Intrinsic value of Ensign Energy Services Inc. - ESI

Previous Close

$7.43

  Intrinsic Value

$2.91

stock screener

  Rating & Target

str. sell

-61%

Previous close

$7.43

 
Intrinsic value

$2.91

 
Up/down potential

-61%

 
Rating

str. sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of ESI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -38.17
  29.30
  26.87
  24.68
  22.71
  20.94
  19.35
  17.91
  16.62
  15.46
  14.41
  13.47
  12.63
  11.86
  11.18
  10.56
  10.00
  9.50
  9.05
  8.65
  8.28
  7.95
  7.66
  7.39
  7.15
  6.94
  6.74
  6.57
  6.41
  6.27
  6.14
Revenue, $m
  860
  1,112
  1,411
  1,759
  2,159
  2,611
  3,116
  3,674
  4,285
  4,947
  5,660
  6,423
  7,234
  8,092
  8,996
  9,946
  10,941
  11,981
  13,065
  14,195
  15,371
  16,593
  17,864
  19,185
  20,557
  21,983
  23,466
  25,008
  26,612
  28,281
  30,018
Variable operating expenses, $m
 
  967
  1,227
  1,530
  1,878
  2,271
  2,711
  3,196
  3,728
  4,304
  4,924
  5,588
  6,293
  7,040
  7,827
  8,653
  9,519
  10,423
  11,367
  12,350
  13,372
  14,436
  15,542
  16,691
  17,885
  19,126
  20,416
  21,757
  23,152
  24,604
  26,116
Fixed operating expenses, $m
 
  300
  308
  316
  323
  332
  340
  348
  357
  366
  375
  384
  394
  404
  414
  424
  435
  446
  457
  468
  480
  492
  504
  517
  530
  543
  557
  571
  585
  600
  615
Total operating expenses, $m
  1,034
  1,267
  1,535
  1,846
  2,201
  2,603
  3,051
  3,544
  4,085
  4,670
  5,299
  5,972
  6,687
  7,444
  8,241
  9,077
  9,954
  10,869
  11,824
  12,818
  13,852
  14,928
  16,046
  17,208
  18,415
  19,669
  20,973
  22,328
  23,737
  25,204
  26,731
Operating income, $m
  -174
  -156
  -124
  -87
  -43
  8
  65
  129
  200
  277
  361
  451
  546
  648
  755
  869
  987
  1,112
  1,241
  1,377
  1,518
  1,665
  1,818
  1,977
  2,142
  2,315
  2,494
  2,680
  2,875
  3,077
  3,288
EBITDA, $m
  176
  298
  452
  631
  839
  1,074
  1,337
  1,629
  1,949
  2,297
  2,672
  3,073
  3,500
  3,952
  4,429
  4,929
  5,454
  6,003
  6,576
  7,173
  7,794
  8,440
  9,112
  9,810
  10,536
  11,290
  12,075
  12,891
  13,740
  14,624
  15,544
Interest expense (income), $m
  31
  28
  44
  64
  86
  112
  141
  174
  210
  249
  292
  338
  387
  440
  495
  553
  615
  679
  746
  816
  889
  965
  1,044
  1,126
  1,211
  1,299
  1,391
  1,487
  1,587
  1,690
  1,798
Earnings before tax, $m
  -205
  -184
  -169
  -151
  -129
  -104
  -76
  -44
  -10
  28
  69
  112
  159
  208
  261
  315
  373
  433
  496
  561
  629
  700
  774
  851
  932
  1,015
  1,102
  1,193
  1,288
  1,387
  1,490
Tax expense, $m
  -54
  0
  0
  0
  0
  0
  0
  0
  0
  8
  19
  30
  43
  56
  70
  85
  101
  117
  134
  151
  170
  189
  209
  230
  252
  274
  298
  322
  348
  374
  402
Net income, $m
  -151
  -184
  -169
  -151
  -129
  -104
  -76
  -44
  -10
  20
  50
  82
  116
  152
  190
  230
  272
  316
  362
  410
  459
  511
  565
  621
  680
  741
  805
  871
  940
  1,012
  1,088

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  30
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,214
  4,118
  5,225
  6,515
  7,995
  9,669
  11,540
  13,607
  15,869
  18,322
  20,963
  23,788
  26,791
  29,969
  33,319
  36,837
  40,522
  44,372
  48,389
  52,573
  56,928
  61,456
  66,163
  71,054
  76,137
  81,420
  86,911
  92,622
  98,561
  104,743
  111,179
Adjusted assets (=assets-cash), $m
  3,184
  4,118
  5,225
  6,515
  7,995
  9,669
  11,540
  13,607
  15,869
  18,322
  20,963
  23,788
  26,791
  29,969
  33,319
  36,837
  40,522
  44,372
  48,389
  52,573
  56,928
  61,456
  66,163
  71,054
  76,137
  81,420
  86,911
  92,622
  98,561
  104,743
  111,179
Revenue / Adjusted assets
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
Average production assets, $m
  3,090
  3,995
  5,069
  6,320
  7,756
  9,380
  11,195
  13,200
  15,394
  17,775
  20,337
  23,077
  25,990
  29,073
  32,323
  35,736
  39,310
  43,046
  46,943
  51,002
  55,226
  59,619
  64,185
  68,931
  73,862
  78,986
  84,314
  89,853
  95,615
  101,612
  107,856
Working capital, $m
  -11
  120
  152
  190
  233
  282
  336
  397
  463
  534
  611
  694
  781
  874
  972
  1,074
  1,182
  1,294
  1,411
  1,533
  1,660
  1,792
  1,929
  2,072
  2,220
  2,374
  2,534
  2,701
  2,874
  3,054
  3,242
Total debt, $m
  717
  1,085
  1,556
  2,104
  2,733
  3,444
  4,239
  5,118
  6,079
  7,122
  8,244
  9,445
  10,721
  12,072
  13,495
  14,991
  16,557
  18,193
  19,900
  21,679
  23,529
  25,454
  27,454
  29,533
  31,693
  33,939
  36,272
  38,699
  41,224
  43,851
  46,586
Total liabilities, $m
  1,382
  1,750
  2,221
  2,769
  3,398
  4,109
  4,904
  5,783
  6,744
  7,787
  8,909
  10,110
  11,386
  12,737
  14,160
  15,656
  17,222
  18,858
  20,565
  22,344
  24,194
  26,119
  28,119
  30,198
  32,358
  34,604
  36,937
  39,364
  41,889
  44,516
  47,251
Total equity, $m
  1,832
  2,368
  3,004
  3,746
  4,597
  5,560
  6,635
  7,824
  9,125
  10,535
  12,054
  13,678
  15,405
  17,232
  19,158
  21,181
  23,300
  25,514
  27,824
  30,230
  32,734
  35,337
  38,044
  40,856
  43,779
  46,817
  49,974
  53,257
  56,673
  60,227
  63,928
Total liabilities and equity, $m
  3,214
  4,118
  5,225
  6,515
  7,995
  9,669
  11,539
  13,607
  15,869
  18,322
  20,963
  23,788
  26,791
  29,969
  33,318
  36,837
  40,522
  44,372
  48,389
  52,574
  56,928
  61,456
  66,163
  71,054
  76,137
  81,421
  86,911
  92,621
  98,562
  104,743
  111,179
Debt-to-equity ratio
  0.391
  0.460
  0.520
  0.560
  0.590
  0.620
  0.640
  0.650
  0.670
  0.680
  0.680
  0.690
  0.700
  0.700
  0.700
  0.710
  0.710
  0.710
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.730
  0.730
  0.730
  0.730
  0.730
Adjusted equity ratio
  0.566
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -151
  -184
  -169
  -151
  -129
  -104
  -76
  -44
  -10
  20
  50
  82
  116
  152
  190
  230
  272
  316
  362
  410
  459
  511
  565
  621
  680
  741
  805
  871
  940
  1,012
  1,088
Depreciation, amort., depletion, $m
  350
  454
  576
  718
  881
  1,066
  1,272
  1,500
  1,749
  2,020
  2,311
  2,622
  2,953
  3,304
  3,673
  4,061
  4,467
  4,892
  5,334
  5,796
  6,276
  6,775
  7,294
  7,833
  8,393
  8,976
  9,581
  10,211
  10,865
  11,547
  12,256
Funds from operations, $m
  160
  270
  407
  568
  752
  962
  1,196
  1,456
  1,740
  2,040
  2,361
  2,704
  3,070
  3,456
  3,863
  4,291
  4,739
  5,208
  5,696
  6,205
  6,735
  7,286
  7,859
  8,455
  9,073
  9,717
  10,386
  11,082
  11,806
  12,559
  13,344
Change in working capital, $m
  -5
  27
  32
  38
  43
  49
  55
  60
  66
  72
  77
  82
  88
  93
  98
  103
  107
  112
  117
  122
  127
  132
  137
  143
  148
  154
  160
  167
  173
  180
  188
Cash from operations, $m
  165
  243
  375
  530
  709
  913
  1,142
  1,395
  1,674
  1,969
  2,284
  2,622
  2,982
  3,363
  3,766
  4,188
  4,632
  5,095
  5,579
  6,083
  6,608
  7,154
  7,722
  8,312
  8,925
  9,563
  10,226
  10,915
  11,632
  12,379
  13,156
Maintenance CAPEX, $m
  0
  -351
  -454
  -576
  -718
  -881
  -1,066
  -1,272
  -1,500
  -1,749
  -2,020
  -2,311
  -2,622
  -2,953
  -3,304
  -3,673
  -4,061
  -4,467
  -4,892
  -5,334
  -5,796
  -6,276
  -6,775
  -7,294
  -7,833
  -8,393
  -8,976
  -9,581
  -10,211
  -10,865
  -11,547
New CAPEX, $m
  -43
  -905
  -1,074
  -1,251
  -1,436
  -1,624
  -1,815
  -2,005
  -2,194
  -2,380
  -2,562
  -2,740
  -2,914
  -3,083
  -3,249
  -3,413
  -3,575
  -3,736
  -3,897
  -4,059
  -4,224
  -4,393
  -4,566
  -4,745
  -4,931
  -5,125
  -5,327
  -5,539
  -5,762
  -5,997
  -6,244
Cash from investing activities, $m
  -53
  -1,256
  -1,528
  -1,827
  -2,154
  -2,505
  -2,881
  -3,277
  -3,694
  -4,129
  -4,582
  -5,051
  -5,536
  -6,036
  -6,553
  -7,086
  -7,636
  -8,203
  -8,789
  -9,393
  -10,020
  -10,669
  -11,341
  -12,039
  -12,764
  -13,518
  -14,303
  -15,120
  -15,973
  -16,862
  -17,791
Free cash flow, $m
  112
  -1,014
  -1,153
  -1,297
  -1,445
  -1,593
  -1,739
  -1,882
  -2,021
  -2,161
  -2,298
  -2,429
  -2,554
  -2,673
  -2,788
  -2,898
  -3,004
  -3,107
  -3,209
  -3,310
  -3,412
  -3,515
  -3,619
  -3,727
  -3,839
  -3,955
  -4,077
  -4,205
  -4,341
  -4,483
  -4,634
Issuance/(repayment) of debt, $m
  -49
  398
  470
  548
  629
  712
  795
  879
  961
  1,043
  1,122
  1,200
  1,276
  1,351
  1,424
  1,495
  1,566
  1,637
  1,707
  1,778
  1,851
  1,924
  2,000
  2,079
  2,160
  2,245
  2,334
  2,427
  2,524
  2,627
  2,735
Issuance/(repurchase) of shares, $m
  -2
  720
  805
  892
  980
  1,067
  1,152
  1,233
  1,310
  1,390
  1,468
  1,542
  1,611
  1,675
  1,736
  1,793
  1,847
  1,898
  1,948
  1,996
  2,044
  2,093
  2,141
  2,191
  2,243
  2,296
  2,353
  2,412
  2,475
  2,542
  2,613
Cash from financing (excl. dividends), $m  
  -53
  1,118
  1,275
  1,440
  1,609
  1,779
  1,947
  2,112
  2,271
  2,433
  2,590
  2,742
  2,887
  3,026
  3,160
  3,288
  3,413
  3,535
  3,655
  3,774
  3,895
  4,017
  4,141
  4,270
  4,403
  4,541
  4,687
  4,839
  4,999
  5,169
  5,348
Total cash flow (excl. dividends), $m
  55
  105
  123
  143
  164
  186
  208
  229
  251
  272
  293
  313
  333
  353
  372
  390
  409
  427
  446
  464
  483
  502
  522
  543
  564
  586
  609
  634
  659
  686
  714
Retained Cash Flow (-), $m
  255
  -720
  -805
  -892
  -980
  -1,067
  -1,152
  -1,233
  -1,310
  -1,411
  -1,519
  -1,624
  -1,727
  -1,827
  -1,926
  -2,023
  -2,119
  -2,214
  -2,310
  -2,406
  -2,504
  -2,604
  -2,706
  -2,813
  -2,923
  -3,038
  -3,158
  -3,283
  -3,415
  -3,554
  -3,701
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -615
  -682
  -749
  -816
  -881
  -944
  -1,004
  -1,059
  -1,138
  -1,226
  -1,311
  -1,394
  -1,475
  -1,554
  -1,633
  -1,710
  -1,787
  -1,864
  -1,942
  -2,021
  -2,101
  -2,184
  -2,270
  -2,359
  -2,451
  -2,548
  -2,650
  -2,756
  -2,868
  -2,986
Discount rate, %
 
  6.00
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
PV of cash for distribution, $m
 
  -580
  -604
  -618
  -624
  -620
  -606
  -584
  -554
  -530
  -503
  -470
  -432
  -390
  -347
  -303
  -261
  -220
  -183
  -150
  -120
  -94
  -73
  -55
  -41
  -29
  -21
  -14
  -10
  -6
  -4
Current shareholders' claim on cash, %
  100
  64.0
  43.1
  30.3
  22.0
  16.5
  12.8
  10.1
  8.1
  6.7
  5.6
  4.7
  4.0
  3.5
  3.1
  2.7
  2.4
  2.1
  1.9
  1.8
  1.6
  1.5
  1.3
  1.2
  1.2
  1.1
  1.0
  0.9
  0.9
  0.8
  0.8

Ensign Energy Services Inc. is a Canada-based company engaged in the business of providing oilfield services to the oil and gas industry in Canada, the United States and internationally. The Company's oilfield services include drilling and well servicing, oil sands coring, directional services, underbalanced and managed pressure drilling, equipment rentals, wireline services and production testing/fracturing fluid (frac flowback) services. Its Canadian operations span over four western provinces of British Columbia, Alberta, Saskatchewan and Manitoba and include the Northwest Territories and the Yukon. In the United States, the Company operates in the Rocky Mountain and southern regions, as well as the states of California, Nevada, New Mexico, North Dakota, South Dakota, Nebraska, Pennsylvania and Michigan. Internationally, it operates in Australia, Argentina, Kurdistan, Libya, Oman and Venezuela. The Company owns a fleet approximately 220 land drilling rigs across the world.

FINANCIAL RATIOS  of  Ensign Energy Services Inc. (ESI)

Valuation Ratios
P/E Ratio -7.6
Price to Sales 1.3
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 6.9
Price to Free Cash Flow 9.4
Growth Rates
Sales Growth Rate -38.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -74.4%
Cap. Spend. - 3 Yr. Gr. Rate -33.9%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 31.8%
Total Debt to Equity 39.1%
Interest Coverage -6
Management Effectiveness
Return On Assets -3.8%
Ret/ On Assets - 3 Yr. Avg. -1.2%
Return On Total Capital -5.6%
Ret/ On T. Cap. - 3 Yr. Avg. -2.2%
Return On Equity -7.7%
Return On Equity - 3 Yr. Avg. -3.1%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 27.7%
Gross Margin - 3 Yr. Avg. 27.8%
EBITDA Margin 20.5%
EBITDA Margin - 3 Yr. Avg. 18.5%
Operating Margin -20.2%
Oper. Margin - 3 Yr. Avg. -7.4%
Pre-Tax Margin -23.8%
Pre-Tax Margin - 3 Yr. Avg. -9.5%
Net Profit Margin -17.6%
Net Profit Margin - 3 Yr. Avg. -7.3%
Effective Tax Rate 26.3%
Eff/ Tax Rate - 3 Yr. Avg. 27.5%
Payout Ratio -43.7%

ESI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ESI stock intrinsic value calculation we used $860 million for the last fiscal year's total revenue generated by Ensign Energy Services Inc.. The default revenue input number comes from 2016 income statement of Ensign Energy Services Inc.. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ESI stock valuation model: a) initial revenue growth rate of 29.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6%, whose default value for ESI is calculated based on our internal credit rating of Ensign Energy Services Inc., is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Ensign Energy Services Inc..
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ESI stock the variable cost ratio is equal to 87%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $293 million in the base year in the intrinsic value calculation for ESI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.1% for Ensign Energy Services Inc..

Corporate tax rate of 27% is the nominal tax rate for Ensign Energy Services Inc.. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ESI stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ESI are equal to 359.3%.

Life of production assets of 8.8 years is the average useful life of capital assets used in Ensign Energy Services Inc. operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ESI is equal to 10.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1832 million for Ensign Energy Services Inc. - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 157.651 million for Ensign Energy Services Inc. is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Ensign Energy Services Inc. at the current share price and the inputted number of shares is $1.2 billion.

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Financial statements of ESI
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