Intrinsic value of Emerge Energy Services - EMES

Previous Close

$7.38

  Intrinsic Value

$44.04

stock screener

  Rating & Target

str. buy

+497%

Previous close

$7.38

 
Intrinsic value

$44.04

 
Up/down potential

+497%

 
Rating

str. buy

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
  -13
  76
  202
  376
  607
  905
  1,281
  1,744
  2,302
  2,961
  3,726
  4,602
  5,591
  6,693
  7,908
  9,235
  10,672
  12,217
  13,866
  15,618
  17,471
  19,421
  21,469
  23,612
  25,851
  28,186
  30,618
  33,148
  35,779
  38,513
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
  34
  52
  78
  113
  159
  219
  294
  386
  497
  627
  779
  953
  1,148
  1,366
  1,606
  1,868
  2,152
  2,457
  2,783
  3,129
  3,495
  3,880
  4,284
  4,707
  5,149
  5,609
  6,089
  6,588
  7,107
  7,647
Funds from operations, $m
  -32
  -24
  55
  144
  267
  429
  639
  902
  1,225
  1,614
  2,072
  2,603
  3,209
  3,892
  4,652
  5,489
  6,402
  7,390
  8,450
  9,581
  10,782
  12,050
  13,385
  14,786
  16,252
  17,782
  19,378
  21,040
  22,768
  24,566
  26,434
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
  -43
  28
  106
  215
  361
  551
  792
  1,090
  1,451
  1,879
  2,380
  2,954
  3,604
  4,332
  5,136
  6,016
  6,972
  8,001
  9,102
  10,273
  11,512
  12,819
  14,191
  15,629
  17,132
  18,700
  20,334
  22,034
  23,802
  25,640
Maintenance CAPEX, $m
  0
  -21
  -34
  -52
  -78
  -113
  -159
  -219
  -294
  -386
  -497
  -627
  -779
  -953
  -1,148
  -1,366
  -1,606
  -1,868
  -2,152
  -2,457
  -2,783
  -3,129
  -3,495
  -3,880
  -4,284
  -4,707
  -5,149
  -5,609
  -6,089
  -6,588
  -7,107
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
  -128
  -190
  -271
  -376
  -507
  -667
  -856
  -1,076
  -1,327
  -1,608
  -1,916
  -2,253
  -2,616
  -3,000
  -3,408
  -3,835
  -4,281
  -4,745
  -5,226
  -5,723
  -6,237
  -6,768
  -7,315
  -7,880
  -8,463
  -9,065
  -9,687
  -10,332
  -11,000
  -11,693
Free cash flow, $m
  94
  -171
  -162
  -165
  -161
  -146
  -116
  -64
  14
  124
  272
  463
  701
  989
  1,331
  1,728
  2,182
  2,691
  3,256
  3,876
  4,549
  5,275
  6,051
  6,877
  7,750
  8,670
  9,635
  10,646
  11,702
  12,802
  13,947
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
  37
  53
  75
  164
  284
  437
  630
  866
  1,149
  1,482
  1,868
  2,307
  2,801
  3,350
  3,953
  4,610
  5,320
  6,081
  6,893
  7,753
  8,662
  9,618
  10,620
  11,668
  12,762
  13,903
  15,090
  16,325
  17,610
  18,944
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
 
  -54
  5
  8
  72
  162
  281
  434
  626
  860
  1,141
  1,472
  1,854
  2,290
  2,781
  3,326
  3,925
  4,578
  5,284
  6,042
  6,850
  7,707
  8,612
  9,564
  10,563
  11,608
  12,699
  13,837
  15,021
  16,254
  17,535
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
 
  -48
  4
  5
  43
  81
  117
  149
  175
  191
  199
  197
  188
  171
  150
  126
  103
  80
  60
  44
  31
  20
  13
  8
  5
  3
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  71.0
  63.0
  62.9
  62.9
  62.9
  62.9
  62.9
  62.9
  62.9
  62.9
  62.9
  62.9
  62.9
  62.9
  62.9
  62.9
  62.9
  62.9
  62.9
  62.9
  62.9
  62.9
  62.9
  62.9
  62.9
  62.9
  62.9
  62.9
  62.9
  62.9

Emerge Energy Services LP owns, operates, acquires and develops a portfolio of energy service assets. The Company operates through Sand segment. The Company conducts its Sand operations through its subsidiary, Superior Silica Sands LLC (SSS). The Company's Sand business mines, processes and distributes silica sand, an input for the hydraulic fracturing of oil and gas wells. As of December 31, 2016, its Wisconsin facilities consisted of three dry plants located in Arland, Barron and New Auburn, Wisconsin, with a total permitted capacity of 6.3 million finished tons per year, and five wet plants and mine complexes. As of December 31, 2016, its dry plant in Kosse, Texas, had a capacity of 600,000 tons per year that is supplied by a separate mine and wet plant that processes local Texas sand. As of December 31, 2016, the Company also had 14 transload facilities located throughout North America in the basins where it delivers its sand, as well as a fleet of 5,573 railcars.

FINANCIAL RATIOS  of  Emerge Energy Services (EMES)

Valuation Ratios
P/E Ratio -2.9
Price to Sales 1.7
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow -4.6
Price to Free Cash Flow -3.5
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 8.5 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 30.151 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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COMPANY NEWS

▶ Reading Enterprise Products Capital Spending in 3Q17   [Nov-06-17 07:34AM  Market Realist]
▶ Most Analysts Rated Emerge Energy Services as a Hold   [Nov-02-17 02:25PM  Market Realist]
▶ Calumet Specialty Products Short Interest Rose   [Sep-18-17 10:38AM  Market Realist]
▶ Are Institutional Investors Bearish on Hi-Crush Partners?   [Sep-15-17 10:39AM  Market Realist]
▶ Analyzing Frac Sand Volume Growth for HCLP and EMES   [Sep-14-17 03:05PM  Market Realist]
▶ Texas Frac Sand In Demand   [01:41PM  Forbes]
▶ LD Micro Index Reconstitution as of August 1, 2017   [Aug-01-17 09:40AM  ACCESSWIRE]
▶ How Sunoco LP Makes Most of Its Money   [Jun-20-17 10:00AM  Motley Fool]
▶ Hi-Crush Partners: 100% of the Analysts Rated It as a Buy   [Jun-09-17 07:36AM  Market Realist]
▶ Analyzing Changes in Institutional Investors EMES Holdings   [Jun-08-17 12:05PM  Market Realist]
▶ Increased Proppant Use per Well Drives Demand   [10:36AM  Market Realist]
▶ Whats ahead for Frac Sand Producers?   [08:59AM  Market Realist]
▶ 3 Stocks That Tripled in a Single Year   [May-25-17 01:05PM  Motley Fool]
▶ Emerge Energy Services LP to Host Analyst and Investor Day   [May-17-17 03:20PM  GlobeNewswire]
▶ Third Point Is Shorting Frac Sand Miners   [Apr-28-17 01:45PM  Benzinga]
▶ Emerge Energy Services LP Files Its 10-K   [Apr-14-17 05:48PM  GlobeNewswire]
▶ 3 Stocks That Could Double Your Money   [08:44AM  Motley Fool]
▶ What Wall Street Analysts Recommend for HCLP and EMES   [Mar-10-17 09:06AM  Market Realist]
▶ Here's Why Frack-Sand Stocks Are Getting Crushed Today   [Mar-09-17 04:07PM  Motley Fool]
▶ [$$] Three Energy Picks Post Earnings   [10:54AM  at Barrons.com]
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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