Intrinsic value of Contango Oil&Gas - MCF

Previous Close

$6.02

  Intrinsic Value

$2.25

stock screener

  Rating & Target

str. sell

-63%

Previous close

$6.02

 
Intrinsic value

$2.25

 
Up/down potential

-63%

 
Rating

str. sell

We calculate the intrinsic value of MCF 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
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, %
  -33.33
  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
  78
  81
  82
  85
  87
  90
  92
  96
  99
  103
  107
  111
  115
  120
  125
  131
  136
  142
  149
  156
  163
  170
  178
  187
  195
  205
  215
  225
  236
  247
  259
Variable operating expenses, $m
 
  135
  139
  142
  146
  151
  155
  161
  166
  173
  179
  186
  194
  202
  210
  220
  229
  239
  250
  262
  274
  286
  300
  314
  329
  344
  361
  378
  396
  415
  436
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
  132
  135
  139
  142
  146
  151
  155
  161
  166
  173
  179
  186
  194
  202
  210
  220
  229
  239
  250
  262
  274
  286
  300
  314
  329
  344
  361
  378
  396
  415
  436
Operating income, $m
  -53
  -55
  -56
  -58
  -59
  -61
  -63
  -65
  -67
  -70
  -73
  -75
  -79
  -82
  -85
  -89
  -93
  -97
  -101
  -106
  -111
  -116
  -121
  -127
  -133
  -139
  -146
  -153
  -161
  -168
  -176
EBITDA, $m
  10
  -20
  -20
  -21
  -21
  -22
  -23
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -58
  -60
  -63
Interest expense (income), $m
  4
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
Earnings before tax, $m
  -58
  -60
  -61
  -63
  -65
  -67
  -69
  -72
  -74
  -77
  -81
  -84
  -87
  -91
  -95
  -100
  -104
  -109
  -114
  -119
  -125
  -131
  -137
  -144
  -151
  -158
  -166
  -174
  -183
  -192
  -201
Tax expense, $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
Net income, $m
  -58
  -60
  -61
  -63
  -65
  -67
  -69
  -72
  -74
  -77
  -81
  -84
  -87
  -91
  -95
  -100
  -104
  -109
  -114
  -119
  -125
  -131
  -137
  -144
  -151
  -158
  -166
  -174
  -183
  -192
  -201

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
  377
  391
  400
  410
  422
  435
  449
  464
  481
  498
  518
  538
  560
  583
  608
  634
  662
  691
  722
  755
  790
  827
  865
  906
  949
  994
  1,042
  1,092
  1,144
  1,200
  1,258
Adjusted assets (=assets-cash), $m
  377
  391
  400
  410
  422
  435
  449
  464
  481
  498
  518
  538
  560
  583
  608
  634
  662
  691
  722
  755
  790
  827
  865
  906
  949
  994
  1,042
  1,092
  1,144
  1,200
  1,258
Revenue / Adjusted assets
  0.207
  0.207
  0.205
  0.207
  0.206
  0.207
  0.205
  0.207
  0.206
  0.207
  0.207
  0.206
  0.205
  0.206
  0.206
  0.207
  0.205
  0.205
  0.206
  0.207
  0.206
  0.206
  0.206
  0.206
  0.205
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
Average production assets, $m
  360
  352
  360
  369
  380
  391
  404
  418
  433
  449
  466
  484
  504
  525
  547
  571
  596
  622
  650
  680
  711
  744
  779
  815
  854
  895
  937
  982
  1,030
  1,080
  1,132
Working capital, $m
  -44
  -48
  -49
  -50
  -52
  -53
  -55
  -57
  -59
  -61
  -63
  -66
  -69
  -71
  -75
  -78
  -81
  -85
  -89
  -93
  -97
  -101
  -106
  -111
  -116
  -122
  -128
  -134
  -140
  -147
  -154
Total debt, $m
  54
  90
  93
  98
  102
  108
  113
  120
  126
  134
  142
  150
  159
  169
  179
  190
  201
  213
  226
  239
  254
  269
  285
  301
  319
  337
  357
  378
  399
  422
  446
Total liabilities, $m
  140
  161
  164
  169
  173
  179
  184
  191
  198
  205
  213
  221
  230
  240
  250
  261
  272
  284
  297
  310
  325
  340
  356
  372
  390
  409
  428
  449
  470
  493
  517
Total equity, $m
  236
  230
  236
  242
  249
  256
  264
  273
  283
  294
  305
  317
  330
  343
  358
  373
  390
  407
  425
  445
  465
  487
  510
  534
  559
  585
  613
  643
  674
  707
  741
Total liabilities and equity, $m
  376
  391
  400
  411
  422
  435
  448
  464
  481
  499
  518
  538
  560
  583
  608
  634
  662
  691
  722
  755
  790
  827
  866
  906
  949
  994
  1,041
  1,092
  1,144
  1,200
  1,258
Debt-to-equity ratio
  0.229
  0.390
  0.400
  0.400
  0.410
  0.420
  0.430
  0.440
  0.450
  0.460
  0.460
  0.470
  0.480
  0.490
  0.500
  0.510
  0.520
  0.520
  0.530
  0.540
  0.550
  0.550
  0.560
  0.560
  0.570
  0.580
  0.580
  0.590
  0.590
  0.600
  0.600
Adjusted equity ratio
  0.626
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -58
  -60
  -61
  -63
  -65
  -67
  -69
  -72
  -74
  -77
  -81
  -84
  -87
  -91
  -95
  -100
  -104
  -109
  -114
  -119
  -125
  -131
  -137
  -144
  -151
  -158
  -166
  -174
  -183
  -192
  -201
Depreciation, amort., depletion, $m
  63
  35
  36
  37
  38
  39
  40
  42
  43
  45
  47
  48
  50
  52
  55
  57
  60
  62
  65
  68
  71
  74
  78
  82
  85
  89
  94
  98
  103
  108
  113
Funds from operations, $m
  40
  -25
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -39
  -41
  -42
  -44
  -47
  -49
  -51
  -54
  -57
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -84
  -88
Change in working capital, $m
  8
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
Cash from operations, $m
  32
  -24
  -24
  -25
  -26
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -81
Maintenance CAPEX, $m
  0
  -34
  -35
  -36
  -37
  -38
  -39
  -40
  -42
  -43
  -45
  -47
  -48
  -50
  -52
  -55
  -57
  -60
  -62
  -65
  -68
  -71
  -74
  -78
  -82
  -85
  -89
  -94
  -98
  -103
  -108
New CAPEX, $m
  -25
  -9
  -8
  -9
  -10
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
Cash from investing activities, $m
  -20
  -43
  -43
  -45
  -47
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -79
  -82
  -86
  -90
  -95
  -99
  -104
  -109
  -115
  -121
  -126
  -132
  -139
  -145
  -153
  -160
Free cash flow, $m
  12
  -67
  -68
  -70
  -73
  -76
  -79
  -82
  -86
  -90
  -94
  -98
  -102
  -107
  -112
  -118
  -123
  -129
  -135
  -142
  -149
  -156
  -164
  -172
  -180
  -189
  -199
  -209
  -219
  -230
  -241
Issuance/(repayment) of debt, $m
  -61
  4
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
Issuance/(repurchase) of shares, $m
  50
  65
  67
  69
  72
  75
  78
  81
  84
  88
  92
  96
  100
  105
  110
  115
  120
  126
  132
  139
  145
  152
  160
  168
  176
  185
  194
  204
  214
  224
  236
Cash from financing (excl. dividends), $m  
  -12
  69
  71
  73
  77
  80
  84
  87
  91
  95
  100
  104
  109
  115
  120
  126
  131
  138
  145
  153
  159
  167
  176
  185
  194
  204
  214
  225
  236
  247
  260
Total cash flow (excl. dividends), $m
  0
  3
  3
  3
  4
  4
  4
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
Retained Cash Flow (-), $m
  2
  -65
  -67
  -69
  -72
  -75
  -78
  -81
  -84
  -88
  -92
  -96
  -100
  -105
  -110
  -115
  -120
  -126
  -132
  -139
  -145
  -152
  -160
  -168
  -176
  -185
  -194
  -204
  -214
  -224
  -236
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
 
  6
  6
  6
  7
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  18
  19
Cash available for distribution, $m
 
  -63
  -64
  -66
  -68
  -71
  -73
  -76
  -79
  -82
  -86
  -90
  -93
  -98
  -102
  -107
  -112
  -117
  -123
  -128
  -135
  -141
  -148
  -155
  -163
  -171
  -179
  -188
  -197
  -207
  -217
Discount rate, %
 
  5.30
  5.57
  5.84
  6.14
  6.44
  6.76
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.52
  9.99
  10.49
  11.02
  11.57
  12.15
  12.76
  13.39
  14.06
  14.77
  15.50
  16.28
  17.09
  17.95
  18.85
  19.79
  20.78
  21.82
PV of cash for distribution, $m
 
  -59
  -57
  -56
  -54
  -52
  -49
  -47
  -44
  -42
  -39
  -36
  -33
  -30
  -27
  -24
  -21
  -18
  -16
  -13
  -11
  -9
  -7
  -6
  -4
  -3
  -2
  -2
  -1
  -1
  -1
Current shareholders' claim on cash, %
  100
  70.7
  50.0
  35.2
  24.7
  17.3
  12.1
  8.4
  5.8
  4.0
  2.8
  1.9
  1.3
  0.9
  0.6
  0.4
  0.3
  0.2
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Contango Oil & Gas Company (Contango) is an independent oil and natural gas company. The Company is engaged in the exploration, development, exploitation and acquisition of crude oil and natural gas properties in the onshore Texas Gulf Coast, offshore properties in the shallow waters of the Gulf of Mexico (GOM) and Rocky Mountain regions of the United States. The Company's properties are located in Gulf of Mexico; Madison and Grimes counties, Texas; Zavala and Dimmit counties, Texas; Weston County, Wyoming; Texas Gulf Coast, and Sublette County, Wyoming. In addition, the Company has operated properties producing from various conventional formations in various counties along the Texas Gulf Coast; operated producing properties in the Denver Julesburg Basin (DJ Basin) in Weld and Adams counties in Colorado, and operated producing properties in the Haynesville Shale, Mid Bossier and James Lime formations in East Texas.

FINANCIAL RATIOS  of  Contango Oil&Gas (MCF)

Valuation Ratios
P/E Ratio -2.6
Price to Sales 1.9
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 4.7
Price to Free Cash Flow 21.7
Growth Rates
Sales Growth Rate -33.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -67.9%
Cap. Spend. - 3 Yr. Gr. Rate -14%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 22.9%
Total Debt to Equity 22.9%
Interest Coverage -14
Management Effectiveness
Return On Assets -13.6%
Ret/ On Assets - 3 Yr. Avg. -22.9%
Return On Total Capital -18%
Ret/ On T. Cap. - 3 Yr. Avg. -29.9%
Return On Equity -24.5%
Return On Equity - 3 Yr. Avg. -37.2%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 62.8%
Gross Margin - 3 Yr. Avg. 71.1%
EBITDA Margin 11.5%
EBITDA Margin - 3 Yr. Avg. -59.6%
Operating Margin -69.2%
Oper. Margin - 3 Yr. Avg. -135.8%
Pre-Tax Margin -74.4%
Pre-Tax Margin - 3 Yr. Avg. -146.2%
Net Profit Margin -74.4%
Net Profit Margin - 3 Yr. Avg. -122.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 20.1%
Payout Ratio 0%

MCF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MCF stock intrinsic value calculation we used $79 million for the last fiscal year's total revenue generated by Contango Oil&Gas. The default revenue input number comes from 2016 income statement of Contango Oil&Gas. 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 MCF 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 5.3%, whose default value for MCF is calculated based on our internal credit rating of Contango Oil&Gas, 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 Contango Oil&Gas.
    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 MCF stock the variable cost ratio is equal to 168.1%.

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 MCF 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 5.9% for Contango Oil&Gas.

Corporate tax rate of 27% is the nominal tax rate for Contango Oil&Gas. 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 MCF stock is equal to 7.8%.

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 MCF are equal to 436.9%.

Life of production assets of 10 years is the average useful life of capital assets used in Contango Oil&Gas 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 MCF is equal to -59.5%. 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 - $225 million for Contango Oil&Gas - 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 25 million for Contango Oil&Gas 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 Contango Oil&Gas at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ Drilling Permit Roundup: Denver oil company looking for black gold in South Texas   [Aug-14-18 08:17AM  American City Business Journals]
▶ Contango: 2Q Earnings Snapshot   [09:13AM  Associated Press]
▶ Contango to Present at Upcoming Conference   [May-31-18 04:34PM  GlobeNewswire]
▶ Contango Oil & Gas Company to Host Earnings Call   [May-07-18 08:15AM  ACCESSWIRE]
▶ Contango: 1Q Earnings Snapshot   [May-04-18 09:11AM  Associated Press]
▶ 10 Energy Stocks That Are Leaking   [Apr-27-18 01:26PM  InvestorPlace]
▶ Contango Updates Southern Delaware Basin Operations   [Apr-11-18 08:00AM  GlobeNewswire]
▶ Contango Announces Sale of Certain Non-Core Assets   [Apr-02-18 09:41AM  GlobeNewswire]
▶ Contango reports 4Q loss   [Mar-09-18 09:13AM  Associated Press]
▶ Contango to Participate in the 30th Annual Roth Conference   [Mar-06-18 03:11PM  GlobeNewswire]
▶ Global Crude Oil Supply Outages Are near a 4-Month High   [Jan-18-18 08:53AM  Market Realist]
▶ Crude Oil Prices Rise: Will It Impact Coal Miners?   [Dec-27-17 02:50PM  Market Realist]
▶ US Crude Oil Production Has Risen 16% since July 2016   [Dec-14-17 12:58PM  Market Realist]
▶ Traders Track US Crude Oil Production and Exports   [Dec-06-17 08:43AM  Market Realist]
▶ Contango Provides Corporate and Operational Update   [Nov-30-17 05:12PM  GlobeNewswire]
▶ Contango reports 3Q loss   [Nov-07-17 06:57PM  Associated Press]
▶ US Distillate Inventories Rise for a Third Week   [Sep-04-17 07:38AM  Market Realist]
▶ Contango reports 2Q loss   [Aug-04-17 02:05AM  Associated Press]
▶ US Gasoline Inventories and Demand Impact Crude Oil   [Jul-07-17 11:03AM  Market Realist]
▶ China, Japan, and India Could Help Crude Oil Bulls   [Jun-28-17 01:05PM  Market Realist]
▶ US Gasoline Demand Fell for the Second Straight Week   [Jun-21-17 11:35AM  Market Realist]
▶ IIROC Trading Halt - MCF   [Jun-02-17 07:44AM  PR Newswire]
▶ IIROC Trading Halt - MCF   [07:44AM  CNW Group]
▶ Contango Updates Southern Delaware Basin Operations   [May-24-17 03:17PM  GlobeNewswire]
▶ Iraqs Crude Oil Production Is near a 9-Month Low   [May-16-17 10:39AM  Market Realist]
▶ Contango posts 1Q profit   [May-10-17 05:03AM  Associated Press]
▶ US Refinery Demand Hits an All-Time High   [Apr-27-17 08:58AM  Market Realist]
▶ Will Russias Oil Production Fall in the Coming Months?   [Apr-18-17 07:39AM  Market Realist]
▶ Contango to Present at Upcoming Conference   [Mar-27-17 10:17AM  GlobeNewswire]
▶ Contango reports 4Q loss   [Mar-15-17 05:36PM  Associated Press]
Financial statements of MCF
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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