Intrinsic value of Fairmount Santrol Holdings - FMSA

Previous Close

$2.63

  Intrinsic Value

$0.28

stock screener

  Rating & Target

str. sell

-89%

  Value-price divergence*

-93%

Previous close

$2.63

 
Intrinsic value

$0.28

 
Up/down potential

-89%

 
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 FMSA 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, %
  -35.46
  19.30
  17.87
  16.58
  15.42
  14.38
  13.44
  12.60
  11.84
  11.16
  10.54
  9.99
  9.49
  9.04
  8.63
  8.27
  7.94
  7.65
  7.38
  7.15
  6.93
  6.74
  6.56
  6.41
  6.27
  6.14
  6.03
  5.92
  5.83
  5.75
  5.67
Revenue, $m
  535
  638
  752
  877
  1,012
  1,158
  1,314
  1,479
  1,654
  1,839
  2,033
  2,236
  2,448
  2,669
  2,899
  3,139
  3,389
  3,648
  3,917
  4,197
  4,488
  4,791
  5,105
  5,432
  5,773
  6,127
  6,496
  6,881
  7,282
  7,701
  8,138
Variable operating expenses, $m
 
  325
  383
  446
  515
  589
  668
  752
  841
  934
  1,032
  1,134
  1,241
  1,354
  1,471
  1,592
  1,719
  1,850
  1,987
  2,129
  2,276
  2,430
  2,589
  2,755
  2,928
  3,108
  3,295
  3,490
  3,694
  3,906
  4,128
Fixed operating expenses, $m
 
  458
  470
  481
  493
  506
  518
  531
  545
  558
  572
  587
  601
  616
  632
  647
  664
  680
  697
  715
  732
  751
  770
  789
  809
  829
  849
  871
  892
  915
  938
Total operating expenses, $m
  709
  783
  853
  927
  1,008
  1,095
  1,186
  1,283
  1,386
  1,492
  1,604
  1,721
  1,842
  1,970
  2,103
  2,239
  2,383
  2,530
  2,684
  2,844
  3,008
  3,181
  3,359
  3,544
  3,737
  3,937
  4,144
  4,361
  4,586
  4,821
  5,066
Operating income, $m
  -174
  -145
  -100
  -51
  4
  63
  127
  196
  269
  346
  428
  515
  605
  699
  797
  900
  1,006
  1,118
  1,233
  1,354
  1,479
  1,610
  1,746
  1,888
  2,036
  2,191
  2,352
  2,520
  2,696
  2,880
  3,073
EBITDA, $m
  -94
  -50
  11
  79
  154
  235
  322
  415
  513
  618
  728
  843
  964
  1,091
  1,222
  1,360
  1,503
  1,653
  1,808
  1,969
  2,138
  2,313
  2,495
  2,685
  2,883
  3,089
  3,305
  3,530
  3,764
  4,010
  4,266
Interest expense (income), $m
  61
  49
  60
  72
  85
  99
  114
  130
  147
  165
  184
  204
  226
  248
  271
  294
  319
  345
  372
  400
  429
  459
  491
  523
  557
  593
  629
  668
  708
  749
  793
Earnings before tax, $m
  -240
  -194
  -160
  -122
  -81
  -35
  14
  66
  122
  181
  244
  311
  380
  452
  527
  605
  687
  772
  861
  954
  1,050
  1,151
  1,256
  1,365
  1,479
  1,598
  1,723
  1,853
  1,989
  2,131
  2,280
Tax expense, $m
  -100
  0
  0
  0
  0
  0
  4
  18
  33
  49
  66
  84
  102
  122
  142
  163
  186
  209
  233
  258
  284
  311
  339
  369
  399
  432
  465
  500
  537
  575
  616
Net income, $m
  -140
  -194
  -160
  -122
  -81
  -35
  10
  48
  89
  132
  178
  227
  277
  330
  385
  442
  502
  564
  629
  696
  767
  840
  917
  996
  1,080
  1,167
  1,258
  1,353
  1,452
  1,556
  1,665

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  194
  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
  1,203
  1,388
  1,635
  1,907
  2,201
  2,517
  2,856
  3,216
  3,596
  3,997
  4,419
  4,860
  5,321
  5,802
  6,303
  6,824
  7,367
  7,930
  8,516
  9,124
  9,757
  10,414
  11,098
  11,809
  12,549
  13,320
  14,122
  14,959
  15,831
  16,741
  17,691
Adjusted assets (=assets-cash), $m
  1,009
  1,388
  1,635
  1,907
  2,201
  2,517
  2,856
  3,216
  3,596
  3,997
  4,419
  4,860
  5,321
  5,802
  6,303
  6,824
  7,367
  7,930
  8,516
  9,124
  9,757
  10,414
  11,098
  11,809
  12,549
  13,320
  14,122
  14,959
  15,831
  16,741
  17,691
Revenue / Adjusted assets
  0.530
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
Average production assets, $m
  895
  1,067
  1,258
  1,466
  1,693
  1,936
  2,196
  2,473
  2,766
  3,074
  3,399
  3,738
  4,093
  4,462
  4,848
  5,249
  5,666
  6,099
  6,550
  7,018
  7,504
  8,010
  8,536
  9,083
  9,652
  10,244
  10,862
  11,505
  12,176
  12,876
  13,607
Working capital, $m
  280
  116
  136
  159
  183
  210
  238
  268
  299
  333
  368
  405
  443
  483
  525
  568
  613
  660
  709
  760
  812
  867
  924
  983
  1,045
  1,109
  1,176
  1,245
  1,318
  1,394
  1,473
Total debt, $m
  843
  1,013
  1,214
  1,433
  1,671
  1,927
  2,201
  2,492
  2,800
  3,125
  3,466
  3,823
  4,196
  4,585
  4,990
  5,412
  5,851
  6,306
  6,780
  7,273
  7,784
  8,316
  8,869
  9,444
  10,043
  10,667
  11,316
  11,993
  12,699
  13,435
  14,203
Total liabilities, $m
  952
  1,122
  1,323
  1,542
  1,780
  2,036
  2,310
  2,601
  2,909
  3,234
  3,575
  3,932
  4,305
  4,694
  5,099
  5,521
  5,960
  6,415
  6,889
  7,382
  7,893
  8,425
  8,978
  9,553
  10,152
  10,776
  11,425
  12,102
  12,808
  13,544
  14,312
Total equity, $m
  251
  265
  312
  364
  420
  481
  545
  614
  687
  764
  844
  928
  1,016
  1,108
  1,204
  1,303
  1,407
  1,515
  1,626
  1,743
  1,864
  1,989
  2,120
  2,256
  2,397
  2,544
  2,697
  2,857
  3,024
  3,198
  3,379
Total liabilities and equity, $m
  1,203
  1,387
  1,635
  1,906
  2,200
  2,517
  2,855
  3,215
  3,596
  3,998
  4,419
  4,860
  5,321
  5,802
  6,303
  6,824
  7,367
  7,930
  8,515
  9,125
  9,757
  10,414
  11,098
  11,809
  12,549
  13,320
  14,122
  14,959
  15,832
  16,742
  17,691
Debt-to-equity ratio
  3.359
  3.820
  3.890
  3.940
  3.980
  4.010
  4.040
  4.060
  4.080
  4.090
  4.110
  4.120
  4.130
  4.140
  4.150
  4.150
  4.160
  4.160
  4.170
  4.170
  4.180
  4.180
  4.180
  4.190
  4.190
  4.190
  4.200
  4.200
  4.200
  4.200
  4.200
Adjusted equity ratio
  0.056
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -140
  -194
  -160
  -122
  -81
  -35
  10
  48
  89
  132
  178
  227
  277
  330
  385
  442
  502
  564
  629
  696
  767
  840
  917
  996
  1,080
  1,167
  1,258
  1,353
  1,452
  1,556
  1,665
Depreciation, amort., depletion, $m
  80
  95
  112
  130
  150
  171
  194
  218
  244
  271
  300
  328
  359
  391
  425
  460
  497
  535
  575
  616
  658
  703
  749
  797
  847
  899
  953
  1,009
  1,068
  1,129
  1,194
Funds from operations, $m
  18
  -99
  -48
  8
  69
  136
  204
  267
  333
  403
  477
  555
  636
  721
  810
  902
  999
  1,099
  1,203
  1,312
  1,425
  1,543
  1,665
  1,793
  1,926
  2,065
  2,210
  2,362
  2,520
  2,685
  2,858
Change in working capital, $m
  23
  19
  21
  23
  24
  26
  28
  30
  32
  33
  35
  37
  38
  40
  42
  43
  45
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  70
  73
  76
  79
Cash from operations, $m
  -5
  -118
  -69
  -15
  45
  110
  176
  237
  302
  370
  442
  518
  598
  681
  768
  859
  953
  1,052
  1,154
  1,261
  1,372
  1,488
  1,608
  1,734
  1,865
  2,001
  2,143
  2,292
  2,447
  2,609
  2,779
Maintenance CAPEX, $m
  0
  -78
  -94
  -110
  -129
  -148
  -170
  -193
  -217
  -243
  -270
  -298
  -328
  -359
  -391
  -425
  -460
  -497
  -535
  -575
  -616
  -658
  -703
  -749
  -797
  -847
  -899
  -953
  -1,009
  -1,068
  -1,129
New CAPEX, $m
  -31
  -173
  -191
  -209
  -226
  -243
  -260
  -277
  -293
  -309
  -324
  -339
  -355
  -370
  -385
  -401
  -417
  -433
  -450
  -468
  -486
  -506
  -526
  -547
  -569
  -593
  -617
  -643
  -671
  -700
  -731
Cash from investing activities, $m
  -26
  -251
  -285
  -319
  -355
  -391
  -430
  -470
  -510
  -552
  -594
  -637
  -683
  -729
  -776
  -826
  -877
  -930
  -985
  -1,043
  -1,102
  -1,164
  -1,229
  -1,296
  -1,366
  -1,440
  -1,516
  -1,596
  -1,680
  -1,768
  -1,860
Free cash flow, $m
  -31
  -369
  -353
  -334
  -310
  -282
  -254
  -233
  -208
  -181
  -151
  -120
  -85
  -48
  -9
  33
  76
  121
  169
  219
  270
  324
  380
  438
  499
  562
  627
  696
  767
  841
  919
Issuance/(repayment) of debt, $m
  -389
  181
  201
  219
  238
  256
  274
  291
  308
  325
  341
  357
  373
  389
  405
  422
  439
  456
  474
  492
  512
  532
  553
  575
  599
  623
  649
  677
  706
  736
  768
Issuance/(repurchase) of shares, $m
  446
  237
  208
  174
  137
  96
  55
  20
  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  
  55
  418
  409
  393
  375
  352
  329
  311
  308
  325
  341
  357
  373
  389
  405
  422
  439
  456
  474
  492
  512
  532
  553
  575
  599
  623
  649
  677
  706
  736
  768
Total cash flow (excl. dividends), $m
  23
  50
  55
  60
  65
  70
  74
  79
  100
  143
  189
  237
  288
  341
  397
  454
  515
  577
  643
  711
  782
  856
  933
  1,014
  1,098
  1,185
  1,277
  1,373
  1,473
  1,578
  1,687
Retained Cash Flow (-), $m
  -312
  -237
  -208
  -174
  -137
  -96
  -65
  -69
  -73
  -77
  -80
  -84
  -88
  -92
  -96
  -100
  -104
  -108
  -112
  -116
  -121
  -126
  -131
  -136
  -141
  -147
  -153
  -160
  -167
  -174
  -181
Prev. year cash balance distribution, $m
 
  29
  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
 
  -158
  -153
  -114
  -72
  -26
  10
  10
  27
  67
  109
  153
  200
  249
  301
  355
  411
  470
  531
  595
  661
  730
  802
  878
  956
  1,038
  1,124
  1,213
  1,306
  1,404
  1,506
Discount rate, %
 
  10.80
  11.34
  11.91
  12.50
  13.13
  13.78
  14.47
  15.20
  15.96
  16.75
  17.59
  18.47
  19.40
  20.37
  21.38
  22.45
  23.58
  24.75
  25.99
  27.29
  28.66
  30.09
  31.59
  33.17
  34.83
  36.57
  38.40
  40.32
  42.34
  44.45
PV of cash for distribution, $m
 
  -143
  -123
  -82
  -45
  -14
  4
  4
  9
  18
  23
  26
  26
  25
  22
  19
  16
  13
  10
  7
  5
  4
  2
  2
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  67.3
  49.7
  39.6
  33.9
  30.7
  29.2
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7

Fairmount Santrol Holdings Inc., together with its subsidiaries, provides sand-based proppant solutions for exploration and production companies to enhance the productivity of their oil and gas wells. The company operates in two segments, Proppant Solutions; and Industrial & Recreational (I&R) Products. The Proppant Solutions segment primarily provides sand-based proppants for use in hydraulic fracturing operations in the United States, Canada, Argentina, Mexico, China, Northern Europe, and the United Arab Emirates. Its products include northern white frac sand, API-spec brown sand, and resin coated proppants, as well as ceramic proppants; PowerProp product; and Propel SSP product that utilizes a polymer coating applied to a proppant substrate. The I&R Products segment offers raw, coated, and custom blended sands for use in building products, glass, turf and landscape, and filtration industries, as well as for foundries primarily in North America. Fairmount Santrol Holdings Inc. also supplies proppants to oilfield service companies. The company was formerly known as FMSA Holdings Inc. and changed its name to Fairmount Santrol Holdings Inc. in July 2015. Fairmount Santrol Holdings Inc. was incorporated in 1986 and is headquartered in Chesterland, Ohio.

FINANCIAL RATIOS  of  Fairmount Santrol Holdings (FMSA)

Valuation Ratios
P/E Ratio -4.2
Price to Sales 1.1
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow -117.6
Price to Free Cash Flow -16.3
Growth Rates
Sales Growth Rate -35.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -72.8%
Cap. Spend. - 3 Yr. Gr. Rate -22.7%
Financial Strength
Quick Ratio 18
Current Ratio 0
LT Debt to Equity 331.5%
Total Debt to Equity 335.9%
Interest Coverage -3
Management Effectiveness
Return On Assets -8.2%
Ret/ On Assets - 3 Yr. Avg. 1.6%
Return On Total Capital -12.4%
Ret/ On T. Cap. - 3 Yr. Avg. -1.9%
Return On Equity -147.4%
Return On Equity - 3 Yr. Avg. 72.6%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 14%
Gross Margin - 3 Yr. Avg. 25.9%
EBITDA Margin -18.5%
EBITDA Margin - 3 Yr. Avg. 4.7%
Operating Margin -32.5%
Oper. Margin - 3 Yr. Avg. -4.4%
Pre-Tax Margin -44.9%
Pre-Tax Margin - 3 Yr. Avg. -12.6%
Net Profit Margin -26.2%
Net Profit Margin - 3 Yr. Avg. -8.2%
Effective Tax Rate 41.7%
Eff/ Tax Rate - 3 Yr. Avg. 24.9%
Payout Ratio 0%

FMSA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FMSA stock intrinsic value calculation we used $535 million for the last fiscal year's total revenue generated by Fairmount Santrol Holdings. The default revenue input number comes from 2016 income statement of Fairmount Santrol Holdings. 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 FMSA stock valuation model: a) initial revenue growth rate of 19.3% 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 10.8%, whose default value for FMSA is calculated based on our internal credit rating of Fairmount Santrol Holdings, 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 Fairmount Santrol Holdings.
    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 FMSA stock the variable cost ratio is equal to 51%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $447 million in the base year in the intrinsic value calculation for FMSA 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 5.9% for Fairmount Santrol Holdings.

Corporate tax rate of 27% is the nominal tax rate for Fairmount Santrol Holdings. 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 FMSA 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 FMSA are equal to 167.2%.

Life of production assets of 11.4 years is the average useful life of capital assets used in Fairmount Santrol Holdings 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 FMSA is equal to 18.1%. 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 - $251 million for Fairmount Santrol Holdings - 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 210.369 million for Fairmount Santrol Holdings 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 Fairmount Santrol Holdings at the current share price and the inputted number of shares is $0.6 billion.

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COMPANY NEWS

▶ FMSA Holdings beats Street 2Q forecasts   [Aug-04-17 02:29AM  Associated Press]
▶ Hi-Crush Partners: 100% of the Analysts Rated It as a Buy   [Jun-09-17 07:36AM  Market Realist]
▶ What Was Halliburtons Correlation with Crude Oil on June 2?   [Jun-05-17 02:35PM  Market Realist]
▶ What Were Schlumbergers Drivers in 1Q17?   [Jun-01-17 04:05PM  Market Realist]
▶ How Schlumberger Correlates with Crude Oil   [May-08-17 01:35PM  Market Realist]
▶ FMSA Holdings reports 1Q loss   [07:03AM  Associated Press]
▶ Whats NOVs Correlation with Crude Oil on April 21?   [Apr-24-17 01:35PM  Market Realist]
▶ Oil and Gas Stock Roundup: Say Goodbye to $50 Oil   [Mar-11-17 10:00AM  Motley Fool]
▶ Fairmount Santrol Announces Debt Repurchase   [04:05PM  GlobeNewswire]
▶ Fairmount Santrol Announces Debt Prepayment   [09:55AM  GlobeNewswire]
Stock chart of FMSA Financial statements of FMSA
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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