Intrinsic value of Forum Energy Technologies - FET

Previous Close

$14.05

  Intrinsic Value

$1.48

stock screener

  Rating & Target

str. sell

-89%

  Value-price divergence*

+41%

Previous close

$14.05

 
Intrinsic value

$1.48

 
Up/down potential

-89%

 
Rating

str. sell

 
Value-price divergence*

+41%

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

We calculate the intrinsic value of FET 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 1.4

 

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, %
  -45.25
  40.60
  37.04
  33.84
  30.95
  28.36
  26.02
  23.92
  22.03
  20.32
  18.79
  17.41
  16.17
  15.05
  14.05
  13.14
  12.33
  11.60
  10.94
  10.34
  9.81
  9.33
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.86
  6.68
Revenue, $m
  588
  827
  1,133
  1,516
  1,986
  2,549
  3,212
  3,980
  4,857
  5,844
  6,942
  8,151
  9,469
  10,895
  12,425
  14,059
  15,792
  17,623
  19,551
  21,573
  23,689
  25,899
  28,203
  30,602
  33,097
  35,692
  38,389
  41,191
  44,103
  47,130
  50,277
Variable operating expenses, $m
 
  774
  1,036
  1,365
  1,767
  2,249
  2,818
  3,476
  4,227
  5,073
  6,014
  6,985
  8,115
  9,336
  10,648
  12,047
  13,533
  15,102
  16,754
  18,487
  20,300
  22,194
  24,168
  26,224
  28,363
  30,586
  32,897
  35,299
  37,794
  40,388
  43,085
Fixed operating expenses, $m
 
  156
  160
  164
  168
  172
  176
  181
  185
  190
  195
  199
  204
  210
  215
  220
  226
  231
  237
  243
  249
  255
  262
  268
  275
  282
  289
  296
  303
  311
  319
Total operating expenses, $m
  717
  930
  1,196
  1,529
  1,935
  2,421
  2,994
  3,657
  4,412
  5,263
  6,209
  7,184
  8,319
  9,546
  10,863
  12,267
  13,759
  15,333
  16,991
  18,730
  20,549
  22,449
  24,430
  26,492
  28,638
  30,868
  33,186
  35,595
  38,097
  40,699
  43,404
Operating income, $m
  -129
  -103
  -63
  -12
  51
  127
  218
  323
  444
  581
  733
  967
  1,150
  1,349
  1,563
  1,791
  2,033
  2,290
  2,560
  2,843
  3,140
  3,450
  3,773
  4,109
  4,460
  4,824
  5,203
  5,597
  6,006
  6,431
  6,874
EBITDA, $m
  -67
  -5
  48
  114
  196
  294
  411
  548
  704
  880
  1,076
  1,292
  1,528
  1,784
  2,059
  2,353
  2,664
  2,994
  3,341
  3,705
  4,086
  4,484
  4,899
  5,332
  5,782
  6,250
  6,736
  7,242
  7,767
  8,314
  8,882
Interest expense (income), $m
  26
  26
  42
  63
  89
  121
  158
  203
  255
  314
  381
  455
  536
  625
  721
  825
  935
  1,052
  1,175
  1,305
  1,441
  1,584
  1,733
  1,889
  2,050
  2,219
  2,394
  2,575
  2,764
  2,961
  3,165
Earnings before tax, $m
  -138
  -129
  -105
  -75
  -38
  7
  59
  120
  189
  267
  353
  512
  614
  724
  841
  966
  1,099
  1,238
  1,385
  1,538
  1,698
  1,865
  2,040
  2,221
  2,409
  2,605
  2,809
  3,021
  3,241
  3,470
  3,709
Tax expense, $m
  -56
  0
  0
  0
  0
  2
  16
  32
  51
  72
  95
  138
  166
  195
  227
  261
  297
  334
  374
  415
  459
  504
  551
  600
  651
  703
  758
  816
  875
  937
  1,001
Net income, $m
  -82
  -129
  -105
  -75
  -38
  5
  43
  88
  138
  195
  257
  374
  448
  528
  614
  706
  802
  904
  1,011
  1,123
  1,240
  1,362
  1,489
  1,621
  1,759
  1,902
  2,051
  2,205
  2,366
  2,533
  2,707

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  234
  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
  1,835
  2,253
  3,087
  4,132
  5,410
  6,945
  8,752
  10,845
  13,234
  15,924
  18,916
  22,210
  25,802
  29,686
  33,857
  38,307
  43,030
  48,020
  53,272
  58,782
  64,548
  70,569
  76,847
  83,383
  90,183
  97,253
  104,601
  112,238
  120,173
  128,420
  136,995
Adjusted assets (=assets-cash), $m
  1,601
  2,253
  3,087
  4,132
  5,410
  6,945
  8,752
  10,845
  13,234
  15,924
  18,916
  22,210
  25,802
  29,686
  33,857
  38,307
  43,030
  48,020
  53,272
  58,782
  64,548
  70,569
  76,847
  83,383
  90,183
  97,253
  104,601
  112,238
  120,173
  128,420
  136,995
Revenue / Adjusted assets
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
Average production assets, $m
  402
  565
  774
  1,036
  1,356
  1,741
  2,194
  2,718
  3,317
  3,991
  4,742
  5,567
  6,467
  7,441
  8,487
  9,602
  10,786
  12,037
  13,353
  14,734
  16,180
  17,689
  19,262
  20,901
  22,605
  24,378
  26,220
  28,134
  30,123
  32,190
  34,339
Working capital, $m
  608
  413
  566
  758
  993
  1,274
  1,606
  1,990
  2,428
  2,922
  3,471
  4,076
  4,735
  5,447
  6,213
  7,029
  7,896
  8,812
  9,775
  10,787
  11,845
  12,949
  14,101
  15,301
  16,549
  17,846
  19,194
  20,596
  22,052
  23,565
  25,139
Total debt, $m
  397
  642
  955
  1,346
  1,826
  2,401
  3,079
  3,864
  4,760
  5,768
  6,891
  8,126
  9,473
  10,929
  12,493
  14,162
  15,933
  17,805
  19,774
  21,840
  24,003
  26,261
  28,615
  31,066
  33,616
  36,267
  39,023
  41,886
  44,862
  47,955
  51,170
Total liabilities, $m
  600
  845
  1,158
  1,549
  2,029
  2,604
  3,282
  4,067
  4,963
  5,971
  7,094
  8,329
  9,676
  11,132
  12,696
  14,365
  16,136
  18,008
  19,977
  22,043
  24,206
  26,464
  28,818
  31,269
  33,819
  36,470
  39,226
  42,089
  45,065
  48,158
  51,373
Total equity, $m
  1,235
  1,408
  1,929
  2,582
  3,382
  4,340
  5,470
  6,778
  8,271
  9,952
  11,823
  13,881
  16,126
  18,554
  21,160
  23,942
  26,894
  30,013
  33,295
  36,739
  40,343
  44,106
  48,029
  52,114
  56,364
  60,783
  65,376
  70,148
  75,108
  80,263
  85,622
Total liabilities and equity, $m
  1,835
  2,253
  3,087
  4,131
  5,411
  6,944
  8,752
  10,845
  13,234
  15,923
  18,917
  22,210
  25,802
  29,686
  33,856
  38,307
  43,030
  48,021
  53,272
  58,782
  64,549
  70,570
  76,847
  83,383
  90,183
  97,253
  104,602
  112,237
  120,173
  128,421
  136,995
Debt-to-equity ratio
  0.321
  0.460
  0.490
  0.520
  0.540
  0.550
  0.560
  0.570
  0.580
  0.580
  0.580
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
Adjusted equity ratio
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -82
  -129
  -105
  -75
  -38
  5
  43
  88
  138
  195
  257
  374
  448
  528
  614
  706
  802
  904
  1,011
  1,123
  1,240
  1,362
  1,489
  1,621
  1,759
  1,902
  2,051
  2,205
  2,366
  2,533
  2,707
Depreciation, amort., depletion, $m
  62
  98
  111
  126
  145
  167
  194
  224
  259
  299
  343
  326
  378
  435
  496
  562
  631
  704
  781
  862
  946
  1,034
  1,126
  1,222
  1,322
  1,426
  1,533
  1,645
  1,762
  1,882
  2,008
Funds from operations, $m
  122
  -31
  5
  51
  107
  172
  237
  312
  397
  493
  600
  699
  826
  964
  1,111
  1,267
  1,433
  1,608
  1,792
  1,984
  2,186
  2,396
  2,615
  2,844
  3,081
  3,328
  3,584
  3,851
  4,128
  4,416
  4,715
Change in working capital, $m
  57
  119
  153
  192
  235
  282
  332
  384
  438
  494
  549
  604
  659
  713
  765
  817
  867
  916
  964
  1,011
  1,058
  1,105
  1,152
  1,199
  1,248
  1,297
  1,348
  1,401
  1,456
  1,513
  1,573
Cash from operations, $m
  65
  -150
  -148
  -141
  -128
  -109
  -95
  -72
  -41
  0
  51
  95
  167
  251
  345
  450
  566
  692
  828
  973
  1,128
  1,291
  1,464
  1,644
  1,833
  2,030
  2,236
  2,449
  2,672
  2,902
  3,142
Maintenance CAPEX, $m
  0
  -23
  -33
  -45
  -61
  -79
  -102
  -128
  -159
  -194
  -233
  -277
  -326
  -378
  -435
  -496
  -562
  -631
  -704
  -781
  -862
  -946
  -1,034
  -1,126
  -1,222
  -1,322
  -1,426
  -1,533
  -1,645
  -1,762
  -1,882
New CAPEX, $m
  -17
  -163
  -209
  -262
  -321
  -385
  -453
  -525
  -599
  -674
  -750
  -826
  -900
  -974
  -1,045
  -1,115
  -1,184
  -1,251
  -1,316
  -1,381
  -1,445
  -1,509
  -1,573
  -1,638
  -1,705
  -1,772
  -1,842
  -1,914
  -1,989
  -2,067
  -2,149
Cash from investing activities, $m
  -11
  -186
  -242
  -307
  -382
  -464
  -555
  -653
  -758
  -868
  -983
  -1,103
  -1,226
  -1,352
  -1,480
  -1,611
  -1,746
  -1,882
  -2,020
  -2,162
  -2,307
  -2,455
  -2,607
  -2,764
  -2,927
  -3,094
  -3,268
  -3,447
  -3,634
  -3,829
  -4,031
Free cash flow, $m
  54
  -337
  -390
  -448
  -509
  -573
  -649
  -725
  -799
  -868
  -933
  -1,008
  -1,059
  -1,101
  -1,135
  -1,161
  -1,179
  -1,189
  -1,192
  -1,189
  -1,179
  -1,164
  -1,144
  -1,121
  -1,094
  -1,064
  -1,032
  -998
  -963
  -927
  -890
Issuance/(repayment) of debt, $m
  0
  245
  313
  392
  480
  575
  678
  785
  896
  1,009
  1,122
  1,235
  1,347
  1,457
  1,564
  1,669
  1,771
  1,871
  1,969
  2,066
  2,162
  2,258
  2,354
  2,451
  2,550
  2,651
  2,756
  2,864
  2,976
  3,093
  3,215
Issuance/(repurchase) of shares, $m
  87
  536
  627
  728
  837
  954
  1,086
  1,221
  1,355
  1,486
  1,613
  1,685
  1,797
  1,899
  1,992
  2,076
  2,150
  2,215
  2,272
  2,321
  2,364
  2,401
  2,434
  2,464
  2,491
  2,517
  2,542
  2,567
  2,593
  2,621
  2,652
Cash from financing (excl. dividends), $m  
  86
  781
  940
  1,120
  1,317
  1,529
  1,764
  2,006
  2,251
  2,495
  2,735
  2,920
  3,144
  3,356
  3,556
  3,745
  3,921
  4,086
  4,241
  4,387
  4,526
  4,659
  4,788
  4,915
  5,041
  5,168
  5,298
  5,431
  5,569
  5,714
  5,867
Total cash flow (excl. dividends), $m
  125
  444
  550
  672
  808
  956
  1,114
  1,280
  1,452
  1,627
  1,802
  1,912
  2,085
  2,255
  2,421
  2,583
  2,742
  2,897
  3,049
  3,199
  3,347
  3,495
  3,644
  3,794
  3,947
  4,104
  4,266
  4,433
  4,606
  4,788
  4,977
Retained Cash Flow (-), $m
  22
  -536
  -627
  -728
  -837
  -959
  -1,129
  -1,308
  -1,493
  -1,681
  -1,870
  -2,059
  -2,245
  -2,428
  -2,607
  -2,781
  -2,952
  -3,119
  -3,282
  -3,444
  -3,604
  -3,763
  -3,923
  -4,085
  -4,250
  -4,419
  -4,593
  -4,773
  -4,960
  -5,155
  -5,359
Prev. year cash balance distribution, $m
 
  234
  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
 
  142
  -77
  -56
  -29
  -3
  -15
  -28
  -41
  -54
  -68
  -147
  -160
  -173
  -186
  -198
  -210
  -222
  -234
  -245
  -257
  -268
  -279
  -291
  -303
  -315
  -327
  -340
  -353
  -367
  -382
Discount rate, %
 
  6.20
  6.51
  6.84
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.04
  20.00
  21.00
  22.05
  23.15
  24.30
  25.52
PV of cash for distribution, $m
 
  134
  -68
  -46
  -22
  -2
  -10
  -16
  -21
  -25
  -27
  -51
  -48
  -44
  -39
  -35
  -30
  -26
  -21
  -17
  -14
  -11
  -8
  -6
  -5
  -3
  -2
  -2
  -1
  -1
  0
Current shareholders' claim on cash, %
  100
  67.7
  48.5
  36.3
  28.1
  22.5
  18.4
  15.3
  13.0
  11.2
  9.8
  8.7
  7.8
  7.1
  6.4
  5.9
  5.5
  5.1
  4.8
  4.5
  4.3
  4.0
  3.9
  3.7
  3.5
  3.4
  3.3
  3.2
  3.1
  3.0
  2.9

Forum Energy Technologies, Inc. is an oilfield products company. The Company designs, manufactures and distributes products, and engages in aftermarket services, parts supply and related services. The Company operates through three segments: Drilling & Subsea, Completions, and Production & Infrastructure. The Drilling & Subsea segment designs and manufactures products, and provides related services to the drilling and subsea construction markets. The Completions segment designs, manufactures and supplies products, and provide related services to the well construction, completion, stimulation and intervention markets. The Production & Infrastructure segment designs, manufactures and supplies products, and provides related equipment and services to production and infrastructure markets. Its product offering includes a mix of engineered capital products and replaced items that are used in the exploration, development, production and transportation of oil and natural gas.

FINANCIAL RATIOS  of  Forum Energy Technologies (FET)

Valuation Ratios
P/E Ratio -16.4
Price to Sales 2.3
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 20.6
Price to Free Cash Flow 28
Growth Rates
Sales Growth Rate -45.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -46.9%
Cap. Spend. - 3 Yr. Gr. Rate -22.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 32.1%
Total Debt to Equity 32.1%
Interest Coverage -4
Management Effectiveness
Return On Assets -3.6%
Ret/ On Assets - 3 Yr. Avg. 0.2%
Return On Total Capital -5%
Ret/ On T. Cap. - 3 Yr. Avg. -0.8%
Return On Equity -6.6%
Return On Equity - 3 Yr. Avg. -0.9%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 17%
Gross Margin - 3 Yr. Avg. 24.5%
EBITDA Margin -8.5%
EBITDA Margin - 3 Yr. Avg. 2.3%
Operating Margin -21.9%
Oper. Margin - 3 Yr. Avg. -5.7%
Pre-Tax Margin -23.5%
Pre-Tax Margin - 3 Yr. Avg. -7.3%
Net Profit Margin -13.9%
Net Profit Margin - 3 Yr. Avg. -5%
Effective Tax Rate 40.6%
Eff/ Tax Rate - 3 Yr. Avg. 26.7%
Payout Ratio 0%

FET stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FET stock intrinsic value calculation we used $588 million for the last fiscal year's total revenue generated by Forum Energy Technologies. The default revenue input number comes from 2016 income statement of Forum Energy Technologies. 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 FET stock valuation model: a) initial revenue growth rate of 40.6% 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 6.2%, whose default value for FET is calculated based on our internal credit rating of Forum Energy Technologies, 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 Forum Energy Technologies.
    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 FET stock the variable cost ratio is equal to 96.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $152 million in the base year in the intrinsic value calculation for FET 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 6.6% for Forum Energy Technologies.

Corporate tax rate of 27% is the nominal tax rate for Forum Energy Technologies. 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 FET 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 FET are equal to 68.3%.

Life of production assets of 17.1 years is the average useful life of capital assets used in Forum Energy Technologies 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 FET is equal to 50%. 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 - $1235 million for Forum Energy Technologies - 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 98.578 million for Forum Energy Technologies 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 Forum Energy Technologies at the current share price and the inputted number of shares is $1.4 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

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▶ Forum Energy reports 2Q loss   [Jul-28-17 08:04PM  Associated Press]
▶ [$$] Pelican Energy Partners Sells Multilift   [Jul-10-17 01:11PM  The Wall Street Journal]
▶ Forum Energy Technologies Acquires Multilift   [Jul-05-17 08:00AM  Business Wire]
▶ Forum Energy reports 1Q loss   [Apr-27-17 06:50PM  Associated Press]
▶ [$$] Forum Energy Stock Is Too Cheap   [Mar-13-17 08:51AM  Barrons.com]
▶ [$$] Forum Energy Stock Is Too Cheap   [08:51AM  at Barrons.com]
▶ Why Investors Are Paying a Premium for Core Laboratories   [Feb-25-17 01:49PM  Motley Fool]
▶ Houston energy services company names new CEO   [09:30AM  at bizjournals.com]
▶ Houston energy services company names new CEO   [09:30AM  American City Business Journals]
▶ Forum Energy Technologies Announces CEO Succession   [Feb-20-17 08:00AM  Business Wire]
▶ Forum Energy reports 4Q loss   [05:01AM  Associated Press]
▶ Hedge Funds Are Betting On Radius Health Inc (RDUS)   [Nov-28-16 08:10AM  at Insider Monkey]
▶ Forum Energy Q3 Earnings Preview (FET)   [10:55AM  at Investopedia]
▶ Real Estate: Expect Some Choppy Waters Ahead   [Oct-05-16 07:00AM  at Morningstar]
Financial statements of FET
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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