Intrinsic value of Baytex Energy - BTE

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$2.27

  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 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 0.5

 

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
  2.00
  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
  446
  906
  927
  950
  977
  1,007
  1,039
  1,075
  1,113
  1,154
  1,199
  1,246
  1,297
  1,350
  1,408
  1,468
  1,533
  1,601
  1,673
  1,749
  1,829
  1,914
  2,003
  2,098
  2,197
  2,302
  2,412
  2,528
  2,650
  2,778
  2,913
Variable operating expenses, $m
 
  967
  990
  1,015
  1,044
  1,075
  1,110
  1,148
  1,189
  1,233
  1,280
  1,331
  1,385
  1,442
  1,503
  1,568
  1,637
  1,710
  1,787
  1,868
  1,954
  2,044
  2,140
  2,240
  2,346
  2,458
  2,576
  2,700
  2,830
  2,967
  3,111
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
  967
  990
  1,015
  1,044
  1,075
  1,110
  1,148
  1,189
  1,233
  1,280
  1,331
  1,385
  1,442
  1,503
  1,568
  1,637
  1,710
  1,787
  1,868
  1,954
  2,044
  2,140
  2,240
  2,346
  2,458
  2,576
  2,700
  2,830
  2,967
  3,111
Operating income, $m
  -507
  -62
  -63
  -65
  -66
  -68
  -71
  -73
  -76
  -78
  -82
  -85
  -88
  -92
  -96
  -100
  -104
  -109
  -114
  -119
  -124
  -130
  -136
  -143
  -149
  -157
  -164
  -172
  -180
  -189
  -198
EBITDA, $m
  -131
  599
  613
  629
  646
  666
  688
  711
  736
  764
  793
  824
  858
  893
  931
  971
  1,014
  1,059
  1,107
  1,157
  1,210
  1,266
  1,325
  1,388
  1,454
  1,523
  1,596
  1,672
  1,753
  1,838
  1,927
Interest expense (income), $m
  77
  95
  97
  101
  105
  110
  115
  121
  127
  134
  141
  149
  157
  166
  176
  186
  197
  208
  220
  233
  246
  260
  275
  291
  308
  325
  344
  363
  383
  405
  428
Earnings before tax, $m
  -561
  -156
  -160
  -166
  -172
  -179
  -186
  -194
  -203
  -212
  -223
  -234
  -246
  -258
  -272
  -286
  -301
  -317
  -334
  -352
  -370
  -390
  -411
  -434
  -457
  -482
  -508
  -535
  -564
  -594
  -626
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
  -156
  -160
  -166
  -172
  -179
  -186
  -194
  -203
  -212
  -223
  -234
  -246
  -258
  -272
  -286
  -301
  -317
  -334
  -352
  -370
  -390
  -411
  -434
  -457
  -482
  -508
  -535
  -564
  -594
  -626

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
  5,591
  5,720
  5,867
  6,032
  6,215
  6,415
  6,634
  6,870
  7,125
  7,398
  7,691
  8,003
  8,335
  8,689
  9,063
  9,461
  9,881
  10,326
  10,796
  11,292
  11,815
  12,367
  12,949
  13,562
  14,207
  14,887
  15,603
  16,356
  17,148
  17,981
Adjusted assets (=assets-cash), $m
  3,398
  5,591
  5,720
  5,867
  6,032
  6,215
  6,415
  6,634
  6,870
  7,125
  7,398
  7,691
  8,003
  8,335
  8,689
  9,063
  9,461
  9,881
  10,326
  10,796
  11,292
  11,815
  12,367
  12,949
  13,562
  14,207
  14,887
  15,603
  16,356
  17,148
  17,981
Revenue / Adjusted assets
  0.131
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
Average production assets, $m
  3,283
  4,956
  5,070
  5,201
  5,347
  5,509
  5,687
  5,881
  6,090
  6,316
  6,558
  6,818
  7,094
  7,389
  7,702
  8,034
  8,387
  8,759
  9,153
  9,570
  10,010
  10,474
  10,963
  11,479
  12,022
  12,594
  13,197
  13,831
  14,499
  15,201
  15,939
Working capital, $m
  -25
  -64
  -66
  -67
  -69
  -71
  -74
  -76
  -79
  -82
  -85
  -88
  -92
  -96
  -100
  -104
  -109
  -114
  -119
  -124
  -130
  -136
  -142
  -149
  -156
  -163
  -171
  -179
  -188
  -197
  -207
Total debt, $m
  1,298
  1,911
  1,983
  2,065
  2,158
  2,260
  2,373
  2,495
  2,627
  2,770
  2,923
  3,087
  3,262
  3,448
  3,646
  3,856
  4,078
  4,313
  4,562
  4,825
  5,103
  5,396
  5,705
  6,031
  6,375
  6,736
  7,117
  7,517
  7,939
  8,383
  8,849
Total liabilities, $m
  1,936
  3,131
  3,203
  3,285
  3,378
  3,480
  3,593
  3,715
  3,847
  3,990
  4,143
  4,307
  4,482
  4,668
  4,866
  5,076
  5,298
  5,533
  5,782
  6,045
  6,323
  6,616
  6,925
  7,251
  7,595
  7,956
  8,337
  8,737
  9,159
  9,603
  10,069
Total equity, $m
  1,465
  2,460
  2,517
  2,581
  2,654
  2,734
  2,823
  2,919
  3,023
  3,135
  3,255
  3,384
  3,521
  3,668
  3,823
  3,988
  4,163
  4,348
  4,543
  4,750
  4,968
  5,199
  5,441
  5,697
  5,967
  6,251
  6,550
  6,865
  7,196
  7,545
  7,912
Total liabilities and equity, $m
  3,401
  5,591
  5,720
  5,866
  6,032
  6,214
  6,416
  6,634
  6,870
  7,125
  7,398
  7,691
  8,003
  8,336
  8,689
  9,064
  9,461
  9,881
  10,325
  10,795
  11,291
  11,815
  12,366
  12,948
  13,562
  14,207
  14,887
  15,602
  16,355
  17,148
  17,981
Debt-to-equity ratio
  0.886
  0.780
  0.790
  0.800
  0.810
  0.830
  0.840
  0.850
  0.870
  0.880
  0.900
  0.910
  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
  1.080
  1.090
  1.100
  1.100
  1.110
  1.120
Adjusted equity ratio
  0.431
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -359
  -156
  -160
  -166
  -172
  -179
  -186
  -194
  -203
  -212
  -223
  -234
  -246
  -258
  -272
  -286
  -301
  -317
  -334
  -352
  -370
  -390
  -411
  -434
  -457
  -482
  -508
  -535
  -564
  -594
  -626
Depreciation, amort., depletion, $m
  376
  661
  676
  693
  713
  735
  758
  784
  812
  842
  874
  909
  946
  985
  1,027
  1,071
  1,118
  1,168
  1,220
  1,276
  1,335
  1,396
  1,462
  1,530
  1,603
  1,679
  1,760
  1,844
  1,933
  2,027
  2,125
Funds from operations, $m
  535
  505
  516
  528
  541
  556
  572
  590
  609
  630
  652
  675
  700
  727
  755
  785
  817
  851
  887
  924
  964
  1,006
  1,050
  1,097
  1,146
  1,198
  1,252
  1,309
  1,370
  1,433
  1,500
Change in working capital, $m
  352
  -1
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
Cash from operations, $m
  183
  347
  517
  529
  543
  558
  575
  593
  612
  633
  655
  679
  704
  731
  759
  790
  822
  856
  892
  930
  970
  1,012
  1,057
  1,104
  1,153
  1,205
  1,260
  1,318
  1,378
  1,442
  1,509
Maintenance CAPEX, $m
  0
  -648
  -661
  -676
  -693
  -713
  -735
  -758
  -784
  -812
  -842
  -874
  -909
  -946
  -985
  -1,027
  -1,071
  -1,118
  -1,168
  -1,220
  -1,276
  -1,335
  -1,396
  -1,462
  -1,530
  -1,603
  -1,679
  -1,760
  -1,844
  -1,933
  -2,027
New CAPEX, $m
  -166
  -97
  -114
  -130
  -146
  -162
  -178
  -194
  -210
  -226
  -242
  -259
  -277
  -295
  -313
  -332
  -352
  -373
  -394
  -416
  -440
  -464
  -489
  -516
  -543
  -572
  -603
  -634
  -667
  -702
  -739
Cash from investing activities, $m
  -216
  -745
  -775
  -806
  -839
  -875
  -913
  -952
  -994
  -1,038
  -1,084
  -1,133
  -1,186
  -1,241
  -1,298
  -1,359
  -1,423
  -1,491
  -1,562
  -1,636
  -1,716
  -1,799
  -1,885
  -1,978
  -2,073
  -2,175
  -2,282
  -2,394
  -2,511
  -2,635
  -2,766
Free cash flow, $m
  -33
  -397
  -258
  -277
  -297
  -317
  -338
  -359
  -382
  -405
  -430
  -455
  -482
  -510
  -539
  -569
  -601
  -635
  -670
  -707
  -746
  -787
  -829
  -874
  -921
  -970
  -1,022
  -1,076
  -1,133
  -1,193
  -1,256
Issuance/(repayment) of debt, $m
  -45
  56
  72
  82
  92
  102
  112
  122
  132
  143
  153
  164
  175
  186
  198
  210
  222
  235
  249
  263
  278
  293
  309
  326
  343
  362
  381
  401
  422
  444
  467
Issuance/(repurchase) of shares, $m
  81
  387
  242
  259
  277
  295
  314
  333
  354
  375
  397
  420
  444
  470
  496
  524
  554
  585
  617
  651
  686
  724
  763
  804
  847
  893
  940
  990
  1,043
  1,098
  1,156
Cash from financing (excl. dividends), $m  
  36
  443
  314
  341
  369
  397
  426
  455
  486
  518
  550
  584
  619
  656
  694
  734
  776
  820
  866
  914
  964
  1,017
  1,072
  1,130
  1,190
  1,255
  1,321
  1,391
  1,465
  1,542
  1,623
Total cash flow (excl. dividends), $m
  2
  -341
  -186
  -195
  -204
  -214
  -225
  -237
  -249
  -263
  -277
  -291
  -307
  -324
  -341
  -360
  -379
  -400
  -421
  -444
  -468
  -493
  -520
  -548
  -578
  -609
  -641
  -676
  -712
  -750
  -790
Retained Cash Flow (-), $m
  322
  -46
  -57
  -65
  -73
  -80
  -88
  -96
  -104
  -112
  -120
  -129
  -137
  -146
  -155
  -165
  -175
  -185
  -196
  -207
  -218
  -230
  -243
  -256
  -270
  -284
  -299
  -315
  -331
  -349
  -367
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
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Discount rate, %
 
  6.90
  7.25
  7.61
  7.99
  8.39
  8.81
  9.25
  9.71
  10.19
  10.70
  11.24
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.61
  17.44
  18.31
  19.22
  20.18
  21.19
  22.25
  23.37
  24.53
  25.76
  27.05
  28.40
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
  81.3
  71.3
  62.2
  53.9
  46.5
  40.0
  34.2
  29.2
  24.8
  21.0
  17.7
  14.9
  12.5
  10.5
  8.8
  7.3
  6.1
  5.1
  4.2
  3.5
  2.9
  2.4
  2.0
  1.6
  1.3
  1.1
  0.9
  0.7
  0.6
  0.5

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 -1.5
Price to Sales 1.2
Price to Book 0.4
Price to Tangible Book
Price to Cash Flow 2.9
Price to Free Cash Flow 31.2
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 $888 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% 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 6.9%, 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 106.8%.

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 5.1% 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 547.2%.

Life of production assets of 7.5 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 -7.1%. 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 - $2414 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 207.959 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 $0.5 billion.


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COMPANY NEWS

▶ Can Baytex Energy Corp Weather Another Market Downturn?   [Jun-15-17 01:30PM  Motley Fool]
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▶ ETFs with exposure to Baytex Energy Corp. : May 11, 2017   [May-11-17 04:17PM  Capital Cube]
▶ Baytex posts 1Q profit   [May-04-17 07:49PM  Associated Press]
▶ Baytex Q1 2017 Production Increases 6%   [04:30PM  GlobeNewswire]
▶ 4 Oil Stocks Id Avoid at All Costs   [Apr-29-17 05:00PM  Motley Fool]
▶ 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]
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▶ 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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