Intrinsic value of Kelt Exploration Ltd. - KEL

Previous Close

$7.08

  Intrinsic Value

$1.18

stock screener

  Rating & Target

str. sell

-83%

Previous close

$7.08

 
Intrinsic value

$1.18

 
Up/down potential

-83%

 
Rating

str. sell

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

We calculate the intrinsic value of KEL 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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Kelt Exploration Ltd. (KEL) stock.

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, %
  5.62
  18.60
  17.24
  16.02
  14.91
  13.92
  13.03
  12.23
  11.50
  10.85
  10.27
  9.74
  9.27
  8.84
  8.46
  8.11
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.21
  6.08
  5.98
  5.88
  5.79
  5.71
  5.64
Revenue, $m
  169
  200
  235
  273
  313
  357
  403
  453
  505
  560
  617
  677
  740
  805
  873
  944
  1,018
  1,095
  1,174
  1,257
  1,343
  1,432
  1,525
  1,622
  1,722
  1,827
  1,936
  2,050
  2,169
  2,293
  2,422
Variable operating expenses, $m
 
  440
  516
  598
  688
  783
  885
  994
  1,108
  1,228
  1,355
  1,486
  1,624
  1,768
  1,917
  2,073
  2,235
  2,403
  2,577
  2,759
  2,947
  3,143
  3,347
  3,560
  3,780
  4,010
  4,250
  4,500
  4,761
  5,032
  5,316
Fixed operating expenses, $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
Total operating expenses, $m
  240
  440
  516
  598
  688
  783
  885
  994
  1,108
  1,228
  1,355
  1,486
  1,624
  1,768
  1,917
  2,073
  2,235
  2,403
  2,577
  2,759
  2,947
  3,143
  3,347
  3,560
  3,780
  4,010
  4,250
  4,500
  4,761
  5,032
  5,316
Operating income, $m
  -71
  -240
  -281
  -326
  -374
  -426
  -482
  -541
  -603
  -669
  -737
  -809
  -884
  -962
  -1,044
  -1,128
  -1,217
  -1,308
  -1,403
  -1,502
  -1,605
  -1,711
  -1,822
  -1,938
  -2,058
  -2,183
  -2,314
  -2,450
  -2,592
  -2,740
  -2,894
EBITDA, $m
  43
  -121
  -142
  -165
  -189
  -216
  -244
  -274
  -305
  -338
  -373
  -409
  -447
  -487
  -528
  -571
  -615
  -662
  -710
  -760
  -812
  -866
  -922
  -980
  -1,041
  -1,104
  -1,170
  -1,239
  -1,311
  -1,386
  -1,464
Interest expense (income), $m
  7
  7
  10
  13
  17
  21
  25
  29
  34
  39
  44
  50
  55
  61
  68
  74
  81
  88
  95
  103
  110
  119
  127
  136
  145
  155
  165
  175
  186
  197
  209
Earnings before tax, $m
  -59
  -247
  -291
  -339
  -391
  -447
  -507
  -570
  -637
  -708
  -782
  -859
  -940
  -1,024
  -1,111
  -1,203
  -1,297
  -1,396
  -1,498
  -1,604
  -1,715
  -1,830
  -1,949
  -2,074
  -2,203
  -2,338
  -2,479
  -2,625
  -2,778
  -2,937
  -3,103
Tax expense, $m
  -9
  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
Net income, $m
  -50
  -247
  -291
  -339
  -391
  -447
  -507
  -570
  -637
  -708
  -782
  -859
  -940
  -1,024
  -1,111
  -1,203
  -1,297
  -1,396
  -1,498
  -1,604
  -1,715
  -1,830
  -1,949
  -2,074
  -2,203
  -2,338
  -2,479
  -2,625
  -2,778
  -2,937
  -3,103

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1
  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
  1,256
  1,485
  1,741
  2,019
  2,321
  2,644
  2,988
  3,354
  3,739
  4,145
  4,571
  5,016
  5,481
  5,966
  6,470
  6,995
  7,541
  8,108
  8,697
  9,310
  9,946
  10,608
  11,296
  12,012
  12,758
  13,534
  14,343
  15,186
  16,065
  16,983
  17,941
Adjusted assets (=assets-cash), $m
  1,255
  1,485
  1,741
  2,019
  2,321
  2,644
  2,988
  3,354
  3,739
  4,145
  4,571
  5,016
  5,481
  5,966
  6,470
  6,995
  7,541
  8,108
  8,697
  9,310
  9,946
  10,608
  11,296
  12,012
  12,758
  13,534
  14,343
  15,186
  16,065
  16,983
  17,941
Revenue / Adjusted assets
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
Average production assets, $m
  499
  592
  694
  805
  925
  1,054
  1,191
  1,337
  1,491
  1,653
  1,822
  2,000
  2,185
  2,378
  2,579
  2,789
  3,006
  3,232
  3,467
  3,711
  3,965
  4,229
  4,503
  4,789
  5,086
  5,395
  5,718
  6,054
  6,404
  6,770
  7,152
Working capital, $m
  -27
  -33
  -39
  -45
  -52
  -59
  -67
  -75
  -84
  -93
  -102
  -112
  -123
  -134
  -145
  -157
  -169
  -182
  -195
  -209
  -223
  -238
  -253
  -269
  -286
  -303
  -321
  -340
  -360
  -381
  -402
Total debt, $m
  183
  258
  343
  434
  533
  640
  753
  873
  1,000
  1,134
  1,274
  1,420
  1,573
  1,733
  1,899
  2,071
  2,251
  2,437
  2,631
  2,833
  3,042
  3,260
  3,486
  3,722
  3,967
  4,223
  4,489
  4,766
  5,055
  5,357
  5,673
Total liabilities, $m
  413
  488
  573
  664
  763
  870
  983
  1,103
  1,230
  1,364
  1,504
  1,650
  1,803
  1,963
  2,129
  2,301
  2,481
  2,667
  2,861
  3,063
  3,272
  3,490
  3,716
  3,952
  4,197
  4,453
  4,719
  4,996
  5,285
  5,587
  5,903
Total equity, $m
  843
  996
  1,168
  1,355
  1,557
  1,774
  2,005
  2,250
  2,509
  2,782
  3,067
  3,366
  3,678
  4,003
  4,342
  4,694
  5,060
  5,440
  5,836
  6,247
  6,674
  7,118
  7,580
  8,060
  8,560
  9,081
  9,624
  10,190
  10,780
  11,395
  12,038
Total liabilities and equity, $m
  1,256
  1,484
  1,741
  2,019
  2,320
  2,644
  2,988
  3,353
  3,739
  4,146
  4,571
  5,016
  5,481
  5,966
  6,471
  6,995
  7,541
  8,107
  8,697
  9,310
  9,946
  10,608
  11,296
  12,012
  12,757
  13,534
  14,343
  15,186
  16,065
  16,982
  17,941
Debt-to-equity ratio
  0.217
  0.260
  0.290
  0.320
  0.340
  0.360
  0.380
  0.390
  0.400
  0.410
  0.420
  0.420
  0.430
  0.430
  0.440
  0.440
  0.440
  0.450
  0.450
  0.450
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.470
  0.470
  0.470
  0.470
  0.470
Adjusted equity ratio
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -50
  -247
  -291
  -339
  -391
  -447
  -507
  -570
  -637
  -708
  -782
  -859
  -940
  -1,024
  -1,111
  -1,203
  -1,297
  -1,396
  -1,498
  -1,604
  -1,715
  -1,830
  -1,949
  -2,074
  -2,203
  -2,338
  -2,479
  -2,625
  -2,778
  -2,937
  -3,103
Depreciation, amort., depletion, $m
  114
  118
  139
  161
  185
  211
  238
  267
  298
  331
  364
  400
  437
  476
  516
  558
  601
  646
  693
  742
  793
  846
  901
  958
  1,017
  1,079
  1,144
  1,211
  1,281
  1,354
  1,430
Funds from operations, $m
  32
  -128
  -152
  -178
  -206
  -237
  -269
  -303
  -339
  -377
  -417
  -459
  -503
  -548
  -596
  -645
  -696
  -749
  -805
  -862
  -922
  -984
  -1,049
  -1,116
  -1,186
  -1,259
  -1,335
  -1,414
  -1,497
  -1,583
  -1,673
Change in working capital, $m
  -13
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -21
Cash from operations, $m
  45
  -123
  -146
  -172
  -200
  -229
  -261
  -295
  -331
  -368
  -408
  -449
  -492
  -537
  -584
  -633
  -684
  -737
  -791
  -849
  -908
  -969
  -1,033
  -1,100
  -1,169
  -1,242
  -1,317
  -1,395
  -1,477
  -1,562
  -1,651
Maintenance CAPEX, $m
  0
  -100
  -118
  -139
  -161
  -185
  -211
  -238
  -267
  -298
  -331
  -364
  -400
  -437
  -476
  -516
  -558
  -601
  -646
  -693
  -742
  -793
  -846
  -901
  -958
  -1,017
  -1,079
  -1,144
  -1,211
  -1,281
  -1,354
New CAPEX, $m
  -104
  -93
  -102
  -111
  -120
  -129
  -137
  -146
  -154
  -162
  -170
  -178
  -185
  -193
  -201
  -209
  -218
  -226
  -235
  -244
  -254
  -264
  -274
  -285
  -297
  -309
  -322
  -336
  -351
  -366
  -382
Cash from investing activities, $m
  -97
  -193
  -220
  -250
  -281
  -314
  -348
  -384
  -421
  -460
  -501
  -542
  -585
  -630
  -677
  -725
  -776
  -827
  -881
  -937
  -996
  -1,057
  -1,120
  -1,186
  -1,255
  -1,326
  -1,401
  -1,480
  -1,562
  -1,647
  -1,736
Free cash flow, $m
  -52
  -316
  -367
  -422
  -481
  -543
  -609
  -679
  -752
  -828
  -908
  -991
  -1,078
  -1,167
  -1,261
  -1,358
  -1,459
  -1,564
  -1,673
  -1,786
  -1,904
  -2,026
  -2,154
  -2,286
  -2,424
  -2,568
  -2,718
  -2,875
  -3,038
  -3,209
  -3,387
Issuance/(repayment) of debt, $m
  21
  75
  84
  92
  99
  106
  113
  120
  127
  134
  140
  147
  153
  159
  166
  173
  180
  187
  194
  201
  209
  218
  226
  236
  245
  255
  266
  277
  289
  302
  315
Issuance/(repurchase) of shares, $m
  0
  401
  463
  526
  593
  664
  738
  816
  896
  980
  1,067
  1,158
  1,252
  1,349
  1,450
  1,555
  1,663
  1,776
  1,894
  2,015
  2,142
  2,274
  2,411
  2,554
  2,703
  2,859
  3,021
  3,191
  3,368
  3,553
  3,746
Cash from financing (excl. dividends), $m  
  52
  476
  547
  618
  692
  770
  851
  936
  1,023
  1,114
  1,207
  1,305
  1,405
  1,508
  1,616
  1,728
  1,843
  1,963
  2,088
  2,216
  2,351
  2,492
  2,637
  2,790
  2,948
  3,114
  3,287
  3,468
  3,657
  3,855
  4,061
Total cash flow (excl. dividends), $m
  0
  161
  180
  196
  212
  227
  242
  257
  271
  286
  299
  313
  327
  341
  355
  369
  384
  399
  415
  431
  448
  466
  484
  504
  524
  546
  569
  593
  619
  646
  674
Retained Cash Flow (-), $m
  4
  -401
  -463
  -526
  -593
  -664
  -738
  -816
  -896
  -980
  -1,067
  -1,158
  -1,252
  -1,349
  -1,450
  -1,555
  -1,663
  -1,776
  -1,894
  -2,015
  -2,142
  -2,274
  -2,411
  -2,554
  -2,703
  -2,859
  -3,021
  -3,191
  -3,368
  -3,553
  -3,746
Prev. year cash balance distribution, $m
 
  1
  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
 
  -239
  -283
  -330
  -382
  -437
  -496
  -559
  -625
  -695
  -768
  -844
  -925
  -1,008
  -1,095
  -1,185
  -1,280
  -1,377
  -1,479
  -1,585
  -1,694
  -1,808
  -1,927
  -2,051
  -2,179
  -2,313
  -2,452
  -2,598
  -2,749
  -2,907
  -3,072
Discount rate, %
 
  5.20
  5.46
  5.73
  6.02
  6.32
  6.64
  6.97
  7.32
  7.68
  8.07
  8.47
  8.89
  9.34
  9.81
  10.30
  10.81
  11.35
  11.92
  12.51
  13.14
  13.80
  14.49
  15.21
  15.97
  16.77
  17.61
  18.49
  19.41
  20.38
  21.40
PV of cash for distribution, $m
 
  -227
  -254
  -279
  -302
  -322
  -337
  -349
  -355
  -357
  -353
  -345
  -333
  -316
  -296
  -273
  -248
  -221
  -195
  -169
  -143
  -120
  -98
  -79
  -62
  -48
  -36
  -27
  -19
  -13
  -9
Current shareholders' claim on cash, %
  100
  76.0
  58.1
  44.7
  34.6
  27.0
  21.2
  16.7
  13.2
  10.5
  8.3
  6.7
  5.4
  4.3
  3.5
  2.8
  2.3
  1.8
  1.5
  1.2
  1.0
  0.8
  0.7
  0.5
  0.4
  0.4
  0.3
  0.2
  0.2
  0.2
  0.1

Kelt Exploration Ltd. is an oil and gas company based in Calgary, Alberta. The Company is focused on the exploration, development and production of crude oil and natural gas resources, primarily in west central Alberta and northeastern British Columbia. The Company's land holdings are located in Inga/Fireweed/Stoddart, British Columbia; Grande Prairie (including Pouce Coupe, Progress, Spirit River and La Glace), Alberta; Karr, Alberta, and Grande Cache, Alberta. The Company holds interests in approximately 136,000 gross acres in Greater Grande Cache area, which is located approximately 30 kilometers north of Grande Cache, Alberta. It also has interests in over 89,760 gross acres in Karr area. The Company has interests in over 394,190 acres in Grande Prairie area. It holds interests in over 88,120 gross acres in Inga area. The Company holds interests in over 50,550 acres in Fireweed area. The Company also has interests in approximately 53,040 gross acres in Stoddart area.

FINANCIAL RATIOS  of  Kelt Exploration Ltd. (KEL)

Valuation Ratios
P/E Ratio -24.9
Price to Sales 7.4
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 27.6
Price to Free Cash Flow -21.1
Growth Rates
Sales Growth Rate 5.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -43.2%
Cap. Spend. - 3 Yr. Gr. Rate -19.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 21.7%
Total Debt to Equity 21.7%
Interest Coverage -7
Management Effectiveness
Return On Assets -3.5%
Ret/ On Assets - 3 Yr. Avg. -4.8%
Return On Total Capital -4.9%
Ret/ On T. Cap. - 3 Yr. Avg. -6.5%
Return On Equity -5.9%
Return On Equity - 3 Yr. Avg. -7.7%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 45%
Gross Margin - 3 Yr. Avg. 50.9%
EBITDA Margin 36.7%
EBITDA Margin - 3 Yr. Avg. 39.9%
Operating Margin -42%
Oper. Margin - 3 Yr. Avg. -50.4%
Pre-Tax Margin -34.9%
Pre-Tax Margin - 3 Yr. Avg. -43.2%
Net Profit Margin -29.6%
Net Profit Margin - 3 Yr. Avg. -37.3%
Effective Tax Rate 15.3%
Eff/ Tax Rate - 3 Yr. Avg. 30.6%
Payout Ratio 0%

KEL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KEL stock intrinsic value calculation we used $169 million for the last fiscal year's total revenue generated by Kelt Exploration Ltd.. The default revenue input number comes from 2016 income statement of Kelt Exploration Ltd.. 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 KEL stock valuation model: a) initial revenue growth rate of 18.6% 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 5.2%, whose default value for KEL is calculated based on our internal credit rating of Kelt Exploration Ltd., 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 Kelt Exploration Ltd..
    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 KEL stock the variable cost ratio is equal to 219.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for KEL 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 3.9% for Kelt Exploration Ltd..

Corporate tax rate of 27% is the nominal tax rate for Kelt Exploration Ltd.. 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 KEL 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 KEL are equal to 295.3%.

Life of production assets of 4.4 years is the average useful life of capital assets used in Kelt Exploration Ltd. 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 KEL is equal to -16.6%. 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 - $843 million for Kelt Exploration Ltd. - 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 179.416 million for Kelt Exploration Ltd. 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 Kelt Exploration Ltd. at the current share price and the inputted number of shares is $1.3 billion.

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Financial statements of KEL
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