Intrinsic value of Cabot Oil&Gas - COG

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$24.08

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$24.08

 
Intrinsic value

$1.34

 
Up/down potential

-94%

 
Rating

str. sell

 
Value-price divergence* premium content

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of COG 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 11.5

 

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, %
  -14.81
  12.50
  11.75
  11.08
  10.47
  9.92
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.35
  7.12
  6.91
  6.72
  6.54
  6.39
  6.25
  6.13
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.44
  5.39
  5.35
Revenue, $m
  1,156
  1,301
  1,453
  1,614
  1,783
  1,960
  2,145
  2,338
  2,538
  2,747
  2,965
  3,190
  3,425
  3,669
  3,922
  4,185
  4,459
  4,744
  5,041
  5,350
  5,671
  6,007
  6,356
  6,721
  7,102
  7,499
  7,915
  8,349
  8,802
  9,277
  9,774
Variable operating expenses, $m
 
  1,388
  1,551
  1,722
  1,903
  2,091
  2,289
  2,494
  2,709
  2,931
  3,163
  3,404
  3,654
  3,914
  4,185
  4,466
  4,758
  5,062
  5,379
  5,708
  6,051
  6,409
  6,782
  7,171
  7,577
  8,002
  8,445
  8,908
  9,392
  9,899
  10,429
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
  1,727
  1,388
  1,551
  1,722
  1,903
  2,091
  2,289
  2,494
  2,709
  2,931
  3,163
  3,404
  3,654
  3,914
  4,185
  4,466
  4,758
  5,062
  5,379
  5,708
  6,051
  6,409
  6,782
  7,171
  7,577
  8,002
  8,445
  8,908
  9,392
  9,899
  10,429
Operating income, $m
  -571
  -87
  -97
  -108
  -119
  -131
  -144
  -157
  -170
  -184
  -199
  -214
  -229
  -246
  -263
  -280
  -299
  -318
  -338
  -358
  -380
  -402
  -426
  -450
  -476
  -502
  -530
  -559
  -590
  -622
  -655
EBITDA, $m
  19
  578
  646
  718
  793
  872
  954
  1,039
  1,129
  1,222
  1,318
  1,419
  1,523
  1,631
  1,744
  1,861
  1,983
  2,110
  2,241
  2,379
  2,522
  2,671
  2,826
  2,989
  3,158
  3,335
  3,519
  3,712
  3,914
  4,125
  4,346
Interest expense (income), $m
  87
  75
  90
  107
  124
  143
  162
  182
  203
  224
  247
  271
  295
  321
  347
  374
  403
  433
  464
  496
  529
  564
  600
  638
  678
  719
  762
  807
  854
  903
  955
Earnings before tax, $m
  -660
  -162
  -188
  -215
  -244
  -274
  -306
  -338
  -373
  -409
  -446
  -484
  -525
  -566
  -610
  -655
  -702
  -751
  -801
  -854
  -909
  -966
  -1,026
  -1,089
  -1,154
  -1,222
  -1,292
  -1,367
  -1,444
  -1,525
  -1,610
Tax expense, $m
  -243
  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
  -417
  -162
  -188
  -215
  -244
  -274
  -306
  -338
  -373
  -409
  -446
  -484
  -525
  -566
  -610
  -655
  -702
  -751
  -801
  -854
  -909
  -966
  -1,026
  -1,089
  -1,154
  -1,222
  -1,292
  -1,367
  -1,444
  -1,525
  -1,610

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  499
  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
  5,123
  5,202
  5,813
  6,457
  7,133
  7,841
  8,580
  9,351
  10,154
  10,989
  11,858
  12,761
  13,699
  14,675
  15,688
  16,742
  17,837
  18,977
  20,163
  21,398
  22,685
  24,026
  25,425
  26,884
  28,407
  29,997
  31,658
  33,395
  35,210
  37,109
  39,095
Adjusted assets (=assets-cash), $m
  4,624
  5,202
  5,813
  6,457
  7,133
  7,841
  8,580
  9,351
  10,154
  10,989
  11,858
  12,761
  13,699
  14,675
  15,688
  16,742
  17,837
  18,977
  20,163
  21,398
  22,685
  24,026
  25,425
  26,884
  28,407
  29,997
  31,658
  33,395
  35,210
  37,109
  39,095
Revenue / Adjusted assets
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
Average production assets, $m
  4,614
  5,190
  5,800
  6,443
  7,117
  7,823
  8,561
  9,330
  10,131
  10,965
  11,831
  12,732
  13,669
  14,642
  15,653
  16,704
  17,797
  18,934
  20,118
  21,350
  22,634
  23,972
  25,368
  26,823
  28,343
  29,929
  31,587
  33,319
  35,131
  37,025
  39,007
Working capital, $m
  458
  -46
  -51
  -56
  -62
  -69
  -75
  -82
  -89
  -96
  -104
  -112
  -120
  -128
  -137
  -146
  -156
  -166
  -176
  -187
  -198
  -210
  -222
  -235
  -249
  -262
  -277
  -292
  -308
  -325
  -342
Total debt, $m
  1,521
  1,843
  2,181
  2,537
  2,911
  3,302
  3,711
  4,137
  4,581
  5,043
  5,524
  6,023
  6,542
  7,081
  7,642
  8,224
  8,830
  9,460
  10,116
  10,799
  11,511
  12,253
  13,026
  13,833
  14,675
  15,554
  16,473
  17,433
  18,437
  19,487
  20,586
Total liabilities, $m
  2,555
  2,877
  3,215
  3,571
  3,945
  4,336
  4,745
  5,171
  5,615
  6,077
  6,558
  7,057
  7,576
  8,115
  8,676
  9,258
  9,864
  10,494
  11,150
  11,833
  12,545
  13,287
  14,060
  14,867
  15,709
  16,588
  17,507
  18,467
  19,471
  20,521
  21,620
Total equity, $m
  2,568
  2,325
  2,599
  2,886
  3,188
  3,505
  3,835
  4,180
  4,539
  4,912
  5,301
  5,704
  6,124
  6,560
  7,013
  7,484
  7,973
  8,483
  9,013
  9,565
  10,140
  10,740
  11,365
  12,017
  12,698
  13,409
  14,151
  14,927
  15,739
  16,588
  17,476
Total liabilities and equity, $m
  5,123
  5,202
  5,814
  6,457
  7,133
  7,841
  8,580
  9,351
  10,154
  10,989
  11,859
  12,761
  13,700
  14,675
  15,689
  16,742
  17,837
  18,977
  20,163
  21,398
  22,685
  24,027
  25,425
  26,884
  28,407
  29,997
  31,658
  33,394
  35,210
  37,109
  39,096
Debt-to-equity ratio
  0.592
  0.790
  0.840
  0.880
  0.910
  0.940
  0.970
  0.990
  1.010
  1.030
  1.040
  1.060
  1.070
  1.080
  1.090
  1.100
  1.110
  1.120
  1.120
  1.130
  1.140
  1.140
  1.150
  1.150
  1.160
  1.160
  1.160
  1.170
  1.170
  1.170
  1.180
Adjusted equity ratio
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -417
  -162
  -188
  -215
  -244
  -274
  -306
  -338
  -373
  -409
  -446
  -484
  -525
  -566
  -610
  -655
  -702
  -751
  -801
  -854
  -909
  -966
  -1,026
  -1,089
  -1,154
  -1,222
  -1,292
  -1,367
  -1,444
  -1,525
  -1,610
Depreciation, amort., depletion, $m
  590
  665
  744
  826
  912
  1,003
  1,098
  1,196
  1,299
  1,406
  1,517
  1,632
  1,752
  1,877
  2,007
  2,142
  2,282
  2,427
  2,579
  2,737
  2,902
  3,073
  3,252
  3,439
  3,634
  3,837
  4,050
  4,272
  4,504
  4,747
  5,001
Funds from operations, $m
  324
  504
  556
  611
  669
  729
  792
  858
  926
  997
  1,071
  1,148
  1,228
  1,311
  1,397
  1,487
  1,580
  1,677
  1,778
  1,883
  1,993
  2,107
  2,226
  2,350
  2,480
  2,616
  2,757
  2,905
  3,060
  3,222
  3,391
Change in working capital, $m
  -68
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
Cash from operations, $m
  392
  145
  561
  617
  675
  735
  798
  864
  933
  1,004
  1,079
  1,156
  1,236
  1,319
  1,406
  1,496
  1,590
  1,687
  1,788
  1,894
  2,004
  2,119
  2,238
  2,363
  2,493
  2,630
  2,772
  2,920
  3,076
  3,238
  3,409
Maintenance CAPEX, $m
  0
  -591
  -665
  -744
  -826
  -912
  -1,003
  -1,098
  -1,196
  -1,299
  -1,406
  -1,517
  -1,632
  -1,752
  -1,877
  -2,007
  -2,142
  -2,282
  -2,427
  -2,579
  -2,737
  -2,902
  -3,073
  -3,252
  -3,439
  -3,634
  -3,837
  -4,050
  -4,272
  -4,504
  -4,747
New CAPEX, $m
  -375
  -577
  -610
  -642
  -674
  -706
  -738
  -769
  -801
  -834
  -867
  -901
  -936
  -973
  -1,011
  -1,051
  -1,093
  -1,137
  -1,184
  -1,232
  -1,284
  -1,338
  -1,395
  -1,456
  -1,519
  -1,587
  -1,658
  -1,732
  -1,811
  -1,894
  -1,982
Cash from investing activities, $m
  -353
  -1,168
  -1,275
  -1,386
  -1,500
  -1,618
  -1,741
  -1,867
  -1,997
  -2,133
  -2,273
  -2,418
  -2,568
  -2,725
  -2,888
  -3,058
  -3,235
  -3,419
  -3,611
  -3,811
  -4,021
  -4,240
  -4,468
  -4,708
  -4,958
  -5,221
  -5,495
  -5,782
  -6,083
  -6,398
  -6,729
Free cash flow, $m
  39
  -1,023
  -714
  -769
  -826
  -883
  -942
  -1,002
  -1,064
  -1,128
  -1,194
  -1,262
  -1,333
  -1,406
  -1,482
  -1,562
  -1,645
  -1,732
  -1,823
  -1,918
  -2,017
  -2,121
  -2,230
  -2,345
  -2,465
  -2,591
  -2,723
  -2,862
  -3,007
  -3,160
  -3,320
Issuance/(repayment) of debt, $m
  -497
  322
  338
  356
  374
  391
  409
  426
  444
  462
  480
  499
  519
  539
  560
  583
  606
  630
  656
  683
  712
  742
  773
  807
  842
  879
  919
  960
  1,004
  1,050
  1,099
Issuance/(repurchase) of shares, $m
  995
  459
  649
  701
  754
  808
  864
  921
  979
  1,039
  1,102
  1,166
  1,233
  1,303
  1,375
  1,450
  1,529
  1,611
  1,697
  1,787
  1,881
  1,979
  2,082
  2,190
  2,304
  2,422
  2,547
  2,678
  2,815
  2,959
  3,110
Cash from financing (excl. dividends), $m  
  495
  781
  987
  1,057
  1,128
  1,199
  1,273
  1,347
  1,423
  1,501
  1,582
  1,665
  1,752
  1,842
  1,935
  2,033
  2,135
  2,241
  2,353
  2,470
  2,593
  2,721
  2,855
  2,997
  3,146
  3,301
  3,466
  3,638
  3,819
  4,009
  4,209
Total cash flow (excl. dividends), $m
  534
  -701
  -376
  -413
  -452
  -492
  -533
  -576
  -620
  -666
  -713
  -763
  -814
  -867
  -922
  -979
  -1,039
  -1,102
  -1,167
  -1,235
  -1,306
  -1,380
  -1,457
  -1,538
  -1,623
  -1,711
  -1,804
  -1,901
  -2,003
  -2,110
  -2,222
Retained Cash Flow (-), $m
  -559
  -256
  -273
  -288
  -302
  -316
  -330
  -345
  -359
  -373
  -388
  -404
  -419
  -436
  -453
  -471
  -490
  -509
  -530
  -552
  -575
  -599
  -625
  -652
  -681
  -711
  -743
  -776
  -811
  -849
  -888
Prev. year cash balance distribution, $m
 
  499
  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, %
 
  4.90
  5.15
  5.40
  5.67
  5.96
  6.25
  6.57
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
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
  95.3
  89.7
  84.6
  80.0
  75.7
  71.8
  68.1
  64.7
  61.6
  58.7
  55.9
  53.4
  51.0
  48.7
  46.5
  44.5
  42.6
  40.8
  39.1
  37.4
  35.9
  34.4
  33.0
  31.6
  30.3
  29.1
  27.9
  26.8
  25.7
  24.7

Cabot Oil & Gas Corporation, an independent oil and gas company, develops, exploits, explores for, produces, and markets natural gas, oil, and natural gas liquids in the United States. The company primarily focuses on the Marcellus Shale in northeast Pennsylvania with approximately 200,000 net acres in the dry gas window of the play; and the Eagle Ford Shale in south Texas with approximately 85,500 net acres in the oil window of the play. It also transports, stores, gathers, and purchases natural gas for resale. The company sells its natural gas to industrial customers, local distribution companies, and gas marketers through gathering systems and pipelines, as well as to intrastate pipelines, natural gas processors, and marketing companies. As of December 31, 2015, it had proved reserves of approximately 8,190 billion cubic feet of natural gas equivalent. The company was founded in 1989 and is headquartered in Houston, Texas.

FINANCIAL RATIOS  of  Cabot Oil&Gas (COG)

Valuation Ratios
P/E Ratio -26.9
Price to Sales 9.7
Price to Book 4.4
Price to Tangible Book
Price to Cash Flow 28.6
Price to Free Cash Flow 658.9
Growth Rates
Sales Growth Rate -14.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -60.8%
Cap. Spend. - 3 Yr. Gr. Rate -20.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 59.2%
Total Debt to Equity 59.2%
Interest Coverage -7
Management Effectiveness
Return On Assets -7%
Ret/ On Assets - 3 Yr. Avg. -1.2%
Return On Total Capital -10.3%
Ret/ On T. Cap. - 3 Yr. Avg. -3.4%
Return On Equity -18.2%
Return On Equity - 3 Yr. Avg. -6.3%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 52.6%
Gross Margin - 3 Yr. Avg. 61.9%
EBITDA Margin 1.5%
EBITDA Margin - 3 Yr. Avg. 22.3%
Operating Margin -49.4%
Oper. Margin - 3 Yr. Avg. -17.1%
Pre-Tax Margin -57.1%
Pre-Tax Margin - 3 Yr. Avg. -23.1%
Net Profit Margin -36.1%
Net Profit Margin - 3 Yr. Avg. -13.2%
Effective Tax Rate 36.8%
Eff/ Tax Rate - 3 Yr. Avg. -49.7%
Payout Ratio -8.6%

COG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the COG stock intrinsic value calculation we used $1156 million for the last fiscal year's total revenue generated by Cabot Oil&Gas. The default revenue input number comes from 2016 income statement of Cabot Oil&Gas. 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 COG stock valuation model: a) initial revenue growth rate of 12.5% 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 4.9%, whose default value for COG is calculated based on our internal credit rating of Cabot Oil&Gas, 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 Cabot Oil&Gas.
    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 COG stock the variable cost ratio is equal to 106.7%.

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 COG 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 4.9% for Cabot Oil&Gas.

Corporate tax rate of 27% is the nominal tax rate for Cabot Oil&Gas. 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 COG 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 COG are equal to 399.1%.

Life of production assets of 7.8 years is the average useful life of capital assets used in Cabot Oil&Gas 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 COG is equal to -3.5%. 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 - $2568 million for Cabot Oil&Gas - 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 478.879 million for Cabot Oil&Gas 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 Cabot Oil&Gas at the current share price and the inputted number of shares is $11.5 billion.


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Stock chart of COG Financial statements of COG
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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