Intrinsic value of ION Geophysical - IO

Previous Close

$5.30

  Intrinsic Value

$223.00

stock screener

  Rating & Target

str. buy

+999%

  Value-price divergence*

-40%

Previous close

$5.30

 
Intrinsic value

$223.00

 
Up/down potential

+999%

 
Rating

str. buy

 
Value-price divergence*

-40%

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

We calculate the intrinsic value of IO 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 0.1

 

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, %
  -22.07
  43.50
  39.65
  36.19
  33.07
  30.26
  27.73
  25.46
  23.41
  21.57
  19.92
  18.42
  17.08
  15.87
  14.79
  13.81
  12.93
  12.13
  11.42
  10.78
  10.20
  9.68
  9.21
  8.79
  8.41
  8.07
  7.76
  7.49
  7.24
  7.01
  6.81
Revenue, $m
  173
  248
  347
  472
  628
  818
  1,045
  1,311
  1,619
  1,968
  2,360
  2,794
  3,272
  3,791
  4,352
  4,952
  5,593
  6,271
  6,987
  7,741
  8,530
  9,356
  10,218
  11,116
  12,051
  13,024
  14,035
  15,086
  16,178
  17,313
  18,492
Variable operating expenses, $m
 
  48
  66
  89
  118
  153
  195
  244
  300
  365
  437
  515
  603
  699
  802
  913
  1,031
  1,156
  1,288
  1,426
  1,572
  1,724
  1,883
  2,049
  2,221
  2,400
  2,586
  2,780
  2,981
  3,190
  3,408
Fixed operating expenses, $m
 
  185
  189
  194
  199
  204
  209
  214
  219
  225
  230
  236
  242
  248
  254
  261
  267
  274
  281
  288
  295
  302
  310
  318
  326
  334
  342
  351
  359
  368
  378
Total operating expenses, $m
  217
  233
  255
  283
  317
  357
  404
  458
  519
  590
  667
  751
  845
  947
  1,056
  1,174
  1,298
  1,430
  1,569
  1,714
  1,867
  2,026
  2,193
  2,367
  2,547
  2,734
  2,928
  3,131
  3,340
  3,558
  3,786
Operating income, $m
  -44
  16
  91
  189
  312
  462
  642
  854
  1,099
  1,378
  1,692
  2,043
  2,427
  2,844
  3,295
  3,779
  4,295
  4,842
  5,419
  6,026
  6,663
  7,329
  8,025
  8,750
  9,505
  10,290
  11,107
  11,955
  12,837
  13,754
  14,707
EBITDA, $m
  11
  46
  132
  244
  384
  555
  761
  1,002
  1,282
  1,600
  1,958
  2,355
  2,792
  3,267
  3,781
  4,332
  4,919
  5,541
  6,199
  6,890
  7,615
  8,374
  9,165
  9,991
  10,850
  11,744
  12,673
  13,639
  14,643
  15,686
  16,771
Interest expense (income), $m
  16
  14
  24
  37
  54
  75
  100
  131
  166
  208
  254
  307
  365
  429
  499
  574
  655
  740
  831
  927
  1,028
  1,134
  1,245
  1,360
  1,481
  1,606
  1,737
  1,872
  2,013
  2,160
  2,312
Earnings before tax, $m
  -60
  2
  68
  152
  258
  387
  542
  723
  932
  1,171
  1,438
  1,736
  2,062
  2,415
  2,796
  3,205
  3,640
  4,101
  4,588
  5,099
  5,635
  6,195
  6,780
  7,389
  8,024
  8,684
  9,370
  10,083
  10,824
  11,594
  12,395
Tax expense, $m
  5
  1
  18
  41
  70
  104
  146
  195
  252
  316
  388
  469
  557
  652
  755
  865
  983
  1,107
  1,239
  1,377
  1,521
  1,673
  1,831
  1,995
  2,166
  2,345
  2,530
  2,722
  2,923
  3,130
  3,347
Net income, $m
  -65
  2
  49
  111
  188
  282
  395
  528
  681
  855
  1,050
  1,268
  1,505
  1,763
  2,041
  2,340
  2,657
  2,994
  3,349
  3,722
  4,113
  4,523
  4,949
  5,394
  5,857
  6,339
  6,840
  7,361
  7,902
  8,464
  9,049

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  53
  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
  313
  430
  601
  818
  1,089
  1,418
  1,812
  2,273
  2,805
  3,410
  4,089
  4,843
  5,670
  6,570
  7,542
  8,583
  9,692
  10,869
  12,110
  13,415
  14,784
  16,215
  17,709
  19,265
  20,886
  22,572
  24,324
  26,145
  28,038
  30,005
  32,049
Adjusted assets (=assets-cash), $m
  260
  430
  601
  818
  1,089
  1,418
  1,812
  2,273
  2,805
  3,410
  4,089
  4,843
  5,670
  6,570
  7,542
  8,583
  9,692
  10,869
  12,110
  13,415
  14,784
  16,215
  17,709
  19,265
  20,886
  22,572
  24,324
  26,145
  28,038
  30,005
  32,049
Revenue / Adjusted assets
  0.665
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
Average production assets, $m
  193
  277
  387
  527
  701
  913
  1,167
  1,464
  1,806
  2,196
  2,633
  3,118
  3,651
  4,231
  4,856
  5,527
  6,241
  6,999
  7,798
  8,638
  9,520
  10,441
  11,403
  12,406
  13,449
  14,535
  15,663
  16,836
  18,055
  19,321
  20,638
Working capital, $m
  17
  -25
  -35
  -47
  -63
  -82
  -105
  -131
  -162
  -197
  -236
  -279
  -327
  -379
  -435
  -495
  -559
  -627
  -699
  -774
  -853
  -936
  -1,022
  -1,112
  -1,205
  -1,302
  -1,404
  -1,509
  -1,618
  -1,731
  -1,849
Total debt, $m
  159
  253
  393
  572
  795
  1,066
  1,390
  1,770
  2,208
  2,706
  3,265
  3,885
  4,566
  5,306
  6,106
  6,963
  7,876
  8,844
  9,865
  10,940
  12,066
  13,244
  14,473
  15,754
  17,088
  18,476
  19,918
  21,417
  22,974
  24,593
  26,276
Total liabilities, $m
  260
  354
  494
  673
  896
  1,167
  1,491
  1,871
  2,309
  2,807
  3,366
  3,986
  4,667
  5,407
  6,207
  7,064
  7,977
  8,945
  9,966
  11,041
  12,167
  13,345
  14,574
  15,855
  17,189
  18,577
  20,019
  21,518
  23,075
  24,694
  26,377
Total equity, $m
  53
  76
  106
  145
  193
  251
  321
  402
  497
  604
  724
  857
  1,004
  1,163
  1,335
  1,519
  1,716
  1,924
  2,143
  2,374
  2,617
  2,870
  3,134
  3,410
  3,697
  3,995
  4,305
  4,628
  4,963
  5,311
  5,673
Total liabilities and equity, $m
  313
  430
  600
  818
  1,089
  1,418
  1,812
  2,273
  2,806
  3,411
  4,090
  4,843
  5,671
  6,570
  7,542
  8,583
  9,693
  10,869
  12,109
  13,415
  14,784
  16,215
  17,708
  19,265
  20,886
  22,572
  24,324
  26,146
  28,038
  30,005
  32,050
Debt-to-equity ratio
  3.000
  3.320
  3.700
  3.950
  4.130
  4.250
  4.330
  4.400
  4.450
  4.480
  4.510
  4.530
  4.550
  4.560
  4.570
  4.580
  4.590
  4.600
  4.600
  4.610
  4.610
  4.610
  4.620
  4.620
  4.620
  4.620
  4.630
  4.630
  4.630
  4.630
  4.630
Adjusted equity ratio
  0.000
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -65
  2
  49
  111
  188
  282
  395
  528
  681
  855
  1,050
  1,268
  1,505
  1,763
  2,041
  2,340
  2,657
  2,994
  3,349
  3,722
  4,113
  4,523
  4,949
  5,394
  5,857
  6,339
  6,840
  7,361
  7,902
  8,464
  9,049
Depreciation, amort., depletion, $m
  55
  30
  41
  55
  72
  94
  119
  149
  183
  222
  266
  312
  365
  423
  486
  553
  624
  700
  780
  864
  952
  1,044
  1,140
  1,241
  1,345
  1,453
  1,566
  1,684
  1,805
  1,932
  2,064
Funds from operations, $m
  9
  31
  90
  166
  260
  376
  514
  676
  863
  1,076
  1,315
  1,579
  1,870
  2,186
  2,527
  2,892
  3,282
  3,694
  4,129
  4,586
  5,065
  5,567
  6,090
  6,635
  7,202
  7,793
  8,406
  9,044
  9,707
  10,396
  11,112
Change in working capital, $m
  7
  -8
  -10
  -13
  -16
  -19
  -23
  -27
  -31
  -35
  -39
  -43
  -48
  -52
  -56
  -60
  -64
  -68
  -72
  -75
  -79
  -83
  -86
  -90
  -94
  -97
  -101
  -105
  -109
  -113
  -118
Cash from operations, $m
  2
  39
  100
  178
  276
  395
  537
  703
  894
  1,111
  1,354
  1,623
  1,918
  2,238
  2,583
  2,952
  3,346
  3,762
  4,200
  4,661
  5,144
  5,649
  6,176
  6,725
  7,296
  7,890
  8,507
  9,149
  9,816
  10,510
  11,230
Maintenance CAPEX, $m
  0
  -19
  -28
  -39
  -53
  -70
  -91
  -117
  -146
  -181
  -220
  -263
  -312
  -365
  -423
  -486
  -553
  -624
  -700
  -780
  -864
  -952
  -1,044
  -1,140
  -1,241
  -1,345
  -1,453
  -1,566
  -1,684
  -1,805
  -1,932
New CAPEX, $m
  -16
  -84
  -110
  -140
  -174
  -212
  -253
  -297
  -343
  -390
  -437
  -485
  -533
  -580
  -626
  -671
  -714
  -757
  -799
  -841
  -881
  -922
  -962
  -1,002
  -1,044
  -1,085
  -1,128
  -1,173
  -1,219
  -1,267
  -1,316
Cash from investing activities, $m
  -14
  -103
  -138
  -179
  -227
  -282
  -344
  -414
  -489
  -571
  -657
  -748
  -845
  -945
  -1,049
  -1,157
  -1,267
  -1,381
  -1,499
  -1,621
  -1,745
  -1,874
  -2,006
  -2,142
  -2,285
  -2,430
  -2,581
  -2,739
  -2,903
  -3,072
  -3,248
Free cash flow, $m
  -12
  -64
  -37
  0
  49
  113
  192
  289
  405
  541
  697
  874
  1,073
  1,293
  1,534
  1,796
  2,078
  2,380
  2,701
  3,041
  3,399
  3,776
  4,170
  4,582
  5,012
  5,460
  5,926
  6,410
  6,914
  7,438
  7,982
Issuance/(repayment) of debt, $m
  -20
  107
  140
  179
  223
  271
  324
  380
  438
  498
  559
  620
  681
  741
  800
  857
  913
  968
  1,022
  1,074
  1,126
  1,178
  1,229
  1,281
  1,334
  1,387
  1,442
  1,499
  1,558
  1,619
  1,683
Issuance/(repurchase) of shares, $m
  -1
  22
  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  
  -22
  129
  140
  179
  223
  271
  324
  380
  438
  498
  559
  620
  681
  741
  800
  857
  913
  968
  1,022
  1,074
  1,126
  1,178
  1,229
  1,281
  1,334
  1,387
  1,442
  1,499
  1,558
  1,619
  1,683
Total cash flow (excl. dividends), $m
  -32
  65
  103
  179
  272
  384
  516
  669
  843
  1,039
  1,256
  1,494
  1,754
  2,034
  2,334
  2,653
  2,992
  3,348
  3,723
  4,115
  4,526
  4,954
  5,399
  5,863
  6,346
  6,847
  7,368
  7,909
  8,472
  9,056
  9,664
Retained Cash Flow (-), $m
  59
  -23
  -30
  -38
  -48
  -58
  -70
  -82
  -94
  -107
  -120
  -133
  -146
  -159
  -172
  -184
  -196
  -208
  -220
  -231
  -242
  -253
  -264
  -276
  -287
  -298
  -310
  -322
  -335
  -348
  -362
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
 
  41
  73
  140
  224
  326
  446
  587
  749
  932
  1,136
  1,361
  1,608
  1,875
  2,162
  2,469
  2,795
  3,140
  3,503
  3,884
  4,283
  4,700
  5,135
  5,588
  6,059
  6,548
  7,058
  7,587
  8,137
  8,708
  9,302
Discount rate, %
 
  9.80
  10.29
  10.80
  11.34
  11.91
  12.51
  13.13
  13.79
  14.48
  15.20
  15.96
  16.76
  17.60
  18.48
  19.40
  20.37
  21.39
  22.46
  23.58
  24.76
  26.00
  27.30
  28.67
  30.10
  31.61
  33.19
  34.85
  36.59
  38.42
  40.34
PV of cash for distribution, $m
 
  38
  60
  103
  146
  185
  220
  248
  266
  276
  276
  267
  250
  228
  201
  173
  144
  116
  91
  69
  51
  37
  25
  17
  11
  7
  4
  2
  1
  1
  0
Current shareholders' claim on cash, %
  100
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1

ION Geophysical Corporation provides geoscience products, services, and solutions to the oil and gas industry worldwide. It operates through three segments: E&P Technology & Services, E&P Operations Optimization, and Ocean Bottom Services. The E&P Technology & Services segment offers services to manage the entire seismic process, from survey planning and design to data acquisition and management, to final subsurface imaging and reservoir characterization. This segment also provides data processing and imaging services to help its exploration and production customers for reducing exploration and production risk, evaluating and developing reservoirs, and increase production. The E&P Operations Optimization segment provides command and control software systems, related software and services for towed marine streamer and ocean bottom seismic operations, as well as for survey design. This segment also manufactures and repairs marine towed streamer acquisition and positioning systems, and analog geophone sensors. The Ocean Bottom Services segment offers survey design, planning, and optimization services to maximize seismic image quality, operational efficiency, and safety; superior imaging services; and data processing, interpretation, and reservoir services This segment also manufactures re-deployable ocean bottom cable seismic data acquisition systems. ION Geophysical Corporation markets and sells its services and products through direct sales force and third-party sales representatives. The company was formerly known as Input/Output, Inc. and changed its name to ION Geophysical Corporation in 2007. ION Geophysical Corporation was founded in 1968 and is headquartered in Houston, Texas.

FINANCIAL RATIOS  of  ION Geophysical (IO)

Valuation Ratios
P/E Ratio -1
Price to Sales 0.4
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 31.2
Price to Free Cash Flow -4.5
Growth Rates
Sales Growth Rate -22.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -75.4%
Cap. Spend. - 3 Yr. Gr. Rate -34.4%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 271.7%
Total Debt to Equity 300%
Interest Coverage -3
Management Effectiveness
Return On Assets -12.7%
Ret/ On Assets - 3 Yr. Avg. -9.5%
Return On Total Capital -25.6%
Ret/ On T. Cap. - 3 Yr. Avg. -21.8%
Return On Equity -78.8%
Return On Equity - 3 Yr. Avg. -54.6%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 20.8%
Gross Margin - 3 Yr. Avg. 12.2%
EBITDA Margin 6.4%
EBITDA Margin - 3 Yr. Avg. 10.8%
Operating Margin -25.4%
Oper. Margin - 3 Yr. Avg. -11.3%
Pre-Tax Margin -34.7%
Pre-Tax Margin - 3 Yr. Avg. -21.7%
Net Profit Margin -37.6%
Net Profit Margin - 3 Yr. Avg. -24.6%
Effective Tax Rate -8.3%
Eff/ Tax Rate - 3 Yr. Avg. -15.7%
Payout Ratio 0%

IO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IO stock intrinsic value calculation we used $173 million for the last fiscal year's total revenue generated by ION Geophysical. The default revenue input number comes from 2016 income statement of ION Geophysical. 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 IO stock valuation model: a) initial revenue growth rate of 43.5% 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 9.8%, whose default value for IO is calculated based on our internal credit rating of ION Geophysical, 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 ION Geophysical.
    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 IO stock the variable cost ratio is equal to 19.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $180 million in the base year in the intrinsic value calculation for IO 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 9.4% for ION Geophysical.

Corporate tax rate of 27% is the nominal tax rate for ION Geophysical. 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 IO 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 IO are equal to 111.6%.

Life of production assets of 10 years is the average useful life of capital assets used in ION Geophysical 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 IO is equal to -10%. 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 - $53 million for ION Geophysical - 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 11.684 million for ION Geophysical 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 ION Geophysical at the current share price and the inputted number of shares is $0.1 billion.

RELATED COMPANIES Price Int.Val. Rating
DWSN Dawson Geophys 3.82 2.01  sell
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COMPANY NEWS

▶ Ion Geophysical reports 2Q loss   [Aug-04-17 01:49AM  Associated Press]
▶ ION reports second quarter 2017 results   [Aug-02-17 08:06PM  PR Newswire]
▶ ION announces order in WesternGeco litigation   [May-18-17 07:00AM  PR Newswire]
▶ Ion Geophysical reports 1Q loss   [May-04-17 05:02AM  Associated Press]
▶ ION reports first quarter 2017 results   [May-03-17 06:44PM  PR Newswire]
▶ Ion Geophysical reports 4Q loss   [05:01AM  Associated Press]
▶ ION reports fourth quarter and year end 2016 results   [Feb-08-17 07:39PM  PR Newswire]
▶ ION reports third quarter 2016 results   [Nov-02-16 06:23PM  PR Newswire]
▶ ION reports second quarter 2016 results   [Aug-03-16 06:14PM  PR Newswire]
▶ ION reports first quarter 2016 results   [May-04-16 05:49PM  PR Newswire]
▶ Why These 5 Stocks Are Making Moves Higher Today   [Mar-01-16 03:50PM  at Insider Monkey]
Stock chart of IO Financial statements of IO
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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