Intrinsic value of Approach Resources - AREX

Previous Close

$2.59

  Intrinsic Value

$1.63

stock screener

  Rating & Target

sell

-37%

Previous close

$2.59

 
Intrinsic value

$1.63

 
Up/down potential

-37%

 
Rating

sell

We calculate the intrinsic value of AREX 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 0.2

 

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, %
  -31.30
  13.60
  12.74
  11.97
  11.27
  10.64
  10.08
  9.57
  9.11
  8.70
  8.33
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
Revenue, $m
  90
  102
  115
  129
  144
  159
  175
  192
  209
  227
  246
  266
  286
  308
  330
  353
  377
  401
  427
  454
  482
  511
  542
  573
  606
  641
  677
  715
  754
  795
  838
Variable operating expenses, $m
 
  307
  346
  387
  431
  477
  525
  575
  627
  682
  739
  798
  859
  923
  989
  1,058
  1,130
  1,204
  1,282
  1,363
  1,447
  1,534
  1,625
  1,720
  1,819
  1,923
  2,031
  2,144
  2,261
  2,385
  2,514
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
  136
  307
  346
  387
  431
  477
  525
  575
  627
  682
  739
  798
  859
  923
  989
  1,058
  1,130
  1,204
  1,282
  1,363
  1,447
  1,534
  1,625
  1,720
  1,819
  1,923
  2,031
  2,144
  2,261
  2,385
  2,514
Operating income, $m
  -45
  -204
  -231
  -258
  -287
  -318
  -350
  -383
  -418
  -455
  -492
  -532
  -573
  -615
  -660
  -706
  -753
  -803
  -855
  -908
  -964
  -1,023
  -1,083
  -1,147
  -1,213
  -1,282
  -1,354
  -1,429
  -1,508
  -1,590
  -1,676
EBITDA, $m
  34
  -115
  -129
  -145
  -161
  -178
  -196
  -215
  -234
  -255
  -276
  -298
  -321
  -345
  -370
  -396
  -422
  -450
  -479
  -509
  -541
  -573
  -607
  -643
  -680
  -719
  -759
  -801
  -845
  -891
  -939
Interest expense (income), $m
  26
  26
  30
  34
  38
  43
  48
  53
  58
  63
  69
  75
  81
  88
  94
  101
  109
  116
  124
  132
  141
  149
  159
  168
  178
  188
  199
  211
  222
  235
  248
Earnings before tax, $m
  -77
  -230
  -260
  -292
  -326
  -361
  -397
  -436
  -476
  -518
  -562
  -607
  -654
  -703
  -754
  -807
  -862
  -919
  -979
  -1,041
  -1,105
  -1,172
  -1,242
  -1,315
  -1,391
  -1,470
  -1,553
  -1,640
  -1,730
  -1,825
  -1,924
Tax expense, $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
Net income, $m
  -52
  -230
  -260
  -292
  -326
  -361
  -397
  -436
  -476
  -518
  -562
  -607
  -654
  -703
  -754
  -807
  -862
  -919
  -979
  -1,041
  -1,105
  -1,172
  -1,242
  -1,315
  -1,391
  -1,470
  -1,553
  -1,640
  -1,730
  -1,825
  -1,924

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
  1,105
  1,262
  1,423
  1,593
  1,773
  1,962
  2,159
  2,366
  2,581
  2,806
  3,040
  3,283
  3,536
  3,799
  4,071
  4,355
  4,650
  4,957
  5,276
  5,607
  5,953
  6,313
  6,688
  7,079
  7,487
  7,913
  8,357
  8,821
  9,306
  9,814
  10,344
Adjusted assets (=assets-cash), $m
  1,105
  1,262
  1,423
  1,593
  1,773
  1,962
  2,159
  2,366
  2,581
  2,806
  3,040
  3,283
  3,536
  3,799
  4,071
  4,355
  4,650
  4,957
  5,276
  5,607
  5,953
  6,313
  6,688
  7,079
  7,487
  7,913
  8,357
  8,821
  9,306
  9,814
  10,344
Revenue / Adjusted assets
  0.081
  0.081
  0.081
  0.081
  0.081
  0.081
  0.081
  0.081
  0.081
  0.081
  0.081
  0.081
  0.081
  0.081
  0.081
  0.081
  0.081
  0.081
  0.081
  0.081
  0.081
  0.081
  0.081
  0.081
  0.081
  0.081
  0.081
  0.081
  0.081
  0.081
  0.081
Average production assets, $m
  1,123
  1,276
  1,438
  1,610
  1,792
  1,983
  2,182
  2,391
  2,609
  2,836
  3,073
  3,318
  3,574
  3,839
  4,115
  4,402
  4,700
  5,010
  5,332
  5,668
  6,017
  6,380
  6,760
  7,155
  7,567
  7,997
  8,447
  8,916
  9,406
  9,919
  10,455
Working capital, $m
  -14
  -16
  -18
  -20
  -22
  -25
  -27
  -30
  -33
  -35
  -38
  -41
  -45
  -48
  -51
  -55
  -59
  -63
  -67
  -71
  -75
  -80
  -85
  -89
  -95
  -100
  -106
  -111
  -118
  -124
  -131
Total debt, $m
  498
  574
  653
  737
  825
  917
  1,014
  1,115
  1,221
  1,331
  1,446
  1,565
  1,689
  1,817
  1,951
  2,090
  2,235
  2,385
  2,541
  2,704
  2,873
  3,049
  3,233
  3,425
  3,625
  3,833
  4,051
  4,278
  4,516
  4,765
  5,025
Total liabilities, $m
  542
  618
  697
  781
  869
  961
  1,058
  1,159
  1,265
  1,375
  1,490
  1,609
  1,733
  1,861
  1,995
  2,134
  2,279
  2,429
  2,585
  2,748
  2,917
  3,093
  3,277
  3,469
  3,669
  3,877
  4,095
  4,322
  4,560
  4,809
  5,069
Total equity, $m
  563
  644
  726
  813
  904
  1,000
  1,101
  1,207
  1,317
  1,431
  1,550
  1,674
  1,803
  1,937
  2,076
  2,221
  2,372
  2,528
  2,691
  2,860
  3,036
  3,220
  3,411
  3,610
  3,818
  4,035
  4,262
  4,499
  4,746
  5,005
  5,275
Total liabilities and equity, $m
  1,105
  1,262
  1,423
  1,594
  1,773
  1,961
  2,159
  2,366
  2,582
  2,806
  3,040
  3,283
  3,536
  3,798
  4,071
  4,355
  4,651
  4,957
  5,276
  5,608
  5,953
  6,313
  6,688
  7,079
  7,487
  7,912
  8,357
  8,821
  9,306
  9,814
  10,344
Debt-to-equity ratio
  0.885
  0.890
  0.900
  0.910
  0.910
  0.920
  0.920
  0.920
  0.930
  0.930
  0.930
  0.930
  0.940
  0.940
  0.940
  0.940
  0.940
  0.940
  0.940
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
Adjusted equity ratio
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -52
  -230
  -260
  -292
  -326
  -361
  -397
  -436
  -476
  -518
  -562
  -607
  -654
  -703
  -754
  -807
  -862
  -919
  -979
  -1,041
  -1,105
  -1,172
  -1,242
  -1,315
  -1,391
  -1,470
  -1,553
  -1,640
  -1,730
  -1,825
  -1,924
Depreciation, amort., depletion, $m
  79
  90
  101
  113
  126
  140
  154
  168
  184
  200
  216
  234
  252
  270
  290
  310
  331
  353
  375
  399
  424
  449
  476
  504
  533
  563
  595
  628
  662
  699
  736
Funds from operations, $m
  26
  -141
  -159
  -179
  -199
  -221
  -244
  -268
  -292
  -318
  -345
  -373
  -402
  -433
  -464
  -497
  -531
  -566
  -603
  -641
  -681
  -723
  -766
  -811
  -858
  -907
  -958
  -1,012
  -1,068
  -1,126
  -1,187
Change in working capital, $m
  0
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
Cash from operations, $m
  26
  -139
  -157
  -177
  -197
  -219
  -241
  -265
  -290
  -316
  -342
  -370
  -399
  -429
  -461
  -493
  -527
  -562
  -599
  -637
  -677
  -718
  -761
  -806
  -853
  -902
  -953
  -1,006
  -1,062
  -1,120
  -1,181
Maintenance CAPEX, $m
  0
  -79
  -90
  -101
  -113
  -126
  -140
  -154
  -168
  -184
  -200
  -216
  -234
  -252
  -270
  -290
  -310
  -331
  -353
  -375
  -399
  -424
  -449
  -476
  -504
  -533
  -563
  -595
  -628
  -662
  -699
New CAPEX, $m
  -20
  -153
  -163
  -172
  -181
  -191
  -200
  -209
  -218
  -227
  -236
  -246
  -255
  -265
  -276
  -287
  -298
  -310
  -322
  -335
  -349
  -364
  -379
  -395
  -412
  -430
  -449
  -469
  -490
  -513
  -536
Cash from investing activities, $m
  -24
  -232
  -253
  -273
  -294
  -317
  -340
  -363
  -386
  -411
  -436
  -462
  -489
  -517
  -546
  -577
  -608
  -641
  -675
  -710
  -748
  -788
  -828
  -871
  -916
  -963
  -1,012
  -1,064
  -1,118
  -1,175
  -1,235
Free cash flow, $m
  2
  -370
  -409
  -450
  -492
  -536
  -581
  -628
  -676
  -726
  -778
  -832
  -888
  -947
  -1,007
  -1,070
  -1,135
  -1,203
  -1,274
  -1,348
  -1,425
  -1,506
  -1,590
  -1,677
  -1,769
  -1,865
  -1,965
  -2,070
  -2,180
  -2,295
  -2,415
Issuance/(repayment) of debt, $m
  0
  76
  79
  83
  88
  92
  97
  101
  106
  110
  115
  119
  124
  129
  134
  139
  144
  150
  156
  163
  169
  176
  184
  192
  200
  209
  218
  227
  238
  249
  260
Issuance/(repurchase) of shares, $m
  0
  311
  342
  379
  417
  457
  498
  541
  586
  633
  681
  731
  783
  837
  893
  952
  1,012
  1,076
  1,141
  1,210
  1,281
  1,356
  1,433
  1,514
  1,599
  1,687
  1,780
  1,876
  1,978
  2,083
  2,194
Cash from financing (excl. dividends), $m  
  -3
  387
  421
  462
  505
  549
  595
  642
  692
  743
  796
  850
  907
  966
  1,027
  1,091
  1,156
  1,226
  1,297
  1,373
  1,450
  1,532
  1,617
  1,706
  1,799
  1,896
  1,998
  2,103
  2,216
  2,332
  2,454
Total cash flow (excl. dividends), $m
  -1
  17
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  22
  23
  24
  25
  26
  27
  29
  30
  31
  32
  34
  35
  37
  39
Retained Cash Flow (-), $m
  45
  -311
  -342
  -379
  -417
  -457
  -498
  -541
  -586
  -633
  -681
  -731
  -783
  -837
  -893
  -952
  -1,012
  -1,076
  -1,141
  -1,210
  -1,281
  -1,356
  -1,433
  -1,514
  -1,599
  -1,687
  -1,780
  -1,876
  -1,978
  -2,083
  -2,194
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
 
  -294
  -331
  -366
  -404
  -443
  -484
  -526
  -570
  -616
  -664
  -713
  -765
  -818
  -873
  -931
  -991
  -1,053
  -1,118
  -1,186
  -1,256
  -1,329
  -1,406
  -1,486
  -1,569
  -1,656
  -1,747
  -1,843
  -1,942
  -2,046
  -2,155
Discount rate, %
 
  9.00
  9.45
  9.92
  10.42
  10.94
  11.49
  12.06
  12.66
  13.30
  13.96
  14.66
  15.39
  16.16
  16.97
  17.82
  18.71
  19.65
  20.63
  21.66
  22.74
  23.88
  25.07
  26.33
  27.64
  29.03
  30.48
  32.00
  33.60
  35.28
  37.05
PV of cash for distribution, $m
 
  -270
  -276
  -276
  -272
  -264
  -252
  -237
  -220
  -200
  -180
  -158
  -137
  -117
  -97
  -80
  -64
  -50
  -38
  -29
  -21
  -15
  -10
  -7
  -4
  -3
  -2
  -1
  -1
  0
  0
Current shareholders' claim on cash, %
  100
  55.9
  31.8
  18.2
  10.5
  6.1
  3.6
  2.1
  1.2
  0.7
  0.4
  0.3
  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

Approach Resources Inc. is an independent energy company. The Company is focused on the exploration, development, production and acquisition of unconventional oil and gas reserves in the Midland Basin of the greater Permian Basin in West Texas. The Company's business segment is the exploration and production of oil, natural gas liquids (NGLs) and natural gas. The Company's assets cover an area of approximately 126,000 net acres. Its proved reserves are approximately 166.6 million barrels of oil equivalent. The Company's proved reserves are primarily located in Crockett and Schleicher Counties, Texas. The Company's Permian Basin acreage is known as the Project Pangea. The Company owns and operates approximately 800 producing oil and gas wells in the Permian Basin. The Company, through a joint venture with EnCana Oil & Gas (USA) Inc., holds interests in the approximately 3,000 gross acre project in Limestone and Robertson Counties, Texas, in the East Texas Cotton Valley trend.

FINANCIAL RATIOS  of  Approach Resources (AREX)

Valuation Ratios
P/E Ratio -2.1
Price to Sales 1.2
Price to Book 0.2
Price to Tangible Book
Price to Cash Flow 4.2
Price to Free Cash Flow 18
Growth Rates
Sales Growth Rate -31.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -86.8%
Cap. Spend. - 3 Yr. Gr. Rate -41.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 88.5%
Total Debt to Equity 88.5%
Interest Coverage -2
Management Effectiveness
Return On Assets -3%
Ret/ On Assets - 3 Yr. Avg. -3.3%
Return On Total Capital -4.8%
Ret/ On T. Cap. - 3 Yr. Avg. -5%
Return On Equity -8.9%
Return On Equity - 3 Yr. Avg. -8.8%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 70%
Gross Margin - 3 Yr. Avg. 73.5%
EBITDA Margin 31.1%
EBITDA Margin - 3 Yr. Avg. 3.9%
Operating Margin -51.1%
Oper. Margin - 3 Yr. Avg. -75%
Pre-Tax Margin -85.6%
Pre-Tax Margin - 3 Yr. Avg. -85.1%
Net Profit Margin -57.8%
Net Profit Margin - 3 Yr. Avg. -56.3%
Effective Tax Rate 32.5%
Eff/ Tax Rate - 3 Yr. Avg. 35.1%
Payout Ratio 0%

AREX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AREX stock intrinsic value calculation we used $90 million for the last fiscal year's total revenue generated by Approach Resources. The default revenue input number comes from 2016 income statement of Approach Resources. 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 AREX stock valuation model: a) initial revenue growth rate of 13.6% 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 9%, whose default value for AREX is calculated based on our internal credit rating of Approach Resources, 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 Approach Resources.
    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 AREX stock the variable cost ratio is equal to 300%.

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 AREX 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 5.2% for Approach Resources.

Corporate tax rate of 27% is the nominal tax rate for Approach Resources. 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 AREX 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 AREX are equal to 1247.8%.

Life of production assets of 14.2 years is the average useful life of capital assets used in Approach Resources 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 AREX is equal to -15.6%. 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 - $563 million for Approach Resources - 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 86.5 million for Approach Resources 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 Approach Resources at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ What Is Approach Resources Incs (AREX) Share Price Doing?   [Nov-17-17 09:14AM  Simply Wall St.]
▶ Approach Resources Inc. to Host Earnings Call   [Nov-02-17 09:00AM  ACCESSWIRE]
▶ Approach Resources reports 3Q loss   [05:47AM  Associated Press]
▶ Are Approach Resources Incs (AREX) Interest Costs Too High?   [Oct-20-17 02:56PM  Simply Wall St.]
▶ Last Week on Market Realist: Key Energy Industry Updates   [Sep-19-17 03:06PM  Market Realist]
▶ Why these Upstream Companies Have Concerning Debt Situations   [Sep-14-17 04:37PM  Market Realist]
▶ What Is Approach Resources Incs (AREX) Share Price Doing?   [Sep-06-17 03:26PM  Simply Wall St.]
▶ Approach Resources reports 2Q loss   [Aug-04-17 01:08AM  Associated Press]
▶ 5 Zombie Stocks Coming Back From the Dead   [May-20-17 03:00PM  Motley Fool]
▶ Oil and Gas Stock Roundup: Crude Oil Mounts a Comeback   [May-13-17 10:00AM  Motley Fool]
▶ Approach Resources reports 1Q loss   [May-04-17 07:25PM  Associated Press]
▶ Approach Resources reports 4Q loss   [Mar-09-17 05:04PM  Associated Press]
▶ Conference-OGIS New York for Approach Resources, Inc.   [Mar-08-17 05:56PM  at Company Spotlight]
▶ [$$] Approach Completes Debt Exchange With Wilks Brothers   [Jan-31-17 03:45PM  at The Wall Street Journal]
▶ Three Oil & Gas Stocks to Buy in 2017 (HP, RSPP)   [Dec-27-16 11:18AM  at Investopedia]
Financial statements of AREX
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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