Intrinsic value of Isramco - ISRL

Previous Close

$115.00

  Intrinsic Value

$0.64

stock screener

  Rating & Target

str. sell

-99%

  Value-price divergence*

-110%

Previous close

$115.00

 
Intrinsic value

$0.64

 
Up/down potential

-99%

 
Rating

str. sell

 
Value-price divergence*

-110%

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

We calculate the intrinsic value of ISRL 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 0.3

 

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, %
  -18.18
  23.10
  21.29
  19.66
  18.19
  16.88
  15.69
  14.62
  13.66
  12.79
  12.01
  11.31
  10.68
  10.11
  9.60
  9.14
  8.73
  8.35
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
Revenue, $m
  54
  66
  81
  96
  114
  133
  154
  177
  201
  227
  254
  282
  313
  344
  377
  412
  448
  485
  524
  564
  606
  650
  696
  743
  792
  843
  896
  951
  1,009
  1,069
  1,131
Variable operating expenses, $m
 
  90
  109
  130
  154
  180
  208
  239
  272
  306
  343
  382
  423
  465
  510
  557
  605
  656
  708
  763
  820
  879
  940
  1,004
  1,070
  1,139
  1,211
  1,286
  1,364
  1,445
  1,529
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
  40
  90
  109
  130
  154
  180
  208
  239
  272
  306
  343
  382
  423
  465
  510
  557
  605
  656
  708
  763
  820
  879
  940
  1,004
  1,070
  1,139
  1,211
  1,286
  1,364
  1,445
  1,529
Operating income, $m
  14
  -23
  -28
  -34
  -40
  -47
  -54
  -62
  -71
  -80
  -89
  -99
  -110
  -121
  -133
  -145
  -158
  -171
  -184
  -199
  -213
  -229
  -245
  -261
  -279
  -297
  -315
  -335
  -355
  -376
  -398
EBITDA, $m
  21
  -15
  -18
  -21
  -25
  -30
  -34
  -39
  -45
  -50
  -56
  -63
  -69
  -76
  -84
  -91
  -99
  -108
  -116
  -125
  -135
  -144
  -154
  -165
  -176
  -187
  -199
  -211
  -224
  -237
  -251
Interest expense (income), $m
  4
  4
  4
  5
  6
  7
  8
  10
  11
  13
  15
  17
  19
  21
  23
  26
  28
  31
  33
  36
  39
  42
  45
  48
  52
  55
  59
  62
  66
  70
  75
Earnings before tax, $m
  9
  -27
  -32
  -39
  -46
  -54
  -63
  -72
  -82
  -93
  -104
  -116
  -129
  -142
  -156
  -171
  -186
  -201
  -218
  -235
  -252
  -271
  -290
  -310
  -330
  -352
  -374
  -397
  -421
  -447
  -473
Tax expense, $m
  4
  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
  7
  -27
  -32
  -39
  -46
  -54
  -63
  -72
  -82
  -93
  -104
  -116
  -129
  -142
  -156
  -171
  -186
  -201
  -218
  -235
  -252
  -271
  -290
  -310
  -330
  -352
  -374
  -397
  -421
  -447
  -473

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  26
  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
  141
  141
  172
  205
  243
  284
  328
  376
  427
  482
  540
  601
  665
  732
  803
  876
  953
  1,032
  1,115
  1,201
  1,290
  1,383
  1,480
  1,580
  1,685
  1,793
  1,906
  2,024
  2,146
  2,274
  2,407
Adjusted assets (=assets-cash), $m
  115
  141
  172
  205
  243
  284
  328
  376
  427
  482
  540
  601
  665
  732
  803
  876
  953
  1,032
  1,115
  1,201
  1,290
  1,383
  1,480
  1,580
  1,685
  1,793
  1,906
  2,024
  2,146
  2,274
  2,407
Revenue / Adjusted assets
  0.470
  0.468
  0.471
  0.468
  0.469
  0.468
  0.470
  0.471
  0.471
  0.471
  0.470
  0.469
  0.471
  0.470
  0.469
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
Average production assets, $m
  61
  75
  91
  109
  129
  151
  174
  200
  227
  256
  287
  319
  353
  389
  426
  465
  506
  548
  592
  638
  685
  735
  786
  839
  895
  952
  1,012
  1,075
  1,140
  1,208
  1,278
Working capital, $m
  17
  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 debt, $m
  105
  98
  125
  156
  189
  226
  266
  309
  356
  405
  457
  512
  570
  630
  693
  760
  828
  900
  974
  1,052
  1,132
  1,216
  1,303
  1,393
  1,487
  1,585
  1,687
  1,792
  1,903
  2,017
  2,137
Total liabilities, $m
  134
  127
  154
  185
  218
  255
  295
  338
  385
  434
  486
  541
  599
  659
  722
  789
  857
  929
  1,003
  1,081
  1,161
  1,245
  1,332
  1,422
  1,516
  1,614
  1,716
  1,821
  1,932
  2,046
  2,166
Total equity, $m
  7
  14
  17
  21
  24
  28
  33
  38
  43
  48
  54
  60
  67
  73
  80
  88
  95
  103
  111
  120
  129
  138
  148
  158
  168
  179
  191
  202
  215
  227
  241
Total liabilities and equity, $m
  141
  141
  171
  206
  242
  283
  328
  376
  428
  482
  540
  601
  666
  732
  802
  877
  952
  1,032
  1,114
  1,201
  1,290
  1,383
  1,480
  1,580
  1,684
  1,793
  1,907
  2,023
  2,147
  2,273
  2,407
Debt-to-equity ratio
  15.000
  6.950
  7.310
  7.590
  7.800
  7.980
  8.120
  8.230
  8.320
  8.400
  8.460
  8.520
  8.560
  8.600
  8.640
  8.670
  8.700
  8.720
  8.740
  8.760
  8.780
  8.790
  8.800
  8.820
  8.830
  8.840
  8.850
  8.860
  8.860
  8.870
  8.880
Adjusted equity ratio
  -0.165
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  7
  -27
  -32
  -39
  -46
  -54
  -63
  -72
  -82
  -93
  -104
  -116
  -129
  -142
  -156
  -171
  -186
  -201
  -218
  -235
  -252
  -271
  -290
  -310
  -330
  -352
  -374
  -397
  -421
  -447
  -473
Depreciation, amort., depletion, $m
  7
  9
  10
  13
  15
  17
  20
  23
  26
  29
  33
  37
  41
  45
  49
  53
  58
  63
  68
  73
  79
  84
  90
  96
  103
  109
  116
  124
  131
  139
  147
Funds from operations, $m
  17
  -18
  -22
  -26
  -31
  -37
  -43
  -49
  -56
  -63
  -71
  -80
  -88
  -98
  -107
  -117
  -128
  -138
  -150
  -161
  -174
  -186
  -199
  -213
  -227
  -242
  -258
  -274
  -290
  -308
  -326
Change in working capital, $m
  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
Cash from operations, $m
  16
  -18
  -22
  -26
  -31
  -37
  -43
  -49
  -56
  -63
  -71
  -80
  -88
  -98
  -107
  -117
  -128
  -138
  -150
  -161
  -174
  -186
  -199
  -213
  -227
  -242
  -258
  -274
  -290
  -308
  -326
Maintenance CAPEX, $m
  0
  -7
  -9
  -10
  -13
  -15
  -17
  -20
  -23
  -26
  -29
  -33
  -37
  -41
  -45
  -49
  -53
  -58
  -63
  -68
  -73
  -79
  -84
  -90
  -96
  -103
  -109
  -116
  -124
  -131
  -139
New CAPEX, $m
  -1
  -14
  -16
  -18
  -20
  -22
  -24
  -25
  -27
  -29
  -31
  -32
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -62
  -65
  -68
  -71
Cash from investing activities, $m
  -1
  -21
  -25
  -28
  -33
  -37
  -41
  -45
  -50
  -55
  -60
  -65
  -71
  -77
  -82
  -88
  -94
  -100
  -107
  -114
  -120
  -128
  -135
  -143
  -151
  -161
  -169
  -178
  -189
  -199
  -210
Free cash flow, $m
  15
  -39
  -46
  -54
  -63
  -73
  -84
  -95
  -106
  -119
  -132
  -145
  -159
  -174
  -189
  -205
  -222
  -239
  -257
  -275
  -294
  -314
  -335
  -357
  -379
  -403
  -427
  -452
  -479
  -507
  -535
Issuance/(repayment) of debt, $m
  -11
  2
  27
  30
  34
  37
  40
  43
  46
  49
  52
  55
  58
  61
  63
  66
  69
  72
  74
  77
  80
  84
  87
  90
  94
  98
  102
  106
  110
  115
  120
Issuance/(repurchase) of shares, $m
  0
  51
  35
  42
  50
  58
  67
  77
  87
  98
  110
  122
  135
  149
  163
  178
  193
  209
  226
  243
  261
  280
  299
  320
  341
  363
  385
  409
  434
  459
  486
Cash from financing (excl. dividends), $m  
  -11
  53
  62
  72
  84
  95
  107
  120
  133
  147
  162
  177
  193
  210
  226
  244
  262
  281
  300
  320
  341
  364
  386
  410
  435
  461
  487
  515
  544
  574
  606
Total cash flow (excl. dividends), $m
  4
  14
  16
  18
  20
  22
  24
  25
  27
  29
  31
  32
  34
  36
  37
  39
  41
  42
  44
  46
  47
  49
  51
  53
  55
  58
  60
  62
  65
  68
  71
Retained Cash Flow (-), $m
  -7
  -51
  -35
  -42
  -50
  -58
  -67
  -77
  -87
  -98
  -110
  -122
  -135
  -149
  -163
  -178
  -193
  -209
  -226
  -243
  -261
  -280
  -299
  -320
  -341
  -363
  -385
  -409
  -434
  -459
  -486
Prev. year cash balance distribution, $m
 
  17
  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
 
  -20
  -19
  -24
  -30
  -36
  -44
  -51
  -60
  -69
  -79
  -90
  -101
  -113
  -126
  -139
  -153
  -167
  -182
  -198
  -214
  -231
  -248
  -266
  -285
  -305
  -325
  -347
  -369
  -392
  -416
Discount rate, %
 
  10.00
  10.50
  11.03
  11.58
  12.16
  12.76
  13.40
  14.07
  14.77
  15.51
  16.29
  17.10
  17.96
  18.86
  19.80
  20.79
  21.83
  22.92
  24.07
  25.27
  26.53
  27.86
  29.25
  30.72
  32.25
  33.86
  35.56
  37.33
  39.20
  41.16
PV of cash for distribution, $m
 
  -18
  -16
  -18
  -19
  -20
  -21
  -21
  -21
  -20
  -19
  -17
  -15
  -13
  -11
  -9
  -7
  -6
  -4
  -3
  -2
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  40.1
  32.2
  25.9
  20.9
  16.9
  13.7
  11.1
  9.0
  7.4
  6.0
  4.9
  4.0
  3.3
  2.7
  2.2
  1.8
  1.5
  1.2
  1.0
  0.8
  0.7
  0.6
  0.5
  0.4
  0.3
  0.3
  0.2
  0.2
  0.1

Isramco, Inc., together with its subsidiaries, is an independent oil and natural gas company. The Company is engaged in the exploration, development and production of oil and natural gas properties located onshore in the United States and offshore Israel. The Company operates through two segments: Oil and Gas Exploration and Production Segment, and Production services Segment. The Company also operates a production services company that provides a range of onshore production services to oil companies, and independent oil and natural gas production companies conducting operations in the United States. The Oil and Gas Exploration and Production Segment is engaged in the exploration and production of natural gas, crude oil, condensate and natural gas liquids (NGLs). The Production services Segment is engaged in rig-based and workover services, well completion and recompletion services, plugging and abandonment of wells and other ancillary oilfield services.

FINANCIAL RATIOS  of  Isramco (ISRL)

Valuation Ratios
P/E Ratio 44.7
Price to Sales 5.8
Price to Book 44.7
Price to Tangible Book
Price to Cash Flow 19.6
Price to Free Cash Flow 20.9
Growth Rates
Sales Growth Rate -18.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -80%
Cap. Spend. - 3 Yr. Gr. Rate -45.1%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 1371.4%
Total Debt to Equity 1500%
Interest Coverage 3
Management Effectiveness
Return On Assets 6.4%
Ret/ On Assets - 3 Yr. Avg. 2.8%
Return On Total Capital 6.2%
Ret/ On T. Cap. - 3 Yr. Avg. -1.8%
Return On Equity 200%
Return On Equity - 3 Yr. Avg. 14.8%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 74.1%
Gross Margin - 3 Yr. Avg. 71.7%
EBITDA Margin 37%
EBITDA Margin - 3 Yr. Avg. 18.7%
Operating Margin 25.9%
Oper. Margin - 3 Yr. Avg. 2%
Pre-Tax Margin 16.7%
Pre-Tax Margin - 3 Yr. Avg. -6.8%
Net Profit Margin 13%
Net Profit Margin - 3 Yr. Avg. -2.5%
Effective Tax Rate 44.4%
Eff/ Tax Rate - 3 Yr. Avg. 37.3%
Payout Ratio 0%

ISRL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ISRL stock intrinsic value calculation we used $54 million for the last fiscal year's total revenue generated by Isramco. The default revenue input number comes from 2016 income statement of Isramco. 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 ISRL stock valuation model: a) initial revenue growth rate of 23.1% 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%, whose default value for ISRL is calculated based on our internal credit rating of Isramco, 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 Isramco.
    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 ISRL stock the variable cost ratio is equal to 135.2%.

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 ISRL 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 3.7% for Isramco.

Corporate tax rate of 27% is the nominal tax rate for Isramco. 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 ISRL 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 ISRL are equal to 113%.

Life of production assets of 8.7 years is the average useful life of capital assets used in Isramco 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 ISRL is equal to 0%. 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 - $7 million for Isramco - 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 2.718 million for Isramco 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 Isramco at the current share price and the inputted number of shares is $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating
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MRO Marathon Oil 13.85 5.10  str.sell
COP ConocoPhillips 49.72 7.14  str.sell
NFX Newfield Explo 30.02 1.17  str.sell

COMPANY NEWS

▶ ETFs with exposure to Isramco, Inc. : October 10, 2017   [Oct-10-17 11:34AM  Capital Cube]
▶ ETFs with exposure to Isramco, Inc. : May 23, 2017   [May-23-17 12:51PM  Capital Cube]
▶ ETFs with exposure to Isramco, Inc. : December 9, 2016   [Dec-09-16 01:34PM  Capital Cube]
▶ ETFs with exposure to Isramco, Inc. : October 4, 2016   [Oct-04-16 10:01AM  Capital Cube]
▶ ETFs with exposure to Isramco, Inc. : March 25, 2016   [Mar-25-16 10:04AM  Capital Cube]
▶ Linn Energys plunge shows oil-sector pain isnt over   [Jul-31  11:31AM  at MarketWatch]
▶ Israel near Leviathan gasfield deal after antitrust chief quits   [May-26  12:22PM  at Financial Times]
▶ These U.S. oil producers have the most to lose   [Dec-02  04:38PM  at MarketWatch]
▶ ISRAMCO, INC. Reports Second Quarter Results   [Aug-08  04:20PM  PR Newswire]
▶ ISRAMCO INC Files SEC form 10-K, Annual Report   [Mar-17  05:03PM  EDGAR Online]
▶ ISRAMCO INC Files SEC form 10-Q, Quarterly Report   [Nov-08  04:32PM  EDGAR Online]
▶ ISRAMCO INC Files SEC form 10-Q, Quarterly Report   [Aug-09  05:02PM  EDGAR Online]
▶ Does Isramco Miss theGrade?   [Jul-24  01:08AM  at Motley Fool]
▶ Don't Get Too Worked Up Over Isramco's Earnings   [Jul-11  01:11AM  at Motley Fool]
▶ Don't Get Too Worked Up Over Isramco's Earnings   [May-13  01:07AM  at Motley Fool]
▶ ISRAMCO, INC. Reports First Quarter Results   [May-10  04:00PM  PR Newswire]
▶ Noble Begins Taking Care of Israel's Energy Needs   [Apr-06  09:00PM  at Motley Fool]
▶ ISRAMCO INC Files SEC form 10-K, Annual Report   [Mar-15  04:44PM  EDGAR Online]
▶ Did Isramco Squander Its Latest Sales Increase?   [Nov-23-12 01:10AM  at Motley Fool]
▶ ISRL Stock Crowded With Sellers   [Nov-14-12 04:22PM  at Forbes]
▶ ISRAMCO INC Files SEC form 10-Q, Quarterly Report   [Nov-09-12 04:32PM  EDGAR Online]
▶ Is Isramco Working Hard Enough for You?   [Nov-02-12 01:17PM  at Motley Fool]
Financial statements of ISRL
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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