Intrinsic value of Gulfport Energy - GPOR

Previous Close

$13.65

  Intrinsic Value

$3.03

stock screener

  Rating & Target

str. sell

-78%

  Value-price divergence*

+66%

Previous close

$13.65

 
Intrinsic value

$3.03

 
Up/down potential

-78%

 
Rating

str. sell

 
Value-price divergence*

+66%

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

We calculate the intrinsic value of GPOR 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 2.5

 

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, %
  -45.56
  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
  386
  394
  403
  413
  425
  438
  452
  467
  484
  502
  521
  542
  564
  587
  612
  638
  666
  696
  727
  760
  795
  832
  871
  912
  955
  1,000
  1,048
  1,099
  1,152
  1,208
  1,266
Variable operating expenses, $m
 
  933
  955
  979
  1,007
  1,037
  1,071
  1,107
  1,147
  1,189
  1,235
  1,284
  1,336
  1,391
  1,450
  1,513
  1,579
  1,649
  1,723
  1,802
  1,884
  1,972
  2,064
  2,161
  2,263
  2,371
  2,485
  2,604
  2,730
  2,862
  3,001
Fixed operating expenses, $m
 
  381
  391
  401
  411
  421
  431
  442
  453
  465
  476
  488
  500
  513
  526
  539
  552
  566
  580
  595
  610
  625
  640
  656
  673
  690
  707
  725
  743
  761
  780
Total operating expenses, $m
  1,278
  1,314
  1,346
  1,380
  1,418
  1,458
  1,502
  1,549
  1,600
  1,654
  1,711
  1,772
  1,836
  1,904
  1,976
  2,052
  2,131
  2,215
  2,303
  2,397
  2,494
  2,597
  2,704
  2,817
  2,936
  3,061
  3,192
  3,329
  3,473
  3,623
  3,781
Operating income, $m
  -892
  -921
  -943
  -967
  -993
  -1,020
  -1,050
  -1,082
  -1,116
  -1,152
  -1,190
  -1,230
  -1,272
  -1,317
  -1,364
  -1,413
  -1,465
  -1,519
  -1,576
  -1,636
  -1,699
  -1,765
  -1,834
  -1,906
  -1,981
  -2,060
  -2,143
  -2,230
  -2,321
  -2,416
  -2,515
EBITDA, $m
  -646
  -669
  -685
  -703
  -721
  -741
  -762
  -784
  -807
  -831
  -857
  -884
  -912
  -942
  -973
  -1,006
  -1,039
  -1,075
  -1,112
  -1,151
  -1,191
  -1,233
  -1,277
  -1,323
  -1,371
  -1,421
  -1,474
  -1,528
  -1,585
  -1,644
  -1,706
Interest expense (income), $m
  69
  86
  88
  91
  94
  97
  101
  105
  109
  114
  119
  125
  130
  137
  143
  151
  158
  166
  174
  183
  193
  203
  213
  224
  236
  248
  261
  275
  289
  305
  320
Earnings before tax, $m
  -983
  -1,007
  -1,031
  -1,057
  -1,086
  -1,118
  -1,151
  -1,187
  -1,225
  -1,266
  -1,309
  -1,355
  -1,403
  -1,454
  -1,507
  -1,564
  -1,623
  -1,685
  -1,751
  -1,820
  -1,892
  -1,967
  -2,047
  -2,130
  -2,217
  -2,309
  -2,404
  -2,505
  -2,610
  -2,720
  -2,835
Tax expense, $m
  -3
  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
  -980
  -1,007
  -1,031
  -1,057
  -1,086
  -1,118
  -1,151
  -1,187
  -1,225
  -1,266
  -1,309
  -1,355
  -1,403
  -1,454
  -1,507
  -1,564
  -1,623
  -1,685
  -1,751
  -1,820
  -1,892
  -1,967
  -2,047
  -2,130
  -2,217
  -2,309
  -2,404
  -2,505
  -2,610
  -2,720
  -2,835

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,276
  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
  4,223
  3,005
  3,075
  3,154
  3,242
  3,341
  3,449
  3,566
  3,693
  3,830
  3,977
  4,134
  4,302
  4,481
  4,671
  4,872
  5,086
  5,312
  5,551
  5,803
  6,070
  6,351
  6,648
  6,961
  7,290
  7,637
  8,003
  8,387
  8,792
  9,218
  9,666
Adjusted assets (=assets-cash), $m
  2,947
  3,005
  3,075
  3,154
  3,242
  3,341
  3,449
  3,566
  3,693
  3,830
  3,977
  4,134
  4,302
  4,481
  4,671
  4,872
  5,086
  5,312
  5,551
  5,803
  6,070
  6,351
  6,648
  6,961
  7,290
  7,637
  8,003
  8,387
  8,792
  9,218
  9,666
Revenue / Adjusted assets
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
Average production assets, $m
  2,490
  2,540
  2,598
  2,665
  2,740
  2,823
  2,914
  3,014
  3,121
  3,237
  3,361
  3,494
  3,636
  3,787
  3,947
  4,117
  4,298
  4,489
  4,691
  4,904
  5,129
  5,367
  5,618
  5,882
  6,161
  6,454
  6,763
  7,088
  7,430
  7,790
  8,168
Working capital, $m
  1,219
  -58
  -60
  -61
  -63
  -65
  -67
  -69
  -72
  -74
  -77
  -80
  -83
  -87
  -91
  -94
  -99
  -103
  -108
  -113
  -118
  -123
  -129
  -135
  -141
  -148
  -155
  -163
  -170
  -179
  -187
Total debt, $m
  1,594
  1,635
  1,683
  1,737
  1,799
  1,867
  1,941
  2,023
  2,111
  2,205
  2,307
  2,416
  2,532
  2,656
  2,787
  2,926
  3,074
  3,231
  3,396
  3,571
  3,755
  3,950
  4,155
  4,372
  4,600
  4,840
  5,093
  5,359
  5,639
  5,934
  6,244
Total liabilities, $m
  2,039
  2,080
  2,128
  2,182
  2,244
  2,312
  2,386
  2,468
  2,556
  2,650
  2,752
  2,861
  2,977
  3,101
  3,232
  3,371
  3,519
  3,676
  3,841
  4,016
  4,200
  4,395
  4,600
  4,817
  5,045
  5,285
  5,538
  5,804
  6,084
  6,379
  6,689
Total equity, $m
  2,184
  926
  947
  971
  999
  1,029
  1,062
  1,098
  1,137
  1,180
  1,225
  1,273
  1,325
  1,380
  1,439
  1,501
  1,566
  1,636
  1,710
  1,787
  1,869
  1,956
  2,048
  2,144
  2,245
  2,352
  2,465
  2,583
  2,708
  2,839
  2,977
Total liabilities and equity, $m
  4,223
  3,006
  3,075
  3,153
  3,243
  3,341
  3,448
  3,566
  3,693
  3,830
  3,977
  4,134
  4,302
  4,481
  4,671
  4,872
  5,085
  5,312
  5,551
  5,803
  6,069
  6,351
  6,648
  6,961
  7,290
  7,637
  8,003
  8,387
  8,792
  9,218
  9,666
Debt-to-equity ratio
  0.730
  1.770
  1.780
  1.790
  1.800
  1.810
  1.830
  1.840
  1.860
  1.870
  1.880
  1.900
  1.910
  1.920
  1.940
  1.950
  1.960
  1.970
  1.990
  2.000
  2.010
  2.020
  2.030
  2.040
  2.050
  2.060
  2.070
  2.070
  2.080
  2.090
  2.100
Adjusted equity ratio
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -980
  -1,007
  -1,031
  -1,057
  -1,086
  -1,118
  -1,151
  -1,187
  -1,225
  -1,266
  -1,309
  -1,355
  -1,403
  -1,454
  -1,507
  -1,564
  -1,623
  -1,685
  -1,751
  -1,820
  -1,892
  -1,967
  -2,047
  -2,130
  -2,217
  -2,309
  -2,404
  -2,505
  -2,610
  -2,720
  -2,835
Depreciation, amort., depletion, $m
  246
  251
  257
  264
  271
  280
  289
  298
  309
  320
  333
  346
  360
  375
  391
  408
  426
  444
  464
  486
  508
  531
  556
  582
  610
  639
  670
  702
  736
  771
  809
Funds from operations, $m
  309
  -755
  -774
  -794
  -815
  -838
  -863
  -889
  -916
  -945
  -976
  -1,009
  -1,043
  -1,079
  -1,116
  -1,156
  -1,197
  -1,241
  -1,286
  -1,334
  -1,384
  -1,436
  -1,491
  -1,548
  -1,607
  -1,670
  -1,735
  -1,803
  -1,874
  -1,949
  -2,027
Change in working capital, $m
  -29
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
Cash from operations, $m
  338
  -754
  -772
  -792
  -813
  -836
  -860
  -886
  -914
  -943
  -973
  -1,006
  -1,040
  -1,075
  -1,113
  -1,152
  -1,193
  -1,237
  -1,282
  -1,329
  -1,379
  -1,431
  -1,485
  -1,542
  -1,601
  -1,663
  -1,728
  -1,796
  -1,866
  -1,941
  -2,018
Maintenance CAPEX, $m
  0
  -247
  -251
  -257
  -264
  -271
  -280
  -289
  -298
  -309
  -320
  -333
  -346
  -360
  -375
  -391
  -408
  -426
  -444
  -464
  -486
  -508
  -531
  -556
  -582
  -610
  -639
  -670
  -702
  -736
  -771
New CAPEX, $m
  -758
  -50
  -58
  -67
  -75
  -83
  -91
  -99
  -107
  -116
  -124
  -133
  -142
  -151
  -160
  -170
  -180
  -191
  -202
  -213
  -225
  -238
  -251
  -264
  -278
  -293
  -309
  -325
  -342
  -360
  -378
Cash from investing activities, $m
  -906
  -297
  -309
  -324
  -339
  -354
  -371
  -388
  -405
  -425
  -444
  -466
  -488
  -511
  -535
  -561
  -588
  -617
  -646
  -677
  -711
  -746
  -782
  -820
  -860
  -903
  -948
  -995
  -1,044
  -1,096
  -1,149
Free cash flow, $m
  -568
  -1,051
  -1,082
  -1,116
  -1,152
  -1,191
  -1,231
  -1,274
  -1,320
  -1,368
  -1,418
  -1,471
  -1,527
  -1,586
  -1,648
  -1,713
  -1,781
  -1,853
  -1,928
  -2,007
  -2,090
  -2,176
  -2,267
  -2,362
  -2,462
  -2,566
  -2,676
  -2,790
  -2,910
  -3,036
  -3,168
Issuance/(repayment) of debt, $m
  645
  41
  48
  55
  61
  68
  75
  81
  88
  95
  102
  109
  116
  124
  131
  139
  148
  156
  165
  175
  185
  195
  205
  216
  228
  240
  253
  266
  280
  295
  310
Issuance/(repurchase) of shares, $m
  1,111
  1,024
  1,052
  1,082
  1,114
  1,148
  1,184
  1,223
  1,264
  1,308
  1,354
  1,403
  1,455
  1,509
  1,566
  1,626
  1,689
  1,755
  1,824
  1,897
  1,974
  2,054
  2,138
  2,226
  2,319
  2,416
  2,517
  2,623
  2,735
  2,851
  2,973
Cash from financing (excl. dividends), $m  
  1,731
  1,065
  1,100
  1,137
  1,175
  1,216
  1,259
  1,304
  1,352
  1,403
  1,456
  1,512
  1,571
  1,633
  1,697
  1,765
  1,837
  1,911
  1,989
  2,072
  2,159
  2,249
  2,343
  2,442
  2,547
  2,656
  2,770
  2,889
  3,015
  3,146
  3,283
Total cash flow (excl. dividends), $m
  1,163
  15
  18
  20
  23
  25
  28
  30
  33
  35
  38
  41
  43
  46
  49
  52
  55
  58
  62
  65
  69
  73
  77
  81
  85
  90
  94
  99
  104
  110
  116
Retained Cash Flow (-), $m
  -145
  -1,024
  -1,052
  -1,082
  -1,114
  -1,148
  -1,184
  -1,223
  -1,264
  -1,308
  -1,354
  -1,403
  -1,455
  -1,509
  -1,566
  -1,626
  -1,689
  -1,755
  -1,824
  -1,897
  -1,974
  -2,054
  -2,138
  -2,226
  -2,319
  -2,416
  -2,517
  -2,623
  -2,735
  -2,851
  -2,973
Prev. year cash balance distribution, $m
 
  1,276
  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
 
  266
  -1,034
  -1,061
  -1,091
  -1,122
  -1,157
  -1,193
  -1,232
  -1,273
  -1,316
  -1,363
  -1,411
  -1,463
  -1,517
  -1,574
  -1,634
  -1,697
  -1,763
  -1,832
  -1,905
  -1,981
  -2,062
  -2,146
  -2,234
  -2,326
  -2,423
  -2,524
  -2,630
  -2,741
  -2,858
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
 
  255
  -947
  -924
  -898
  -870
  -839
  -806
  -770
  -731
  -690
  -647
  -602
  -556
  -509
  -462
  -415
  -369
  -325
  -282
  -242
  -205
  -171
  -141
  -114
  -90
  -71
  -54
  -41
  -30
  -22
Current shareholders' claim on cash, %
  100
  49.9
  24.8
  12.3
  6.1
  3.0
  1.5
  0.7
  0.4
  0.2
  0.1
  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
  0.0
  0.0
  0.0
  0.0
  0.0

Gulfport Energy Corporation is an oil and natural gas exploration and production company. The Company focuses on the exploitation and acquisition of natural gas, natural gas liquids and crude oil in the United States. The Company's properties are located in the Utica Shale in Eastern Ohio and along the Louisiana Gulf Coast in the West Cote Blanche Bay (WCBB) and Hackberry fields. The Company also has an interest in producing properties in Northwestern Colorado in the Niobrara Formation and in Western North Dakota in the Bakken Formation. The Company also holds an acreage position in the Alberta oil sands in Canada through its interest in Grizzly Oil Sands ULC and an interest in an entity that operates in the Phu Horm gas field in Thailand. The Company also owns interests in various fields, which includes Deer Island, Fay South, Crest, Squaw Cheek, Green River Basin and Watonga Chickasha Trend.

FINANCIAL RATIOS  of  Gulfport Energy (GPOR)

Valuation Ratios
P/E Ratio -2.2
Price to Sales 5.6
Price to Book 1
Price to Tangible Book
Price to Cash Flow 6.4
Price to Free Cash Flow -5.2
Growth Rates
Sales Growth Rate -45.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -52.4%
Cap. Spend. - 3 Yr. Gr. Rate -1.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0.5
LT Debt to Equity 73%
Total Debt to Equity 73%
Interest Coverage -13
Management Effectiveness
Return On Assets -24.1%
Ret/ On Assets - 3 Yr. Avg. -16.5%
Return On Total Capital -29%
Ret/ On T. Cap. - 3 Yr. Avg. -20.2%
Return On Equity -46.4%
Return On Equity - 3 Yr. Avg. -30.5%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 78.8%
Gross Margin - 3 Yr. Avg. 85.2%
EBITDA Margin -173.1%
EBITDA Margin - 3 Yr. Avg. -74.1%
Operating Margin -231.1%
Oper. Margin - 3 Yr. Avg. -129.9%
Pre-Tax Margin -254.7%
Pre-Tax Margin - 3 Yr. Avg. -134.6%
Net Profit Margin -253.9%
Net Profit Margin - 3 Yr. Avg. -130%
Effective Tax Rate 0.3%
Eff/ Tax Rate - 3 Yr. Avg. 18.7%
Payout Ratio 0%

GPOR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GPOR stock intrinsic value calculation we used $386 million for the last fiscal year's total revenue generated by Gulfport Energy. The default revenue input number comes from 2016 income statement of Gulfport Energy. 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 GPOR 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 4.3%, whose default value for GPOR is calculated based on our internal credit rating of Gulfport Energy, 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 Gulfport Energy.
    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 GPOR stock the variable cost ratio is equal to 237%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $372 million in the base year in the intrinsic value calculation for GPOR 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 Gulfport Energy.

Corporate tax rate of 27% is the nominal tax rate for Gulfport Energy. 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 GPOR 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 GPOR are equal to 645.1%.

Life of production assets of 10.1 years is the average useful life of capital assets used in Gulfport Energy 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 GPOR is equal to -14.8%. 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 - $2184 million for Gulfport Energy - 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 180 million for Gulfport Energy 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 Gulfport Energy at the current share price and the inputted number of shares is $2.5 billion.

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Financial statements of GPOR
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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