Intrinsic value of Baytex Energy Corp. - BTE

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$4.45

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$4.45

 
Intrinsic value

$2.13

 
Up/down potential

-52%

 
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 BTE 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 1.0

 

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, %
  -31.59
  3.50
  3.65
  3.78
  3.91
  4.02
  4.11
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
Revenue, $m
  602
  623
  646
  670
  696
  724
  754
  786
  820
  855
  893
  933
  975
  1,020
  1,067
  1,117
  1,169
  1,224
  1,282
  1,344
  1,408
  1,476
  1,547
  1,622
  1,701
  1,784
  1,872
  1,964
  2,060
  2,161
  2,268
Variable operating expenses, $m
 
  1,559
  1,616
  1,677
  1,742
  1,812
  1,887
  1,966
  2,051
  2,140
  2,234
  2,334
  2,440
  2,552
  2,670
  2,794
  2,925
  3,063
  3,209
  3,362
  3,523
  3,693
  3,872
  4,059
  4,257
  4,465
  4,683
  4,913
  5,154
  5,408
  5,674
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
  1,287
  1,559
  1,616
  1,677
  1,742
  1,812
  1,887
  1,966
  2,051
  2,140
  2,234
  2,334
  2,440
  2,552
  2,670
  2,794
  2,925
  3,063
  3,209
  3,362
  3,523
  3,693
  3,872
  4,059
  4,257
  4,465
  4,683
  4,913
  5,154
  5,408
  5,674
Operating income, $m
  -685
  -936
  -970
  -1,007
  -1,046
  -1,088
  -1,133
  -1,180
  -1,231
  -1,285
  -1,341
  -1,401
  -1,465
  -1,532
  -1,603
  -1,677
  -1,756
  -1,839
  -1,926
  -2,018
  -2,115
  -2,217
  -2,324
  -2,437
  -2,556
  -2,680
  -2,811
  -2,949
  -3,094
  -3,246
  -3,406
EBITDA, $m
  -177
  -408
  -423
  -439
  -456
  -475
  -494
  -515
  -537
  -560
  -585
  -611
  -639
  -668
  -699
  -732
  -766
  -802
  -840
  -880
  -923
  -967
  -1,014
  -1,063
  -1,115
  -1,169
  -1,226
  -1,287
  -1,350
  -1,416
  -1,486
Interest expense (income), $m
  104
  102
  107
  113
  119
  126
  133
  140
  148
  157
  166
  175
  186
  196
  207
  219
  232
  245
  259
  274
  289
  305
  323
  341
  360
  379
  400
  422
  446
  470
  496
Earnings before tax, $m
  -758
  -1,038
  -1,077
  -1,120
  -1,165
  -1,214
  -1,266
  -1,321
  -1,379
  -1,441
  -1,507
  -1,577
  -1,650
  -1,728
  -1,810
  -1,897
  -1,988
  -2,084
  -2,185
  -2,292
  -2,404
  -2,522
  -2,647
  -2,778
  -2,915
  -3,060
  -3,212
  -3,372
  -3,540
  -3,716
  -3,902
Tax expense, $m
  -273
  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
  -485
  -1,038
  -1,077
  -1,120
  -1,165
  -1,214
  -1,266
  -1,321
  -1,379
  -1,441
  -1,507
  -1,577
  -1,650
  -1,728
  -1,810
  -1,897
  -1,988
  -2,084
  -2,185
  -2,292
  -2,404
  -2,522
  -2,647
  -2,778
  -2,915
  -3,060
  -3,212
  -3,372
  -3,540
  -3,716
  -3,902

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  3
  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
  4,594
  4,756
  4,930
  5,116
  5,316
  5,530
  5,757
  5,999
  6,256
  6,529
  6,817
  7,122
  7,445
  7,786
  8,145
  8,525
  8,924
  9,346
  9,790
  10,257
  10,749
  11,267
  11,812
  12,385
  12,988
  13,622
  14,288
  14,989
  15,725
  16,499
  17,312
Adjusted assets (=assets-cash), $m
  4,591
  4,756
  4,930
  5,116
  5,316
  5,530
  5,757
  5,999
  6,256
  6,529
  6,817
  7,122
  7,445
  7,786
  8,145
  8,525
  8,924
  9,346
  9,790
  10,257
  10,749
  11,267
  11,812
  12,385
  12,988
  13,622
  14,288
  14,989
  15,725
  16,499
  17,312
Revenue / Adjusted assets
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
Average production assets, $m
  4,435
  4,590
  4,758
  4,938
  5,131
  5,337
  5,556
  5,790
  6,038
  6,301
  6,579
  6,874
  7,185
  7,514
  7,861
  8,227
  8,613
  9,019
  9,448
  9,899
  10,374
  10,874
  11,400
  11,953
  12,534
  13,146
  13,789
  14,465
  15,176
  15,923
  16,708
Working capital, $m
  -34
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -90
  -94
  -99
  -104
  -109
  -114
  -120
  -126
  -132
  -138
Total debt, $m
  1,754
  1,850
  1,949
  2,055
  2,169
  2,291
  2,421
  2,559
  2,705
  2,860
  3,025
  3,199
  3,383
  3,577
  3,782
  3,998
  4,226
  4,466
  4,719
  4,986
  5,266
  5,561
  5,872
  6,199
  6,542
  6,903
  7,283
  7,683
  8,102
  8,543
  9,007
Total liabilities, $m
  2,615
  2,711
  2,810
  2,916
  3,030
  3,152
  3,282
  3,420
  3,566
  3,721
  3,886
  4,060
  4,244
  4,438
  4,643
  4,859
  5,087
  5,327
  5,580
  5,847
  6,127
  6,422
  6,733
  7,060
  7,403
  7,764
  8,144
  8,544
  8,963
  9,404
  9,868
Total equity, $m
  1,979
  2,045
  2,120
  2,200
  2,286
  2,378
  2,476
  2,580
  2,690
  2,807
  2,931
  3,063
  3,201
  3,348
  3,502
  3,666
  3,838
  4,019
  4,210
  4,411
  4,622
  4,845
  5,079
  5,326
  5,585
  5,857
  6,144
  6,445
  6,762
  7,095
  7,444
Total liabilities and equity, $m
  4,594
  4,756
  4,930
  5,116
  5,316
  5,530
  5,758
  6,000
  6,256
  6,528
  6,817
  7,123
  7,445
  7,786
  8,145
  8,525
  8,925
  9,346
  9,790
  10,258
  10,749
  11,267
  11,812
  12,386
  12,988
  13,621
  14,288
  14,989
  15,725
  16,499
  17,312
Debt-to-equity ratio
  0.886
  0.900
  0.920
  0.930
  0.950
  0.960
  0.980
  0.990
  1.010
  1.020
  1.030
  1.040
  1.060
  1.070
  1.080
  1.090
  1.100
  1.110
  1.120
  1.130
  1.140
  1.150
  1.160
  1.160
  1.170
  1.180
  1.190
  1.190
  1.200
  1.200
  1.210
Adjusted equity ratio
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -485
  -1,038
  -1,077
  -1,120
  -1,165
  -1,214
  -1,266
  -1,321
  -1,379
  -1,441
  -1,507
  -1,577
  -1,650
  -1,728
  -1,810
  -1,897
  -1,988
  -2,084
  -2,185
  -2,292
  -2,404
  -2,522
  -2,647
  -2,778
  -2,915
  -3,060
  -3,212
  -3,372
  -3,540
  -3,716
  -3,902
Depreciation, amort., depletion, $m
  508
  528
  547
  568
  590
  613
  639
  665
  694
  724
  756
  790
  826
  864
  904
  946
  990
  1,037
  1,086
  1,138
  1,192
  1,250
  1,310
  1,374
  1,441
  1,511
  1,585
  1,663
  1,744
  1,830
  1,920
Funds from operations, $m
  722
  -510
  -530
  -552
  -576
  -600
  -627
  -655
  -685
  -717
  -751
  -787
  -825
  -864
  -907
  -951
  -998
  -1,047
  -1,099
  -1,154
  -1,212
  -1,273
  -1,336
  -1,404
  -1,474
  -1,549
  -1,627
  -1,709
  -1,795
  -1,886
  -1,982
Change in working capital, $m
  475
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
Cash from operations, $m
  247
  -775
  -529
  -551
  -574
  -599
  -625
  -653
  -683
  -715
  -749
  -784
  -822
  -862
  -904
  -948
  -995
  -1,044
  -1,096
  -1,150
  -1,208
  -1,268
  -1,332
  -1,399
  -1,470
  -1,544
  -1,621
  -1,703
  -1,789
  -1,880
  -1,975
Maintenance CAPEX, $m
  0
  -510
  -528
  -547
  -568
  -590
  -613
  -639
  -665
  -694
  -724
  -756
  -790
  -826
  -864
  -904
  -946
  -990
  -1,037
  -1,086
  -1,138
  -1,192
  -1,250
  -1,310
  -1,374
  -1,441
  -1,511
  -1,585
  -1,663
  -1,744
  -1,830
New CAPEX, $m
  -225
  -155
  -168
  -180
  -193
  -206
  -220
  -234
  -248
  -263
  -278
  -295
  -311
  -329
  -347
  -366
  -386
  -407
  -428
  -451
  -475
  -500
  -526
  -553
  -582
  -612
  -643
  -676
  -711
  -747
  -785
Cash from investing activities, $m
  -292
  -665
  -696
  -727
  -761
  -796
  -833
  -873
  -913
  -957
  -1,002
  -1,051
  -1,101
  -1,155
  -1,211
  -1,270
  -1,332
  -1,397
  -1,465
  -1,537
  -1,613
  -1,692
  -1,776
  -1,863
  -1,956
  -2,053
  -2,154
  -2,261
  -2,374
  -2,491
  -2,615
Free cash flow, $m
  -45
  -1,440
  -1,224
  -1,278
  -1,334
  -1,395
  -1,458
  -1,526
  -1,597
  -1,672
  -1,751
  -1,835
  -1,923
  -2,016
  -2,114
  -2,218
  -2,326
  -2,441
  -2,561
  -2,687
  -2,821
  -2,961
  -3,108
  -3,262
  -3,425
  -3,596
  -3,776
  -3,964
  -4,163
  -4,371
  -4,590
Issuance/(repayment) of debt, $m
  -61
  96
  99
  106
  114
  122
  130
  138
  146
  155
  164
  174
  184
  194
  205
  216
  228
  240
  253
  266
  280
  295
  311
  327
  344
  361
  380
  399
  420
  441
  464
Issuance/(repurchase) of shares, $m
  110
  1,410
  1,200
  1,252
  1,306
  1,365
  1,426
  1,492
  1,561
  1,634
  1,711
  1,792
  1,878
  1,969
  2,064
  2,165
  2,270
  2,382
  2,499
  2,622
  2,752
  2,888
  3,031
  3,182
  3,341
  3,507
  3,682
  3,866
  4,060
  4,263
  4,476
Cash from financing (excl. dividends), $m  
  49
  1,506
  1,299
  1,358
  1,420
  1,487
  1,556
  1,630
  1,707
  1,789
  1,875
  1,966
  2,062
  2,163
  2,269
  2,381
  2,498
  2,622
  2,752
  2,888
  3,032
  3,183
  3,342
  3,509
  3,685
  3,868
  4,062
  4,265
  4,480
  4,704
  4,940
Total cash flow (excl. dividends), $m
  2
  -1,344
  -1,125
  -1,171
  -1,220
  -1,273
  -1,329
  -1,388
  -1,450
  -1,517
  -1,587
  -1,661
  -1,739
  -1,822
  -1,909
  -2,001
  -2,098
  -2,200
  -2,308
  -2,421
  -2,540
  -2,665
  -2,797
  -2,936
  -3,082
  -3,235
  -3,396
  -3,565
  -3,743
  -3,930
  -4,127
Retained Cash Flow (-), $m
  435
  -69
  -75
  -80
  -86
  -92
  -98
  -104
  -110
  -117
  -124
  -131
  -139
  -147
  -155
  -163
  -172
  -181
  -191
  -201
  -212
  -223
  -234
  -246
  -259
  -273
  -287
  -301
  -317
  -333
  -350
Prev. year cash balance distribution, $m
 
  3
  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, %
 
  9.50
  9.98
  10.47
  11.00
  11.55
  12.12
  12.73
  13.37
  14.04
  14.74
  15.47
  16.25
  17.06
  17.91
  18.81
  19.75
  20.74
  21.77
  22.86
  24.01
  25.21
  26.47
  27.79
  29.18
  30.64
  32.17
  33.78
  35.47
  37.24
  39.10
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
  49.5
  26.9
  14.6
  7.9
  4.3
  2.3
  1.2
  0.7
  0.4
  0.2
  0.1
  0.1
  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
  0.0
  0.0
  0.0

Baytex Energy Corp., an oil and gas company, engages in the acquisition, development, exploitation, and production of oil and natural gas in the Western Canadian Sedimentary Basin and the United States. It offers heavy oil, light oil, condensate, and natural gas liquids. The company was founded in 1993 and is headquartered in Calgary, Canada.

FINANCIAL RATIOS  of  Baytex Energy Corp. (BTE)

Valuation Ratios
P/E Ratio -2.1
Price to Sales 1.7
Price to Book 0.5
Price to Tangible Book
Price to Cash Flow 4.2
Price to Free Cash Flow 47.2
Growth Rates
Sales Growth Rate -31.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -57%
Cap. Spend. - 3 Yr. Gr. Rate -16.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 88.6%
Total Debt to Equity 88.6%
Interest Coverage -6
Management Effectiveness
Return On Assets -8.3%
Ret/ On Assets - 3 Yr. Avg. -48.1%
Return On Total Capital -12.1%
Ret/ On T. Cap. - 3 Yr. Avg. -14%
Return On Equity -22.1%
Return On Equity - 3 Yr. Avg. -25.2%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 60%
Gross Margin - 3 Yr. Avg. 66.8%
EBITDA Margin -24.3%
EBITDA Margin - 3 Yr. Avg. -22.1%
Operating Margin -113.8%
Oper. Margin - 3 Yr. Avg. -90.2%
Pre-Tax Margin -125.9%
Pre-Tax Margin - 3 Yr. Avg. -98.3%
Net Profit Margin -80.6%
Net Profit Margin - 3 Yr. Avg. -73%
Effective Tax Rate 36%
Eff/ Tax Rate - 3 Yr. Avg. 2269.7%
Payout Ratio 0%

BTE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BTE stock intrinsic value calculation we used $602 million for the last fiscal year's total revenue generated by Baytex Energy Corp.. The default revenue input number comes from 2016 income statement of Baytex 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 BTE stock valuation model: a) initial revenue growth rate of 3.5% 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 9.5%, whose default value for BTE is calculated based on our internal credit rating of Baytex 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 Baytex 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 BTE stock the variable cost ratio is equal to 250.2%.

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 BTE 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 5.8% for Baytex Energy Corp..

Corporate tax rate of 27% is the nominal tax rate for Baytex 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 BTE 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 BTE are equal to 736.7%.

Life of production assets of 8.7 years is the average useful life of capital assets used in Baytex 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 BTE is equal to -6.1%. 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 - $1979 million for Baytex 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 232.143 million for Baytex 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 Baytex Energy Corp. at the current share price and the inputted number of shares is $1.0 billion.


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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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