Intrinsic value of Precision Drilling Corporation - PD

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$5.83

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$5.83

 
Intrinsic value

$1.48

 
Up/down potential

-75%

 
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 PD 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 1.7

 

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, %
  -38.88
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  951
  970
  992
  1,018
  1,046
  1,078
  1,113
  1,151
  1,192
  1,236
  1,284
  1,334
  1,388
  1,446
  1,507
  1,572
  1,641
  1,714
  1,791
  1,873
  1,959
  2,050
  2,146
  2,247
  2,353
  2,465
  2,583
  2,707
  2,838
  2,975
  3,120
Variable operating expenses, $m
 
  1,267
  1,296
  1,329
  1,366
  1,406
  1,451
  1,500
  1,553
  1,609
  1,670
  1,715
  1,785
  1,859
  1,937
  2,021
  2,110
  2,203
  2,302
  2,407
  2,518
  2,634
  2,758
  2,887
  3,024
  3,168
  3,320
  3,479
  3,647
  3,824
  4,009
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
  1,107
  1,267
  1,296
  1,329
  1,366
  1,406
  1,451
  1,500
  1,553
  1,609
  1,670
  1,715
  1,785
  1,859
  1,937
  2,021
  2,110
  2,203
  2,302
  2,407
  2,518
  2,634
  2,758
  2,887
  3,024
  3,168
  3,320
  3,479
  3,647
  3,824
  4,009
Operating income, $m
  -156
  -297
  -304
  -311
  -319
  -328
  -338
  -349
  -361
  -373
  -387
  -381
  -396
  -412
  -430
  -449
  -468
  -489
  -511
  -534
  -559
  -585
  -612
  -641
  -671
  -703
  -737
  -772
  -809
  -849
  -890
EBITDA, $m
  236
  104
  106
  109
  112
  115
  119
  123
  127
  132
  137
  143
  148
  155
  161
  168
  175
  183
  191
  200
  209
  219
  229
  240
  251
  263
  276
  289
  303
  318
  333
Interest expense (income), $m
  140
  130
  133
  137
  141
  146
  151
  157
  163
  170
  178
  186
  194
  203
  213
  224
  234
  246
  258
  271
  285
  300
  315
  331
  348
  366
  385
  405
  426
  448
  471
Earnings before tax, $m
  -309
  -427
  -437
  -448
  -460
  -474
  -489
  -506
  -524
  -544
  -565
  -566
  -590
  -616
  -643
  -672
  -703
  -735
  -769
  -806
  -844
  -884
  -927
  -972
  -1,019
  -1,069
  -1,122
  -1,177
  -1,235
  -1,297
  -1,361
Tax expense, $m
  -153
  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
  -156
  -427
  -437
  -448
  -460
  -474
  -489
  -506
  -524
  -544
  -565
  -566
  -590
  -616
  -643
  -672
  -703
  -735
  -769
  -806
  -844
  -884
  -927
  -972
  -1,019
  -1,069
  -1,122
  -1,177
  -1,235
  -1,297
  -1,361

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  116
  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
  4,324
  4,292
  4,391
  4,504
  4,630
  4,771
  4,925
  5,093
  5,274
  5,470
  5,680
  5,904
  6,144
  6,399
  6,670
  6,958
  7,263
  7,585
  7,927
  8,287
  8,668
  9,070
  9,494
  9,940
  10,411
  10,907
  11,428
  11,978
  12,556
  13,164
  13,803
Adjusted assets (=assets-cash), $m
  4,208
  4,292
  4,391
  4,504
  4,630
  4,771
  4,925
  5,093
  5,274
  5,470
  5,680
  5,904
  6,144
  6,399
  6,670
  6,958
  7,263
  7,585
  7,927
  8,287
  8,668
  9,070
  9,494
  9,940
  10,411
  10,907
  11,428
  11,978
  12,556
  13,164
  13,803
Revenue / Adjusted assets
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
Average production assets, $m
  3,766
  3,841
  3,930
  4,031
  4,144
  4,270
  4,407
  4,558
  4,720
  4,895
  5,083
  5,284
  5,498
  5,727
  5,969
  6,227
  6,500
  6,789
  7,094
  7,417
  7,758
  8,117
  8,496
  8,896
  9,317
  9,761
  10,228
  10,720
  11,237
  11,781
  12,353
Working capital, $m
  231
  117
  120
  123
  127
  130
  135
  139
  144
  150
  155
  161
  168
  175
  182
  190
  199
  207
  217
  227
  237
  248
  260
  272
  285
  298
  313
  328
  343
  360
  377
Total debt, $m
  1,907
  1,953
  2,008
  2,072
  2,143
  2,221
  2,308
  2,402
  2,504
  2,613
  2,731
  2,857
  2,992
  3,135
  3,287
  3,448
  3,619
  3,800
  3,992
  4,194
  4,408
  4,633
  4,871
  5,122
  5,386
  5,664
  5,956
  6,264
  6,589
  6,930
  7,289
Total liabilities, $m
  2,362
  2,408
  2,463
  2,527
  2,598
  2,676
  2,763
  2,857
  2,959
  3,068
  3,186
  3,312
  3,447
  3,590
  3,742
  3,903
  4,074
  4,255
  4,447
  4,649
  4,863
  5,088
  5,326
  5,577
  5,841
  6,119
  6,411
  6,719
  7,044
  7,385
  7,744
Total equity, $m
  1,962
  1,884
  1,928
  1,977
  2,033
  2,094
  2,162
  2,236
  2,315
  2,401
  2,493
  2,592
  2,697
  2,809
  2,928
  3,054
  3,188
  3,330
  3,480
  3,638
  3,805
  3,982
  4,168
  4,364
  4,570
  4,788
  5,017
  5,258
  5,512
  5,779
  6,060
Total liabilities and equity, $m
  4,324
  4,292
  4,391
  4,504
  4,631
  4,770
  4,925
  5,093
  5,274
  5,469
  5,679
  5,904
  6,144
  6,399
  6,670
  6,957
  7,262
  7,585
  7,927
  8,287
  8,668
  9,070
  9,494
  9,941
  10,411
  10,907
  11,428
  11,977
  12,556
  13,164
  13,804
Debt-to-equity ratio
  0.972
  1.040
  1.040
  1.050
  1.050
  1.060
  1.070
  1.070
  1.080
  1.090
  1.100
  1.100
  1.110
  1.120
  1.120
  1.130
  1.140
  1.140
  1.150
  1.150
  1.160
  1.160
  1.170
  1.170
  1.180
  1.180
  1.190
  1.190
  1.200
  1.200
  1.200
Adjusted equity ratio
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -156
  -427
  -437
  -448
  -460
  -474
  -489
  -506
  -524
  -544
  -565
  -566
  -590
  -616
  -643
  -672
  -703
  -735
  -769
  -806
  -844
  -884
  -927
  -972
  -1,019
  -1,069
  -1,122
  -1,177
  -1,235
  -1,297
  -1,361
Depreciation, amort., depletion, $m
  392
  401
  410
  420
  431
  443
  457
  472
  488
  505
  524
  523
  544
  567
  591
  617
  644
  672
  702
  734
  768
  804
  841
  881
  923
  966
  1,013
  1,061
  1,113
  1,166
  1,223
Funds from operations, $m
  -10
  -26
  -27
  -28
  -29
  -30
  -32
  -34
  -36
  -38
  -41
  -43
  -46
  -49
  -52
  -55
  -59
  -63
  -67
  -71
  -76
  -81
  -86
  -91
  -97
  -103
  -109
  -116
  -123
  -130
  -138
Change in working capital, $m
  -133
  2
  3
  3
  3
  4
  4
  5
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
  17
Cash from operations, $m
  123
  -149
  -29
  -31
  -33
  -34
  -36
  -39
  -41
  -44
  -46
  -49
  -52
  -56
  -60
  -63
  -67
  -72
  -76
  -81
  -86
  -92
  -97
  -103
  -110
  -116
  -123
  -131
  -139
  -147
  -155
Maintenance CAPEX, $m
  0
  -373
  -380
  -389
  -399
  -410
  -423
  -436
  -451
  -467
  -485
  -503
  -523
  -544
  -567
  -591
  -617
  -644
  -672
  -702
  -734
  -768
  -804
  -841
  -881
  -923
  -966
  -1,013
  -1,061
  -1,113
  -1,166
New CAPEX, $m
  -203
  -76
  -88
  -101
  -113
  -126
  -138
  -150
  -162
  -175
  -188
  -201
  -214
  -228
  -243
  -258
  -273
  -289
  -305
  -323
  -341
  -360
  -379
  -400
  -421
  -444
  -467
  -492
  -517
  -544
  -572
Cash from investing activities, $m
  -214
  -449
  -468
  -490
  -512
  -536
  -561
  -586
  -613
  -642
  -673
  -704
  -737
  -772
  -810
  -849
  -890
  -933
  -977
  -1,025
  -1,075
  -1,128
  -1,183
  -1,241
  -1,302
  -1,367
  -1,433
  -1,505
  -1,578
  -1,657
  -1,738
Free cash flow, $m
  -91
  -597
  -498
  -521
  -545
  -570
  -597
  -625
  -655
  -686
  -719
  -754
  -790
  -829
  -869
  -912
  -957
  -1,004
  -1,054
  -1,106
  -1,161
  -1,219
  -1,280
  -1,344
  -1,412
  -1,482
  -1,557
  -1,635
  -1,717
  -1,804
  -1,894
Issuance/(repayment) of debt, $m
  -208
  46
  55
  63
  71
  79
  86
  94
  102
  110
  118
  126
  134
  143
  152
  161
  171
  181
  191
  202
  214
  225
  238
  251
  264
  278
  293
  308
  324
  341
  359
Issuance/(repurchase) of shares, $m
  2
  474
  486
  507
  530
  553
  578
  605
  633
  662
  693
  726
  761
  797
  836
  877
  920
  965
  1,012
  1,062
  1,115
  1,170
  1,229
  1,290
  1,354
  1,422
  1,493
  1,568
  1,647
  1,729
  1,816
Cash from financing (excl. dividends), $m  
  -218
  520
  541
  570
  601
  632
  664
  699
  735
  772
  811
  852
  895
  940
  988
  1,038
  1,091
  1,146
  1,203
  1,264
  1,329
  1,395
  1,467
  1,541
  1,618
  1,700
  1,786
  1,876
  1,971
  2,070
  2,175
Total cash flow (excl. dividends), $m
  -329
  -552
  -443
  -458
  -474
  -492
  -511
  -531
  -553
  -576
  -601
  -628
  -656
  -685
  -717
  -750
  -786
  -823
  -862
  -904
  -948
  -994
  -1,043
  -1,094
  -1,148
  -1,204
  -1,264
  -1,327
  -1,393
  -1,462
  -1,535
Retained Cash Flow (-), $m
  159
  -38
  -43
  -50
  -56
  -62
  -68
  -74
  -80
  -86
  -92
  -99
  -105
  -112
  -119
  -126
  -134
  -142
  -150
  -158
  -167
  -176
  -186
  -196
  -207
  -218
  -229
  -241
  -254
  -267
  -281
Prev. year cash balance distribution, $m
 
  116
  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, %
 
  8.20
  8.61
  9.04
  9.49
  9.97
  10.47
  10.99
  11.54
  12.12
  12.72
  13.36
  14.02
  14.73
  15.46
  16.24
  17.05
  17.90
  18.79
  19.73
  20.72
  21.76
  22.84
  23.99
  25.19
  26.45
  27.77
  29.16
  30.61
  32.15
  33.75
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
  77.5
  60.0
  46.2
  35.5
  27.1
  20.7
  15.7
  11.9
  9.0
  6.8
  5.1
  3.8
  2.9
  2.1
  1.6
  1.2
  0.9
  0.7
  0.5
  0.4
  0.3
  0.2
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0

Precision Drilling Corporation provides oil and natural gas drilling and related services and products. The company operates in two segments, Contract Drilling Services; and Completion and Production Services. The Contract Drilling Services segment offers onshore well drilling services to exploration and production companies in the oil and natural gas industry. This segmentÂ’s services include land drilling, directional drilling, and turnkey drilling; and procurement and distribution of oilfield supplies, as well as manufacture, refurbishment, and sale of drilling and service rig equipment. As of December 31, 2015, this segment operated 251 land drilling rigs, including 134 in Canada; 102 in the United States; 5 in Mexico; 4 in Saudi Arabia; 3 in Kuwait; 2 in the Kurdistan region of Iraq; and 1 in the country of Georgia. The Completion and Production Services segment offers completion and workover services, and ancillary services to oil and natural gas exploration and production companies. It provides service rigs for well completion, workover, abandonment, maintenance, and re-entry preparation services; snubbing units and coil tubing units for pressure control services; camp and catering services; and water system services, as well as engages in the rental of oilfield surface equipment, and wellsite accommodations. This segment operated 148 well completion and workover service rigs, 11 snubbing units, and 4 coil tubing units in Canada and the United States; approximately 2,400 oilfield rental items, including surface storage, small-flow wastewater treatment, and power generation, and solids control equipment; and 180 wellsite accommodation units in Canada. It also had 46 drilling camps and 4 base camps in Canada; and 10 large-flow wastewater treatment units, 24 pump houses, and 8 potable water production units in Canada. Precision Drilling Corporation was founded in 1951 and is headquartered in Calgary, Canada.

FINANCIAL RATIOS  of  Precision Drilling Corporation (PD)

Valuation Ratios
P/E Ratio -11
Price to Sales 1.8
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 13.9
Price to Free Cash Flow -21.4
Growth Rates
Sales Growth Rate -38.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -55.8%
Cap. Spend. - 3 Yr. Gr. Rate -17.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 97.2%
Total Debt to Equity 97.2%
Interest Coverage -1
Management Effectiveness
Return On Assets -1.9%
Ret/ On Assets - 3 Yr. Avg. -1.1%
Return On Total Capital -3.8%
Ret/ On T. Cap. - 3 Yr. Avg. -3.8%
Return On Equity -7.6%
Return On Equity - 3 Yr. Avg. -7.4%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 36.2%
Gross Margin - 3 Yr. Avg. 39%
EBITDA Margin 23.4%
EBITDA Margin - 3 Yr. Avg. 17%
Operating Margin -16.4%
Oper. Margin - 3 Yr. Avg. -13.9%
Pre-Tax Margin -32.5%
Pre-Tax Margin - 3 Yr. Avg. -22.7%
Net Profit Margin -16.4%
Net Profit Margin - 3 Yr. Avg. -12.8%
Effective Tax Rate 49.5%
Eff/ Tax Rate - 3 Yr. Avg. 9.4%
Payout Ratio 0%

PD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PD stock intrinsic value calculation we used $951 million for the last fiscal year's total revenue generated by Precision Drilling Corporation. The default revenue input number comes from 2016 income statement of Precision Drilling Corporation. 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 PD stock valuation model: a) initial revenue growth rate of 2% 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 8.2%, whose default value for PD is calculated based on our internal credit rating of Precision Drilling Corporation, 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 Precision Drilling Corporation.
    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 PD stock the variable cost ratio is equal to 130.7%.

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 PD 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 Precision Drilling Corporation.

Corporate tax rate of 27% is the nominal tax rate for Precision Drilling Corporation. 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 PD 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 PD are equal to 396%.

Life of production assets of 10.1 years is the average useful life of capital assets used in Precision Drilling Corporation 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 PD is equal to 12.1%. 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 - $1962 million for Precision Drilling Corporation - 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 297.254 million for Precision Drilling Corporation 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 Precision Drilling Corporation at the current share price and the inputted number of shares is $1.7 billion.


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