Intrinsic value of NuVista Energy Ltd. - NVA

Previous Close

$7.89

  Intrinsic Value

$1.09

stock screener

  Rating & Target

str. sell

-86%

Previous close

$7.89

 
Intrinsic value

$1.09

 
Up/down potential

-86%

 
Rating

str. sell

We calculate the intrinsic value of NVA 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 1.4

 

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, %
  16.44
  24.60
  22.64
  20.88
  19.29
  17.86
  16.57
  15.42
  14.37
  13.44
  12.59
  11.83
  11.15
  10.54
  9.98
  9.48
  9.04
  8.63
  8.27
  7.94
  7.65
  7.38
  7.14
  6.93
  6.74
  6.56
  6.41
  6.27
  6.14
  6.03
  5.92
Revenue, $m
  255
  318
  390
  471
  562
  662
  772
  891
  1,019
  1,156
  1,302
  1,456
  1,618
  1,788
  1,967
  2,153
  2,348
  2,551
  2,762
  2,981
  3,209
  3,446
  3,692
  3,948
  4,214
  4,490
  4,778
  5,077
  5,389
  5,714
  6,052
Variable operating expenses, $m
 
  576
  706
  853
  1,018
  1,200
  1,399
  1,614
  1,846
  2,095
  2,358
  2,637
  2,932
  3,240
  3,564
  3,902
  4,254
  4,622
  5,004
  5,401
  5,814
  6,244
  6,690
  7,153
  7,635
  8,136
  8,658
  9,200
  9,765
  10,353
  10,967
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
  241
  576
  706
  853
  1,018
  1,200
  1,399
  1,614
  1,846
  2,095
  2,358
  2,637
  2,932
  3,240
  3,564
  3,902
  4,254
  4,622
  5,004
  5,401
  5,814
  6,244
  6,690
  7,153
  7,635
  8,136
  8,658
  9,200
  9,765
  10,353
  10,967
Operating income, $m
  15
  -258
  -316
  -382
  -456
  -538
  -627
  -723
  -827
  -939
  -1,057
  -1,182
  -1,314
  -1,452
  -1,597
  -1,749
  -1,907
  -2,071
  -2,242
  -2,420
  -2,606
  -2,798
  -2,998
  -3,206
  -3,422
  -3,646
  -3,880
  -4,123
  -4,376
  -4,640
  -4,914
EBITDA, $m
  116
  -132
  -162
  -196
  -234
  -276
  -322
  -372
  -425
  -482
  -543
  -607
  -675
  -746
  -820
  -898
  -979
  -1,064
  -1,152
  -1,243
  -1,338
  -1,437
  -1,540
  -1,646
  -1,757
  -1,872
  -1,992
  -2,117
  -2,247
  -2,383
  -2,524
Interest expense (income), $m
  9
  5
  8
  12
  16
  21
  27
  33
  39
  46
  54
  62
  70
  79
  88
  98
  108
  119
  130
  141
  153
  166
  178
  192
  206
  220
  235
  251
  267
  284
  302
Earnings before tax, $m
  -3
  -263
  -324
  -394
  -473
  -559
  -654
  -756
  -867
  -985
  -1,110
  -1,243
  -1,384
  -1,531
  -1,685
  -1,846
  -2,015
  -2,190
  -2,372
  -2,562
  -2,759
  -2,963
  -3,176
  -3,397
  -3,627
  -3,866
  -4,115
  -4,374
  -4,643
  -4,924
  -5,216
Tax expense, $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
Net income, $m
  -2
  -263
  -324
  -394
  -473
  -559
  -654
  -756
  -867
  -985
  -1,110
  -1,243
  -1,384
  -1,531
  -1,685
  -1,846
  -2,015
  -2,190
  -2,372
  -2,562
  -2,759
  -2,963
  -3,176
  -3,397
  -3,627
  -3,866
  -4,115
  -4,374
  -4,643
  -4,924
  -5,216

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  5
  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
  961
  1,190
  1,459
  1,764
  2,104
  2,480
  2,891
  3,337
  3,817
  4,329
  4,875
  5,452
  6,059
  6,698
  7,366
  8,065
  8,794
  9,553
  10,343
  11,164
  12,018
  12,905
  13,827
  14,786
  15,782
  16,817
  17,895
  19,016
  20,184
  21,400
  22,668
Adjusted assets (=assets-cash), $m
  956
  1,190
  1,459
  1,764
  2,104
  2,480
  2,891
  3,337
  3,817
  4,329
  4,875
  5,452
  6,059
  6,698
  7,366
  8,065
  8,794
  9,553
  10,343
  11,164
  12,018
  12,905
  13,827
  14,786
  15,782
  16,817
  17,895
  19,016
  20,184
  21,400
  22,668
Revenue / Adjusted assets
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
Average production assets, $m
  846
  1,054
  1,293
  1,563
  1,864
  2,197
  2,561
  2,956
  3,381
  3,836
  4,319
  4,830
  5,368
  5,934
  6,526
  7,145
  7,790
  8,463
  9,163
  9,890
  10,647
  11,433
  12,250
  13,099
  13,981
  14,899
  15,853
  16,847
  17,881
  18,958
  20,081
Working capital, $m
  -33
  -47
  -58
  -70
  -84
  -99
  -115
  -133
  -152
  -172
  -194
  -217
  -241
  -266
  -293
  -321
  -350
  -380
  -411
  -444
  -478
  -513
  -550
  -588
  -628
  -669
  -712
  -757
  -803
  -851
  -902
Total debt, $m
  67
  117
  174
  240
  312
  393
  481
  576
  679
  789
  905
  1,029
  1,159
  1,295
  1,438
  1,588
  1,744
  1,906
  2,075
  2,251
  2,434
  2,624
  2,821
  3,026
  3,239
  3,461
  3,692
  3,931
  4,181
  4,442
  4,713
Total liabilities, $m
  205
  255
  312
  378
  450
  531
  619
  714
  817
  927
  1,043
  1,167
  1,297
  1,433
  1,576
  1,726
  1,882
  2,044
  2,213
  2,389
  2,572
  2,762
  2,959
  3,164
  3,377
  3,599
  3,830
  4,069
  4,319
  4,580
  4,851
Total equity, $m
  756
  935
  1,147
  1,387
  1,654
  1,949
  2,273
  2,623
  3,000
  3,403
  3,832
  4,285
  4,763
  5,265
  5,790
  6,339
  6,912
  7,509
  8,129
  8,775
  9,446
  10,144
  10,868
  11,621
  12,404
  13,219
  14,065
  14,947
  15,865
  16,820
  17,817
Total liabilities and equity, $m
  961
  1,190
  1,459
  1,765
  2,104
  2,480
  2,892
  3,337
  3,817
  4,330
  4,875
  5,452
  6,060
  6,698
  7,366
  8,065
  8,794
  9,553
  10,342
  11,164
  12,018
  12,906
  13,827
  14,785
  15,781
  16,818
  17,895
  19,016
  20,184
  21,400
  22,668
Debt-to-equity ratio
  0.089
  0.120
  0.150
  0.170
  0.190
  0.200
  0.210
  0.220
  0.230
  0.230
  0.240
  0.240
  0.240
  0.250
  0.250
  0.250
  0.250
  0.250
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
Adjusted equity ratio
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -2
  -263
  -324
  -394
  -473
  -559
  -654
  -756
  -867
  -985
  -1,110
  -1,243
  -1,384
  -1,531
  -1,685
  -1,846
  -2,015
  -2,190
  -2,372
  -2,562
  -2,759
  -2,963
  -3,176
  -3,397
  -3,627
  -3,866
  -4,115
  -4,374
  -4,643
  -4,924
  -5,216
Depreciation, amort., depletion, $m
  101
  126
  154
  186
  222
  262
  305
  352
  403
  457
  514
  575
  639
  706
  777
  851
  927
  1,007
  1,091
  1,177
  1,267
  1,361
  1,458
  1,559
  1,664
  1,774
  1,887
  2,006
  2,129
  2,257
  2,391
Funds from operations, $m
  126
  -137
  -170
  -208
  -251
  -297
  -349
  -404
  -464
  -528
  -596
  -669
  -745
  -825
  -908
  -996
  -1,087
  -1,182
  -1,281
  -1,384
  -1,491
  -1,602
  -1,718
  -1,838
  -1,963
  -2,093
  -2,228
  -2,368
  -2,515
  -2,667
  -2,826
Change in working capital, $m
  -1
  -9
  -11
  -12
  -14
  -15
  -16
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -50
Cash from operations, $m
  127
  -128
  -160
  -196
  -237
  -282
  -332
  -386
  -445
  -508
  -575
  -646
  -720
  -799
  -882
  -968
  -1,058
  -1,152
  -1,250
  -1,351
  -1,457
  -1,567
  -1,681
  -1,800
  -1,923
  -2,052
  -2,185
  -2,324
  -2,468
  -2,619
  -2,775
Maintenance CAPEX, $m
  0
  -101
  -126
  -154
  -186
  -222
  -262
  -305
  -352
  -403
  -457
  -514
  -575
  -639
  -706
  -777
  -851
  -927
  -1,007
  -1,091
  -1,177
  -1,267
  -1,361
  -1,458
  -1,559
  -1,664
  -1,774
  -1,887
  -2,006
  -2,129
  -2,257
New CAPEX, $m
  -192
  -208
  -239
  -270
  -301
  -333
  -364
  -395
  -425
  -454
  -483
  -511
  -539
  -566
  -592
  -619
  -646
  -672
  -700
  -728
  -756
  -786
  -817
  -849
  -882
  -918
  -955
  -993
  -1,034
  -1,077
  -1,123
Cash from investing activities, $m
  -117
  -309
  -365
  -424
  -487
  -555
  -626
  -700
  -777
  -857
  -940
  -1,025
  -1,114
  -1,205
  -1,298
  -1,396
  -1,497
  -1,599
  -1,707
  -1,819
  -1,933
  -2,053
  -2,178
  -2,307
  -2,441
  -2,582
  -2,729
  -2,880
  -3,040
  -3,206
  -3,380
Free cash flow, $m
  10
  -437
  -524
  -620
  -725
  -837
  -958
  -1,086
  -1,222
  -1,365
  -1,514
  -1,671
  -1,834
  -2,004
  -2,180
  -2,364
  -2,554
  -2,752
  -2,957
  -3,170
  -3,391
  -3,621
  -3,859
  -4,107
  -4,365
  -4,634
  -4,913
  -5,204
  -5,508
  -5,825
  -6,155
Issuance/(repayment) of debt, $m
  -130
  50
  58
  65
  73
  80
  88
  95
  103
  110
  117
  123
  130
  137
  143
  150
  156
  162
  169
  176
  183
  190
  197
  205
  213
  222
  231
  240
  250
  260
  271
Issuance/(repurchase) of shares, $m
  125
  447
  536
  634
  740
  854
  977
  1,106
  1,244
  1,388
  1,539
  1,697
  1,861
  2,033
  2,211
  2,395
  2,587
  2,786
  2,993
  3,207
  3,430
  3,661
  3,901
  4,151
  4,410
  4,681
  4,962
  5,255
  5,561
  5,880
  6,213
Cash from financing (excl. dividends), $m  
  -5
  497
  594
  699
  813
  934
  1,065
  1,201
  1,347
  1,498
  1,656
  1,820
  1,991
  2,170
  2,354
  2,545
  2,743
  2,948
  3,162
  3,383
  3,613
  3,851
  4,098
  4,356
  4,623
  4,903
  5,193
  5,495
  5,811
  6,140
  6,484
Total cash flow (excl. dividends), $m
  5
  60
  70
  79
  88
  97
  107
  116
  124
  133
  141
  150
  158
  166
  173
  181
  189
  197
  205
  213
  221
  230
  239
  249
  258
  269
  279
  291
  303
  315
  329
Retained Cash Flow (-), $m
  -126
  -447
  -536
  -634
  -740
  -854
  -977
  -1,106
  -1,244
  -1,388
  -1,539
  -1,697
  -1,861
  -2,033
  -2,211
  -2,395
  -2,587
  -2,786
  -2,993
  -3,207
  -3,430
  -3,661
  -3,901
  -4,151
  -4,410
  -4,681
  -4,962
  -5,255
  -5,561
  -5,880
  -6,213
Prev. year cash balance distribution, $m
 
  5
  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
 
  -382
  -466
  -555
  -652
  -757
  -870
  -991
  -1,119
  -1,255
  -1,398
  -1,547
  -1,704
  -1,867
  -2,037
  -2,214
  -2,398
  -2,589
  -2,788
  -2,994
  -3,208
  -3,431
  -3,662
  -3,902
  -4,152
  -4,412
  -4,683
  -4,964
  -5,258
  -5,564
  -5,884
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  -366
  -427
  -483
  -537
  -587
  -631
  -669
  -700
  -721
  -733
  -735
  -727
  -710
  -684
  -650
  -609
  -563
  -513
  -461
  -408
  -355
  -304
  -256
  -211
  -172
  -137
  -107
  -81
  -61
  -44
Current shareholders' claim on cash, %
  100
  75.3
  57.3
  43.9
  33.9
  26.4
  20.7
  16.3
  13.0
  10.3
  8.3
  6.6
  5.4
  4.3
  3.5
  2.9
  2.3
  1.9
  1.6
  1.3
  1.1
  0.9
  0.7
  0.6
  0.5
  0.4
  0.3
  0.3
  0.2
  0.2
  0.2

NuVista Energy Ltd. (NuVista) is an exploration and production company, which is engaged in exploration, development and production of oil and natural gas reserves in the Western Canadian Sedimentary Basin. The Company's primary focus is on Montney formation in the Alberta Deep Basin (Wapiti Montney). The Company's products include natural gas, and condensate and oil. The Company's natural gas liquids include butane, propane and ethane.

FINANCIAL RATIOS  of  NuVista Energy Ltd. (NVA)

Valuation Ratios
P/E Ratio -681.5
Price to Sales 5.3
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 10.7
Price to Free Cash Flow -21
Growth Rates
Sales Growth Rate 16.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -31.4%
Cap. Spend. - 3 Yr. Gr. Rate -3.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 8.9%
Total Debt to Equity 8.9%
Interest Coverage 1
Management Effectiveness
Return On Assets 0.4%
Ret/ On Assets - 3 Yr. Avg. -7.2%
Return On Total Capital -0.2%
Ret/ On T. Cap. - 3 Yr. Avg. -9.4%
Return On Equity -0.3%
Return On Equity - 3 Yr. Avg. -11.7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 63.1%
Gross Margin - 3 Yr. Avg. 62.4%
EBITDA Margin 42%
EBITDA Margin - 3 Yr. Avg. 38.3%
Operating Margin 5.5%
Oper. Margin - 3 Yr. Avg. -31.2%
Pre-Tax Margin -1.2%
Pre-Tax Margin - 3 Yr. Avg. -35.6%
Net Profit Margin -0.8%
Net Profit Margin - 3 Yr. Avg. -34.9%
Effective Tax Rate 33.3%
Eff/ Tax Rate - 3 Yr. Avg. 15.3%
Payout Ratio 0%

NVA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NVA stock intrinsic value calculation we used $255 million for the last fiscal year's total revenue generated by NuVista Energy Ltd.. The default revenue input number comes from 2016 income statement of NuVista Energy 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 NVA stock valuation model: a) initial revenue growth rate of 24.6% 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 4.3%, whose default value for NVA is calculated based on our internal credit rating of NuVista Energy 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 NuVista Energy 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 NVA stock the variable cost ratio is equal to 181.2%.

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 NVA 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 6.8% for NuVista Energy Ltd..

Corporate tax rate of 27% is the nominal tax rate for NuVista Energy 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 NVA 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 NVA are equal to 331.8%.

Life of production assets of 8.4 years is the average useful life of capital assets used in NuVista Energy 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 NVA is equal to -14.9%. 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 - $756 million for NuVista Energy 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 174.065 million for NuVista Energy 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 NuVista Energy Ltd. at the current share price and the inputted number of shares is $1.4 billion.

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Financial statements of NVA
Valuation of Stocks

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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