Intrinsic value of Civeo - CVEO

Previous Close

$4.21

  Intrinsic Value

$0.89

stock screener

  Rating & Target

str. sell

-79%

Previous close

$4.21

 
Intrinsic value

$0.89

 
Up/down potential

-79%

 
Rating

str. sell

We calculate the intrinsic value of CVEO 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
(a)
   1
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -100.00
  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
  0
  390
  399
  409
  420
  433
  447
  462
  479
  497
  516
  536
  558
  581
  606
  632
  659
  689
  720
  752
  787
  823
  862
  902
  945
  990
  1,037
  1,087
  1,140
  1,195
  1,253
Variable operating expenses, $m
 
  332
  340
  349
  358
  369
  381
  394
  408
  423
  439
  454
  472
  492
  513
  535
  558
  583
  609
  637
  666
  697
  730
  764
  800
  839
  879
  921
  965
  1,012
  1,061
Fixed operating expenses, $m
 
  160
  164
  168
  171
  175
  179
  183
  187
  191
  195
  199
  204
  208
  213
  218
  222
  227
  232
  237
  243
  248
  253
  259
  265
  271
  276
  283
  289
  295
  302
Total operating expenses, $m
  0
  492
  504
  517
  529
  544
  560
  577
  595
  614
  634
  653
  676
  700
  726
  753
  780
  810
  841
  874
  909
  945
  983
  1,023
  1,065
  1,110
  1,155
  1,204
  1,254
  1,307
  1,363
Operating income, $m
  0
  -103
  -105
  -107
  -109
  -111
  -113
  -114
  -116
  -117
  -119
  -117
  -119
  -119
  -120
  -121
  -122
  -122
  -122
  -122
  -122
  -122
  -122
  -121
  -120
  -119
  -118
  -116
  -114
  -112
  -110
EBITDA, $m
  0
  -23
  -23
  -23
  -23
  -22
  -21
  -19
  -18
  -15
  -13
  -10
  -7
  -3
  1
  6
  11
  16
  22
  29
  36
  43
  51
  60
  70
  80
  91
  102
  114
  128
  142
Interest expense (income), $m
  0
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  34
  36
  37
  39
  41
  43
  46
  48
  51
  53
  56
  59
  62
  65
  69
  72
Earnings before tax, $m
  0
  -123
  -125
  -128
  -130
  -133
  -135
  -138
  -140
  -143
  -145
  -146
  -148
  -150
  -153
  -155
  -157
  -159
  -162
  -164
  -166
  -168
  -170
  -172
  -173
  -175
  -177
  -178
  -180
  -181
  -182
Tax expense, $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
  0
Net income, $m
  0
  -123
  -125
  -128
  -130
  -133
  -135
  -138
  -140
  -143
  -145
  -146
  -148
  -150
  -153
  -155
  -157
  -159
  -162
  -164
  -166
  -168
  -170
  -172
  -173
  -175
  -177
  -178
  -180
  -181
  -182

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
  0
Total assets, $m
  0
  870
  890
  913
  938
  967
  998
  1,032
  1,069
  1,108
  1,151
  1,196
  1,245
  1,297
  1,352
  1,410
  1,472
  1,537
  1,606
  1,679
  1,756
  1,838
  1,924
  2,014
  2,110
  2,210
  2,316
  2,427
  2,544
  2,667
  2,797
Adjusted assets (=assets-cash), $m
  0
  870
  890
  913
  938
  967
  998
  1,032
  1,069
  1,108
  1,151
  1,196
  1,245
  1,297
  1,352
  1,410
  1,472
  1,537
  1,606
  1,679
  1,756
  1,838
  1,924
  2,014
  2,110
  2,210
  2,316
  2,427
  2,544
  2,667
  2,797
Revenue / Adjusted assets
  0.000
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.449
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
Average production assets, $m
  0
  782
  800
  821
  844
  869
  897
  928
  961
  997
  1,035
  1,076
  1,119
  1,166
  1,215
  1,268
  1,323
  1,382
  1,444
  1,510
  1,579
  1,653
  1,730
  1,811
  1,897
  1,987
  2,082
  2,182
  2,288
  2,398
  2,515
Working capital, $m
  0
  -21
  -22
  -22
  -23
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -47
  -49
  -51
  -53
  -56
  -59
  -62
  -65
  -68
Total debt, $m
  0
  301
  310
  320
  331
  344
  358
  373
  389
  407
  425
  445
  467
  490
  514
  540
  567
  596
  627
  659
  693
  729
  767
  807
  849
  894
  940
  989
  1,041
  1,096
  1,153
Total liabilities, $m
  0
  384
  393
  403
  415
  427
  441
  456
  472
  490
  509
  529
  550
  573
  597
  623
  650
  679
  710
  742
  776
  812
  850
  890
  932
  977
  1,024
  1,073
  1,125
  1,179
  1,236
Total equity, $m
  0
  485
  496
  509
  524
  539
  557
  576
  596
  618
  642
  668
  695
  724
  754
  787
  821
  858
  896
  937
  980
  1,026
  1,073
  1,124
  1,177
  1,233
  1,292
  1,354
  1,420
  1,488
  1,561
Total liabilities and equity, $m
  0
  869
  889
  912
  939
  966
  998
  1,032
  1,068
  1,108
  1,151
  1,197
  1,245
  1,297
  1,351
  1,410
  1,471
  1,537
  1,606
  1,679
  1,756
  1,838
  1,923
  2,014
  2,109
  2,210
  2,316
  2,427
  2,545
  2,667
  2,797
Debt-to-equity ratio
  0.000
  0.620
  0.620
  0.630
  0.630
  0.640
  0.640
  0.650
  0.650
  0.660
  0.660
  0.670
  0.670
  0.680
  0.680
  0.690
  0.690
  0.690
  0.700
  0.700
  0.710
  0.710
  0.710
  0.720
  0.720
  0.720
  0.730
  0.730
  0.730
  0.740
  0.740
Adjusted equity ratio
  0.000
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558
  0.558

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  0
  -123
  -125
  -128
  -130
  -133
  -135
  -138
  -140
  -143
  -145
  -146
  -148
  -150
  -153
  -155
  -157
  -159
  -162
  -164
  -166
  -168
  -170
  -172
  -173
  -175
  -177
  -178
  -180
  -181
  -182
Depreciation, amort., depletion, $m
  0
  81
  82
  84
  87
  89
  92
  95
  98
  102
  106
  108
  112
  117
  122
  127
  132
  138
  144
  151
  158
  165
  173
  181
  190
  199
  208
  218
  229
  240
  251
Funds from operations, $m
  0
  -42
  -43
  -43
  -44
  -44
  -43
  -43
  -42
  -41
  -40
  -38
  -36
  -34
  -31
  -28
  -25
  -21
  -17
  -13
  -8
  -2
  3
  10
  16
  24
  32
  40
  49
  59
  69
Change in working capital, $m
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
Cash from operations, $m
  0
  -42
  -42
  -43
  -43
  -43
  -43
  -42
  -41
  -40
  -39
  -37
  -35
  -32
  -30
  -27
  -23
  -20
  -15
  -11
  -6
  0
  5
  12
  19
  26
  34
  43
  52
  62
  72
Maintenance CAPEX, $m
  0
  -77
  -78
  -80
  -82
  -84
  -87
  -90
  -93
  -96
  -100
  -103
  -108
  -112
  -117
  -122
  -127
  -132
  -138
  -144
  -151
  -158
  -165
  -173
  -181
  -190
  -199
  -208
  -218
  -229
  -240
New CAPEX, $m
  0
  -15
  -18
  -21
  -23
  -26
  -28
  -31
  -33
  -36
  -38
  -41
  -44
  -46
  -49
  -52
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -86
  -90
  -95
  -100
  -105
  -111
  -117
Cash from investing activities, $m
  0
  -92
  -96
  -101
  -105
  -110
  -115
  -121
  -126
  -132
  -138
  -144
  -152
  -158
  -166
  -174
  -183
  -191
  -200
  -210
  -220
  -231
  -242
  -254
  -267
  -280
  -294
  -308
  -323
  -340
  -357
Free cash flow, $m
  0
  -133
  -139
  -143
  -148
  -153
  -158
  -162
  -167
  -172
  -176
  -181
  -186
  -191
  -196
  -201
  -206
  -211
  -216
  -221
  -226
  -232
  -237
  -243
  -248
  -254
  -260
  -266
  -272
  -278
  -284
Issuance/(repayment) of debt, $m
  0
  7
  9
  10
  11
  13
  14
  15
  16
  18
  19
  20
  21
  23
  24
  26
  27
  29
  31
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  54
  57
Issuance/(repurchase) of shares, $m
  0
  132
  136
  141
  145
  149
  153
  157
  161
  165
  169
  171
  175
  179
  183
  187
  192
  196
  200
  204
  209
  213
  218
  222
  227
  231
  236
  240
  245
  250
  254
Cash from financing (excl. dividends), $m  
  0
  139
  145
  151
  156
  162
  167
  172
  177
  183
  188
  191
  196
  202
  207
  213
  219
  225
  231
  236
  243
  249
  256
  262
  269
  275
  283
  289
  297
  304
  311
Total cash flow (excl. dividends), $m
  0
  5
  7
  7
  8
  8
  9
  10
  10
  11
  11
  10
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  18
  19
  20
  22
  23
  24
  25
  26
  28
Retained Cash Flow (-), $m
  0
  -132
  -136
  -141
  -145
  -149
  -153
  -157
  -161
  -165
  -169
  -171
  -175
  -179
  -183
  -187
  -192
  -196
  -200
  -204
  -209
  -213
  -218
  -222
  -227
  -231
  -236
  -240
  -245
  -250
  -254
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
 
  7
  7
  8
  8
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
Cash available for distribution, $m
 
  -127
  -130
  -133
  -137
  -140
  -144
  -147
  -151
  -154
  -158
  -161
  -165
  -168
  -171
  -175
  -178
  -182
  -185
  -189
  -192
  -196
  -199
  -203
  -206
  -209
  -213
  -216
  -220
  -223
  -227
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
 
  -119
  -114
  -109
  -103
  -97
  -90
  -84
  -76
  -69
  -62
  -55
  -48
  -42
  -36
  -30
  -25
  -20
  -16
  -13
  -10
  -8
  -6
  -4
  -3
  -2
  -1
  -1
  -1
  0
  0
Current shareholders' claim on cash, %
  100
  80.3
  64.4
  51.5
  41.2
  32.9
  26.3
  21.1
  16.9
  13.6
  10.9
  8.9
  7.2
  5.9
  4.8
  3.9
  3.2
  2.7
  2.2
  1.8
  1.5
  1.3
  1.1
  0.9
  0.8
  0.7
  0.6
  0.5
  0.4
  0.4
  0.3

Civeo Corporation provides remote site accommodation, logistics, and facility management services to the natural resource industry in Australia, Canada, and the United States. The company develops lodges and villages, open camps, and mobile assets, including modular, skid-mounted accommodation, and central facilities that provide long-term and temporary work force accommodations. It also provides catering and food services, housekeeping, laundry, water and wastewater treatment, power generation, communications, and personnel logistics services, as well as sewage hauling services. The company operates 19 lodges and villages with approximately 23,000 rooms in Canada and Australia; 9 smaller open camp properties; and a fleet of mobile accommodation assets. It serves independent oil and natural gas companies, mining companies, and oilfield and mining service companies. The company is headquartered in Houston, Texas.

FINANCIAL RATIOS  of  Civeo (CVEO)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

CVEO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CVEO stock intrinsic value calculation we used $382 million for the last fiscal year's total revenue generated by Civeo. The default revenue input number comes from income statement of Civeo. 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 CVEO 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 6.3%, whose default value for CVEO is calculated based on our internal credit rating of Civeo, 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 Civeo.
    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 CVEO stock the variable cost ratio is equal to 85.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $157 million in the base year in the intrinsic value calculation for CVEO 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 6.6% for Civeo.

Corporate tax rate of 27% is the nominal tax rate for Civeo. 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 CVEO stock is equal to 1.9%.

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 CVEO are equal to 200.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Civeo 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 CVEO is equal to -5.4%. 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 - $476 million for Civeo - 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 128 million for Civeo 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 Civeo at the current share price and the inputted number of shares is $0.5 billion.

COMPANY NEWS

▶ Civeo: 1Q Earnings Snapshot   [Apr-27-18 06:09AM  Associated Press]
▶ Civeo Reports First Quarter 2018 Results   [06:00AM  GlobeNewswire]
▶ Penny Stocks to Watch for April 2018   [08:47AM  Investopedia]
▶ Civeo Amends Share Purchase Agreement With Noralta Lodge   [Mar-15-18 07:15PM  GlobeNewswire]
▶ Blog Exposure - Rollins Acquired OPC Pest Services   [Mar-06-18 07:20AM  ACCESSWIRE]
▶ Estimating The Fair Value Of Civeo Corporation (NYSE:CVEO)   [Mar-02-18 04:19PM  Simply Wall St.]
▶ Civeo Corp to Host Earnings Call   [10:05AM  ACCESSWIRE]
▶ Civeo reports 4Q loss   [09:11AM  Associated Press]
▶ What Does Civeo Corporations (NYSE:CVEO) Share Price Indicate?   [Dec-19-17 07:45AM  Simply Wall St.]
▶ ETFs with exposure to Civeo Corp. : December 15, 2017   [Dec-15-17 01:10PM  Capital Cube]
▶ ETFs with exposure to Civeo Corp. : November 27, 2017   [Nov-27-17 01:00PM  Capital Cube]
▶ ETFs with exposure to Civeo Corp. : November 16, 2017   [Nov-16-17 11:26AM  Capital Cube]
▶ Civeo Corp to Host Earnings Call   [Oct-26-17 08:40AM  ACCESSWIRE]
▶ Civeo reports 3Q loss   [06:35AM  Associated Press]
▶ Civeo Reports Third Quarter 2017 Results   [06:00AM  GlobeNewswire]
▶ Civeo Announces Third Quarter 2017 Earnings Conference Call   [Oct-18-17 06:00AM  GlobeNewswire]
▶ ETFs with exposure to Civeo Corp. : October 10, 2017   [Oct-10-17 11:16AM  Capital Cube]
▶ 3 Stocks That Could Lose You a Lot of Money   [Oct-08-17 11:10AM  Motley Fool]
▶ ETFs with exposure to Civeo Corp. : August 8, 2017   [Aug-08-17 04:17PM  Capital Cube]
▶ Civeo reports 2Q loss   [Jul-28-17 08:23PM  Associated Press]
▶ Civeo reports 2Q loss   [06:17AM  Associated Press]
▶ Civeo Reports Second Quarter 2017 Results   [06:00AM  GlobeNewswire]
▶ ETFs with exposure to Civeo Corp. : July 4, 2017   [Jul-04-17 02:51PM  Capital Cube]
▶ Seeking Value in the Oil Industry: Civeo   [Jun-27-17 12:59PM  GuruFocus.com]
▶ ETFs with exposure to Civeo Corp. : June 23, 2017   [Jun-23-17 02:16PM  Capital Cube]
▶ ETFs with exposure to Civeo Corp. : June 13, 2017   [Jun-13-17 12:24PM  Capital Cube]
▶ Here's Why Civeo Corp. Rose as Much as 14% Today   [Jun-12-17 04:36PM  Motley Fool]
▶ Why Civeo Corporation Stock Pulled Back   [Apr-27-17 05:07PM  Motley Fool]
▶ Civeo reports 1Q loss   [06:08AM  Associated Press]
▶ Civeo Reports First Quarter 2017 Results   [06:00AM  GlobeNewswire]
▶ Civeo Corporation: Bulls Need a Reality Check   [Apr-21-17 11:14AM  Motley Fool]
▶ Civeo Announces First Quarter 2017 Earnings Conference Call   [Apr-18-17 06:00AM  GlobeNewswire]
▶ ETFs with exposure to Civeo Corp. : April 10, 2017   [Apr-10-17 01:44PM  Capital Cube]
▶ Civeo reports 4Q loss   [06:22AM  Associated Press]
▶ Why Civeo Corporation's Shares Plunged 15% Today   [Feb-02-17 01:26PM  Motley Fool]
▶ Do Hedge Funds Love Intevac, Inc. (IVAC)?   [Dec-14-16 08:54AM  Insider Monkey]
▶ Do Hedge Funds Love Intevac, Inc. (IVAC)?   [08:54AM  at Insider Monkey]
▶ Civeo Announces Third Quarter 2016 Earnings Conference Call   [Oct-24-16 07:30AM  GlobeNewswire]
Financial statements of CVEO
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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