Intrinsic value of Comstock Resources - CRK

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$7.98

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$7.98

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
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 CRK 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 0.1

 

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, %
  -30.16
  4.30
  4.37
  4.43
  4.49
  4.54
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.89
  4.91
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
Revenue, $m
  176
  184
  192
  200
  209
  219
  229
  239
  250
  262
  274
  288
  301
  316
  331
  347
  364
  382
  400
  420
  440
  462
  485
  509
  534
  560
  588
  617
  648
  680
  714
Variable operating expenses, $m
 
  975
  1,018
  1,063
  1,111
  1,161
  1,214
  1,271
  1,330
  1,392
  1,458
  1,528
  1,601
  1,678
  1,758
  1,844
  1,933
  2,027
  2,126
  2,230
  2,340
  2,455
  2,576
  2,703
  2,836
  2,976
  3,123
  3,278
  3,441
  3,612
  3,791
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
  170
  975
  1,018
  1,063
  1,111
  1,161
  1,214
  1,271
  1,330
  1,392
  1,458
  1,528
  1,601
  1,678
  1,758
  1,844
  1,933
  2,027
  2,126
  2,230
  2,340
  2,455
  2,576
  2,703
  2,836
  2,976
  3,123
  3,278
  3,441
  3,612
  3,791
Operating income, $m
  5
  -792
  -826
  -863
  -902
  -943
  -986
  -1,032
  -1,080
  -1,130
  -1,184
  -1,240
  -1,299
  -1,362
  -1,427
  -1,497
  -1,569
  -1,646
  -1,726
  -1,810
  -1,899
  -1,993
  -2,091
  -2,194
  -2,302
  -2,416
  -2,536
  -2,661
  -2,793
  -2,932
  -3,077
EBITDA, $m
  146
  -644
  -672
  -702
  -734
  -767
  -802
  -839
  -879
  -920
  -963
  -1,009
  -1,057
  -1,108
  -1,162
  -1,218
  -1,277
  -1,339
  -1,405
  -1,473
  -1,546
  -1,621
  -1,701
  -1,785
  -1,873
  -1,966
  -2,063
  -2,166
  -2,273
  -2,386
  -2,504
Interest expense (income), $m
  105
  96
  60
  63
  67
  70
  74
  78
  82
  86
  91
  96
  101
  106
  111
  117
  124
  130
  137
  144
  152
  160
  168
  177
  186
  196
  206
  217
  228
  240
  252
Earnings before tax, $m
  -128
  -888
  -887
  -926
  -968
  -1,013
  -1,060
  -1,109
  -1,161
  -1,217
  -1,275
  -1,336
  -1,400
  -1,468
  -1,539
  -1,614
  -1,693
  -1,776
  -1,863
  -1,955
  -2,051
  -2,152
  -2,259
  -2,371
  -2,488
  -2,612
  -2,742
  -2,878
  -3,021
  -3,172
  -3,330
Tax expense, $m
  7
  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
  -135
  -888
  -887
  -926
  -968
  -1,013
  -1,060
  -1,109
  -1,161
  -1,217
  -1,275
  -1,336
  -1,400
  -1,468
  -1,539
  -1,614
  -1,693
  -1,776
  -1,863
  -1,955
  -2,051
  -2,152
  -2,259
  -2,371
  -2,488
  -2,612
  -2,742
  -2,878
  -3,021
  -3,172
  -3,330

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  66
  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
  890
  858
  895
  935
  977
  1,021
  1,068
  1,118
  1,170
  1,225
  1,283
  1,344
  1,408
  1,475
  1,547
  1,621
  1,700
  1,783
  1,870
  1,962
  2,058
  2,159
  2,265
  2,377
  2,494
  2,618
  2,747
  2,883
  3,026
  3,176
  3,334
Adjusted assets (=assets-cash), $m
  824
  858
  895
  935
  977
  1,021
  1,068
  1,118
  1,170
  1,225
  1,283
  1,344
  1,408
  1,475
  1,547
  1,621
  1,700
  1,783
  1,870
  1,962
  2,058
  2,159
  2,265
  2,377
  2,494
  2,618
  2,747
  2,883
  3,026
  3,176
  3,334
Revenue / Adjusted assets
  0.214
  0.214
  0.215
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
Average production assets, $m
  919
  959
  1,000
  1,045
  1,092
  1,141
  1,194
  1,249
  1,307
  1,369
  1,433
  1,501
  1,573
  1,649
  1,728
  1,812
  1,900
  1,992
  2,090
  2,192
  2,300
  2,413
  2,531
  2,656
  2,787
  2,925
  3,070
  3,222
  3,382
  3,550
  3,726
Working capital, $m
  -2
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -97
  -101
  -106
  -111
  -116
  -122
  -128
  -134
  -140
  -147
  -154
  -162
  -170
  -178
  -187
  -196
  -206
  -216
  -227
  -238
  -250
  -262
  -275
Total debt, $m
  1,045
  656
  690
  725
  763
  803
  845
  890
  937
  986
  1,038
  1,093
  1,151
  1,212
  1,276
  1,343
  1,414
  1,489
  1,567
  1,649
  1,736
  1,827
  1,923
  2,023
  2,129
  2,240
  2,356
  2,479
  2,608
  2,743
  2,885
Total liabilities, $m
  1,161
  772
  806
  841
  879
  919
  961
  1,006
  1,053
  1,102
  1,154
  1,209
  1,267
  1,328
  1,392
  1,459
  1,530
  1,605
  1,683
  1,765
  1,852
  1,943
  2,039
  2,139
  2,245
  2,356
  2,472
  2,595
  2,724
  2,859
  3,001
Total equity, $m
  -271
  86
  90
  93
  98
  102
  107
  112
  117
  122
  128
  134
  141
  148
  155
  162
  170
  178
  187
  196
  206
  216
  227
  238
  249
  262
  275
  288
  303
  318
  333
Total liabilities and equity, $m
  890
  858
  896
  934
  977
  1,021
  1,068
  1,118
  1,170
  1,224
  1,282
  1,343
  1,408
  1,476
  1,547
  1,621
  1,700
  1,783
  1,870
  1,961
  2,058
  2,159
  2,266
  2,377
  2,494
  2,618
  2,747
  2,883
  3,027
  3,177
  3,334
Debt-to-equity ratio
  -3.856
  7.650
  7.700
  7.760
  7.810
  7.860
  7.910
  7.960
  8.010
  8.050
  8.100
  8.140
  8.180
  8.210
  8.250
  8.280
  8.320
  8.350
  8.380
  8.410
  8.440
  8.460
  8.490
  8.510
  8.530
  8.560
  8.580
  8.600
  8.620
  8.630
  8.650
Adjusted equity ratio
  -0.409
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -135
  -888
  -887
  -926
  -968
  -1,013
  -1,060
  -1,109
  -1,161
  -1,217
  -1,275
  -1,336
  -1,400
  -1,468
  -1,539
  -1,614
  -1,693
  -1,776
  -1,863
  -1,955
  -2,051
  -2,152
  -2,259
  -2,371
  -2,488
  -2,612
  -2,742
  -2,878
  -3,021
  -3,172
  -3,330
Depreciation, amort., depletion, $m
  141
  147
  154
  161
  168
  176
  184
  192
  201
  211
  221
  231
  242
  254
  266
  279
  292
  307
  322
  337
  354
  371
  389
  409
  429
  450
  472
  496
  520
  546
  573
Funds from operations, $m
  -40
  -740
  -733
  -766
  -800
  -837
  -876
  -917
  -960
  -1,006
  -1,054
  -1,105
  -1,158
  -1,214
  -1,273
  -1,335
  -1,401
  -1,469
  -1,541
  -1,617
  -1,697
  -1,781
  -1,869
  -1,962
  -2,059
  -2,162
  -2,269
  -2,382
  -2,501
  -2,626
  -2,757
Change in working capital, $m
  -16
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
Cash from operations, $m
  -24
  -857
  -730
  -762
  -797
  -834
  -872
  -913
  -956
  -1,001
  -1,049
  -1,100
  -1,153
  -1,208
  -1,267
  -1,329
  -1,394
  -1,462
  -1,534
  -1,610
  -1,689
  -1,773
  -1,861
  -1,953
  -2,050
  -2,152
  -2,259
  -2,371
  -2,489
  -2,613
  -2,744
Maintenance CAPEX, $m
  0
  -141
  -147
  -154
  -161
  -168
  -176
  -184
  -192
  -201
  -211
  -221
  -231
  -242
  -254
  -266
  -279
  -292
  -307
  -322
  -337
  -354
  -371
  -389
  -409
  -429
  -450
  -472
  -496
  -520
  -546
New CAPEX, $m
  -57
  -40
  -42
  -44
  -47
  -50
  -52
  -55
  -58
  -61
  -65
  -68
  -72
  -76
  -80
  -84
  -88
  -93
  -97
  -102
  -108
  -113
  -119
  -125
  -131
  -138
  -145
  -152
  -160
  -168
  -176
Cash from investing activities, $m
  -30
  -181
  -189
  -198
  -208
  -218
  -228
  -239
  -250
  -262
  -276
  -289
  -303
  -318
  -334
  -350
  -367
  -385
  -404
  -424
  -445
  -467
  -490
  -514
  -540
  -567
  -595
  -624
  -656
  -688
  -722
Free cash flow, $m
  -54
  -1,038
  -919
  -961
  -1,005
  -1,051
  -1,100
  -1,152
  -1,206
  -1,264
  -1,325
  -1,388
  -1,455
  -1,526
  -1,600
  -1,679
  -1,761
  -1,847
  -1,938
  -2,034
  -2,134
  -2,240
  -2,351
  -2,467
  -2,590
  -2,718
  -2,853
  -2,995
  -3,145
  -3,301
  -3,466
Issuance/(repayment) of debt, $m
  -3
  -389
  34
  36
  38
  40
  42
  44
  47
  49
  52
  55
  58
  61
  64
  67
  71
  75
  78
  82
  87
  91
  96
  101
  106
  111
  117
  123
  129
  135
  142
Issuance/(repurchase) of shares, $m
  0
  1,784
  889
  929
  971
  1,016
  1,063
  1,112
  1,165
  1,220
  1,278
  1,339
  1,404
  1,472
  1,543
  1,619
  1,698
  1,781
  1,868
  1,960
  2,057
  2,159
  2,266
  2,378
  2,496
  2,620
  2,750
  2,887
  3,030
  3,181
  3,340
Cash from financing (excl. dividends), $m  
  -15
  1,395
  923
  965
  1,009
  1,056
  1,105
  1,156
  1,212
  1,269
  1,330
  1,394
  1,462
  1,533
  1,607
  1,686
  1,769
  1,856
  1,946
  2,042
  2,144
  2,250
  2,362
  2,479
  2,602
  2,731
  2,867
  3,010
  3,159
  3,316
  3,482
Total cash flow (excl. dividends), $m
  -68
  -1,427
  -885
  -925
  -967
  -1,011
  -1,058
  -1,107
  -1,160
  -1,215
  -1,272
  -1,333
  -1,398
  -1,465
  -1,536
  -1,611
  -1,690
  -1,773
  -1,860
  -1,951
  -2,047
  -2,149
  -2,255
  -2,367
  -2,484
  -2,607
  -2,737
  -2,873
  -3,016
  -3,166
  -3,324
Retained Cash Flow (-), $m
  100
  -423
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
Prev. year cash balance distribution, $m
 
  66
  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, %
 
  16.10
  16.91
  17.75
  18.64
  19.57
  20.55
  21.58
  22.65
  23.79
  24.98
  26.23
  27.54
  28.91
  30.36
  31.88
  33.47
  35.14
  36.90
  38.75
  40.68
  42.72
  44.85
  47.10
  49.45
  51.92
  54.52
  57.25
  60.11
  63.11
  66.27
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
  50.0
  4.4
  0.4
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Comstock Resources, Inc., an independent energy company, acquires, develops, explores, and produces oil and natural gas properties in the United States. Its oil and gas operations are primarily located in East Texas/North Louisiana and South Texas. The company owns interests in 1,575 producing oil and natural gas wells. As of December 31, 2015, it had proved reserves of 625 billion cubic feet of natural gas equivalent. The company was founded in 1919 and is headquartered in Frisco, Texas.

FINANCIAL RATIOS  of  Comstock Resources (CRK)

Valuation Ratios
P/E Ratio -0.8
Price to Sales 0.6
Price to Book -0.4
Price to Tangible Book
Price to Cash Flow -4.6
Price to Free Cash Flow -1.4
Growth Rates
Sales Growth Rate -30.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -78.4%
Cap. Spend. - 3 Yr. Gr. Rate -35.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity -385.6%
Total Debt to Equity -385.6%
Interest Coverage 0
Management Effectiveness
Return On Assets -2.3%
Ret/ On Assets - 3 Yr. Avg. -19.4%
Return On Total Capital -14.6%
Ret/ On T. Cap. - 3 Yr. Avg. -29.1%
Return On Equity 61.1%
Return On Equity - 3 Yr. Avg. -81.6%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 60.8%
Gross Margin - 3 Yr. Avg. 69.3%
EBITDA Margin 67%
EBITDA Margin - 3 Yr. Avg. -59.2%
Operating Margin 3.4%
Oper. Margin - 3 Yr. Avg. -144.6%
Pre-Tax Margin -72.7%
Pre-Tax Margin - 3 Yr. Avg. -188.2%
Net Profit Margin -76.7%
Net Profit Margin - 3 Yr. Avg. -167.5%
Effective Tax Rate -5.5%
Eff/ Tax Rate - 3 Yr. Avg. 12.6%
Payout Ratio 0%

CRK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CRK stock intrinsic value calculation we used $176 million for the last fiscal year's total revenue generated by Comstock Resources. The default revenue input number comes from 2016 income statement of Comstock Resources. 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 CRK stock valuation model: a) initial revenue growth rate of 4.3% 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 16.1%, whose default value for CRK is calculated based on our internal credit rating of Comstock Resources, 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 Comstock Resources.
    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 CRK stock the variable cost ratio is equal to 531.3%.

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 CRK 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 9.2% for Comstock Resources.

Corporate tax rate of 27% is the nominal tax rate for Comstock Resources. 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 CRK 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 CRK are equal to 522.2%.

Life of production assets of 6.5 years is the average useful life of capital assets used in Comstock Resources 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 CRK is equal to -38.6%. 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 - $-271 million for Comstock Resources - 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 15.847 million for Comstock Resources 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 Comstock Resources at the current share price and the inputted number of shares is $0.1 billion.


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COMPANY NEWS

▶ Comstock reports 1Q loss   [May-08-17 07:02AM  Associated Press]
▶ Russias Crude Oil Production Fell in April: Whats Next?   [May-03-17 09:21AM  Market Realist]
▶ Will OPEC Extend the Production Cut Deal into 2018?   [May-02-17 10:03AM  Market Realist]
▶ US Crude Oil Imports and Refinery Demand Impact Inventories   [Apr-06-17 09:36AM  Market Realist]
▶ Will Gasoline Inventories Support Crude Oil Prices?   [Mar-22-17 08:20AM  Market Realist]
▶ Irans Crude Oil Production: Highest in the Last 7 Years   [Mar-21-17 08:56AM  Market Realist]
▶ Comstock Recovers Losses from Previous Day   [Mar-09-17 08:04PM  Investopedia]
▶ How to Read Comstock Resources Stock Price Dip   [Feb-09-17 08:01PM  at Investopedia]
▶ Comstock Resources Breakout Still Intact   [Jan-30-17 05:10PM  at Investopedia]
▶ Top 5 Oil Stocks for 2017   [12:37PM  at Investopedia]
▶ Comstock Resources Stock Is Forming a Base   [10:57AM  at Investopedia]
▶ Comstock Acquires New Acreage in Joint Venture   [Jan-12-17 05:42PM  at Investopedia]
▶ Comstock Resources Maintains Upward Trend (CRK)   [Dec-05-16 07:03PM  at Investopedia]
▶ A Comstock Pullback May Be a Good Sign (CRK)   [Dec-02-16 10:47AM  at Investopedia]
▶ Comstock Stock Pattern Contradicts Analysts (CRK)   [Nov-26-16 07:55AM  at Investopedia]
▶ Comstock Is Preparing for a Breakout (CRK)   [Nov-22-16 11:18AM  at Investopedia]
Stock chart of CRK Financial statements of CRK Annual reports of CRK
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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