Intrinsic value of Erin Energy - ERN

Previous Close

$2.80

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

  Value-price divergence*

0%

Previous close

$2.80

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence*

0%

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

We calculate the intrinsic value of ERN 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 0.6

 

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, %
  14.71
  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
  78
  80
  81
  83
  86
  88
  91
  94
  98
  101
  105
  109
  114
  119
  124
  129
  135
  141
  147
  154
  161
  168
  176
  184
  193
  202
  212
  222
  233
  244
  256
Variable operating expenses, $m
 
  567
  580
  595
  612
  630
  651
  673
  697
  723
  750
  780
  812
  845
  881
  919
  960
  1,002
  1,047
  1,095
  1,145
  1,198
  1,254
  1,313
  1,376
  1,441
  1,510
  1,583
  1,659
  1,739
  1,824
Fixed operating expenses, $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
Total operating expenses, $m
  215
  567
  580
  595
  612
  630
  651
  673
  697
  723
  750
  780
  812
  845
  881
  919
  960
  1,002
  1,047
  1,095
  1,145
  1,198
  1,254
  1,313
  1,376
  1,441
  1,510
  1,583
  1,659
  1,739
  1,824
Operating income, $m
  -137
  -488
  -499
  -512
  -526
  -542
  -559
  -578
  -599
  -621
  -645
  -671
  -698
  -727
  -758
  -790
  -825
  -862
  -900
  -941
  -985
  -1,030
  -1,078
  -1,129
  -1,183
  -1,239
  -1,298
  -1,361
  -1,426
  -1,495
  -1,568
EBITDA, $m
  -79
  -428
  -438
  -449
  -462
  -476
  -491
  -508
  -526
  -546
  -567
  -589
  -613
  -638
  -666
  -694
  -725
  -757
  -791
  -827
  -865
  -905
  -947
  -992
  -1,039
  -1,088
  -1,140
  -1,195
  -1,253
  -1,313
  -1,377
Interest expense (income), $m
  10
  10
  -2
  -1
  -1
  -1
  0
  0
  0
  1
  1
  2
  3
  3
  4
  5
  6
  6
  7
  8
  9
  10
  11
  13
  14
  15
  17
  18
  20
  21
  23
Earnings before tax, $m
  -143
  -497
  -497
  -510
  -525
  -541
  -559
  -578
  -600
  -622
  -647
  -673
  -701
  -730
  -762
  -795
  -831
  -868
  -908
  -950
  -994
  -1,041
  -1,090
  -1,142
  -1,196
  -1,254
  -1,315
  -1,379
  -1,446
  -1,516
  -1,591
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
  -142
  -497
  -497
  -510
  -525
  -541
  -559
  -578
  -600
  -622
  -647
  -673
  -701
  -730
  -762
  -795
  -831
  -868
  -908
  -950
  -994
  -1,041
  -1,090
  -1,142
  -1,196
  -1,254
  -1,315
  -1,379
  -1,446
  -1,516
  -1,591

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  7
  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
  289
  287
  294
  301
  310
  319
  330
  341
  353
  366
  380
  395
  411
  428
  446
  466
  486
  508
  530
  555
  580
  607
  635
  665
  697
  730
  765
  802
  840
  881
  924
Adjusted assets (=assets-cash), $m
  282
  287
  294
  301
  310
  319
  330
  341
  353
  366
  380
  395
  411
  428
  446
  466
  486
  508
  530
  555
  580
  607
  635
  665
  697
  730
  765
  802
  840
  881
  924
Revenue / Adjusted assets
  0.277
  0.279
  0.276
  0.276
  0.277
  0.276
  0.276
  0.276
  0.278
  0.276
  0.276
  0.276
  0.277
  0.278
  0.278
  0.277
  0.278
  0.278
  0.277
  0.277
  0.278
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
Average production assets, $m
  308
  314
  321
  330
  339
  349
  360
  373
  386
  400
  416
  432
  450
  468
  488
  509
  532
  555
  580
  607
  635
  664
  695
  728
  762
  798
  837
  877
  919
  964
  1,010
Working capital, $m
  -264
  -263
  -269
  -276
  -284
  -293
  -302
  -312
  -323
  -335
  -348
  -362
  -377
  -392
  -409
  -427
  -445
  -465
  -486
  -508
  -532
  -556
  -582
  -610
  -638
  -669
  -701
  -734
  -770
  -807
  -846
Total debt, $m
  217
  -39
  -33
  -26
  -18
  -10
  0
  10
  21
  32
  45
  59
  73
  88
  105
  122
  140
  160
  180
  202
  225
  249
  275
  302
  330
  360
  391
  424
  459
  496
  534
Total liabilities, $m
  515
  258
  264
  271
  279
  287
  297
  307
  318
  329
  342
  356
  370
  385
  402
  419
  437
  457
  477
  499
  522
  546
  572
  599
  627
  657
  688
  721
  756
  793
  831
Total equity, $m
  -225
  29
  29
  30
  31
  32
  33
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  51
  53
  55
  58
  61
  64
  67
  70
  73
  76
  80
  84
  88
  92
Total liabilities and equity, $m
  290
  287
  293
  301
  310
  319
  330
  341
  353
  366
  380
  396
  411
  428
  447
  466
  486
  508
  530
  554
  580
  607
  636
  666
  697
  730
  764
  801
  840
  881
  923
Debt-to-equity ratio
  -0.964
  -1.340
  -1.110
  -0.850
  -0.590
  -0.300
  -0.010
  0.280
  0.580
  0.890
  1.190
  1.480
  1.780
  2.060
  2.350
  2.620
  2.890
  3.150
  3.400
  3.640
  3.880
  4.110
  4.330
  4.540
  4.740
  4.930
  5.120
  5.290
  5.470
  5.630
  5.780
Adjusted equity ratio
  -0.823
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -142
  -497
  -497
  -510
  -525
  -541
  -559
  -578
  -600
  -622
  -647
  -673
  -701
  -730
  -762
  -795
  -831
  -868
  -908
  -950
  -994
  -1,041
  -1,090
  -1,142
  -1,196
  -1,254
  -1,315
  -1,379
  -1,446
  -1,516
  -1,591
Depreciation, amort., depletion, $m
  58
  59
  61
  62
  64
  66
  68
  70
  73
  76
  78
  82
  85
  88
  92
  96
  100
  105
  109
  114
  120
  125
  131
  137
  144
  151
  158
  165
  173
  182
  191
Funds from operations, $m
  71
  -438
  -436
  -448
  -461
  -475
  -491
  -508
  -527
  -547
  -568
  -591
  -616
  -642
  -670
  -699
  -730
  -763
  -798
  -835
  -874
  -915
  -959
  -1,004
  -1,053
  -1,103
  -1,157
  -1,213
  -1,272
  -1,335
  -1,400
Change in working capital, $m
  65
  -5
  -6
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -39
Cash from operations, $m
  6
  -433
  -430
  -441
  -453
  -467
  -482
  -498
  -516
  -535
  -555
  -577
  -601
  -626
  -653
  -681
  -712
  -744
  -777
  -813
  -851
  -891
  -933
  -977
  -1,024
  -1,073
  -1,125
  -1,179
  -1,237
  -1,297
  -1,361
Maintenance CAPEX, $m
  0
  -58
  -59
  -61
  -62
  -64
  -66
  -68
  -70
  -73
  -76
  -78
  -82
  -85
  -88
  -92
  -96
  -100
  -105
  -109
  -114
  -120
  -125
  -131
  -137
  -144
  -151
  -158
  -165
  -173
  -182
New CAPEX, $m
  -19
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -45
  -47
Cash from investing activities, $m
  -19
  -64
  -66
  -69
  -71
  -74
  -77
  -80
  -83
  -87
  -91
  -94
  -100
  -104
  -108
  -113
  -118
  -124
  -130
  -135
  -142
  -149
  -156
  -164
  -171
  -180
  -189
  -198
  -207
  -218
  -229
Free cash flow, $m
  -13
  -497
  -497
  -510
  -525
  -541
  -559
  -578
  -599
  -622
  -646
  -672
  -700
  -730
  -761
  -795
  -830
  -867
  -907
  -949
  -993
  -1,040
  -1,089
  -1,141
  -1,196
  -1,253
  -1,314
  -1,377
  -1,445
  -1,515
  -1,589
Issuance/(repayment) of debt, $m
  1
  -249
  6
  7
  8
  8
  9
  10
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
  35
  37
  39
Issuance/(repurchase) of shares, $m
  0
  751
  498
  511
  526
  542
  560
  580
  601
  624
  648
  674
  702
  732
  764
  797
  833
  870
  910
  952
  996
  1,043
  1,093
  1,145
  1,200
  1,257
  1,318
  1,382
  1,450
  1,520
  1,595
Cash from financing (excl. dividends), $m  
  6
  502
  504
  518
  534
  550
  569
  590
  612
  636
  661
  688
  716
  747
  780
  814
  851
  889
  931
  974
  1,019
  1,067
  1,119
  1,172
  1,228
  1,287
  1,349
  1,415
  1,485
  1,557
  1,634
Total cash flow (excl. dividends), $m
  -1
  5
  7
  8
  9
  10
  11
  12
  12
  13
  14
  15
  16
  18
  19
  20
  21
  22
  23
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  44
Retained Cash Flow (-), $m
  139
  -751
  -498
  -511
  -526
  -542
  -560
  -580
  -601
  -624
  -648
  -674
  -702
  -732
  -764
  -797
  -833
  -870
  -910
  -952
  -996
  -1,043
  -1,093
  -1,145
  -1,200
  -1,257
  -1,318
  -1,382
  -1,450
  -1,520
  -1,595
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
 
  -746
  -491
  -503
  -517
  -532
  -549
  -568
  -588
  -610
  -634
  -659
  -686
  -714
  -745
  -777
  -812
  -848
  -887
  -927
  -970
  -1,016
  -1,064
  -1,114
  -1,167
  -1,223
  -1,282
  -1,344
  -1,410
  -1,479
  -1,551
Discount rate, %
 
  5.90
  6.20
  6.50
  6.83
  7.17
  7.53
  7.91
  8.30
  8.72
  9.15
  9.61
  10.09
  10.60
  11.13
  11.68
  12.27
  12.88
  13.52
  14.20
  14.91
  15.65
  16.44
  17.26
  18.12
  19.03
  19.98
  20.98
  22.03
  23.13
  24.29
PV of cash for distribution, $m
 
  -704
  -435
  -416
  -397
  -377
  -355
  -333
  -311
  -288
  -264
  -240
  -216
  -193
  -170
  -148
  -127
  -108
  -90
  -74
  -60
  -48
  -37
  -29
  -21
  -16
  -11
  -8
  -5
  -4
  -2
Current shareholders' claim on cash, %
  100
  50.0
  2.7
  0.1
  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
  0.0
  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

Erin Energy Corporation is an independent oil and gas exploration and production company. The Company is focused on energy resources in Africa. It is focused on exploration for and production of hydrocarbons where commercial reserves have been found and developed. As of December 31, 2016, the Company's asset portfolio consisted of seven licenses across four countries covering an area of approximately five million acres (approximately 19,000 square kilometers). The Company's geographical segments include Nigeria, Kenya, The Gambia and Ghana. The Company owns producing properties and conducts exploration activities offshore Nigeria, conducts exploration activities offshore Ghana and The Gambia, and onshore Kenya. The Company has 100% interest in Oil Mining Leases 120 and 121; four Production Sharing Contracts in the Lamu Basin of Kenya; two exploration licenses offshore The Gambia, and interest in Expanded Shallow Water Tano (ESWT) block offshore Ghana.

FINANCIAL RATIOS  of  Erin Energy (ERN)

Valuation Ratios
P/E Ratio -4.2
Price to Sales 7.6
Price to Book -2.6
Price to Tangible Book
Price to Cash Flow 99.2
Price to Free Cash Flow -45.8
Growth Rates
Sales Growth Rate 14.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -77.4%
Cap. Spend. - 3 Yr. Gr. Rate 80.2%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity -90.7%
Total Debt to Equity -96.4%
Interest Coverage -13
Management Effectiveness
Return On Assets -38.6%
Ret/ On Assets - 3 Yr. Avg. -45.8%
Return On Total Capital -230.9%
Ret/ On T. Cap. - 3 Yr. Avg. -130.2%
Return On Equity 91.3%
Return On Equity - 3 Yr. Avg. -94.8%
Asset Turnover 0.2
Profitability Ratios
Gross Margin -19.2%
Gross Margin - 3 Yr. Avg. -41%
EBITDA Margin -96.2%
EBITDA Margin - 3 Yr. Avg. -236.6%
Operating Margin -175.6%
Oper. Margin - 3 Yr. Avg. -320.4%
Pre-Tax Margin -183.3%
Pre-Tax Margin - 3 Yr. Avg. -332.1%
Net Profit Margin -182.1%
Net Profit Margin - 3 Yr. Avg. -331.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

ERN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ERN stock intrinsic value calculation we used $78 million for the last fiscal year's total revenue generated by Erin Energy. The default revenue input number comes from 2016 income statement of Erin Energy. 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 ERN 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 5.9%, whose default value for ERN is calculated based on our internal credit rating of Erin Energy, 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 Erin Energy.
    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 ERN stock the variable cost ratio is equal to 712.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ERN 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 4.6% for Erin Energy.

Corporate tax rate of 27% is the nominal tax rate for Erin Energy. 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 ERN 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 ERN are equal to 394.9%.

Life of production assets of 5.3 years is the average useful life of capital assets used in Erin Energy 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 ERN is equal to -330.8%. 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 - $-225 million for Erin Energy - 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 213.566 million for Erin Energy 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 Erin Energy at the current share price and the inputted number of shares is $0.6 billion.

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COMPANY NEWS

▶ Erin Energy Provides Operational Update   [Oct-04-17 08:00AM  Business Wire]
▶ Erin Energy Provides Update in Ghana   [Sep-26-17 08:00AM  Business Wire]
▶ Erin Energy Announces the Spud of Oyo-9 Well   [Aug-14-17 07:00AM  Business Wire]
▶ Erin Energy to Present at EnerComs The Oil & Gas Conference   [Aug-11-17 11:51AM  Business Wire]
▶ Erin Energy reports 2Q loss   [Aug-10-17 08:01PM  Associated Press]
▶ Erin Energy Announces Second Quarter 2017 Results   [Aug-09-17 07:56PM  Business Wire]
▶ Erin Energy Announces the Arrival of Rig to Oyo Field   [Aug-01-17 07:30AM  Business Wire]
▶ Erin Energy Drilling and Production Update   [Jul-10-17 08:00AM  Business Wire]
▶ ETFs with exposure to Erin Energy Corp. : May 31, 2017   [May-31-17 12:31PM  Capital Cube]
▶ Erin Energy reports 1Q loss   [May-10-17 06:52PM  Associated Press]
▶ Erin Energy Announces Audit Opinion   [Mar-23-17 06:30PM  Business Wire]
▶ Erin Energy Announces Execution of a Drilling Rig Contract   [Mar-06-17 07:00AM  Business Wire]
▶ Erin Energy Announces Resignation of CEO   [Feb-22-17 05:04PM  Business Wire]
▶ Erin Energy Announces Debt Financing   [Feb-09-17 06:32AM  Business Wire]
▶ Erin Energy to Present at EnerComs The Oil & Gas Conference   [Aug-15-16 11:25AM  Business Wire]
Financial statements of ERN
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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