Intrinsic value of Baytex Energy - BTE

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$2.96

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$2.96

 
Intrinsic value

$1.58

 
Up/down potential

-47%

 
Rating

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 BTE 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 0.7

 

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, %
  -31.49
  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
  4.87
Revenue, $m
  446
  456
  468
  481
  496
  512
  529
  548
  568
  590
  614
  638
  665
  693
  723
  755
  788
  824
  861
  901
  942
  987
  1,033
  1,082
  1,133
  1,188
  1,245
  1,305
  1,368
  1,434
  1,504
Variable operating expenses, $m
 
  1,142
  1,171
  1,204
  1,240
  1,280
  1,324
  1,371
  1,422
  1,477
  1,535
  1,597
  1,664
  1,734
  1,809
  1,888
  1,972
  2,061
  2,155
  2,254
  2,358
  2,468
  2,584
  2,707
  2,836
  2,971
  3,114
  3,264
  3,422
  3,589
  3,764
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
  953
  1,142
  1,171
  1,204
  1,240
  1,280
  1,324
  1,371
  1,422
  1,477
  1,535
  1,597
  1,664
  1,734
  1,809
  1,888
  1,972
  2,061
  2,155
  2,254
  2,358
  2,468
  2,584
  2,707
  2,836
  2,971
  3,114
  3,264
  3,422
  3,589
  3,764
Operating income, $m
  -507
  -685
  -703
  -723
  -745
  -769
  -795
  -823
  -854
  -886
  -921
  -959
  -999
  -1,041
  -1,086
  -1,134
  -1,184
  -1,237
  -1,293
  -1,353
  -1,416
  -1,482
  -1,551
  -1,625
  -1,702
  -1,784
  -1,869
  -1,960
  -2,055
  -2,154
  -2,259
EBITDA, $m
  -131
  -299
  -307
  -316
  -325
  -336
  -347
  -360
  -373
  -387
  -402
  -419
  -436
  -455
  -474
  -495
  -517
  -540
  -565
  -591
  -618
  -647
  -678
  -710
  -743
  -779
  -816
  -856
  -897
  -941
  -987
Interest expense (income), $m
  77
  75
  78
  81
  84
  88
  92
  96
  101
  106
  112
  118
  124
  131
  138
  145
  153
  162
  171
  180
  190
  200
  212
  223
  236
  249
  262
  277
  292
  308
  324
Earnings before tax, $m
  -561
  -761
  -781
  -804
  -829
  -857
  -887
  -920
  -955
  -993
  -1,033
  -1,076
  -1,123
  -1,172
  -1,224
  -1,279
  -1,337
  -1,399
  -1,464
  -1,533
  -1,606
  -1,682
  -1,763
  -1,848
  -1,938
  -2,032
  -2,132
  -2,236
  -2,346
  -2,462
  -2,584
Tax expense, $m
  -202
  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
  -359
  -761
  -781
  -804
  -829
  -857
  -887
  -920
  -955
  -993
  -1,033
  -1,076
  -1,123
  -1,172
  -1,224
  -1,279
  -1,337
  -1,399
  -1,464
  -1,533
  -1,606
  -1,682
  -1,763
  -1,848
  -1,938
  -2,032
  -2,132
  -2,236
  -2,346
  -2,462
  -2,584

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2
  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
  3,400
  3,483
  3,572
  3,673
  3,784
  3,906
  4,039
  4,183
  4,339
  4,505
  4,683
  4,873
  5,076
  5,291
  5,519
  5,761
  6,017
  6,288
  6,574
  6,876
  7,194
  7,531
  7,885
  8,258
  8,651
  9,065
  9,501
  9,959
  10,442
  10,949
  11,483
Adjusted assets (=assets-cash), $m
  3,398
  3,483
  3,572
  3,673
  3,784
  3,906
  4,039
  4,183
  4,339
  4,505
  4,683
  4,873
  5,076
  5,291
  5,519
  5,761
  6,017
  6,288
  6,574
  6,876
  7,194
  7,531
  7,885
  8,258
  8,651
  9,065
  9,501
  9,959
  10,442
  10,949
  11,483
Revenue / Adjusted assets
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
Average production assets, $m
  3,283
  3,358
  3,444
  3,541
  3,649
  3,766
  3,895
  4,034
  4,183
  4,344
  4,515
  4,699
  4,894
  5,101
  5,321
  5,554
  5,801
  6,062
  6,338
  6,629
  6,937
  7,261
  7,602
  7,962
  8,341
  8,740
  9,160
  9,602
  10,067
  10,557
  11,071
Working capital, $m
  -25
  -28
  -29
  -29
  -30
  -31
  -32
  -33
  -35
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -57
  -60
  -63
  -66
  -69
  -72
  -76
  -80
  -83
  -87
  -92
Total debt, $m
  1,298
  1,345
  1,396
  1,453
  1,516
  1,586
  1,661
  1,743
  1,832
  1,926
  2,028
  2,136
  2,251
  2,373
  2,503
  2,641
  2,787
  2,941
  3,103
  3,275
  3,457
  3,648
  3,849
  4,062
  4,286
  4,521
  4,769
  5,030
  5,304
  5,593
  5,897
Total liabilities, $m
  1,936
  1,982
  2,033
  2,090
  2,153
  2,223
  2,298
  2,380
  2,469
  2,563
  2,665
  2,773
  2,888
  3,010
  3,140
  3,278
  3,424
  3,578
  3,740
  3,912
  4,094
  4,285
  4,486
  4,699
  4,923
  5,158
  5,406
  5,667
  5,941
  6,230
  6,534
Total equity, $m
  1,465
  1,501
  1,540
  1,583
  1,631
  1,684
  1,741
  1,803
  1,870
  1,942
  2,018
  2,100
  2,188
  2,280
  2,379
  2,483
  2,593
  2,710
  2,833
  2,963
  3,101
  3,246
  3,398
  3,559
  3,729
  3,907
  4,095
  4,292
  4,500
  4,719
  4,949
Total liabilities and equity, $m
  3,401
  3,483
  3,573
  3,673
  3,784
  3,907
  4,039
  4,183
  4,339
  4,505
  4,683
  4,873
  5,076
  5,290
  5,519
  5,761
  6,017
  6,288
  6,573
  6,875
  7,195
  7,531
  7,884
  8,258
  8,652
  9,065
  9,501
  9,959
  10,441
  10,949
  11,483
Debt-to-equity ratio
  0.886
  0.900
  0.910
  0.920
  0.930
  0.940
  0.950
  0.970
  0.980
  0.990
  1.000
  1.020
  1.030
  1.040
  1.050
  1.060
  1.070
  1.090
  1.100
  1.110
  1.110
  1.120
  1.130
  1.140
  1.150
  1.160
  1.160
  1.170
  1.180
  1.190
  1.190
Adjusted equity ratio
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -359
  -761
  -781
  -804
  -829
  -857
  -887
  -920
  -955
  -993
  -1,033
  -1,076
  -1,123
  -1,172
  -1,224
  -1,279
  -1,337
  -1,399
  -1,464
  -1,533
  -1,606
  -1,682
  -1,763
  -1,848
  -1,938
  -2,032
  -2,132
  -2,236
  -2,346
  -2,462
  -2,584
Depreciation, amort., depletion, $m
  376
  386
  396
  407
  419
  433
  448
  464
  481
  499
  519
  540
  563
  586
  612
  638
  667
  697
  729
  762
  797
  835
  874
  915
  959
  1,005
  1,053
  1,104
  1,157
  1,213
  1,273
Funds from operations, $m
  535
  -375
  -385
  -397
  -409
  -424
  -439
  -456
  -474
  -493
  -514
  -536
  -560
  -585
  -612
  -640
  -670
  -702
  -735
  -771
  -808
  -848
  -889
  -933
  -979
  -1,028
  -1,079
  -1,132
  -1,189
  -1,249
  -1,311
Change in working capital, $m
  352
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
Cash from operations, $m
  183
  -570
  -384
  -396
  -409
  -423
  -438
  -455
  -473
  -492
  -513
  -535
  -558
  -584
  -610
  -638
  -668
  -700
  -733
  -768
  -806
  -845
  -886
  -930
  -976
  -1,024
  -1,075
  -1,129
  -1,185
  -1,245
  -1,307
Maintenance CAPEX, $m
  0
  -377
  -386
  -396
  -407
  -419
  -433
  -448
  -464
  -481
  -499
  -519
  -540
  -563
  -586
  -612
  -638
  -667
  -697
  -729
  -762
  -797
  -835
  -874
  -915
  -959
  -1,005
  -1,053
  -1,104
  -1,157
  -1,213
New CAPEX, $m
  -166
  -76
  -86
  -97
  -107
  -118
  -128
  -139
  -150
  -161
  -172
  -183
  -195
  -207
  -220
  -233
  -247
  -261
  -276
  -291
  -307
  -324
  -342
  -360
  -379
  -399
  -420
  -442
  -465
  -489
  -514
Cash from investing activities, $m
  -216
  -453
  -472
  -493
  -514
  -537
  -561
  -587
  -614
  -642
  -671
  -702
  -735
  -770
  -806
  -845
  -885
  -928
  -973
  -1,020
  -1,069
  -1,121
  -1,177
  -1,234
  -1,294
  -1,358
  -1,425
  -1,495
  -1,569
  -1,646
  -1,727
Free cash flow, $m
  -33
  -1,023
  -857
  -889
  -923
  -960
  -999
  -1,041
  -1,086
  -1,133
  -1,184
  -1,237
  -1,294
  -1,353
  -1,417
  -1,483
  -1,553
  -1,628
  -1,706
  -1,788
  -1,875
  -1,966
  -2,063
  -2,164
  -2,270
  -2,382
  -2,500
  -2,624
  -2,754
  -2,891
  -3,035
Issuance/(repayment) of debt, $m
  -45
  47
  51
  57
  63
  70
  76
  82
  88
  95
  101
  108
  115
  122
  130
  138
  146
  154
  163
  172
  181
  191
  202
  212
  224
  236
  248
  261
  274
  289
  304
Issuance/(repurchase) of shares, $m
  81
  1,013
  844
  875
  908
  943
  981
  1,021
  1,065
  1,110
  1,159
  1,211
  1,266
  1,324
  1,385
  1,450
  1,518
  1,590
  1,666
  1,747
  1,831
  1,920
  2,014
  2,112
  2,216
  2,325
  2,440
  2,561
  2,687
  2,821
  2,961
Cash from financing (excl. dividends), $m  
  36
  1,060
  895
  932
  971
  1,013
  1,057
  1,103
  1,153
  1,205
  1,260
  1,319
  1,381
  1,446
  1,515
  1,588
  1,664
  1,744
  1,829
  1,919
  2,012
  2,111
  2,216
  2,324
  2,440
  2,561
  2,688
  2,822
  2,961
  3,110
  3,265
Total cash flow (excl. dividends), $m
  2
  -977
  -806
  -831
  -860
  -890
  -924
  -959
  -998
  -1,039
  -1,082
  -1,129
  -1,179
  -1,231
  -1,287
  -1,346
  -1,408
  -1,474
  -1,543
  -1,616
  -1,694
  -1,775
  -1,861
  -1,951
  -2,046
  -2,147
  -2,252
  -2,363
  -2,480
  -2,602
  -2,731
Retained Cash Flow (-), $m
  322
  -38
  -39
  -43
  -48
  -53
  -57
  -62
  -67
  -72
  -77
  -82
  -87
  -93
  -98
  -104
  -110
  -117
  -123
  -130
  -137
  -145
  -153
  -161
  -169
  -178
  -188
  -198
  -208
  -219
  -230
Prev. year cash balance distribution, $m
 
  2
  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, %
 
  9.50
  9.98
  10.47
  11.00
  11.55
  12.12
  12.73
  13.37
  14.04
  14.74
  15.47
  16.25
  17.06
  17.91
  18.81
  19.75
  20.74
  21.77
  22.86
  24.01
  25.21
  26.47
  27.79
  29.18
  30.64
  32.17
  33.78
  35.47
  37.24
  39.10
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
  50.3
  27.9
  15.4
  8.5
  4.6
  2.5
  1.4
  0.7
  0.4
  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
  0.0
  0.0

Baytex Energy Corp., an oil and gas company, engages in the acquisition, development, exploitation, and production of oil and natural gas in the Western Canadian Sedimentary Basin and the United States. It offers heavy oil, light oil, condensate, and natural gas liquids. The company was founded in 1993 and is headquartered in Calgary, Canada.

FINANCIAL RATIOS  of  Baytex Energy (BTE)

Valuation Ratios
P/E Ratio -1.9
Price to Sales 1.5
Price to Book 0.5
Price to Tangible Book
Price to Cash Flow 3.8
Price to Free Cash Flow 40.6
Growth Rates
Sales Growth Rate -31.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -57.1%
Cap. Spend. - 3 Yr. Gr. Rate -16.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 88.6%
Total Debt to Equity 88.6%
Interest Coverage -6
Management Effectiveness
Return On Assets -8.3%
Ret/ On Assets - 3 Yr. Avg. -66.2%
Return On Total Capital -12.1%
Ret/ On T. Cap. - 3 Yr. Avg. -14%
Return On Equity -22.1%
Return On Equity - 3 Yr. Avg. -25.2%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 59.9%
Gross Margin - 3 Yr. Avg. 66.8%
EBITDA Margin -24.2%
EBITDA Margin - 3 Yr. Avg. -22.2%
Operating Margin -113.7%
Oper. Margin - 3 Yr. Avg. -90.2%
Pre-Tax Margin -125.8%
Pre-Tax Margin - 3 Yr. Avg. -98.3%
Net Profit Margin -80.5%
Net Profit Margin - 3 Yr. Avg. -73%
Effective Tax Rate 36%
Eff/ Tax Rate - 3 Yr. Avg. 3319.7%
Payout Ratio 0%

BTE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BTE stock intrinsic value calculation we used $446 million for the last fiscal year's total revenue generated by Baytex Energy. The default revenue input number comes from 2016 income statement of Baytex Energy. 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 BTE stock valuation model: a) initial revenue growth rate of 2.3% 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 9.5%, whose default value for BTE is calculated based on our internal credit rating of Baytex Energy, 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 Baytex Energy.
    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 BTE stock the variable cost ratio is equal to 250.2%.

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 BTE 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 5.8% for Baytex Energy.

Corporate tax rate of 27% is the nominal tax rate for Baytex Energy. 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 BTE 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 BTE are equal to 736%.

Life of production assets of 8.7 years is the average useful life of capital assets used in Baytex Energy 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 BTE is equal to -6.1%. 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 - $1465 million for Baytex Energy - 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 232.211 million for Baytex Energy 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 Baytex Energy at the current share price and the inputted number of shares is $0.7 billion.


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COMPANY NEWS

▶ ETFs with exposure to Baytex Energy Corp. : April 5, 2017   [Apr-05-17 04:26PM  Capital Cube]
▶ Baytex Energy Files 2016 Year-End Disclosure Documents   [Mar-07-17 06:13PM  Marketwired]
▶ Baytex reports 4Q loss   [08:01AM  Associated Press]
▶ 2 Stocks to Avoid (and 1 to Buy)   [Feb-21-17 04:07PM  Motley Fool]
▶ Baytex to Present at CIBC Whistler Conference   [Jan-23-17 05:15PM  Marketwired]
▶ Baytex Announces Closing of Peace River Acquisition   [Jan-20-17 05:08PM  Marketwired]
▶ Was Baytex Energy Corp's Fantastic Run in 2016 Too Much?   [Jan-17-17 01:27PM  at Motley Fool]
▶ Is Baytex Energy Corp (USA) (BTE) Worthy of Your Portfolio?   [Dec-14-16 03:05AM  at Insider Monkey]
▶ Why Baytex Energy, Akorn, and Alamos Gold Jumped Today   [Dec-12-16 05:52PM  at Motley Fool]
▶ Why Canadian Oil Stocks Blasted Off Today   [Nov-30-16 04:08PM  at Motley Fool]
▶ Baytex Bets on Oil Recovery (BTE)   [Nov-29-16 08:45AM  at Investopedia]
▶ Is Wix.Com Ltd (WIX) A Good Stock to Buy?   [Nov-28-16 10:15AM  at Insider Monkey]
▶ Baytex Energy Corp. Goes Shopping   [Nov-23-16 04:48PM  at Motley Fool]
▶ Will Trump Be Good for Baytex Energy? (BTE)   [Nov-14-16 08:48AM  at Investopedia]
▶ Baytex Q3 Earnings Report: Hits and Misses (BTE)   [Nov-04-16 06:33PM  at Investopedia]
▶ Baytex Reports Q3 2016 Results   [07:30AM  Marketwired]
▶ These 3 Oil Stocks Aren't Out of the Woods Just Yet   [Oct-26-16 05:15PM  at Motley Fool]
▶ Baytex Blames Blast on Poor Regulator Standards (BTE)   [Oct-24-16 04:05PM  at Investopedia]
▶ Baytex Short Interest Surges in September (BTE)   [Oct-20-16 03:53PM  at Investopedia]
▶ How Bad Is Baytex Debt? (BTE)   [Oct-14-16 08:04AM  at Investopedia]
▶ Is the Worst Over for Oil Stocks?   [Sep-08-16 03:30PM  at Motley Fool]
▶ Baytex to Present at Peters & Co. Energy Conference   [Sep-07-16 05:15PM  Marketwired]
▶ Baytex Announces Executive Appointment   [Jul-13-16 05:00PM  Marketwired]
▶ 3 Oil Stocks That Could Rocket if Crude Keeps Rising   [Jul-02-16 04:00PM  at Motley Fool]
▶ Baytex Provides Update on Tax Reassessment   [Jun-22-16 05:00PM  Marketwired]
▶ Oil & Gas Stock Roundup: $50 Oil Fuels Massive Gains   [Jun-11-16 11:00AM  at Motley Fool]
▶ 5 stocks to watch   [Jun-08-16 02:47PM  at MarketWatch]
▶ Baytex Reports Election of Directors   [Jun-01-16 07:02PM  Marketwired]
Stock chart of BTE Financial statements of BTE
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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