Intrinsic value of Eco-Stim Energy Solutions - ESES

Previous Close

$0.68

  Intrinsic Value

$0.28

stock screener

  Rating & Target

str. sell

-59%

Previous close

$0.68

 
Intrinsic value

$0.28

 
Up/down potential

-59%

 
Rating

str. sell

We calculate the intrinsic value of ESES 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, %
  -42.86
  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
  8
  70
  109
  163
  236
  333
  458
  614
  807
  1,038
  1,311
  1,628
  1,991
  2,400
  2,855
  3,357
  3,905
  4,498
  5,136
  5,817
  6,540
  7,304
  8,109
  8,953
  9,837
  10,761
  11,724
  12,727
  13,770
  14,855
  15,982
Variable operating expenses, $m
 
  96
  148
  222
  322
  454
  624
  838
  1,100
  1,415
  1,787
  2,219
  2,714
  3,271
  3,892
  4,576
  5,323
  6,131
  7,000
  7,928
  8,914
  9,955
  11,052
  12,203
  13,408
  14,667
  15,979
  17,346
  18,768
  20,247
  21,784
Fixed operating expenses, $m
 
  11
  11
  12
  12
  12
  13
  13
  13
  13
  14
  14
  14
  15
  15
  15
  16
  16
  16
  17
  17
  17
  18
  18
  19
  19
  19
  20
  20
  21
  21
Total operating expenses, $m
  22
  107
  159
  234
  334
  466
  637
  851
  1,113
  1,428
  1,801
  2,233
  2,728
  3,286
  3,907
  4,591
  5,339
  6,147
  7,016
  7,945
  8,931
  9,972
  11,070
  12,221
  13,427
  14,686
  15,998
  17,366
  18,788
  20,268
  21,805
Operating income, $m
  -13
  -37
  -51
  -71
  -98
  -133
  -179
  -236
  -306
  -390
  -490
  -605
  -737
  -886
  -1,051
  -1,234
  -1,433
  -1,649
  -1,881
  -2,128
  -2,391
  -2,669
  -2,961
  -3,268
  -3,590
  -3,925
  -4,275
  -4,640
  -5,019
  -5,413
  -5,823
EBITDA, $m
  -8
  -28
  -37
  -50
  -67
  -90
  -119
  -156
  -201
  -256
  -320
  -394
  -479
  -574
  -681
  -798
  -927
  -1,065
  -1,214
  -1,374
  -1,543
  -1,721
  -1,910
  -2,107
  -2,314
  -2,529
  -2,755
  -2,989
  -3,233
  -3,486
  -3,750
Interest expense (income), $m
  3
  1
  3
  6
  10
  16
  24
  34
  46
  62
  80
  102
  127
  156
  188
  225
  264
  308
  355
  406
  460
  517
  578
  642
  709
  780
  853
  930
  1,009
  1,092
  1,178
Earnings before tax, $m
  -18
  -38
  -54
  -77
  -108
  -149
  -203
  -270
  -352
  -452
  -570
  -707
  -864
  -1,041
  -1,240
  -1,458
  -1,698
  -1,957
  -2,236
  -2,534
  -2,851
  -3,186
  -3,539
  -3,910
  -4,299
  -4,705
  -5,128
  -5,569
  -6,028
  -6,505
  -7,001
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
  -18
  -38
  -54
  -77
  -108
  -149
  -203
  -270
  -352
  -452
  -570
  -707
  -864
  -1,041
  -1,240
  -1,458
  -1,698
  -1,957
  -2,236
  -2,534
  -2,851
  -3,186
  -3,539
  -3,910
  -4,299
  -4,705
  -5,128
  -5,569
  -6,028
  -6,505
  -7,001

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2
  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
  47
  166
  256
  383
  555
  783
  1,077
  1,446
  1,898
  2,443
  3,085
  3,831
  4,684
  5,646
  6,718
  7,899
  9,188
  10,584
  12,084
  13,686
  15,387
  17,186
  19,079
  21,067
  23,147
  25,320
  27,585
  29,945
  32,400
  34,952
  37,605
Adjusted assets (=assets-cash), $m
  45
  166
  256
  383
  555
  783
  1,077
  1,446
  1,898
  2,443
  3,085
  3,831
  4,684
  5,646
  6,718
  7,899
  9,188
  10,584
  12,084
  13,686
  15,387
  17,186
  19,079
  21,067
  23,147
  25,320
  27,585
  29,945
  32,400
  34,952
  37,605
Revenue / Adjusted assets
  0.178
  0.422
  0.426
  0.426
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
Average production assets, $m
  0
  91
  141
  211
  306
  432
  594
  797
  1,046
  1,347
  1,701
  2,112
  2,582
  3,112
  3,703
  4,354
  5,065
  5,834
  6,661
  7,544
  8,482
  9,473
  10,517
  11,612
  12,759
  13,957
  15,206
  16,506
  17,860
  19,267
  20,729
Working capital, $m
  -1
  -21
  -33
  -50
  -72
  -102
  -140
  -187
  -246
  -317
  -400
  -497
  -607
  -732
  -871
  -1,024
  -1,191
  -1,372
  -1,566
  -1,774
  -1,995
  -2,228
  -2,473
  -2,731
  -3,000
  -3,282
  -3,576
  -3,882
  -4,200
  -4,531
  -4,875
Total debt, $m
  25
  28
  55
  93
  144
  213
  300
  411
  546
  709
  901
  1,124
  1,379
  1,667
  1,987
  2,340
  2,726
  3,143
  3,592
  4,071
  4,579
  5,117
  5,683
  6,277
  6,899
  7,549
  8,226
  8,932
  9,666
  10,429
  11,222
Total liabilities, $m
  32
  50
  77
  114
  166
  234
  322
  432
  568
  730
  923
  1,146
  1,401
  1,688
  2,009
  2,362
  2,747
  3,165
  3,613
  4,092
  4,601
  5,139
  5,705
  6,299
  6,921
  7,571
  8,248
  8,954
  9,688
  10,451
  11,244
Total equity, $m
  15
  116
  179
  268
  389
  549
  755
  1,014
  1,331
  1,712
  2,163
  2,686
  3,284
  3,958
  4,709
  5,537
  6,441
  7,420
  8,471
  9,594
  10,787
  12,047
  13,375
  14,768
  16,226
  17,749
  19,337
  20,991
  22,712
  24,502
  26,361
Total liabilities and equity, $m
  47
  166
  256
  382
  555
  783
  1,077
  1,446
  1,899
  2,442
  3,086
  3,832
  4,685
  5,646
  6,718
  7,899
  9,188
  10,585
  12,084
  13,686
  15,388
  17,186
  19,080
  21,067
  23,147
  25,320
  27,585
  29,945
  32,400
  34,953
  37,605
Debt-to-equity ratio
  1.667
  0.240
  0.310
  0.350
  0.370
  0.390
  0.400
  0.410
  0.410
  0.410
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
Adjusted equity ratio
  0.333
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -18
  -38
  -54
  -77
  -108
  -149
  -203
  -270
  -352
  -452
  -570
  -707
  -864
  -1,041
  -1,240
  -1,458
  -1,698
  -1,957
  -2,236
  -2,534
  -2,851
  -3,186
  -3,539
  -3,910
  -4,299
  -4,705
  -5,128
  -5,569
  -6,028
  -6,505
  -7,001
Depreciation, amort., depletion, $m
  5
  9
  14
  21
  31
  43
  59
  80
  105
  135
  170
  211
  258
  311
  370
  435
  506
  583
  666
  754
  848
  947
  1,052
  1,161
  1,276
  1,396
  1,521
  1,651
  1,786
  1,927
  2,073
Funds from operations, $m
  2
  -29
  -40
  -56
  -78
  -106
  -143
  -190
  -248
  -317
  -400
  -496
  -606
  -730
  -869
  -1,023
  -1,191
  -1,373
  -1,570
  -1,780
  -2,003
  -2,239
  -2,488
  -2,749
  -3,023
  -3,309
  -3,608
  -3,918
  -4,242
  -4,579
  -4,928
Change in working capital, $m
  7
  -8
  -12
  -16
  -22
  -30
  -38
  -48
  -59
  -71
  -83
  -97
  -111
  -125
  -139
  -153
  -167
  -181
  -194
  -208
  -221
  -233
  -245
  -258
  -270
  -282
  -294
  -306
  -318
  -331
  -344
Cash from operations, $m
  -5
  -21
  -28
  -39
  -55
  -77
  -105
  -142
  -189
  -247
  -316
  -399
  -495
  -606
  -730
  -870
  -1,024
  -1,192
  -1,375
  -1,572
  -1,782
  -2,006
  -2,242
  -2,492
  -2,753
  -3,027
  -3,314
  -3,613
  -3,924
  -4,248
  -4,584
Maintenance CAPEX, $m
  0
  -6
  -9
  -14
  -21
  -31
  -43
  -59
  -80
  -105
  -135
  -170
  -211
  -258
  -311
  -370
  -435
  -506
  -583
  -666
  -754
  -848
  -947
  -1,052
  -1,161
  -1,276
  -1,396
  -1,521
  -1,651
  -1,786
  -1,927
New CAPEX, $m
  -5
  -34
  -50
  -70
  -95
  -126
  -162
  -203
  -250
  -300
  -354
  -411
  -470
  -530
  -591
  -651
  -711
  -769
  -827
  -883
  -938
  -991
  -1,044
  -1,095
  -1,147
  -1,198
  -1,249
  -1,301
  -1,353
  -1,407
  -1,462
Cash from investing activities, $m
  -5
  -40
  -59
  -84
  -116
  -157
  -205
  -262
  -330
  -405
  -489
  -581
  -681
  -788
  -902
  -1,021
  -1,146
  -1,275
  -1,410
  -1,549
  -1,692
  -1,839
  -1,991
  -2,147
  -2,308
  -2,474
  -2,645
  -2,822
  -3,004
  -3,193
  -3,389
Free cash flow, $m
  -10
  -61
  -87
  -123
  -171
  -233
  -310
  -405
  -518
  -651
  -805
  -980
  -1,177
  -1,394
  -1,632
  -1,891
  -2,170
  -2,468
  -2,786
  -3,121
  -3,474
  -3,845
  -4,233
  -4,639
  -5,061
  -5,501
  -5,958
  -6,434
  -6,928
  -7,441
  -7,973
Issuance/(repayment) of debt, $m
  -2
  19
  27
  38
  52
  68
  88
  110
  135
  163
  192
  223
  255
  288
  320
  353
  386
  417
  449
  479
  509
  538
  566
  594
  622
  650
  677
  706
  734
  763
  793
Issuance/(repurchase) of shares, $m
  2
  81
  117
  166
  229
  309
  409
  528
  670
  834
  1,020
  1,230
  1,462
  1,716
  1,991
  2,286
  2,601
  2,935
  3,287
  3,657
  4,043
  4,447
  4,867
  5,303
  5,757
  6,228
  6,716
  7,223
  7,749
  8,295
  8,861
Cash from financing (excl. dividends), $m  
  0
  100
  144
  204
  281
  377
  497
  638
  805
  997
  1,212
  1,453
  1,717
  2,004
  2,311
  2,639
  2,987
  3,352
  3,736
  4,136
  4,552
  4,985
  5,433
  5,897
  6,379
  6,878
  7,393
  7,929
  8,483
  9,058
  9,654
Total cash flow (excl. dividends), $m
  -10
  39
  57
  80
  109
  145
  186
  234
  287
  345
  407
  473
  540
  609
  679
  748
  817
  884
  950
  1,015
  1,078
  1,139
  1,200
  1,259
  1,318
  1,377
  1,435
  1,495
  1,555
  1,617
  1,681
Retained Cash Flow (-), $m
  16
  -81
  -117
  -166
  -229
  -309
  -409
  -528
  -670
  -834
  -1,020
  -1,230
  -1,462
  -1,716
  -1,991
  -2,286
  -2,601
  -2,935
  -3,287
  -3,657
  -4,043
  -4,447
  -4,867
  -5,303
  -5,757
  -6,228
  -6,716
  -7,223
  -7,749
  -8,295
  -8,861
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
 
  2
  3
  4
  7
  9
  13
  18
  25
  32
  42
  52
  65
  80
  96
  114
  134
  156
  180
  205
  233
  262
  292
  324
  358
  393
  430
  469
  509
  551
  594
Cash available for distribution, $m
 
  -42
  -60
  -86
  -120
  -165
  -223
  -295
  -383
  -489
  -613
  -757
  -922
  -1,106
  -1,312
  -1,538
  -1,785
  -2,051
  -2,337
  -2,642
  -2,966
  -3,307
  -3,667
  -4,044
  -4,439
  -4,851
  -5,281
  -5,728
  -6,194
  -6,677
  -7,180
Discount rate, %
 
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
 
  -39
  -54
  -71
  -93
  -119
  -147
  -178
  -209
  -239
  -267
  -290
  -307
  -318
  -322
  -318
  -306
  -289
  -266
  -239
  -210
  -180
  -151
  -123
  -98
  -76
  -58
  -43
  -30
  -21
  -14
Current shareholders' claim on cash, %
  100
  38.7
  15.8
  6.8
  3.1
  1.4
  0.7
  0.3
  0.2
  0.1
  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

Eco-Stim Energy Solutions, Inc. is an oilfield services company. The Company provides well stimulation, coiled tubing and field management services to the upstream oil and gas industry. The Company focuses on the active shale and unconventional oil and natural gas basins outside the United States and it has commenced operations in Argentina. The Company operates well stimulation fleets, coiled tubing units and other downhole completion equipment, as well as provides sweet spot analysis in shale resource basins using geophysical predictive modeling combined with real-time feedback from down-hole diagnostic tools. The Company offers a pumping fleet, including well-stimulation pumps, nitrogen pumping units and cranes, in both trailer-mounted and skid-mounted configurations. It provides a range of pressure-pumping services, including work-over pumping, well injection and wireline pump downs.

FINANCIAL RATIOS  of  Eco-Stim Energy Solutions (ESES)

Valuation Ratios
P/E Ratio -0.5
Price to Sales 1.2
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow -2
Price to Free Cash Flow -1
Growth Rates
Sales Growth Rate -42.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -61.5%
Cap. Spend. - 3 Yr. Gr. Rate 20.1%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 146.7%
Total Debt to Equity 166.7%
Interest Coverage -5
Management Effectiveness
Return On Assets -27.5%
Ret/ On Assets - 3 Yr. Avg. -23.4%
Return On Total Capital -36.7%
Ret/ On T. Cap. - 3 Yr. Avg. -32%
Return On Equity -78.3%
Return On Equity - 3 Yr. Avg. -87.2%
Asset Turnover 0.1
Profitability Ratios
Gross Margin -25%
Gross Margin - 3 Yr. Avg. -110.7%
EBITDA Margin -125%
EBITDA Margin - 3 Yr. Avg. -258.3%
Operating Margin -175%
Oper. Margin - 3 Yr. Avg. -420.2%
Pre-Tax Margin -225%
Pre-Tax Margin - 3 Yr. Avg. -339.3%
Net Profit Margin -225%
Net Profit Margin - 3 Yr. Avg. -339.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

ESES stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ESES stock intrinsic value calculation we used $44 million for the last fiscal year's total revenue generated by Eco-Stim Energy Solutions. The default revenue input number comes from 2016 income statement of Eco-Stim Energy Solutions. 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 ESES 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 5.6%, whose default value for ESES is calculated based on our internal credit rating of Eco-Stim Energy Solutions, 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 Eco-Stim Energy Solutions.
    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 ESES stock the variable cost ratio is equal to 136.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $11 million in the base year in the intrinsic value calculation for ESES 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 11.3% for Eco-Stim Energy Solutions.

Corporate tax rate of 27% is the nominal tax rate for Eco-Stim Energy Solutions. 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 ESES stock is equal to 4%.

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 ESES are equal to 129.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Eco-Stim Energy Solutions 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 ESES is equal to -30.5%. 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 - $73 million for Eco-Stim Energy Solutions - 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 66 million for Eco-Stim Energy Solutions 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 Eco-Stim Energy Solutions at the current share price and the inputted number of shares is $0.0 billion.

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COMPANY NEWS

▶ EcoStim announces strengthening of management team   [Jun-15-18 06:00AM  GlobeNewswire]
▶ Eco-Stim Energy Solutions, Inc. to Host Earnings Call   [May-15-18 06:45AM  ACCESSWIRE]
▶ EcoStim Energy Solutions Reports First Quarter 2018 Results   [May-14-18 08:21PM  GlobeNewswire]
▶ Eco-Stim Energy Solutions, Inc. to Host Earnings Call   [Mar-09-18 06:00AM  ACCESSWIRE]
▶ EnerCom Dallas Announces 2018 Conference Presenters   [Jan-18-18 05:44PM  PR Newswire]
▶ Kyle Bass: Troubling Times for His Strategy   [Jan-17-18 04:47PM  GuruFocus.com]
▶ Top Growth Stocks To Buy Now   [Dec-30-17 11:02AM  Simply Wall St.]
▶ EcoStim Energy Solutions Appoints New Chairman   [Dec-18-17 04:03PM  GlobeNewswire]
▶ Eco-Stim Energy Solutions, Inc. to Host Earnings Call   [Nov-10-17 07:15AM  ACCESSWIRE]
▶ Eco-Stim Energy Solutions Announces Private Placement   [Aug-02-17 08:04PM  Marketwired]
▶ Eco-Stim Energy Solutions Provides Operational Update   [Jun-26-17 05:54PM  Marketwired]
▶ These 5 Stocks Under $10 Could Get Hot Soon   [Jan-27-17 12:17PM  TheStreet.com]
▶ Kyle Bass Makes Huge Bet Against McDonalds, Sells Off Clovis   [Sep-06-16 07:58AM  at Insider Monkey]
Financial statements of ESES
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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