Intrinsic value of Foresight Energy - FELP

Previous Close

$4.40

  Intrinsic Value

$23.37

stock screener

  Rating & Target

str. buy

+431%

  Value-price divergence*

-274%

Previous close

$4.40

 
Intrinsic value

$23.37

 
Up/down potential

+431%

 
Rating

str. buy

 
Value-price divergence*

-274%

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

We calculate the intrinsic value of FELP 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, %
  -11.07
  38.60
  35.24
  32.22
  29.49
  27.04
  24.84
  22.86
  21.07
  19.46
  18.02
  16.72
  15.54
  14.49
  13.54
  12.69
  11.92
  11.23
  10.60
  10.04
  9.54
  9.08
  8.68
  8.31
  7.98
  7.68
  7.41
  7.17
  6.95
  6.76
  6.58
Revenue, $m
  876
  1,214
  1,642
  2,171
  2,811
  3,572
  4,459
  5,478
  6,632
  7,923
  9,351
  10,914
  12,610
  14,437
  16,392
  18,472
  20,673
  22,994
  25,432
  27,986
  30,656
  33,441
  36,342
  39,362
  42,502
  45,766
  49,159
  52,684
  56,347
  60,156
  64,115
Variable operating expenses, $m
 
  401
  542
  716
  928
  1,179
  1,471
  1,808
  2,189
  2,615
  3,086
  3,601
  4,161
  4,764
  5,409
  6,096
  6,822
  7,588
  8,393
  9,235
  10,116
  11,035
  11,993
  12,989
  14,026
  15,103
  16,222
  17,386
  18,595
  19,851
  21,158
Fixed operating expenses, $m
 
  606
  621
  636
  652
  669
  685
  703
  720
  738
  757
  775
  795
  815
  835
  856
  877
  899
  922
  945
  968
  993
  1,017
  1,043
  1,069
  1,096
  1,123
  1,151
  1,180
  1,209
  1,240
Total operating expenses, $m
  866
  1,007
  1,163
  1,352
  1,580
  1,848
  2,156
  2,511
  2,909
  3,353
  3,843
  4,376
  4,956
  5,579
  6,244
  6,952
  7,699
  8,487
  9,315
  10,180
  11,084
  12,028
  13,010
  14,032
  15,095
  16,199
  17,345
  18,537
  19,775
  21,060
  22,398
Operating income, $m
  10
  208
  479
  818
  1,231
  1,724
  2,302
  2,968
  3,723
  4,570
  5,508
  6,537
  7,654
  8,858
  10,148
  11,520
  12,974
  14,507
  16,118
  17,806
  19,571
  21,413
  23,332
  25,330
  27,408
  29,568
  31,813
  34,147
  36,573
  39,095
  41,718
EBITDA, $m
  174
  398
  737
  1,159
  1,673
  2,285
  3,003
  3,828
  4,765
  5,815
  6,977
  8,251
  9,635
  11,126
  12,723
  14,422
  16,221
  18,119
  20,113
  22,203
  24,387
  26,666
  29,041
  31,513
  34,085
  36,758
  39,536
  42,424
  45,425
  48,545
  51,790
Interest expense (income), $m
  81
  79
  92
  129
  175
  231
  297
  374
  462
  562
  674
  798
  933
  1,080
  1,239
  1,408
  1,589
  1,779
  1,981
  2,192
  2,414
  2,645
  2,886
  3,138
  3,400
  3,672
  3,955
  4,249
  4,555
  4,873
  5,203
Earnings before tax, $m
  -179
  129
  387
  689
  1,056
  1,494
  2,005
  2,594
  3,262
  4,008
  4,834
  5,739
  6,721
  7,778
  8,909
  10,112
  11,385
  12,727
  14,137
  15,614
  17,157
  18,768
  20,445
  22,192
  24,008
  25,896
  27,858
  29,898
  32,018
  34,222
  36,515
Tax expense, $m
  0
  35
  104
  186
  285
  403
  541
  700
  881
  1,082
  1,305
  1,550
  1,815
  2,100
  2,405
  2,730
  3,074
  3,436
  3,817
  4,216
  4,633
  5,067
  5,520
  5,992
  6,482
  6,992
  7,522
  8,072
  8,645
  9,240
  9,859
Net income, $m
  -179
  94
  283
  503
  771
  1,090
  1,464
  1,894
  2,381
  2,926
  3,529
  4,189
  4,906
  5,678
  6,503
  7,382
  8,311
  9,291
  10,320
  11,398
  12,525
  13,700
  14,925
  16,200
  17,526
  18,904
  20,336
  21,825
  23,373
  24,982
  26,656

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  104
  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
  1,689
  2,339
  3,164
  4,183
  5,417
  6,882
  8,591
  10,555
  12,779
  15,266
  18,017
  21,028
  24,297
  27,817
  31,584
  35,591
  39,833
  44,304
  49,002
  53,923
  59,067
  64,433
  70,024
  75,842
  81,893
  88,182
  94,718
  101,510
  108,569
  115,907
  123,537
Adjusted assets (=assets-cash), $m
  1,585
  2,339
  3,164
  4,183
  5,417
  6,882
  8,591
  10,555
  12,779
  15,266
  18,017
  21,028
  24,297
  27,817
  31,584
  35,591
  39,833
  44,304
  49,002
  53,923
  59,067
  64,433
  70,024
  75,842
  81,893
  88,182
  94,718
  101,510
  108,569
  115,907
  123,537
Revenue / Adjusted assets
  0.553
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
Average production assets, $m
  1,376
  1,907
  2,580
  3,411
  4,417
  5,611
  7,005
  8,606
  10,419
  12,447
  14,690
  17,145
  19,810
  22,681
  25,752
  29,019
  32,477
  36,123
  39,954
  43,966
  48,160
  52,536
  57,094
  61,838
  66,771
  71,899
  77,228
  82,766
  88,522
  94,505
  100,725
Working capital, $m
  -266
  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 debt, $m
  1,583
  1,844
  2,586
  3,504
  4,614
  5,933
  7,471
  9,238
  11,240
  13,478
  15,954
  18,664
  21,606
  24,775
  28,165
  31,771
  35,588
  39,613
  43,841
  48,270
  52,899
  57,729
  62,760
  67,997
  73,442
  79,103
  84,985
  91,098
  97,451
  104,055
  110,922
Total liabilities, $m
  1,844
  2,105
  2,847
  3,765
  4,875
  6,194
  7,732
  9,499
  11,501
  13,739
  16,215
  18,925
  21,867
  25,036
  28,426
  32,032
  35,849
  39,874
  44,102
  48,531
  53,160
  57,990
  63,021
  68,258
  73,703
  79,364
  85,246
  91,359
  97,712
  104,316
  111,183
Total equity, $m
  -155
  234
  316
  418
  542
  688
  859
  1,055
  1,278
  1,527
  1,802
  2,103
  2,430
  2,782
  3,158
  3,559
  3,983
  4,430
  4,900
  5,392
  5,907
  6,443
  7,002
  7,584
  8,189
  8,818
  9,472
  10,151
  10,857
  11,591
  12,354
Total liabilities and equity, $m
  1,689
  2,339
  3,163
  4,183
  5,417
  6,882
  8,591
  10,554
  12,779
  15,266
  18,017
  21,028
  24,297
  27,818
  31,584
  35,591
  39,832
  44,304
  49,002
  53,923
  59,067
  64,433
  70,023
  75,842
  81,892
  88,182
  94,718
  101,510
  108,569
  115,907
  123,537
Debt-to-equity ratio
  -10.213
  7.880
  8.180
  8.380
  8.520
  8.620
  8.700
  8.750
  8.800
  8.830
  8.860
  8.880
  8.890
  8.910
  8.920
  8.930
  8.930
  8.940
  8.950
  8.950
  8.960
  8.960
  8.960
  8.970
  8.970
  8.970
  8.970
  8.970
  8.980
  8.980
  8.980
Adjusted equity ratio
  -0.163
  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
  -179
  94
  283
  503
  771
  1,090
  1,464
  1,894
  2,381
  2,926
  3,529
  4,189
  4,906
  5,678
  6,503
  7,382
  8,311
  9,291
  10,320
  11,398
  12,525
  13,700
  14,925
  16,200
  17,526
  18,904
  20,336
  21,825
  23,373
  24,982
  26,656
Depreciation, amort., depletion, $m
  164
  191
  258
  341
  442
  561
  700
  861
  1,042
  1,245
  1,469
  1,715
  1,981
  2,268
  2,575
  2,902
  3,248
  3,612
  3,995
  4,397
  4,816
  5,254
  5,709
  6,184
  6,677
  7,190
  7,723
  8,277
  8,852
  9,450
  10,073
Funds from operations, $m
  269
  285
  540
  844
  1,213
  1,651
  2,164
  2,754
  3,423
  4,171
  4,998
  5,904
  6,887
  7,946
  9,079
  10,284
  11,559
  12,903
  14,315
  15,795
  17,341
  18,954
  20,635
  22,384
  24,203
  26,094
  28,059
  30,102
  32,225
  34,433
  36,728
Change in working capital, $m
  44
  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 operations, $m
  225
  285
  540
  844
  1,213
  1,651
  2,164
  2,754
  3,423
  4,171
  4,998
  5,904
  6,887
  7,946
  9,079
  10,284
  11,559
  12,903
  14,315
  15,795
  17,341
  18,954
  20,635
  22,384
  24,203
  26,094
  28,059
  30,102
  32,225
  34,433
  36,728
Maintenance CAPEX, $m
  0
  -138
  -191
  -258
  -341
  -442
  -561
  -700
  -861
  -1,042
  -1,245
  -1,469
  -1,715
  -1,981
  -2,268
  -2,575
  -2,902
  -3,248
  -3,612
  -3,995
  -4,397
  -4,816
  -5,254
  -5,709
  -6,184
  -6,677
  -7,190
  -7,723
  -8,277
  -8,852
  -9,450
New CAPEX, $m
  -55
  -531
  -672
  -831
  -1,006
  -1,194
  -1,394
  -1,601
  -1,813
  -2,028
  -2,243
  -2,455
  -2,665
  -2,870
  -3,071
  -3,267
  -3,458
  -3,646
  -3,830
  -4,013
  -4,194
  -4,375
  -4,558
  -4,744
  -4,933
  -5,128
  -5,329
  -5,538
  -5,755
  -5,983
  -6,221
Cash from investing activities, $m
  -48
  -669
  -863
  -1,089
  -1,347
  -1,636
  -1,955
  -2,301
  -2,674
  -3,070
  -3,488
  -3,924
  -4,380
  -4,851
  -5,339
  -5,842
  -6,360
  -6,894
  -7,442
  -8,008
  -8,591
  -9,191
  -9,812
  -10,453
  -11,117
  -11,805
  -12,519
  -13,261
  -14,032
  -14,835
  -15,671
Free cash flow, $m
  177
  -384
  -322
  -245
  -134
  15
  210
  453
  749
  1,101
  1,511
  1,980
  2,508
  3,094
  3,739
  4,441
  5,198
  6,009
  6,873
  7,787
  8,750
  9,763
  10,823
  11,930
  13,086
  14,289
  15,540
  16,841
  18,193
  19,598
  21,057
Issuance/(repayment) of debt, $m
  -73
  261
  742
  917
  1,110
  1,318
  1,539
  1,767
  2,002
  2,239
  2,475
  2,710
  2,942
  3,168
  3,390
  3,606
  3,818
  4,024
  4,228
  4,429
  4,629
  4,830
  5,031
  5,236
  5,446
  5,661
  5,883
  6,113
  6,353
  6,604
  6,867
Issuance/(repurchase) of shares, $m
  0
  295
  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 financing (excl. dividends), $m  
  -91
  556
  742
  917
  1,110
  1,318
  1,539
  1,767
  2,002
  2,239
  2,475
  2,710
  2,942
  3,168
  3,390
  3,606
  3,818
  4,024
  4,228
  4,429
  4,629
  4,830
  5,031
  5,236
  5,446
  5,661
  5,883
  6,113
  6,353
  6,604
  6,867
Total cash flow (excl. dividends), $m
  86
  172
  420
  672
  976
  1,334
  1,748
  2,220
  2,751
  3,339
  3,986
  4,690
  5,449
  6,263
  7,129
  8,048
  9,016
  10,034
  11,101
  12,216
  13,380
  14,592
  15,854
  17,167
  18,531
  19,949
  21,423
  22,954
  24,546
  26,202
  27,924
Retained Cash Flow (-), $m
  176
  -389
  -82
  -102
  -123
  -146
  -171
  -196
  -222
  -249
  -275
  -301
  -327
  -352
  -377
  -401
  -424
  -447
  -470
  -492
  -514
  -537
  -559
  -582
  -605
  -629
  -654
  -679
  -706
  -734
  -763
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
 
  -217
  337
  570
  853
  1,187
  1,577
  2,024
  2,528
  3,091
  3,711
  4,389
  5,122
  5,911
  6,753
  7,647
  8,592
  9,587
  10,631
  11,724
  12,865
  14,056
  15,295
  16,585
  17,926
  19,320
  20,769
  22,275
  23,840
  25,468
  27,161
Discount rate, %
 
  14.30
  15.02
  15.77
  16.55
  17.38
  18.25
  19.16
  20.12
  21.13
  22.18
  23.29
  24.46
  25.68
  26.96
  28.31
  29.73
  31.22
  32.78
  34.41
  36.14
  37.94
  39.84
  41.83
  43.92
  46.12
  48.42
  50.85
  53.39
  56.06
  58.86
PV of cash for distribution, $m
 
  -190
  255
  368
  462
  533
  577
  593
  583
  551
  500
  439
  371
  303
  239
  182
  134
  95
  65
  43
  27
  16
  10
  5
  3
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Foresight Energy LP engages in the development, mining, transportation, and sale of thermal coal primarily in the eastern United States and internationally. It operates four underground mining complexes, including Williamson, Sugar Camp, Hillsboro, and Macoupin in the Illinois Basin. It controls approximately 3 billion tons of coal reserves in the Illinois Basin. The company sells its coal to electric utility and industrial companies. The company was formerly known as Foresight Energy Partners LP and changed its name to Foresight Energy LP in April 2014. The company was founded in 2006 and is headquartered in St. Louis, Missouri. As of April 16, 2015, Foresight Energy, LP operates as a subsidiary of Murray Energy Corporation.

FINANCIAL RATIOS  of  Foresight Energy (FELP)

Valuation Ratios
P/E Ratio -3.2
Price to Sales 0.7
Price to Book -3.7
Price to Tangible Book
Price to Cash Flow 2.6
Price to Free Cash Flow 3.4
Growth Rates
Sales Growth Rate -11.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -35.3%
Cap. Spend. - 3 Yr. Gr. Rate -23.6%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity -782.6%
Total Debt to Equity -1021.3%
Interest Coverage -1
Management Effectiveness
Return On Assets -5.6%
Ret/ On Assets - 3 Yr. Avg. 4%
Return On Total Capital -11.6%
Ret/ On T. Cap. - 3 Yr. Avg. -1.8%
Return On Equity 267.2%
Return On Equity - 3 Yr. Avg. 514.1%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 34.1%
Gross Margin - 3 Yr. Avg. 33.7%
EBITDA Margin 7.5%
EBITDA Margin - 3 Yr. Avg. 24.2%
Operating Margin 1.1%
Oper. Margin - 3 Yr. Avg. 10.8%
Pre-Tax Margin -20.4%
Pre-Tax Margin - 3 Yr. Avg. -3.9%
Net Profit Margin -20.4%
Net Profit Margin - 3 Yr. Avg. -4%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

FELP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FELP stock intrinsic value calculation we used $876 million for the last fiscal year's total revenue generated by Foresight Energy. The default revenue input number comes from 2016 income statement of Foresight 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 FELP stock valuation model: a) initial revenue growth rate of 38.6% 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 14.3%, whose default value for FELP is calculated based on our internal credit rating of Foresight 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 Foresight 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 FELP stock the variable cost ratio is equal to 33%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $591 million in the base year in the intrinsic value calculation for FELP 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 5% for Foresight Energy.

Corporate tax rate of 27% is the nominal tax rate for Foresight 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 FELP 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 FELP are equal to 157.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Foresight 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 FELP is equal to 0%. 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 - $-155 million for Foresight 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 131.85 million for Foresight 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 Foresight Energy at the current share price and the inputted number of shares is $0.6 billion.

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COMPANY NEWS

▶ Foresight Energy reports 2Q loss   [Aug-11-17 09:47PM  Associated Press]
▶ Foresight Energy reports 1Q loss   [06:54AM  Associated Press]
▶ 3 Terrible Stocks I'd Avoid   [Apr-20-17 11:27AM  Motley Fool]
▶ 3 Reasons Deregulation Won't Save Coal Stocks   [Feb-21-17 09:52AM  at Motley Fool]
▶ Foresight Energy working with Goldman Sachs on debt refinancing   [Feb-14-17 09:00AM  at bizjournals.com]
▶ Why Foresight Energy Rocketed 60% Higher in October   [Nov-07-16 12:53PM  at Motley Fool]
▶ Foresight Energy LP Completes Global Restructuring   [Aug-30-16 05:15PM  Business Wire]
▶ Maybe the Coal Market Isn't Dead After All   [Aug-23-16 12:15PM  at Motley Fool]
▶ [$$] Foresight Energy Launches Restructuring   [Aug-09-16 02:40PM  at The Wall Street Journal]
▶ Hedge Funds Staying on Sidelines when It Comes to Coal Stocks   [Jun-11-16 06:33PM  at Insider Monkey]
Stock chart of FELP Financial statements of FELP
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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