Intrinsic value of Newpark Resources - NR

Previous Close

$7.55

  Intrinsic Value

$1.46

stock screener

  Rating & Target

str. sell

-81%

  Value-price divergence*

-158%

Previous close

$7.55

 
Intrinsic value

$1.46

 
Up/down potential

-81%

 
Rating

str. sell

 
Value-price divergence*

-158%

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

We calculate the intrinsic value of NR 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 0.6

 

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, %
  -30.28
  38.30
  34.97
  31.97
  29.28
  26.85
  24.66
  22.70
  20.93
  19.33
  17.90
  16.61
  15.45
  14.40
  13.46
  12.62
  11.86
  11.17
  10.55
  10.00
  9.50
  9.05
  8.64
  8.28
  7.95
  7.66
  7.39
  7.15
  6.94
  6.74
  6.57
Revenue, $m
  472
  653
  881
  1,163
  1,503
  1,907
  2,377
  2,916
  3,527
  4,209
  4,962
  5,786
  6,680
  7,643
  8,672
  9,766
  10,924
  12,144
  13,426
  14,768
  16,171
  17,634
  19,158
  20,744
  22,394
  24,108
  25,890
  27,742
  29,666
  31,666
  33,746
Variable operating expenses, $m
 
  747
  1,008
  1,330
  1,718
  2,179
  2,716
  3,332
  4,029
  4,807
  5,668
  6,607
  7,627
  8,726
  9,901
  11,150
  12,472
  13,866
  15,329
  16,862
  18,463
  20,134
  21,874
  23,685
  25,568
  27,526
  29,560
  31,674
  33,871
  36,155
  38,530
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
  527
  747
  1,008
  1,330
  1,718
  2,179
  2,716
  3,332
  4,029
  4,807
  5,668
  6,607
  7,627
  8,726
  9,901
  11,150
  12,472
  13,866
  15,329
  16,862
  18,463
  20,134
  21,874
  23,685
  25,568
  27,526
  29,560
  31,674
  33,871
  36,155
  38,530
Operating income, $m
  -56
  -95
  -127
  -167
  -215
  -272
  -339
  -415
  -502
  -599
  -705
  -820
  -947
  -1,083
  -1,229
  -1,384
  -1,549
  -1,722
  -1,903
  -2,094
  -2,292
  -2,500
  -2,716
  -2,941
  -3,175
  -3,418
  -3,670
  -3,933
  -4,205
  -4,489
  -4,784
EBITDA, $m
  -18
  -49
  -66
  -87
  -113
  -143
  -179
  -219
  -265
  -316
  -373
  -435
  -502
  -574
  -652
  -734
  -821
  -913
  -1,009
  -1,110
  -1,215
  -1,325
  -1,440
  -1,559
  -1,683
  -1,812
  -1,946
  -2,085
  -2,230
  -2,380
  -2,536
Interest expense (income), $m
  9
  4
  8
  14
  21
  29
  39
  50
  64
  79
  95
  114
  134
  156
  179
  204
  231
  259
  289
  321
  353
  388
  423
  461
  499
  540
  582
  625
  670
  717
  766
Earnings before tax, $m
  -65
  -98
  -135
  -181
  -236
  -301
  -378
  -466
  -566
  -677
  -801
  -934
  -1,081
  -1,239
  -1,409
  -1,589
  -1,780
  -1,981
  -2,192
  -2,414
  -2,646
  -2,887
  -3,139
  -3,401
  -3,674
  -3,957
  -4,252
  -4,558
  -4,876
  -5,207
  -5,550
Tax expense, $m
  -24
  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
  -41
  -98
  -135
  -181
  -236
  -301
  -378
  -466
  -566
  -677
  -801
  -934
  -1,081
  -1,239
  -1,409
  -1,589
  -1,780
  -1,981
  -2,192
  -2,414
  -2,646
  -2,887
  -3,139
  -3,401
  -3,674
  -3,957
  -4,252
  -4,558
  -4,876
  -5,207
  -5,550

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  88
  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
  798
  982
  1,325
  1,748
  2,260
  2,867
  3,574
  4,386
  5,304
  6,329
  7,462
  8,701
  10,046
  11,493
  13,040
  14,686
  16,427
  18,262
  20,189
  22,207
  24,317
  26,517
  28,809
  31,194
  33,675
  36,253
  38,932
  41,717
  44,610
  47,618
  50,746
Adjusted assets (=assets-cash), $m
  710
  982
  1,325
  1,748
  2,260
  2,867
  3,574
  4,386
  5,304
  6,329
  7,462
  8,701
  10,046
  11,493
  13,040
  14,686
  16,427
  18,262
  20,189
  22,207
  24,317
  26,517
  28,809
  31,194
  33,675
  36,253
  38,932
  41,717
  44,610
  47,618
  50,746
Revenue / Adjusted assets
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
Average production assets, $m
  315
  435
  587
  774
  1,001
  1,270
  1,583
  1,942
  2,349
  2,803
  3,305
  3,854
  4,449
  5,090
  5,775
  6,504
  7,275
  8,088
  8,941
  9,835
  10,770
  11,744
  12,759
  13,816
  14,914
  16,056
  17,243
  18,476
  19,757
  21,090
  22,475
Working capital, $m
  283
  326
  441
  581
  752
  953
  1,188
  1,458
  1,763
  2,104
  2,481
  2,893
  3,340
  3,821
  4,336
  4,883
  5,462
  6,072
  6,713
  7,384
  8,085
  8,817
  9,579
  10,372
  11,197
  12,054
  12,945
  13,871
  14,833
  15,833
  16,873
Total debt, $m
  156
  154
  258
  385
  539
  722
  935
  1,179
  1,455
  1,764
  2,105
  2,478
  2,883
  3,318
  3,784
  4,279
  4,803
  5,356
  5,936
  6,543
  7,178
  7,841
  8,531
  9,249
  9,995
  10,771
  11,578
  12,416
  13,287
  14,192
  15,134
Total liabilities, $m
  298
  295
  399
  526
  680
  863
  1,076
  1,320
  1,596
  1,905
  2,246
  2,619
  3,024
  3,459
  3,925
  4,420
  4,944
  5,497
  6,077
  6,684
  7,319
  7,982
  8,672
  9,390
  10,136
  10,912
  11,719
  12,557
  13,428
  14,333
  15,275
Total equity, $m
  501
  686
  926
  1,222
  1,580
  2,004
  2,499
  3,066
  3,707
  4,424
  5,216
  6,082
  7,022
  8,033
  9,115
  10,265
  11,482
  12,765
  14,112
  15,523
  16,997
  18,535
  20,138
  21,805
  23,539
  25,341
  27,214
  29,160
  31,183
  33,285
  35,471
Total liabilities and equity, $m
  799
  981
  1,325
  1,748
  2,260
  2,867
  3,575
  4,386
  5,303
  6,329
  7,462
  8,701
  10,046
  11,492
  13,040
  14,685
  16,426
  18,262
  20,189
  22,207
  24,316
  26,517
  28,810
  31,195
  33,675
  36,253
  38,933
  41,717
  44,611
  47,618
  50,746
Debt-to-equity ratio
  0.311
  0.230
  0.280
  0.320
  0.340
  0.360
  0.370
  0.380
  0.390
  0.400
  0.400
  0.410
  0.410
  0.410
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
Adjusted equity ratio
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -41
  -98
  -135
  -181
  -236
  -301
  -378
  -466
  -566
  -677
  -801
  -934
  -1,081
  -1,239
  -1,409
  -1,589
  -1,780
  -1,981
  -2,192
  -2,414
  -2,646
  -2,887
  -3,139
  -3,401
  -3,674
  -3,957
  -4,252
  -4,558
  -4,876
  -5,207
  -5,550
Depreciation, amort., depletion, $m
  38
  45
  61
  79
  102
  129
  160
  196
  237
  282
  332
  385
  445
  509
  578
  650
  728
  809
  894
  984
  1,077
  1,174
  1,276
  1,382
  1,491
  1,606
  1,724
  1,848
  1,976
  2,109
  2,247
Funds from operations, $m
  -1
  -53
  -75
  -101
  -134
  -172
  -218
  -270
  -329
  -395
  -468
  -549
  -636
  -730
  -831
  -938
  -1,052
  -1,172
  -1,298
  -1,431
  -1,569
  -1,713
  -1,863
  -2,020
  -2,183
  -2,352
  -2,528
  -2,710
  -2,900
  -3,098
  -3,303
Change in working capital, $m
  -12
  90
  114
  141
  170
  202
  235
  270
  305
  341
  377
  412
  447
  481
  515
  547
  579
  610
  641
  671
  701
  732
  762
  793
  825
  857
  891
  926
  962
  1,000
  1,040
Cash from operations, $m
  11
  -143
  -189
  -242
  -304
  -374
  -453
  -539
  -634
  -736
  -845
  -961
  -1,083
  -1,211
  -1,346
  -1,485
  -1,631
  -1,782
  -1,939
  -2,102
  -2,270
  -2,445
  -2,625
  -2,813
  -3,007
  -3,209
  -3,418
  -3,636
  -3,862
  -4,098
  -4,343
Maintenance CAPEX, $m
  0
  -31
  -43
  -59
  -77
  -100
  -127
  -158
  -194
  -235
  -280
  -330
  -385
  -445
  -509
  -578
  -650
  -728
  -809
  -894
  -984
  -1,077
  -1,174
  -1,276
  -1,382
  -1,491
  -1,606
  -1,724
  -1,848
  -1,976
  -2,109
New CAPEX, $m
  -38
  -120
  -152
  -188
  -227
  -269
  -313
  -359
  -406
  -454
  -502
  -549
  -595
  -641
  -685
  -729
  -771
  -813
  -854
  -894
  -934
  -974
  -1,015
  -1,056
  -1,099
  -1,142
  -1,187
  -1,233
  -1,282
  -1,332
  -1,385
Cash from investing activities, $m
  -28
  -151
  -195
  -247
  -304
  -369
  -440
  -517
  -600
  -689
  -782
  -879
  -980
  -1,086
  -1,194
  -1,307
  -1,421
  -1,541
  -1,663
  -1,788
  -1,918
  -2,051
  -2,189
  -2,332
  -2,481
  -2,633
  -2,793
  -2,957
  -3,130
  -3,308
  -3,494
Free cash flow, $m
  -17
  -295
  -384
  -488
  -608
  -743
  -893
  -1,057
  -1,235
  -1,425
  -1,627
  -1,840
  -2,064
  -2,297
  -2,540
  -2,792
  -3,053
  -3,322
  -3,601
  -3,890
  -4,188
  -4,496
  -4,815
  -5,145
  -5,487
  -5,842
  -6,211
  -6,593
  -6,991
  -7,406
  -7,837
Issuance/(repayment) of debt, $m
  5
  81
  103
  128
  154
  183
  213
  244
  276
  309
  341
  373
  405
  436
  466
  495
  524
  552
  580
  608
  635
  662
  690
  718
  747
  776
  806
  838
  871
  905
  941
Issuance/(repurchase) of shares, $m
  -1
  289
  375
  477
  594
  726
  872
  1,033
  1,207
  1,394
  1,593
  1,800
  2,021
  2,251
  2,490
  2,739
  2,997
  3,264
  3,540
  3,825
  4,120
  4,425
  4,741
  5,069
  5,408
  5,760
  6,125
  6,504
  6,899
  7,309
  7,737
Cash from financing (excl. dividends), $m  
  -1
  370
  478
  605
  748
  909
  1,085
  1,277
  1,483
  1,703
  1,934
  2,173
  2,426
  2,687
  2,956
  3,234
  3,521
  3,816
  4,120
  4,433
  4,755
  5,087
  5,431
  5,787
  6,155
  6,536
  6,931
  7,342
  7,770
  8,214
  8,678
Total cash flow (excl. dividends), $m
  -19
  75
  94
  116
  140
  165
  192
  220
  249
  278
  307
  333
  361
  389
  416
  442
  468
  493
  518
  543
  567
  592
  616
  641
  667
  693
  720
  749
  778
  809
  841
Retained Cash Flow (-), $m
  19
  -289
  -375
  -477
  -594
  -726
  -872
  -1,033
  -1,207
  -1,394
  -1,593
  -1,800
  -2,021
  -2,251
  -2,490
  -2,739
  -2,997
  -3,264
  -3,540
  -3,825
  -4,120
  -4,425
  -4,741
  -5,069
  -5,408
  -5,760
  -6,125
  -6,504
  -6,899
  -7,309
  -7,737
Prev. year cash balance distribution, $m
 
  5
  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
 
  -209
  -281
  -361
  -454
  -560
  -680
  -813
  -958
  -1,116
  -1,286
  -1,467
  -1,659
  -1,862
  -2,074
  -2,296
  -2,529
  -2,770
  -3,021
  -3,282
  -3,553
  -3,834
  -4,125
  -4,427
  -4,741
  -5,066
  -5,404
  -5,755
  -6,120
  -6,500
  -6,896
Discount rate, %
 
  4.80
  5.04
  5.29
  5.56
  5.83
  6.13
  6.43
  6.75
  7.09
  7.45
  7.82
  8.21
  8.62
  9.05
  9.50
  9.98
  10.48
  11.00
  11.55
  12.13
  12.74
  13.37
  14.04
  14.74
  15.48
  16.25
  17.07
  17.92
  18.82
  19.76
PV of cash for distribution, $m
 
  -199
  -255
  -309
  -366
  -422
  -476
  -525
  -568
  -603
  -627
  -641
  -644
  -635
  -617
  -588
  -552
  -509
  -462
  -411
  -360
  -309
  -261
  -216
  -175
  -139
  -108
  -82
  -61
  -44
  -31
Current shareholders' claim on cash, %
  100
  68.1
  47.3
  33.5
  24.1
  17.6
  13.0
  9.8
  7.4
  5.7
  4.4
  3.5
  2.7
  2.2
  1.7
  1.4
  1.1
  0.9
  0.8
  0.6
  0.5
  0.4
  0.4
  0.3
  0.2
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1

Newpark Resources, Inc., together with its subsidiaries, provides products and services primarily to the oil and gas exploration and production industry. The company operates through two segments, Fluids Systems and Mats and Integrated Services. The Fluids Systems segment offers drilling fluids products and technical services for technical drilling projects involving complex subsurface conditions, including horizontal, directional, geologically deep, or deep water drilling. This segment also grinds barite and other industrial minerals. The Mats and Integrated Services segment provides composite mat rentals, well site construction, and related site services to oil and gas customers at well, production, transportation, and refinery locations. The company operates in North America, Europe, the Middle East, Africa, Latin America, and the Asia Pacific. Newpark Resources, Inc. was founded in 1932 and is based in The Woodlands, Texas.

FINANCIAL RATIOS  of  Newpark Resources (NR)

Valuation Ratios
P/E Ratio -15.6
Price to Sales 1.4
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 58.1
Price to Free Cash Flow -23.7
Growth Rates
Sales Growth Rate -30.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -44.9%
Cap. Spend. - 3 Yr. Gr. Rate -11%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 14.6%
Total Debt to Equity 31.1%
Interest Coverage -6
Management Effectiveness
Return On Assets -4.3%
Ret/ On Assets - 3 Yr. Avg. -0.8%
Return On Total Capital -6%
Ret/ On T. Cap. - 3 Yr. Avg. -1.7%
Return On Equity -8%
Return On Equity - 3 Yr. Avg. -2.3%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 7.2%
Gross Margin - 3 Yr. Avg. 13.4%
EBITDA Margin -3.8%
EBITDA Margin - 3 Yr. Avg. 0.9%
Operating Margin -11.7%
Oper. Margin - 3 Yr. Avg. -4.9%
Pre-Tax Margin -13.8%
Pre-Tax Margin - 3 Yr. Avg. -6.5%
Net Profit Margin -8.7%
Net Profit Margin - 3 Yr. Avg. -4.3%
Effective Tax Rate 36.9%
Eff/ Tax Rate - 3 Yr. Avg. 29.9%
Payout Ratio 0%

NR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NR stock intrinsic value calculation we used $472 million for the last fiscal year's total revenue generated by Newpark Resources. The default revenue input number comes from 2016 income statement of Newpark Resources. 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 NR stock valuation model: a) initial revenue growth rate of 38.3% 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 4.8%, whose default value for NR is calculated based on our internal credit rating of Newpark Resources, 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 Newpark Resources.
    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 NR stock the variable cost ratio is equal to 114.6%.

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 NR 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 5.4% for Newpark Resources.

Corporate tax rate of 27% is the nominal tax rate for Newpark Resources. 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 NR 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 NR are equal to 66.6%.

Life of production assets of 10 years is the average useful life of capital assets used in Newpark Resources 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 NR is equal to 50%. 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 - $501 million for Newpark Resources - 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 82.6 million for Newpark Resources 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 Newpark Resources at the current share price and the inputted number of shares is $0.6 billion.

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COMPANY NEWS

▶ Newpark beats 2Q profit forecasts   [12:27AM  Associated Press]
▶ Newpark Resources Reports Second Quarter 2017 Results   [Jul-27-17 04:15PM  PR Newswire]
▶ Newpark reports 1Q loss   [Apr-27-17 06:52PM  Associated Press]
▶ Newpark beats Street 4Q forecasts   [Feb-09-17 06:59PM  Associated Press]
▶ Newpark Resources Sets 2017 Annual Meeting Date   [Jan-24-17 06:00AM  PR Newswire]
▶ Is Newpark Resources Inc (NR) a Good Stock To Buy?   [Dec-12-16 01:24PM  at Insider Monkey]
▶ Broadcom Rising: Outlook Rebuts iPhone Worries   [Dec-09-16 03:08PM  at Barrons.com]
▶ Intel Drops 5%: Silver Lining in the Cloud?   [Oct-19-16 10:43AM  at Barrons.com]
Financial statements of NR
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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