Intrinsic value of Diamond Offshore Drilling - DO

Previous Close

$16.57

  Intrinsic Value

$6.82

stock screener

  Rating & Target

str. sell

-59%

Previous close

$16.57

 
Intrinsic value

$6.82

 
Up/down potential

-59%

 
Rating

str. sell

We calculate the intrinsic value of DO 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 2.3

 

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, %
  -33.86
  2.60
  2.84
  3.06
  3.25
  3.43
  3.58
  3.72
  3.85
  3.97
  4.07
  4.16
  4.25
  4.32
  4.39
  4.45
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.84
  4.86
  4.87
  4.89
Revenue, $m
  1,600
  1,642
  1,688
  1,740
  1,796
  1,858
  1,924
  1,996
  2,073
  2,155
  2,243
  2,336
  2,436
  2,541
  2,652
  2,770
  2,895
  3,027
  3,166
  3,313
  3,468
  3,632
  3,804
  3,985
  4,176
  4,376
  4,588
  4,810
  5,044
  5,290
  5,548
Variable operating expenses, $m
 
  1,515
  1,558
  1,606
  1,658
  1,715
  1,776
  1,842
  1,913
  1,989
  2,070
  2,156
  2,248
  2,345
  2,448
  2,557
  2,672
  2,794
  2,923
  3,058
  3,201
  3,352
  3,511
  3,678
  3,854
  4,039
  4,234
  4,440
  4,655
  4,882
  5,121
Fixed operating expenses, $m
 
  504
  517
  530
  543
  557
  571
  585
  599
  614
  630
  646
  662
  678
  695
  713
  730
  749
  767
  787
  806
  826
  847
  868
  890
  912
  935
  958
  982
  1,007
  1,032
Total operating expenses, $m
  1,957
  2,019
  2,075
  2,136
  2,201
  2,272
  2,347
  2,427
  2,512
  2,603
  2,700
  2,802
  2,910
  3,023
  3,143
  3,270
  3,402
  3,543
  3,690
  3,845
  4,007
  4,178
  4,358
  4,546
  4,744
  4,951
  5,169
  5,398
  5,637
  5,889
  6,153
Operating income, $m
  -357
  -378
  -387
  -396
  -405
  -414
  -422
  -431
  -440
  -448
  -457
  -466
  -474
  -483
  -491
  -499
  -507
  -516
  -524
  -531
  -539
  -547
  -554
  -561
  -568
  -575
  -582
  -588
  -594
  -600
  -605
EBITDA, $m
  25
  15
  17
  21
  25
  31
  38
  47
  57
  68
  80
  94
  109
  126
  144
  164
  186
  209
  235
  262
  291
  323
  357
  393
  431
  473
  517
  564
  614
  667
  724
Interest expense (income), $m
  106
  97
  100
  104
  108
  112
  117
  122
  128
  134
  140
  147
  154
  162
  170
  179
  188
  197
  207
  218
  230
  241
  254
  267
  281
  296
  312
  328
  345
  363
  382
Earnings before tax, $m
  -468
  -475
  -487
  -500
  -513
  -526
  -540
  -553
  -568
  -582
  -597
  -613
  -628
  -644
  -661
  -678
  -695
  -713
  -731
  -750
  -769
  -788
  -808
  -829
  -850
  -871
  -893
  -916
  -939
  -963
  -987
Tax expense, $m
  -95
  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
  -373
  -475
  -487
  -500
  -513
  -526
  -540
  -553
  -568
  -582
  -597
  -613
  -628
  -644
  -661
  -678
  -695
  -713
  -731
  -750
  -769
  -788
  -808
  -829
  -850
  -871
  -893
  -916
  -939
  -963
  -987

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  156
  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
  6,372
  6,388
  6,569
  6,770
  6,990
  7,229
  7,488
  7,767
  8,066
  8,386
  8,728
  9,091
  9,477
  9,887
  10,321
  10,780
  11,266
  11,779
  12,321
  12,892
  13,495
  14,131
  14,800
  15,505
  16,247
  17,029
  17,851
  18,716
  19,625
  20,582
  21,588
Adjusted assets (=assets-cash), $m
  6,216
  6,388
  6,569
  6,770
  6,990
  7,229
  7,488
  7,767
  8,066
  8,386
  8,728
  9,091
  9,477
  9,887
  10,321
  10,780
  11,266
  11,779
  12,321
  12,892
  13,495
  14,131
  14,800
  15,505
  16,247
  17,029
  17,851
  18,716
  19,625
  20,582
  21,588
Revenue / Adjusted assets
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
Average production assets, $m
  6,053
  6,210
  6,387
  6,582
  6,796
  7,028
  7,280
  7,551
  7,842
  8,153
  8,485
  8,838
  9,214
  9,612
  10,034
  10,481
  10,953
  11,452
  11,979
  12,534
  13,120
  13,738
  14,389
  15,074
  15,796
  16,556
  17,355
  18,196
  19,080
  20,010
  20,988
Working capital, $m
  165
  117
  120
  124
  128
  132
  137
  142
  147
  153
  159
  166
  173
  180
  188
  197
  206
  215
  225
  235
  246
  258
  270
  283
  296
  311
  326
  342
  358
  376
  394
Total debt, $m
  2,085
  2,050
  2,123
  2,205
  2,294
  2,391
  2,496
  2,609
  2,730
  2,859
  2,998
  3,145
  3,301
  3,467
  3,643
  3,829
  4,026
  4,233
  4,453
  4,684
  4,929
  5,186
  5,457
  5,743
  6,043
  6,360
  6,693
  7,043
  7,411
  7,799
  8,206
Total liabilities, $m
  2,622
  2,587
  2,660
  2,742
  2,831
  2,928
  3,033
  3,146
  3,267
  3,396
  3,535
  3,682
  3,838
  4,004
  4,180
  4,366
  4,563
  4,770
  4,990
  5,221
  5,466
  5,723
  5,994
  6,280
  6,580
  6,897
  7,230
  7,580
  7,948
  8,336
  8,743
Total equity, $m
  3,750
  3,801
  3,909
  4,028
  4,159
  4,301
  4,455
  4,621
  4,799
  4,990
  5,193
  5,409
  5,639
  5,883
  6,141
  6,414
  6,703
  7,008
  7,331
  7,671
  8,030
  8,408
  8,806
  9,225
  9,667
  10,132
  10,621
  11,136
  11,677
  12,246
  12,845
Total liabilities and equity, $m
  6,372
  6,388
  6,569
  6,770
  6,990
  7,229
  7,488
  7,767
  8,066
  8,386
  8,728
  9,091
  9,477
  9,887
  10,321
  10,780
  11,266
  11,778
  12,321
  12,892
  13,496
  14,131
  14,800
  15,505
  16,247
  17,029
  17,851
  18,716
  19,625
  20,582
  21,588
Debt-to-equity ratio
  0.556
  0.540
  0.540
  0.550
  0.550
  0.560
  0.560
  0.560
  0.570
  0.570
  0.580
  0.580
  0.590
  0.590
  0.590
  0.600
  0.600
  0.600
  0.610
  0.610
  0.610
  0.620
  0.620
  0.620
  0.630
  0.630
  0.630
  0.630
  0.630
  0.640
  0.640
Adjusted equity ratio
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -373
  -475
  -487
  -500
  -513
  -526
  -540
  -553
  -568
  -582
  -597
  -613
  -628
  -644
  -661
  -678
  -695
  -713
  -731
  -750
  -769
  -788
  -808
  -829
  -850
  -871
  -893
  -916
  -939
  -963
  -987
Depreciation, amort., depletion, $m
  382
  393
  404
  417
  430
  445
  461
  478
  496
  516
  537
  559
  583
  608
  635
  663
  693
  725
  758
  793
  830
  870
  911
  954
  1,000
  1,048
  1,098
  1,152
  1,208
  1,266
  1,328
Funds from operations, $m
  735
  -82
  -83
  -83
  -83
  -81
  -79
  -75
  -71
  -66
  -60
  -53
  -45
  -36
  -26
  -14
  -2
  12
  27
  44
  62
  81
  102
  125
  150
  177
  205
  236
  269
  304
  341
Change in working capital, $m
  88
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
  17
  18
Cash from operations, $m
  647
  -85
  -86
  -87
  -87
  -86
  -83
  -81
  -77
  -72
  -66
  -60
  -52
  -43
  -34
  -23
  -11
  3
  17
  33
  51
  70
  90
  112
  136
  162
  190
  220
  252
  286
  323
Maintenance CAPEX, $m
  0
  -383
  -393
  -404
  -417
  -430
  -445
  -461
  -478
  -496
  -516
  -537
  -559
  -583
  -608
  -635
  -663
  -693
  -725
  -758
  -793
  -830
  -870
  -911
  -954
  -1,000
  -1,048
  -1,098
  -1,152
  -1,208
  -1,266
New CAPEX, $m
  -653
  -158
  -176
  -195
  -214
  -233
  -252
  -271
  -291
  -311
  -332
  -353
  -375
  -398
  -422
  -447
  -472
  -499
  -527
  -556
  -586
  -618
  -651
  -685
  -722
  -760
  -799
  -841
  -884
  -930
  -978
Cash from investing activities, $m
  -426
  -541
  -569
  -599
  -631
  -663
  -697
  -732
  -769
  -807
  -848
  -890
  -934
  -981
  -1,030
  -1,082
  -1,135
  -1,192
  -1,252
  -1,314
  -1,379
  -1,448
  -1,521
  -1,596
  -1,676
  -1,760
  -1,847
  -1,939
  -2,036
  -2,138
  -2,244
Free cash flow, $m
  221
  -626
  -656
  -686
  -717
  -748
  -780
  -813
  -846
  -879
  -914
  -950
  -987
  -1,025
  -1,064
  -1,104
  -1,146
  -1,190
  -1,234
  -1,281
  -1,329
  -1,378
  -1,430
  -1,484
  -1,539
  -1,597
  -1,657
  -1,719
  -1,784
  -1,851
  -1,921
Issuance/(repayment) of debt, $m
  -182
  69
  73
  81
  89
  97
  105
  113
  121
  130
  138
  147
  156
  166
  176
  186
  197
  208
  219
  232
  244
  257
  271
  286
  301
  316
  333
  350
  368
  387
  407
Issuance/(repurchase) of shares, $m
  0
  578
  595
  619
  644
  668
  694
  719
  746
  773
  800
  829
  858
  888
  919
  951
  984
  1,018
  1,053
  1,090
  1,127
  1,166
  1,207
  1,248
  1,291
  1,336
  1,382
  1,430
  1,480
  1,532
  1,585
Cash from financing (excl. dividends), $m  
  -183
  647
  668
  700
  733
  765
  799
  832
  867
  903
  938
  976
  1,014
  1,054
  1,095
  1,137
  1,181
  1,226
  1,272
  1,322
  1,371
  1,423
  1,478
  1,534
  1,592
  1,652
  1,715
  1,780
  1,848
  1,919
  1,992
Total cash flow (excl. dividends), $m
  37
  21
  13
  14
  16
  17
  18
  20
  21
  23
  24
  26
  27
  29
  31
  33
  35
  36
  38
  41
  43
  45
  48
  50
  53
  56
  58
  61
  65
  68
  71
Retained Cash Flow (-), $m
  363
  -578
  -595
  -619
  -644
  -668
  -694
  -719
  -746
  -773
  -800
  -829
  -858
  -888
  -919
  -951
  -984
  -1,018
  -1,053
  -1,090
  -1,127
  -1,166
  -1,207
  -1,248
  -1,291
  -1,336
  -1,382
  -1,430
  -1,480
  -1,532
  -1,585
Prev. year cash balance distribution, $m
 
  52
  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
 
  -505
  -582
  -605
  -628
  -651
  -675
  -700
  -724
  -750
  -776
  -803
  -831
  -859
  -888
  -918
  -950
  -982
  -1,015
  -1,049
  -1,085
  -1,121
  -1,159
  -1,198
  -1,239
  -1,281
  -1,324
  -1,369
  -1,416
  -1,464
  -1,514
Discount rate, %
 
  6.10
  6.41
  6.73
  7.06
  7.41
  7.79
  8.17
  8.58
  9.01
  9.46
  9.94
  10.43
  10.95
  11.50
  12.08
  12.68
  13.32
  13.98
  14.68
  15.41
  16.19
  16.99
  17.84
  18.74
  19.67
  20.66
  21.69
  22.77
  23.91
  25.11
PV of cash for distribution, $m
 
  -476
  -514
  -498
  -478
  -456
  -431
  -404
  -375
  -345
  -314
  -283
  -252
  -222
  -193
  -166
  -141
  -117
  -96
  -78
  -62
  -48
  -37
  -27
  -20
  -14
  -10
  -7
  -5
  -3
  -2
Current shareholders' claim on cash, %
  100
  81.8
  66.8
  54.5
  44.4
  36.1
  29.3
  23.8
  19.4
  15.7
  12.8
  10.4
  8.5
  6.9
  5.7
  4.6
  3.8
  3.1
  2.6
  2.1
  1.8
  1.5
  1.2
  1.0
  0.8
  0.7
  0.6
  0.5
  0.4
  0.3
  0.3

Diamond Offshore Drilling, Inc. provides contract drilling services to the energy industry. As of December 31, 2016, the Company had a fleet of 24 offshore drilling rigs. As of December 31, 2016, its fleet consisted of four drillships, 19 semisubmersible rigs and one jack-up rig. Its fleet enables it to offer a range of services, primarily in the floater market, including ultra-deepwater, deepwater and mid-water. The principal markets for its offshore contract drilling services are the Gulf of Mexico, including the United States and Mexico; South America, principally offshore Brazil, and Trinidad and Tobago; Australia and Southeast Asia, including Malaysia, Indonesia and Vietnam; Europe, principally offshore the United Kingdom and Norway; East and West Africa; the Mediterranean, and the Middle East. The Company provides offshore drilling services to a customer base that includes independent oil and gas companies, and government-owned oil companies.

FINANCIAL RATIOS  of  Diamond Offshore Drilling (DO)

Valuation Ratios
P/E Ratio -6.1
Price to Sales 1.4
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 3.5
Price to Free Cash Flow -378.8
Growth Rates
Sales Growth Rate -33.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -21.4%
Cap. Spend. - 3 Yr. Gr. Rate -7.4%
Financial Strength
Quick Ratio 2
Current Ratio 0.3
LT Debt to Equity 52.8%
Total Debt to Equity 55.6%
Interest Coverage -3
Management Effectiveness
Return On Assets -4.3%
Ret/ On Assets - 3 Yr. Avg. -0.3%
Return On Total Capital -6.1%
Ret/ On T. Cap. - 3 Yr. Avg. -1.6%
Return On Equity -9.5%
Return On Equity - 3 Yr. Avg. -2.5%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 48.1%
Gross Margin - 3 Yr. Avg. 46.2%
EBITDA Margin 1.3%
EBITDA Margin - 3 Yr. Avg. 16.6%
Operating Margin -22.3%
Oper. Margin - 3 Yr. Avg. -4.7%
Pre-Tax Margin -29.3%
Pre-Tax Margin - 3 Yr. Avg. -8.9%
Net Profit Margin -23.3%
Net Profit Margin - 3 Yr. Avg. -7%
Effective Tax Rate 20.3%
Eff/ Tax Rate - 3 Yr. Avg. 24.4%
Payout Ratio 0%

DO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DO stock intrinsic value calculation we used $1600 million for the last fiscal year's total revenue generated by Diamond Offshore Drilling. The default revenue input number comes from 2016 income statement of Diamond Offshore Drilling. 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 DO stock valuation model: a) initial revenue growth rate of 2.6% 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 6.1%, whose default value for DO is calculated based on our internal credit rating of Diamond Offshore Drilling, 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 Diamond Offshore Drilling.
    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 DO stock the variable cost ratio is equal to 92.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $492 million in the base year in the intrinsic value calculation for DO 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 Diamond Offshore Drilling.

Corporate tax rate of 27% is the nominal tax rate for Diamond Offshore Drilling. 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 DO 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 DO are equal to 378.3%.

Life of production assets of 15.8 years is the average useful life of capital assets used in Diamond Offshore Drilling 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 DO is equal to 7.1%. 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 - $3750 million for Diamond Offshore Drilling - 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 137.435 million for Diamond Offshore Drilling 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 Diamond Offshore Drilling at the current share price and the inputted number of shares is $2.3 billion.

RELATED COMPANIES Price Int.Val. Rating
RIG Transocean 9.45 10.11  hold
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ESV ENSCO 5.09 6.77  buy
RDC Rowan Cos. 13.37 10.15  sell

COMPANY NEWS

▶ Crude Oil Prices Add More Concerns for Gas Rigs and Prices   [Dec-08-17 11:40AM  Market Realist]
▶ Will value take the markets to the next milestone?   [Nov-30-17 04:20PM  CNBC Videos]
▶ Highlights of Seadrill Partners 3Q17 Results   [Nov-28-17 04:59PM  Market Realist]
▶ US Crude Oil Rigs Were Flat Last Week   [11:05AM  Market Realist]
▶ Will US Crude Oil and Gas Rigs Pressure Natural Gas Futures?   [Nov-17-17 09:44AM  Market Realist]
▶ Bankrupt Seadrills Stock Up 43% Last Week   [09:10AM  Market Realist]
▶ How Transocean Performed in 3Q17   [Nov-07-17 04:10PM  Market Realist]
▶ US Crude Oil Rigs Are near a 6-Month Low   [10:26AM  Market Realist]
▶ Diamond Offshore Drillings Backlog Tells about Its Future   [Nov-03-17 01:00PM  Market Realist]
▶ Drilling into Diamond Offshores 3Q17 Results   [09:56AM  Market Realist]
▶ Analysts Revisions: Diamond Offshore, Noble, and Ensco   [Nov-01-17 10:50AM  Market Realist]
▶ Diamond Offshore Drilling posts 3Q profit   [06:20AM  Associated Press]
▶ Will US Oil Rigs Support Crude Oil Bulls?   [Oct-23-17 10:45AM  Market Realist]
▶ Whats in Store for Enscos 3Q17 Results?   [Oct-20-17 01:25PM  Market Realist]
▶ Why Citi Group Downgraded Diamond Offshore to a Sell   [Oct-13-17 05:36PM  Market Realist]
▶ What Analysts Recommend for Offshore Drillers in Week 40   [Oct-11-17 09:11AM  Market Realist]
▶ Is Seadrill LTD a Buy?   [06:07AM  Motley Fool]
▶ US Crude Oil Rig Count Hit a 2-Week Low   [Oct-10-17 02:07PM  Market Realist]
▶ Why UBS Upgraded Several Offshore Drilling Companies   [Oct-03-17 11:36AM  Market Realist]
▶ Diamond Offshore Up 27% Since Coverage; More Upside Likely   [Oct-02-17 12:41PM  GuruFocus.com]
▶ Will US Natural Gas Rig Counts Recover?   [01:00PM  Market Realist]
▶ Transocean: Let's Make a Deal?   [Sep-28-17 12:56PM  Barrons.com]
▶ Transocean: 3 Reasons to Buy?   [Sep-25-17 12:04PM  Barrons.com]
▶ Why the US Crude Oil Rig Count Is Slowing   [10:26AM  Market Realist]
▶ Diamond Offshore Stock Best among Peers: What Analysts Say   [Sep-18-17 06:06PM  Market Realist]
▶ Why the US Crude Oil Rig Count Hit an 11-Week Low   [Sep-11-17 05:36PM  Market Realist]
▶ Hurricane Harvey Could Impact the US Natural Gas Rig Count   [Sep-01-17 11:39AM  Market Realist]
Financial statements of DO
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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