Intrinsic value of Pioneer Energy Services - PES

Previous Close

$2.20

  Intrinsic Value

$0.99

stock screener

  Rating & Target

str. sell

-55%

  Value-price divergence*

-16%

Previous close

$2.20

 
Intrinsic value

$0.99

 
Up/down potential

-55%

 
Rating

str. sell

 
Value-price divergence*

-16%

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

We calculate the intrinsic value of PES 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 0.2

 

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, %
  -48.80
  28.00
  25.70
  23.63
  21.77
  20.09
  18.58
  17.22
  16.00
  14.90
  13.91
  13.02
  12.22
  11.50
  10.85
  10.26
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.26
  7.04
  6.83
  6.65
  6.49
  6.34
  6.20
  6.08
Revenue, $m
  277
  355
  446
  551
  671
  806
  955
  1,120
  1,299
  1,493
  1,700
  1,922
  2,157
  2,405
  2,665
  2,939
  3,225
  3,524
  3,835
  4,159
  4,496
  4,847
  5,211
  5,590
  5,983
  6,392
  6,817
  7,260
  7,720
  8,199
  8,697
Variable operating expenses, $m
 
  429
  539
  666
  811
  974
  1,155
  1,354
  1,571
  1,805
  2,056
  2,324
  2,607
  2,907
  3,222
  3,553
  3,899
  4,260
  4,637
  5,028
  5,436
  5,860
  6,300
  6,758
  7,234
  7,728
  8,242
  8,777
  9,333
  9,912
  10,515
Fixed operating expenses, $m
 
  58
  60
  61
  63
  64
  66
  68
  69
  71
  73
  75
  77
  79
  81
  83
  85
  87
  89
  91
  93
  96
  98
  101
  103
  106
  108
  111
  114
  117
  120
Total operating expenses, $m
  391
  487
  599
  727
  874
  1,038
  1,221
  1,422
  1,640
  1,876
  2,129
  2,399
  2,684
  2,986
  3,303
  3,636
  3,984
  4,347
  4,726
  5,119
  5,529
  5,956
  6,398
  6,859
  7,337
  7,834
  8,350
  8,888
  9,447
  10,029
  10,635
Operating income, $m
  -114
  -133
  -153
  -177
  -203
  -233
  -266
  -302
  -341
  -383
  -428
  -476
  -527
  -581
  -638
  -697
  -759
  -823
  -890
  -960
  -1,033
  -1,109
  -1,187
  -1,269
  -1,354
  -1,442
  -1,533
  -1,628
  -1,727
  -1,830
  -1,937
EBITDA, $m
  0
  -50
  -49
  -48
  -47
  -45
  -43
  -41
  -39
  -36
  -33
  -29
  -26
  -22
  -17
  -13
  -8
  -3
  2
  7
  13
  19
  25
  32
  39
  46
  53
  61
  69
  78
  87
Interest expense (income), $m
  25
  23
  32
  41
  52
  65
  79
  94
  111
  130
  150
  172
  195
  220
  246
  273
  301
  331
  363
  395
  429
  464
  501
  539
  578
  619
  662
  707
  753
  801
  851
Earnings before tax, $m
  -139
  -156
  -185
  -218
  -255
  -297
  -344
  -396
  -452
  -513
  -579
  -649
  -723
  -801
  -883
  -970
  -1,060
  -1,155
  -1,253
  -1,355
  -1,462
  -1,573
  -1,688
  -1,808
  -1,932
  -2,061
  -2,195
  -2,335
  -2,480
  -2,631
  -2,788
Tax expense, $m
  -11
  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
  -128
  -156
  -185
  -218
  -255
  -297
  -344
  -396
  -452
  -513
  -579
  -649
  -723
  -801
  -883
  -970
  -1,060
  -1,155
  -1,253
  -1,355
  -1,462
  -1,573
  -1,688
  -1,808
  -1,932
  -2,061
  -2,195
  -2,335
  -2,480
  -2,631
  -2,788

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
  700
  884
  1,111
  1,374
  1,673
  2,009
  2,383
  2,793
  3,240
  3,723
  4,241
  4,793
  5,378
  5,996
  6,647
  7,329
  8,042
  8,787
  9,564
  10,372
  11,213
  12,087
  12,996
  13,940
  14,921
  15,941
  17,001
  18,104
  19,251
  20,445
  21,689
Adjusted assets (=assets-cash), $m
  690
  884
  1,111
  1,374
  1,673
  2,009
  2,383
  2,793
  3,240
  3,723
  4,241
  4,793
  5,378
  5,996
  6,647
  7,329
  8,042
  8,787
  9,564
  10,372
  11,213
  12,087
  12,996
  13,940
  14,921
  15,941
  17,001
  18,104
  19,251
  20,445
  21,689
Revenue / Adjusted assets
  0.401
  0.402
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
Average production assets, $m
  645
  825
  1,037
  1,282
  1,561
  1,875
  2,223
  2,606
  3,023
  3,474
  3,957
  4,472
  5,019
  5,595
  6,202
  6,839
  7,505
  8,200
  8,924
  9,678
  10,463
  11,279
  12,127
  13,008
  13,923
  14,875
  15,864
  16,893
  17,964
  19,078
  20,239
Working capital, $m
  48
  49
  61
  75
  92
  110
  131
  153
  178
  205
  233
  263
  295
  329
  365
  403
  442
  483
  525
  570
  616
  664
  714
  766
  820
  876
  934
  995
  1,058
  1,123
  1,192
Total debt, $m
  339
  457
  595
  754
  936
  1,140
  1,366
  1,615
  1,887
  2,180
  2,494
  2,829
  3,185
  3,560
  3,955
  4,369
  4,802
  5,254
  5,725
  6,216
  6,726
  7,257
  7,808
  8,381
  8,977
  9,596
  10,240
  10,909
  11,605
  12,330
  13,085
Total liabilities, $m
  419
  537
  675
  834
  1,016
  1,220
  1,446
  1,695
  1,967
  2,260
  2,574
  2,909
  3,265
  3,640
  4,035
  4,449
  4,882
  5,334
  5,805
  6,296
  6,806
  7,337
  7,888
  8,461
  9,057
  9,676
  10,320
  10,989
  11,685
  12,410
  13,165
Total equity, $m
  281
  347
  437
  540
  658
  790
  936
  1,098
  1,273
  1,463
  1,667
  1,884
  2,114
  2,357
  2,612
  2,880
  3,161
  3,453
  3,759
  4,076
  4,407
  4,750
  5,107
  5,478
  5,864
  6,265
  6,681
  7,115
  7,566
  8,035
  8,524
Total liabilities and equity, $m
  700
  884
  1,112
  1,374
  1,674
  2,010
  2,382
  2,793
  3,240
  3,723
  4,241
  4,793
  5,379
  5,997
  6,647
  7,329
  8,043
  8,787
  9,564
  10,372
  11,213
  12,087
  12,995
  13,939
  14,921
  15,941
  17,001
  18,104
  19,251
  20,445
  21,689
Debt-to-equity ratio
  1.206
  1.310
  1.360
  1.400
  1.420
  1.440
  1.460
  1.470
  1.480
  1.490
  1.500
  1.500
  1.510
  1.510
  1.510
  1.520
  1.520
  1.520
  1.520
  1.520
  1.530
  1.530
  1.530
  1.530
  1.530
  1.530
  1.530
  1.530
  1.530
  1.530
  1.540
Adjusted equity ratio
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -128
  -156
  -185
  -218
  -255
  -297
  -344
  -396
  -452
  -513
  -579
  -649
  -723
  -801
  -883
  -970
  -1,060
  -1,155
  -1,253
  -1,355
  -1,462
  -1,573
  -1,688
  -1,808
  -1,932
  -2,061
  -2,195
  -2,335
  -2,480
  -2,631
  -2,788
Depreciation, amort., depletion, $m
  114
  83
  104
  128
  156
  187
  222
  261
  302
  347
  396
  447
  502
  560
  620
  684
  750
  820
  892
  968
  1,046
  1,128
  1,213
  1,301
  1,392
  1,487
  1,586
  1,689
  1,796
  1,908
  2,024
Funds from operations, $m
  19
  -73
  -81
  -89
  -99
  -110
  -122
  -135
  -150
  -166
  -183
  -201
  -221
  -241
  -263
  -286
  -310
  -335
  -361
  -388
  -416
  -445
  -475
  -507
  -540
  -574
  -609
  -646
  -684
  -723
  -764
Change in working capital, $m
  14
  11
  12
  14
  16
  18
  21
  23
  25
  27
  28
  30
  32
  34
  36
  37
  39
  41
  43
  44
  46
  48
  50
  52
  54
  56
  58
  61
  63
  66
  68
Cash from operations, $m
  5
  -84
  -93
  -104
  -115
  -128
  -143
  -158
  -175
  -193
  -212
  -232
  -253
  -275
  -299
  -323
  -349
  -375
  -403
  -432
  -462
  -493
  -525
  -559
  -594
  -630
  -667
  -706
  -747
  -789
  -833
Maintenance CAPEX, $m
  0
  -64
  -83
  -104
  -128
  -156
  -187
  -222
  -261
  -302
  -347
  -396
  -447
  -502
  -560
  -620
  -684
  -750
  -820
  -892
  -968
  -1,046
  -1,128
  -1,213
  -1,301
  -1,392
  -1,487
  -1,586
  -1,689
  -1,796
  -1,908
New CAPEX, $m
  -32
  -181
  -212
  -245
  -279
  -314
  -348
  -383
  -417
  -450
  -483
  -515
  -546
  -577
  -607
  -636
  -666
  -695
  -725
  -754
  -785
  -816
  -848
  -881
  -916
  -952
  -989
  -1,029
  -1,071
  -1,114
  -1,161
Cash from investing activities, $m
  -25
  -245
  -295
  -349
  -407
  -470
  -535
  -605
  -678
  -752
  -830
  -911
  -993
  -1,079
  -1,167
  -1,256
  -1,350
  -1,445
  -1,545
  -1,646
  -1,753
  -1,862
  -1,976
  -2,094
  -2,217
  -2,344
  -2,476
  -2,615
  -2,760
  -2,910
  -3,069
Free cash flow, $m
  -20
  -329
  -388
  -453
  -523
  -598
  -678
  -763
  -852
  -945
  -1,042
  -1,143
  -1,247
  -1,354
  -1,465
  -1,580
  -1,698
  -1,821
  -1,948
  -2,079
  -2,214
  -2,355
  -2,501
  -2,652
  -2,810
  -2,974
  -3,144
  -3,321
  -3,506
  -3,699
  -3,901
Issuance/(repayment) of debt, $m
  -49
  118
  138
  159
  182
  204
  227
  249
  271
  293
  314
  335
  355
  375
  395
  414
  433
  452
  471
  491
  510
  531
  551
  573
  596
  619
  644
  669
  696
  725
  755
Issuance/(repurchase) of shares, $m
  65
  232
  274
  321
  373
  430
  491
  557
  628
  703
  782
  866
  953
  1,044
  1,139
  1,238
  1,340
  1,447
  1,558
  1,673
  1,792
  1,916
  2,045
  2,179
  2,318
  2,462
  2,612
  2,768
  2,931
  3,100
  3,277
Cash from financing (excl. dividends), $m  
  16
  350
  412
  480
  555
  634
  718
  806
  899
  996
  1,096
  1,201
  1,308
  1,419
  1,534
  1,652
  1,773
  1,899
  2,029
  2,164
  2,302
  2,447
  2,596
  2,752
  2,914
  3,081
  3,256
  3,437
  3,627
  3,825
  4,032
Total cash flow (excl. dividends), $m
  -4
  21
  24
  28
  31
  35
  39
  43
  47
  51
  55
  58
  62
  65
  68
  72
  75
  78
  82
  85
  88
  92
  96
  99
  103
  107
  112
  116
  121
  126
  131
Retained Cash Flow (-), $m
  62
  -232
  -274
  -321
  -373
  -430
  -491
  -557
  -628
  -703
  -782
  -866
  -953
  -1,044
  -1,139
  -1,238
  -1,340
  -1,447
  -1,558
  -1,673
  -1,792
  -1,916
  -2,045
  -2,179
  -2,318
  -2,462
  -2,612
  -2,768
  -2,931
  -3,100
  -3,277
Prev. year cash balance distribution, $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
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
 
  -201
  -250
  -293
  -341
  -394
  -452
  -514
  -581
  -652
  -728
  -807
  -891
  -979
  -1,070
  -1,166
  -1,265
  -1,369
  -1,476
  -1,588
  -1,704
  -1,824
  -1,949
  -2,079
  -2,214
  -2,355
  -2,500
  -2,652
  -2,810
  -2,975
  -3,146
Discount rate, %
 
  10.10
  10.61
  11.14
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.05
  20.00
  21.00
  22.05
  23.15
  24.31
  25.52
  26.80
  28.14
  29.55
  31.02
  32.57
  34.20
  35.91
  37.71
  39.59
  41.57
PV of cash for distribution, $m
 
  -183
  -204
  -214
  -219
  -221
  -218
  -211
  -201
  -187
  -170
  -151
  -132
  -112
  -93
  -76
  -60
  -46
  -35
  -25
  -18
  -12
  -8
  -5
  -3
  -2
  -1
  -1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  44.9
  21.1
  10.3
  5.2
  2.7
  1.4
  0.8
  0.4
  0.2
  0.1
  0.1
  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
  0.0
  0.0
  0.0
  0.0

Pioneer Energy Services Corp. provides land-based drilling and production services to oil and gas exploration and production companies in the United States and Colombia. The company’s Drilling Services segment offers contract land drilling services in Texas, North Dakota, Appalachia, and Colombia. As of December 31, 2016, this segment operated a fleet of 16 AC rigs in the United States and 8 SCR rigs in Colombia. Its Production Services segment provides well servicing, wireline services, and coiled tubing services to exploration and production companies in the onshore oil and gas producing regions in the Mid-Continent and Rocky Mountain states; and in the onshore and offshore Gulf Coast. As of December 31, 2016, this segment operated a fleet of 114 rigs with 550 horsepower and 11 rigs with 600 horsepower; 114 wireline units; and 12 onshore and 5 offshore coiled tubing units. The company was formerly known as Pioneer Drilling Company and changed its name to Pioneer Energy Services Corp. in 2012. Pioneer Energy Services Corp. was founded in 1968 and is based in San Antonio, Texas.

FINANCIAL RATIOS  of  Pioneer Energy Services (PES)

Valuation Ratios
P/E Ratio -1.3
Price to Sales 0.6
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 33.9
Price to Free Cash Flow -6.3
Growth Rates
Sales Growth Rate -48.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -80%
Cap. Spend. - 3 Yr. Gr. Rate -28%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 120.6%
Total Debt to Equity 120.6%
Interest Coverage -5
Management Effectiveness
Return On Assets -13.8%
Ret/ On Assets - 3 Yr. Avg. -9.3%
Return On Total Capital -19%
Ret/ On T. Cap. - 3 Yr. Avg. -13.8%
Return On Equity -41%
Return On Equity - 3 Yr. Avg. -28.5%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 26.4%
Gross Margin - 3 Yr. Avg. 31.7%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 4.5%
Operating Margin -41.2%
Oper. Margin - 3 Yr. Avg. -24.4%
Pre-Tax Margin -50.2%
Pre-Tax Margin - 3 Yr. Avg. -30.2%
Net Profit Margin -46.2%
Net Profit Margin - 3 Yr. Avg. -26.2%
Effective Tax Rate 7.9%
Eff/ Tax Rate - 3 Yr. Avg. 16.7%
Payout Ratio 0%

PES stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PES stock intrinsic value calculation we used $277 million for the last fiscal year's total revenue generated by Pioneer Energy Services. The default revenue input number comes from 2016 income statement of Pioneer Energy Services. 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 PES stock valuation model: a) initial revenue growth rate of 28% 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 10.1%, whose default value for PES is calculated based on our internal credit rating of Pioneer Energy Services, 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 Pioneer Energy Services.
    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 PES stock the variable cost ratio is equal to 120.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $57 million in the base year in the intrinsic value calculation for PES 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 Pioneer Energy Services.

Corporate tax rate of 27% is the nominal tax rate for Pioneer Energy Services. 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 PES 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 PES are equal to 232.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Pioneer Energy Services 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 PES is equal to 13.7%. 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 - $281 million for Pioneer Energy Services - 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 71.177 million for Pioneer Energy Services 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 Pioneer Energy Services at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

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▶ 8 Stocks Van Den Berg Continues to Buy   [May-03-17 05:32PM  GuruFocus.com]
▶ Pioneer Energy reports higher revenue, 10 quarters of losses   [01:25PM  American City Business Journals]
▶ Pioneer Energy reports 1Q loss   [06:21AM  Associated Press]
▶ Article 50 Submitted, Triggering Brexit   [10:13AM  Investopedia]
▶ Pioneer Energy reports 4Q loss   [06:16AM  Associated Press]
▶ Why Pioneer Energy Services Corp.'s Stock Is Sinking Today   [Dec-07-16 12:10PM  at Motley Fool]
▶ OPEC's Production Cut Has These Stocks Rallying Again Today   [Dec-01-16 12:30PM  at Motley Fool]
▶ Energy Stocks Analysts Want You to Buy Now   [Sep-04-16 10:25AM  at 24/7 Wall St.]
Stock chart of PES Financial statements of PES Annual reports of PES
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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