Intrinsic value of Core Laboratories - CLB

Previous Close

$116.00

  Intrinsic Value

$63.21

stock screener

  Rating & Target

sell

-46%

Previous close

$116.00

 
Intrinsic value

$63.21

 
Up/down potential

-46%

 
Rating

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  16.10
  14.99
  13.99
  13.09
  12.28
  11.55
  10.90
  10.31
  9.78
  9.30
  8.87
  8.48
  8.13
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
Revenue, $m
  595
  691
  794
  905
  1,024
  1,150
  1,283
  1,422
  1,569
  1,723
  1,883
  2,050
  2,224
  2,405
  2,593
  2,788
  2,991
  3,202
  3,422
  3,650
  3,887
  4,134
  4,391
  4,658
  4,937
  5,227
  5,530
  5,847
  6,177
  6,521
  6,882
Variable operating expenses, $m
 
  429
  490
  557
  627
  702
  781
  864
  951
  1,043
  1,138
  1,219
  1,323
  1,430
  1,542
  1,659
  1,779
  1,905
  2,036
  2,171
  2,312
  2,459
  2,612
  2,771
  2,937
  3,110
  3,290
  3,478
  3,675
  3,880
  4,094
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
  573
  637
  708
  782
  860
  943
  1,030
  1,122
  1,218
  1,317
  1,403
  1,511
  1,623
  1,740
  1,862
  1,987
  2,118
  2,254
  2,395
  2,541
  2,694
  2,853
  3,018
  3,190
  3,370
  3,556
  3,751
  3,955
  4,166
  4,388
Operating income, $m
  86
  118
  157
  198
  242
  289
  339
  392
  447
  505
  566
  647
  712
  781
  852
  927
  1,004
  1,084
  1,168
  1,255
  1,345
  1,439
  1,538
  1,640
  1,747
  1,858
  1,974
  2,096
  2,223
  2,355
  2,494
EBITDA, $m
  113
  150
  191
  235
  281
  331
  384
  439
  497
  558
  622
  689
  758
  830
  906
  984
  1,065
  1,150
  1,238
  1,329
  1,425
  1,524
  1,628
  1,735
  1,848
  1,965
  2,088
  2,216
  2,349
  2,489
  2,635
Interest expense (income), $m
  11
  8
  10
  13
  15
  18
  21
  25
  28
  32
  36
  40
  44
  48
  52
  57
  62
  67
  72
  78
  83
  89
  95
  102
  108
  115
  123
  130
  138
  146
  155
Earnings before tax, $m
  75
  111
  147
  186
  227
  271
  318
  367
  419
  473
  530
  607
  669
  733
  800
  869
  942
  1,017
  1,095
  1,177
  1,262
  1,350
  1,442
  1,538
  1,638
  1,743
  1,852
  1,966
  2,085
  2,209
  2,339
Tax expense, $m
  11
  30
  40
  50
  61
  73
  86
  99
  113
  128
  143
  164
  181
  198
  216
  235
  254
  275
  296
  318
  341
  365
  389
  415
  442
  471
  500
  531
  563
  596
  632
Net income, $m
  64
  81
  107
  136
  166
  198
  232
  268
  306
  346
  387
  443
  488
  535
  584
  635
  688
  742
  800
  859
  921
  986
  1,053
  1,123
  1,196
  1,272
  1,352
  1,435
  1,522
  1,613
  1,708

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
  648
  745
  849
  961
  1,079
  1,203
  1,334
  1,472
  1,616
  1,766
  1,923
  2,086
  2,256
  2,432
  2,615
  2,806
  3,004
  3,210
  3,424
  3,646
  3,878
  4,119
  4,370
  4,631
  4,904
  5,188
  5,485
  5,794
  6,118
  6,456
Adjusted assets (=assets-cash), $m
  558
  648
  745
  849
  961
  1,079
  1,203
  1,334
  1,472
  1,616
  1,766
  1,923
  2,086
  2,256
  2,432
  2,615
  2,806
  3,004
  3,210
  3,424
  3,646
  3,878
  4,119
  4,370
  4,631
  4,904
  5,188
  5,485
  5,794
  6,118
  6,456
Revenue / Adjusted assets
  1.066
  1.066
  1.066
  1.066
  1.066
  1.066
  1.067
  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
  1.066
  1.066
  1.066
  1.066
  1.066
  1.066
  1.066
  1.066
Average production assets, $m
  147
  170
  195
  223
  252
  283
  316
  350
  386
  424
  463
  504
  547
  592
  638
  686
  736
  788
  842
  898
  956
  1,017
  1,080
  1,146
  1,214
  1,286
  1,360
  1,438
  1,519
  1,604
  1,693
Working capital, $m
  82
  78
  90
  102
  116
  130
  145
  161
  177
  195
  213
  232
  251
  272
  293
  315
  338
  362
  387
  412
  439
  467
  496
  526
  558
  591
  625
  661
  698
  737
  778
Total debt, $m
  216
  284
  357
  436
  520
  609
  704
  803
  907
  1,016
  1,129
  1,248
  1,371
  1,499
  1,633
  1,771
  1,915
  2,065
  2,221
  2,382
  2,551
  2,726
  2,908
  3,098
  3,295
  3,501
  3,716
  3,940
  4,174
  4,419
  4,674
Total liabilities, $m
  422
  490
  563
  642
  726
  815
  910
  1,009
  1,113
  1,222
  1,335
  1,454
  1,577
  1,705
  1,839
  1,977
  2,121
  2,271
  2,427
  2,588
  2,757
  2,932
  3,114
  3,304
  3,501
  3,707
  3,922
  4,146
  4,380
  4,625
  4,880
Total equity, $m
  151
  158
  182
  207
  234
  263
  294
  326
  359
  394
  431
  469
  509
  550
  593
  638
  685
  733
  783
  835
  890
  946
  1,005
  1,066
  1,130
  1,197
  1,266
  1,338
  1,414
  1,493
  1,575
Total liabilities and equity, $m
  573
  648
  745
  849
  960
  1,078
  1,204
  1,335
  1,472
  1,616
  1,766
  1,923
  2,086
  2,255
  2,432
  2,615
  2,806
  3,004
  3,210
  3,423
  3,647
  3,878
  4,119
  4,370
  4,631
  4,904
  5,188
  5,484
  5,794
  6,118
  6,455
Debt-to-equity ratio
  1.430
  1.800
  1.970
  2.100
  2.220
  2.320
  2.400
  2.470
  2.520
  2.580
  2.620
  2.660
  2.690
  2.720
  2.750
  2.780
  2.800
  2.820
  2.840
  2.850
  2.870
  2.880
  2.890
  2.910
  2.920
  2.930
  2.940
  2.940
  2.950
  2.960
  2.970
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
  81
  107
  136
  166
  198
  232
  268
  306
  346
  387
  443
  488
  535
  584
  635
  688
  742
  800
  859
  921
  986
  1,053
  1,123
  1,196
  1,272
  1,352
  1,435
  1,522
  1,613
  1,708
Depreciation, amort., depletion, $m
  27
  32
  34
  36
  39
  41
  44
  47
  50
  53
  56
  42
  46
  49
  53
  57
  61
  66
  70
  75
  80
  85
  90
  95
  101
  107
  113
  120
  127
  134
  141
Funds from operations, $m
  167
  113
  141
  172
  205
  239
  276
  315
  356
  399
  443
  485
  534
  584
  637
  692
  749
  808
  870
  934
  1,001
  1,070
  1,143
  1,218
  1,297
  1,379
  1,465
  1,555
  1,648
  1,746
  1,849
Change in working capital, $m
  35
  11
  12
  13
  13
  14
  15
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  36
  37
  39
  41
Cash from operations, $m
  132
  102
  130
  159
  191
  225
  261
  299
  339
  381
  425
  466
  514
  564
  616
  670
  726
  784
  845
  908
  974
  1,042
  1,114
  1,188
  1,266
  1,346
  1,431
  1,519
  1,611
  1,707
  1,808
Maintenance CAPEX, $m
  0
  -12
  -14
  -16
  -19
  -21
  -24
  -26
  -29
  -32
  -35
  -39
  -42
  -46
  -49
  -53
  -57
  -61
  -66
  -70
  -75
  -80
  -85
  -90
  -95
  -101
  -107
  -113
  -120
  -127
  -134
New CAPEX, $m
  -12
  -23
  -25
  -27
  -29
  -31
  -33
  -34
  -36
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -71
  -75
  -78
  -81
  -85
  -89
Cash from investing activities, $m
  -15
  -35
  -39
  -43
  -48
  -52
  -57
  -60
  -65
  -70
  -74
  -80
  -85
  -90
  -95
  -101
  -107
  -113
  -120
  -126
  -133
  -141
  -148
  -156
  -164
  -172
  -182
  -191
  -201
  -212
  -223
Free cash flow, $m
  117
  67
  90
  116
  144
  173
  205
  239
  274
  311
  351
  387
  429
  474
  520
  569
  619
  671
  725
  782
  841
  902
  966
  1,032
  1,102
  1,174
  1,249
  1,328
  1,410
  1,496
  1,586
Issuance/(repayment) of debt, $m
  -217
  68
  73
  79
  84
  89
  94
  99
  104
  109
  114
  118
  123
  128
  133
  139
  144
  150
  156
  162
  168
  175
  182
  190
  198
  206
  215
  224
  234
  244
  255
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
  68
  73
  79
  84
  89
  94
  99
  104
  109
  114
  118
  123
  128
  133
  139
  144
  150
  156
  162
  168
  175
  182
  190
  198
  206
  215
  224
  234
  244
  255
Total cash flow (excl. dividends), $m
  87
  134
  163
  195
  228
  263
  299
  338
  378
  420
  464
  505
  553
  602
  654
  707
  763
  821
  881
  944
  1,009
  1,077
  1,148
  1,222
  1,299
  1,380
  1,464
  1,552
  1,644
  1,740
  1,841
Retained Cash Flow (-), $m
  -180
  -22
  -24
  -25
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -69
  -72
  -76
  -79
  -82
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
 
  127
  140
  169
  201
  234
  269
  306
  345
  385
  428
  467
  513
  561
  611
  662
  716
  772
  831
  891
  955
  1,021
  1,089
  1,161
  1,235
  1,313
  1,395
  1,480
  1,569
  1,662
  1,759
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
 
  120
  123
  138
  151
  162
  169
  173
  175
  173
  168
  159
  150
  139
  127
  114
  100
  86
  73
  61
  50
  40
  31
  24
  18
  13
  9
  6
  4
  3
  2
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 80
Price to Sales 8.6
Price to Book 33.9
Price to Tangible Book
Price to Cash Flow 38.8
Price to Free Cash Flow 42.7
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 16.1% 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 43.724 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 $5.1 billion.

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COMPANY NEWS

▶ EnerCom Dallas Announces 2018 Conference Presenters   [Jan-18-18 05:44PM  PR Newswire]
▶ Core Lab Announces Q1 2018 Quarterly Dividend   [Jan-16-18 04:05PM  PR Newswire]
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▶ Is Core Laboratories N.V. (CLB) a Buy?   [Jan-10-18 02:21PM  Motley Fool]
▶ How Weatherford Reacted to Crude Oil Price Changes   [Jan-09-18 10:33AM  Market Realist]
▶ How Did Schlumberger React to Crude Oil Prices Last Week?   [Dec-26-17 12:55PM  Market Realist]
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▶ Why 2017 Was a Year to Forget for Core Laboratories N.V.   [Dec-12-17 10:49AM  Motley Fool]
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▶ 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]
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▶ 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]
▶ New Strong Sell Stocks for September 29th   [Sep-29-17 03:30AM  Zacks]
▶ 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]
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▶ 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]
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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