Intrinsic value of Raging River Exploration Inc. - RRX

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$8.16

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$8.16

 
Intrinsic value

$1.59

 
Up/down potential

-81%

 
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 RRX 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 2013), $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 1.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2013(a)
   2014
   2015
   2016
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  255.56
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  160
  256
  396
  592
  858
  1,211
  1,665
  2,234
  2,934
  3,775
  4,768
  5,921
  7,239
  8,726
  10,382
  12,208
  14,200
  16,358
  18,676
  21,151
  23,780
  26,560
  29,486
  32,557
  35,772
  39,130
  42,632
  46,278
  50,072
  54,017
  58,117
Variable operating expenses, $m
 
  136
  210
  314
  456
  643
  884
  1,186
  1,558
  2,005
  2,532
  3,144
  3,844
  4,633
  5,513
  6,482
  7,540
  8,686
  9,917
  11,231
  12,627
  14,103
  15,657
  17,288
  18,995
  20,778
  22,637
  24,574
  26,588
  28,683
  30,860
Fixed operating expenses, $m
 
  7
  7
  8
  8
  8
  8
  8
  9
  9
  9
  9
  9
  10
  10
  10
  10
  11
  11
  11
  11
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
Total operating expenses, $m
  92
  143
  217
  322
  464
  651
  892
  1,194
  1,567
  2,014
  2,541
  3,153
  3,853
  4,643
  5,523
  6,492
  7,550
  8,697
  9,928
  11,242
  12,638
  14,115
  15,669
  17,300
  19,008
  20,791
  22,650
  24,588
  26,602
  28,697
  30,875
Operating income, $m
  68
  113
  178
  270
  395
  560
  773
  1,040
  1,367
  1,762
  2,227
  2,768
  3,386
  4,083
  4,859
  5,715
  6,650
  7,661
  8,748
  9,909
  11,142
  12,445
  13,817
  15,257
  16,765
  18,339
  19,981
  21,691
  23,470
  25,320
  27,242
EBITDA, $m
  123
  201
  314
  473
  689
  975
  1,343
  1,806
  2,373
  3,056
  3,862
  4,798
  5,868
  7,074
  8,418
  9,900
  11,517
  13,268
  15,150
  17,159
  19,293
  21,549
  23,925
  26,418
  29,027
  31,753
  34,595
  37,555
  40,634
  43,837
  47,165
Interest expense (income), $m
  1
  2
  6
  12
  20
  31
  46
  65
  89
  118
  154
  195
  244
  299
  361
  431
  507
  591
  682
  779
  883
  993
  1,110
  1,232
  1,361
  1,496
  1,637
  1,784
  1,937
  2,096
  2,262
Earnings before tax, $m
  60
  111
  172
  258
  375
  529
  727
  975
  1,278
  1,643
  2,074
  2,573
  3,142
  3,784
  4,498
  5,284
  6,142
  7,070
  8,066
  9,130
  10,259
  11,452
  12,707
  14,025
  15,403
  16,843
  18,344
  19,907
  21,533
  23,224
  24,981
Tax expense, $m
  17
  30
  46
  70
  101
  143
  196
  263
  345
  444
  560
  695
  848
  1,022
  1,214
  1,427
  1,658
  1,909
  2,178
  2,465
  2,770
  3,092
  3,431
  3,787
  4,159
  4,548
  4,953
  5,375
  5,814
  6,270
  6,745
Net income, $m
  43
  81
  126
  188
  274
  386
  530
  711
  933
  1,200
  1,514
  1,878
  2,294
  2,762
  3,283
  3,858
  4,484
  5,161
  5,889
  6,665
  7,489
  8,360
  9,276
  10,238
  11,244
  12,295
  13,391
  14,532
  15,719
  16,953
  18,236

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
  551
  883
  1,364
  2,040
  2,959
  4,175
  5,740
  7,705
  10,117
  13,018
  16,443
  20,419
  24,964
  30,090
  35,801
  42,095
  48,967
  56,406
  64,400
  72,936
  82,002
  91,585
  101,676
  112,267
  123,353
  134,932
  147,006
  159,581
  172,663
  186,266
  200,405
Adjusted assets (=assets-cash), $m
  551
  883
  1,364
  2,040
  2,959
  4,175
  5,740
  7,705
  10,117
  13,018
  16,443
  20,419
  24,964
  30,090
  35,801
  42,095
  48,967
  56,406
  64,400
  72,936
  82,002
  91,585
  101,676
  112,267
  123,353
  134,932
  147,006
  159,581
  172,663
  186,266
  200,405
Revenue / Adjusted assets
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
Average production assets, $m
  373
  597
  922
  1,379
  2,001
  2,822
  3,880
  5,208
  6,839
  8,800
  11,115
  13,803
  16,875
  20,340
  24,201
  28,456
  33,101
  38,130
  43,534
  49,304
  55,432
  61,911
  68,732
  75,891
  83,385
  91,213
  99,375
  107,875
  116,719
  125,914
  135,472
Working capital, $m
  -47
  -75
  -116
  -174
  -252
  -356
  -489
  -657
  -863
  -1,110
  -1,402
  -1,741
  -2,128
  -2,565
  -3,052
  -3,589
  -4,175
  -4,809
  -5,491
  -6,219
  -6,991
  -7,809
  -8,669
  -9,572
  -10,517
  -11,504
  -12,534
  -13,606
  -14,721
  -15,881
  -17,087
Total debt, $m
  51
  154
  305
  515
  802
  1,182
  1,670
  2,283
  3,036
  3,941
  5,009
  6,250
  7,668
  9,267
  11,049
  13,013
  15,157
  17,478
  19,972
  22,635
  25,464
  28,454
  31,602
  34,906
  38,365
  41,978
  45,745
  49,668
  53,750
  57,994
  62,405
Total liabilities, $m
  171
  275
  426
  636
  923
  1,303
  1,791
  2,404
  3,157
  4,062
  5,130
  6,371
  7,789
  9,388
  11,170
  13,134
  15,278
  17,599
  20,093
  22,756
  25,585
  28,575
  31,723
  35,027
  38,486
  42,099
  45,866
  49,789
  53,871
  58,115
  62,526
Total equity, $m
  379
  607
  938
  1,403
  2,036
  2,873
  3,949
  5,301
  6,961
  8,957
  11,313
  14,048
  17,175
  20,702
  24,631
  28,961
  33,689
  38,807
  44,307
  50,180
  56,417
  63,011
  69,953
  77,240
  84,867
  92,833
  101,140
  109,791
  118,792
  128,151
  137,879
Total liabilities and equity, $m
  550
  882
  1,364
  2,039
  2,959
  4,176
  5,740
  7,705
  10,118
  13,019
  16,443
  20,419
  24,964
  30,090
  35,801
  42,095
  48,967
  56,406
  64,400
  72,936
  82,002
  91,586
  101,676
  112,267
  123,353
  134,932
  147,006
  159,580
  172,663
  186,266
  200,405
Debt-to-equity ratio
  0.135
  0.250
  0.320
  0.370
  0.390
  0.410
  0.420
  0.430
  0.440
  0.440
  0.440
  0.440
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
Adjusted equity ratio
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  43
  81
  126
  188
  274
  386
  530
  711
  933
  1,200
  1,514
  1,878
  2,294
  2,762
  3,283
  3,858
  4,484
  5,161
  5,889
  6,665
  7,489
  8,360
  9,276
  10,238
  11,244
  12,295
  13,391
  14,532
  15,719
  16,953
  18,236
Depreciation, amort., depletion, $m
  55
  88
  136
  203
  294
  415
  571
  766
  1,006
  1,294
  1,635
  2,030
  2,482
  2,991
  3,559
  4,185
  4,868
  5,607
  6,402
  7,251
  8,152
  9,104
  10,108
  11,160
  12,263
  13,414
  14,614
  15,864
  17,165
  18,517
  19,922
Funds from operations, $m
  145
  169
  261
  391
  568
  801
  1,101
  1,477
  1,939
  2,494
  3,148
  3,908
  4,775
  5,753
  6,842
  8,042
  9,352
  10,768
  12,291
  13,915
  15,641
  17,464
  19,384
  21,398
  23,507
  25,709
  28,005
  30,396
  32,884
  35,470
  38,158
Change in working capital, $m
  14
  -28
  -41
  -58
  -78
  -104
  -133
  -168
  -206
  -247
  -292
  -339
  -388
  -437
  -487
  -537
  -586
  -634
  -682
  -728
  -773
  -817
  -860
  -903
  -945
  -987
  -1,029
  -1,072
  -1,115
  -1,160
  -1,205
Cash from operations, $m
  131
  313
  302
  449
  646
  905
  1,234
  1,645
  2,145
  2,741
  3,440
  4,247
  5,163
  6,190
  7,329
  8,579
  9,937
  11,403
  12,972
  14,643
  16,414
  18,281
  20,244
  22,301
  24,452
  26,696
  29,034
  31,468
  33,999
  36,630
  39,364
Maintenance CAPEX, $m
  0
  -55
  -88
  -136
  -203
  -294
  -415
  -571
  -766
  -1,006
  -1,294
  -1,635
  -2,030
  -2,482
  -2,991
  -3,559
  -4,185
  -4,868
  -5,607
  -6,402
  -7,251
  -8,152
  -9,104
  -10,108
  -11,160
  -12,263
  -13,414
  -14,614
  -15,864
  -17,165
  -18,517
New CAPEX, $m
  -168
  -224
  -325
  -457
  -622
  -822
  -1,058
  -1,328
  -1,631
  -1,961
  -2,315
  -2,687
  -3,072
  -3,465
  -3,861
  -4,255
  -4,645
  -5,029
  -5,404
  -5,770
  -6,128
  -6,478
  -6,821
  -7,159
  -7,494
  -7,827
  -8,162
  -8,500
  -8,844
  -9,196
  -9,558
Cash from investing activities, $m
  -266
  -279
  -413
  -593
  -825
  -1,116
  -1,473
  -1,899
  -2,397
  -2,967
  -3,609
  -4,322
  -5,102
  -5,947
  -6,852
  -7,814
  -8,830
  -9,897
  -11,011
  -12,172
  -13,379
  -14,630
  -15,925
  -17,267
  -18,654
  -20,090
  -21,576
  -23,114
  -24,708
  -26,361
  -28,075
Free cash flow, $m
  -135
  34
  -111
  -144
  -178
  -211
  -238
  -254
  -252
  -226
  -169
  -75
  61
  244
  478
  765
  1,108
  1,506
  1,961
  2,471
  3,035
  3,651
  4,318
  5,034
  5,798
  6,606
  7,459
  8,354
  9,291
  10,270
  11,289
Issuance/(repayment) of debt, $m
  51
  103
  150
  211
  287
  379
  488
  613
  753
  905
  1,069
  1,240
  1,418
  1,599
  1,782
  1,964
  2,144
  2,321
  2,494
  2,663
  2,829
  2,990
  3,148
  3,304
  3,459
  3,613
  3,767
  3,923
  4,082
  4,244
  4,411
Issuance/(repurchase) of shares, $m
  74
  91
  292
  398
  524
  669
  827
  993
  1,159
  1,316
  1,457
  1,570
  1,648
  1,684
  1,670
  1,602
  1,476
  1,291
  1,045
  739
  374
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  125
  194
  442
  609
  811
  1,048
  1,315
  1,606
  1,912
  2,221
  2,526
  2,810
  3,066
  3,283
  3,452
  3,566
  3,620
  3,612
  3,539
  3,402
  3,203
  2,990
  3,148
  3,304
  3,459
  3,613
  3,767
  3,923
  4,082
  4,244
  4,411
Total cash flow (excl. dividends), $m
  -9
  138
  39
  67
  109
  168
  250
  359
  501
  680
  900
  1,165
  1,479
  1,843
  2,259
  2,729
  3,252
  3,827
  4,455
  5,134
  5,863
  6,641
  7,467
  8,339
  9,256
  10,219
  11,226
  12,277
  13,373
  14,514
  15,701
Retained Cash Flow (-), $m
  -122
  -228
  -331
  -465
  -633
  -837
  -1,077
  -1,352
  -1,660
  -1,996
  -2,356
  -2,735
  -3,127
  -3,527
  -3,929
  -4,331
  -4,728
  -5,118
  -5,500
  -5,873
  -6,237
  -6,593
  -6,943
  -7,286
  -7,627
  -7,967
  -8,307
  -8,651
  -9,001
  -9,359
  -9,727
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
  48
  524
  1,052
  1,629
  2,252
  2,919
  3,626
  4,372
  5,155
  5,973
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
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  5
  43
  69
  83
  88
  85
  78
  68
  56
  45
Current shareholders' claim on cash, %
  100
  95.3
  86.6
  79.5
  73.8
  69.1
  65.1
  61.9
  59.2
  57.0
  55.1
  53.5
  52.3
  51.2
  50.4
  49.7
  49.2
  48.8
  48.5
  48.3
  48.3
  48.3
  48.3
  48.3
  48.3
  48.3
  48.3
  48.3
  48.3
  48.3
  48.3

Raging River Exploration Inc., a junior oil and gas production company, engages in the exploration, development, and production of crude oil and natural gas properties in Western Canada. It primarily focuses its operations in the Dodsland area in Southwestern Saskatchewan and southeast Alberta. Raging River Exploration Inc. was incorporated in 2011 and is headquartered in Calgary, Canada.

FINANCIAL RATIOS  of  Raging River Exploration Inc. (RRX)

Valuation Ratios
P/E Ratio 32.4
Price to Sales 8.7
Price to Book 3.7
Price to Tangible Book
Price to Cash Flow 10.6
Price to Free Cash Flow -37.7
Growth Rates
Sales Growth Rate 255.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 38.8%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 13.5%
Total Debt to Equity 13.5%
Interest Coverage 61
Management Effectiveness
Return On Assets 10.1%
Ret/ On Assets - 3 Yr. Avg. 5.7%
Return On Total Capital 12.5%
Ret/ On T. Cap. - 3 Yr. Avg. 7%
Return On Equity 13.5%
Return On Equity - 3 Yr. Avg. 7.4%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 72.5%
EBITDA Margin - 3 Yr. Avg. 50.1%
Operating Margin 42.5%
Oper. Margin - 3 Yr. Avg. 24.5%
Pre-Tax Margin 37.5%
Pre-Tax Margin - 3 Yr. Avg. 24.4%
Net Profit Margin 26.9%
Net Profit Margin - 3 Yr. Avg. 17.1%
Effective Tax Rate 28.3%
Eff/ Tax Rate - 3 Yr. Avg. 19.9%
Payout Ratio 0%

RRX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RRX stock intrinsic value calculation we used $160 million for the last fiscal year's total revenue generated by Raging River Exploration Inc.. The default revenue input number comes from 2013 income statement of Raging River Exploration Inc.. 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 RRX stock valuation model: a) initial revenue growth rate of 60% 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 RRX is calculated based on our internal credit rating of Raging River Exploration Inc., 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 Raging River Exploration Inc..
    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 RRX stock the variable cost ratio is equal to 53.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $7 million in the base year in the intrinsic value calculation for RRX 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 Raging River Exploration Inc..

Corporate tax rate of 27% is the nominal tax rate for Raging River Exploration Inc.. 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 RRX 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 RRX are equal to 233.1%.

Life of production assets of 6.8 years is the average useful life of capital assets used in Raging River Exploration Inc. 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 RRX is equal to -29.4%. 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 - $379 million for Raging River Exploration Inc. - 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 222.637 million for Raging River Exploration Inc. 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 Raging River Exploration Inc. at the current share price and the inputted number of shares is $1.8 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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