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Piedmont Natural Gas Co
PNY : NYSE : Utilities
$35.31 -0.39 | -1.09%
Today's Range: 35.28 - 35.57
Avg. Daily Volume: 266,000
07/25/14 - 4:02 PM ET

Financial Analysis


PIEDMONT NATURAL GAS CO's gross profit margin for the second quarter of its fiscal year 2014 is essentially unchanged when compared to the same period a year ago. The company has grown sales and net income during the past quarter when compared with the same quarter a year ago, however, it was unable to keep up with the growth of the average competitor within its industry. PIEDMONT NATURAL GAS CO has very weak liquidity. Currently, the Quick Ratio is 0.25 which clearly shows a lack of ability to cover short-term cash needs. The company's liquidity has increased from the same period last year, indicating improving cash flow.

During the same period, stockholders' equity ("net worth") has increased by 10.64% from the same quarter last year. The key liquidity measurements indicate that the company is in a position in which financial difficulties could develop in the near future.

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Income Statement Q2 FY14 Q2 FY13
Net Sales ($mil)462.25399.41
EBITDA ($mil)131.83109.75
EBIT ($mil)103.4982.88
Net Income ($mil)62.5455.79


Balance Sheet Q2 FY14 Q2 FY13
Cash & Equiv. ($mil)13.8514.9
Total Assets ($mil)4578.94037.94
Total Debt ($mil)1544.861320.0
Equity ($mil)1361.681230.73


Profitability Q2 FY14 Q2 FY13
Gross Profit Margin28.5227.48
EBITDA Margin28.5227.47
Operating Margin22.3920.75
Sales Turnover0.320.31
Return on Assets3.333.34
Return on Equity11.2210.98
Debt Q2 FY14 Q2 FY13
Current Ratio0.50.47
Debt/Capital0.530.52
Interest Expense17.4913.26
Interest Coverage5.926.25


Share Data Q2 FY14 Q2 FY13
Shares outstanding (mil)78.1475.72
Div / share0.320.31
EPS0.80.74
Book value / share17.4316.25
Institutional Own % n/a n/a
Avg Daily Volume263437.0287217.0

Valuation


BUY. PIEDMONT NATURAL GAS CO's P/E ratio indicates a discount compared to an average of 24.20 for the Gas Utilities industry and a value on par with the S&P 500 average of 19.42. For additional comparison, its price-to-book ratio of 2.06 indicates a discount versus the S&P 500 average of 2.68 and a discount versus the industry average of 2.08. The current price-to-sales ratio is above both the S&P 500 average and the industry average, indicating a premium. Upon assessment of these and other key valuation criteria, PIEDMONT NATURAL GAS CO proves to trade at a discount to investment alternatives within the industry.


Price/Earnings
1 2 3 4 5
premium   discount
  Price/Cash Flow
1 2 3 4 5
premium   discount
PNY 18.29 Peers 24.20   PNY 6.55 Peers 9.50

Discount. A lower P/E ratio than its peers can signify a less expensive stock or lower growth expectations.

PNY is trading at a discount to its peers.

 

Discount. The P/CF ratio, a stock’s price divided by the company's cash flow from operations, is useful for comparing companies with different capital requirements or financing structures.

PNY is trading at a significant discount to its peers.

 
Price/Projected
Earnings
1 2 3 4 5
premium   discount
  Price to
Earnings/Growth
1 2 3 4 5
premium   discount
PNY 18.76 Peers 17.46   PNY 2.83 Peers 1.32

Average. An average price-to-projected earnings ratio can signify an industry neutral stock price and average future growth expectations.

PNY is trading at a valuation on par with its peers.

 

Premium. The PEG ratio is the stock’s P/E divided by the consensus estimate of long-term earnings growth. Faster growth can justify higher price multiples.

PNY trades at a significant premium to its peers.

 
Price/Book
1 2 3 4 5
premium   discount
  Earnings Growth
1 2 3 4 5
lower   higher
PNY 2.06 Peers 2.08   PNY 7.10 Peers 27.61

Average. A lower price-to-book ratio makes a stock more attractive to investors seeking stocks with lower market values per dollar of equity on the balance sheet.

PNY is trading at a valuation on par with its peers.

 

Lower. Elevated earnings growth rates can lead to capital appreciation and justify higher price-to-earnings ratios.

However, PNY is expected to significantly trail its peers on the basis of its earnings growth rate.

 
Price/Sales
1 2 3 4 5
premium   discount
  Sales Growth
1 2 3 4 5
premium   discount
PNY 1.89 Peers 1.52   PNY 17.89 Peers 21.78

Premium. In the absence of P/E and P/B multiples, the price-to-sales ratio can display the value investors are placing on each dollar of sales.

PNY is trading at a premium to its industry on this measurement.

 

Lower. A sales growth rate that trails the industry implies that a company is losing market share.

PNY trails its peers on the basis of sales growth

 

 

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