Intrinsic value of North American Energy Partners - NOA

Previous Close

$4.15

  Intrinsic Value

$1.00

stock screener

  Rating & Target

str. sell

-76%

  Value-price divergence*

-85%

Previous close

$4.15

 
Intrinsic value

$1.00

 
Up/down potential

-76%

 
Rating

str. sell

 
Value-price divergence*

-85%

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

We calculate the intrinsic value of NOA 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, %
  -24.04
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  158
  253
  391
  584
  848
  1,196
  1,644
  2,206
  2,897
  3,728
  4,709
  5,847
  7,149
  8,617
  10,252
  12,055
  14,023
  16,153
  18,442
  20,887
  23,483
  26,228
  29,117
  32,150
  35,325
  38,641
  42,099
  45,700
  49,446
  53,342
  57,391
Variable operating expenses, $m
 
  251
  388
  581
  842
  1,189
  1,634
  2,193
  2,880
  3,706
  4,681
  5,812
  7,106
  8,565
  10,191
  11,983
  13,939
  16,056
  18,332
  20,762
  23,342
  26,070
  28,943
  31,957
  35,113
  38,409
  41,846
  45,426
  49,150
  53,022
  57,047
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
  155
  251
  388
  581
  842
  1,189
  1,634
  2,193
  2,880
  3,706
  4,681
  5,812
  7,106
  8,565
  10,191
  11,983
  13,939
  16,056
  18,332
  20,762
  23,342
  26,070
  28,943
  31,957
  35,113
  38,409
  41,846
  45,426
  49,150
  53,022
  57,047
Operating income, $m
  3
  2
  2
  4
  5
  7
  10
  13
  17
  22
  28
  35
  43
  52
  62
  72
  84
  97
  111
  125
  141
  157
  175
  193
  212
  232
  253
  274
  297
  320
  344
EBITDA, $m
  34
  51
  79
  117
  170
  240
  330
  444
  582
  749
  946
  1,175
  1,437
  1,732
  2,061
  2,423
  2,819
  3,247
  3,707
  4,198
  4,720
  5,272
  5,853
  6,462
  7,100
  7,767
  8,462
  9,186
  9,939
  10,722
  11,536
Interest expense (income), $m
  4
  3
  7
  13
  21
  32
  47
  66
  90
  119
  154
  196
  244
  299
  361
  430
  506
  589
  679
  776
  879
  989
  1,105
  1,227
  1,355
  1,489
  1,629
  1,775
  1,927
  2,086
  2,250
Earnings before tax, $m
  0
  -2
  -5
  -10
  -16
  -25
  -37
  -53
  -72
  -97
  -126
  -160
  -201
  -247
  -299
  -357
  -422
  -492
  -568
  -650
  -738
  -831
  -930
  -1,034
  -1,143
  -1,257
  -1,376
  -1,501
  -1,631
  -1,765
  -1,906
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
  0
  -2
  -5
  -10
  -16
  -25
  -37
  -53
  -72
  -97
  -126
  -160
  -201
  -247
  -299
  -357
  -422
  -492
  -568
  -650
  -738
  -831
  -930
  -1,034
  -1,143
  -1,257
  -1,376
  -1,501
  -1,631
  -1,765
  -1,906

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  10
  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
  259
  398
  615
  920
  1,335
  1,883
  2,589
  3,475
  4,563
  5,871
  7,416
  9,208
  11,258
  13,570
  16,146
  18,984
  22,083
  25,438
  29,043
  32,893
  36,981
  41,303
  45,854
  50,631
  55,630
  60,852
  66,297
  71,968
  77,868
  84,003
  90,380
Adjusted assets (=assets-cash), $m
  249
  398
  615
  920
  1,335
  1,883
  2,589
  3,475
  4,563
  5,871
  7,416
  9,208
  11,258
  13,570
  16,146
  18,984
  22,083
  25,438
  29,043
  32,893
  36,981
  41,303
  45,854
  50,631
  55,630
  60,852
  66,297
  71,968
  77,868
  84,003
  90,380
Revenue / Adjusted assets
  0.635
  0.636
  0.636
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
Average production assets, $m
  191
  306
  472
  706
  1,025
  1,446
  1,987
  2,668
  3,503
  4,507
  5,693
  7,069
  8,643
  10,418
  12,395
  14,575
  16,954
  19,529
  22,297
  25,252
  28,391
  31,709
  35,203
  38,870
  42,708
  46,717
  50,898
  55,251
  59,781
  64,491
  69,386
Working capital, $m
  0
  22
  35
  52
  75
  106
  146
  196
  258
  332
  419
  520
  636
  767
  912
  1,073
  1,248
  1,438
  1,641
  1,859
  2,090
  2,334
  2,591
  2,861
  3,144
  3,439
  3,747
  4,067
  4,401
  4,747
  5,108
Total debt, $m
  75
  143
  258
  418
  636
  924
  1,296
  1,762
  2,334
  3,022
  3,835
  4,778
  5,856
  7,072
  8,427
  9,920
  11,550
  13,314
  15,211
  17,236
  19,386
  21,660
  24,053
  26,566
  29,195
  31,942
  34,806
  37,789
  40,893
  44,120
  47,474
Total liabilities, $m
  141
  209
  324
  484
  702
  990
  1,362
  1,828
  2,400
  3,088
  3,901
  4,844
  5,922
  7,138
  8,493
  9,986
  11,616
  13,380
  15,277
  17,302
  19,452
  21,726
  24,119
  26,632
  29,261
  32,008
  34,872
  37,855
  40,959
  44,186
  47,540
Total equity, $m
  118
  189
  292
  436
  633
  893
  1,227
  1,647
  2,163
  2,783
  3,515
  4,365
  5,336
  6,432
  7,653
  8,999
  10,467
  12,058
  13,766
  15,591
  17,529
  19,578
  21,735
  23,999
  26,369
  28,844
  31,425
  34,113
  36,910
  39,818
  42,840
Total liabilities and equity, $m
  259
  398
  616
  920
  1,335
  1,883
  2,589
  3,475
  4,563
  5,871
  7,416
  9,209
  11,258
  13,570
  16,146
  18,985
  22,083
  25,438
  29,043
  32,893
  36,981
  41,304
  45,854
  50,631
  55,630
  60,852
  66,297
  71,968
  77,869
  84,004
  90,380
Debt-to-equity ratio
  0.636
  0.760
  0.880
  0.960
  1.010
  1.040
  1.060
  1.070
  1.080
  1.090
  1.090
  1.090
  1.100
  1.100
  1.100
  1.100
  1.100
  1.100
  1.100
  1.110
  1.110
  1.110
  1.110
  1.110
  1.110
  1.110
  1.110
  1.110
  1.110
  1.110
  1.110
Adjusted equity ratio
  0.434
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  0
  -2
  -5
  -10
  -16
  -25
  -37
  -53
  -72
  -97
  -126
  -160
  -201
  -247
  -299
  -357
  -422
  -492
  -568
  -650
  -738
  -831
  -930
  -1,034
  -1,143
  -1,257
  -1,376
  -1,501
  -1,631
  -1,765
  -1,906
Depreciation, amort., depletion, $m
  31
  49
  76
  114
  165
  233
  321
  430
  565
  727
  918
  1,140
  1,394
  1,680
  1,999
  2,351
  2,734
  3,150
  3,596
  4,073
  4,579
  5,114
  5,678
  6,269
  6,888
  7,535
  8,209
  8,911
  9,642
  10,402
  11,191
Funds from operations, $m
  25
  47
  71
  104
  149
  208
  283
  377
  493
  630
  792
  980
  1,193
  1,433
  1,700
  1,993
  2,313
  2,658
  3,028
  3,423
  3,841
  4,283
  4,748
  5,236
  5,745
  6,278
  6,833
  7,411
  8,011
  8,636
  9,285
Change in working capital, $m
  -4
  8
  12
  17
  23
  31
  40
  50
  61
  74
  87
  101
  116
  131
  146
  160
  175
  190
  204
  218
  231
  244
  257
  270
  283
  295
  308
  320
  333
  347
  360
Cash from operations, $m
  29
  39
  59
  87
  126
  177
  243
  327
  431
  556
  705
  878
  1,077
  1,303
  1,555
  1,833
  2,138
  2,468
  2,824
  3,205
  3,610
  4,039
  4,491
  4,966
  5,463
  5,983
  6,525
  7,090
  7,678
  8,290
  8,925
Maintenance CAPEX, $m
  0
  -31
  -49
  -76
  -114
  -165
  -233
  -321
  -430
  -565
  -727
  -918
  -1,140
  -1,394
  -1,680
  -1,999
  -2,351
  -2,734
  -3,150
  -3,596
  -4,073
  -4,579
  -5,114
  -5,678
  -6,269
  -6,888
  -7,535
  -8,209
  -8,911
  -9,642
  -10,402
New CAPEX, $m
  -20
  -115
  -167
  -234
  -318
  -421
  -542
  -680
  -835
  -1,004
  -1,186
  -1,376
  -1,574
  -1,775
  -1,977
  -2,179
  -2,379
  -2,576
  -2,768
  -2,956
  -3,139
  -3,318
  -3,494
  -3,667
  -3,838
  -4,009
  -4,180
  -4,354
  -4,530
  -4,710
  -4,895
Cash from investing activities, $m
  -8
  -146
  -216
  -310
  -432
  -586
  -775
  -1,001
  -1,265
  -1,569
  -1,913
  -2,294
  -2,714
  -3,169
  -3,657
  -4,178
  -4,730
  -5,310
  -5,918
  -6,552
  -7,212
  -7,897
  -8,608
  -9,345
  -10,107
  -10,897
  -11,715
  -12,563
  -13,441
  -14,352
  -15,297
Free cash flow, $m
  21
  -106
  -157
  -223
  -307
  -409
  -532
  -673
  -834
  -1,013
  -1,208
  -1,416
  -1,636
  -1,866
  -2,103
  -2,346
  -2,592
  -2,842
  -3,093
  -3,347
  -3,602
  -3,858
  -4,117
  -4,379
  -4,645
  -4,915
  -5,190
  -5,473
  -5,763
  -6,062
  -6,372
Issuance/(repayment) of debt, $m
  -25
  78
  114
  160
  218
  288
  371
  466
  572
  688
  812
  943
  1,078
  1,216
  1,355
  1,493
  1,630
  1,765
  1,896
  2,025
  2,151
  2,273
  2,394
  2,512
  2,630
  2,747
  2,864
  2,983
  3,103
  3,227
  3,354
Issuance/(repurchase) of shares, $m
  -9
  73
  108
  154
  213
  285
  372
  473
  588
  717
  858
  1,010
  1,172
  1,343
  1,520
  1,703
  1,891
  2,082
  2,277
  2,475
  2,676
  2,880
  3,087
  3,298
  3,513
  3,732
  3,958
  4,189
  4,427
  4,673
  4,928
Cash from financing (excl. dividends), $m  
  -35
  151
  222
  314
  431
  573
  743
  939
  1,160
  1,405
  1,670
  1,953
  2,250
  2,559
  2,875
  3,196
  3,521
  3,847
  4,173
  4,500
  4,827
  5,153
  5,481
  5,810
  6,143
  6,479
  6,822
  7,172
  7,530
  7,900
  8,282
Total cash flow (excl. dividends), $m
  -13
  45
  65
  91
  124
  164
  211
  265
  326
  392
  463
  537
  614
  693
  772
  850
  928
  1,005
  1,080
  1,153
  1,225
  1,295
  1,363
  1,431
  1,498
  1,565
  1,631
  1,699
  1,768
  1,838
  1,910
Retained Cash Flow (-), $m
  9
  -73
  -108
  -154
  -213
  -285
  -372
  -473
  -588
  -717
  -858
  -1,010
  -1,172
  -1,343
  -1,520
  -1,703
  -1,891
  -2,082
  -2,277
  -2,475
  -2,676
  -2,880
  -3,087
  -3,298
  -3,513
  -3,732
  -3,958
  -4,189
  -4,427
  -4,673
  -4,928
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
 
  -28
  -43
  -63
  -89
  -121
  -160
  -207
  -262
  -325
  -395
  -473
  -558
  -650
  -748
  -853
  -962
  -1,077
  -1,197
  -1,322
  -1,451
  -1,585
  -1,724
  -1,867
  -2,015
  -2,168
  -2,326
  -2,490
  -2,660
  -2,835
  -3,018
Discount rate, %
 
  5.00
  5.25
  5.51
  5.79
  6.08
  6.38
  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
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
PV of cash for distribution, $m
 
  -27
  -39
  -53
  -71
  -90
  -111
  -132
  -152
  -171
  -187
  -200
  -209
  -213
  -212
  -207
  -198
  -185
  -170
  -153
  -134
  -116
  -98
  -81
  -65
  -52
  -40
  -30
  -22
  -16
  -11
Current shareholders' claim on cash, %
  100
  62.8
  40.5
  26.8
  18.2
  12.7
  9.1
  6.6
  4.9
  3.7
  2.9
  2.3
  1.8
  1.4
  1.2
  1.0
  0.8
  0.7
  0.6
  0.5
  0.4
  0.4
  0.3
  0.3
  0.2
  0.2
  0.2
  0.2
  0.1
  0.1
  0.1

North American Energy Partners Inc. provides a range of mining and heavy construction services to customers in the resource development and industrial construction sectors within Western Canada. The Company's operating divisions include Heavy Construction and Mining; Industrial, and Tailings & Environmental Construction. Its Heavy Construction and Mining division is engaged in hard rock and oil sands mining, overburden removal, mine site development and mine reclamation. Its Industrial division offers services, which include site development, installation of underground utilities and piping, concrete foundations, facilities and infrastructure construction, and design/build services. The Tailings & Environmental Construction division performs a range of tailings, reclamation and environmental construction services, including oil sands tailings remediation; management of mine tailings; tailings dam and dyke construction, pipeline co-corridor construction, and tailings pipelines.

FINANCIAL RATIOS  of  North American Energy Partners (NOA)

Valuation Ratios
P/E Ratio 0
Price to Sales 0.7
Price to Book 1
Price to Tangible Book
Price to Cash Flow 4.1
Price to Free Cash Flow 13.1
Growth Rates
Sales Growth Rate -24%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -20%
Cap. Spend. - 3 Yr. Gr. Rate -4.4%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 43.2%
Total Debt to Equity 63.6%
Interest Coverage 1
Management Effectiveness
Return On Assets 1.5%
Ret/ On Assets - 3 Yr. Avg. 1.3%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. -1%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. -1.7%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 15.2%
Gross Margin - 3 Yr. Avg. 12.5%
EBITDA Margin 22.2%
EBITDA Margin - 3 Yr. Avg. 16.5%
Operating Margin 1.9%
Oper. Margin - 3 Yr. Avg. 1.6%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. -1.1%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. -1.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

NOA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NOA stock intrinsic value calculation we used $158 million for the last fiscal year's total revenue generated by North American Energy Partners. The default revenue input number comes from 2016 income statement of North American Energy Partners. 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 NOA stock valuation model: a) initial revenue growth rate of 60% 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 5%, whose default value for NOA is calculated based on our internal credit rating of North American Energy Partners, 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 North American Energy Partners.
    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 NOA stock the variable cost ratio is equal to 99.4%.

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 NOA 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 North American Energy Partners.

Corporate tax rate of 27% is the nominal tax rate for North American Energy Partners. 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 NOA 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 NOA are equal to 120.9%.

Life of production assets of 6.2 years is the average useful life of capital assets used in North American Energy Partners 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 NOA is equal to 8.9%. 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 - $118 million for North American Energy Partners - 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 29.495 million for North American Energy Partners 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 North American Energy Partners at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ North American Energy Partners posts 2Q loss   [Aug-03-17 03:40PM  Associated Press]
▶ North American Energy Partners posts 1Q profit   [May-03-17 05:02AM  Associated Press]
▶ IIROC Trade Resumption - NOA.DB   [Mar-15-17 08:59AM  PR Newswire]
▶ IIROC Trade Resumption - NGD NOA SPB   [Feb-23-17 08:06AM  CNW Group]
▶ IIROC Trading Halt - NOA (all issues)   [Feb-22-17 05:11PM  CNW Group]
▶ North American Energy Partners posts 4Q loss   [Feb-14-17 06:42PM  Associated Press]
▶ The Final Days and Deals of Aubrey McClendon   [Mar-13-16 10:53AM  at Fortune]
▶ Do Hedge Funds Love Key Energy Services, Inc. (KEG)?   [Nov-26  12:03PM  at Insider Monkey]
▶ Hedge Funds Have Mixed Feelings On These Two Energy Stocks   [Sep-18  12:06PM  at Insider Monkey]
Financial statements of NOA
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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