Intrinsic value of Emerge Energy Services - EMES

Previous Close

$6.09

  Intrinsic Value

$42.06

stock screener

  Rating & Target

str. buy

+591%

  Value-price divergence*

-226%

Previous close

$6.09

 
Intrinsic value

$42.06

 
Up/down potential

+591%

 
Rating

str. buy

 
Value-price divergence*

-226%

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

We calculate the intrinsic value of EMES 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 0.2

 

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, %
  -52.59
  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
  128
  205
  316
  473
  687
  969
  1,332
  1,788
  2,347
  3,020
  3,815
  4,737
  5,792
  6,981
  8,306
  9,766
  11,360
  13,086
  14,941
  16,921
  19,024
  21,248
  23,589
  26,046
  28,618
  31,304
  34,105
  37,023
  40,058
  43,214
  46,494
Variable operating expenses, $m
 
  67
  104
  155
  225
  318
  437
  586
  770
  991
  1,251
  1,554
  1,900
  2,290
  2,724
  3,203
  3,726
  4,292
  4,901
  5,550
  6,240
  6,969
  7,737
  8,543
  9,387
  10,268
  11,187
  12,143
  13,139
  14,174
  15,250
Fixed operating expenses, $m
 
  185
  189
  194
  199
  204
  209
  214
  219
  225
  230
  236
  242
  248
  254
  261
  267
  274
  281
  288
  295
  302
  310
  318
  326
  334
  342
  351
  359
  368
  378
Total operating expenses, $m
  218
  252
  293
  349
  424
  522
  646
  800
  989
  1,216
  1,481
  1,790
  2,142
  2,538
  2,978
  3,464
  3,993
  4,566
  5,182
  5,838
  6,535
  7,271
  8,047
  8,861
  9,713
  10,602
  11,529
  12,494
  13,498
  14,542
  15,628
Operating income, $m
  -90
  -47
  24
  124
  263
  447
  686
  987
  1,358
  1,805
  2,333
  2,947
  3,650
  4,443
  5,327
  6,302
  7,367
  8,520
  9,759
  11,083
  12,489
  13,976
  15,542
  17,185
  18,906
  20,703
  22,577
  24,529
  26,560
  28,671
  30,866
EBITDA, $m
  -69
  -18
  68
  190
  359
  583
  872
  1,237
  1,686
  2,227
  2,866
  3,609
  4,460
  5,419
  6,488
  7,667
  8,955
  10,349
  11,848
  13,449
  15,149
  16,947
  18,840
  20,826
  22,906
  25,079
  27,345
  29,704
  32,160
  34,713
  37,366
Interest expense (income), $m
  17
  11
  20
  33
  52
  77
  111
  154
  208
  275
  355
  449
  559
  684
  825
  983
  1,156
  1,346
  1,551
  1,771
  2,006
  2,256
  2,521
  2,799
  3,091
  3,396
  3,716
  4,048
  4,395
  4,756
  5,131
Earnings before tax, $m
  -113
  -58
  3
  91
  211
  370
  575
  833
  1,150
  1,530
  1,979
  2,498
  3,091
  3,759
  4,502
  5,319
  6,211
  7,174
  8,209
  9,312
  10,483
  11,720
  13,021
  14,386
  15,815
  17,306
  18,861
  20,480
  22,164
  23,916
  25,736
Tax expense, $m
  0
  0
  1
  25
  57
  100
  155
  225
  310
  413
  534
  674
  835
  1,015
  1,216
  1,436
  1,677
  1,937
  2,216
  2,514
  2,830
  3,164
  3,516
  3,884
  4,270
  4,673
  5,093
  5,530
  5,984
  6,457
  6,949
Net income, $m
  -73
  -58
  3
  66
  154
  270
  420
  608
  839
  1,117
  1,444
  1,824
  2,257
  2,744
  3,286
  3,883
  4,534
  5,237
  5,992
  6,798
  7,653
  8,555
  9,506
  10,502
  11,545
  12,634
  13,769
  14,951
  16,180
  17,458
  18,787

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
  250
  400
  618
  924
  1,341
  1,892
  2,601
  3,491
  4,584
  5,899
  7,451
  9,252
  11,312
  13,634
  16,222
  19,074
  22,188
  25,559
  29,181
  33,049
  37,157
  41,499
  46,072
  50,871
  55,894
  61,141
  66,612
  72,310
  78,238
  84,402
  90,809
Adjusted assets (=assets-cash), $m
  250
  400
  618
  924
  1,341
  1,892
  2,601
  3,491
  4,584
  5,899
  7,451
  9,252
  11,312
  13,634
  16,222
  19,074
  22,188
  25,559
  29,181
  33,049
  37,157
  41,499
  46,072
  50,871
  55,894
  61,141
  66,612
  72,310
  78,238
  84,402
  90,809
Revenue / Adjusted assets
  0.512
  0.513
  0.511
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
Average production assets, $m
  179
  286
  442
  662
  960
  1,354
  1,862
  2,499
  3,281
  4,222
  5,333
  6,622
  8,097
  9,759
  11,611
  13,653
  15,882
  18,294
  20,887
  23,656
  26,596
  29,704
  32,977
  36,412
  40,008
  43,763
  47,679
  51,758
  56,001
  60,413
  64,999
Working capital, $m
  31
  50
  77
  115
  166
  234
  322
  433
  568
  731
  923
  1,146
  1,402
  1,689
  2,010
  2,363
  2,749
  3,167
  3,616
  4,095
  4,604
  5,142
  5,708
  6,303
  6,926
  7,576
  8,254
  8,959
  9,694
  10,458
  11,252
Total debt, $m
  140
  257
  427
  666
  991
  1,421
  1,974
  2,668
  3,521
  4,546
  5,757
  7,162
  8,768
  10,580
  12,598
  14,823
  17,252
  19,881
  22,706
  25,723
  28,927
  32,315
  35,881
  39,624
  43,542
  47,635
  51,903
  56,347
  60,971
  65,779
  70,776
Total liabilities, $m
  195
  312
  482
  721
  1,046
  1,476
  2,029
  2,723
  3,576
  4,601
  5,812
  7,217
  8,823
  10,635
  12,653
  14,878
  17,307
  19,936
  22,761
  25,778
  28,982
  32,370
  35,936
  39,679
  43,597
  47,690
  51,958
  56,402
  61,026
  65,834
  70,831
Total equity, $m
  55
  88
  136
  203
  295
  416
  572
  768
  1,009
  1,298
  1,639
  2,035
  2,489
  3,000
  3,569
  4,196
  4,881
  5,623
  6,420
  7,271
  8,175
  9,130
  10,136
  11,192
  12,297
  13,451
  14,655
  15,908
  17,212
  18,568
  19,978
Total liabilities and equity, $m
  250
  400
  618
  924
  1,341
  1,892
  2,601
  3,491
  4,585
  5,899
  7,451
  9,252
  11,312
  13,635
  16,222
  19,074
  22,188
  25,559
  29,181
  33,049
  37,157
  41,500
  46,072
  50,871
  55,894
  61,141
  66,613
  72,310
  78,238
  84,402
  90,809
Debt-to-equity ratio
  2.545
  2.920
  3.140
  3.270
  3.360
  3.410
  3.450
  3.470
  3.490
  3.500
  3.510
  3.520
  3.520
  3.530
  3.530
  3.530
  3.530
  3.540
  3.540
  3.540
  3.540
  3.540
  3.540
  3.540
  3.540
  3.540
  3.540
  3.540
  3.540
  3.540
  3.540
Adjusted equity ratio
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -73
  -58
  3
  66
  154
  270
  420
  608
  839
  1,117
  1,444
  1,824
  2,257
  2,744
  3,286
  3,883
  4,534
  5,237
  5,992
  6,798
  7,653
  8,555
  9,506
  10,502
  11,545
  12,634
  13,769
  14,951
  16,180
  17,458
  18,787
Depreciation, amort., depletion, $m
  21
  29
  44
  66
  96
  135
  186
  250
  328
  422
  533
  662
  810
  976
  1,161
  1,365
  1,588
  1,829
  2,089
  2,366
  2,660
  2,970
  3,298
  3,641
  4,001
  4,376
  4,768
  5,176
  5,600
  6,041
  6,500
Funds from operations, $m
  -32
  -29
  47
  132
  250
  406
  606
  858
  1,168
  1,539
  1,978
  2,486
  3,066
  3,720
  4,448
  5,248
  6,122
  7,067
  8,081
  9,163
  10,312
  11,526
  12,803
  14,143
  15,546
  17,010
  18,537
  20,126
  21,780
  23,500
  25,287
Change in working capital, $m
  15
  19
  27
  38
  52
  68
  88
  110
  135
  163
  192
  223
  255
  288
  321
  353
  386
  418
  449
  479
  509
  538
  567
  595
  622
  650
  678
  706
  735
  764
  794
Cash from operations, $m
  -47
  -48
  20
  95
  198
  337
  518
  748
  1,032
  1,376
  1,785
  2,263
  2,811
  3,432
  4,127
  4,895
  5,736
  6,649
  7,632
  8,684
  9,803
  10,988
  12,237
  13,549
  14,923
  16,360
  17,859
  19,420
  21,046
  22,736
  24,493
Maintenance CAPEX, $m
  0
  -18
  -29
  -44
  -66
  -96
  -135
  -186
  -250
  -328
  -422
  -533
  -662
  -810
  -976
  -1,161
  -1,365
  -1,588
  -1,829
  -2,089
  -2,366
  -2,660
  -2,970
  -3,298
  -3,641
  -4,001
  -4,376
  -4,768
  -5,176
  -5,600
  -6,041
New CAPEX, $m
  -14
  -107
  -156
  -219
  -298
  -394
  -508
  -637
  -782
  -941
  -1,111
  -1,289
  -1,474
  -1,663
  -1,852
  -2,042
  -2,229
  -2,413
  -2,593
  -2,769
  -2,940
  -3,108
  -3,273
  -3,435
  -3,596
  -3,756
  -3,916
  -4,078
  -4,243
  -4,412
  -4,586
Cash from investing activities, $m
  141
  -125
  -185
  -263
  -364
  -490
  -643
  -823
  -1,032
  -1,269
  -1,533
  -1,822
  -2,136
  -2,473
  -2,828
  -3,203
  -3,594
  -4,001
  -4,422
  -4,858
  -5,306
  -5,768
  -6,243
  -6,733
  -7,237
  -7,757
  -8,292
  -8,846
  -9,419
  -10,012
  -10,627
Free cash flow, $m
  94
  -173
  -165
  -169
  -166
  -153
  -125
  -76
  0
  107
  252
  440
  675
  960
  1,299
  1,692
  2,142
  2,648
  3,210
  3,827
  4,497
  5,220
  5,993
  6,816
  7,686
  8,604
  9,566
  10,574
  11,627
  12,724
  13,866
Issuance/(repayment) of debt, $m
  -161
  117
  170
  239
  325
  430
  553
  694
  853
  1,025
  1,210
  1,405
  1,606
  1,812
  2,019
  2,225
  2,429
  2,629
  2,825
  3,017
  3,204
  3,387
  3,566
  3,743
  3,918
  4,093
  4,268
  4,444
  4,624
  4,808
  4,997
Issuance/(repurchase) of shares, $m
  0
  91
  45
  1
  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 from financing (excl. dividends), $m  
  -114
  208
  215
  240
  325
  430
  553
  694
  853
  1,025
  1,210
  1,405
  1,606
  1,812
  2,019
  2,225
  2,429
  2,629
  2,825
  3,017
  3,204
  3,387
  3,566
  3,743
  3,918
  4,093
  4,268
  4,444
  4,624
  4,808
  4,997
Total cash flow (excl. dividends), $m
  -21
  35
  51
  71
  159
  277
  428
  619
  852
  1,133
  1,463
  1,845
  2,281
  2,772
  3,317
  3,917
  4,571
  5,277
  6,035
  6,844
  7,701
  8,607
  9,560
  10,559
  11,605
  12,696
  13,834
  15,018
  16,251
  17,532
  18,863
Retained Cash Flow (-), $m
  20
  -91
  -48
  -67
  -92
  -121
  -156
  -196
  -240
  -289
  -341
  -396
  -453
  -511
  -569
  -627
  -685
  -742
  -797
  -851
  -904
  -955
  -1,006
  -1,056
  -1,105
  -1,154
  -1,204
  -1,254
  -1,304
  -1,356
  -1,409
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
 
  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
 
  -56
  3
  4
  67
  155
  272
  423
  612
  843
  1,121
  1,449
  1,828
  2,261
  2,748
  3,290
  3,886
  4,536
  5,239
  5,993
  6,798
  7,652
  8,554
  9,503
  10,500
  11,542
  12,630
  13,765
  14,946
  16,176
  17,454
Discount rate, %
 
  12.30
  12.92
  13.56
  14.24
  14.95
  15.70
  16.48
  17.31
  18.17
  19.08
  20.04
  21.04
  22.09
  23.19
  24.35
  25.57
  26.85
  28.19
  29.60
  31.08
  32.64
  34.27
  35.98
  37.78
  39.67
  41.65
  43.73
  45.92
  48.22
  50.63
PV of cash for distribution, $m
 
  -50
  2
  2
  39
  77
  114
  145
  171
  188
  196
  194
  185
  169
  148
  125
  102
  80
  60
  43
  30
  20
  13
  8
  5
  3
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  64.2
  54.7
  54.6
  54.6
  54.6
  54.6
  54.6
  54.6
  54.6
  54.6
  54.6
  54.6
  54.6
  54.6
  54.6
  54.6
  54.6
  54.6
  54.6
  54.6
  54.6
  54.6
  54.6
  54.6
  54.6
  54.6
  54.6
  54.6
  54.6
  54.6

Emerge Energy Services LP acquires, owns, operates, and develops a portfolio of energy service assets in the United States. The company operates in two segments, Sand and Fuel. The Sand segment is involved in the production and sale of various grades of industrial sand primarily used in the extraction of oil and natural gas, as well as in the production of building products and foundry materials. The Fuel segment operates two terminals and two transmix processing facilities located in the Dallas-Fort Worth, Texas area, as well as in Birmingham, Alabama. This segment also engages in the sale of wholesale petroleum products; provision of third-party terminaling services; blending of renewable fuels into petroleum products; manufacture of biodiesel; and provision of reclamation services, such as tank cleaning services, as well as other complementary products and services. Emerge Energy Services GP, LLC operates as a general partner of the company. Emerge Energy Services LP was founded in 2012 and is based in Southlake, Texas.

FINANCIAL RATIOS  of  Emerge Energy Services (EMES)

Valuation Ratios
P/E Ratio -2.4
Price to Sales 1.4
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow -3.8
Price to Free Cash Flow -2.9
Growth Rates
Sales Growth Rate -52.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -60%
Cap. Spend. - 3 Yr. Gr. Rate -7.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 254.5%
Total Debt to Equity 254.5%
Interest Coverage -6
Management Effectiveness
Return On Assets -16.7%
Ret/ On Assets - 3 Yr. Avg. 3.1%
Return On Total Capital -25.8%
Ret/ On T. Cap. - 3 Yr. Avg. -0.2%
Return On Equity -112.3%
Return On Equity - 3 Yr. Avg. -21.8%
Asset Turnover 0.4
Profitability Ratios
Gross Margin -35.9%
Gross Margin - 3 Yr. Avg. 9.1%
EBITDA Margin -58.6%
EBITDA Margin - 3 Yr. Avg. -3.9%
Operating Margin -70.3%
Oper. Margin - 3 Yr. Avg. -13.8%
Pre-Tax Margin -88.3%
Pre-Tax Margin - 3 Yr. Avg. -21.9%
Net Profit Margin -57%
Net Profit Margin - 3 Yr. Avg. -11.4%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0.4%
Payout Ratio 0%

EMES stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EMES stock intrinsic value calculation we used $128 million for the last fiscal year's total revenue generated by Emerge Energy Services. The default revenue input number comes from 2016 income statement of Emerge Energy Services. 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 EMES 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 12.3%, whose default value for EMES is calculated based on our internal credit rating of Emerge Energy Services, 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 Emerge Energy Services.
    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 EMES stock the variable cost ratio is equal to 32.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $180 million in the base year in the intrinsic value calculation for EMES 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 7.8% for Emerge Energy Services.

Corporate tax rate of 27% is the nominal tax rate for Emerge Energy Services. 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 EMES 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 EMES are equal to 139.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Emerge Energy Services 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 EMES is equal to 24.2%. 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 - $55 million for Emerge Energy Services - 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 26.775 million for Emerge Energy Services 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 Emerge Energy Services at the current share price and the inputted number of shares is $0.2 billion.

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Stock chart of EMES Financial statements of EMES
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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