Intrinsic value of Bonterra Energy Corp. - BNE

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$17.26

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$17.26

 
Intrinsic value

$3.52

 
Up/down potential

-80%

 
Rating

str. sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of BNE 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

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.6

 

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, %
  -13.04
  48.40
  44.06
  40.15
  36.64
  33.47
  30.63
  28.06
  25.76
  23.68
  21.81
  20.13
  18.62
  17.26
  16.03
  14.93
  13.94
  13.04
  12.24
  11.51
  10.86
  10.28
  9.75
  9.27
  8.85
  8.46
  8.12
  7.80
  7.52
  7.27
  7.04
Revenue, $m
  160
  237
  342
  479
  655
  874
  1,142
  1,463
  1,839
  2,275
  2,771
  3,329
  3,949
  4,631
  5,373
  6,175
  7,036
  7,953
  8,926
  9,954
  11,036
  12,170
  13,356
  14,595
  15,886
  17,230
  18,628
  20,082
  21,593
  23,163
  24,795
Variable operating expenses, $m
 
  215
  306
  425
  577
  767
  999
  1,277
  1,604
  1,981
  2,412
  2,886
  3,423
  4,014
  4,658
  5,353
  6,099
  6,894
  7,738
  8,629
  9,566
  10,550
  11,578
  12,652
  13,771
  14,936
  16,148
  17,409
  18,718
  20,080
  21,494
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
  173
  215
  306
  425
  577
  767
  999
  1,277
  1,604
  1,981
  2,412
  2,886
  3,423
  4,014
  4,658
  5,353
  6,099
  6,894
  7,738
  8,629
  9,566
  10,550
  11,578
  12,652
  13,771
  14,936
  16,148
  17,409
  18,718
  20,080
  21,494
Operating income, $m
  -13
  22
  36
  55
  78
  107
  143
  185
  236
  294
  360
  443
  526
  616
  715
  822
  937
  1,059
  1,188
  1,325
  1,469
  1,620
  1,778
  1,943
  2,115
  2,294
  2,480
  2,673
  2,875
  3,084
  3,301
EBITDA, $m
  88
  169
  244
  342
  467
  623
  814
  1,043
  1,311
  1,622
  1,975
  2,373
  2,815
  3,301
  3,830
  4,401
  5,015
  5,669
  6,362
  7,095
  7,866
  8,674
  9,520
  10,403
  11,323
  12,281
  13,278
  14,314
  15,391
  16,510
  17,673
Interest expense (income), $m
  18
  18
  32
  52
  78
  111
  153
  204
  264
  336
  418
  512
  617
  735
  864
  1,004
  1,156
  1,319
  1,492
  1,676
  1,871
  2,076
  2,290
  2,515
  2,749
  2,993
  3,248
  3,512
  3,787
  4,073
  4,370
Earnings before tax, $m
  -30
  5
  4
  2
  0
  -4
  -10
  -18
  -29
  -42
  -58
  -69
  -92
  -118
  -148
  -182
  -219
  -260
  -304
  -351
  -402
  -455
  -512
  -572
  -634
  -699
  -768
  -839
  -913
  -989
  -1,069
Tax expense, $m
  -6
  1
  1
  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
Net income, $m
  -24
  3
  3
  2
  0
  -4
  -10
  -18
  -29
  -42
  -58
  -69
  -92
  -118
  -148
  -182
  -219
  -260
  -304
  -351
  -402
  -455
  -512
  -572
  -634
  -699
  -768
  -839
  -913
  -989
  -1,069

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
  0
Total assets, $m
  1,148
  1,708
  2,461
  3,449
  4,713
  6,290
  8,217
  10,523
  13,233
  16,367
  19,937
  23,951
  28,411
  33,314
  38,654
  44,425
  50,616
  57,217
  64,219
  71,613
  79,393
  87,551
  96,087
  104,998
  114,286
  123,957
  134,017
  144,476
  155,346
  166,641
  178,380
Adjusted assets (=assets-cash), $m
  1,148
  1,708
  2,461
  3,449
  4,713
  6,290
  8,217
  10,523
  13,233
  16,367
  19,937
  23,951
  28,411
  33,314
  38,654
  44,425
  50,616
  57,217
  64,219
  71,613
  79,393
  87,551
  96,087
  104,998
  114,286
  123,957
  134,017
  144,476
  155,346
  166,641
  178,380
Revenue / Adjusted assets
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
Average production assets, $m
  1,030
  1,528
  2,201
  3,084
  4,215
  5,625
  7,348
  9,411
  11,835
  14,637
  17,830
  21,420
  25,408
  29,793
  34,570
  39,730
  45,267
  51,171
  57,433
  64,046
  71,003
  78,299
  85,933
  93,902
  102,209
  110,858
  119,855
  129,208
  138,930
  149,032
  159,530
Working capital, $m
  -25
  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 debt, $m
  354
  649
  1,044
  1,564
  2,229
  3,059
  4,072
  5,285
  6,711
  8,359
  10,237
  12,348
  14,694
  17,273
  20,082
  23,117
  26,374
  29,846
  33,529
  37,419
  41,511
  45,802
  50,292
  54,979
  59,865
  64,951
  70,243
  75,744
  81,462
  87,403
  93,578
Total liabilities, $m
  604
  899
  1,294
  1,814
  2,479
  3,309
  4,322
  5,535
  6,961
  8,609
  10,487
  12,598
  14,944
  17,523
  20,332
  23,367
  26,624
  30,096
  33,779
  37,669
  41,761
  46,052
  50,542
  55,229
  60,115
  65,201
  70,493
  75,994
  81,712
  87,653
  93,828
Total equity, $m
  544
  810
  1,166
  1,635
  2,234
  2,982
  3,895
  4,988
  6,272
  7,758
  9,450
  11,353
  13,467
  15,791
  18,322
  21,057
  23,992
  27,121
  30,440
  33,945
  37,632
  41,499
  45,545
  49,769
  54,172
  58,756
  63,524
  68,481
  73,634
  78,988
  84,552
Total liabilities and equity, $m
  1,148
  1,709
  2,460
  3,449
  4,713
  6,291
  8,217
  10,523
  13,233
  16,367
  19,937
  23,951
  28,411
  33,314
  38,654
  44,424
  50,616
  57,217
  64,219
  71,614
  79,393
  87,551
  96,087
  104,998
  114,287
  123,957
  134,017
  144,475
  155,346
  166,641
  178,380
Debt-to-equity ratio
  0.651
  0.800
  0.900
  0.960
  1.000
  1.030
  1.050
  1.060
  1.070
  1.080
  1.080
  1.090
  1.090
  1.090
  1.100
  1.100
  1.100
  1.100
  1.100
  1.100
  1.100
  1.100
  1.100
  1.100
  1.110
  1.110
  1.110
  1.110
  1.110
  1.110
  1.110
Adjusted equity ratio
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -24
  3
  3
  2
  0
  -4
  -10
  -18
  -29
  -42
  -58
  -69
  -92
  -118
  -148
  -182
  -219
  -260
  -304
  -351
  -402
  -455
  -512
  -572
  -634
  -699
  -768
  -839
  -913
  -989
  -1,069
Depreciation, amort., depletion, $m
  101
  147
  208
  287
  389
  516
  671
  857
  1,075
  1,328
  1,616
  1,930
  2,289
  2,684
  3,114
  3,579
  4,078
  4,610
  5,174
  5,770
  6,397
  7,054
  7,742
  8,460
  9,208
  9,987
  10,798
  11,640
  12,516
  13,426
  14,372
Funds from operations, $m
  47
  150
  210
  289
  389
  512
  661
  839
  1,047
  1,286
  1,557
  1,861
  2,197
  2,566
  2,966
  3,397
  3,859
  4,350
  4,870
  5,419
  5,995
  6,599
  7,230
  7,888
  8,574
  9,288
  10,030
  10,802
  11,604
  12,437
  13,303
Change in working capital, $m
  -28
  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 from operations, $m
  75
  134
  210
  289
  389
  512
  661
  839
  1,047
  1,286
  1,557
  1,861
  2,197
  2,566
  2,966
  3,397
  3,859
  4,350
  4,870
  5,419
  5,995
  6,599
  7,230
  7,888
  8,574
  9,288
  10,030
  10,802
  11,604
  12,437
  13,303
Maintenance CAPEX, $m
  0
  -93
  -138
  -198
  -278
  -380
  -507
  -662
  -848
  -1,066
  -1,319
  -1,606
  -1,930
  -2,289
  -2,684
  -3,114
  -3,579
  -4,078
  -4,610
  -5,174
  -5,770
  -6,397
  -7,054
  -7,742
  -8,460
  -9,208
  -9,987
  -10,798
  -11,640
  -12,516
  -13,426
New CAPEX, $m
  -41
  -498
  -673
  -884
  -1,130
  -1,411
  -1,723
  -2,062
  -2,424
  -2,803
  -3,193
  -3,590
  -3,988
  -4,385
  -4,776
  -5,161
  -5,537
  -5,904
  -6,262
  -6,613
  -6,957
  -7,297
  -7,633
  -7,969
  -8,307
  -8,649
  -8,997
  -9,354
  -9,721
  -10,102
  -10,498
Cash from investing activities, $m
  -23
  -591
  -811
  -1,082
  -1,408
  -1,791
  -2,230
  -2,724
  -3,272
  -3,869
  -4,512
  -5,196
  -5,918
  -6,674
  -7,460
  -8,275
  -9,116
  -9,982
  -10,872
  -11,787
  -12,727
  -13,694
  -14,687
  -15,711
  -16,767
  -17,857
  -18,984
  -20,152
  -21,361
  -22,618
  -23,924
Free cash flow, $m
  52
  -457
  -600
  -793
  -1,019
  -1,279
  -1,569
  -1,885
  -2,225
  -2,583
  -2,954
  -3,335
  -3,721
  -4,108
  -4,494
  -4,878
  -5,257
  -5,632
  -6,002
  -6,368
  -6,732
  -7,095
  -7,458
  -7,823
  -8,193
  -8,569
  -8,954
  -9,350
  -9,758
  -10,181
  -10,622
Issuance/(repayment) of debt, $m
  -16
  295
  396
  520
  665
  830
  1,013
  1,213
  1,426
  1,648
  1,878
  2,111
  2,346
  2,579
  2,809
  3,035
  3,256
  3,472
  3,683
  3,889
  4,092
  4,291
  4,490
  4,687
  4,886
  5,087
  5,292
  5,501
  5,718
  5,942
  6,174
Issuance/(repurchase) of shares, $m
  3
  428
  561
  742
  954
  1,197
  1,468
  1,765
  2,084
  2,420
  2,769
  3,126
  3,489
  3,853
  4,217
  4,578
  4,935
  5,289
  5,638
  5,984
  6,328
  6,670
  7,014
  7,360
  7,710
  8,066
  8,431
  8,806
  9,193
  9,594
  10,011
Cash from financing (excl. dividends), $m  
  -12
  723
  957
  1,262
  1,619
  2,027
  2,481
  2,978
  3,510
  4,068
  4,647
  5,237
  5,835
  6,432
  7,026
  7,613
  8,191
  8,761
  9,321
  9,873
  10,420
  10,961
  11,504
  12,047
  12,596
  13,153
  13,723
  14,307
  14,911
  15,536
  16,185
Total cash flow (excl. dividends), $m
  40
  -163
  -204
  -273
  -355
  -449
  -555
  -672
  -799
  -934
  -1,076
  -1,224
  -1,375
  -1,529
  -1,685
  -1,843
  -2,001
  -2,160
  -2,319
  -2,479
  -2,640
  -2,803
  -2,968
  -3,136
  -3,307
  -3,482
  -3,662
  -3,848
  -4,041
  -4,240
  -4,447
Retained Cash Flow (-), $m
  52
  -266
  -357
  -468
  -599
  -748
  -913
  -1,093
  -1,285
  -1,485
  -1,692
  -1,903
  -2,114
  -2,324
  -2,532
  -2,735
  -2,934
  -3,129
  -3,319
  -3,505
  -3,687
  -3,867
  -4,046
  -4,224
  -4,403
  -4,584
  -4,768
  -4,957
  -5,152
  -5,354
  -5,564
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
 
  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
Discount rate, %
 
  6.50
  6.83
  7.17
  7.52
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
PV of cash for 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
Current shareholders' claim on cash, %
  100
  56.3
  33.5
  20.6
  13.1
  8.6
  5.8
  4.0
  2.8
  2.0
  1.5
  1.1
  0.9
  0.7
  0.5
  0.4
  0.4
  0.3
  0.2
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0

Bonterra Energy Corp., an oil and gas company, engages in producing crude oil, natural gas, and related natural gas liquids across Western Canada. It primarily focuses on the development of its Cardium land within the Pembina and Willesden Green areas located in central Alberta. The company also holds interests in the Shaunavon area in Saskatchewan, and the Prespatou area of northeast British Columbia. Bonterra Energy Corp. is headquartered in Calgary, Canada.

FINANCIAL RATIOS  of  Bonterra Energy Corp. (BNE)

Valuation Ratios
P/E Ratio -23.9
Price to Sales 3.6
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 7.7
Price to Free Cash Flow 16.9
Growth Rates
Sales Growth Rate -13%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -30.5%
Cap. Spend. - 3 Yr. Gr. Rate -19.6%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 60.5%
Total Debt to Equity 65.1%
Interest Coverage -1
Management Effectiveness
Return On Assets -0.8%
Ret/ On Assets - 3 Yr. Avg. -0.8%
Return On Total Capital -2.6%
Ret/ On T. Cap. - 3 Yr. Avg. 0.3%
Return On Equity -4.2%
Return On Equity - 3 Yr. Avg. 0.1%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 66.3%
Gross Margin - 3 Yr. Avg. 71.4%
EBITDA Margin 55.6%
EBITDA Margin - 3 Yr. Avg. 64%
Operating Margin -8.1%
Oper. Margin - 3 Yr. Avg. 12.4%
Pre-Tax Margin -18.8%
Pre-Tax Margin - 3 Yr. Avg. 6.3%
Net Profit Margin -15%
Net Profit Margin - 3 Yr. Avg. -2.3%
Effective Tax Rate 20%
Eff/ Tax Rate - 3 Yr. Avg. 211.5%
Payout Ratio -166.7%

BNE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BNE stock intrinsic value calculation we used $160 million for the last fiscal year's total revenue generated by Bonterra Energy Corp.. The default revenue input number comes from 2016 income statement of Bonterra Energy Corp.. 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 BNE stock valuation model: a) initial revenue growth rate of 48.4% 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 6.5%, whose default value for BNE is calculated based on our internal credit rating of Bonterra Energy Corp., 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 Bonterra Energy Corp..
    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 BNE stock the variable cost ratio is equal to 92.5%.

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 BNE 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 5% for Bonterra Energy Corp..

Corporate tax rate of 27% is the nominal tax rate for Bonterra Energy Corp.. 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 BNE 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 BNE are equal to 643.4%.

Life of production assets of 11.1 years is the average useful life of capital assets used in Bonterra Energy Corp. 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 BNE is equal to 0%. 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 - $544 million for Bonterra Energy Corp. - 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 32.005 million for Bonterra Energy Corp. 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 Bonterra Energy Corp. at the current share price and the inputted number of shares is $0.6 billion.


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Stock chart of BNE Financial statements of BNE
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The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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