Intrinsic value of Contango Oil&Gas - MCF

Previous Close

$5.97

  Intrinsic Value

$2.48

stock screener

  Rating & Target

str. sell

-58%

  Value-price divergence*

-18%

Previous close

$5.97

 
Intrinsic value

$2.48

 
Up/down potential

-58%

 
Rating

str. sell

 
Value-price divergence*

-18%

*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
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
Revenue, $m
  78
  82
  87
  92
  97
  102
  107
  113
  119
  125
  132
  139
  146
  153
  161
  170
  178
  187
  197
  207
  218
  229
  240
  252
  265
  279
  293
  307
  323
  339
  356
Variable operating expenses, $m
 
  348
  368
  388
  409
  431
  454
  478
  504
  530
  558
  587
  617
  649
  683
  718
  755
  793
  834
  876
  921
  967
  1,016
  1,068
  1,122
  1,178
  1,238
  1,300
  1,366
  1,434
  1,506
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
  368
  388
  409
  431
  454
  478
  504
  530
  558
  587
  617
  649
  683
  718
  755
  793
  834
  876
  921
  967
  1,016
  1,068
  1,122
  1,178
  1,238
  1,300
  1,366
  1,434
  1,506
Operating income, $m
  -53
  -266
  -281
  -296
  -312
  -329
  -347
  -365
  -385
  -405
  -426
  -448
  -471
  -496
  -521
  -548
  -576
  -606
  -637
  -669
  -703
  -739
  -776
  -815
  -857
  -900
  -945
  -993
  -1,043
  -1,095
  -1,150
EBITDA, $m
  10
  -228
  -241
  -254
  -268
  -282
  -297
  -313
  -330
  -347
  -365
  -384
  -404
  -425
  -447
  -470
  -494
  -519
  -546
  -573
  -603
  -633
  -665
  -699
  -734
  -771
  -810
  -851
  -894
  -939
  -986
Interest expense (income), $m
  4
  3
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  20
  21
  22
  23
  25
Earnings before tax, $m
  -58
  -269
  -284
  -300
  -316
  -333
  -351
  -370
  -390
  -411
  -433
  -455
  -479
  -504
  -530
  -558
  -587
  -617
  -648
  -682
  -717
  -753
  -791
  -832
  -874
  -918
  -965
  -1,014
  -1,065
  -1,119
  -1,175
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
  -269
  -284
  -300
  -316
  -333
  -351
  -370
  -390
  -411
  -433
  -455
  -479
  -504
  -530
  -558
  -587
  -617
  -648
  -682
  -717
  -753
  -791
  -832
  -874
  -918
  -965
  -1,014
  -1,065
  -1,119
  -1,175

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
  398
  420
  443
  467
  492
  519
  546
  575
  605
  637
  670
  705
  741
  780
  820
  862
  906
  952
  1,000
  1,051
  1,104
  1,160
  1,219
  1,281
  1,345
  1,413
  1,484
  1,559
  1,638
  1,720
Adjusted assets (=assets-cash), $m
  377
  398
  420
  443
  467
  492
  519
  546
  575
  605
  637
  670
  705
  741
  780
  820
  862
  906
  952
  1,000
  1,051
  1,104
  1,160
  1,219
  1,281
  1,345
  1,413
  1,484
  1,559
  1,638
  1,720
Revenue / Adjusted assets
  0.207
  0.206
  0.207
  0.208
  0.208
  0.207
  0.206
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.206
  0.206
  0.207
  0.206
  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
Average production assets, $m
  360
  380
  401
  423
  446
  470
  495
  522
  549
  578
  609
  640
  673
  708
  745
  783
  823
  865
  909
  956
  1,004
  1,055
  1,109
  1,165
  1,224
  1,285
  1,350
  1,418
  1,490
  1,564
  1,643
Working capital, $m
  -44
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
  -36
Total debt, $m
  54
  62
  70
  79
  88
  97
  107
  117
  128
  139
  151
  164
  177
  190
  205
  220
  235
  252
  269
  287
  306
  326
  347
  369
  392
  416
  442
  468
  496
  525
  556
Total liabilities, $m
  140
  149
  157
  166
  175
  184
  194
  204
  215
  226
  238
  251
  264
  277
  292
  307
  322
  339
  356
  374
  393
  413
  434
  456
  479
  503
  529
  555
  583
  612
  643
Total equity, $m
  236
  249
  263
  277
  292
  308
  325
  342
  360
  379
  399
  420
  441
  464
  488
  513
  539
  567
  596
  626
  658
  691
  726
  763
  802
  842
  885
  929
  976
  1,025
  1,077
Total liabilities and equity, $m
  376
  398
  420
  443
  467
  492
  519
  546
  575
  605
  637
  671
  705
  741
  780
  820
  861
  906
  952
  1,000
  1,051
  1,104
  1,160
  1,219
  1,281
  1,345
  1,414
  1,484
  1,559
  1,637
  1,720
Debt-to-equity ratio
  0.229
  0.250
  0.270
  0.280
  0.300
  0.320
  0.330
  0.340
  0.360
  0.370
  0.380
  0.390
  0.400
  0.410
  0.420
  0.430
  0.440
  0.440
  0.450
  0.460
  0.470
  0.470
  0.480
  0.480
  0.490
  0.490
  0.500
  0.500
  0.510
  0.510
  0.520
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
  -269
  -284
  -300
  -316
  -333
  -351
  -370
  -390
  -411
  -433
  -455
  -479
  -504
  -530
  -558
  -587
  -617
  -648
  -682
  -717
  -753
  -791
  -832
  -874
  -918
  -965
  -1,014
  -1,065
  -1,119
  -1,175
Depreciation, amort., depletion, $m
  63
  38
  40
  42
  45
  47
  50
  52
  55
  58
  61
  64
  67
  71
  74
  78
  82
  87
  91
  96
  100
  106
  111
  116
  122
  129
  135
  142
  149
  156
  164
Funds from operations, $m
  40
  -231
  -244
  -257
  -271
  -286
  -302
  -318
  -335
  -353
  -372
  -391
  -412
  -433
  -456
  -480
  -504
  -530
  -558
  -586
  -616
  -648
  -681
  -715
  -752
  -790
  -830
  -872
  -916
  -962
  -1,011
Change in working capital, $m
  8
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
Cash from operations, $m
  32
  -230
  -243
  -257
  -271
  -286
  -301
  -318
  -335
  -352
  -371
  -391
  -411
  -433
  -455
  -479
  -503
  -529
  -557
  -585
  -615
  -646
  -679
  -714
  -750
  -788
  -828
  -870
  -914
  -961
  -1,009
Maintenance CAPEX, $m
  0
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -87
  -91
  -96
  -100
  -106
  -111
  -116
  -122
  -129
  -135
  -142
  -149
  -156
New CAPEX, $m
  -25
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -53
  -56
  -59
  -62
  -65
  -68
  -71
  -75
  -79
Cash from investing activities, $m
  -20
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -84
  -88
  -93
  -97
  -102
  -107
  -112
  -118
  -124
  -131
  -137
  -145
  -151
  -159
  -167
  -175
  -184
  -194
  -203
  -213
  -224
  -235
Free cash flow, $m
  12
  -286
  -302
  -319
  -336
  -355
  -374
  -393
  -414
  -436
  -459
  -483
  -508
  -535
  -562
  -591
  -622
  -654
  -687
  -722
  -759
  -798
  -838
  -881
  -926
  -973
  -1,022
  -1,073
  -1,128
  -1,184
  -1,244
Issuance/(repayment) of debt, $m
  -61
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
Issuance/(repurchase) of shares, $m
  50
  282
  298
  314
  331
  349
  368
  388
  408
  430
  452
  476
  501
  527
  554
  583
  613
  644
  677
  712
  748
  786
  826
  868
  913
  959
  1,007
  1,058
  1,112
  1,168
  1,227
Cash from financing (excl. dividends), $m  
  -12
  290
  306
  323
  340
  358
  378
  398
  419
  441
  464
  488
  514
  541
  568
  598
  629
  660
  694
  730
  767
  806
  847
  890
  936
  983
  1,032
  1,085
  1,140
  1,197
  1,258
Total cash flow (excl. dividends), $m
  0
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  13
  13
Retained Cash Flow (-), $m
  2
  -282
  -298
  -314
  -331
  -349
  -368
  -388
  -408
  -430
  -452
  -476
  -501
  -527
  -554
  -583
  -613
  -644
  -677
  -712
  -748
  -786
  -826
  -868
  -913
  -959
  -1,007
  -1,058
  -1,112
  -1,168
  -1,227
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
 
  -279
  -294
  -310
  -327
  -345
  -364
  -383
  -404
  -425
  -447
  -471
  -495
  -521
  -548
  -576
  -606
  -637
  -670
  -704
  -740
  -778
  -817
  -859
  -903
  -948
  -996
  -1,047
  -1,100
  -1,155
  -1,213
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
 
  -266
  -267
  -267
  -265
  -261
  -256
  -250
  -242
  -232
  -221
  -209
  -196
  -182
  -167
  -152
  -136
  -121
  -106
  -92
  -78
  -66
  -55
  -44
  -35
  -28
  -21
  -16
  -12
  -9
  -6
Current shareholders' claim on cash, %
  100
  37.0
  13.7
  5.0
  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, an independent oil and natural gas company, acquires, explores, develops, exploits, and produces crude oil and natural gas properties in the offshore shallow waters of the Gulf of Mexico, and in the onshore Texas Gulf Coast and Rocky Mountain regions in the United States. As of December 31, 2015, it had proved reserves of approximately 187.2 billion cubic feet equivalent, including 126.1 billion cubic feet of natural gas, 4.8 million barrels of crude oil and condensate, and 5.4 million barrels of natural gas liquids. The company was founded in 1986 and is based in Houston, 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 21.5
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 5.6% 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 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 -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 - $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 23.757 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.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ 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]
▶ Contango Announces Pricing of Common Stock Offering   [Jul-22-16 08:49AM  Business Wire]
Stock chart of MCF Financial statements of MCF Annual reports 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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