Intrinsic value of Energy XXI Gulf Coast - EXXI

Previous Close

$10.40

  Intrinsic Value

$3.32

stock screener

  Rating & Target

str. sell

-68%

  Value-price divergence*

0%

Previous close

$10.40

 
Intrinsic value

$3.32

 
Up/down potential

-68%

 
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 EXXI 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 0.4

 

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, %
  -58.13
  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
  296
  302
  309
  317
  326
  336
  346
  358
  371
  385
  400
  415
  432
  450
  469
  489
  511
  534
  558
  583
  610
  638
  668
  699
  732
  767
  804
  843
  883
  926
  971
Variable operating expenses, $m
 
  946
  967
  992
  1,020
  1,051
  1,085
  1,122
  1,162
  1,205
  1,251
  1,301
  1,354
  1,410
  1,469
  1,533
  1,600
  1,671
  1,746
  1,826
  1,910
  1,998
  2,092
  2,190
  2,294
  2,403
  2,518
  2,639
  2,766
  2,900
  3,041
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
  -1,964
  946
  967
  992
  1,020
  1,051
  1,085
  1,122
  1,162
  1,205
  1,251
  1,301
  1,354
  1,410
  1,469
  1,533
  1,600
  1,671
  1,746
  1,826
  1,910
  1,998
  2,092
  2,190
  2,294
  2,403
  2,518
  2,639
  2,766
  2,900
  3,041
Operating income, $m
  2,260
  -644
  -658
  -675
  -694
  -715
  -739
  -764
  -791
  -820
  -852
  -885
  -921
  -960
  -1,000
  -1,043
  -1,089
  -1,138
  -1,189
  -1,243
  -1,300
  -1,360
  -1,424
  -1,491
  -1,561
  -1,636
  -1,714
  -1,796
  -1,883
  -1,974
  -2,070
EBITDA, $m
  2,321
  -644
  -658
  -675
  -694
  -715
  -739
  -764
  -791
  -820
  -852
  -885
  -921
  -960
  -1,000
  -1,043
  -1,089
  -1,138
  -1,189
  -1,243
  -1,300
  -1,360
  -1,424
  -1,491
  -1,561
  -1,636
  -1,714
  -1,796
  -1,883
  -1,974
  -2,070
Interest expense (income), $m
  7
  3
  3
  4
  5
  6
  7
  9
  10
  12
  13
  15
  17
  19
  21
  23
  26
  28
  31
  34
  37
  40
  43
  47
  51
  55
  59
  63
  68
  73
  78
Earnings before tax, $m
  2,248
  -646
  -662
  -680
  -700
  -722
  -746
  -772
  -801
  -832
  -865
  -900
  -938
  -979
  -1,021
  -1,067
  -1,115
  -1,166
  -1,220
  -1,277
  -1,337
  -1,400
  -1,467
  -1,538
  -1,612
  -1,690
  -1,773
  -1,860
  -1,951
  -2,047
  -2,148
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
  2,248
  -646
  -662
  -680
  -700
  -722
  -746
  -772
  -801
  -832
  -865
  -900
  -938
  -979
  -1,021
  -1,067
  -1,115
  -1,166
  -1,220
  -1,277
  -1,337
  -1,400
  -1,467
  -1,538
  -1,612
  -1,690
  -1,773
  -1,860
  -1,951
  -2,047
  -2,148

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  165
  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
  1,485
  1,348
  1,379
  1,414
  1,454
  1,498
  1,547
  1,599
  1,656
  1,718
  1,784
  1,854
  1,929
  2,009
  2,095
  2,185
  2,281
  2,382
  2,489
  2,602
  2,722
  2,848
  2,981
  3,122
  3,269
  3,425
  3,589
  3,761
  3,943
  4,134
  4,335
Adjusted assets (=assets-cash), $m
  1,320
  1,348
  1,379
  1,414
  1,454
  1,498
  1,547
  1,599
  1,656
  1,718
  1,784
  1,854
  1,929
  2,009
  2,095
  2,185
  2,281
  2,382
  2,489
  2,602
  2,722
  2,848
  2,981
  3,122
  3,269
  3,425
  3,589
  3,761
  3,943
  4,134
  4,335
Revenue / Adjusted assets
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
Average production assets, $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
Working capital, $m
  89
  -30
  -31
  -32
  -33
  -34
  -35
  -36
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -93
  -97
Total debt, $m
  79
  96
  120
  147
  177
  211
  248
  288
  332
  379
  429
  483
  540
  601
  666
  735
  808
  886
  967
  1,054
  1,145
  1,241
  1,343
  1,450
  1,563
  1,681
  1,806
  1,938
  2,076
  2,222
  2,375
Total liabilities, $m
  1,011
  1,028
  1,052
  1,079
  1,109
  1,143
  1,180
  1,220
  1,264
  1,311
  1,361
  1,415
  1,472
  1,533
  1,598
  1,667
  1,740
  1,818
  1,899
  1,986
  2,077
  2,173
  2,275
  2,382
  2,495
  2,613
  2,738
  2,870
  3,008
  3,154
  3,307
Total equity, $m
  474
  319
  327
  335
  345
  355
  367
  379
  393
  407
  423
  439
  457
  476
  496
  518
  541
  565
  590
  617
  645
  675
  707
  740
  775
  812
  851
  891
  934
  980
  1,027
Total liabilities and equity, $m
  1,485
  1,347
  1,379
  1,414
  1,454
  1,498
  1,547
  1,599
  1,657
  1,718
  1,784
  1,854
  1,929
  2,009
  2,094
  2,185
  2,281
  2,383
  2,489
  2,603
  2,722
  2,848
  2,982
  3,122
  3,270
  3,425
  3,589
  3,761
  3,942
  4,134
  4,334
Debt-to-equity ratio
  0.167
  0.300
  0.370
  0.440
  0.510
  0.590
  0.680
  0.760
  0.850
  0.930
  1.010
  1.100
  1.180
  1.260
  1.340
  1.420
  1.500
  1.570
  1.640
  1.710
  1.770
  1.840
  1.900
  1.960
  2.020
  2.070
  2.120
  2.170
  2.220
  2.270
  2.310
Adjusted equity ratio
  0.234
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2,248
  -646
  -662
  -680
  -700
  -722
  -746
  -772
  -801
  -832
  -865
  -900
  -938
  -979
  -1,021
  -1,067
  -1,115
  -1,166
  -1,220
  -1,277
  -1,337
  -1,400
  -1,467
  -1,538
  -1,612
  -1,690
  -1,773
  -1,860
  -1,951
  -2,047
  -2,148
Depreciation, amort., depletion, $m
  61
  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
Funds from operations, $m
  -44
  -646
  -662
  -680
  -700
  -722
  -746
  -772
  -801
  -832
  -865
  -900
  -938
  -979
  -1,021
  -1,067
  -1,115
  -1,166
  -1,220
  -1,277
  -1,337
  -1,400
  -1,467
  -1,538
  -1,612
  -1,690
  -1,773
  -1,860
  -1,951
  -2,047
  -2,148
Change in working capital, $m
  -27
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
Cash from operations, $m
  -17
  -646
  -661
  -679
  -699
  -721
  -745
  -771
  -800
  -831
  -864
  -899
  -937
  -977
  -1,019
  -1,065
  -1,113
  -1,164
  -1,217
  -1,274
  -1,334
  -1,397
  -1,464
  -1,535
  -1,609
  -1,687
  -1,769
  -1,856
  -1,947
  -2,043
  -2,143
Maintenance CAPEX, $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
New CAPEX, $m
  -20
  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 from investing activities, $m
  12
  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
Free cash flow, $m
  -5
  -646
  -661
  -679
  -699
  -721
  -745
  -771
  -800
  -831
  -864
  -899
  -937
  -977
  -1,019
  -1,065
  -1,113
  -1,164
  -1,217
  -1,274
  -1,334
  -1,397
  -1,464
  -1,535
  -1,609
  -1,687
  -1,769
  -1,856
  -1,947
  -2,043
  -2,143
Issuance/(repayment) of debt, $m
  -32
  21
  24
  27
  30
  34
  37
  40
  44
  47
  50
  54
  57
  61
  65
  69
  73
  77
  82
  86
  91
  96
  102
  107
  113
  119
  125
  132
  138
  146
  153
Issuance/(repurchase) of shares, $m
  0
  653
  669
  688
  709
  732
  757
  785
  815
  846
  881
  917
  956
  998
  1,042
  1,088
  1,138
  1,190
  1,245
  1,304
  1,365
  1,430
  1,499
  1,571
  1,647
  1,727
  1,812
  1,900
  1,994
  2,092
  2,195
Cash from financing (excl. dividends), $m  
  -32
  674
  693
  715
  739
  766
  794
  825
  859
  893
  931
  971
  1,013
  1,059
  1,107
  1,157
  1,211
  1,267
  1,327
  1,390
  1,456
  1,526
  1,601
  1,678
  1,760
  1,846
  1,937
  2,032
  2,132
  2,238
  2,348
Total cash flow (excl. dividends), $m
  -38
  28
  32
  36
  41
  45
  49
  54
  58
  63
  67
  72
  77
  82
  87
  92
  98
  104
  110
  116
  122
  129
  136
  143
  151
  159
  168
  176
  186
  195
  205
Retained Cash Flow (-), $m
  -3,128
  -653
  -669
  -688
  -709
  -732
  -757
  -785
  -815
  -846
  -881
  -917
  -956
  -998
  -1,042
  -1,088
  -1,138
  -1,190
  -1,245
  -1,304
  -1,365
  -1,430
  -1,499
  -1,571
  -1,647
  -1,727
  -1,812
  -1,900
  -1,994
  -2,092
  -2,195
Prev. year cash balance distribution, $m
 
  161
  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
 
  -463
  -638
  -652
  -668
  -687
  -708
  -731
  -756
  -784
  -813
  -845
  -879
  -916
  -954
  -996
  -1,040
  -1,086
  -1,136
  -1,188
  -1,243
  -1,301
  -1,363
  -1,428
  -1,496
  -1,568
  -1,644
  -1,724
  -1,808
  -1,897
  -1,990
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
 
  -444
  -584
  -567
  -550
  -533
  -514
  -494
  -473
  -450
  -426
  -401
  -375
  -348
  -320
  -292
  -264
  -236
  -209
  -183
  -158
  -135
  -113
  -94
  -76
  -61
  -48
  -37
  -28
  -21
  -15
Current shareholders' claim on cash, %
  100
  27.3
  7.4
  2.0
  0.5
  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

FINANCIAL RATIOS  of  Energy XXI Gulf Coast (EXXI)

Valuation Ratios
P/E Ratio 0.2
Price to Sales 1.2
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow -20.3
Price to Free Cash Flow -9.3
Growth Rates
Sales Growth Rate -58.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -82.1%
Cap. Spend. - 3 Yr. Gr. Rate -52%
Financial Strength
Quick Ratio 41
Current Ratio 0.1
LT Debt to Equity 15.8%
Total Debt to Equity 16.7%
Interest Coverage 322
Management Effectiveness
Return On Assets 179.7%
Ret/ On Assets - 3 Yr. Avg. 8.4%
Return On Total Capital 589.3%
Ret/ On T. Cap. - 3 Yr. Avg. 123.3%
Return On Equity -206.2%
Return On Equity - 3 Yr. Avg. 191.7%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 51.4%
Gross Margin - 3 Yr. Avg. 56.2%
EBITDA Margin 782.4%
EBITDA Margin - 3 Yr. Avg. 147.4%
Operating Margin 763.5%
Oper. Margin - 3 Yr. Avg. 119.2%
Pre-Tax Margin 759.5%
Pre-Tax Margin - 3 Yr. Avg. 90.4%
Net Profit Margin 759.5%
Net Profit Margin - 3 Yr. Avg. 104.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 6.7%
Payout Ratio 0%

EXXI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EXXI stock intrinsic value calculation we used $296 million for the last fiscal year's total revenue generated by Energy XXI Gulf Coast. The default revenue input number comes from 2016 income statement of Energy XXI Gulf Coast. 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 EXXI 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 4.3%, whose default value for EXXI is calculated based on our internal credit rating of Energy XXI Gulf Coast, 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 Energy XXI Gulf Coast.
    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 EXXI stock the variable cost ratio is equal to 313.2%.

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 EXXI 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 Energy XXI Gulf Coast.

Corporate tax rate of 27% is the nominal tax rate for Energy XXI Gulf Coast. 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 EXXI 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 EXXI are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in Energy XXI Gulf Coast 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 EXXI is equal to -10%. 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 - $474 million for Energy XXI Gulf Coast - 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 35.702 million for Energy XXI Gulf Coast 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 Energy XXI Gulf Coast at the current share price and the inputted number of shares is $0.4 billion.

RELATED COMPANIES Price Int.Val. Rating
EXXI Energy XXI Gul 10.40 3.32  str.sell
MCF Contango Oil&G 4.68 2.48  str.sell

COMPANY NEWS

▶ Gulf of Mexico-focused energy co. cuts workforce by 18 percent   [Jun-15-17 09:50PM  American City Business Journals]
▶ Energy XXI Gulf Coast Provides Operational Update   [Jun-14-17 04:45PM  GlobeNewswire]
▶ Energy XXI Gulf Coast Announces First Quarter 2017 Results   [May-22-17 06:45AM  GlobeNewswire]
▶ Houston upstream energy co. names industry veteran to CEO position   [Apr-18-17 12:05PM  American City Business Journals]
▶ Energy XXI Gulf Coast Names New CEO   [Apr-17-17 08:00PM  Rigzone.com]
▶ KC energy REIT's stock offering is expected to raise $70M   [Apr-12-17 01:25PM  American City Business Journals]
▶ [$$] Brought Down by Long Bust, Texas Oilmen Pray for Another Boom   [Mar-06-17 12:15AM  The Wall Street Journal]
▶ What Are the Bullish Drivers for Crude Oil Prices?   [Jun-08-16 10:25AM  Market Realist]
▶ Whats Fueling the Oil Rally?   [04:38AM  Market Realist]
▶ Why Did Crude Oil Prices Fall after 3 Weekly Gains?   [Jun-06-16 09:57AM  Market Realist]
▶ Whats Fueling Crude Oils Rally?   [Jun-01-16 12:04PM  Market Realist]
▶ Crude Oil: New Highs for 2016   [May-25-16 11:22AM  Market Realist]
Stock chart of EXXI Financial statements of EXXI
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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