Intrinsic value of Consol Energy - CNX

Previous Close

$13.81

  Intrinsic Value

$4.13

stock screener

  Rating & Target

str. sell

-70%

Previous close

$13.81

 
Intrinsic value

$4.13

 
Up/down potential

-70%

 
Rating

str. sell

We calculate the intrinsic value of CNX 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 3.2

 

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, %
  -4.85
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,981
  2,021
  2,067
  2,120
  2,180
  2,246
  2,318
  2,397
  2,483
  2,575
  2,674
  2,780
  2,892
  3,012
  3,140
  3,276
  3,419
  3,571
  3,732
  3,901
  4,081
  4,270
  4,469
  4,680
  4,901
  5,135
  5,380
  5,639
  5,911
  6,197
  6,498
Variable operating expenses, $m
 
  2,845
  2,910
  2,985
  3,069
  3,162
  3,264
  3,376
  3,496
  3,626
  3,765
  3,914
  4,072
  4,241
  4,421
  4,612
  4,814
  5,028
  5,254
  5,493
  5,746
  6,012
  6,293
  6,589
  6,901
  7,229
  7,575
  7,939
  8,323
  8,726
  9,150
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
  2,325
  2,845
  2,910
  2,985
  3,069
  3,162
  3,264
  3,376
  3,496
  3,626
  3,765
  3,914
  4,072
  4,241
  4,421
  4,612
  4,814
  5,028
  5,254
  5,493
  5,746
  6,012
  6,293
  6,589
  6,901
  7,229
  7,575
  7,939
  8,323
  8,726
  9,150
Operating income, $m
  -344
  -824
  -843
  -865
  -889
  -916
  -946
  -978
  -1,013
  -1,051
  -1,091
  -1,134
  -1,180
  -1,229
  -1,281
  -1,336
  -1,395
  -1,457
  -1,523
  -1,592
  -1,665
  -1,742
  -1,824
  -1,909
  -2,000
  -2,095
  -2,195
  -2,301
  -2,412
  -2,528
  -2,651
EBITDA, $m
  255
  -214
  -219
  -225
  -231
  -238
  -246
  -254
  -263
  -273
  -283
  -294
  -306
  -319
  -333
  -347
  -362
  -378
  -395
  -413
  -432
  -452
  -474
  -496
  -519
  -544
  -570
  -597
  -626
  -657
  -688
Interest expense (income), $m
  187
  166
  172
  178
  186
  195
  204
  215
  226
  239
  252
  267
  282
  298
  316
  334
  354
  375
  397
  420
  445
  471
  498
  527
  558
  590
  624
  660
  697
  737
  779
Earnings before tax, $m
  -526
  -990
  -1,015
  -1,043
  -1,075
  -1,111
  -1,150
  -1,193
  -1,239
  -1,289
  -1,343
  -1,401
  -1,462
  -1,527
  -1,597
  -1,671
  -1,749
  -1,832
  -1,919
  -2,012
  -2,110
  -2,213
  -2,322
  -2,437
  -2,558
  -2,685
  -2,819
  -2,960
  -3,109
  -3,265
  -3,430
Tax expense, $m
  10
  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
  -848
  -990
  -1,015
  -1,043
  -1,075
  -1,111
  -1,150
  -1,193
  -1,239
  -1,289
  -1,343
  -1,401
  -1,462
  -1,527
  -1,597
  -1,671
  -1,749
  -1,832
  -1,919
  -2,012
  -2,110
  -2,213
  -2,322
  -2,437
  -2,558
  -2,685
  -2,819
  -2,960
  -3,109
  -3,265
  -3,430

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  60
  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
  9,184
  9,312
  9,526
  9,771
  10,045
  10,350
  10,684
  11,048
  11,442
  11,866
  12,322
  12,809
  13,329
  13,882
  14,470
  15,095
  15,756
  16,456
  17,197
  17,979
  18,805
  19,677
  20,596
  21,565
  22,586
  23,661
  24,793
  25,985
  27,239
  28,558
  29,946
Adjusted assets (=assets-cash), $m
  9,124
  9,312
  9,526
  9,771
  10,045
  10,350
  10,684
  11,048
  11,442
  11,866
  12,322
  12,809
  13,329
  13,882
  14,470
  15,095
  15,756
  16,456
  17,197
  17,979
  18,805
  19,677
  20,596
  21,565
  22,586
  23,661
  24,793
  25,985
  27,239
  28,558
  29,946
Revenue / Adjusted assets
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
Average production assets, $m
  8,437
  8,606
  8,804
  9,030
  9,284
  9,565
  9,874
  10,211
  10,575
  10,967
  11,388
  11,838
  12,318
  12,830
  13,374
  13,950
  14,562
  15,209
  15,893
  16,616
  17,380
  18,186
  19,035
  19,931
  20,874
  21,868
  22,914
  24,016
  25,174
  26,394
  27,676
Working capital, $m
  -314
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -28
  -30
  -31
  -32
Total debt, $m
  3,126
  3,178
  3,303
  3,446
  3,607
  3,784
  3,980
  4,192
  4,422
  4,670
  4,936
  5,220
  5,524
  5,847
  6,191
  6,555
  6,942
  7,350
  7,783
  8,240
  8,722
  9,231
  9,768
  10,334
  10,930
  11,558
  12,219
  12,915
  13,648
  14,418
  15,228
Total liabilities, $m
  5,386
  5,438
  5,563
  5,706
  5,867
  6,044
  6,240
  6,452
  6,682
  6,930
  7,196
  7,480
  7,784
  8,107
  8,451
  8,815
  9,202
  9,610
  10,043
  10,500
  10,982
  11,491
  12,028
  12,594
  13,190
  13,818
  14,479
  15,175
  15,908
  16,678
  17,488
Total equity, $m
  3,798
  3,874
  3,963
  4,065
  4,179
  4,306
  4,445
  4,596
  4,760
  4,936
  5,126
  5,328
  5,545
  5,775
  6,020
  6,279
  6,555
  6,846
  7,154
  7,479
  7,823
  8,186
  8,568
  8,971
  9,396
  9,843
  10,314
  10,810
  11,331
  11,880
  12,457
Total liabilities and equity, $m
  9,184
  9,312
  9,526
  9,771
  10,046
  10,350
  10,685
  11,048
  11,442
  11,866
  12,322
  12,808
  13,329
  13,882
  14,471
  15,094
  15,757
  16,456
  17,197
  17,979
  18,805
  19,677
  20,596
  21,565
  22,586
  23,661
  24,793
  25,985
  27,239
  28,558
  29,945
Debt-to-equity ratio
  0.823
  0.820
  0.830
  0.850
  0.860
  0.880
  0.900
  0.910
  0.930
  0.950
  0.960
  0.980
  1.000
  1.010
  1.030
  1.040
  1.060
  1.070
  1.090
  1.100
  1.110
  1.130
  1.140
  1.150
  1.160
  1.170
  1.180
  1.190
  1.200
  1.210
  1.220
Adjusted equity ratio
  0.410
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -848
  -990
  -1,015
  -1,043
  -1,075
  -1,111
  -1,150
  -1,193
  -1,239
  -1,289
  -1,343
  -1,401
  -1,462
  -1,527
  -1,597
  -1,671
  -1,749
  -1,832
  -1,919
  -2,012
  -2,110
  -2,213
  -2,322
  -2,437
  -2,558
  -2,685
  -2,819
  -2,960
  -3,109
  -3,265
  -3,430
Depreciation, amort., depletion, $m
  599
  610
  624
  640
  658
  678
  700
  724
  750
  778
  808
  840
  874
  910
  948
  989
  1,033
  1,079
  1,127
  1,178
  1,233
  1,290
  1,350
  1,414
  1,480
  1,551
  1,625
  1,703
  1,785
  1,872
  1,963
Funds from operations, $m
  378
  -380
  -391
  -403
  -417
  -433
  -450
  -469
  -489
  -512
  -535
  -561
  -588
  -617
  -648
  -681
  -716
  -753
  -792
  -834
  -877
  -923
  -972
  -1,023
  -1,077
  -1,134
  -1,194
  -1,257
  -1,324
  -1,394
  -1,467
Change in working capital, $m
  -91
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
Cash from operations, $m
  469
  -379
  -390
  -403
  -417
  -432
  -450
  -468
  -489
  -511
  -535
  -560
  -588
  -617
  -648
  -681
  -715
  -752
  -791
  -833
  -876
  -922
  -971
  -1,022
  -1,076
  -1,133
  -1,193
  -1,256
  -1,322
  -1,392
  -1,466
Maintenance CAPEX, $m
  0
  -598
  -610
  -624
  -640
  -658
  -678
  -700
  -724
  -750
  -778
  -808
  -840
  -874
  -910
  -948
  -989
  -1,033
  -1,079
  -1,127
  -1,178
  -1,233
  -1,290
  -1,350
  -1,414
  -1,480
  -1,551
  -1,625
  -1,703
  -1,785
  -1,872
New CAPEX, $m
  -227
  -169
  -198
  -226
  -254
  -281
  -309
  -336
  -364
  -392
  -421
  -450
  -480
  -512
  -544
  -577
  -611
  -647
  -684
  -723
  -763
  -806
  -850
  -896
  -944
  -994
  -1,046
  -1,101
  -1,159
  -1,219
  -1,282
Cash from investing activities, $m
  487
  -767
  -808
  -850
  -894
  -939
  -987
  -1,036
  -1,088
  -1,142
  -1,199
  -1,258
  -1,320
  -1,386
  -1,454
  -1,525
  -1,600
  -1,680
  -1,763
  -1,850
  -1,941
  -2,039
  -2,140
  -2,246
  -2,358
  -2,474
  -2,597
  -2,726
  -2,862
  -3,004
  -3,154
Free cash flow, $m
  956
  -1,147
  -1,199
  -1,253
  -1,311
  -1,372
  -1,437
  -1,505
  -1,577
  -1,653
  -1,734
  -1,818
  -1,908
  -2,002
  -2,101
  -2,206
  -2,316
  -2,432
  -2,554
  -2,683
  -2,818
  -2,961
  -3,110
  -3,268
  -3,433
  -3,607
  -3,790
  -3,982
  -4,184
  -4,397
  -4,620
Issuance/(repayment) of debt, $m
  -960
  112
  125
  143
  161
  178
  195
  212
  230
  248
  266
  285
  304
  323
  344
  365
  386
  409
  432
  457
  482
  509
  537
  566
  596
  628
  661
  696
  732
  770
  810
Issuance/(repurchase) of shares, $m
  0
  1,066
  1,104
  1,145
  1,190
  1,238
  1,289
  1,344
  1,403
  1,466
  1,533
  1,603
  1,678
  1,758
  1,842
  1,930
  2,024
  2,123
  2,228
  2,338
  2,454
  2,576
  2,704
  2,840
  2,982
  3,132
  3,290
  3,456
  3,631
  3,814
  4,007
Cash from financing (excl. dividends), $m  
  -967
  1,178
  1,229
  1,288
  1,351
  1,416
  1,484
  1,556
  1,633
  1,714
  1,799
  1,888
  1,982
  2,081
  2,186
  2,295
  2,410
  2,532
  2,660
  2,795
  2,936
  3,085
  3,241
  3,406
  3,578
  3,760
  3,951
  4,152
  4,363
  4,584
  4,817
Total cash flow (excl. dividends), $m
  -10
  30
  31
  35
  39
  43
  48
  52
  56
  60
  65
  69
  74
  79
  84
  89
  94
  100
  105
  111
  118
  124
  131
  138
  145
  153
  161
  170
  179
  188
  198
Retained Cash Flow (-), $m
  904
  -1,066
  -1,104
  -1,145
  -1,190
  -1,238
  -1,289
  -1,344
  -1,403
  -1,466
  -1,533
  -1,603
  -1,678
  -1,758
  -1,842
  -1,930
  -2,024
  -2,123
  -2,228
  -2,338
  -2,454
  -2,576
  -2,704
  -2,840
  -2,982
  -3,132
  -3,290
  -3,456
  -3,631
  -3,814
  -4,007
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
 
  -1,035
  -1,074
  -1,110
  -1,151
  -1,194
  -1,242
  -1,293
  -1,347
  -1,405
  -1,468
  -1,534
  -1,604
  -1,679
  -1,758
  -1,841
  -1,930
  -2,023
  -2,122
  -2,226
  -2,336
  -2,452
  -2,573
  -2,702
  -2,837
  -2,979
  -3,129
  -3,286
  -3,452
  -3,626
  -3,809
Discount rate, %
 
  7.70
  8.09
  8.49
  8.91
  9.36
  9.83
  10.32
  10.83
  11.38
  11.95
  12.54
  13.17
  13.83
  14.52
  15.25
  16.01
  16.81
  17.65
  18.53
  19.46
  20.43
  21.45
  22.52
  23.65
  24.83
  26.07
  27.38
  28.75
  30.18
  31.69
PV of cash for distribution, $m
 
  -961
  -919
  -870
  -818
  -764
  -708
  -650
  -592
  -533
  -475
  -418
  -363
  -312
  -263
  -219
  -179
  -144
  -114
  -88
  -67
  -49
  -36
  -25
  -17
  -12
  -8
  -5
  -3
  -2
  -1
Current shareholders' claim on cash, %
  100
  74.9
  55.8
  41.5
  30.7
  22.7
  16.7
  12.3
  9.0
  6.6
  4.8
  3.5
  2.5
  1.8
  1.3
  1.0
  0.7
  0.5
  0.4
  0.3
  0.2
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

CONSOL Energy Inc. (CONSOL Energy) is an integrated energy company. The Company's divisions include Exploration and Production (E&P), Pennsylvania (PA) Mining Operations and Other. The E&P division operates through four segments: Marcellus Shale, Utica Shale, Coalbed Methane (CBM) and Other Gas, which produce pipeline quality natural gas for sale primarily to gas wholesalers. Its E&P division focuses on Appalachian area natural gas and liquids activities, including production, gathering, processing and acquisition of natural gas properties in the Appalachian Basin. The Other Gas segment is primarily related to shallow oil and gas production and the Chattanooga Shale in Tennessee. The principal activities of the PA Mining Operations division are mining, preparation and marketing of thermal coal, sold primarily to power generators. The Other division includes business activities, such as coal terminal operations and water operations.

FINANCIAL RATIOS  of  Consol Energy (CNX)

Valuation Ratios
P/E Ratio -3.7
Price to Sales 1.6
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 6.8
Price to Free Cash Flow 13.1
Growth Rates
Sales Growth Rate -4.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -76.9%
Cap. Spend. - 3 Yr. Gr. Rate -31.4%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 72.7%
Total Debt to Equity 82.3%
Interest Coverage -2
Management Effectiveness
Return On Assets -6.5%
Ret/ On Assets - 3 Yr. Avg. -1.7%
Return On Total Capital -11%
Ret/ On T. Cap. - 3 Yr. Avg. -4.5%
Return On Equity -20%
Return On Equity - 3 Yr. Avg. -8.1%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 33.1%
Gross Margin - 3 Yr. Avg. 42.3%
EBITDA Margin 13.1%
EBITDA Margin - 3 Yr. Avg. 19.9%
Operating Margin -17.4%
Oper. Margin - 3 Yr. Avg. -17.4%
Pre-Tax Margin -26.6%
Pre-Tax Margin - 3 Yr. Avg. -14.4%
Net Profit Margin -42.8%
Net Profit Margin - 3 Yr. Avg. -18.4%
Effective Tax Rate -1.9%
Eff/ Tax Rate - 3 Yr. Avg. 11%
Payout Ratio -0.2%

CNX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CNX stock intrinsic value calculation we used $1981 million for the last fiscal year's total revenue generated by Consol Energy. The default revenue input number comes from 2016 income statement of Consol 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 CNX stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.7%, whose default value for CNX is calculated based on our internal credit rating of Consol 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 Consol 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 CNX stock the variable cost ratio is equal to 140.8%.

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 CNX 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 5.4% for Consol Energy.

Corporate tax rate of 27% is the nominal tax rate for Consol 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 CNX 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 CNX are equal to 425.9%.

Life of production assets of 14.1 years is the average useful life of capital assets used in Consol 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 CNX is equal to -0.5%. 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 - $3798 million for Consol 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 229.849 million for Consol 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 Consol Energy at the current share price and the inputted number of shares is $3.2 billion.

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COMPANY NEWS

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▶ [$$] Noble Energy Extends Deadline for Sale of Marcellus Venture Stake   [Dec-08-17 09:36PM  The Wall Street Journal]
▶ One of America's Oldest Energy Producers Splits in Two   [Nov-29-17 09:02AM  The Wall Street Journal]
▶ Consol reports 3Q loss   [07:12AM  Associated Press]
▶ Where Analysts Think Encana Could Trade in a Year   [Oct-11-17 09:11AM  Market Realist]
▶ Trump Admin Says War on Coal Is Over   [Oct-10-17 08:12AM  Investopedia]
▶ Southwestern Energys Quarterly Production Growth in 3Q17   [Oct-09-17 10:40AM  Market Realist]
▶ Factors Driving the Coal Industry Forward   [Oct-03-17 03:36PM  Zacks]
▶ What Really Moved Marathon Oil Stock Last Week   [Sep-20-17 09:07AM  Market Realist]
▶ CONSOL Energy Announces Update on Bailey Mine Permit   [Sep-18-17 06:45AM  PR Newswire]
▶ CNX Coal Resources Updates 2017 Outlook   [06:45AM  PR Newswire]
▶ Kansas City Southern: What Led Volume Rise in Week 34?   [Sep-04-17 09:07AM  Market Realist]
▶ How Union Pacifics Freight Rail Volumes Fared in Week 32   [Aug-23-17 07:37AM  Market Realist]
▶ Whats behind Union Pacifics Rise in Freight Volumes?   [Aug-08-17 10:38AM  Market Realist]
▶ Consol tops Street 2Q forecasts   [Aug-01-17 10:57PM  Associated Press]
▶ Consol plans to add 3rd rig in 2018   [11:40AM  American City Business Journals]
▶ Inside the Solid Rise of NSCs 2Q17 Coal Revenues   [Jul-31-17 04:35PM  Market Realist]
▶ ETFs with exposure to CONSOL Energy, Inc. : July 24, 2017   [Jul-24-17 02:59PM  Capital Cube]
▶ Behind Kansas City Southerns Carloads in Week 27   [Jul-18-17 09:07AM  Market Realist]
▶ What Really Pushed CSXs Freight Volumes in Week 27?   [Jul-17-17 10:42AM  Market Realist]
▶ ETFs with exposure to CONSOL Energy, Inc. : July 14, 2017   [Jul-14-17 01:36PM  Capital Cube]
▶ Consol files plans to spin off coal operations and rename gas company   [Jul-13-17 03:35PM  American City Business Journals]
▶ [$$] Consol Energy Files to Spinoff Coal-Mining Business   [08:30AM  The Wall Street Journal]
▶ Behind Norfolk Southerns Freight Volumes in Week 26   [Jul-10-17 04:35PM  Market Realist]
▶ Southwestern Energy: A Natural Gas Company   [09:09AM  Market Realist]
▶ Behind Union Pacifics Carloads in Week 25   [Jul-05-17 09:07AM  Market Realist]
▶ Inside CSXs Week 25 Railcar Freight Volumes   [Jul-04-17 05:35PM  Market Realist]
Financial statements of CNX
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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