Intrinsic value of Goodrich Petroleum - GDP

Previous Close

$12.09

  Intrinsic Value

$1,181

stock screener

  Rating & Target

str. buy

+999%

Previous close

$12.09

 
Intrinsic value

$1,181

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of GDP 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
(a)
   1
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -100.00
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  0
  74
  114
  170
  247
  348
  479
  642
  844
  1,085
  1,371
  1,702
  2,081
  2,509
  2,985
  3,510
  4,083
  4,703
  5,369
  6,081
  6,837
  7,636
  8,477
  9,360
  10,285
  11,250
  12,257
  13,305
  14,396
  15,530
  16,709
Variable operating expenses, $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
Fixed operating expenses, $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
Total operating expenses, $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
  0
Operating income, $m
  0
  74
  114
  170
  247
  348
  479
  642
  844
  1,085
  1,371
  1,702
  2,081
  2,509
  2,985
  3,510
  4,083
  4,703
  5,369
  6,081
  6,837
  7,636
  8,477
  9,360
  10,285
  11,250
  12,257
  13,305
  14,396
  15,530
  16,709
EBITDA, $m
  0
  82
  127
  191
  277
  390
  536
  720
  945
  1,216
  1,536
  1,908
  2,333
  2,812
  3,345
  3,933
  4,575
  5,270
  6,017
  6,815
  7,662
  8,558
  9,500
  10,490
  11,526
  12,608
  13,736
  14,911
  16,133
  17,404
  18,726
Interest expense (income), $m
  0
  3
  6
  11
  17
  26
  37
  52
  70
  93
  120
  152
  189
  232
  279
  333
  392
  456
  526
  601
  681
  765
  855
  950
  1,049
  1,153
  1,261
  1,374
  1,492
  1,614
  1,741
Earnings before tax, $m
  0
  71
  108
  159
  230
  323
  442
  591
  774
  993
  1,251
  1,551
  1,892
  2,277
  2,705
  3,177
  3,691
  4,247
  4,843
  5,480
  6,156
  6,870
  7,622
  8,411
  9,236
  10,097
  10,996
  11,931
  12,904
  13,916
  14,967
Tax expense, $m
  0
  19
  29
  43
  62
  87
  119
  160
  209
  268
  338
  419
  511
  615
  730
  858
  996
  1,147
  1,308
  1,480
  1,662
  1,855
  2,058
  2,271
  2,494
  2,726
  2,969
  3,221
  3,484
  3,757
  4,041
Net income, $m
  0
  52
  79
  116
  168
  235
  322
  431
  565
  725
  913
  1,132
  1,381
  1,662
  1,975
  2,319
  2,694
  3,100
  3,536
  4,001
  4,494
  5,015
  5,564
  6,140
  6,742
  7,371
  8,027
  8,710
  9,420
  10,159
  10,926

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
  0
Total assets, $m
  0
  243
  375
  561
  814
  1,149
  1,579
  2,120
  2,784
  3,582
  4,525
  5,618
  6,869
  8,280
  9,851
  11,583
  13,474
  15,521
  17,721
  20,069
  22,564
  25,201
  27,978
  30,892
  33,942
  37,129
  40,451
  43,911
  47,511
  51,254
  55,144
Adjusted assets (=assets-cash), $m
  0
  243
  375
  561
  814
  1,149
  1,579
  2,120
  2,784
  3,582
  4,525
  5,618
  6,869
  8,280
  9,851
  11,583
  13,474
  15,521
  17,721
  20,069
  22,564
  25,201
  27,978
  30,892
  33,942
  37,129
  40,451
  43,911
  47,511
  51,254
  55,144
Revenue / Adjusted assets
  0.000
  0.305
  0.304
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
Average production assets, $m
  0
  89
  137
  205
  298
  420
  578
  775
  1,018
  1,310
  1,655
  2,055
  2,512
  3,028
  3,603
  4,236
  4,928
  5,676
  6,481
  7,340
  8,252
  9,217
  10,232
  11,298
  12,413
  13,579
  14,794
  16,059
  17,376
  18,745
  20,167
Working capital, $m
  0
  -23
  -36
  -54
  -78
  -111
  -152
  -204
  -268
  -345
  -436
  -541
  -662
  -798
  -949
  -1,116
  -1,298
  -1,495
  -1,707
  -1,934
  -2,174
  -2,428
  -2,696
  -2,977
  -3,270
  -3,577
  -3,898
  -4,231
  -4,578
  -4,939
  -5,313
Total debt, $m
  0
  113
  196
  313
  473
  683
  955
  1,295
  1,713
  2,216
  2,810
  3,499
  4,287
  5,176
  6,166
  7,257
  8,448
  9,738
  11,124
  12,603
  14,175
  15,836
  17,586
  19,421
  21,343
  23,351
  25,444
  27,624
  29,891
  32,250
  34,701
Total liabilities, $m
  0
  153
  236
  354
  513
  724
  995
  1,336
  1,754
  2,257
  2,850
  3,540
  4,328
  5,216
  6,206
  7,297
  8,489
  9,778
  11,164
  12,644
  14,215
  15,877
  17,626
  19,462
  21,384
  23,391
  25,484
  27,664
  29,932
  32,290
  34,741
Total equity, $m
  0
  90
  139
  208
  301
  425
  584
  784
  1,030
  1,325
  1,674
  2,079
  2,542
  3,063
  3,645
  4,286
  4,985
  5,743
  6,557
  7,426
  8,349
  9,324
  10,352
  11,430
  12,559
  13,738
  14,967
  16,247
  17,579
  18,964
  20,403
Total liabilities and equity, $m
  0
  243
  375
  562
  814
  1,149
  1,579
  2,120
  2,784
  3,582
  4,524
  5,619
  6,870
  8,279
  9,851
  11,583
  13,474
  15,521
  17,721
  20,070
  22,564
  25,201
  27,978
  30,892
  33,943
  37,129
  40,451
  43,911
  47,511
  51,254
  55,144
Debt-to-equity ratio
  0.000
  1.250
  1.410
  1.510
  1.570
  1.610
  1.630
  1.650
  1.660
  1.670
  1.680
  1.680
  1.690
  1.690
  1.690
  1.690
  1.690
  1.700
  1.700
  1.700
  1.700
  1.700
  1.700
  1.700
  1.700
  1.700
  1.700
  1.700
  1.700
  1.700
  1.700
Adjusted equity ratio
  0.000
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  0
  52
  79
  116
  168
  235
  322
  431
  565
  725
  913
  1,132
  1,381
  1,662
  1,975
  2,319
  2,694
  3,100
  3,536
  4,001
  4,494
  5,015
  5,564
  6,140
  6,742
  7,371
  8,027
  8,710
  9,420
  10,159
  10,926
Depreciation, amort., depletion, $m
  0
  9
  14
  21
  30
  42
  58
  78
  102
  131
  165
  205
  251
  303
  360
  424
  493
  568
  648
  734
  825
  922
  1,023
  1,130
  1,241
  1,358
  1,479
  1,606
  1,738
  1,874
  2,017
Funds from operations, $m
  0
  60
  92
  137
  198
  278
  380
  509
  667
  856
  1,079
  1,337
  1,633
  1,965
  2,335
  2,743
  3,187
  3,668
  4,184
  4,735
  5,319
  5,937
  6,587
  7,270
  7,983
  8,729
  9,506
  10,316
  11,158
  12,033
  12,943
Change in working capital, $m
  0
  -9
  -13
  -18
  -24
  -32
  -41
  -52
  -64
  -77
  -91
  -105
  -121
  -136
  -151
  -167
  -182
  -197
  -212
  -226
  -240
  -254
  -268
  -281
  -294
  -307
  -320
  -333
  -347
  -361
  -375
Cash from operations, $m
  0
  69
  105
  155
  222
  310
  422
  561
  730
  933
  1,170
  1,443
  1,753
  2,101
  2,487
  2,910
  3,369
  3,865
  4,396
  4,961
  5,560
  6,191
  6,855
  7,550
  8,277
  9,036
  9,826
  10,649
  11,504
  12,394
  13,318
Maintenance CAPEX, $m
  0
  -6
  -9
  -14
  -21
  -30
  -42
  -58
  -78
  -102
  -131
  -165
  -205
  -251
  -303
  -360
  -424
  -493
  -568
  -648
  -734
  -825
  -922
  -1,023
  -1,130
  -1,241
  -1,358
  -1,479
  -1,606
  -1,738
  -1,874
New CAPEX, $m
  0
  -33
  -48
  -68
  -93
  -122
  -157
  -198
  -243
  -292
  -345
  -400
  -457
  -516
  -575
  -633
  -692
  -749
  -804
  -859
  -912
  -964
  -1,015
  -1,066
  -1,116
  -1,165
  -1,215
  -1,265
  -1,317
  -1,369
  -1,423
Cash from investing activities, $m
  0
  -39
  -57
  -82
  -114
  -152
  -199
  -256
  -321
  -394
  -476
  -565
  -662
  -767
  -878
  -993
  -1,116
  -1,242
  -1,372
  -1,507
  -1,646
  -1,789
  -1,937
  -2,089
  -2,246
  -2,406
  -2,573
  -2,744
  -2,923
  -3,107
  -3,297
Free cash flow, $m
  0
  31
  48
  73
  109
  158
  222
  305
  410
  539
  694
  877
  1,090
  1,334
  1,609
  1,916
  2,254
  2,624
  3,024
  3,454
  3,913
  4,402
  4,918
  5,461
  6,032
  6,629
  7,253
  7,904
  8,582
  9,287
  10,020
Issuance/(repayment) of debt, $m
  0
  57
  83
  117
  159
  211
  271
  341
  418
  503
  594
  689
  788
  889
  990
  1,091
  1,191
  1,290
  1,386
  1,480
  1,572
  1,661
  1,749
  1,836
  1,922
  2,007
  2,093
  2,180
  2,268
  2,358
  2,451
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  0
  57
  83
  117
  159
  211
  271
  341
  418
  503
  594
  689
  788
  889
  990
  1,091
  1,191
  1,290
  1,386
  1,480
  1,572
  1,661
  1,749
  1,836
  1,922
  2,007
  2,093
  2,180
  2,268
  2,358
  2,451
Total cash flow (excl. dividends), $m
  0
  87
  131
  190
  268
  368
  493
  646
  828
  1,042
  1,288
  1,566
  1,878
  2,223
  2,599
  3,007
  3,445
  3,913
  4,409
  4,934
  5,485
  6,063
  6,667
  7,297
  7,954
  8,637
  9,347
  10,084
  10,850
  11,645
  12,471
Retained Cash Flow (-), $m
  0
  -34
  -49
  -69
  -94
  -124
  -159
  -200
  -246
  -295
  -349
  -405
  -463
  -522
  -581
  -641
  -700
  -757
  -814
  -869
  -923
  -976
  -1,027
  -1,078
  -1,129
  -1,179
  -1,229
  -1,280
  -1,332
  -1,385
  -1,439
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
 
  7
  11
  17
  25
  37
  52
  71
  96
  126
  162
  204
  254
  310
  374
  445
  523
  608
  701
  800
  906
  1,019
  1,138
  1,263
  1,395
  1,532
  1,676
  1,826
  1,982
  2,145
  2,314
Cash available for distribution, $m
 
  54
  82
  121
  175
  245
  334
  446
  583
  747
  939
  1,162
  1,415
  1,701
  2,018
  2,366
  2,746
  3,156
  3,596
  4,065
  4,562
  5,087
  5,640
  6,219
  6,825
  7,458
  8,117
  8,804
  9,518
  10,260
  11,032
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  51
  75
  106
  144
  190
  242
  301
  364
  429
  492
  552
  604
  647
  677
  695
  698
  687
  662
  626
  580
  526
  468
  408
  348
  290
  237
  189
  147
  112
  83
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

FINANCIAL RATIOS  of  Goodrich Petroleum (GDP)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

GDP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GDP stock intrinsic value calculation we used $46 million for the last fiscal year's total revenue generated by Goodrich Petroleum. The default revenue input number comes from income statement of Goodrich Petroleum. 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 GDP stock valuation model: a) initial revenue growth rate of 60% 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 4.3%, whose default value for GDP is calculated based on our internal credit rating of Goodrich Petroleum, 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 Goodrich Petroleum.
    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 GDP stock the variable cost ratio is equal to 0%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for GDP 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 5.4% for Goodrich Petroleum.

Corporate tax rate of 27% is the nominal tax rate for Goodrich Petroleum. 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 GDP stock is equal to 14.9%.

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 GDP are equal to 120.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Goodrich Petroleum 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 GDP is equal to -31.8%. 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 - $56 million for Goodrich Petroleum - 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 10 million for Goodrich Petroleum 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 Goodrich Petroleum at the current share price and the inputted number of shares is $0.1 billion.

COMPANY NEWS

▶ Stocks mixed, GDPR rules go into effect   [May-25-18 11:42AM  Yahoo Finance]
▶ Goodrich Petroleum To Present At Upcoming Events   [Mar-05-18 06:00PM  PR Newswire]
▶ Top Cheap Stocks in February   [Feb-12-18 09:02AM  Simply Wall St.]
▶ Goodrich Petroleum To Present At Upcoming Events   [Jan-23-18 04:05PM  PR Newswire]
▶ EnerCom Dallas Announces 2018 Conference Presenters   [Jan-18-18 05:44PM  PR Newswire]
▶ Indias Crude Oil Imports Hit a Record in 2017   [08:53AM  Market Realist]
▶ Will Crude Oil Futures Rise or Fall This Week?   [Jan-16-18 08:59AM  Market Realist]
▶ Crude Oil Futures: Next Important Resistance Level   [Jan-09-18 11:15AM  Market Realist]
▶ US Distillate Inventories Rose for the Sixth Time in 7 Weeks   [Jan-05-18 08:17AM  Market Realist]
▶ Russias Crude Oil Production Reached a 30-Year High   [Jan-04-18 10:50AM  Market Realist]
▶ Will the US Dollar Help Crude Oil Bulls or Bears in 2018?   [Jan-02-18 10:56AM  Market Realist]
▶ Why Oil Traders Are Tracking US Gasoline Inventories   [Dec-29-17 03:47PM  Market Realist]
▶ Will Crude Oil Prices Hit a 3-Year High?   [Dec-27-17 07:31AM  Market Realist]
▶ [$$] Franklin Resources: 4 Stocks It's Selling, 1 Buy   [Dec-22-17 07:53AM  Barrons.com]
▶ Crude Oil Prices: Which Factor Could Change the Trend?   [Dec-21-17 09:13AM  Market Realist]
▶ Libyas Crude Oil Production Is near a 4-Year High   [Dec-20-17 08:25AM  Market Realist]
▶ Will US Crude Oil Futures Be Range Bound This Week?   [Dec-18-17 12:10PM  Market Realist]
▶ US Crude Oil Inventories Have Fallen 8.3% in 2017   [Dec-14-17 12:58PM  Market Realist]
▶ Goodrich Petroleum To Present At Upcoming Events   [Nov-29-17 06:00AM  PR Newswire]
▶ Network-1 Technologies And Other Top Undervalued Stocks   [Nov-24-17 08:02AM  Simply Wall St.]
▶ US Crude Oil Production: Bearish Driver for Oil Prices   [Nov-16-17 10:25AM  Market Realist]
▶ Cushing Inventories: Analyzing Crude Oil Futures Rally   [Nov-14-17 12:15PM  Market Realist]
▶ US Gasoline Inventories Hit 3-Year Low   [Nov-09-17 08:23AM  Market Realist]
▶ Cushing Inventories: Bears Could Outcast the Bulls   [Nov-07-17 10:26AM  Market Realist]
▶ Libyas Crude Oil Production: Time to Sell Oil Futures?   [Oct-24-17 11:06AM  Market Realist]
▶ Cushing Inventories Rose for the Ninth Time in 10 Weeks   [Oct-17-17 04:34PM  Market Realist]
▶ Will Crude Oil Prices Outperform in 4Q17?   [Oct-10-17 12:14PM  Market Realist]
▶ President Trump Could Limit the Upside for Crude Oil Futures   [Oct-02-17 11:09AM  Market Realist]
▶ Goodrich Petroleum To Present At Upcoming Events   [Sep-26-17 04:05PM  PR Newswire]
▶ Inventories Are 25% above 5-Year Average   [Sep-21-17 11:36AM  Market Realist]
▶ Global Crude Oil Supply Outages Have Risen   [Sep-20-17 10:06AM  Market Realist]
▶ Goodrich Petroleum To Present At Upcoming Events   [Sep-11-17 04:05PM  PR Newswire]
▶ Pre-Hurricane Harvey, US Crude Oil Demand Hit a Record High   [Sep-01-17 05:10PM  Market Realist]
▶ Why Hedge Funds May Be Turning Bearish on US Crude   [Aug-31-17 07:39AM  Market Realist]
▶ Will US Crude Oil Futures Rise above Key Moving Averages?   [Aug-29-17 03:36PM  Market Realist]
▶ Will Global Oil Consumption Beat Production?   [Aug-14-17 02:47PM  Market Realist]
▶ Goodrich Petroleum To Present At Upcoming Conferences   [Aug-11-17 07:55AM  PR Newswire]
▶ LD Micro Index Reconstitution as of August 1, 2017   [Aug-01-17 09:40AM  ACCESSWIRE]
▶ US Crude Oil Inventories Fell below the 5-Year Average   [Jul-27-17 10:49AM  Market Realist]
▶ Will US Crude Oil Inventories Extend Oils Gains?   [Jul-26-17 10:06AM  Market Realist]
▶ Key Support and Resistance Level for US Crude Oil Futures   [Jul-10-17 01:21PM  Market Realist]
▶ Massive Fall in US Crude Oil Inventories Supports Oil Prices   [Jul-07-17 12:36PM  Market Realist]
▶ OPECs Crude Oil Production Hit a 2017 High   [Jul-03-17 12:35PM  Market Realist]
▶ Will API and US Crude Oil Inventories Drive Prices Higher?   [Jun-28-17 11:17AM  Market Realist]
▶ Will the US Crude Oil Rig Count Pressure Oil Prices?   [Jun-19-17 01:37PM  Market Realist]
▶ Crude Oil Futures Could Surprise Traders This Week   [Jun-12-17 11:13AM  Market Realist]
▶ Will US Crude Oil Inventories Fall for the Ninth Week?   [Jun-07-17 10:55AM  Market Realist]
▶ Russia Could Leave OPECs Production Cut Deal   [Jun-06-17 01:05PM  Market Realist]
▶ Asias Crude Oil Imports and Demand Could Drive Oil Prices   [Jun-01-17 11:05AM  Market Realist]
Financial statements of GDP
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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