Intrinsic value of Core Laboratories - CLB

Previous Close

$100.51

  Intrinsic Value

$42.29

stock screener

  Rating & Target

str. sell

-58%

Previous close

$100.51

 
Intrinsic value

$42.29

 
Up/down potential

-58%

 
Rating

str. sell

We calculate the intrinsic value of CLB 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 4.4

 

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, %
  -25.44
  10.80
  10.22
  9.70
  9.23
  8.81
  8.42
  8.08
  7.77
  7.50
  7.25
  7.02
  6.82
  6.64
  6.47
  6.33
  6.19
  6.07
  5.97
  5.87
  5.78
  5.71
  5.63
  5.57
  5.51
  5.46
  5.42
  5.37
  5.34
  5.30
  5.27
Revenue, $m
  595
  659
  727
  797
  871
  947
  1,027
  1,110
  1,196
  1,286
  1,379
  1,476
  1,577
  1,682
  1,790
  1,904
  2,022
  2,144
  2,272
  2,406
  2,545
  2,690
  2,842
  3,000
  3,166
  3,338
  3,519
  3,708
  3,906
  4,113
  4,330
Variable operating expenses, $m
 
  410
  450
  492
  536
  581
  629
  678
  730
  783
  839
  878
  938
  1,000
  1,065
  1,133
  1,203
  1,276
  1,352
  1,431
  1,514
  1,600
  1,691
  1,785
  1,883
  1,986
  2,094
  2,206
  2,324
  2,447
  2,576
Fixed operating expenses, $m
 
  144
  147
  151
  155
  158
  162
  166
  171
  175
  179
  184
  188
  193
  198
  203
  208
  213
  218
  224
  229
  235
  241
  247
  253
  260
  266
  273
  280
  286
  294
Total operating expenses, $m
  509
  554
  597
  643
  691
  739
  791
  844
  901
  958
  1,018
  1,062
  1,126
  1,193
  1,263
  1,336
  1,411
  1,489
  1,570
  1,655
  1,743
  1,835
  1,932
  2,032
  2,136
  2,246
  2,360
  2,479
  2,604
  2,733
  2,870
Operating income, $m
  86
  106
  129
  154
  180
  207
  236
  265
  296
  328
  362
  414
  450
  488
  527
  568
  611
  656
  702
  751
  802
  855
  910
  968
  1,029
  1,093
  1,160
  1,230
  1,303
  1,380
  1,461
EBITDA, $m
  113
  137
  162
  188
  216
  245
  275
  306
  339
  373
  408
  445
  483
  523
  564
  607
  653
  700
  749
  800
  854
  910
  968
  1,030
  1,094
  1,161
  1,232
  1,306
  1,383
  1,464
  1,549
Interest expense (income), $m
  11
  8
  9
  11
  13
  14
  16
  18
  20
  22
  25
  27
  29
  32
  35
  37
  40
  43
  46
  49
  53
  56
  60
  63
  67
  71
  76
  80
  85
  90
  95
Earnings before tax, $m
  75
  98
  120
  143
  168
  193
  220
  247
  276
  306
  337
  387
  421
  456
  493
  531
  571
  613
  656
  702
  749
  799
  851
  905
  962
  1,021
  1,084
  1,149
  1,218
  1,290
  1,366
Tax expense, $m
  11
  26
  32
  39
  45
  52
  59
  67
  74
  83
  91
  105
  114
  123
  133
  143
  154
  165
  177
  189
  202
  216
  230
  244
  260
  276
  293
  310
  329
  348
  369
Net income, $m
  64
  72
  88
  105
  122
  141
  160
  180
  201
  223
  246
  283
  307
  333
  360
  388
  417
  447
  479
  512
  547
  583
  621
  661
  702
  746
  791
  839
  889
  942
  997

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  15
  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
  573
  618
  682
  748
  817
  889
  964
  1,041
  1,122
  1,207
  1,294
  1,385
  1,479
  1,577
  1,680
  1,786
  1,896
  2,012
  2,132
  2,257
  2,387
  2,524
  2,666
  2,814
  2,970
  3,132
  3,301
  3,479
  3,664
  3,859
  4,062
Adjusted assets (=assets-cash), $m
  558
  618
  682
  748
  817
  889
  964
  1,041
  1,122
  1,207
  1,294
  1,385
  1,479
  1,577
  1,680
  1,786
  1,896
  2,012
  2,132
  2,257
  2,387
  2,524
  2,666
  2,814
  2,970
  3,132
  3,301
  3,479
  3,664
  3,859
  4,062
Revenue / Adjusted assets
  1.066
  1.066
  1.066
  1.066
  1.066
  1.065
  1.065
  1.066
  1.066
  1.065
  1.066
  1.066
  1.066
  1.067
  1.065
  1.066
  1.066
  1.066
  1.066
  1.066
  1.066
  1.066
  1.066
  1.066
  1.066
  1.066
  1.066
  1.066
  1.066
  1.066
  1.066
Average production assets, $m
  147
  162
  179
  196
  214
  233
  253
  273
  294
  316
  339
  363
  388
  414
  440
  468
  497
  528
  559
  592
  626
  662
  699
  738
  779
  821
  866
  912
  961
  1,012
  1,065
Working capital, $m
  82
  74
  82
  90
  98
  107
  116
  125
  135
  145
  156
  167
  178
  190
  202
  215
  228
  242
  257
  272
  288
  304
  321
  339
  358
  377
  398
  419
  441
  465
  489
Total debt, $m
  216
  262
  309
  359
  411
  466
  522
  581
  643
  706
  772
  841
  912
  987
  1,064
  1,144
  1,228
  1,315
  1,406
  1,500
  1,599
  1,702
  1,809
  1,922
  2,039
  2,162
  2,290
  2,424
  2,564
  2,711
  2,865
Total liabilities, $m
  422
  468
  515
  565
  617
  672
  728
  787
  849
  912
  978
  1,047
  1,118
  1,193
  1,270
  1,350
  1,434
  1,521
  1,612
  1,706
  1,805
  1,908
  2,015
  2,128
  2,245
  2,368
  2,496
  2,630
  2,770
  2,917
  3,071
Total equity, $m
  151
  151
  166
  182
  199
  217
  235
  254
  274
  294
  316
  338
  361
  385
  410
  436
  463
  491
  520
  551
  583
  616
  650
  687
  725
  764
  806
  849
  894
  942
  991
Total liabilities and equity, $m
  573
  619
  681
  747
  816
  889
  963
  1,041
  1,123
  1,206
  1,294
  1,385
  1,479
  1,578
  1,680
  1,786
  1,897
  2,012
  2,132
  2,257
  2,388
  2,524
  2,665
  2,815
  2,970
  3,132
  3,302
  3,479
  3,664
  3,859
  4,062
Debt-to-equity ratio
  1.430
  1.730
  1.860
  1.970
  2.060
  2.150
  2.220
  2.290
  2.350
  2.400
  2.450
  2.490
  2.530
  2.560
  2.600
  2.630
  2.650
  2.680
  2.700
  2.720
  2.740
  2.760
  2.780
  2.800
  2.810
  2.830
  2.840
  2.860
  2.870
  2.880
  2.890
Adjusted equity ratio
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  64
  72
  88
  105
  122
  141
  160
  180
  201
  223
  246
  283
  307
  333
  360
  388
  417
  447
  479
  512
  547
  583
  621
  661
  702
  746
  791
  839
  889
  942
  997
Depreciation, amort., depletion, $m
  27
  31
  33
  34
  36
  37
  39
  41
  42
  44
  46
  30
  32
  34
  37
  39
  41
  44
  47
  49
  52
  55
  58
  62
  65
  68
  72
  76
  80
  84
  89
Funds from operations, $m
  167
  103
  121
  139
  158
  178
  199
  221
  244
  267
  292
  313
  340
  368
  397
  427
  458
  491
  526
  561
  599
  638
  679
  722
  767
  814
  863
  915
  969
  1,026
  1,086
Change in working capital, $m
  35
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  20
  21
  22
  23
  25
Cash from operations, $m
  132
  96
  113
  131
  150
  170
  190
  212
  234
  257
  282
  302
  328
  356
  384
  414
  445
  477
  511
  546
  583
  622
  662
  704
  748
  795
  843
  894
  947
  1,003
  1,061
Maintenance CAPEX, $m
  0
  -12
  -14
  -15
  -16
  -18
  -19
  -21
  -23
  -25
  -26
  -28
  -30
  -32
  -34
  -37
  -39
  -41
  -44
  -47
  -49
  -52
  -55
  -58
  -62
  -65
  -68
  -72
  -76
  -80
  -84
New CAPEX, $m
  -12
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -44
  -47
  -49
  -51
  -53
Cash from investing activities, $m
  -15
  -28
  -31
  -32
  -34
  -37
  -39
  -41
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -65
  -68
  -71
  -75
  -80
  -83
  -88
  -92
  -97
  -103
  -108
  -112
  -119
  -125
  -131
  -137
Free cash flow, $m
  117
  68
  83
  99
  115
  133
  151
  170
  190
  211
  232
  250
  273
  298
  323
  349
  377
  406
  436
  467
  500
  534
  570
  607
  646
  687
  730
  775
  822
  872
  923
Issuance/(repayment) of debt, $m
  -217
  46
  48
  50
  52
  54
  57
  59
  61
  64
  66
  69
  71
  74
  77
  80
  84
  87
  91
  95
  99
  103
  108
  112
  117
  123
  128
  134
  140
  147
  154
Issuance/(repurchase) of shares, $m
  190
  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 from financing (excl. dividends), $m  
  -30
  46
  48
  50
  52
  54
  57
  59
  61
  64
  66
  69
  71
  74
  77
  80
  84
  87
  91
  95
  99
  103
  108
  112
  117
  123
  128
  134
  140
  147
  154
Total cash flow (excl. dividends), $m
  87
  113
  131
  149
  168
  187
  208
  229
  251
  274
  298
  319
  345
  372
  400
  430
  461
  493
  526
  562
  598
  637
  677
  719
  763
  810
  858
  909
  963
  1,019
  1,077
Retained Cash Flow (-), $m
  -180
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -50
Prev. year cash balance distribution, $m
 
  15
  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
 
  114
  115
  133
  151
  170
  189
  210
  232
  254
  277
  296
  322
  348
  375
  404
  434
  465
  497
  531
  567
  604
  642
  683
  726
  770
  817
  866
  917
  971
  1,028
Discount rate, %
 
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
  25.93
PV of cash for distribution, $m
 
  107
  101
  108
  114
  117
  119
  119
  117
  114
  109
  101
  94
  86
  78
  69
  61
  52
  44
  36
  30
  23
  18
  14
  10
  8
  5
  4
  2
  2
  1
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Core Laboratories N.V. provides reservoir description, production enhancement and reservoir management services to the oil and gas industry. The Company operates through three segments: Reservoir Description, Production Enhancement and Reservoir Management. The Reservoir Description segment encompasses the characterization of petroleum reservoir rock, fluid and gas samples. It provides analytical and field services to characterize properties of crude oil and petroleum products to the oil and gas industry. The Production Enhancement segment includes products and services relating to reservoir well completions, perforations, stimulations and production. It provides integrated diagnostic services to evaluate the effectiveness of well completions. The Reservoir Management segment combines and integrates information from reservoir description and production enhancement services to increase production and recovery of oil and gas from its clients' reservoirs.

FINANCIAL RATIOS  of  Core Laboratories (CLB)

Valuation Ratios
P/E Ratio 69.3
Price to Sales 7.5
Price to Book 29.4
Price to Tangible Book
Price to Cash Flow 33.6
Price to Free Cash Flow 37
Growth Rates
Sales Growth Rate -25.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -50%
Cap. Spend. - 3 Yr. Gr. Rate -21%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 143%
Total Debt to Equity 143%
Interest Coverage 8
Management Effectiveness
Return On Assets 12.3%
Ret/ On Assets - 3 Yr. Avg. 23.7%
Return On Total Capital 16.6%
Ret/ On T. Cap. - 3 Yr. Avg. 34.3%
Return On Equity 104.9%
Return On Equity - 3 Yr. Avg. 233.2%
Asset Turnover 1
Profitability Ratios
Gross Margin 25.5%
Gross Margin - 3 Yr. Avg. 32.5%
EBITDA Margin 19%
EBITDA Margin - 3 Yr. Avg. 25.6%
Operating Margin 14.5%
Oper. Margin - 3 Yr. Avg. 22.2%
Pre-Tax Margin 12.6%
Pre-Tax Margin - 3 Yr. Avg. 20.7%
Net Profit Margin 10.8%
Net Profit Margin - 3 Yr. Avg. 16.3%
Effective Tax Rate 14.7%
Eff/ Tax Rate - 3 Yr. Avg. 20.1%
Payout Ratio 148.4%

CLB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CLB stock intrinsic value calculation we used $595 million for the last fiscal year's total revenue generated by Core Laboratories. The default revenue input number comes from 2016 income statement of Core Laboratories. 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 CLB stock valuation model: a) initial revenue growth rate of 10.8% 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 6.3%, whose default value for CLB is calculated based on our internal credit rating of Core Laboratories, 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 Core Laboratories.
    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 CLB stock the variable cost ratio is equal to 62.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $140 million in the base year in the intrinsic value calculation for CLB 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 3.5% for Core Laboratories.

Corporate tax rate of 27% is the nominal tax rate for Core Laboratories. 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 CLB 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 CLB are equal to 24.6%.

Life of production assets of 12 years is the average useful life of capital assets used in Core Laboratories 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 CLB is equal to 11.3%. 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 - $151 million for Core Laboratories - 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 44.139 million for Core Laboratories 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 Core Laboratories at the current share price and the inputted number of shares is $4.4 billion.

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COMPANY NEWS

▶ 3 Top Oil Stocks to Buy in November   [Nov-16-17 07:33PM  Motley Fool]
▶ How Core Labs Helps Oil Producers Get More for Less   [Nov-07-17 04:37PM  Bloomberg Video]
▶ Analyzing the Top Energy Gainers Last Week   [Oct-31-17 11:12AM  Market Realist]
▶ How Weatherford Reacted to Crude Oil Price Changes   [Oct-30-17 06:00PM  Market Realist]
▶ This Could Be a Game-Changer for Oil Stocks   [Oct-29-17 12:19PM  Motley Fool]
▶ [$$] DOJ Ends Probe of Oil-Services Company   [Oct-25-17 03:47PM  The Wall Street Journal]
▶ Core Lab Reports Third Quarter 2017 Results:   [Oct-23-17 05:45PM  PR Newswire]
▶ Core Laboratories beats 3Q profit forecasts   [05:41PM  Associated Press]
▶ Nabors Industries Short Interest on October 12   [Oct-18-17 10:38AM  Market Realist]
▶ Halliburton Reacts to Crude Oils Price Change   [Oct-17-17 10:39AM  Market Realist]
▶ Halliburton Reacts to the Change in Crude Oil Prices   [Oct-11-17 07:38AM  Market Realist]
▶ Core Lab Announces Q4 2017 Quarterly Dividend   [Oct-10-17 04:15PM  PR Newswire]
▶ Weatherford Reacted to Crude Oil Price Changes   [Oct-09-17 04:06PM  Market Realist]
▶ How Is Weatherford Reacting to Crude Oils Price Changes?   [Oct-03-17 10:41AM  Market Realist]
▶ 3 Oil Stocks to Buy Now That Crude Has Turned Bullish   [Sep-30-17 04:40PM  Motley Fool]
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▶ Hows Weatherford Reacting to Crude Oil Price Changes?   [Sep-26-17 03:06PM  Market Realist]
▶ Core Laboratories Dividend Yield Curve   [11:09AM  Market Realist]
▶ Correlation between Crude Oil and Halliburton on September 5   [Sep-08-17 10:36AM  Market Realist]
▶ New Strong Sell Stocks for August 31st   [Aug-31-17 10:30AM  Zacks]
▶ New Strong Sell Stocks for August 28th   [Aug-28-17 08:11AM  Zacks]
▶ Core Laboratories Stock Upgraded: What You Need to Know   [Aug-24-17 01:26PM  Motley Fool]
▶ Behind Baker Hughess Correlation with Crude in Mid-August   [Aug-22-17 09:07AM  Market Realist]
▶ How Core Laboratories N.V. Makes Most of Its Money   [Aug-21-17 10:38AM  Motley Fool]
▶ Flotek Industries Current Valuation versus Its Peers   [Aug-18-17 10:37AM  Market Realist]
▶ 3 Energy Stocks to Buy at the Bottom of the Cycle   [Aug-16-17 01:20PM  Motley Fool]
▶ 5 Strong Sell Stocks the Market Gave Up On   [Aug-10-17 02:38PM  Zacks]
▶ Correlation between Weatherford and Crude Oil on August 4   [Aug-08-17 08:09AM  Market Realist]
▶ Where the World Gets Its Power   [11:24AM  Motley Fool]
▶ Core Laboratories beats 2Q profit forecasts   [Jul-24-17 11:18PM  Associated Press]
▶ What Analysts Forecast for NOV ahead of 2Q17 Earnings   [Jul-17-17 09:06AM  Market Realist]
▶ Shorting HAL: Short Interest in Halliburton as of July 10   [Jul-13-17 10:36AM  Market Realist]
▶ Core Laboratories N.V.: The Bear Case From a Bull   [Jul-10-17 11:33AM  Motley Fool]
▶ 3 Top Energy Stocks to Buy Now   [Jun-24-17 02:04PM  Motley Fool]
Financial statements of CLB
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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