Great Plains/Westar deal yet another defeat   [04:15PM  American City Business Journals]
▶ Westar Energy declares dividend.   [May-18-17 04:36PM  GlobeNewswire]
▶ Westar posts 1Q profit   [May-10-17 05:03AM  Associated Press]
▶ Westar Energy Announces 1st Quarter 2017 Results.   [May-09-17 05:01PM  GlobeNewswire]
▶ Why you should (continue to) care about the $12.2B Great Plains/Westar merger   [May-08-17 01:57PM  American City Business Journals]
▶ With their deal crippled, Great Plains and Westar head into unknown territory   [Apr-20-17 05:20PM  American City Business Journals]
▶ Kansas regulators reject Great Plains' $12.2B merger bid for Westar   [Apr-19-17 08:05PM  American City Business Journals]
▶ Westar Energy announces 2016 results.   [Feb-22-17 05:01PM  GlobeNewswire]
▶ Westar Energy schedules 2016 release of year end results.   [Feb-01-17 05:02PM  GlobeNewswire]
Financial statements of WR
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