Intrinsic value of MRC Global - MRC

Previous Close

$16.07

  Intrinsic Value

$1.68

stock screener

  Rating & Target

str. sell

-90%

Previous close

$16.07

 
Intrinsic value

$1.68

 
Up/down potential

-90%

 
Rating

str. sell

We calculate the intrinsic value of MRC 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 1.5

 

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, %
  -32.85
  23.60
  21.74
  20.07
  18.56
  17.20
  15.98
  14.88
  13.90
  13.01
  12.21
  11.49
  10.84
  10.25
  9.73
  9.26
  8.83
  8.45
  8.10
  7.79
  7.51
  7.26
  7.04
  6.83
  6.65
  6.48
  6.34
  6.20
  6.08
  5.97
  5.88
Revenue, $m
  3,041
  3,759
  4,576
  5,494
  6,514
  7,634
  8,854
  10,172
  11,586
  13,093
  14,691
  16,378
  18,153
  20,015
  21,962
  23,994
  26,113
  28,318
  30,613
  32,998
  35,477
  38,053
  40,730
  43,513
  46,406
  49,414
  52,545
  55,804
  59,197
  62,733
  66,420
Variable operating expenses, $m
 
  3,984
  4,840
  5,801
  6,869
  8,042
  9,320
  10,700
  12,180
  13,758
  15,432
  17,151
  19,009
  20,958
  22,997
  25,125
  27,344
  29,653
  32,056
  34,554
  37,150
  39,847
  42,651
  45,564
  48,594
  51,744
  55,022
  58,435
  61,988
  65,691
  69,551
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
  3,098
  3,984
  4,840
  5,801
  6,869
  8,042
  9,320
  10,700
  12,180
  13,758
  15,432
  17,151
  19,009
  20,958
  22,997
  25,125
  27,344
  29,653
  32,056
  34,554
  37,150
  39,847
  42,651
  45,564
  48,594
  51,744
  55,022
  58,435
  61,988
  65,691
  69,551
Operating income, $m
  -57
  -225
  -264
  -307
  -355
  -408
  -466
  -528
  -594
  -666
  -741
  -772
  -856
  -944
  -1,035
  -1,131
  -1,231
  -1,335
  -1,443
  -1,556
  -1,673
  -1,794
  -1,920
  -2,052
  -2,188
  -2,330
  -2,477
  -2,631
  -2,791
  -2,958
  -3,132
EBITDA, $m
  12
  -134
  -163
  -196
  -232
  -272
  -315
  -362
  -413
  -466
  -523
  -583
  -646
  -713
  -782
  -854
  -930
  -1,008
  -1,090
  -1,175
  -1,263
  -1,355
  -1,450
  -1,550
  -1,653
  -1,760
  -1,871
  -1,987
  -2,108
  -2,234
  -2,365
Interest expense (income), $m
  30
  26
  42
  59
  80
  102
  126
  153
  182
  213
  245
  280
  317
  356
  397
  439
  484
  530
  578
  628
  680
  734
  791
  849
  910
  973
  1,039
  1,107
  1,178
  1,252
  1,330
Earnings before tax, $m
  -91
  -251
  -306
  -367
  -435
  -510
  -592
  -681
  -776
  -878
  -986
  -1,053
  -1,173
  -1,300
  -1,432
  -1,570
  -1,715
  -1,865
  -2,021
  -2,184
  -2,353
  -2,528
  -2,711
  -2,901
  -3,098
  -3,303
  -3,516
  -3,738
  -3,969
  -4,210
  -4,461
Tax expense, $m
  -8
  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
  -83
  -251
  -306
  -367
  -435
  -510
  -592
  -681
  -776
  -878
  -986
  -1,053
  -1,173
  -1,300
  -1,432
  -1,570
  -1,715
  -1,865
  -2,021
  -2,184
  -2,353
  -2,528
  -2,711
  -2,901
  -3,098
  -3,303
  -3,516
  -3,738
  -3,969
  -4,210
  -4,461

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  109
  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
  2,164
  2,540
  3,092
  3,712
  4,401
  5,158
  5,983
  6,873
  7,828
  8,847
  9,926
  11,066
  12,266
  13,523
  14,839
  16,212
  17,644
  19,134
  20,684
  22,296
  23,971
  25,711
  27,520
  29,400
  31,355
  33,388
  35,503
  37,705
  39,998
  42,387
  44,878
Adjusted assets (=assets-cash), $m
  2,055
  2,540
  3,092
  3,712
  4,401
  5,158
  5,983
  6,873
  7,828
  8,847
  9,926
  11,066
  12,266
  13,523
  14,839
  16,212
  17,644
  19,134
  20,684
  22,296
  23,971
  25,711
  27,520
  29,400
  31,355
  33,388
  35,503
  37,705
  39,998
  42,387
  44,878
Revenue / Adjusted assets
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
Average production assets, $m
  503
  620
  755
  907
  1,075
  1,260
  1,461
  1,678
  1,912
  2,160
  2,424
  2,702
  2,995
  3,302
  3,624
  3,959
  4,309
  4,673
  5,051
  5,445
  5,854
  6,279
  6,720
  7,180
  7,657
  8,153
  8,670
  9,208
  9,768
  10,351
  10,959
Working capital, $m
  684
  722
  879
  1,055
  1,251
  1,466
  1,700
  1,953
  2,225
  2,514
  2,821
  3,145
  3,485
  3,843
  4,217
  4,607
  5,014
  5,437
  5,878
  6,336
  6,812
  7,306
  7,820
  8,354
  8,910
  9,488
  10,089
  10,714
  11,366
  12,045
  12,753
Total debt, $m
  414
  651
  929
  1,243
  1,591
  1,973
  2,389
  2,839
  3,321
  3,836
  4,381
  4,957
  5,562
  6,197
  6,862
  7,555
  8,278
  9,031
  9,814
  10,627
  11,473
  12,352
  13,266
  14,215
  15,202
  16,229
  17,297
  18,409
  19,567
  20,774
  22,031
Total liabilities, $m
  1,046
  1,283
  1,561
  1,875
  2,223
  2,605
  3,021
  3,471
  3,953
  4,468
  5,013
  5,589
  6,194
  6,829
  7,494
  8,187
  8,910
  9,663
  10,446
  11,259
  12,105
  12,984
  13,898
  14,847
  15,834
  16,861
  17,929
  19,041
  20,199
  21,406
  22,663
Total equity, $m
  1,118
  1,257
  1,530
  1,838
  2,179
  2,553
  2,961
  3,402
  3,875
  4,379
  4,914
  5,478
  6,072
  6,694
  7,345
  8,025
  8,734
  9,471
  10,239
  11,036
  11,866
  12,727
  13,623
  14,553
  15,521
  16,527
  17,574
  18,664
  19,799
  20,982
  22,215
Total liabilities and equity, $m
  2,164
  2,540
  3,091
  3,713
  4,402
  5,158
  5,982
  6,873
  7,828
  8,847
  9,927
  11,067
  12,266
  13,523
  14,839
  16,212
  17,644
  19,134
  20,685
  22,295
  23,971
  25,711
  27,521
  29,400
  31,355
  33,388
  35,503
  37,705
  39,998
  42,388
  44,878
Debt-to-equity ratio
  0.370
  0.520
  0.610
  0.680
  0.730
  0.770
  0.810
  0.830
  0.860
  0.880
  0.890
  0.900
  0.920
  0.930
  0.930
  0.940
  0.950
  0.950
  0.960
  0.960
  0.970
  0.970
  0.970
  0.980
  0.980
  0.980
  0.980
  0.990
  0.990
  0.990
  0.990
Adjusted equity ratio
  0.491
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -83
  -251
  -306
  -367
  -435
  -510
  -592
  -681
  -776
  -878
  -986
  -1,053
  -1,173
  -1,300
  -1,432
  -1,570
  -1,715
  -1,865
  -2,021
  -2,184
  -2,353
  -2,528
  -2,711
  -2,901
  -3,098
  -3,303
  -3,516
  -3,738
  -3,969
  -4,210
  -4,461
Depreciation, amort., depletion, $m
  69
  92
  101
  112
  123
  136
  150
  166
  182
  199
  218
  189
  209
  231
  253
  277
  301
  327
  353
  381
  409
  439
  470
  502
  535
  570
  606
  644
  683
  724
  766
Funds from operations, $m
  484
  -160
  -205
  -255
  -311
  -374
  -442
  -515
  -594
  -679
  -769
  -864
  -964
  -1,069
  -1,179
  -1,294
  -1,413
  -1,538
  -1,668
  -1,803
  -1,944
  -2,089
  -2,241
  -2,399
  -2,562
  -2,733
  -2,910
  -3,094
  -3,286
  -3,486
  -3,695
Change in working capital, $m
  231
  138
  157
  176
  196
  215
  234
  253
  271
  289
  307
  324
  341
  357
  374
  390
  407
  423
  441
  458
  476
  495
  514
  534
  555
  578
  601
  626
  652
  679
  708
Cash from operations, $m
  253
  -298
  -361
  -431
  -507
  -589
  -676
  -768
  -866
  -968
  -1,075
  -1,188
  -1,304
  -1,426
  -1,553
  -1,684
  -1,820
  -1,962
  -2,109
  -2,261
  -2,420
  -2,584
  -2,755
  -2,933
  -3,118
  -3,310
  -3,511
  -3,720
  -3,938
  -4,165
  -4,403
Maintenance CAPEX, $m
  0
  -35
  -43
  -53
  -63
  -75
  -88
  -102
  -117
  -134
  -151
  -170
  -189
  -209
  -231
  -253
  -277
  -301
  -327
  -353
  -381
  -409
  -439
  -470
  -502
  -535
  -570
  -606
  -644
  -683
  -724
New CAPEX, $m
  -33
  -118
  -135
  -152
  -168
  -185
  -201
  -217
  -233
  -249
  -264
  -278
  -293
  -307
  -321
  -335
  -350
  -364
  -379
  -394
  -409
  -425
  -442
  -459
  -477
  -496
  -517
  -538
  -560
  -583
  -608
Cash from investing activities, $m
  16
  -153
  -178
  -205
  -231
  -260
  -289
  -319
  -350
  -383
  -415
  -448
  -482
  -516
  -552
  -588
  -627
  -665
  -706
  -747
  -790
  -834
  -881
  -929
  -979
  -1,031
  -1,087
  -1,144
  -1,204
  -1,266
  -1,332
Free cash flow, $m
  269
  -450
  -540
  -636
  -739
  -849
  -965
  -1,088
  -1,216
  -1,350
  -1,490
  -1,636
  -1,786
  -1,943
  -2,105
  -2,273
  -2,447
  -2,627
  -2,814
  -3,008
  -3,209
  -3,418
  -3,636
  -3,862
  -4,097
  -4,342
  -4,598
  -4,864
  -5,142
  -5,432
  -5,735
Issuance/(repayment) of debt, $m
  -108
  245
  279
  313
  348
  382
  416
  450
  482
  514
  545
  576
  606
  635
  664
  694
  723
  753
  783
  814
  846
  879
  913
  949
  987
  1,027
  1,068
  1,112
  1,158
  1,207
  1,258
Issuance/(repurchase) of shares, $m
  -94
  492
  579
  674
  776
  885
  1,000
  1,122
  1,249
  1,382
  1,521
  1,617
  1,767
  1,922
  2,083
  2,250
  2,423
  2,603
  2,789
  2,982
  3,182
  3,390
  3,606
  3,831
  4,065
  4,309
  4,563
  4,828
  5,104
  5,393
  5,694
Cash from financing (excl. dividends), $m  
  -202
  737
  858
  987
  1,124
  1,267
  1,416
  1,572
  1,731
  1,896
  2,066
  2,193
  2,373
  2,557
  2,747
  2,944
  3,146
  3,356
  3,572
  3,796
  4,028
  4,269
  4,519
  4,780
  5,052
  5,336
  5,631
  5,940
  6,262
  6,600
  6,952
Total cash flow (excl. dividends), $m
  64
  286
  318
  351
  385
  418
  451
  483
  515
  546
  576
  557
  586
  615
  643
  671
  700
  728
  758
  788
  819
  851
  884
  919
  955
  994
  1,034
  1,076
  1,121
  1,168
  1,217
Retained Cash Flow (-), $m
  193
  -492
  -579
  -674
  -776
  -885
  -1,000
  -1,122
  -1,249
  -1,382
  -1,521
  -1,617
  -1,767
  -1,922
  -2,083
  -2,250
  -2,423
  -2,603
  -2,789
  -2,982
  -3,182
  -3,390
  -3,606
  -3,831
  -4,065
  -4,309
  -4,563
  -4,828
  -5,104
  -5,393
  -5,694
Prev. year cash balance distribution, $m
 
  101
  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
 
  -105
  -261
  -322
  -391
  -467
  -549
  -638
  -734
  -836
  -945
  -1,060
  -1,181
  -1,308
  -1,440
  -1,579
  -1,724
  -1,874
  -2,031
  -2,194
  -2,363
  -2,539
  -2,722
  -2,912
  -3,110
  -3,316
  -3,529
  -3,752
  -3,984
  -4,225
  -4,477
Discount rate, %
 
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.12
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.82
  25.01
  26.26
  27.58
PV of cash for distribution, $m
 
  -98
  -228
  -260
  -290
  -315
  -336
  -350
  -357
  -358
  -352
  -339
  -321
  -299
  -272
  -244
  -214
  -184
  -155
  -128
  -104
  -82
  -63
  -47
  -35
  -25
  -17
  -12
  -8
  -5
  -3
Current shareholders' claim on cash, %
  100
  73.8
  55.1
  41.7
  31.8
  24.5
  19.0
  14.9
  11.7
  9.3
  7.4
  6.0
  4.8
  3.9
  3.2
  2.6
  2.1
  1.7
  1.4
  1.2
  1.0
  0.8
  0.7
  0.6
  0.5
  0.4
  0.3
  0.3
  0.2
  0.2
  0.2

MRC Global Inc. is an industrial distributor of pipe, valves and fittings and related products and services to the energy industry. The Company's segments include the U.S., Canada and International. Its U.S. segment includes the United States Eastern Region and Gulf Coast, and the United States Western Region. It provides services, such as product testing, manufacturer assessments, daily deliveries, volume purchasing, inventory and zone store management and warehousing, technical support, training, just-in-time delivery, truck stocking, order consolidation, product tagging and system interfaces customized to customer and supplier specifications for tracking and replenishing inventory, engineering of control packages, and valve inspection and repair. The Company's principal product types include valves, automation, measurement and instrumentation; carbon steel fittings and flanges; stainless steel and alloy fittings, flanges and pipe; gas products; line pipe, and other.

FINANCIAL RATIOS  of  MRC Global (MRC)

Valuation Ratios
P/E Ratio -18.4
Price to Sales 0.5
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 6
Price to Free Cash Flow 6.9
Growth Rates
Sales Growth Rate -32.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -15.4%
Cap. Spend. - 3 Yr. Gr. Rate 8.4%
Financial Strength
Quick Ratio 14
Current Ratio 0.1
LT Debt to Equity 36.3%
Total Debt to Equity 37%
Interest Coverage -2
Management Effectiveness
Return On Assets -2.4%
Ret/ On Assets - 3 Yr. Avg. -2.2%
Return On Total Capital -4.9%
Ret/ On T. Cap. - 3 Yr. Avg. -4.5%
Return On Equity -6.8%
Return On Equity - 3 Yr. Avg. -6.9%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 15.4%
Gross Margin - 3 Yr. Avg. 16.6%
EBITDA Margin 0.3%
EBITDA Margin - 3 Yr. Avg. 0.6%
Operating Margin -1.9%
Oper. Margin - 3 Yr. Avg. -1%
Pre-Tax Margin -3%
Pre-Tax Margin - 3 Yr. Avg. -2.2%
Net Profit Margin -2.7%
Net Profit Margin - 3 Yr. Avg. -2.5%
Effective Tax Rate 8.8%
Eff/ Tax Rate - 3 Yr. Avg. 16%
Payout Ratio -28.9%

MRC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MRC stock intrinsic value calculation we used $3041 million for the last fiscal year's total revenue generated by MRC Global. The default revenue input number comes from 2016 income statement of MRC Global. 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 MRC stock valuation model: a) initial revenue growth rate of 23.6% 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 6.7%, whose default value for MRC is calculated based on our internal credit rating of MRC Global, 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 MRC Global.
    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 MRC stock the variable cost ratio is equal to 106.3%.

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 MRC 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 6.4% for MRC Global.

Corporate tax rate of 27% is the nominal tax rate for MRC Global. 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 MRC 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 MRC are equal to 16.5%.

Life of production assets of 14.3 years is the average useful life of capital assets used in MRC Global 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 MRC is equal to 19.2%. 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 - $1118 million for MRC Global - 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 94.701 million for MRC Global 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 MRC Global at the current share price and the inputted number of shares is $1.5 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ MRC Global Inc (MRC): Time For A Financial Health Check   [Dec-11-17 08:38AM  Simply Wall St.]
▶ Is It Time To Buy MRC Global Inc (MRC)?   [Nov-09-17 04:55PM  Simply Wall St.]
▶ ETFs with exposure to MRC Global, Inc. : November 7, 2017   [Nov-07-17 10:31AM  Capital Cube]
▶ MRC Global Inc. to Host Earnings Call   [08:15AM  ACCESSWIRE]
▶ MRC misses Street 3Q forecasts   [Nov-02-17 04:54PM  Associated Press]
▶ ExxonMobil Selects MRC Global as Primary Valve Provider   [Aug-22-17 04:15PM  PR Newswire]
▶ MRC misses 2Q profit forecasts   [Aug-03-17 05:30PM  Associated Press]
▶ MRC Global Renews Global PVF Contract with Chevron   [Jun-07-17 04:15PM  PR Newswire]
▶ MRC Global leases its largest distribution center   [May-18-17 12:40PM  American City Business Journals]
▶ ETFs with exposure to MRC Global, Inc. : May 11, 2017   [May-11-17 05:09PM  Capital Cube]
▶ MRC Global Inc. Bounces Back Big-Time   [May-05-17 09:00AM  Motley Fool]
▶ MRC tops Street 1Q forecasts   [May-04-17 07:47PM  Associated Press]
▶ Marathon Shifts Assets to MLP to Appease Activist   [Mar-01-17 01:25PM  TheStreet.com]
Financial statements of MRC
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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