Intrinsic value of Contango Oil&Gas - MCF

Previous Close

$4.76

  Intrinsic Value

$2.30

stock screener

  Rating & Target

str. sell

-52%

  Value-price divergence*

0%

Previous close

$4.76

 
Intrinsic value

$2.30

 
Up/down potential

-52%

 
Rating

str. sell

 
Value-price divergence*

0%

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

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

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, %
  -33.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
  5.02
  5.02
  5.01
Revenue, $m
  78
  82
  86
  91
  96
  101
  106
  111
  117
  123
  129
  136
  143
  150
  158
  166
  174
  183
  192
  202
  212
  223
  234
  246
  258
  271
  285
  299
  314
  330
  346
Variable operating expenses, $m
 
  348
  366
  385
  405
  426
  448
  471
  496
  521
  548
  576
  605
  636
  668
  702
  737
  775
  814
  855
  898
  943
  991
  1,040
  1,093
  1,148
  1,205
  1,266
  1,329
  1,396
  1,466
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
  348
  366
  385
  405
  426
  448
  471
  496
  521
  548
  576
  605
  636
  668
  702
  737
  775
  814
  855
  898
  943
  991
  1,040
  1,093
  1,148
  1,205
  1,266
  1,329
  1,396
  1,466
Operating income, $m
  -53
  -265
  -279
  -294
  -309
  -325
  -342
  -360
  -378
  -398
  -418
  -440
  -462
  -485
  -510
  -536
  -563
  -592
  -621
  -653
  -686
  -720
  -756
  -794
  -834
  -876
  -920
  -967
  -1,015
  -1,066
  -1,119
EBITDA, $m
  10
  -199
  -209
  -220
  -232
  -244
  -257
  -270
  -284
  -298
  -313
  -329
  -346
  -364
  -382
  -402
  -422
  -443
  -466
  -489
  -514
  -540
  -567
  -595
  -625
  -657
  -690
  -724
  -761
  -799
  -839
Interest expense (income), $m
  4
  3
  3
  3
  4
  4
  4
  5
  5
  6
  6
  7
  7
  8
  9
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
Earnings before tax, $m
  -58
  -268
  -282
  -297
  -313
  -329
  -347
  -365
  -384
  -404
  -425
  -446
  -469
  -493
  -519
  -545
  -573
  -602
  -633
  -665
  -699
  -734
  -771
  -810
  -851
  -894
  -939
  -987
  -1,036
  -1,089
  -1,143
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
  -268
  -282
  -297
  -313
  -329
  -347
  -365
  -384
  -404
  -425
  -446
  -469
  -493
  -519
  -545
  -573
  -602
  -633
  -665
  -699
  -734
  -771
  -810
  -851
  -894
  -939
  -987
  -1,036
  -1,089
  -1,143

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
  397
  418
  440
  463
  487
  512
  538
  566
  595
  625
  657
  691
  726
  763
  801
  842
  884
  929
  976
  1,025
  1,077
  1,131
  1,188
  1,248
  1,310
  1,376
  1,445
  1,518
  1,594
  1,674
Adjusted assets (=assets-cash), $m
  377
  397
  418
  440
  463
  487
  512
  538
  566
  595
  625
  657
  691
  726
  763
  801
  842
  884
  929
  976
  1,025
  1,077
  1,131
  1,188
  1,248
  1,310
  1,376
  1,445
  1,518
  1,594
  1,674
Revenue / Adjusted assets
  0.207
  0.207
  0.206
  0.207
  0.207
  0.207
  0.207
  0.206
  0.207
  0.207
  0.206
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
Average production assets, $m
  360
  379
  399
  420
  442
  465
  489
  514
  541
  568
  597
  628
  660
  693
  729
  766
  804
  845
  888
  932
  979
  1,029
  1,080
  1,135
  1,192
  1,252
  1,315
  1,381
  1,450
  1,523
  1,599
Working capital, $m
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -69
  -73
  -77
  -81
  -85
  -89
  -94
  -98
  -103
  -108
  -114
  -120
  -126
  -132
  -139
  -146
  -153
  -161
  -169
  -177
  -186
  -195
Total debt, $m
  54
  61
  69
  77
  86
  95
  104
  114
  125
  135
  147
  159
  171
  184
  198
  213
  228
  244
  260
  278
  296
  316
  336
  357
  380
  403
  428
  453
  481
  509
  539
Total liabilities, $m
  140
  148
  156
  164
  173
  182
  191
  201
  212
  222
  234
  246
  258
  271
  285
  300
  315
  331
  347
  365
  383
  403
  423
  444
  467
  490
  515
  540
  568
  596
  626
Total equity, $m
  236
  248
  261
  275
  290
  305
  320
  337
  354
  372
  391
  411
  432
  454
  477
  502
  527
  554
  582
  611
  642
  674
  708
  744
  781
  820
  861
  905
  950
  998
  1,048
Total liabilities and equity, $m
  376
  396
  417
  439
  463
  487
  511
  538
  566
  594
  625
  657
  690
  725
  762
  802
  842
  885
  929
  976
  1,025
  1,077
  1,131
  1,188
  1,248
  1,310
  1,376
  1,445
  1,518
  1,594
  1,674
Debt-to-equity ratio
  0.229
  0.250
  0.260
  0.280
  0.300
  0.310
  0.330
  0.340
  0.350
  0.360
  0.380
  0.390
  0.400
  0.410
  0.420
  0.420
  0.430
  0.440
  0.450
  0.460
  0.460
  0.470
  0.470
  0.480
  0.490
  0.490
  0.500
  0.500
  0.510
  0.510
  0.510
Adjusted equity ratio
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -58
  -268
  -282
  -297
  -313
  -329
  -347
  -365
  -384
  -404
  -425
  -446
  -469
  -493
  -519
  -545
  -573
  -602
  -633
  -665
  -699
  -734
  -771
  -810
  -851
  -894
  -939
  -987
  -1,036
  -1,089
  -1,143
Depreciation, amort., depletion, $m
  63
  66
  70
  74
  78
  82
  86
  90
  95
  100
  105
  110
  116
  122
  128
  134
  141
  148
  156
  164
  172
  180
  190
  199
  209
  220
  231
  242
  254
  267
  281
Funds from operations, $m
  40
  -201
  -212
  -224
  -235
  -248
  -261
  -275
  -289
  -304
  -320
  -336
  -354
  -372
  -391
  -411
  -432
  -454
  -477
  -501
  -527
  -554
  -582
  -611
  -642
  -675
  -709
  -744
  -782
  -821
  -863
Change in working capital, $m
  8
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
Cash from operations, $m
  32
  -199
  -210
  -221
  -233
  -245
  -258
  -272
  -286
  -301
  -316
  -333
  -350
  -368
  -387
  -406
  -427
  -449
  -472
  -496
  -521
  -548
  -575
  -605
  -635
  -667
  -701
  -736
  -774
  -813
  -853
Maintenance CAPEX, $m
  0
  -63
  -66
  -70
  -74
  -78
  -82
  -86
  -90
  -95
  -100
  -105
  -110
  -116
  -122
  -128
  -134
  -141
  -148
  -156
  -164
  -172
  -180
  -190
  -199
  -209
  -220
  -231
  -242
  -254
  -267
New CAPEX, $m
  -25
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -60
  -63
  -66
  -69
  -73
  -76
Cash from investing activities, $m
  -20
  -82
  -86
  -91
  -96
  -101
  -106
  -111
  -116
  -123
  -129
  -135
  -142
  -150
  -157
  -165
  -173
  -182
  -191
  -201
  -211
  -221
  -232
  -244
  -256
  -269
  -283
  -297
  -311
  -327
  -343
Free cash flow, $m
  12
  -281
  -296
  -312
  -328
  -346
  -364
  -383
  -402
  -423
  -445
  -468
  -492
  -517
  -543
  -571
  -600
  -631
  -663
  -696
  -732
  -769
  -808
  -848
  -891
  -936
  -983
  -1,033
  -1,085
  -1,140
  -1,197
Issuance/(repayment) of debt, $m
  -61
  7
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  14
  15
  16
  17
  18
  18
  19
  20
  21
  22
  23
  25
  26
  27
  28
  30
Issuance/(repurchase) of shares, $m
  50
  280
  295
  311
  327
  345
  363
  381
  401
  422
  444
  466
  490
  515
  542
  569
  598
  629
  661
  694
  730
  766
  805
  846
  889
  933
  980
  1,030
  1,082
  1,136
  1,193
Cash from financing (excl. dividends), $m  
  -12
  287
  303
  319
  336
  354
  372
  391
  411
  433
  455
  478
  503
  528
  556
  583
  613
  645
  678
  712
  748
  785
  825
  867
  911
  956
  1,005
  1,056
  1,109
  1,164
  1,223
Total cash flow (excl. dividends), $m
  0
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
Retained Cash Flow (-), $m
  2
  -280
  -295
  -311
  -327
  -345
  -363
  -381
  -401
  -422
  -444
  -466
  -490
  -515
  -542
  -569
  -598
  -629
  -661
  -694
  -730
  -766
  -805
  -846
  -889
  -933
  -980
  -1,030
  -1,082
  -1,136
  -1,193
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
 
  -274
  -288
  -304
  -320
  -337
  -354
  -373
  -392
  -412
  -434
  -456
  -479
  -504
  -530
  -557
  -585
  -615
  -646
  -679
  -713
  -749
  -787
  -827
  -869
  -913
  -959
  -1,007
  -1,058
  -1,111
  -1,167
Discount rate, %
 
  4.70
  4.94
  5.18
  5.44
  5.71
  6.00
  6.30
  6.61
  6.94
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.77
  11.31
  11.88
  12.47
  13.09
  13.75
  14.44
  15.16
  15.92
  16.71
  17.55
  18.42
  19.35
PV of cash for distribution, $m
 
  -262
  -262
  -261
  -259
  -255
  -250
  -243
  -235
  -225
  -215
  -203
  -190
  -176
  -161
  -147
  -132
  -117
  -102
  -89
  -76
  -64
  -53
  -43
  -34
  -27
  -21
  -16
  -11
  -8
  -6
Current shareholders' claim on cash, %
  100
  37.1
  13.7
  5.1
  1.9
  0.7
  0.3
  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
  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 -2.1
Price to Sales 1.5
Price to Book 0.5
Price to Tangible Book
Price to Cash Flow 3.8
Price to Free Cash Flow 17.2
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 $78 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 5.3% 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 4.7%, 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 423.1%.

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 4.7% 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 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 MCF are equal to 461.5%.

Life of production assets of 5.7 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 -56.4%. 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 - $236 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 25.61 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 $0.1 billion.

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COMPANY NEWS

▶ 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]
▶ Webcast-OGIS New York for Contango Oil & Gas Co.   [Mar-08-17 05:56PM  at Company Spotlight]
▶ Contango Announces Initial Southern Delaware Basin Success   [Mar-07-17 12:42PM  GlobeNewswire]
▶ IIROC Trading Halt - MCF   [Feb-14-17 01:54PM  PR Newswire]
▶ Contango Completes Colorado Property Sale   [Dec-22-16 12:24PM  Business Wire]
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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