Intrinsic value of Flotek Industries - FTK

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$10.24

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$10.24

 
Intrinsic value

$37.80

 
Up/down potential

+269%

 
Rating

str. buy

 
Value-price divergence* premium content

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

We calculate the intrinsic value of FTK 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, %
  -2.59
  25.00
  23.00
  21.20
  19.58
  18.12
  16.81
  15.63
  14.57
  13.61
  12.75
  11.97
  11.28
  10.65
  10.08
  9.58
  9.12
  8.71
  8.34
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.60
  6.44
  6.29
  6.16
  6.05
  5.94
Revenue, $m
  263
  329
  404
  490
  586
  692
  809
  935
  1,071
  1,217
  1,372
  1,536
  1,710
  1,892
  2,082
  2,282
  2,490
  2,707
  2,932
  3,167
  3,411
  3,664
  3,928
  4,201
  4,486
  4,782
  5,090
  5,410
  5,743
  6,091
  6,452
Variable operating expenses, $m
 
  61
  74
  88
  104
  122
  142
  163
  186
  211
  237
  259
  288
  318
  351
  384
  419
  456
  494
  533
  574
  617
  661
  707
  755
  805
  857
  911
  967
  1,025
  1,086
Fixed operating expenses, $m
 
  216
  222
  227
  233
  239
  245
  251
  257
  264
  270
  277
  284
  291
  298
  306
  313
  321
  329
  337
  346
  354
  363
  372
  382
  391
  401
  411
  421
  432
  443
Total operating expenses, $m
  257
  277
  296
  315
  337
  361
  387
  414
  443
  475
  507
  536
  572
  609
  649
  690
  732
  777
  823
  870
  920
  971
  1,024
  1,079
  1,137
  1,196
  1,258
  1,322
  1,388
  1,457
  1,529
Operating income, $m
  5
  51
  109
  175
  249
  331
  422
  521
  628
  743
  865
  1,001
  1,138
  1,282
  1,434
  1,592
  1,758
  1,930
  2,110
  2,297
  2,491
  2,693
  2,903
  3,122
  3,349
  3,586
  3,832
  4,088
  4,355
  4,634
  4,924
EBITDA, $m
  15
  66
  125
  193
  269
  355
  448
  551
  661
  780
  906
  1,040
  1,182
  1,331
  1,487
  1,651
  1,821
  1,999
  2,185
  2,378
  2,578
  2,787
  3,004
  3,229
  3,464
  3,708
  3,962
  4,227
  4,502
  4,789
  5,089
Interest expense (income), $m
  2
  2
  3
  4
  5
  6
  8
  9
  11
  13
  15
  17
  19
  22
  24
  27
  30
  33
  36
  39
  42
  45
  49
  52
  56
  60
  64
  69
  73
  78
  82
Earnings before tax, $m
  3
  50
  106
  171
  244
  325
  414
  512
  617
  730
  850
  984
  1,119
  1,261
  1,410
  1,565
  1,728
  1,897
  2,074
  2,258
  2,449
  2,648
  2,855
  3,069
  3,293
  3,526
  3,768
  4,020
  4,282
  4,556
  4,841
Tax expense, $m
  1
  13
  29
  46
  66
  88
  112
  138
  167
  197
  230
  266
  302
  340
  381
  423
  467
  512
  560
  610
  661
  715
  771
  829
  889
  952
  1,017
  1,085
  1,156
  1,230
  1,307
Net income, $m
  -49
  36
  78
  125
  178
  237
  303
  374
  450
  533
  621
  718
  817
  920
  1,029
  1,143
  1,261
  1,385
  1,514
  1,648
  1,788
  1,933
  2,084
  2,241
  2,404
  2,574
  2,750
  2,934
  3,126
  3,326
  3,534

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  5
  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
  383
  472
  581
  704
  842
  995
  1,162
  1,343
  1,539
  1,749
  1,971
  2,207
  2,456
  2,718
  2,992
  3,279
  3,577
  3,889
  4,213
  4,550
  4,901
  5,265
  5,643
  6,037
  6,445
  6,871
  7,313
  7,773
  8,252
  8,751
  9,271
Adjusted assets (=assets-cash), $m
  378
  472
  581
  704
  842
  995
  1,162
  1,343
  1,539
  1,749
  1,971
  2,207
  2,456
  2,718
  2,992
  3,279
  3,577
  3,889
  4,213
  4,550
  4,901
  5,265
  5,643
  6,037
  6,445
  6,871
  7,313
  7,773
  8,252
  8,751
  9,271
Revenue / Adjusted assets
  0.696
  0.697
  0.695
  0.696
  0.696
  0.695
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
Average production assets, $m
  117
  146
  180
  218
  261
  308
  360
  416
  477
  542
  611
  684
  761
  842
  927
  1,015
  1,108
  1,204
  1,305
  1,409
  1,518
  1,631
  1,748
  1,870
  1,996
  2,128
  2,265
  2,407
  2,556
  2,710
  2,871
Working capital, $m
  101
  164
  202
  245
  293
  346
  404
  467
  536
  608
  686
  768
  855
  946
  1,041
  1,141
  1,245
  1,353
  1,466
  1,583
  1,705
  1,832
  1,964
  2,101
  2,243
  2,391
  2,545
  2,705
  2,872
  3,045
  3,226
Total debt, $m
  48
  66
  92
  122
  155
  192
  232
  276
  323
  373
  427
  484
  544
  607
  673
  742
  814
  889
  967
  1,049
  1,133
  1,221
  1,312
  1,407
  1,505
  1,608
  1,714
  1,825
  1,941
  2,061
  2,186
Total liabilities, $m
  96
  114
  140
  170
  203
  240
  280
  324
  371
  421
  475
  532
  592
  655
  721
  790
  862
  937
  1,015
  1,097
  1,181
  1,269
  1,360
  1,455
  1,553
  1,656
  1,762
  1,873
  1,989
  2,109
  2,234
Total equity, $m
  287
  359
  441
  534
  639
  755
  882
  1,020
  1,168
  1,327
  1,496
  1,675
  1,864
  2,063
  2,271
  2,488
  2,715
  2,952
  3,198
  3,454
  3,720
  3,996
  4,283
  4,582
  4,892
  5,215
  5,550
  5,900
  6,263
  6,642
  7,037
Total liabilities and equity, $m
  383
  473
  581
  704
  842
  995
  1,162
  1,344
  1,539
  1,748
  1,971
  2,207
  2,456
  2,718
  2,992
  3,278
  3,577
  3,889
  4,213
  4,551
  4,901
  5,265
  5,643
  6,037
  6,445
  6,871
  7,312
  7,773
  8,252
  8,751
  9,271
Debt-to-equity ratio
  0.167
  0.180
  0.210
  0.230
  0.240
  0.250
  0.260
  0.270
  0.280
  0.280
  0.290
  0.290
  0.290
  0.290
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
Adjusted equity ratio
  0.746
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -49
  36
  78
  125
  178
  237
  303
  374
  450
  533
  621
  718
  817
  920
  1,029
  1,143
  1,261
  1,385
  1,514
  1,648
  1,788
  1,933
  2,084
  2,241
  2,404
  2,574
  2,750
  2,934
  3,126
  3,326
  3,534
Depreciation, amort., depletion, $m
  10
  14
  16
  18
  21
  23
  26
  30
  33
  37
  41
  39
  44
  48
  53
  58
  64
  69
  75
  81
  87
  94
  100
  107
  115
  122
  130
  138
  147
  156
  165
Funds from operations, $m
  -4
  50
  94
  143
  199
  261
  329
  403
  484
  570
  662
  758
  860
  969
  1,082
  1,201
  1,325
  1,454
  1,589
  1,729
  1,875
  2,027
  2,184
  2,348
  2,519
  2,696
  2,881
  3,073
  3,273
  3,482
  3,699
Change in working capital, $m
  -6
  33
  38
  43
  48
  53
  58
  63
  68
  73
  78
  82
  87
  91
  95
  100
  104
  108
  113
  117
  122
  127
  132
  137
  142
  148
  154
  160
  167
  174
  181
Cash from operations, $m
  2
  25
  56
  100
  151
  208
  271
  340
  415
  497
  584
  675
  774
  878
  987
  1,101
  1,221
  1,346
  1,476
  1,612
  1,753
  1,900
  2,053
  2,211
  2,376
  2,548
  2,727
  2,913
  3,106
  3,308
  3,518
Maintenance CAPEX, $m
  0
  -7
  -8
  -10
  -13
  -15
  -18
  -21
  -24
  -27
  -31
  -35
  -39
  -44
  -48
  -53
  -58
  -64
  -69
  -75
  -81
  -87
  -94
  -100
  -107
  -115
  -122
  -130
  -138
  -147
  -156
New CAPEX, $m
  -14
  -29
  -34
  -38
  -43
  -47
  -52
  -56
  -61
  -65
  -69
  -73
  -77
  -81
  -85
  -89
  -93
  -96
  -100
  -104
  -109
  -113
  -117
  -122
  -127
  -132
  -137
  -143
  -148
  -155
  -161
Cash from investing activities, $m
  -22
  -36
  -42
  -48
  -56
  -62
  -70
  -77
  -85
  -92
  -100
  -108
  -116
  -125
  -133
  -142
  -151
  -160
  -169
  -179
  -190
  -200
  -211
  -222
  -234
  -247
  -259
  -273
  -286
  -302
  -317
Free cash flow, $m
  -20
  -11
  14
  52
  96
  145
  201
  263
  331
  405
  484
  567
  657
  753
  854
  959
  1,070
  1,186
  1,307
  1,432
  1,564
  1,700
  1,842
  1,989
  2,142
  2,302
  2,467
  2,640
  2,820
  3,007
  3,201
Issuance/(repayment) of debt, $m
  -2
  23
  26
  30
  33
  37
  40
  44
  47
  50
  54
  57
  60
  63
  66
  69
  72
  75
  78
  81
  84
  88
  91
  95
  99
  102
  107
  111
  115
  120
  125
Issuance/(repurchase) of shares, $m
  29
  60
  43
  12
  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  
  23
  83
  69
  42
  33
  37
  40
  44
  47
  50
  54
  57
  60
  63
  66
  69
  72
  75
  78
  81
  84
  88
  91
  95
  99
  102
  107
  111
  115
  120
  125
Total cash flow (excl. dividends), $m
  3
  11
  40
  81
  129
  182
  242
  307
  378
  455
  538
  624
  717
  816
  920
  1,028
  1,142
  1,261
  1,385
  1,514
  1,648
  1,788
  1,933
  2,084
  2,241
  2,404
  2,574
  2,751
  2,935
  3,127
  3,327
Retained Cash Flow (-), $m
  7
  -72
  -82
  -93
  -105
  -116
  -127
  -138
  -149
  -159
  -169
  -179
  -189
  -199
  -208
  -217
  -227
  -236
  -246
  -256
  -266
  -276
  -287
  -299
  -310
  -323
  -336
  -349
  -364
  -379
  -395
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
 
  0
  0
  0
  24
  66
  115
  169
  230
  296
  368
  445
  528
  617
  712
  811
  915
  1,024
  1,139
  1,258
  1,382
  1,511
  1,646
  1,785
  1,930
  2,081
  2,238
  2,402
  2,571
  2,748
  2,932
Discount rate, %
 
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
 
  0
  0
  0
  19
  48
  76
  102
  125
  145
  160
  170
  176
  178
  175
  167
  157
  144
  130
  114
  98
  82
  68
  54
  43
  33
  25
  18
  13
  9
  6
Current shareholders' claim on cash, %
  100
  90.6
  85.6
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5

Flotek Industries, Inc. develops and supplies chemistry and services to the oil and gas industries in the United States and internationally. It operates through two segments, Energy Chemistry Technologies and Consumer and Industrial Chemistry Technologies. The Energy Chemistry Technologies segment is involved in the design, development, manufacture, packaging, and marketing of chemistries under the Complex nano-Fluid brand name for use in oil and gas well drilling, cementing, completion, stimulation, and production activities, as well as for use in enhanced and improved oil recovery markets. This segment also constructs and manages automated material handling facilities; and manages loading facilities and blending operations for oilfield service companies. The Consumer and Industrial Chemistry Technologies segment designs, develops, and manufactures citrus oils for food and beverage companies, fragrance companies, and companies providing household and industrial cleaning products. The company also provides reservoir engineering and modeling services for various hydrocarbon applications. It serves pressure pumping service, international supply chain management, and cosmetic companies. Flotek Industries, Inc. is headquartered in Houston, Texas.

FINANCIAL RATIOS  of  Flotek Industries (FTK)

Valuation Ratios
P/E Ratio -11.9
Price to Sales 2.2
Price to Book 2
Price to Tangible Book
Price to Cash Flow 291.7
Price to Free Cash Flow -48.6
Growth Rates
Sales Growth Rate -2.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -12.5%
Cap. Spend. - 3 Yr. Gr. Rate -1.4%
Financial Strength
Quick Ratio 0
Current Ratio 0.8
LT Debt to Equity 2.4%
Total Debt to Equity 16.7%
Interest Coverage 3
Management Effectiveness
Return On Assets -12.1%
Ret/ On Assets - 3 Yr. Avg. -0.5%
Return On Total Capital -14.4%
Ret/ On T. Cap. - 3 Yr. Avg. -0.6%
Return On Equity -16.9%
Return On Equity - 3 Yr. Avg. -0.6%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 34.6%
Gross Margin - 3 Yr. Avg. 37%
EBITDA Margin 5.7%
EBITDA Margin - 3 Yr. Avg. 11.3%
Operating Margin 2.3%
Oper. Margin - 3 Yr. Avg. 8.4%
Pre-Tax Margin 1.1%
Pre-Tax Margin - 3 Yr. Avg. 7.7%
Net Profit Margin -18.6%
Net Profit Margin - 3 Yr. Avg. -2.2%
Effective Tax Rate 33.3%
Eff/ Tax Rate - 3 Yr. Avg. 33.2%
Payout Ratio 0%

FTK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FTK stock intrinsic value calculation we used $263 million for the last fiscal year's total revenue generated by Flotek Industries. The default revenue input number comes from 2016 income statement of Flotek Industries. 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 FTK stock valuation model: a) initial revenue growth rate of 25% 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 5.6%, whose default value for FTK is calculated based on our internal credit rating of Flotek Industries, 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 Flotek Industries.
    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 FTK stock the variable cost ratio is equal to 19%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $211 million in the base year in the intrinsic value calculation for FTK 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 4% for Flotek Industries.

Corporate tax rate of 27% is the nominal tax rate for Flotek Industries. 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 FTK 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 FTK are equal to 44.5%.

Life of production assets of 17.4 years is the average useful life of capital assets used in Flotek Industries 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 FTK 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 - $287 million for Flotek Industries - 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 56.818 million for Flotek Industries 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 Flotek Industries at the current share price and the inputted number of shares is $0.6 billion.


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COMPANY NEWS

▶ Flotek Industries reports 1Q loss   [05:03AM  Associated Press]
▶ 5 Material Stocks Ready To Jump On Earnings   [Apr-28-17 11:24AM  Benzinga]
▶ Wall Streets Forecasts for Halliburton after 1Q17 Earnings   [Apr-27-17 07:38AM  Market Realist]
▶ Where Superior Energy Stands amid the US Rig Count in 1Q17   [Apr-13-17 09:07AM  Market Realist]
▶ Federal Court Dismisses Lawsuit Against Flotek   [Apr-04-17 08:00AM  PR Newswire]
▶ Short Interest: OFS Stocks with the Highest Returns in 1Q17   [Apr-03-17 03:07PM  Market Realist]
▶ The Top OFS Companies and Their Correlations with Crude Oil   [Mar-27-17 10:36AM  Market Realist]
▶ Conference-OGIS New York for Flotek Industries, Inc.   [Mar-08-17 05:56PM  at Company Spotlight]
▶ Houston energy tech co. to divest business segments   [Feb-10-17 02:15PM  at bizjournals.com]
Stock chart of FTK Financial statements of FTK Annual reports of FTK
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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