Intrinsic value of Forum Energy Technologies - FET

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$15.05

  Intrinsic Value

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  Value-price divergence*

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*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
  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
  588
  600
  614
  629
  647
  667
  688
  712
  737
  764
  794
  825
  858
  894
  932
  972
  1,015
  1,060
  1,108
  1,158
  1,211
  1,267
  1,327
  1,389
  1,455
  1,524
  1,597
  1,674
  1,754
  1,839
  1,929
Variable operating expenses, $m
 
  579
  591
  605
  620
  637
  655
  675
  697
  720
  745
  707
  736
  766
  799
  833
  870
  908
  949
  992
  1,038
  1,086
  1,137
  1,190
  1,247
  1,306
  1,368
  1,434
  1,503
  1,576
  1,653
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
  735
  751
  769
  788
  809
  831
  856
  882
  910
  940
  906
  940
  976
  1,014
  1,053
  1,096
  1,139
  1,186
  1,235
  1,287
  1,341
  1,399
  1,458
  1,522
  1,588
  1,657
  1,730
  1,806
  1,887
  1,972
Operating income, $m
  -129
  -135
  -137
  -139
  -141
  -142
  -143
  -144
  -145
  -146
  -146
  -81
  -82
  -82
  -81
  -81
  -80
  -80
  -79
  -77
  -76
  -74
  -72
  -70
  -67
  -64
  -60
  -57
  -52
  -48
  -43
EBITDA, $m
  -67
  -46
  -47
  -49
  -49
  -50
  -50
  -50
  -50
  -50
  -49
  -48
  -47
  -46
  -44
  -42
  -40
  -37
  -34
  -31
  -27
  -23
  -19
  -14
  -9
  -3
  3
  10
  18
  26
  34
Interest expense (income), $m
  26
  26
  27
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  47
  49
  52
  55
  58
  61
  65
  68
  72
  76
  80
  85
  89
  94
  99
  105
  111
Earnings before tax, $m
  -138
  -162
  -164
  -167
  -170
  -172
  -175
  -177
  -180
  -182
  -184
  -122
  -124
  -126
  -128
  -131
  -133
  -135
  -137
  -139
  -140
  -142
  -144
  -146
  -147
  -148
  -150
  -151
  -152
  -153
  -154
Tax expense, $m
  -56
  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
  -82
  -162
  -164
  -167
  -170
  -172
  -175
  -177
  -180
  -182
  -184
  -122
  -124
  -126
  -128
  -131
  -133
  -135
  -137
  -139
  -140
  -142
  -144
  -146
  -147
  -148
  -150
  -151
  -152
  -153
  -154

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
  1,634
  1,672
  1,715
  1,763
  1,816
  1,875
  1,939
  2,008
  2,083
  2,162
  2,248
  2,339
  2,436
  2,540
  2,649
  2,765
  2,888
  3,018
  3,155
  3,300
  3,453
  3,615
  3,785
  3,964
  4,153
  4,351
  4,560
  4,781
  5,012
  5,256
Adjusted assets (=assets-cash), $m
  1,601
  1,634
  1,672
  1,715
  1,763
  1,816
  1,875
  1,939
  2,008
  2,083
  2,162
  2,248
  2,339
  2,436
  2,540
  2,649
  2,765
  2,888
  3,018
  3,155
  3,300
  3,453
  3,615
  3,785
  3,964
  4,153
  4,351
  4,560
  4,781
  5,012
  5,256
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
  410
  419
  430
  442
  455
  470
  486
  503
  522
  542
  563
  586
  611
  637
  664
  693
  724
  757
  791
  827
  866
  906
  949
  994
  1,041
  1,091
  1,143
  1,198
  1,256
  1,317
Working capital, $m
  608
  300
  307
  315
  324
  333
  344
  356
  368
  382
  397
  413
  429
  447
  466
  486
  507
  530
  554
  579
  606
  634
  663
  695
  727
  762
  798
  837
  877
  920
  964
Total debt, $m
  397
  410
  424
  440
  458
  478
  500
  524
  550
  578
  608
  640
  674
  711
  749
  790
  834
  880
  929
  980
  1,035
  1,092
  1,153
  1,216
  1,283
  1,354
  1,429
  1,507
  1,590
  1,677
  1,768
Total liabilities, $m
  600
  613
  627
  643
  661
  681
  703
  727
  753
  781
  811
  843
  877
  914
  952
  993
  1,037
  1,083
  1,132
  1,183
  1,238
  1,295
  1,356
  1,419
  1,486
  1,557
  1,632
  1,710
  1,793
  1,880
  1,971
Total equity, $m
  1,235
  1,021
  1,045
  1,072
  1,102
  1,135
  1,172
  1,212
  1,255
  1,302
  1,352
  1,405
  1,462
  1,523
  1,587
  1,656
  1,728
  1,805
  1,886
  1,972
  2,063
  2,158
  2,259
  2,365
  2,477
  2,595
  2,720
  2,850
  2,988
  3,133
  3,285
Total liabilities and equity, $m
  1,835
  1,634
  1,672
  1,715
  1,763
  1,816
  1,875
  1,939
  2,008
  2,083
  2,163
  2,248
  2,339
  2,437
  2,539
  2,649
  2,765
  2,888
  3,018
  3,155
  3,301
  3,453
  3,615
  3,784
  3,963
  4,152
  4,352
  4,560
  4,781
  5,013
  5,256
Debt-to-equity ratio
  0.321
  0.400
  0.410
  0.410
  0.420
  0.420
  0.430
  0.430
  0.440
  0.440
  0.450
  0.460
  0.460
  0.470
  0.470
  0.480
  0.480
  0.490
  0.490
  0.500
  0.500
  0.510
  0.510
  0.510
  0.520
  0.520
  0.530
  0.530
  0.530
  0.540
  0.540
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
  -162
  -164
  -167
  -170
  -172
  -175
  -177
  -180
  -182
  -184
  -122
  -124
  -126
  -128
  -131
  -133
  -135
  -137
  -139
  -140
  -142
  -144
  -146
  -147
  -148
  -150
  -151
  -152
  -153
  -154
Depreciation, amort., depletion, $m
  62
  89
  90
  90
  91
  92
  93
  94
  95
  96
  97
  33
  34
  36
  37
  39
  41
  42
  44
  46
  48
  51
  53
  55
  58
  61
  64
  67
  70
  73
  77
Funds from operations, $m
  122
  -72
  -74
  -77
  -78
  -80
  -82
  -83
  -85
  -86
  -87
  -89
  -90
  -90
  -91
  -92
  -92
  -92
  -92
  -92
  -92
  -92
  -91
  -90
  -89
  -88
  -86
  -84
  -82
  -79
  -77
Change in working capital, $m
  57
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  30
  31
  33
  35
  36
  38
  40
  42
  45
Cash from operations, $m
  65
  -111
  -81
  -84
  -87
  -90
  -93
  -95
  -98
  -100
  -102
  -104
  -106
  -108
  -110
  -112
  -113
  -115
  -116
  -118
  -119
  -120
  -121
  -121
  -122
  -122
  -122
  -122
  -122
  -122
  -121
Maintenance CAPEX, $m
  0
  -23
  -24
  -25
  -25
  -26
  -27
  -27
  -28
  -29
  -31
  -32
  -33
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -48
  -51
  -53
  -55
  -58
  -61
  -64
  -67
  -70
  -73
New CAPEX, $m
  -17
  -8
  -9
  -11
  -12
  -13
  -15
  -16
  -17
  -19
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -43
  -45
  -47
  -50
  -52
  -55
  -58
  -61
Cash from investing activities, $m
  -11
  -31
  -33
  -36
  -37
  -39
  -42
  -43
  -45
  -48
  -51
  -53
  -56
  -58
  -62
  -64
  -68
  -72
  -75
  -78
  -82
  -86
  -91
  -96
  -100
  -105
  -111
  -116
  -122
  -128
  -134
Free cash flow, $m
  54
  -142
  -115
  -120
  -124
  -129
  -134
  -139
  -143
  -148
  -153
  -157
  -162
  -167
  -172
  -176
  -181
  -186
  -191
  -196
  -201
  -206
  -212
  -217
  -222
  -228
  -233
  -239
  -244
  -250
  -256
Issuance/(repayment) of debt, $m
  0
  13
  14
  16
  18
  20
  22
  24
  26
  28
  30
  32
  34
  36
  39
  41
  44
  46
  49
  51
  54
  57
  60
  64
  67
  71
  75
  78
  83
  87
  91
Issuance/(repurchase) of shares, $m
  87
  0
  124
  130
  137
  143
  149
  155
  161
  167
  173
  179
  185
  191
  197
  204
  210
  217
  224
  231
  238
  245
  252
  259
  267
  275
  283
  291
  299
  308
  317
Cash from financing (excl. dividends), $m  
  86
  13
  138
  146
  155
  163
  171
  179
  187
  195
  203
  211
  219
  227
  236
  245
  254
  263
  273
  282
  292
  302
  312
  323
  334
  346
  358
  369
  382
  395
  408
Total cash flow (excl. dividends), $m
  125
  -129
  -101
  -104
  -106
  -109
  -112
  -115
  -117
  -120
  -123
  -125
  -128
  -130
  -133
  -135
  -138
  -140
  -142
  -145
  -147
  -149
  -151
  -153
  -155
  -157
  -159
  -160
  -162
  -163
  -164
Retained Cash Flow (-), $m
  22
  -20
  -23
  -27
  -30
  -33
  -37
  -40
  -43
  -47
  -50
  -53
  -57
  -61
  -65
  -68
  -73
  -77
  -81
  -86
  -91
  -96
  -101
  -106
  -112
  -118
  -124
  -131
  -138
  -145
  -152
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
 
  84
  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
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
 
  79
  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
Current shareholders' claim on cash, %
  100
  100.0
  90.5
  81.7
  73.6
  66.2
  59.5
  53.4
  47.9
  43.0
  38.6
  34.6
  31.1
  28.0
  25.1
  22.6
  20.4
  18.4
  16.6
  15.0
  13.6
  12.4
  11.2
  10.2
  9.3
  8.5
  7.8
  7.1
  6.5
  6.0
  5.5

Forum Energy Technologies, Inc. designs, manufactures, and distributes products to the oil and natural gas industry in the United States and internationally. The company operates in two segments, Drilling & Subsea, and Production & Infrastructure. The Drilling & Subsea segment designs and manufactures products, and provides related services to the drilling, well and subsea construction, and completion and intervention markets. This segment also offers subsea technologies, including robotic vehicles and other capital equipment, specialty components and tooling, complementary subsea technical services and rental items, and applied products for subsea pipelines; drilling technologies consisting of capital equipment and a line of products consumed in the drilling and well intervention process; and down hole technologies comprising cementing and casing tools, completion products, and down hole protection solutions. The Production & Infrastructure segment designs and manufactures products, and provides related equipment and services to the well stimulation, production, and infrastructure markets. This segment supplies flow equipment, such as well stimulation consumable products, and related recertification and refurbishment services; production equipment, including well site production equipment and process equipment; and valve solutions comprising a range of industrial and process valves. In addition, the company designs, manufactures, and sells various completion and service tools, including retrievable and permanent packers, bridge plugs, and accessories to oilfield service providers, packer repair companies, and distributors. Forum Energy Technologies, Inc. is headquartered in Houston, Texas.

FINANCIAL RATIOS  of  Forum Energy Technologies (FET)

Valuation Ratios
P/E Ratio -17.5
Price to Sales 2.4
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 22.1
Price to Free Cash Flow 29.9
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 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 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 95.133 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.


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COMPANY NEWS

▶ 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]
Stock chart of FET Financial statements of FET Annual reports 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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