The Intelligent Investor - The Definitive Book On Value Investing

TABLE 14-4 Data on the Fifteen Stocks in the Dow Jones Utility Av

erage at September 30, 1971

Earns.Per Share

Price

Price/

1970

Sept. 30,

Book

Price/

Book

Div.

vs.

1971

Earned

a

Dividend

Value

Earnings

Value

Yield

1960

Am. Elec. Power

26

2.40

1.70

18.86

11

138%

6.5%

+87%

Cleveland El. Ill.

34

3 ⁄^4

3.10

2.24

22.94

11

150

6.4

86

Columbia Gas System

33

2.95

1.76

25.58

11

129

5.3

85

Commonwealth Edison

35

1 ⁄^2

3.05

2.20

27.28

12

130

6.2

56

Consolidated Edison

24

1 ⁄^2

2.40

1.80

30.63

10

80

7.4

19

Consd. Nat. Gas

27

3 ⁄^4

3.00

1.88

32.11

9

86

6.8

53

Detroit Edison

19

1 ⁄^4

1.80

1.40

22.66

11

84

7.3

40

Houston Ltg. & Power

42

3 ⁄^4

2.88

1.32

19.02

15

222

3.1

135

Niagara-Mohawk Pwr.

15

1 ⁄^2

1.45

1.10

16.46

11

93

7.2

32

Pacific Gas & Electric

29

2.65

1.64

25.45

11

114

5.6

79

Panhandle E. Pipe L.

32

1 ⁄^2

2.90

1.80

19.95

11

166

5.5

79

Peoples Gas Co.

31

1 ⁄^2

2.70

2.08

30.28

8

104

6.6

23

Philadelphia El.

20

1 ⁄^2

2.00

1.64

19.74

10

103

8.0

29

Public Svs. El. & Gas

25

1 ⁄^2

2.80

1.64

21.81

9

116

6.4

80

Sou. Calif. Edison

29

1 ⁄^4

2.80

1.50

27.28

10

107

5.1

85

Average

28

1 ⁄^2

2.66

1.71

23.83

10.7

121%

6.2%

+65%

aEstimated for year 1971.