Intrinsic value of Oil States International - OIS

Previous Close

$23.15

  Intrinsic Value

$4.53

stock screener

  Rating & Target

str. sell

-80%

  Value-price divergence*

+26%

Previous close

$23.15

 
Intrinsic value

$4.53

 
Up/down potential

-80%

 
Rating

str. sell

 
Value-price divergence*

+26%

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

We calculate the intrinsic value of OIS 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 1.2

 

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, %
  -36.91
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  694
  708
  724
  743
  764
  787
  812
  840
  870
  902
  937
  974
  1,013
  1,055
  1,100
  1,148
  1,198
  1,251
  1,307
  1,367
  1,430
  1,496
  1,566
  1,639
  1,717
  1,799
  1,885
  1,975
  2,071
  2,171
  2,277
Variable operating expenses, $m
 
  489
  500
  512
  526
  541
  558
  576
  595
  616
  639
  637
  663
  690
  720
  751
  783
  818
  855
  894
  935
  978
  1,024
  1,072
  1,123
  1,177
  1,233
  1,292
  1,354
  1,420
  1,489
Fixed operating expenses, $m
 
  298
  306
  313
  321
  329
  337
  346
  355
  363
  373
  382
  391
  401
  411
  421
  432
  443
  454
  465
  477
  489
  501
  514
  526
  539
  553
  567
  581
  596
  610
Total operating expenses, $m
  764
  787
  806
  825
  847
  870
  895
  922
  950
  979
  1,012
  1,019
  1,054
  1,091
  1,131
  1,172
  1,215
  1,261
  1,309
  1,359
  1,412
  1,467
  1,525
  1,586
  1,649
  1,716
  1,786
  1,859
  1,935
  2,016
  2,099
Operating income, $m
  -69
  -80
  -82
  -83
  -83
  -83
  -83
  -82
  -80
  -78
  -75
  -45
  -41
  -36
  -31
  -25
  -18
  -10
  -2
  8
  18
  29
  41
  54
  68
  83
  99
  116
  135
  155
  177
EBITDA, $m
  50
  33
  33
  34
  36
  39
  43
  47
  52
  59
  66
  74
  83
  93
  103
  115
  128
  142
  158
  174
  192
  211
  232
  253
  277
  302
  329
  357
  388
  420
  455
Interest expense (income), $m
  4
  2
  2
  2
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  7
  8
  8
  9
  10
  10
  11
  12
  13
  14
  14
  15
  17
  18
  19
  20
Earnings before tax, $m
  -73
  -82
  -84
  -85
  -86
  -86
  -86
  -85
  -84
  -82
  -79
  -50
  -46
  -42
  -37
  -32
  -25
  -18
  -11
  -2
  7
  18
  29
  41
  54
  68
  83
  100
  118
  137
  157
Tax expense, $m
  -27
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  2
  5
  8
  11
  15
  18
  23
  27
  32
  37
  42
Net income, $m
  -46
  -82
  -84
  -85
  -86
  -86
  -86
  -85
  -84
  -82
  -79
  -50
  -46
  -42
  -37
  -32
  -25
  -18
  -11
  -2
  5
  13
  21
  30
  39
  50
  61
  73
  86
  100
  115

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  69
  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
  1,384
  1,341
  1,372
  1,407
  1,446
  1,490
  1,538
  1,591
  1,647
  1,708
  1,774
  1,844
  1,919
  1,999
  2,083
  2,173
  2,269
  2,369
  2,476
  2,589
  2,708
  2,833
  2,965
  3,105
  3,252
  3,407
  3,570
  3,741
  3,922
  4,112
  4,312
Adjusted assets (=assets-cash), $m
  1,315
  1,341
  1,372
  1,407
  1,446
  1,490
  1,538
  1,591
  1,647
  1,708
  1,774
  1,844
  1,919
  1,999
  2,083
  2,173
  2,269
  2,369
  2,476
  2,589
  2,708
  2,833
  2,965
  3,105
  3,252
  3,407
  3,570
  3,741
  3,922
  4,112
  4,312
Revenue / Adjusted assets
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
Average production assets, $m
  652
  665
  680
  697
  717
  739
  763
  789
  817
  847
  880
  914
  951
  991
  1,033
  1,078
  1,125
  1,175
  1,228
  1,283
  1,342
  1,405
  1,470
  1,539
  1,612
  1,689
  1,770
  1,855
  1,944
  2,039
  2,138
Working capital, $m
  383
  321
  329
  337
  347
  357
  369
  381
  395
  410
  425
  442
  460
  479
  499
  521
  544
  568
  594
  621
  649
  679
  711
  744
  780
  817
  856
  897
  940
  986
  1,034
Total debt, $m
  46
  48
  53
  57
  63
  69
  75
  82
  90
  98
  107
  117
  127
  138
  149
  162
  175
  188
  203
  218
  234
  251
  269
  288
  308
  329
  351
  375
  399
  425
  452
Total liabilities, $m
  180
  182
  187
  191
  197
  203
  209
  216
  224
  232
  241
  251
  261
  272
  283
  296
  309
  322
  337
  352
  368
  385
  403
  422
  442
  463
  485
  509
  533
  559
  586
Total equity, $m
  1,204
  1,158
  1,185
  1,215
  1,250
  1,288
  1,329
  1,374
  1,423
  1,476
  1,533
  1,593
  1,658
  1,727
  1,800
  1,878
  1,960
  2,047
  2,139
  2,237
  2,339
  2,448
  2,562
  2,683
  2,810
  2,943
  3,084
  3,233
  3,388
  3,553
  3,725
Total liabilities and equity, $m
  1,384
  1,340
  1,372
  1,406
  1,447
  1,491
  1,538
  1,590
  1,647
  1,708
  1,774
  1,844
  1,919
  1,999
  2,083
  2,174
  2,269
  2,369
  2,476
  2,589
  2,707
  2,833
  2,965
  3,105
  3,252
  3,406
  3,569
  3,742
  3,921
  4,112
  4,311
Debt-to-equity ratio
  0.038
  0.040
  0.040
  0.050
  0.050
  0.050
  0.060
  0.060
  0.060
  0.070
  0.070
  0.070
  0.080
  0.080
  0.080
  0.090
  0.090
  0.090
  0.090
  0.100
  0.100
  0.100
  0.110
  0.110
  0.110
  0.110
  0.110
  0.120
  0.120
  0.120
  0.120
Adjusted equity ratio
  0.863
  0.864
  0.864
  0.864
  0.864
  0.864
  0.864
  0.864
  0.864
  0.864
  0.864
  0.864
  0.864
  0.864
  0.864
  0.864
  0.864
  0.864
  0.864
  0.864
  0.864
  0.864
  0.864
  0.864
  0.864
  0.864
  0.864
  0.864
  0.864
  0.864
  0.864

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -46
  -82
  -84
  -85
  -86
  -86
  -86
  -85
  -84
  -82
  -79
  -50
  -46
  -42
  -37
  -32
  -25
  -18
  -11
  -2
  5
  13
  21
  30
  39
  50
  61
  73
  86
  100
  115
Depreciation, amort., depletion, $m
  119
  113
  115
  117
  119
  122
  125
  129
  132
  136
  141
  119
  124
  129
  134
  140
  146
  153
  159
  167
  174
  182
  191
  200
  209
  219
  230
  241
  253
  265
  278
Funds from operations, $m
  239
  31
  31
  32
  33
  36
  39
  43
  49
  54
  61
  69
  77
  87
  97
  108
  121
  134
  149
  165
  180
  195
  212
  230
  249
  269
  291
  314
  338
  365
  392
Change in working capital, $m
  90
  6
  7
  8
  9
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  26
  27
  29
  30
  32
  33
  35
  37
  39
  41
  43
  46
  48
Cash from operations, $m
  149
  24
  23
  23
  24
  25
  28
  31
  35
  40
  45
  52
  59
  68
  77
  87
  98
  110
  123
  138
  151
  165
  180
  196
  214
  232
  252
  273
  295
  319
  344
Maintenance CAPEX, $m
  0
  -85
  -86
  -88
  -91
  -93
  -96
  -99
  -102
  -106
  -110
  -114
  -119
  -124
  -129
  -134
  -140
  -146
  -153
  -159
  -167
  -174
  -182
  -191
  -200
  -209
  -219
  -230
  -241
  -253
  -265
New CAPEX, $m
  -30
  -13
  -15
  -17
  -20
  -22
  -24
  -26
  -28
  -30
  -33
  -35
  -37
  -40
  -42
  -45
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -85
  -90
  -94
  -99
Cash from investing activities, $m
  -29
  -98
  -101
  -105
  -111
  -115
  -120
  -125
  -130
  -136
  -143
  -149
  -156
  -164
  -171
  -179
  -187
  -196
  -206
  -215
  -226
  -236
  -248
  -260
  -273
  -286
  -300
  -315
  -331
  -347
  -364
Free cash flow, $m
  120
  -73
  -78
  -83
  -86
  -89
  -92
  -94
  -96
  -97
  -97
  -97
  -97
  -96
  -94
  -92
  -89
  -86
  -82
  -78
  -74
  -71
  -68
  -64
  -59
  -54
  -48
  -42
  -35
  -28
  -19
Issuance/(repayment) of debt, $m
  -81
  3
  4
  5
  5
  6
  7
  7
  8
  8
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
Issuance/(repurchase) of shares, $m
  -4
  104
  110
  116
  120
  124
  128
  130
  133
  135
  136
  111
  111
  111
  110
  109
  108
  105
  103
  99
  97
  96
  93
  91
  88
  84
  80
  75
  70
  64
  58
Cash from financing (excl. dividends), $m  
  -85
  107
  114
  121
  125
  130
  135
  137
  141
  143
  145
  121
  121
  122
  122
  121
  121
  119
  117
  114
  113
  113
  111
  110
  108
  105
  102
  98
  95
  90
  85
Total cash flow (excl. dividends), $m
  33
  35
  36
  38
  39
  41
  42
  44
  45
  46
  48
  23
  25
  26
  28
  30
  31
  33
  35
  37
  39
  41
  44
  46
  48
  51
  54
  56
  59
  62
  66
Retained Cash Flow (-), $m
  52
  -104
  -110
  -116
  -120
  -124
  -128
  -130
  -133
  -135
  -136
  -111
  -111
  -111
  -110
  -109
  -108
  -105
  -103
  -99
  -103
  -108
  -114
  -121
  -127
  -134
  -141
  -148
  -156
  -164
  -173
Prev. year cash balance distribution, $m
 
  68
  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
 
  -2
  -74
  -78
  -81
  -83
  -85
  -87
  -88
  -88
  -88
  -88
  -86
  -85
  -82
  -80
  -76
  -72
  -68
  -62
  -64
  -67
  -71
  -75
  -79
  -83
  -87
  -92
  -97
  -102
  -107
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  -1
  -68
  -68
  -67
  -65
  -62
  -59
  -55
  -51
  -46
  -42
  -37
  -32
  -28
  -23
  -19
  -16
  -12
  -10
  -8
  -7
  -6
  -5
  -4
  -3
  -3
  -2
  -1
  -1
  -1
Current shareholders' claim on cash, %
  100
  91.6
  83.6
  76.2
  69.3
  63.0
  57.3
  52.2
  47.6
  43.5
  39.8
  37.1
  34.7
  32.5
  30.6
  28.8
  27.3
  25.9
  24.6
  23.5
  22.6
  21.7
  20.9
  20.2
  19.5
  19.0
  18.5
  18.0
  17.6
  17.3
  17.0

Oil States International, Inc., through its subsidiaries, provides specialty products and services to oil and natural gas related companies throughout the world. The Company operates as a technology-focused energy services company. The Company operates through two segments: Offshore Products and Well Site Services. Through Offshore Products segment, the Company provides engineered products and services for offshore oil and natural gas production systems and facilities, as well as certain products and services to the offshore and land-based drilling and completion markets. The Company's well site services segment includes a range of products and services that are used to drill for, establish and maintain the flow of oil and natural gas from a well throughout its life cycle. The Company operates in active oil and natural gas producing regions, including onshore and offshore the United States, Canada, West Africa, the North Sea, South America and Southeast and Central Asia.

FINANCIAL RATIOS  of  Oil States International (OIS)

Valuation Ratios
P/E Ratio -25.9
Price to Sales 1.7
Price to Book 1
Price to Tangible Book
Price to Cash Flow 8
Price to Free Cash Flow 10
Growth Rates
Sales Growth Rate -36.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -73.9%
Cap. Spend. - 3 Yr. Gr. Rate -28.9%
Financial Strength
Quick Ratio 69
Current Ratio 0
LT Debt to Equity 3.7%
Total Debt to Equity 3.8%
Interest Coverage -17
Management Effectiveness
Return On Assets -2.9%
Ret/ On Assets - 3 Yr. Avg. 2%
Return On Total Capital -3.5%
Ret/ On T. Cap. - 3 Yr. Avg. 1.9%
Return On Equity -3.7%
Return On Equity - 3 Yr. Avg. 2.5%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 24.2%
Gross Margin - 3 Yr. Avg. 28.8%
EBITDA Margin 7.2%
EBITDA Margin - 3 Yr. Avg. 14.7%
Operating Margin -10.1%
Oper. Margin - 3 Yr. Avg. 2.2%
Pre-Tax Margin -10.5%
Pre-Tax Margin - 3 Yr. Avg. 1.6%
Net Profit Margin -6.6%
Net Profit Margin - 3 Yr. Avg. 1.9%
Effective Tax Rate 37%
Eff/ Tax Rate - 3 Yr. Avg. 39.1%
Payout Ratio 0%

OIS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the OIS stock intrinsic value calculation we used $694 million for the last fiscal year's total revenue generated by Oil States International. The default revenue input number comes from 2016 income statement of Oil States International. 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 OIS stock valuation model: a) initial revenue growth rate of 2% 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 4.3%, whose default value for OIS is calculated based on our internal credit rating of Oil States International, 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 Oil States International.
    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 OIS stock the variable cost ratio is equal to 69.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $291 million in the base year in the intrinsic value calculation for OIS 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 Oil States International.

Corporate tax rate of 27% is the nominal tax rate for Oil States International. 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 OIS 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 OIS are equal to 93.9%.

Life of production assets of 7.7 years is the average useful life of capital assets used in Oil States International 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 OIS is equal to 45.4%. 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 - $1204 million for Oil States International - 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 51.954 million for Oil States International 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 Oil States International at the current share price and the inputted number of shares is $1.2 billion.

RELATED COMPANIES Price Int.Val. Rating
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DRQ Dril-Quip 40.30 25.95  sell
TESO Tesco 4.60 1.59  str.sell
SLB Schlumberger 64.50 25.39  str.sell
GE General Electr 23.58 17.24  sell
HAL Halliburton 43.42 114.92  str.buy

COMPANY NEWS

▶ Weatherford Reacts to Crude Oil Price Changes   [Oct-13-17 09:07AM  Market Realist]
▶ Patterson-UTI Energys Reaction to Crude Oil Changes   [Oct-11-17 10:39AM  Market Realist]
▶ Short Interest in Halliburton on October 5   [Oct-10-17 10:39AM  Market Realist]
▶ Schlumbergers Reaction to Crude Oils Price Changes   [Oct-06-17 09:08AM  Market Realist]
▶ How Schlumberger Reacted to Crude Oil Prices   [Oct-03-17 07:43AM  Market Realist]
▶ Crude Oils Correlation with Weatherford International   [Sep-18-17 07:37AM  Market Realist]
▶ Gauging Weatherford Internationals Valuation versus Peers   [Sep-15-17 08:06AM  Market Realist]
▶ How Wall Street Analysts Viewed Schlumberger on August 31   [Sep-07-17 07:36AM  Market Realist]
▶ Correlation between Weatherford and Crude Oil on August 25   [Aug-30-17 07:37AM  Market Realist]
▶ Correlation between Schlumberger and Crude Oil on August 11   [Aug-15-17 07:37AM  Market Realist]
▶ Oil States International posts 2Q loss   [Jul-31-17 10:22PM  Associated Press]
▶ Oil States Adds Robert L. Potter to its Board   [Jul-26-17 05:37PM  GlobeNewswire]
▶ Correlation between Weatherford and Crude Oil on July 21   [Jul-25-17 07:39AM  Market Realist]
▶ How Weatherford International Correlates with Crude Oil   [Jul-19-17 09:06AM  Market Realist]
▶ Correlation between Schlumberger and Crude Oil on July 14   [Jul-18-17 07:39AM  Market Realist]
▶ What Analysts Expect from NOVs 2Q17 Earnings   [Jul-13-17 12:25PM  Market Realist]
▶ National Oilwell Varcos Correlation with Crude Oil on July 7   [Jul-11-17 09:09AM  Market Realist]
▶ Whats the Correlation between Schlumberger and Crude Oil?   [Jul-07-17 10:36AM  Market Realist]
▶ Whats Weatherfords Valuation Compared to Its Peers?   [Jun-09-17 02:05PM  Market Realist]
▶ What Was Halliburtons Correlation with Crude Oil on June 2?   [Jun-05-17 02:35PM  Market Realist]
▶ Whats Weatherfords Correlation with Crude Oil on May 22?   [May-23-17 02:36PM  Market Realist]
▶ Earnings and Oil Torpedoed Oil Service Stocks Today   [Apr-27-17 04:10PM  Motley Fool]
▶ Oil States International posts 1Q loss   [Apr-26-17 06:50PM  Associated Press]
▶ Whats NOVs Correlation with Crude Oil on April 21?   [Apr-24-17 01:35PM  Market Realist]
▶ Whats NOVs Correlation with Crude Oil as of April 17?   [Apr-20-17 09:06AM  Market Realist]
▶ Analysts Forecasts for National Oilwell Varco on April 7   [Apr-11-17 07:37AM  Market Realist]
▶ Worst Oilfield Services Stocks in 1Q17 by Returns   [Apr-03-17 01:35PM  Market Realist]
▶ What Wall Street Is Forecasting for Halliburton   [Mar-07-17 09:06AM  Market Realist]
▶ Weatherford Internationals Valuation Compared to Its Peers   [Mar-06-17 10:36AM  Market Realist]
▶ Great Lakes Announces Changes to Board of Directors   [Jan-26-17 06:48AM  GlobeNewswire]
Financial statements of OIS
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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