Intrinsic value of Dawson Geophysical - DWSN

Previous Close

$5.93

  Intrinsic Value

$1.93

stock screener

  Rating & Target

str. sell

-67%

Previous close

$5.93

 
Intrinsic value

$1.93

 
Up/down potential

-67%

 
Rating

str. sell

We calculate the intrinsic value of DWSN 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
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, %
  -43.40
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  133
  213
  329
  492
  713
  1,007
  1,384
  1,857
  2,439
  3,138
  3,964
  4,922
  6,018
  7,253
  8,630
  10,148
  11,804
  13,597
  15,524
  17,582
  19,768
  22,078
  24,510
  27,063
  29,736
  32,527
  35,438
  38,469
  41,623
  44,902
  48,310
Variable operating expenses, $m
 
  192
  297
  443
  643
  908
  1,248
  1,675
  2,200
  2,831
  3,575
  4,440
  5,428
  6,543
  7,784
  9,153
  10,647
  12,265
  14,003
  15,859
  17,830
  19,914
  22,108
  24,411
  26,822
  29,339
  31,965
  34,699
  37,544
  40,501
  43,576
Fixed operating expenses, $m
 
  67
  68
  70
  72
  74
  75
  77
  79
  81
  83
  85
  87
  90
  92
  94
  96
  99
  101
  104
  107
  109
  112
  115
  118
  121
  124
  127
  130
  133
  136
Total operating expenses, $m
  183
  259
  365
  513
  715
  982
  1,323
  1,752
  2,279
  2,912
  3,658
  4,525
  5,515
  6,633
  7,876
  9,247
  10,743
  12,364
  14,104
  15,963
  17,937
  20,023
  22,220
  24,526
  26,940
  29,460
  32,089
  34,826
  37,674
  40,634
  43,712
Operating income, $m
  -49
  -46
  -36
  -22
  -2
  25
  60
  105
  160
  226
  305
  397
  502
  621
  754
  900
  1,060
  1,234
  1,420
  1,619
  1,831
  2,054
  2,290
  2,538
  2,797
  3,067
  3,349
  3,643
  3,949
  4,267
  4,598
EBITDA, $m
  -5
  -4
  28
  74
  137
  221
  330
  467
  635
  838
  1,077
  1,356
  1,675
  2,034
  2,435
  2,877
  3,360
  3,882
  4,444
  5,044
  5,681
  6,355
  7,065
  7,809
  8,589
  9,403
  10,253
  11,137
  12,057
  13,014
  14,009
Interest expense (income), $m
  0
  0
  0
  1
  1
  2
  3
  5
  7
  9
  12
  15
  19
  23
  28
  34
  40
  46
  53
  61
  69
  78
  87
  96
  107
  117
  128
  140
  152
  164
  177
Earnings before tax, $m
  -46
  -46
  -36
  -23
  -3
  23
  57
  100
  153
  217
  293
  382
  483
  598
  726
  867
  1,021
  1,187
  1,367
  1,558
  1,762
  1,977
  2,203
  2,441
  2,690
  2,950
  3,221
  3,504
  3,798
  4,103
  4,421
Tax expense, $m
  -6
  0
  0
  0
  0
  6
  15
  27
  41
  59
  79
  103
  131
  161
  196
  234
  276
  321
  369
  421
  476
  534
  595
  659
  726
  797
  870
  946
  1,025
  1,108
  1,194
Net income, $m
  -40
  -46
  -36
  -23
  -3
  17
  41
  73
  112
  159
  214
  279
  353
  437
  530
  633
  745
  867
  998
  1,138
  1,286
  1,443
  1,608
  1,782
  1,964
  2,154
  2,352
  2,558
  2,772
  2,995
  3,227

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  55
  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
  188
  213
  329
  492
  713
  1,007
  1,384
  1,857
  2,439
  3,138
  3,964
  4,922
  6,018
  7,253
  8,630
  10,148
  11,804
  13,597
  15,524
  17,582
  19,768
  22,078
  24,510
  27,063
  29,736
  32,527
  35,438
  38,469
  41,623
  44,902
  48,310
Adjusted assets (=assets-cash), $m
  133
  213
  329
  492
  713
  1,007
  1,384
  1,857
  2,439
  3,138
  3,964
  4,922
  6,018
  7,253
  8,630
  10,148
  11,804
  13,597
  15,524
  17,582
  19,768
  22,078
  24,510
  27,063
  29,736
  32,527
  35,438
  38,469
  41,623
  44,902
  48,310
Revenue / Adjusted assets
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
Average production assets, $m
  130
  207
  320
  479
  695
  980
  1,348
  1,809
  2,375
  3,057
  3,861
  4,794
  5,861
  7,065
  8,406
  9,884
  11,497
  13,244
  15,121
  17,125
  19,254
  21,504
  23,873
  26,360
  28,963
  31,681
  34,516
  37,469
  40,540
  43,734
  47,054
Working capital, $m
  61
  13
  20
  30
  43
  60
  83
  111
  146
  188
  238
  295
  361
  435
  518
  609
  708
  816
  931
  1,055
  1,186
  1,325
  1,471
  1,624
  1,784
  1,952
  2,126
  2,308
  2,497
  2,694
  2,899
Total debt, $m
  2
  9
  22
  41
  66
  99
  141
  195
  261
  340
  433
  541
  665
  805
  960
  1,132
  1,319
  1,521
  1,739
  1,972
  2,219
  2,480
  2,755
  3,043
  3,345
  3,661
  3,989
  4,332
  4,688
  5,059
  5,444
Total liabilities, $m
  17
  24
  37
  56
  81
  114
  156
  210
  276
  355
  448
  556
  680
  820
  975
  1,147
  1,334
  1,536
  1,754
  1,987
  2,234
  2,495
  2,770
  3,058
  3,360
  3,676
  4,004
  4,347
  4,703
  5,074
  5,459
Total equity, $m
  171
  189
  292
  436
  633
  893
  1,227
  1,647
  2,163
  2,784
  3,516
  4,366
  5,338
  6,434
  7,655
  9,001
  10,470
  12,061
  13,770
  15,595
  17,534
  19,583
  21,741
  24,005
  26,376
  28,851
  31,433
  34,122
  36,919
  39,828
  42,851
Total liabilities and equity, $m
  188
  213
  329
  492
  714
  1,007
  1,383
  1,857
  2,439
  3,139
  3,964
  4,922
  6,018
  7,254
  8,630
  10,148
  11,804
  13,597
  15,524
  17,582
  19,768
  22,078
  24,511
  27,063
  29,736
  32,527
  35,437
  38,469
  41,622
  44,902
  48,310
Debt-to-equity ratio
  0.012
  0.050
  0.080
  0.090
  0.100
  0.110
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
Adjusted equity ratio
  0.872
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -40
  -46
  -36
  -23
  -3
  17
  41
  73
  112
  159
  214
  279
  353
  437
  530
  633
  745
  867
  998
  1,138
  1,286
  1,443
  1,608
  1,782
  1,964
  2,154
  2,352
  2,558
  2,772
  2,995
  3,227
Depreciation, amort., depletion, $m
  44
  41
  64
  96
  139
  196
  270
  362
  475
  611
  772
  959
  1,172
  1,413
  1,681
  1,977
  2,299
  2,649
  3,024
  3,425
  3,851
  4,301
  4,775
  5,272
  5,793
  6,336
  6,903
  7,494
  8,108
  8,747
  9,411
Funds from operations, $m
  21
  -4
  28
  73
  136
  213
  311
  435
  587
  770
  986
  1,238
  1,525
  1,849
  2,211
  2,609
  3,045
  3,516
  4,022
  4,563
  5,137
  5,744
  6,383
  7,054
  7,756
  8,490
  9,255
  10,051
  10,880
  11,742
  12,638
Change in working capital, $m
  12
  5
  7
  10
  13
  18
  23
  28
  35
  42
  50
  58
  66
  74
  83
  91
  99
  108
  116
  123
  131
  139
  146
  153
  160
  167
  175
  182
  189
  197
  204
Cash from operations, $m
  9
  -9
  21
  63
  122
  195
  288
  406
  552
  728
  937
  1,180
  1,459
  1,775
  2,128
  2,518
  2,945
  3,408
  3,906
  4,439
  5,006
  5,605
  6,237
  6,901
  7,596
  8,322
  9,080
  9,870
  10,691
  11,546
  12,434
Maintenance CAPEX, $m
  0
  -26
  -41
  -64
  -96
  -139
  -196
  -270
  -362
  -475
  -611
  -772
  -959
  -1,172
  -1,413
  -1,681
  -1,977
  -2,299
  -2,649
  -3,024
  -3,425
  -3,851
  -4,301
  -4,775
  -5,272
  -5,793
  -6,336
  -6,903
  -7,494
  -8,108
  -8,747
New CAPEX, $m
  -8
  -78
  -113
  -159
  -216
  -285
  -367
  -461
  -566
  -681
  -804
  -933
  -1,067
  -1,204
  -1,341
  -1,478
  -1,613
  -1,747
  -1,877
  -2,004
  -2,129
  -2,250
  -2,369
  -2,487
  -2,603
  -2,719
  -2,835
  -2,952
  -3,072
  -3,194
  -3,320
Cash from investing activities, $m
  -23
  -104
  -154
  -223
  -312
  -424
  -563
  -731
  -928
  -1,156
  -1,415
  -1,705
  -2,026
  -2,376
  -2,754
  -3,159
  -3,590
  -4,046
  -4,526
  -5,028
  -5,554
  -6,101
  -6,670
  -7,262
  -7,875
  -8,512
  -9,171
  -9,855
  -10,566
  -11,302
  -12,067
Free cash flow, $m
  -14
  -113
  -134
  -159
  -189
  -229
  -275
  -325
  -376
  -428
  -479
  -525
  -567
  -600
  -626
  -641
  -645
  -638
  -619
  -589
  -548
  -496
  -433
  -361
  -279
  -189
  -91
  14
  126
  243
  367
Issuance/(repayment) of debt, $m
  -8
  9
  13
  18
  25
  33
  43
  54
  66
  79
  93
  108
  124
  140
  156
  171
  187
  203
  218
  233
  247
  261
  275
  288
  302
  315
  329
  343
  356
  371
  385
Issuance/(repurchase) of shares, $m
  0
  117
  139
  167
  200
  243
  293
  347
  404
  462
  518
  571
  619
  660
  691
  713
  724
  724
  712
  688
  652
  606
  549
  483
  407
  322
  230
  131
  25
  0
  0
Cash from financing (excl. dividends), $m  
  -8
  126
  152
  185
  225
  276
  336
  401
  470
  541
  611
  679
  743
  800
  847
  884
  911
  927
  930
  921
  899
  867
  824
  771
  709
  637
  559
  474
  381
  371
  385
Total cash flow (excl. dividends), $m
  -22
  13
  19
  26
  36
  47
  61
  76
  94
  112
  133
  154
  176
  199
  221
  244
  266
  288
  310
  331
  351
  371
  391
  411
  430
  449
  468
  487
  507
  614
  752
Retained Cash Flow (-), $m
  39
  -117
  -139
  -167
  -200
  -260
  -335
  -420
  -516
  -620
  -732
  -850
  -972
  -1,096
  -1,221
  -1,346
  -1,469
  -1,591
  -1,709
  -1,825
  -1,938
  -2,049
  -2,158
  -2,265
  -2,370
  -2,476
  -2,582
  -2,689
  -2,797
  -2,909
  -3,023
Prev. year cash balance distribution, $m
 
  53
  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
 
  -51
  -121
  -141
  -164
  -213
  -274
  -344
  -422
  -508
  -600
  -696
  -796
  -897
  -1,000
  -1,102
  -1,203
  -1,302
  -1,399
  -1,494
  -1,587
  -1,678
  -1,767
  -1,854
  -1,941
  -2,027
  -2,114
  -2,201
  -2,290
  -2,295
  -2,271
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  -49
  -110
  -123
  -135
  -165
  -199
  -232
  -264
  -292
  -314
  -330
  -340
  -341
  -336
  -324
  -306
  -283
  -258
  -230
  -202
  -174
  -147
  -122
  -99
  -79
  -62
  -47
  -35
  -25
  -17
Current shareholders' claim on cash, %
  100
  43.8
  22.3
  12.8
  8.0
  5.4
  3.8
  2.7
  2.1
  1.6
  1.3
  1.1
  0.9
  0.8
  0.7
  0.6
  0.6
  0.5
  0.5
  0.4
  0.4
  0.4
  0.4
  0.4
  0.4
  0.4
  0.4
  0.4
  0.4
  0.4
  0.4

Dawson Geophysical Company, formerly TGC Industries, Inc., is a provider of onshore seismic data acquisition and processing services with operations throughout the United States and Canada. The Company acquires and processes two-dimensional (2-D), three-dimensional (3-D) and multi-component seismic data for its clients, ranging from oil and gas companies to independent oil and gas operators, as well as providers of multi-client data libraries. It operates through contract seismic data acquisition and processing services segment. It operates approximately 10 seismic crews, consisting of over eight crews in the United States and approximately two crews in Canada, and a seismic data processing center. It owns equipment for over 20 land-based seismic data acquisition crews, approximately 220 vibrator energy source units, over 248,000 recording channels and approximately 20 central recording systems.

FINANCIAL RATIOS  of  Dawson Geophysical (DWSN)

Valuation Ratios
P/E Ratio -3.2
Price to Sales 1
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 14.3
Price to Free Cash Flow 128.7
Growth Rates
Sales Growth Rate -43.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 14.3%
Cap. Spend. - 3 Yr. Gr. Rate 32%
Financial Strength
Quick Ratio 28
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 1.2%
Interest Coverage 0
Management Effectiveness
Return On Assets -18.3%
Ret/ On Assets - 3 Yr. Avg. -11.3%
Return On Total Capital -20.3%
Ret/ On T. Cap. - 3 Yr. Avg. -13.1%
Return On Equity -21%
Return On Equity - 3 Yr. Avg. -13.8%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 4.8%
EBITDA Margin -1.5%
EBITDA Margin - 3 Yr. Avg. 2.3%
Operating Margin -37.6%
Oper. Margin - 3 Yr. Avg. -21.8%
Pre-Tax Margin -34.6%
Pre-Tax Margin - 3 Yr. Avg. -21.1%
Net Profit Margin -30.1%
Net Profit Margin - 3 Yr. Avg. -16.5%
Effective Tax Rate 13%
Eff/ Tax Rate - 3 Yr. Avg. 25.5%
Payout Ratio 0%

DWSN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DWSN stock intrinsic value calculation we used $133 million for the last fiscal year's total revenue generated by Dawson Geophysical. The default revenue input number comes from 2016 income statement of Dawson Geophysical. 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 DWSN stock valuation model: a) initial revenue growth rate of 60% 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 4.3%, whose default value for DWSN is calculated based on our internal credit rating of Dawson Geophysical, 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 Dawson Geophysical.
    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 DWSN stock the variable cost ratio is equal to 90.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $65 million in the base year in the intrinsic value calculation for DWSN 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 3.5% for Dawson Geophysical.

Corporate tax rate of 27% is the nominal tax rate for Dawson Geophysical. 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 DWSN 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 DWSN are equal to 97.4%.

Life of production assets of 2.9 years is the average useful life of capital assets used in Dawson Geophysical 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 DWSN is equal to 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 - $171 million for Dawson Geophysical - 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 22.181 million for Dawson Geophysical 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 Dawson Geophysical at the current share price and the inputted number of shares is $0.1 billion.

RELATED COMPANIES Price Int.Val. Rating
IO ION Geophysica 18.00 0.64  str.sell

COMPANY NEWS

▶ Dawson Geophysical Starts Making Progress   [Nov-04-17 11:23AM  Motley Fool]
▶ Is It The Right Time To Buy Dawson Geophysical Company (DWSN)?   [Nov-02-17 04:22PM  Simply Wall St.]
▶ Dawson Geophysical reports 3Q loss   [06:24AM  Associated Press]
▶ Oilfield Services Gainers: FTK, KEG, BAS, DWSN, and AROC   [Oct-04-17 01:36PM  Market Realist]
▶ Dawson Geophysical reports 2Q loss   [Aug-04-17 02:29AM  Associated Press]
▶ Dawson Geophysical reports 2Q loss   [06:22AM  Associated Press]
▶ 3 Energy Stocks to Buy at the Bottom of the Cycle   [Aug-01-17 07:32AM  Motley Fool]
▶ Dawson Geophysical Hopes for Better Times Ahead   [May-06-17 06:31PM  Motley Fool]
▶ Dawson Geophysical reports 1Q loss   [06:14AM  Associated Press]
▶ Dawson Geophysical reports 4Q loss   [06:15AM  Associated Press]
▶ Dawson Geophysical Narrows Loss, Looks for 2016 Oil Recovery   [Mar-11-16 05:05PM  at Motley Fool]
Financial statements of DWSN
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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