Intrinsic value of Bristow Group - BRS

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$7.10

  Intrinsic Value

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  Value-price divergence*

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of BRS 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 2017), $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
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -18.36
  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
  1,401
  1,750
  1,791
  1,837
  1,888
  1,946
  2,008
  2,077
  2,151
  2,231
  2,316
  2,408
  2,505
  2,609
  2,720
  2,837
  2,962
  3,093
  3,233
  3,380
  3,535
  3,699
  3,872
  4,054
  4,246
  4,448
  4,660
  4,884
  5,120
  5,368
  5,629
Variable operating expenses, $m
 
  1,610
  1,647
  1,689
  1,737
  1,789
  1,847
  1,910
  1,978
  2,051
  2,130
  2,211
  2,301
  2,396
  2,498
  2,605
  2,720
  2,840
  2,968
  3,103
  3,246
  3,396
  3,555
  3,722
  3,898
  4,084
  4,279
  4,485
  4,702
  4,929
  5,169
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
  1,492
  1,610
  1,647
  1,689
  1,737
  1,789
  1,847
  1,910
  1,978
  2,051
  2,130
  2,211
  2,301
  2,396
  2,498
  2,605
  2,720
  2,840
  2,968
  3,103
  3,246
  3,396
  3,555
  3,722
  3,898
  4,084
  4,279
  4,485
  4,702
  4,929
  5,169
Operating income, $m
  -92
  140
  143
  147
  151
  156
  161
  167
  173
  179
  186
  197
  205
  213
  222
  232
  242
  253
  264
  276
  289
  302
  316
  331
  347
  364
  381
  399
  419
  439
  460
EBITDA, $m
  27
  279
  286
  293
  301
  311
  321
  332
  343
  356
  370
  384
  400
  417
  434
  453
  473
  494
  516
  540
  564
  591
  618
  647
  678
  710
  744
  780
  817
  857
  899
Interest expense (income), $m
  51
  44
  45
  47
  49
  51
  53
  56
  59
  62
  65
  68
  72
  76
  80
  85
  90
  95
  100
  106
  112
  118
  125
  132
  139
  147
  155
  164
  173
  182
  193
Earnings before tax, $m
  -144
  96
  98
  100
  103
  105
  108
  111
  114
  118
  121
  128
  133
  137
  142
  147
  153
  158
  164
  171
  177
  184
  192
  200
  208
  217
  226
  236
  246
  256
  268
Tax expense, $m
  33
  26
  26
  27
  28
  28
  29
  30
  31
  32
  33
  35
  36
  37
  38
  40
  41
  43
  44
  46
  48
  50
  52
  54
  56
  59
  61
  64
  66
  69
  72
Net income, $m
  -171
  70
  72
  73
  75
  77
  79
  81
  83
  86
  89
  94
  97
  100
  104
  107
  111
  116
  120
  125
  129
  135
  140
  146
  152
  158
  165
  172
  179
  187
  195

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  97
  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
  3,114
  3,223
  3,298
  3,382
  3,477
  3,583
  3,699
  3,825
  3,961
  4,108
  4,265
  4,434
  4,614
  4,806
  5,009
  5,225
  5,454
  5,697
  5,953
  6,224
  6,510
  6,812
  7,130
  7,465
  7,819
  8,191
  8,583
  8,995
  9,429
  9,886
  10,366
Adjusted assets (=assets-cash), $m
  3,017
  3,223
  3,298
  3,382
  3,477
  3,583
  3,699
  3,825
  3,961
  4,108
  4,265
  4,434
  4,614
  4,806
  5,009
  5,225
  5,454
  5,697
  5,953
  6,224
  6,510
  6,812
  7,130
  7,465
  7,819
  8,191
  8,583
  8,995
  9,429
  9,886
  10,366
Revenue / Adjusted assets
  0.464
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
Average production assets, $m
  2,276
  2,277
  2,330
  2,389
  2,457
  2,531
  2,613
  2,702
  2,798
  2,902
  3,013
  3,132
  3,260
  3,395
  3,539
  3,691
  3,853
  4,024
  4,205
  4,397
  4,599
  4,812
  5,037
  5,274
  5,523
  5,786
  6,063
  6,355
  6,661
  6,984
  7,323
Working capital, $m
  92
  163
  167
  171
  176
  181
  187
  193
  200
  207
  215
  224
  233
  243
  253
  264
  275
  288
  301
  314
  329
  344
  360
  377
  395
  414
  433
  454
  476
  499
  523
Total debt, $m
  1,282
  1,105
  1,145
  1,191
  1,242
  1,299
  1,362
  1,429
  1,503
  1,582
  1,667
  1,758
  1,855
  1,958
  2,068
  2,184
  2,308
  2,439
  2,577
  2,723
  2,877
  3,039
  3,211
  3,392
  3,582
  3,783
  3,994
  4,216
  4,450
  4,697
  4,955
Total liabilities, $m
  1,825
  1,737
  1,777
  1,823
  1,874
  1,931
  1,994
  2,061
  2,135
  2,214
  2,299
  2,390
  2,487
  2,590
  2,700
  2,816
  2,940
  3,071
  3,209
  3,355
  3,509
  3,671
  3,843
  4,024
  4,214
  4,415
  4,626
  4,848
  5,082
  5,329
  5,587
Total equity, $m
  1,289
  1,486
  1,520
  1,559
  1,603
  1,652
  1,705
  1,763
  1,826
  1,894
  1,966
  2,044
  2,127
  2,215
  2,309
  2,409
  2,514
  2,626
  2,744
  2,869
  3,001
  3,140
  3,287
  3,441
  3,604
  3,776
  3,957
  4,147
  4,347
  4,557
  4,779
Total liabilities and equity, $m
  3,114
  3,223
  3,297
  3,382
  3,477
  3,583
  3,699
  3,824
  3,961
  4,108
  4,265
  4,434
  4,614
  4,805
  5,009
  5,225
  5,454
  5,697
  5,953
  6,224
  6,510
  6,811
  7,130
  7,465
  7,818
  8,191
  8,583
  8,995
  9,429
  9,886
  10,366
Debt-to-equity ratio
  0.995
  0.740
  0.750
  0.760
  0.770
  0.790
  0.800
  0.810
  0.820
  0.840
  0.850
  0.860
  0.870
  0.880
  0.900
  0.910
  0.920
  0.930
  0.940
  0.950
  0.960
  0.970
  0.980
  0.990
  0.990
  1.000
  1.010
  1.020
  1.020
  1.030
  1.040
Adjusted equity ratio
  0.395
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -171
  70
  72
  73
  75
  77
  79
  81
  83
  86
  89
  94
  97
  100
  104
  107
  111
  116
  120
  125
  129
  135
  140
  146
  152
  158
  165
  172
  179
  187
  195
Depreciation, amort., depletion, $m
  119
  139
  142
  146
  150
  155
  159
  165
  171
  177
  183
  188
  195
  203
  212
  221
  231
  241
  252
  263
  275
  288
  302
  316
  331
  346
  363
  381
  399
  418
  439
Funds from operations, $m
  23
  210
  214
  219
  225
  231
  238
  246
  254
  263
  272
  281
  292
  303
  316
  328
  342
  357
  372
  388
  405
  423
  442
  462
  483
  505
  528
  552
  578
  605
  634
Change in working capital, $m
  12
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
Cash from operations, $m
  11
  264
  210
  215
  220
  226
  232
  239
  247
  255
  264
  273
  283
  294
  305
  318
  331
  344
  359
  374
  390
  408
  426
  445
  465
  486
  508
  532
  556
  582
  610
Maintenance CAPEX, $m
  0
  -134
  -136
  -139
  -143
  -147
  -152
  -156
  -162
  -168
  -174
  -180
  -188
  -195
  -203
  -212
  -221
  -231
  -241
  -252
  -263
  -275
  -288
  -302
  -316
  -331
  -346
  -363
  -381
  -399
  -418
New CAPEX, $m
  -135
  -44
  -52
  -60
  -67
  -74
  -82
  -89
  -96
  -104
  -111
  -119
  -127
  -135
  -144
  -153
  -162
  -171
  -181
  -191
  -202
  -213
  -225
  -237
  -250
  -263
  -277
  -291
  -307
  -323
  -339
Cash from investing activities, $m
  -116
  -178
  -188
  -199
  -210
  -221
  -234
  -245
  -258
  -272
  -285
  -299
  -315
  -330
  -347
  -365
  -383
  -402
  -422
  -443
  -465
  -488
  -513
  -539
  -566
  -594
  -623
  -654
  -688
  -722
  -757
Free cash flow, $m
  -105
  86
  22
  16
  10
  4
  -1
  -6
  -11
  -16
  -21
  -27
  -32
  -37
  -42
  -47
  -52
  -58
  -63
  -69
  -75
  -81
  -87
  -94
  -101
  -108
  -115
  -123
  -131
  -139
  -148
Issuance/(repayment) of debt, $m
  138
  33
  40
  46
  51
  57
  62
  68
  73
  79
  85
  91
  97
  103
  110
  116
  123
  131
  138
  146
  154
  163
  172
  181
  190
  201
  211
  222
  234
  246
  259
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  5
  9
  14
  18
  22
  26
  30
  34
  39
  43
  48
  53
  57
  63
  68
  73
  79
  85
  91
  97
  104
  110
Cash from financing (excl. dividends), $m  
  118
  33
  40
  46
  51
  57
  62
  68
  73
  84
  94
  105
  115
  125
  136
  146
  157
  170
  181
  194
  207
  220
  235
  249
  263
  280
  296
  313
  331
  350
  369
Total cash flow (excl. dividends), $m
  2
  120
  62
  61
  61
  61
  61
  62
  62
  63
  64
  64
  65
  67
  68
  69
  71
  73
  75
  77
  79
  82
  84
  87
  90
  93
  96
  99
  103
  107
  111
Retained Cash Flow (-), $m
  210
  -31
  -34
  -39
  -44
  -49
  -53
  -58
  -63
  -68
  -73
  -78
  -83
  -88
  -94
  -100
  -106
  -112
  -118
  -125
  -132
  -139
  -147
  -155
  -163
  -172
  -181
  -190
  -200
  -211
  -221
Prev. year cash balance distribution, $m
 
  44
  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
 
  133
  27
  22
  17
  13
  8
  4
  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, %
 
  7.80
  8.19
  8.60
  9.03
  9.48
  9.95
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.41
  27.73
  29.12
  30.58
  32.11
PV of cash for distribution, $m
 
  123
  23
  17
  12
  8
  5
  2
  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
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  99.6
  99.0
  98.0
  96.8
  95.4
  93.8
  92.1
  90.3
  88.3
  86.3
  84.2
  82.0
  79.9
  77.7
  75.4
  73.2
  71.0
  68.8
  66.6
  64.5
  62.3
  60.2

Bristow Group Inc. provides industrial aviation services to the offshore energy industry in Africa, the Americas, the Asia Pacific, and Europe Caspian. Its helicopters are used principally to transport personnel between onshore bases and offshore production platforms, drilling rigs, and other installations, as well as to transport time-sensitive equipment to these offshore locations. The company also offers helicopter flight training services to commercial pilots and flight instructors, as well as military training services through its Bristow Academy. In addition, it provides helicopter repair and maintenance services; and search and rescue services to oil and gas companies. The company provides its helicopter services to integrated, national, and independent oil and gas companies. As of March 31, 2016, it operated a fleet of 463 aircraft. The company was formerly known as Offshore Logistics Inc. and changed its name to Bristow Group Inc. in February 2006. Bristow Group Inc. was founded in 1955 and is headquartered in Houston, Texas.

FINANCIAL RATIOS  of  Bristow Group (BRS)

Valuation Ratios
P/E Ratio -1.5
Price to Sales 0.2
Price to Book 0.2
Price to Tangible Book
Price to Cash Flow 22.7
Price to Free Cash Flow -2
Growth Rates
Sales Growth Rate -18.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -63.7%
Cap. Spend. - 3 Yr. Gr. Rate -26.5%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 89.3%
Total Debt to Equity 99.5%
Interest Coverage -2
Management Effectiveness
Return On Assets -3.4%
Ret/ On Assets - 3 Yr. Avg. -0.3%
Return On Total Capital -6.6%
Ret/ On T. Cap. - 3 Yr. Avg. -2.1%
Return On Equity -12.3%
Return On Equity - 3 Yr. Avg. -4%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 17.6%
Gross Margin - 3 Yr. Avg. 23.8%
EBITDA Margin 1.9%
EBITDA Margin - 3 Yr. Avg. 7.3%
Operating Margin -6.5%
Oper. Margin - 3 Yr. Avg. -0.3%
Pre-Tax Margin -10.3%
Pre-Tax Margin - 3 Yr. Avg. -3%
Net Profit Margin -12.2%
Net Profit Margin - 3 Yr. Avg. -4%
Effective Tax Rate -22.9%
Eff/ Tax Rate - 3 Yr. Avg. -0.2%
Payout Ratio -5.8%

BRS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BRS stock intrinsic value calculation we used $1716 million for the last fiscal year's total revenue generated by Bristow Group. The default revenue input number comes from 2017 income statement of Bristow Group. 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 BRS 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 7.8%, whose default value for BRS is calculated based on our internal credit rating of Bristow Group, 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 Bristow Group.
    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 BRS stock the variable cost ratio is equal to 92%.

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 BRS 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 4.1% for Bristow Group.

Corporate tax rate of 27% is the nominal tax rate for Bristow Group. 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 BRS 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 BRS are equal to 130.1%.

Life of production assets of 16.7 years is the average useful life of capital assets used in Bristow Group 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 BRS is equal to 9.3%. 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 - $1499 million for Bristow Group - 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 33.993 million for Bristow Group 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 Bristow Group at the current share price and the inputted number of shares is $0.2 billion.


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COMPANY NEWS

▶ ETFs with exposure to Bristow Group, Inc. : June 16, 2017   [Jun-16-17 03:29PM  Capital Cube]
▶ These 5 Oil Services Stocks Suffered a Brutal May   [Jun-07-17 01:52PM  Motley Fool]
▶ ETFs with exposure to Bristow Group, Inc. : June 5, 2017   [Jun-05-17 02:04PM  Capital Cube]
▶ ETFs with exposure to Bristow Group, Inc. : May 26, 2017   [May-26-17 01:00PM  Capital Cube]
▶ Bristow reports 4Q loss   [May-23-17 05:02PM  Associated Press]
▶ ETFs with exposure to Bristow Group, Inc. : May 1, 2017   [May-01-17 03:42PM  Capital Cube]
▶ ETFs with exposure to Bristow Group, Inc. : April 7, 2017   [Apr-07-17 04:02PM  Capital Cube]
▶ Be Cautious on Bristow Group   [Feb-06-17 12:32PM  GuruFocus.com]
▶ Bristow reports 3Q loss   [Feb-02-17 05:18PM  Associated Press]
▶ [$$] Sikorsky Orders Safety Checks on Choppers   [Jan-10-17 12:19PM  at The Wall Street Journal]
▶ Here is What Hedge Funds Think About Editas Medicine Inc (EDIT)   [Dec-09-16 06:36AM  at Insider Monkey]
▶ Is Bristow Group Inc (BRS) A Good Stock To Buy?   [Dec-05-16 10:15AM  at Insider Monkey]
▶ Why Bristow Group Inc's Stock Is Soaring Today   [Nov-04-16 03:52PM  at Motley Fool]
▶ [$$] Bristow Forecasts Full-Year Loss   [Aug-05-16 02:38PM  at The Wall Street Journal]
Stock chart of BRS Financial statements of BRS Annual reports of BRS
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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