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Sunday, October 22, 2017

PNM Resources Inc Valuation – Initial Coverage $PNM


Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – March 2017.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how PNM Resources Inc (PNM) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): PNM Resources, Inc. (PNMR) is an investor-owned holding company with approximately two regulated utilities providing electricity and electric services in New Mexico and Texas. PNMR’s electric utilities are Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP). It operates in three segments: PNM, TNMP, and Corporate and Other. The Company, through its Website provides information, including news releases, notices of Webcasts, and filings. PNM is an electric utility that provides electric generation, transmission and distribution service to its rate-regulated customers. TNMP is a regulated utility operating in Texas. TNMP provides transmission and distribution services in Texas under the provisions of Texas Electric Choice Act (TECA) and the Texas Public Utility Regulatory Act. The Corporate and Other segment includes PNMR holding company activities, related to corporate level debt and PNMR Services Company.

PNM Chart

PNM data by YCharts


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Premium members can view a full ModernGraham valuation of the company and have access to download a PDF version of the valuation for easy reference. Recent valuations of the components of the Dow Jones Industrial Average are available for free members, including this one of Microsoft Corporation.  In addition, here is a post detailing what can be found within each individual company’s valuation.

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Useful Links:

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Google Finance MSN Money
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GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 6/1/2017
Total Current Assets $353,587,000
Total Current Liabilities $766,570,000
Long-Term Debt $2,199,105,000
Total Assets $6,584,445,000
Intangible Assets $278,297,000
Total Liabilities $4,857,185,000
Shares Outstanding (Diluted Average) 80,131,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $1.90
Dec2016 $1.46
Dec2015 $0.20
Dec2014 $1.45
Dec2013 $1.25
Dec2012 $1.31
Dec2011 $1.96
Dec2010 -$0.49
Dec2009 $1.36
Dec2008 -$3.24
Dec2007 $0.96
Dec2006 $1.71
Dec2005 $0.98
Dec2004 $1.41
Dec2003 $1.56
Dec2002 $1.07
Dec2001 $2.51
Dec2000 $1.69
Dec1999 $1.34
Dec1998 $1.30
Dec1997 $1.27

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $1.34
Dec2016 $1.08
Dec2015 $1.01
Dec2014 $1.31
Dec2013 $1.18
Dec2012 $0.83
Dec2011 $0.43
Dec2010 -$0.21
Dec2009 $0.07
Dec2008 -$0.26
Dec2007 $1.26
Dec2006 $1.39
Dec2005 $1.33
Dec2004 $1.55
Dec2003 $1.62
Dec2002 $1.63
Dec2001 $1.81

Recommended Reading:

Other ModernGraham posts about the company

None.  This is the first time ModernGraham has covered the company.

Other ModernGraham posts about related companies

Public Service Enterprise Group Inc Valuation – July 2017 $PEG
Eversource Energy Valuation – July 2017 $ES
PPL Corp Valuation – June 2017 $PPL
Entergy Corp Valuation – April 2017 $ETR
California Water Service Group Valuation – Initial Coverage $CWT
TransAlta Corporation – Initial Coverage $TSE:TA
Pinnacle West Corp Valuation – March 2017 $PNW
NiSource Inc Valuation – March 2017 $NI
Canadian Utilities Ltd Valuation – Initial Coverage $TSE:CU
American Electric Power Company Inc Valuation – March 2017 $AEP

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

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