MGE ENERGY INC (MGEE)

Electric, Gas & Sanitary Services

Latest Price

$75.36

TTM P/E

19.32

Normalized P/E

22.36

Div Yield

2.49%

Book Value

36.88

P/B Ratio

2.04

Valuation metrics

EPS: $3.72

Book value / share: $35.68

Formula: √(22.5 × EPS × BVPS)

Graham Number

$54.65

28% downside

Norm. op. income: $138M (median of 7yr)

Tax rate: 17%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$7.04

91% downside

Base FCF: $28M (median of recent 5yr)

Growth: 25%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$33.27

56% downside

EPS: $3.72

Target P/E: 23×

Formula: EPS × P/E

P/E Fair Value

$85.56

+12% upside

70.7% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	6.09M	$496.0M	16.58%	+634.2K	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	2.79M	$227.0M	7.60%	+130.7K	2026-06-30
STATE STREET CORP	2.05M	$167.0M	5.58%	+131.1K	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	1.70M	$138.0M	4.63%	+61.7K	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	1.01M	$81.0M	2.73%	+79.3K	2026-06-30
Zimmer Partners, LP	1.00M	$81.0M	2.72%	+999.5K	2026-06-30
DIMENSIONAL FUND ADVISORS LP	701.0K	$57.0M	1.91%	+16.7K	2026-06-30
MORGAN STANLEY	545.5K	$44.0M	1.48%	+239.1K	2026-06-30
WESTWOOD HOLDINGS GROUP INC	530.6K	$43.0M	1.44%	--	2026-06-30
TWO SIGMA INVESTMENTS, LP	487.0K	$39.0M	1.32%	--	2026-06-30