Intrinsic value of Nabors Industries - NBR

Previous Close

$6.70

  Intrinsic Value

$2.70

stock screener

  Rating & Target

str. sell

-60%

Previous close

$6.70

 
Intrinsic value

$2.70

 
Up/down potential

-60%

 
Rating

str. sell

We calculate the intrinsic value of NBR 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 1.9

 

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, %
  -42.38
  10.30
  9.77
  9.29
  8.86
  8.48
  8.13
  7.82
  7.53
  7.28
  7.05
  6.85
  6.66
  6.50
  6.35
  6.21
  6.09
  5.98
  5.88
  5.80
  5.72
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
Revenue, $m
  2,228
  2,457
  2,698
  2,948
  3,210
  3,482
  3,765
  4,059
  4,365
  4,683
  5,013
  5,356
  5,713
  6,084
  6,470
  6,872
  7,291
  7,727
  8,182
  8,656
  9,151
  9,667
  10,207
  10,770
  11,360
  11,976
  12,620
  13,294
  14,000
  14,739
  15,512
Variable operating expenses, $m
 
  1,559
  1,709
  1,867
  2,031
  2,201
  2,379
  2,564
  2,756
  2,955
  3,162
  3,361
  3,585
  3,818
  4,060
  4,313
  4,575
  4,849
  5,134
  5,432
  5,742
  6,066
  6,405
  6,758
  7,128
  7,515
  7,919
  8,342
  8,785
  9,249
  9,734
Fixed operating expenses, $m
 
  1,666
  1,707
  1,750
  1,794
  1,839
  1,885
  1,932
  1,980
  2,029
  2,080
  2,132
  2,185
  2,240
  2,296
  2,353
  2,412
  2,473
  2,534
  2,598
  2,663
  2,729
  2,798
  2,867
  2,939
  3,013
  3,088
  3,165
  3,244
  3,325
  3,409
Total operating expenses, $m
  2,999
  3,225
  3,416
  3,617
  3,825
  4,040
  4,264
  4,496
  4,736
  4,984
  5,242
  5,493
  5,770
  6,058
  6,356
  6,666
  6,987
  7,322
  7,668
  8,030
  8,405
  8,795
  9,203
  9,625
  10,067
  10,528
  11,007
  11,507
  12,029
  12,574
  13,143
Operating income, $m
  -771
  -767
  -719
  -668
  -615
  -558
  -499
  -436
  -371
  -302
  -230
  -137
  -57
  26
  114
  206
  304
  406
  513
  627
  746
  872
  1,004
  1,144
  1,292
  1,448
  1,613
  1,787
  1,971
  2,165
  2,370
EBITDA, $m
  103
  188
  327
  474
  627
  787
  955
  1,130
  1,312
  1,502
  1,700
  1,907
  2,123
  2,348
  2,584
  2,829
  3,086
  3,355
  3,636
  3,930
  4,238
  4,561
  4,900
  5,255
  5,628
  6,019
  6,429
  6,861
  7,314
  7,790
  8,290
Interest expense (income), $m
  184
  183
  209
  236
  264
  294
  325
  357
  390
  425
  461
  498
  537
  577
  619
  663
  709
  756
  805
  857
  911
  967
  1,025
  1,086
  1,150
  1,217
  1,286
  1,359
  1,436
  1,516
  1,599
Earnings before tax, $m
  -1,198
  -949
  -928
  -904
  -879
  -852
  -824
  -793
  -761
  -727
  -690
  -635
  -594
  -551
  -505
  -457
  -405
  -350
  -292
  -230
  -165
  -95
  -21
  58
  142
  232
  327
  427
  535
  649
  771
Tax expense, $m
  -187
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  16
  38
  63
  88
  115
  144
  175
  208
Net income, $m
  -1,030
  -949
  -928
  -904
  -879
  -852
  -824
  -793
  -761
  -727
  -690
  -635
  -594
  -551
  -505
  -457
  -405
  -350
  -292
  -230
  -165
  -95
  -21
  43
  104
  169
  238
  312
  390
  474
  562

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  295
  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
  8,187
  8,714
  9,566
  10,455
  11,382
  12,346
  13,350
  14,394
  15,478
  16,605
  17,776
  18,994
  20,259
  21,576
  22,945
  24,370
  25,855
  27,402
  29,014
  30,695
  32,450
  34,282
  36,194
  38,193
  40,282
  42,466
  44,751
  47,142
  49,645
  52,265
  55,008
Adjusted assets (=assets-cash), $m
  7,892
  8,714
  9,566
  10,455
  11,382
  12,346
  13,350
  14,394
  15,478
  16,605
  17,776
  18,994
  20,259
  21,576
  22,945
  24,370
  25,855
  27,402
  29,014
  30,695
  32,450
  34,282
  36,194
  38,193
  40,282
  42,466
  44,751
  47,142
  49,645
  52,265
  55,008
Revenue / Adjusted assets
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
Average production assets, $m
  6,633
  7,316
  8,031
  8,777
  9,555
  10,365
  11,208
  12,084
  12,994
  13,940
  14,924
  15,946
  17,008
  18,113
  19,263
  20,459
  21,706
  23,004
  24,358
  25,769
  27,242
  28,780
  30,386
  32,064
  33,817
  35,651
  37,569
  39,577
  41,677
  43,877
  46,180
Working capital, $m
  334
  44
  49
  53
  58
  63
  68
  73
  79
  84
  90
  96
  103
  110
  116
  124
  131
  139
  147
  156
  165
  174
  184
  194
  204
  216
  227
  239
  252
  265
  279
Total debt, $m
  3,579
  4,094
  4,627
  5,184
  5,764
  6,368
  6,996
  7,649
  8,328
  9,034
  9,767
  10,529
  11,321
  12,145
  13,003
  13,895
  14,824
  15,792
  16,802
  17,854
  18,953
  20,099
  21,297
  22,548
  23,856
  25,223
  26,653
  28,150
  29,717
  31,357
  33,074
Total liabilities, $m
  4,940
  5,455
  5,988
  6,545
  7,125
  7,729
  8,357
  9,010
  9,689
  10,395
  11,128
  11,890
  12,682
  13,506
  14,364
  15,256
  16,185
  17,153
  18,163
  19,215
  20,314
  21,460
  22,658
  23,909
  25,217
  26,584
  28,014
  29,511
  31,078
  32,718
  34,435
Total equity, $m
  3,247
  3,259
  3,578
  3,910
  4,257
  4,618
  4,993
  5,383
  5,789
  6,210
  6,648
  7,104
  7,577
  8,069
  8,581
  9,115
  9,670
  10,248
  10,851
  11,480
  12,136
  12,821
  13,537
  14,284
  15,065
  15,882
  16,737
  17,631
  18,567
  19,547
  20,573
Total liabilities and equity, $m
  8,187
  8,714
  9,566
  10,455
  11,382
  12,347
  13,350
  14,393
  15,478
  16,605
  17,776
  18,994
  20,259
  21,575
  22,945
  24,371
  25,855
  27,401
  29,014
  30,695
  32,450
  34,281
  36,195
  38,193
  40,282
  42,466
  44,751
  47,142
  49,645
  52,265
  55,008
Debt-to-equity ratio
  1.102
  1.260
  1.290
  1.330
  1.350
  1.380
  1.400
  1.420
  1.440
  1.450
  1.470
  1.480
  1.490
  1.510
  1.520
  1.520
  1.530
  1.540
  1.550
  1.560
  1.560
  1.570
  1.570
  1.580
  1.580
  1.590
  1.590
  1.600
  1.600
  1.600
  1.610
Adjusted equity ratio
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -1,030
  -949
  -928
  -904
  -879
  -852
  -824
  -793
  -761
  -727
  -690
  -635
  -594
  -551
  -505
  -457
  -405
  -350
  -292
  -230
  -165
  -95
  -21
  43
  104
  169
  238
  312
  390
  474
  562
Depreciation, amort., depletion, $m
  874
  955
  1,046
  1,142
  1,242
  1,346
  1,454
  1,566
  1,683
  1,804
  1,930
  2,044
  2,181
  2,322
  2,470
  2,623
  2,783
  2,949
  3,123
  3,304
  3,493
  3,690
  3,896
  4,111
  4,336
  4,571
  4,817
  5,074
  5,343
  5,625
  5,921
Funds from operations, $m
  624
  5
  118
  238
  362
  493
  630
  773
  922
  1,077
  1,240
  1,409
  1,586
  1,771
  1,964
  2,166
  2,378
  2,599
  2,831
  3,073
  3,328
  3,595
  3,875
  4,153
  4,439
  4,740
  5,055
  5,386
  5,734
  6,099
  6,483
Change in working capital, $m
  92
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
Cash from operations, $m
  532
  1
  114
  233
  358
  488
  625
  767
  916
  1,072
  1,234
  1,403
  1,580
  1,764
  1,957
  2,159
  2,370
  2,591
  2,822
  3,065
  3,319
  3,586
  3,865
  4,143
  4,429
  4,729
  5,043
  5,374
  5,721
  6,086
  6,469
Maintenance CAPEX, $m
  0
  -850
  -938
  -1,030
  -1,125
  -1,225
  -1,329
  -1,437
  -1,549
  -1,666
  -1,787
  -1,913
  -2,044
  -2,181
  -2,322
  -2,470
  -2,623
  -2,783
  -2,949
  -3,123
  -3,304
  -3,493
  -3,690
  -3,896
  -4,111
  -4,336
  -4,571
  -4,817
  -5,074
  -5,343
  -5,625
New CAPEX, $m
  -395
  -683
  -715
  -746
  -778
  -810
  -843
  -876
  -910
  -946
  -983
  -1,022
  -1,062
  -1,105
  -1,150
  -1,197
  -1,246
  -1,298
  -1,354
  -1,412
  -1,473
  -1,538
  -1,606
  -1,678
  -1,754
  -1,834
  -1,918
  -2,007
  -2,101
  -2,199
  -2,303
Cash from investing activities, $m
  -382
  -1,533
  -1,653
  -1,776
  -1,903
  -2,035
  -2,172
  -2,313
  -2,459
  -2,612
  -2,770
  -2,935
  -3,106
  -3,286
  -3,472
  -3,667
  -3,869
  -4,081
  -4,303
  -4,535
  -4,777
  -5,031
  -5,296
  -5,574
  -5,865
  -6,170
  -6,489
  -6,824
  -7,175
  -7,542
  -7,928
Free cash flow, $m
  150
  -1,532
  -1,539
  -1,543
  -1,545
  -1,547
  -1,547
  -1,545
  -1,543
  -1,540
  -1,537
  -1,532
  -1,527
  -1,521
  -1,514
  -1,507
  -1,499
  -1,490
  -1,480
  -1,470
  -1,458
  -1,445
  -1,430
  -1,430
  -1,436
  -1,441
  -1,446
  -1,450
  -1,454
  -1,457
  -1,460
Issuance/(repayment) of debt, $m
  -70
  515
  533
  556
  580
  604
  628
  653
  679
  706
  733
  762
  792
  824
  857
  892
  929
  968
  1,009
  1,053
  1,098
  1,147
  1,197
  1,251
  1,308
  1,367
  1,430
  1,497
  1,567
  1,640
  1,718
Issuance/(repurchase) of shares, $m
  -1
  1,257
  1,246
  1,237
  1,226
  1,213
  1,199
  1,183
  1,166
  1,148
  1,128
  1,090
  1,068
  1,043
  1,017
  990
  960
  929
  895
  859
  821
  780
  736
  705
  677
  648
  616
  582
  545
  506
  464
Cash from financing (excl. dividends), $m  
  -87
  1,772
  1,779
  1,793
  1,806
  1,817
  1,827
  1,836
  1,845
  1,854
  1,861
  1,852
  1,860
  1,867
  1,874
  1,882
  1,889
  1,897
  1,904
  1,912
  1,919
  1,927
  1,933
  1,956
  1,985
  2,015
  2,046
  2,079
  2,112
  2,146
  2,182
Total cash flow (excl. dividends), $m
  61
  240
  241
  251
  260
  270
  281
  291
  302
  313
  325
  320
  333
  346
  360
  375
  390
  407
  424
  442
  462
  482
  503
  526
  550
  575
  601
  629
  658
  689
  722
Retained Cash Flow (-), $m
  1,036
  -1,257
  -1,246
  -1,237
  -1,226
  -1,213
  -1,199
  -1,183
  -1,166
  -1,148
  -1,128
  -1,090
  -1,068
  -1,043
  -1,017
  -990
  -960
  -929
  -895
  -859
  -821
  -780
  -736
  -747
  -781
  -817
  -855
  -894
  -936
  -980
  -1,026
Prev. year cash balance distribution, $m
 
  295
  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
 
  -722
  -1,006
  -986
  -965
  -943
  -918
  -892
  -864
  -835
  -804
  -770
  -735
  -697
  -657
  -615
  -570
  -522
  -471
  -417
  -359
  -298
  -233
  -222
  -232
  -242
  -254
  -265
  -278
  -291
  -304
Discount rate, %
 
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
  34.58
PV of cash for distribution, $m
 
  -666
  -849
  -756
  -666
  -580
  -498
  -423
  -354
  -291
  -236
  -188
  -147
  -112
  -84
  -61
  -43
  -30
  -20
  -13
  -8
  -4
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  62.2
  40.2
  26.9
  18.6
  13.2
  9.6
  7.2
  5.5
  4.3
  3.4
  2.8
  2.3
  1.9
  1.6
  1.4
  1.2
  1.1
  0.9
  0.8
  0.8
  0.7
  0.6
  0.6
  0.6
  0.5
  0.5
  0.5
  0.5
  0.4
  0.4

Nabors Industries Ltd. owns and operates a land-based drilling rig fleet. The Company is a provider of offshore platform drilling rigs in the United States and multiple international markets. The Company conducts its Drilling & Rig Services business through four segments: U.S. Drilling, Canada Drilling, International Drilling and Rig Services. The Company provides wellbore placement services, drilling software and performance tools, drilling equipment and various technologies throughout the oil and gas markets. The Company's Drilling & Rig Services business comprises land-based and offshore drilling rig operations and other rig services, consisting of equipment manufacturing, rig instrumentation and optimization software. The Company is a provider of directional drilling and measurement while drilling (MWD) systems and services. The Company also provides drilling technology and equipment, and well-site services.

FINANCIAL RATIOS  of  Nabors Industries (NBR)

Valuation Ratios
P/E Ratio -1.8
Price to Sales 0.9
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 3.6
Price to Free Cash Flow 13.9
Growth Rates
Sales Growth Rate -42.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -54.4%
Cap. Spend. - 3 Yr. Gr. Rate -19.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0.3
LT Debt to Equity 110.2%
Total Debt to Equity 110.2%
Interest Coverage -6
Management Effectiveness
Return On Assets -9.9%
Ret/ On Assets - 3 Yr. Avg. -5.4%
Return On Total Capital -13.9%
Ret/ On T. Cap. - 3 Yr. Avg. -8.4%
Return On Equity -27.4%
Return On Equity - 3 Yr. Avg. -15.9%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 39.7%
Gross Margin - 3 Yr. Avg. 37.4%
EBITDA Margin -6.3%
EBITDA Margin - 3 Yr. Avg. 7.5%
Operating Margin -34.6%
Oper. Margin - 3 Yr. Avg. -15.1%
Pre-Tax Margin -53.8%
Pre-Tax Margin - 3 Yr. Avg. -24.6%
Net Profit Margin -46.2%
Net Profit Margin - 3 Yr. Avg. -21.9%
Effective Tax Rate 15.6%
Eff/ Tax Rate - 3 Yr. Avg. 9.4%
Payout Ratio -5%

NBR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NBR stock intrinsic value calculation we used $2228 million for the last fiscal year's total revenue generated by Nabors Industries. The default revenue input number comes from 2016 income statement of Nabors Industries. 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 NBR stock valuation model: a) initial revenue growth rate of 10.3% 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 8.4%, whose default value for NBR is calculated based on our internal credit rating of Nabors Industries, 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 Nabors Industries.
    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 NBR stock the variable cost ratio is equal to 63.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1625 million in the base year in the intrinsic value calculation for NBR 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 5.1% for Nabors Industries.

Corporate tax rate of 27% is the nominal tax rate for Nabors Industries. 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 NBR 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 NBR are equal to 297.7%.

Life of production assets of 7.8 years is the average useful life of capital assets used in Nabors Industries 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 NBR is equal to 1.8%. 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 - $3247 million for Nabors Industries - 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 285.075 million for Nabors Industries 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 Nabors Industries at the current share price and the inputted number of shares is $1.9 billion.

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COMPANY NEWS

▶ Nabors Industries Short Interest on October 12   [Oct-18-17 10:38AM  Market Realist]
▶ Nabors Industries Earnings Drivers in 2Q17   [Oct-17-17 10:39AM  Market Realist]
▶ How Nabors Industries Management Views 2H17   [09:11AM  Market Realist]
▶ Monsanto up nearly 2%   [Oct-13-17 01:09PM  CNBC Videos]
▶ Should You Be Holding Nabors Industries Ltd (NBR) Right Now?   [Oct-04-17 04:16PM  Simply Wall St.]
▶ General Motors among IQ100 leaders   [Sep-25-17 01:36PM  CNBC Videos]
▶ AMD leading IQ100 top gainers   [Sep-18-17 01:58PM  CNBC Videos]
▶ Oilfield Services: It's Different This Time, Really   [Sep-07-17 11:23AM  Barrons.com]
▶ Nabors Industries leading top gainers in IQ100   [Sep-06-17 01:18PM  CNBC Videos]
▶ How Nabors Industries Is Valued Compared to Its Peers   [Aug-22-17 04:36PM  Market Realist]
▶ How Nabors Could Use Its Free Cash Flow This Year   [Aug-21-17 09:06AM  Market Realist]
▶ What Could Happen to Naborss Debt in 2017   [07:36AM  Market Realist]
▶ Behind Naborss and Tescos Value Drivers in 2Q17   [Aug-18-17 10:37AM  Market Realist]
▶ Inside Naborss Management Estimates for 2017   [07:38AM  Market Realist]
▶ Why Does Naborss Stock Price Look so Bearish?   [Aug-17-17 05:36PM  Market Realist]
▶ Why Nabors Plans to Acquire Tesco   [03:54PM  Market Realist]
▶ Inside Baker Hughess Growth Drivers in 2Q17   [07:37AM  Market Realist]
▶ WeissLaw LLP Investigates Tesco Corporation Acquisition   [Aug-15-17 02:31PM  PR Newswire]
▶ Nabors to acquire Houston oil field services co. in all-stock deal   [09:25AM  American City Business Journals]
▶ What Affected Flotek Industries in 2Q17?   [07:37AM  Market Realist]
▶ Rig Counts: The Latest Evidence Of Pain In The Permian   [Aug-11-17 09:57AM  Barrons.com]
▶ Fairmount Santrol: Wall Streets Forecasts after Its Earnings   [Aug-07-17 07:40AM  Market Realist]
▶ What Are Nabors Industries Returns after 2Q17?   [Aug-03-17 02:35PM  Market Realist]
▶ CA Inc leading the CNBC IQ100   [01:15PM  CNBC Videos]
▶ Nabors reports 2Q loss   [Aug-02-17 11:13PM  Associated Press]
▶ Nabors Announces Second Quarter Results   [06:16PM  PR Newswire]
▶ Nabors Industries leading the iQ100   [Jul-25-17 12:36PM  CNBC Videos]
▶ These Could Be Nabors Industries Key Drivers in 2Q17   [Jul-21-17 10:40AM  Market Realist]
▶ What Analysts Expect from Nabors Industries 2Q17 Earnings   [Jul-20-17 05:32PM  Market Realist]
▶ What Analysts Expect from Weatherfords 2Q17 Earnings   [Jul-17-17 03:47PM  Market Realist]
▶ July 10, 2017 iQ100 leaders   [Jul-10-17 04:56PM  CNBC Videos]
▶ These Factors Are Affecting Flotek Industries the Most   [Jul-04-17 10:38AM  Market Realist]
▶ 3 Stocks That Have Been Cut in Half This Year   [Jul-03-17 09:01AM  Motley Fool]
▶ iQ100 index up 20% for one year   [Jun-29-17 01:31PM  CNBC Videos]
▶ What Are the Implied Volatilities of the Top OFS Companies?   [Jun-28-17 10:36AM  Market Realist]
Financial statements of NBR
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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