Intrinsic value of Forum Energy Technologies - FET

Previous Close

$10.85

  Intrinsic Value

$1.53

stock screener

  Rating & Target

str. sell

-86%

  Value-price divergence*

-93%

Previous close

$10.85

 
Intrinsic value

$1.53

 
Up/down potential

-86%

 
Rating

str. sell

 
Value-price divergence*

-93%

*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 1.0

 

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
  7.50
  7.25
  7.02
  6.82
  6.64
  6.48
  6.33
  6.20
  6.08
  5.97
  5.87
  5.78
  5.71
  5.64
  5.57
  5.51
  5.46
  5.42
  5.38
  5.34
  5.30
  5.27
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
Revenue, $m
  588
  632
  678
  726
  775
  827
  880
  936
  994
  1,054
  1,117
  1,183
  1,251
  1,322
  1,397
  1,475
  1,556
  1,641
  1,730
  1,823
  1,920
  2,022
  2,129
  2,240
  2,357
  2,480
  2,608
  2,743
  2,884
  3,032
  3,187
Variable operating expenses, $m
 
  607
  646
  687
  729
  774
  819
  867
  917
  969
  1,023
  1,013
  1,072
  1,133
  1,197
  1,264
  1,333
  1,406
  1,483
  1,562
  1,646
  1,733
  1,824
  1,920
  2,020
  2,125
  2,235
  2,351
  2,472
  2,598
  2,731
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
  763
  806
  851
  897
  946
  995
  1,048
  1,102
  1,159
  1,218
  1,212
  1,276
  1,343
  1,412
  1,484
  1,559
  1,637
  1,720
  1,805
  1,895
  1,988
  2,086
  2,188
  2,295
  2,407
  2,524
  2,647
  2,775
  2,909
  3,050
Operating income, $m
  -129
  -131
  -128
  -125
  -122
  -119
  -116
  -112
  -108
  -104
  -100
  -30
  -25
  -20
  -15
  -9
  -3
  3
  10
  18
  26
  34
  43
  52
  62
  73
  84
  96
  109
  123
  137
EBITDA, $m
  -67
  -40
  -36
  -31
  -26
  -21
  -15
  -9
  -3
  3
  10
  17
  25
  32
  41
  50
  59
  69
  80
  91
  102
  115
  128
  142
  156
  172
  188
  206
  224
  244
  264
Interest expense (income), $m
  26
  26
  29
  32
  36
  39
  42
  46
  50
  54
  58
  62
  66
  71
  76
  81
  86
  92
  97
  103
  110
  116
  123
  130
  138
  146
  154
  163
  172
  181
  191
Earnings before tax, $m
  -138
  -157
  -157
  -158
  -158
  -158
  -158
  -158
  -158
  -158
  -158
  -92
  -92
  -91
  -91
  -90
  -89
  -88
  -87
  -85
  -84
  -82
  -80
  -78
  -75
  -73
  -70
  -66
  -62
  -58
  -54
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
  -157
  -157
  -158
  -158
  -158
  -158
  -158
  -158
  -158
  -158
  -92
  -92
  -91
  -91
  -90
  -89
  -88
  -87
  -85
  -84
  -82
  -80
  -78
  -75
  -73
  -70
  -66
  -62
  -58
  -54

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
  1,722
  1,847
  1,977
  2,112
  2,252
  2,398
  2,550
  2,708
  2,872
  3,044
  3,222
  3,409
  3,603
  3,806
  4,018
  4,240
  4,472
  4,714
  4,967
  5,232
  5,510
  5,800
  6,105
  6,424
  6,758
  7,108
  7,474
  7,859
  8,262
  8,685
Adjusted assets (=assets-cash), $m
  1,601
  1,722
  1,847
  1,977
  2,112
  2,252
  2,398
  2,550
  2,708
  2,872
  3,044
  3,222
  3,409
  3,603
  3,806
  4,018
  4,240
  4,472
  4,714
  4,967
  5,232
  5,510
  5,800
  6,105
  6,424
  6,758
  7,108
  7,474
  7,859
  8,262
  8,685
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
  432
  463
  496
  529
  565
  601
  639
  679
  720
  763
  808
  854
  903
  954
  1,007
  1,063
  1,121
  1,182
  1,245
  1,312
  1,381
  1,454
  1,530
  1,610
  1,694
  1,782
  1,874
  1,970
  2,071
  2,177
Working capital, $m
  608
  316
  339
  363
  388
  413
  440
  468
  497
  527
  559
  591
  626
  661
  698
  737
  778
  821
  865
  911
  960
  1,011
  1,064
  1,120
  1,179
  1,240
  1,304
  1,372
  1,442
  1,516
  1,594
Total debt, $m
  397
  443
  490
  538
  589
  642
  696
  753
  812
  874
  938
  1,005
  1,075
  1,148
  1,224
  1,304
  1,387
  1,474
  1,565
  1,660
  1,759
  1,863
  1,972
  2,086
  2,206
  2,331
  2,462
  2,600
  2,744
  2,895
  3,054
Total liabilities, $m
  600
  646
  693
  741
  792
  845
  899
  956
  1,015
  1,077
  1,141
  1,208
  1,278
  1,351
  1,427
  1,507
  1,590
  1,677
  1,768
  1,863
  1,962
  2,066
  2,175
  2,289
  2,409
  2,534
  2,665
  2,803
  2,947
  3,098
  3,257
Total equity, $m
  1,235
  1,076
  1,155
  1,236
  1,320
  1,408
  1,499
  1,594
  1,692
  1,795
  1,902
  2,014
  2,130
  2,252
  2,379
  2,511
  2,650
  2,795
  2,946
  3,105
  3,270
  3,444
  3,625
  3,815
  4,015
  4,223
  4,442
  4,671
  4,912
  5,164
  5,428
Total liabilities and equity, $m
  1,835
  1,722
  1,848
  1,977
  2,112
  2,253
  2,398
  2,550
  2,707
  2,872
  3,043
  3,222
  3,408
  3,603
  3,806
  4,018
  4,240
  4,472
  4,714
  4,968
  5,232
  5,510
  5,800
  6,104
  6,424
  6,757
  7,107
  7,474
  7,859
  8,262
  8,685
Debt-to-equity ratio
  0.321
  0.410
  0.420
  0.440
  0.450
  0.460
  0.460
  0.470
  0.480
  0.490
  0.490
  0.500
  0.500
  0.510
  0.510
  0.520
  0.520
  0.530
  0.530
  0.530
  0.540
  0.540
  0.540
  0.550
  0.550
  0.550
  0.550
  0.560
  0.560
  0.560
  0.560
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
  -157
  -157
  -158
  -158
  -158
  -158
  -158
  -158
  -158
  -158
  -92
  -92
  -91
  -91
  -90
  -89
  -88
  -87
  -85
  -84
  -82
  -80
  -78
  -75
  -73
  -70
  -66
  -62
  -58
  -54
Depreciation, amort., depletion, $m
  62
  91
  92
  94
  96
  98
  100
  103
  105
  107
  110
  47
  50
  53
  56
  59
  62
  66
  69
  73
  77
  81
  85
  89
  94
  99
  104
  110
  115
  121
  127
Funds from operations, $m
  122
  -66
  -65
  -63
  -61
  -60
  -58
  -55
  -53
  -51
  -48
  -45
  -42
  -39
  -35
  -31
  -27
  -23
  -18
  -13
  -7
  -1
  5
  12
  19
  26
  35
  43
  53
  63
  73
Change in working capital, $m
  57
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  36
  37
  39
  41
  43
  44
  46
  49
  51
  53
  56
  58
  61
  64
  67
  71
  74
  78
Cash from operations, $m
  65
  -88
  -88
  -87
  -86
  -85
  -84
  -83
  -82
  -81
  -79
  -78
  -76
  -74
  -72
  -70
  -68
  -65
  -62
  -59
  -56
  -52
  -48
  -44
  -40
  -35
  -30
  -24
  -18
  -11
  -4
Maintenance CAPEX, $m
  0
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -40
  -42
  -45
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -85
  -89
  -94
  -99
  -104
  -110
  -115
  -121
New CAPEX, $m
  -17
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -66
  -70
  -73
  -76
  -80
  -84
  -88
  -92
  -96
  -101
  -106
Cash from investing activities, $m
  -11
  -53
  -56
  -60
  -63
  -66
  -70
  -73
  -77
  -81
  -85
  -90
  -94
  -99
  -104
  -109
  -115
  -120
  -127
  -133
  -139
  -147
  -154
  -161
  -169
  -178
  -187
  -196
  -206
  -216
  -227
Free cash flow, $m
  54
  -142
  -144
  -147
  -149
  -151
  -154
  -156
  -159
  -162
  -164
  -167
  -170
  -173
  -176
  -179
  -182
  -185
  -188
  -192
  -195
  -199
  -202
  -206
  -209
  -213
  -216
  -220
  -224
  -228
  -231
Issuance/(repayment) of debt, $m
  0
  46
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  70
  73
  76
  80
  83
  87
  91
  95
  99
  104
  109
  114
  120
  125
  131
  138
  144
  151
  159
Issuance/(repurchase) of shares, $m
  87
  232
  235
  239
  242
  246
  249
  253
  257
  261
  265
  204
  208
  213
  218
  223
  228
  233
  238
  244
  250
  256
  262
  268
  275
  281
  288
  295
  303
  310
  318
Cash from financing (excl. dividends), $m  
  86
  278
  282
  288
  293
  299
  304
  310
  316
  323
  329
  271
  278
  286
  294
  303
  311
  320
  329
  339
  349
  360
  371
  382
  395
  406
  419
  433
  447
  461
  477
Total cash flow (excl. dividends), $m
  125
  136
  138
  141
  144
  147
  150
  153
  157
  161
  165
  104
  108
  113
  118
  123
  129
  134
  141
  147
  154
  161
  169
  177
  185
  194
  203
  213
  223
  234
  245
Retained Cash Flow (-), $m
  22
  -232
  -235
  -239
  -242
  -246
  -249
  -253
  -257
  -261
  -265
  -204
  -208
  -213
  -218
  -223
  -228
  -233
  -238
  -244
  -250
  -256
  -262
  -268
  -275
  -281
  -288
  -295
  -303
  -310
  -318
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
 
  138
  -98
  -98
  -98
  -99
  -99
  -100
  -100
  -100
  -100
  -100
  -100
  -100
  -100
  -99
  -99
  -98
  -98
  -97
  -96
  -94
  -93
  -91
  -90
  -87
  -85
  -82
  -80
  -76
  -73
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
 
  130
  -86
  -80
  -75
  -69
  -63
  -57
  -51
  -45
  -40
  -35
  -30
  -25
  -21
  -18
  -14
  -11
  -9
  -7
  -5
  -4
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  78.3
  62.0
  49.7
  40.3
  33.0
  27.2
  22.6
  19.0
  16.0
  13.6
  12.1
  10.7
  9.6
  8.6
  7.7
  7.0
  6.3
  5.7
  5.2
  4.8
  4.3
  4.0
  3.7
  3.4
  3.1
  2.9
  2.7
  2.5
  2.3
  2.1

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 -12.6
Price to Sales 1.8
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 15.9
Price to Free Cash Flow 21.6
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 7.5% 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 $1.0 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ 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]
Stock chart of FET 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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