Intrinsic value of Pacific Ethanol - PEIX

Previous Close

$4.50

  Intrinsic Value

$43.78

stock screener

  Rating & Target

str. buy

+873%

Previous close

$4.50

 
Intrinsic value

$43.78

 
Up/down potential

+873%

 
Rating

str. buy

We calculate the intrinsic value of PEIX 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 2013), $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 0.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2013(a)
   2014
   2015
   2016
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  11.27
  13.30
  12.47
  11.72
  11.05
  10.45
  9.90
  9.41
  8.97
  8.57
  8.22
  7.89
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.43
  5.39
Revenue, $m
  908
  1,029
  1,157
  1,293
  1,436
  1,585
  1,742
  1,906
  2,077
  2,256
  2,441
  2,634
  2,834
  3,042
  3,258
  3,483
  3,717
  3,960
  4,212
  4,476
  4,750
  5,035
  5,332
  5,643
  5,966
  6,304
  6,657
  7,025
  7,411
  7,813
  8,234
Variable operating expenses, $m
 
  503
  566
  632
  702
  775
  852
  932
  1,016
  1,103
  1,194
  1,288
  1,386
  1,488
  1,593
  1,703
  1,817
  1,936
  2,060
  2,189
  2,323
  2,462
  2,608
  2,759
  2,917
  3,083
  3,255
  3,435
  3,624
  3,821
  4,027
Fixed operating expenses, $m
 
  472
  483
  495
  508
  520
  533
  547
  560
  574
  589
  604
  619
  634
  650
  666
  683
  700
  717
  735
  754
  773
  792
  812
  832
  853
  874
  896
  918
  941
  965
Total operating expenses, $m
  893
  975
  1,049
  1,127
  1,210
  1,295
  1,385
  1,479
  1,576
  1,677
  1,783
  1,892
  2,005
  2,122
  2,243
  2,369
  2,500
  2,636
  2,777
  2,924
  3,077
  3,235
  3,400
  3,571
  3,749
  3,936
  4,129
  4,331
  4,542
  4,762
  4,992
Operating income, $m
  16
  54
  108
  165
  226
  290
  357
  427
  501
  578
  658
  742
  829
  920
  1,015
  1,114
  1,216
  1,323
  1,435
  1,552
  1,673
  1,800
  1,933
  2,072
  2,217
  2,369
  2,528
  2,694
  2,868
  3,051
  3,243
EBITDA, $m
  28
  68
  123
  182
  245
  311
  380
  453
  529
  608
  691
  777
  867
  961
  1,058
  1,160
  1,266
  1,376
  1,491
  1,611
  1,736
  1,867
  2,003
  2,146
  2,296
  2,452
  2,616
  2,787
  2,966
  3,155
  3,352
Interest expense (income), $m
  8
  7
  9
  10
  12
  13
  15
  17
  18
  20
  22
  24
  27
  29
  31
  34
  36
  39
  41
  44
  47
  50
  53
  57
  60
  64
  68
  71
  76
  80
  84
Earnings before tax, $m
  -1
  47
  99
  155
  214
  277
  342
  411
  483
  558
  636
  718
  803
  892
  984
  1,080
  1,180
  1,285
  1,394
  1,507
  1,626
  1,750
  1,880
  2,015
  2,157
  2,305
  2,460
  2,622
  2,793
  2,971
  3,159
Tax expense, $m
  0
  13
  27
  42
  58
  75
  92
  111
  130
  151
  172
  194
  217
  241
  266
  292
  319
  347
  376
  407
  439
  473
  507
  544
  582
  622
  664
  708
  754
  802
  853
Net income, $m
  -1
  34
  73
  113
  156
  202
  250
  300
  352
  407
  464
  524
  586
  651
  718
  788
  862
  938
  1,017
  1,100
  1,187
  1,278
  1,372
  1,471
  1,574
  1,682
  1,796
  1,914
  2,039
  2,169
  2,306

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
  0
Total assets, $m
  241
  267
  301
  336
  373
  412
  453
  496
  540
  586
  634
  685
  737
  791
  847
  905
  966
  1,029
  1,095
  1,163
  1,235
  1,309
  1,386
  1,467
  1,551
  1,639
  1,730
  1,826
  1,926
  2,031
  2,140
Adjusted assets (=assets-cash), $m
  236
  267
  301
  336
  373
  412
  453
  496
  540
  586
  634
  685
  737
  791
  847
  905
  966
  1,029
  1,095
  1,163
  1,235
  1,309
  1,386
  1,467
  1,551
  1,639
  1,730
  1,826
  1,926
  2,031
  2,140
Revenue / Adjusted assets
  3.847
  3.854
  3.844
  3.848
  3.850
  3.847
  3.845
  3.843
  3.846
  3.850
  3.850
  3.845
  3.845
  3.846
  3.847
  3.849
  3.848
  3.848
  3.847
  3.849
  3.846
  3.846
  3.847
  3.847
  3.847
  3.846
  3.848
  3.847
  3.848
  3.847
  3.848
Average production assets, $m
  156
  177
  199
  222
  247
  273
  300
  328
  357
  388
  420
  453
  487
  523
  560
  599
  639
  681
  725
  770
  817
  866
  917
  971
  1,026
  1,084
  1,145
  1,208
  1,275
  1,344
  1,416
Working capital, $m
  51
  59
  66
  74
  82
  90
  99
  109
  118
  129
  139
  150
  162
  173
  186
  199
  212
  226
  240
  255
  271
  287
  304
  322
  340
  359
  379
  400
  422
  445
  469
Total debt, $m
  110
  125
  145
  167
  190
  215
  240
  267
  294
  323
  353
  384
  417
  451
  486
  522
  560
  599
  640
  683
  727
  773
  822
  872
  924
  979
  1,036
  1,096
  1,158
  1,223
  1,292
Total liabilities, $m
  152
  167
  187
  209
  232
  257
  282
  309
  336
  365
  395
  426
  459
  493
  528
  564
  602
  641
  682
  725
  769
  815
  864
  914
  966
  1,021
  1,078
  1,138
  1,200
  1,265
  1,334
Total equity, $m
  89
  101
  113
  127
  141
  155
  171
  187
  204
  221
  239
  258
  278
  298
  319
  341
  364
  388
  413
  439
  465
  493
  523
  553
  585
  618
  652
  688
  726
  766
  807
Total liabilities and equity, $m
  241
  268
  300
  336
  373
  412
  453
  496
  540
  586
  634
  684
  737
  791
  847
  905
  966
  1,029
  1,095
  1,164
  1,234
  1,308
  1,387
  1,467
  1,551
  1,639
  1,730
  1,826
  1,926
  2,031
  2,141
Debt-to-equity ratio
  1.236
  1.240
  1.280
  1.320
  1.350
  1.380
  1.410
  1.430
  1.450
  1.460
  1.480
  1.490
  1.500
  1.510
  1.520
  1.530
  1.540
  1.540
  1.550
  1.560
  1.560
  1.570
  1.570
  1.580
  1.580
  1.580
  1.590
  1.590
  1.590
  1.600
  1.600
Adjusted equity ratio
  0.356
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -1
  34
  73
  113
  156
  202
  250
  300
  352
  407
  464
  524
  586
  651
  718
  788
  862
  938
  1,017
  1,100
  1,187
  1,278
  1,372
  1,471
  1,574
  1,682
  1,796
  1,914
  2,039
  2,169
  2,306
Depreciation, amort., depletion, $m
  12
  14
  15
  17
  19
  21
  23
  25
  27
  30
  32
  35
  37
  40
  43
  46
  49
  52
  56
  59
  63
  67
  71
  75
  79
  83
  88
  93
  98
  103
  109
Funds from operations, $m
  2
  48
  88
  130
  175
  223
  273
  325
  380
  437
  497
  559
  624
  691
  761
  835
  911
  990
  1,073
  1,160
  1,250
  1,344
  1,443
  1,546
  1,653
  1,766
  1,884
  2,007
  2,137
  2,272
  2,415
Change in working capital, $m
  -12
  7
  7
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
Cash from operations, $m
  14
  41
  81
  123
  167
  214
  264
  316
  370
  427
  486
  548
  612
  679
  749
  822
  897
  976
  1,059
  1,145
  1,234
  1,328
  1,426
  1,528
  1,635
  1,747
  1,864
  1,986
  2,115
  2,249
  2,391
Maintenance CAPEX, $m
  0
  -12
  -14
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -30
  -32
  -35
  -37
  -40
  -43
  -46
  -49
  -52
  -56
  -59
  -63
  -67
  -71
  -75
  -79
  -83
  -88
  -93
  -98
  -103
New CAPEX, $m
  -4
  -21
  -22
  -23
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -63
  -66
  -69
  -72
Cash from investing activities, $m
  -6
  -33
  -36
  -38
  -42
  -45
  -48
  -51
  -54
  -58
  -62
  -65
  -69
  -73
  -77
  -82
  -86
  -91
  -95
  -101
  -106
  -112
  -118
  -124
  -131
  -137
  -144
  -151
  -159
  -167
  -175
Free cash flow, $m
  8
  8
  45
  84
  126
  170
  216
  265
  315
  369
  424
  482
  543
  606
  672
  740
  811
  885
  963
  1,044
  1,128
  1,216
  1,308
  1,404
  1,504
  1,610
  1,720
  1,835
  1,956
  2,082
  2,215
Issuance/(repayment) of debt, $m
  -24
  20
  21
  22
  23
  24
  25
  27
  28
  29
  30
  31
  32
  34
  35
  36
  38
  39
  41
  43
  44
  46
  48
  50
  52
  55
  57
  60
  62
  65
  68
Issuance/(repurchase) of shares, $m
  2
  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 from financing (excl. dividends), $m  
  -9
  20
  21
  22
  23
  24
  25
  27
  28
  29
  30
  31
  32
  34
  35
  36
  38
  39
  41
  43
  44
  46
  48
  50
  52
  55
  57
  60
  62
  65
  68
Total cash flow (excl. dividends), $m
  -1
  28
  66
  106
  149
  194
  241
  291
  343
  398
  454
  514
  575
  640
  707
  776
  849
  925
  1,004
  1,086
  1,172
  1,262
  1,356
  1,454
  1,557
  1,664
  1,777
  1,895
  2,018
  2,147
  2,283
Retained Cash Flow (-), $m
  -36
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -39
  -41
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
 
  16
  53
  93
  135
  179
  226
  275
  326
  380
  436
  495
  556
  619
  685
  754
  826
  901
  979
  1,061
  1,145
  1,234
  1,327
  1,424
  1,525
  1,631
  1,742
  1,858
  1,980
  2,108
  2,242
Discount rate, %
 
  7.80
  8.19
  8.60
  9.03
  9.48
  9.95
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.41
  27.73
  29.12
  30.58
  32.11
PV of cash for distribution, $m
 
  15
  45
  72
  95
  114
  128
  137
  142
  142
  139
  133
  124
  113
  100
  88
  75
  62
  51
  40
  31
  24
  18
  13
  9
  6
  4
  3
  2
  1
  1
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Pacific Ethanol, Inc. is a producer and marketer of low-carbon renewable fuels in the United States. The Company's segments include a production segment and a marketing segment. As of December 31, 2016, the Company owned and operated eight ethanol production facilities, of which four plants are in the Western states of California, Oregon and Idaho, and four of its plants are located in the Midwestern states of Illinois and Nebraska. As of December 31, 2016, its plants had a combined ethanol production capacity of 515 million gallons per year. The Company markets all the ethanol and co-products produced at its plants as well as ethanol produced by third parties. The Company produces ethanol and co-products at its production facilities. Its plants are located on the West Coast and in the Midwest. The Company produces ethanol and co-products at its production facilities. Its plants are located on the West Coast and in the Midwest are in the heart of the Corn Belt. _tck('aft');

FINANCIAL RATIOS  of  Pacific Ethanol (PEIX)

Valuation Ratios
P/E Ratio -72.6
Price to Sales 0.1
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 5.2
Price to Free Cash Flow 7.3
Growth Rates
Sales Growth Rate 11.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 100%
Cap. Spend. - 3 Yr. Gr. Rate 32%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 116.9%
Total Debt to Equity 123.6%
Interest Coverage 1
Management Effectiveness
Return On Assets 3.1%
Ret/ On Assets - 3 Yr. Avg. 1.7%
Return On Total Capital -0.5%
Ret/ On T. Cap. - 3 Yr. Avg. -3.4%
Return On Equity -1.4%
Return On Equity - 3 Yr. Avg. -8.1%
Asset Turnover 4
Profitability Ratios
Gross Margin 3.6%
Gross Margin - 3 Yr. Avg. 1.1%
EBITDA Margin 2.1%
EBITDA Margin - 3 Yr. Avg. 0.6%
Operating Margin 1.7%
Oper. Margin - 3 Yr. Avg. -0.6%
Pre-Tax Margin -0.1%
Pre-Tax Margin - 3 Yr. Avg. -1.9%
Net Profit Margin -0.1%
Net Profit Margin - 3 Yr. Avg. -0.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio -100%

PEIX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PEIX stock intrinsic value calculation we used $908 million for the last fiscal year's total revenue generated by Pacific Ethanol. The default revenue input number comes from 2013 income statement of Pacific Ethanol. 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 PEIX stock valuation model: a) initial revenue growth rate of 13.3% 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 7.8%, whose default value for PEIX is calculated based on our internal credit rating of Pacific Ethanol, 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 Pacific Ethanol.
    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 PEIX stock the variable cost ratio is equal to 48.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $460 million in the base year in the intrinsic value calculation for PEIX stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 6.9% for Pacific Ethanol.

Corporate tax rate of 27% is the nominal tax rate for Pacific Ethanol. 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 PEIX 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 PEIX are equal to 17.2%.

Life of production assets of 13 years is the average useful life of capital assets used in Pacific Ethanol 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 PEIX is equal to 5.7%. 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 - $89 million for Pacific Ethanol - 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 43.972 million for Pacific Ethanol 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 Pacific Ethanol at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ Pacific Ethanol, Inc. to Host Earnings Call   [Nov-08-17 10:00AM  ACCESSWIRE]
▶ Pacific Ethanol reports 3Q loss   [Nov-07-17 07:02PM  Associated Press]
▶ Pacific Ethanol to Release Third Quarter 2017 Results   [Nov-02-17 08:30AM  GlobeNewswire]
▶ Oil and Gas Stock Roundup: Harvey Looms Large   [Sep-01-17 07:05PM  Motley Fool]
▶ 3 Cheap Stocks You Can Buy Today   [Aug-31-17 08:34AM  Motley Fool]
▶ Pacific Ethanol reports 2Q loss   [Aug-03-17 05:39PM  Associated Press]
▶ Pacific Ethanol Reports Second Quarter 2017 Results   [Aug-02-17 04:05PM  GlobeNewswire]
▶ LD Micro Index Reconstitution as of August 1, 2017   [Aug-01-17 09:40AM  ACCESSWIRE]
▶ Pacific Ethanol to Release Second Quarter 2017 Results   [Jul-27-17 08:30AM  GlobeNewswire]
▶ Pacific Ethanol paying $76 million for biorefinery that makes fuel, booze   [Jun-28-17 03:10PM  American City Business Journals]
▶ Pacific Ethanol to Acquire Illinois Corn Processing   [Jun-27-17 07:30AM  GlobeNewswire]
▶ Here's Why Pacific Ethanol Stock Dropped 13.2% in May   [Jun-05-17 01:28PM  Motley Fool]
▶ Why Is No One Talking About Pacific Ethanol Stock?   [May-19-17 04:08PM  Motley Fool]
▶ Pacific Ethanol reports 1Q loss   [May-09-17 06:04PM  Associated Press]
▶ ETFs with exposure to Pacific Ethanol, Inc. : May 3, 2017   [May-03-17 04:14PM  Capital Cube]
▶ Here's Why Pacific Ethanol Stock Slipped 18% in March   [Apr-06-17 03:14PM  Motley Fool]
▶ Pacific Ethanol tops Street 4Q forecasts   [Mar-01-17 05:18PM  Associated Press]
▶ Why The Ethanol Industry Should Fear President Trump   [Jan-22-17 06:27PM  at Forbes]
▶ This Ethanol Stock Had an Epic 98.7% Gain in 2016   [Jan-10-17 11:13AM  at Motley Fool]
▶ Is Smart Money Right to be Bullish On Pacific Ethanol Inc (PEIX)?   [Dec-10-16 05:55PM  at Insider Monkey]
▶ This Is Why Pacific Ethanol Jumped 14.7% Higher in November   [Dec-03-16 01:03PM  at Motley Fool]
▶ Pacific Ethanol to Release Third Quarter 2016 Results   [Oct-27-16 08:30AM  GlobeNewswire]
Financial statements of PEIX
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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