MDU Resources Group, Inc. provides natural resource products and related services to energy and transportation infrastructure. The company operates through the following segments: Electric, Natural Gas Distribution, Pipeline and Midstream, Construction Materials and Contracting, Construction Services, Refining, and Other. The Electric segment generates, transmits and distributes electricity in Montana, North Dakota, South Dakota and Wyoming. The Natural Gas Distribution segment distributes natural gas in Montana, North Dakota, South Dakota, Wyoming, Idaho, Minnesota, Oregon, and Washington. The Pipeline and Midstream segment provides natural gas transportation, underground storage, processing and gathering services, as well as oil gathering, through regulated and non-regulated pipeline systems and processing facilities primarily in the Rocky Mountain and northern Great Plains regions. The Construction Materials and Contracting segment mines aggregates and markets crushed stone, sand, gravel and related construction materials, including ready-mixed concrete, cement, asphalt, liquid asphalt and other value-added products. It also performs integrated contracting services. The Construction Services segment provides utility construction services specializing in constructing and maintaining electric and communication lines, gas pipelines, fire suppression systems, and external lighting and traffic signalization. It also offers utility excavation and inside electrical and mechanical services, and manufactures and distributes transmission line construction equipment and other supplies. The Refining segment refines crude oil and produces and sells diesel fuel, naphtha, atmospheric tower bottoms and other by-products of the production process. The Other segment includes the activities of Centennial Capital, which insures various types of risks as a captive insurer for certain of the firm's subsidiaries. MDU Resources Group was founded by C. C. Yawkey, R.M. Heskett and Walter Alexander on March 14, 1924 and is headquartered in Bismarck, ND.
At first glance you could be forgiven for shying away from stellar performing TPG Telecom (TPM), after all the telco is not only trading at a premium to its peers but well ahead of Skaffold’s forecast intrinsic value estimates. Conventional value investing wisdom would suggest letting the stock cool its jets rather than buying in at current levels.
Revelations that TPM will go head-to-head with the NBN - hence removing the need to lease Telstra’s copper network for last mile access - was even more favourably received by the market than its better than expected $149 million full year net profit after tax (NPAT).
TPG’s share price is now at a substantial premium to Skaffold’s intrinsic value estimate. Given its positive outlook, is TPG a buy, sell or hold?