Charts: Valuing Utility Stocks Based On Book Value & Tangible Book Value

by: Robert Zenilman

Rob Zenilman submits:
Price / Book Value ratios of stocks covered in the Utility sector ranged from 55.2 (TXU) down to 1.7 (NYSE:CV), with a median value of 1.7.
Price / Tangible Book Value ratios ranged from -999.0 (NYSE:KMI) down to 1.2 (CV), with a median value of 1.9.

Tangible Book Value differs from Book Value by subtracting out the value of intangible assets from the equation Book Value = Assets - Liablilities. Examples of intangible assets are goodwill, patents, capitalized start-up expenses and deferred financing costs.


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Data in table version -- click on a ticker for opinion and analysis of the company:


06/21/06 Book Price/ Tangible Price/
Ticker Company $Close Value BV BV TBV
AEE Ameren Corp. $50.29 $30.77 1.63 $24.73
2.03
AEP American Electric Power C $34.04 $23.82 1.43 $23.63
1.44
AES AES Corp. $17.54 $3.33 5.27 $1.16
15.14
ATG AGL Resources Inc. $36.76 $20.29 1.81 $14.89
2.47
ATO Atmos Energy Corp. $26.63 $21.05 1.27 $11.95
2.23
AVA Avista Corp. $22.44 $16.51 1.36 $16.51
1.36
AYE Allegheny Energy Inc. $35.11 $11.26 3.12 $8.84
3.97
BKH Black Hills Corp. $33.13 $22.79 1.45 $21.07
1.57
CEG Constellation Energy Grou $54.32 $24.18 2.25 $22.55
2.41
CGC Cascade Natural Gas Corp. $20.52 $11.40 1.80 $11.40
1.80
CHG CH Energy Group Inc. $45.48 $32.59 1.40 $26.28
1.73
CMS CMS Energy Corp. $12.85 $10.43 1.23 $10.30
1.25
CNL Cleco Corp. $22.00 $13.70 1.61 $13.70
1.61
CNP Centerpoint Energy Inc. $12.21 $4.32 2.83 -$1.35
N/A
CPK Chesapeake Utilities Corp $28.82 $15.27 1.89 $15.12
1.91
CV Central Vermont Public Se $16.65 $18.02 0.92 $18.02
0.92
D Dominion Resources Inc. $72.64 $32.88 2.21 $20.53
3.54
DGAS Delta Natural Gas Co. Inc $24.63 $16.64 1.48 $16.64
1.48
DQE Duquesne Light Holdings I $15.97 $8.34 1.91 $8.34
1.91
DTE DTE Energy Co. $39.93 $32.95 1.21 $21.38
1.87
EAS Energy East Corp. $23.22 $19.44 1.19 $9.11
2.55
ED Consolidated Edison Inc. $43.50 $29.96 1.45 $27.95
1.56
EDE Empire District Electric $20.40 $14.67 1.39 $14.67
1.39
EGN Energen Corp. $34.25 $14.19 2.41 $14.19
2.41
EIX Edison International $39.36 $21.17 1.86 $21.17
1.86
EQT Equitable Resources Inc. $32.14 $5.11 6.29 $5.11
6.29
ETR Entergy Corp. $70.24 $38.66 1.82 $36.85
1.91
EWST Energy West Inc. $9.24 $6.55 1.41 $6.55
1.41
FE Firstenergy Corp. $53.29 $28.26 1.89 $10.25
5.20
FPL FPL Group Inc. $40.82 $22.12 1.85 $22.12
1.85
GAS Nicor Inc. $40.48 $18.89 2.14 $18.89
2.14
GMP Green Mountain Power Corp $27.99 $22.79 1.23 $22.79
1.23
GXP Great Plains Energy Inc. $27.45 $15.69 1.75 $14.51
1.89
HE Hawaiian Electric Industr $27.00 $14.95 1.81 $13.85
1.95
IDA IdaCorp, Inc. $33.40 $24.33 1.37 $23.52
1.42
KMI Kinder Morgan Inc. $99.60 $29.71 3.35 $1.22
81.44
KSE KeySpan Corp. $40.22 $26.44 1.52 $16.91
2.38
LG Laclede Group Inc. $32.80 $19.27 1.70 $17.94
1.83
LNT Alliant Energy Corp. $33.76 $21.11 1.60 $21.11
1.60
MDU MDU Resources Group Inc. $34.93 $16.18 2.16 $14.11
2.47
MGEE MGE Energy Inc. $29.54 $17.04 1.73 $17.04
1.73
NFG National Fuel Gas Co. $33.94 $16.48 2.06 $15.92
2.13
NI Nisource Inc. $21.85 $18.06 1.21 $2.77
7.90
NJR New Jersey Resources Corp $44.87 $22.09 2.03 $22.09
2.03
NRG NRG Energy Inc. $47.85 $34.15 1.40 $3.72
12.85
NST NSTAR $28.03 $14.24 1.97 $14.24
1.97
NU Northeast Utilities $20.45 $15.49 1.32 $13.62
1.50
NWN Northwest Natural Gas Co. $35.16 $22.44 1.57 $22.44
1.57
OGE OGE Energy Corp. $32.86 $15.17 2.17 $14.81
2.22
OKE ONEOK Inc. $33.17 $20.08 1.65 $11.63
2.85
ORA Ormat Technologies Inc. $33.28 $6.00 5.54 $4.51
7.39
OTTR Otter Tail Corp. $26.13 $16.00 1.63 $11.96
2.18
PCG PG & E Corp. $39.08 $21.29 1.84 $21.29
1.84
PEG Public Service Enterprise $65.75 $24.74 2.66 $22.37
2.94
PGL Peoples Energy Corp. $35.52 $22.00 1.61 $22.00
1.61
PGN Progress Energy Inc. $42.02 $31.61 1.33 $16.00
2.63
PNM PNM Resources Inc. $25.82 $18.84 1.37 $10.45
2.47
PNW Pinnacle West Capital Cor $39.08 $32.37 1.21 $31.26
1.25
PNY Piedmont Natural Gas Co. $23.68 $12.37 1.92 $11.74
2.02
POM Pepco Holdings Inc. $23.25 $18.53 1.25 $11.01
2.11
PPL PPL Corp. $31.36 $12.43 2.52 $8.71
3.60
PSD Puget Energy Inc. $21.12 $18.02 1.17 $18.02
1.17
RGCO RGC Resources Inc. $25.11 $19.56 1.28 $19.56
1.28
RRI Reliant Energy Inc. $11.26 $12.12 0.93 $9.32
1.21
SCG SCANA Corp. $37.50 $23.78 1.58 $21.79
1.72
SEN SEMCO Energy Inc. $5.74 $6.10 0.94 $1.86
3.09
SJI South Jersey Industries I $26.25 $14.41 1.82 $14.41
1.82
SO Southern Co. $32.00 $14.45 2.21 $14.45
2.21
SPI Scottish Power plc $42.46 $4.78 8.88 $4.55
9.33
SRE Sempra Energy $44.46 $25.03 1.78 $25.03
1.78
SRP Sierra Pacific Resources $13.06 $10.27 1.27 $10.15
1.29
STR Questar Corp. $70.61 $21.28 3.32 $20.44
3.45
SUG Southern Union Co. $25.87 $15.27 1.69 $14.40
1.80
SWX Southwest Gas Corp. $29.10 $20.08 1.45 $20.08
1.45
TE TECO Energy Inc. $14.67 $7.76 1.89 $7.48
1.96
TXU TXU Corp. $57.66 $1.04 55.23 -$0.57
N/A
UIL UIL Holdings Corp. $54.70 $33.82 1.62 $33.82
1.62
VVC Vectren Corp. $26.31 $15.43 1.71 $12.71
2.07
WEC Wisconsin Energy Corp. $38.93 $23.58 1.65 $19.80
1.97
WGL WGL Holdings Inc. $28.23 $19.76 1.43 $19.76
1.43
WPS WPS Resources Corp. $48.08 $34.04 1.41 $34.04
1.41
WR Westar Energy Inc. $21.82 $16.30 1.34 $16.30
1.34
XEL Xcel Energy Inc. $19.01 $13.62 1.40 $13.62
1.40

Data: CapitalIQ

Related:

  1. Most recent opinion and analysis of Utility stocks
  2. Full transcripts of recent conference calls in the Utility sector
  3. Add the Utility Stock Blog to your My Yahoo! page

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