Intrinsic value of Contango Oil&Gas - MCF

Previous Close

$5.72

  Intrinsic Value

$2.23

stock screener

  Rating & Target

str. sell

-61%

Previous close

$5.72

 
Intrinsic value

$2.23

 
Up/down potential

-61%

 
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
  80
  81
  83
  86
  88
  91
  94
  98
  101
  105
  109
  114
  119
  124
  129
  135
  141
  147
  154
  161
  168
  176
  184
  193
  202
  212
  222
  233
  244
  256
Variable operating expenses, $m
 
  337
  344
  353
  363
  374
  386
  399
  414
  429
  445
  463
  482
  502
  523
  546
  570
  595
  622
  650
  680
  711
  745
  780
  816
  855
  896
  939
  985
  1,032
  1,083
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
  337
  344
  353
  363
  374
  386
  399
  414
  429
  445
  463
  482
  502
  523
  546
  570
  595
  622
  650
  680
  711
  745
  780
  816
  855
  896
  939
  985
  1,032
  1,083
Operating income, $m
  -53
  -257
  -263
  -270
  -277
  -286
  -295
  -305
  -316
  -328
  -340
  -354
  -368
  -383
  -399
  -417
  -435
  -454
  -475
  -496
  -519
  -543
  -569
  -595
  -624
  -653
  -684
  -717
  -752
  -788
  -827
EBITDA, $m
  10
  -193
  -197
  -202
  -208
  -214
  -221
  -229
  -237
  -245
  -255
  -265
  -276
  -287
  -299
  -312
  -326
  -340
  -356
  -372
  -389
  -407
  -426
  -446
  -467
  -490
  -513
  -538
  -564
  -591
  -620
Interest expense (income), $m
  4
  3
  3
  3
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
  12
  12
  13
  14
  15
  16
  17
Earnings before tax, $m
  -58
  -260
  -266
  -273
  -280
  -289
  -298
  -309
  -320
  -332
  -345
  -358
  -373
  -389
  -405
  -423
  -442
  -462
  -483
  -505
  -528
  -553
  -579
  -606
  -635
  -665
  -698
  -731
  -767
  -804
  -843
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
  -260
  -266
  -273
  -280
  -289
  -298
  -309
  -320
  -332
  -345
  -358
  -373
  -389
  -405
  -423
  -442
  -462
  -483
  -505
  -528
  -553
  -579
  -606
  -635
  -665
  -698
  -731
  -767
  -804
  -843

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
  384
  393
  403
  415
  427
  441
  456
  472
  490
  509
  529
  550
  573
  597
  623
  650
  679
  710
  742
  776
  812
  850
  890
  932
  977
  1,023
  1,073
  1,124
  1,179
  1,236
Adjusted assets (=assets-cash), $m
  377
  384
  393
  403
  415
  427
  441
  456
  472
  490
  509
  529
  550
  573
  597
  623
  650
  679
  710
  742
  776
  812
  850
  890
  932
  977
  1,023
  1,073
  1,124
  1,179
  1,236
Revenue / Adjusted assets
  0.207
  0.208
  0.206
  0.206
  0.207
  0.206
  0.206
  0.206
  0.208
  0.206
  0.206
  0.206
  0.207
  0.208
  0.208
  0.207
  0.208
  0.208
  0.207
  0.208
  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
  367
  376
  385
  396
  408
  421
  436
  451
  468
  486
  505
  526
  547
  571
  595
  621
  649
  678
  709
  742
  776
  812
  850
  891
  933
  978
  1,025
  1,074
  1,126
  1,181
Working capital, $m
  -44
  -45
  -46
  -47
  -48
  -50
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -79
  -83
  -87
  -91
  -95
  -99
  -104
  -109
  -114
  -119
  -125
  -131
  -138
  -144
Total debt, $m
  54
  57
  60
  64
  68
  73
  78
  84
  90
  96
  103
  111
  119
  127
  136
  146
  156
  167
  178
  191
  203
  217
  231
  246
  262
  278
  296
  314
  333
  354
  375
Total liabilities, $m
  140
  144
  147
  151
  155
  160
  165
  171
  177
  183
  190
  198
  206
  214
  223
  233
  243
  254
  265
  278
  290
  304
  318
  333
  349
  365
  383
  401
  420
  441
  462
Total equity, $m
  236
  241
  246
  252
  260
  267
  276
  285
  296
  307
  318
  331
  344
  359
  374
  390
  407
  425
  444
  465
  486
  508
  532
  557
  584
  611
  641
  671
  704
  738
  774
Total liabilities and equity, $m
  376
  385
  393
  403
  415
  427
  441
  456
  473
  490
  508
  529
  550
  573
  597
  623
  650
  679
  709
  743
  776
  812
  850
  890
  933
  976
  1,024
  1,072
  1,124
  1,179
  1,236
Debt-to-equity ratio
  0.229
  0.240
  0.240
  0.250
  0.260
  0.270
  0.280
  0.290
  0.300
  0.310
  0.320
  0.330
  0.340
  0.350
  0.360
  0.370
  0.380
  0.390
  0.400
  0.410
  0.420
  0.430
  0.430
  0.440
  0.450
  0.460
  0.460
  0.470
  0.470
  0.480
  0.490
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
  -260
  -266
  -273
  -280
  -289
  -298
  -309
  -320
  -332
  -345
  -358
  -373
  -389
  -405
  -423
  -442
  -462
  -483
  -505
  -528
  -553
  -579
  -606
  -635
  -665
  -698
  -731
  -767
  -804
  -843
Depreciation, amort., depletion, $m
  63
  64
  66
  68
  69
  72
  74
  76
  79
  82
  85
  89
  92
  96
  100
  104
  109
  114
  119
  124
  130
  136
  142
  149
  156
  164
  172
  180
  188
  198
  207
Funds from operations, $m
  40
  -195
  -200
  -205
  -211
  -217
  -224
  -232
  -241
  -250
  -259
  -270
  -281
  -293
  -305
  -319
  -333
  -348
  -364
  -380
  -398
  -417
  -436
  -457
  -479
  -502
  -526
  -551
  -578
  -606
  -636
Change in working capital, $m
  8
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
Cash from operations, $m
  32
  -194
  -199
  -204
  -210
  -216
  -223
  -230
  -239
  -248
  -257
  -267
  -278
  -290
  -303
  -316
  -330
  -344
  -360
  -377
  -394
  -412
  -432
  -452
  -474
  -497
  -521
  -546
  -572
  -600
  -629
Maintenance CAPEX, $m
  0
  -63
  -64
  -66
  -68
  -69
  -72
  -74
  -76
  -79
  -82
  -85
  -89
  -92
  -96
  -100
  -104
  -109
  -114
  -119
  -124
  -130
  -136
  -142
  -149
  -156
  -164
  -172
  -180
  -188
  -198
New CAPEX, $m
  -25
  -7
  -8
  -10
  -11
  -12
  -13
  -14
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -49
  -52
  -55
Cash from investing activities, $m
  -20
  -70
  -72
  -76
  -79
  -81
  -85
  -88
  -92
  -96
  -100
  -104
  -109
  -114
  -119
  -125
  -130
  -137
  -143
  -150
  -157
  -164
  -172
  -180
  -189
  -198
  -209
  -219
  -229
  -240
  -253
Free cash flow, $m
  12
  -265
  -272
  -279
  -288
  -297
  -308
  -319
  -331
  -344
  -357
  -372
  -388
  -404
  -422
  -440
  -460
  -481
  -503
  -526
  -551
  -577
  -604
  -633
  -663
  -695
  -729
  -764
  -801
  -841
  -882
Issuance/(repayment) of debt, $m
  -61
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  17
  18
  19
  20
  21
Issuance/(repurchase) of shares, $m
  50
  264
  271
  279
  287
  297
  307
  318
  330
  343
  356
  371
  387
  403
  421
  439
  459
  480
  502
  525
  549
  575
  603
  631
  661
  693
  727
  762
  799
  838
  879
Cash from financing (excl. dividends), $m  
  -12
  267
  274
  283
  291
  302
  312
  324
  336
  350
  363
  379
  395
  412
  430
  449
  469
  491
  513
  537
  562
  588
  617
  646
  677
  710
  744
  780
  818
  858
  900
Total cash flow (excl. dividends), $m
  0
  2
  3
  3
  4
  4
  5
  5
  5
  6
  6
  7
  7
  8
  8
  8
  9
  10
  10
  11
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  19
Retained Cash Flow (-), $m
  2
  -264
  -271
  -279
  -287
  -297
  -307
  -318
  -330
  -343
  -356
  -371
  -387
  -403
  -421
  -439
  -459
  -480
  -502
  -525
  -549
  -575
  -603
  -631
  -661
  -693
  -727
  -762
  -799
  -838
  -879
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
 
  -262
  -268
  -276
  -284
  -293
  -302
  -313
  -325
  -337
  -350
  -364
  -380
  -396
  -413
  -431
  -450
  -470
  -492
  -514
  -538
  -563
  -590
  -618
  -648
  -679
  -711
  -746
  -782
  -820
  -860
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
 
  -250
  -244
  -237
  -230
  -222
  -213
  -204
  -194
  -184
  -173
  -162
  -150
  -138
  -126
  -113
  -101
  -89
  -78
  -67
  -57
  -48
  -39
  -32
  -25
  -20
  -15
  -11
  -8
  -6
  -4
Current shareholders' claim on cash, %
  100
  38.5
  14.7
  5.6
  2.1
  0.8
  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 -2.5
Price to Sales 1.9
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 4.5
Price to Free Cash Flow 20.6
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 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 4.7%, 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 26.484 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

▶ 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]
▶ 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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