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Intrinsic value of CMS Energy Corporation (CMS)

Previous Close$67.61
Intrinsic Value
Upside potential
Previous Close
$67.61
* Our model cannot be used “out of the box” for the valuation of this stock. You can still do your own valuation by changing the valuation input parameters.
Use floor (the cash flow based valuation has rendered a result, which is lower than an estimated minimum value derived from the company’s balance sheet analysis)

VALUATION INPUT DATA (original, your and others' valuations)

ParameterOrig.Your
Date of valuation (DoV)  
Intrinsic value (IV) at DoV, $/sh  
IV at current val. algorithm, $/sh37.58 

The original valuation is based on fiscal year data as of 2021-12-31 and quarterly data as of 2022-03-31.

Registered users can save their valuation input data

  1. Annual
  2. Quarterly YoY
  3. Quarterly QoQ

Annual revenue growth rates, % (past and forecasted)

NOTE: The bar chart shows historic and forecasted yearly revenue growth rates. Its purpose is to help you in determining what initial revenue rate you want to base your stock valuation on. Please make sure that you are confident in the value you select - for most stocks it is by far the most important parameter in valuation.

Company description

CMS Energy Corporation operates as an energy company primarily in Michigan. The company operates in four segments: Electric Utility, Gas Utility, Enterprises, and EnerBank. The Electric Utility segment is involved in the generation, purchase, transmission, distribution, and sale of electricity. This segment generates electricity through coal, wind, gas, renewable energy, oil, and nuclear sources. Its transmission and distribution system comprises 213 miles of transmission overhead lines; 205 miles of high-voltage distribution overhead lines; 4 miles of high-voltage distribution underground lines; 4,430 miles of high-voltage distribution overhead lines; 19 miles of high-voltage distribution underground lines; 66,917 miles of electric distribution overhead lines; 9,314 miles of underground distribution lines; substations; and a battery facility. The Gas Utility segment engages in the purchase, transmission, storage, distribution, and sale of natural gas, which includes 2,426 miles of transmission lines; 15 gas storage fields; 27,729 miles of distribution mains; and 8 compressor stations. The Enterprises segment is involved in the independent power production and marketing, including the development and operation of renewable generation. It owns interests in independent power plants totaling 1,335 megawatts. The EnterBank segment operates an industrial bank providing unsecured consumer installment loans for financing home improvements. It serves 1.8 million electric and 1.8 million gas customers, including residential, commercial, and diversified industrial customers. CMS Energy Corporation was founded in 1987 and is headquartered in Jackson, Michigan.

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FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year2021(a)2022202320242025202620272028202920302031203220332034203520362037203820392040204120422043204420452046

INCOME STATEMENT

Revenue growth rate, %14.2NaN
Revenue, $7329NaN
Variable operating expenses, $mNaN
Fixed operating expenses, $mNaN
Total operating expenses, $m6183NaN
Operating income, $m1146NaN
EBITDA, $m2260NaN
Interest expense (income), $mNaN
Earnings before tax, $m1443NaN
Tax expense, $m95NaN
Net income, $m1348NaN

BALANCE SHEET

Cash and short-term investments, $m476NaN
Total assets, $m28753NaN
Adjusted assets (=assets-cash), $m28277NaN
Average production assets, $m22136NaN
Working capital, $m423NaN
Total debt, $m12474NaN
Total liabilities, $m21565NaN
Total equity, $m7188NaN
Debt-to-equity ratio1.735NaN
Adjusted equity ratio0.251NaN

CASH FLOW

Net income, $m1348NaN
Depreciation, amort., depletion, $m1114NaN
Funds from operations, $mNaN
Change in working capital, $mNaN
Cash from operations, $m1819NaN
Maintenance CAPEX, $mNaN
New CAPEX, $mNaN
Total CAPEX, $m-2076NaN
Free cash flow, $m3895NaN
Issuance/(repurchase) of shares, $mNaN
Retained Cash Flow, $mNaN
Pot'l extraordinary dividend, $m423
Cash available for distribution, $mNaN
Discount rate, %NaN
PV of cash for distribution, $mNaN
Current shareholders' claim on cash, %NaN
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