Intrinsic value of Xcel Energy - XEL

Previous Close

$51.38

  Intrinsic Value

$9.87

stock screener

  Rating & Target

str. sell

-81%

Previous close

$51.38

 
Intrinsic value

$9.87

 
Up/down potential

-81%

 
Rating

str. sell

We calculate the intrinsic value of XEL 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 26.1

 

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, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  11,632
  11,900
  12,205
  12,549
  12,929
  13,347
  13,801
  14,293
  14,823
  15,392
  16,001
  16,650
  17,342
  18,076
  18,856
  19,683
  20,557
  21,482
  22,460
  23,492
  24,581
  25,729
  26,939
  28,215
  29,558
  30,972
  32,461
  34,027
  35,675
  37,408
Variable operating expenses, $m
  9,317
  9,532
  9,777
  10,052
  10,356
  10,691
  11,055
  11,449
  11,873
  12,329
  12,817
  13,337
  13,891
  14,479
  15,104
  15,766
  16,466
  17,207
  17,990
  18,817
  19,689
  20,609
  21,578
  22,600
  23,676
  24,809
  26,001
  27,256
  28,576
  29,964
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
  9,317
  9,532
  9,777
  10,052
  10,356
  10,691
  11,055
  11,449
  11,873
  12,329
  12,817
  13,337
  13,891
  14,479
  15,104
  15,766
  16,466
  17,207
  17,990
  18,817
  19,689
  20,609
  21,578
  22,600
  23,676
  24,809
  26,001
  27,256
  28,576
  29,964
Operating income, $m
  2,315
  2,368
  2,429
  2,497
  2,573
  2,656
  2,746
  2,844
  2,950
  3,063
  3,184
  3,313
  3,451
  3,597
  3,752
  3,917
  4,091
  4,275
  4,469
  4,675
  4,892
  5,120
  5,361
  5,615
  5,882
  6,163
  6,460
  6,771
  7,099
  7,444
EBITDA, $m
  3,837
  3,926
  4,026
  4,140
  4,265
  4,403
  4,553
  4,715
  4,890
  5,078
  5,278
  5,493
  5,721
  5,963
  6,220
  6,493
  6,782
  7,087
  7,409
  7,750
  8,109
  8,488
  8,887
  9,308
  9,751
  10,217
  10,708
  11,225
  11,769
  12,341
Interest expense (income), $m
  592
  861
  896
  936
  982
  1,033
  1,090
  1,152
  1,220
  1,294
  1,373
  1,458
  1,549
  1,646
  1,750
  1,860
  1,976
  2,100
  2,231
  2,369
  2,515
  2,670
  2,833
  3,004
  3,185
  3,376
  3,577
  3,789
  4,011
  4,245
  4,492
Earnings before tax, $m
  1,454
  1,472
  1,493
  1,516
  1,540
  1,566
  1,594
  1,624
  1,656
  1,690
  1,726
  1,764
  1,805
  1,847
  1,893
  1,940
  1,991
  2,044
  2,100
  2,160
  2,222
  2,288
  2,357
  2,429
  2,506
  2,586
  2,671
  2,760
  2,854
  2,952
Tax expense, $m
  392
  397
  403
  409
  416
  423
  430
  439
  447
  456
  466
  476
  487
  499
  511
  524
  538
  552
  567
  583
  600
  618
  636
  656
  677
  698
  721
  745
  771
  797
Net income, $m
  1,061
  1,075
  1,090
  1,106
  1,124
  1,143
  1,164
  1,186
  1,209
  1,234
  1,260
  1,288
  1,317
  1,349
  1,382
  1,417
  1,453
  1,492
  1,533
  1,576
  1,622
  1,670
  1,720
  1,773
  1,829
  1,888
  1,950
  2,015
  2,083
  2,155

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
  43,895
  44,904
  46,058
  47,354
  48,790
  50,365
  52,080
  53,937
  55,937
  58,084
  60,380
  62,831
  65,440
  68,213
  71,156
  74,274
  77,575
  81,065
  84,753
  88,648
  92,757
  97,090
  101,658
  106,470
  111,539
  116,876
  122,493
  128,404
  134,623
  141,163
Adjusted assets (=assets-cash), $m
  43,895
  44,904
  46,058
  47,354
  48,790
  50,365
  52,080
  53,937
  55,937
  58,084
  60,380
  62,831
  65,440
  68,213
  71,156
  74,274
  77,575
  81,065
  84,753
  88,648
  92,757
  97,090
  101,658
  106,470
  111,539
  116,876
  122,493
  128,404
  134,623
  141,163
Revenue / Adjusted assets
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
Average production assets, $m
  34,256
  35,044
  35,945
  36,956
  38,077
  39,306
  40,644
  42,094
  43,655
  45,330
  47,122
  49,035
  51,071
  53,235
  55,532
  57,965
  60,541
  63,265
  66,144
  69,183
  72,390
  75,771
  79,336
  83,092
  87,048
  91,213
  95,597
  100,210
  105,063
  110,167
Working capital, $m
  58
  59
  61
  63
  65
  67
  69
  71
  74
  77
  80
  83
  87
  90
  94
  98
  103
  107
  112
  117
  123
  129
  135
  141
  148
  155
  162
  170
  178
  187
Total debt, $m
  16,590
  17,331
  18,178
  19,129
  20,182
  21,339
  22,598
  23,961
  25,429
  27,004
  28,690
  30,489
  32,404
  34,439
  36,599
  38,888
  41,311
  43,873
  46,580
  49,438
  52,454
  55,635
  58,988
  62,520
  66,241
  70,158
  74,281
  78,620
  83,184
  87,985
Total liabilities, $m
  32,219
  32,960
  33,807
  34,758
  35,811
  36,968
  38,227
  39,590
  41,058
  42,633
  44,319
  46,118
  48,033
  50,068
  52,228
  54,517
  56,940
  59,502
  62,209
  65,067
  68,083
  71,264
  74,617
  78,149
  81,870
  85,787
  89,910
  94,249
  98,813
  103,614
Total equity, $m
  11,676
  11,945
  12,251
  12,596
  12,978
  13,397
  13,853
  14,347
  14,879
  15,450
  16,061
  16,713
  17,407
  18,145
  18,927
  19,757
  20,635
  21,563
  22,544
  23,580
  24,673
  25,826
  27,041
  28,321
  29,669
  31,089
  32,583
  34,155
  35,810
  37,549
Total liabilities and equity, $m
  43,895
  44,905
  46,058
  47,354
  48,789
  50,365
  52,080
  53,937
  55,937
  58,083
  60,380
  62,831
  65,440
  68,213
  71,155
  74,274
  77,575
  81,065
  84,753
  88,647
  92,756
  97,090
  101,658
  106,470
  111,539
  116,876
  122,493
  128,404
  134,623
  141,163
Debt-to-equity ratio
  1.420
  1.450
  1.480
  1.520
  1.560
  1.590
  1.630
  1.670
  1.710
  1.750
  1.790
  1.820
  1.860
  1.900
  1.930
  1.970
  2.000
  2.030
  2.070
  2.100
  2.130
  2.150
  2.180
  2.210
  2.230
  2.260
  2.280
  2.300
  2.320
  2.340
Adjusted equity ratio
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,061
  1,075
  1,090
  1,106
  1,124
  1,143
  1,164
  1,186
  1,209
  1,234
  1,260
  1,288
  1,317
  1,349
  1,382
  1,417
  1,453
  1,492
  1,533
  1,576
  1,622
  1,670
  1,720
  1,773
  1,829
  1,888
  1,950
  2,015
  2,083
  2,155
Depreciation, amort., depletion, $m
  1,523
  1,558
  1,598
  1,642
  1,692
  1,747
  1,806
  1,871
  1,940
  2,015
  2,094
  2,179
  2,270
  2,366
  2,468
  2,576
  2,691
  2,812
  2,940
  3,075
  3,217
  3,368
  3,526
  3,693
  3,869
  4,054
  4,249
  4,454
  4,669
  4,896
Funds from operations, $m
  2,584
  2,632
  2,687
  2,749
  2,816
  2,890
  2,970
  3,056
  3,149
  3,248
  3,354
  3,467
  3,587
  3,715
  3,850
  3,993
  4,144
  4,304
  4,473
  4,651
  4,839
  5,038
  5,246
  5,466
  5,698
  5,942
  6,199
  6,469
  6,753
  7,052
Change in working capital, $m
  1
  1
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
Cash from operations, $m
  2,583
  2,631
  2,686
  2,747
  2,815
  2,888
  2,968
  3,054
  3,146
  3,245
  3,351
  3,464
  3,584
  3,711
  3,846
  3,989
  4,140
  4,299
  4,468
  4,646
  4,834
  5,032
  5,240
  5,460
  5,691
  5,935
  6,191
  6,461
  6,745
  7,043
Maintenance CAPEX, $m
  -1,493
  -1,523
  -1,558
  -1,598
  -1,642
  -1,692
  -1,747
  -1,806
  -1,871
  -1,940
  -2,015
  -2,094
  -2,179
  -2,270
  -2,366
  -2,468
  -2,576
  -2,691
  -2,812
  -2,940
  -3,075
  -3,217
  -3,368
  -3,526
  -3,693
  -3,869
  -4,054
  -4,249
  -4,454
  -4,669
New CAPEX, $m
  -671
  -788
  -901
  -1,011
  -1,120
  -1,229
  -1,339
  -1,449
  -1,561
  -1,675
  -1,792
  -1,912
  -2,036
  -2,164
  -2,296
  -2,434
  -2,576
  -2,724
  -2,878
  -3,039
  -3,207
  -3,382
  -3,565
  -3,756
  -3,956
  -4,165
  -4,384
  -4,613
  -4,853
  -5,105
Cash from investing activities, $m
  -2,164
  -2,311
  -2,459
  -2,609
  -2,762
  -2,921
  -3,086
  -3,255
  -3,432
  -3,615
  -3,807
  -4,006
  -4,215
  -4,434
  -4,662
  -4,902
  -5,152
  -5,415
  -5,690
  -5,979
  -6,282
  -6,599
  -6,933
  -7,282
  -7,649
  -8,034
  -8,438
  -8,862
  -9,307
  -9,774
Free cash flow, $m
  419
  320
  228
  138
  52
  -33
  -118
  -202
  -285
  -370
  -456
  -543
  -632
  -723
  -817
  -913
  -1,013
  -1,115
  -1,222
  -1,333
  -1,448
  -1,567
  -1,692
  -1,822
  -1,957
  -2,099
  -2,247
  -2,401
  -2,562
  -2,731
Issuance/(repayment) of debt, $m
  644
  741
  847
  951
  1,054
  1,156
  1,259
  1,363
  1,468
  1,576
  1,686
  1,799
  1,915
  2,035
  2,160
  2,289
  2,423
  2,562
  2,707
  2,858
  3,016
  3,181
  3,353
  3,532
  3,720
  3,917
  4,123
  4,339
  4,564
  4,801
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  
  644
  741
  847
  951
  1,054
  1,156
  1,259
  1,363
  1,468
  1,576
  1,686
  1,799
  1,915
  2,035
  2,160
  2,289
  2,423
  2,562
  2,707
  2,858
  3,016
  3,181
  3,353
  3,532
  3,720
  3,917
  4,123
  4,339
  4,564
  4,801
Total cash flow (excl. dividends), $m
  1,063
  1,062
  1,075
  1,089
  1,105
  1,123
  1,141
  1,161
  1,183
  1,206
  1,230
  1,256
  1,283
  1,312
  1,343
  1,376
  1,410
  1,447
  1,485
  1,526
  1,568
  1,613
  1,661
  1,711
  1,763
  1,818
  1,877
  1,938
  2,002
  2,070
Retained Cash Flow (-), $m
  -221
  -269
  -307
  -345
  -382
  -419
  -456
  -494
  -532
  -571
  -611
  -652
  -694
  -738
  -783
  -829
  -878
  -929
  -981
  -1,036
  -1,093
  -1,153
  -1,215
  -1,280
  -1,348
  -1,420
  -1,494
  -1,572
  -1,654
  -1,740
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
  842
  793
  768
  745
  724
  704
  685
  667
  651
  635
  619
  604
  589
  575
  560
  546
  532
  518
  504
  490
  475
  461
  446
  430
  415
  399
  382
  365
  348
  330
Discount rate, %
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
  34.58
PV of cash for distribution, $m
  776
  670
  589
  514
  445
  382
  325
  273
  227
  186
  151
  121
  95
  73
  56
  42
  30
  22
  15
  10
  7
  5
  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

Xcel Energy Inc. is a public utility holding company. The Company's operations include the activity of four utility subsidiaries that serve electric and natural gas customers in eight states. The Company's segments include regulated electric utility, regulated natural gas utility and all other. The Company's utility subsidiaries include NSP-Minnesota, NSP-Wisconsin, Public Service Company of Colorado (PSCo) and Southwestern Public Service Co. (SPS), which serve customers in portions of Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin. Along with WYCO Development LLC (WYCO), a joint venture formed with Colorado Interstate Gas Company, LLC (CIG) to develop and lease natural gas pipelines storage and compression facilities, and WestGas InterState, Inc. (WGI), an interstate natural gas pipeline company, these companies comprise the regulated utility operations.

FINANCIAL RATIOS  of  Xcel Energy (XEL)

Valuation Ratios
P/E Ratio 23.2
Price to Sales 2.3
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 8.5
Price to Free Cash Flow -127.7
Growth Rates
Sales Growth Rate 0.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -11.6%
Cap. Spend. - 3 Yr. Gr. Rate -0.8%
Financial Strength
Quick Ratio 0
Current Ratio 0.3
LT Debt to Equity 128.8%
Total Debt to Equity 134.7%
Interest Coverage 4
Management Effectiveness
Return On Assets 3.8%
Ret/ On Assets - 3 Yr. Avg. 3.7%
Return On Total Capital 4.5%
Ret/ On T. Cap. - 3 Yr. Avg. 4.4%
Return On Equity 10.4%
Return On Equity - 3 Yr. Avg. 10.1%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 32.6%
EBITDA Margin - 3 Yr. Avg. 29.4%
Operating Margin 19.9%
Oper. Margin - 3 Yr. Avg. 18.2%
Pre-Tax Margin 15.4%
Pre-Tax Margin - 3 Yr. Avg. 14.1%
Net Profit Margin 10.1%
Net Profit Margin - 3 Yr. Avg. 9.3%
Effective Tax Rate 34.1%
Eff/ Tax Rate - 3 Yr. Avg. 34.5%
Payout Ratio 60.6%

XEL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the XEL stock intrinsic value calculation we used $11404 million for the last fiscal year's total revenue generated by Xcel Energy. The default revenue input number comes from 0001 income statement of Xcel 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 XEL stock valuation model: a) initial revenue growth rate of 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 8.4%, whose default value for XEL is calculated based on our internal credit rating of Xcel 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 Xcel 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 XEL stock the variable cost ratio is equal to 80.1%.

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 XEL 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 Xcel Energy.

Corporate tax rate of 27% is the nominal tax rate for Xcel 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 XEL 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 XEL are equal to 294.5%.

Life of production assets of 22.5 years is the average useful life of capital assets used in Xcel 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 XEL is equal to 0.5%. 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 - $11455 million for Xcel 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 508.857 million for Xcel 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 Xcel Energy at the current share price and the inputted number of shares is $26.1 billion.

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COMPANY NEWS

▶ 5 Hard-to-Believe Renewable Energy Facts   [Nov-11-18 09:43AM  Motley Fool]
▶ The List: Corporate board pay climbing? Not in Minnesota at least not this year   [Nov-08-18 05:05PM  American City Business Journals]
▶ Xcel plans to buy Mankato power plant for $650 million   [08:30AM  American City Business Journals]
▶ Xcel Energy to Purchase Mankato Energy Center   [Nov-06-18 05:43PM  Business Wire]
▶ Xcel sees growth ahead as it shifts focus to renewables in Colorado   [Oct-26-18 09:30AM  American City Business Journals]
▶ Xcel: 3Q Earnings Snapshot   [06:27AM  Associated Press]
▶ 5 Energy Companies Investors Need To Watch In 2019   [Oct-15-18 07:30PM  Oilprice.com]
▶ Xcel Energy 3rd Quarter 2018 Earnings Conference Call   [Oct-08-18 01:13PM  Business Wire]
▶ Xcel Energy Inc (NASDAQ:XEL) Will Pay US$0.38 In Dividends   [Sep-09-18 10:15AM  Simply Wall St.]
▶ Xcel Energy reveals multi-million dollar impact on New Mexico, Texas   [Aug-30-18 04:15PM  American City Business Journals]
▶ View from the Top: Alice Jackson leads Xcel's efforts to reshape energy in Colorado   [Aug-23-18 12:56PM  American City Business Journals]
▶ Xcel Energy Inc. Board Declares Dividend on Common Stock   [Aug-22-18 01:58PM  Business Wire]
▶ Xcel Energy Board Elects New Board Member   [Aug-21-18 05:00PM  Business Wire]
▶ Xcel completes $140 million NM project   [Jul-26-18 02:07PM  American City Business Journals]
▶ Xcel: 2Q Earnings Snapshot   [06:16AM  Associated Press]
▶ Xcel completes nearly $30 million project in eastern New Mexico   [04:25PM  American City Business Journals]
▶ Xcel Energy buys Hale Wind Project in Texas Panhandle   [Jul-05-18 04:17PM  Associated Press]
▶ Xcel Energy 2nd Quarter 2018 Earnings Conference Call   [Jun-28-18 01:11PM  Business Wire]
▶ 4 Stocks That Can Shine In A Risky Market   [Jun-20-18 01:00PM  Investopedia]
▶ Xcel Energy details plan to retire two coal plants, rely more on wind and solar   [Jun-07-18 11:29AM  American City Business Journals]
▶ Xcel Energy Cuts Carbon Emissions 35 Percent   [May-22-18 03:22PM  Business Wire]
▶ Xcel Energy Inc. Board Declares Dividend on Common Stock   [May-16-18 11:52AM  Business Wire]
▶ Utility Favorites From Aqua to Xcel   [May-03-18 10:00AM  Investopedia]
▶ Xcel Energy to Webcast Annual Shareholders Meeting   [May-02-18 04:34PM  Business Wire]
▶ Utility Stock Outlook - April 2018   [May-01-18 04:19PM  Zacks]
▶ Xcel Energy Gets Approval for New Wind Facilities   [Apr-27-18 01:00PM  Business Wire]
▶ Xcel Energy Inc. to Host Earnings Call   [09:05AM  ACCESSWIRE]
▶ Xcel: 1Q Earnings Snapshot   [06:25AM  Associated Press]
▶ How Xcel plans to power up southeast New Mexico in 2018   [Apr-23-18 04:48PM  American City Business Journals]
▶ Xcel Energy gets 'unprecedented' FAA permission to fly drones   [Apr-18-18 03:50PM  American City Business Journals]
▶ Xcel Energy names new Colorado president   [Apr-17-18 04:53PM  American City Business Journals]
▶ Xcel Energy Announces Leadership Changes   [03:12PM  Business Wire]

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