Intrinsic value of Pengrowth Energy - PGH

Previous Close

$1.01

  Intrinsic Value

$0.50

stock screener

  Rating & Target

str. sell

-50%

Previous close

$1.01

 
Intrinsic value

$0.50

 
Up/down potential

-50%

 
Rating

str. sell

We calculate the intrinsic value of PGH 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, %
  -52.06
  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
  361
  368
  377
  386
  397
  409
  422
  437
  452
  469
  487
  507
  527
  549
  572
  597
  623
  651
  680
  711
  744
  778
  814
  853
  893
  936
  980
  1,028
  1,077
  1,129
  1,184
Variable operating expenses, $m
 
  714
  730
  749
  770
  794
  819
  847
  877
  910
  945
  982
  1,022
  1,064
  1,110
  1,157
  1,208
  1,262
  1,319
  1,379
  1,442
  1,509
  1,579
  1,654
  1,732
  1,814
  1,901
  1,992
  2,089
  2,190
  2,296
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
  550
  714
  730
  749
  770
  794
  819
  847
  877
  910
  945
  982
  1,022
  1,064
  1,110
  1,157
  1,208
  1,262
  1,319
  1,379
  1,442
  1,509
  1,579
  1,654
  1,732
  1,814
  1,901
  1,992
  2,089
  2,190
  2,296
Operating income, $m
  -189
  -346
  -354
  -363
  -373
  -384
  -397
  -410
  -425
  -441
  -458
  -476
  -495
  -515
  -537
  -560
  -585
  -611
  -639
  -668
  -698
  -731
  -765
  -801
  -839
  -879
  -921
  -965
  -1,011
  -1,060
  -1,112
EBITDA, $m
  81
  -71
  -72
  -74
  -76
  -78
  -81
  -84
  -87
  -90
  -93
  -97
  -101
  -105
  -110
  -114
  -119
  -125
  -130
  -136
  -143
  -149
  -156
  -163
  -171
  -179
  -188
  -197
  -206
  -216
  -227
Interest expense (income), $m
  80
  64
  66
  68
  71
  74
  78
  81
  85
  90
  95
  100
  105
  111
  118
  124
  131
  139
  147
  155
  164
  173
  183
  194
  205
  216
  228
  241
  255
  269
  284
Earnings before tax, $m
  -287
  -410
  -420
  -431
  -444
  -458
  -474
  -492
  -510
  -531
  -552
  -576
  -600
  -627
  -655
  -685
  -716
  -750
  -785
  -823
  -862
  -904
  -948
  -994
  -1,043
  -1,095
  -1,149
  -1,206
  -1,266
  -1,329
  -1,396
Tax expense, $m
  -70
  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
  -217
  -410
  -420
  -431
  -444
  -458
  -474
  -492
  -510
  -531
  -552
  -576
  -600
  -627
  -655
  -685
  -716
  -750
  -785
  -823
  -862
  -904
  -948
  -994
  -1,043
  -1,095
  -1,149
  -1,206
  -1,266
  -1,329
  -1,396

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  212
  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
  3,036
  2,877
  2,943
  3,019
  3,103
  3,198
  3,301
  3,413
  3,535
  3,666
  3,807
  3,957
  4,118
  4,289
  4,470
  4,663
  4,868
  5,084
  5,313
  5,554
  5,810
  6,079
  6,363
  6,662
  6,978
  7,310
  7,660
  8,028
  8,415
  8,823
  9,251
Adjusted assets (=assets-cash), $m
  2,824
  2,877
  2,943
  3,019
  3,103
  3,198
  3,301
  3,413
  3,535
  3,666
  3,807
  3,957
  4,118
  4,289
  4,470
  4,663
  4,868
  5,084
  5,313
  5,554
  5,810
  6,079
  6,363
  6,662
  6,978
  7,310
  7,660
  8,028
  8,415
  8,823
  9,251
Revenue / Adjusted assets
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
Average production assets, $m
  2,293
  2,339
  2,393
  2,454
  2,523
  2,600
  2,684
  2,775
  2,874
  2,981
  3,095
  3,217
  3,348
  3,487
  3,635
  3,792
  3,958
  4,134
  4,320
  4,516
  4,724
  4,943
  5,173
  5,417
  5,673
  5,943
  6,228
  6,527
  6,842
  7,173
  7,522
Working capital, $m
  -294
  -15
  -16
  -16
  -17
  -17
  -18
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -50
Total debt, $m
  1,276
  1,097
  1,137
  1,183
  1,235
  1,293
  1,356
  1,424
  1,499
  1,579
  1,665
  1,757
  1,855
  1,959
  2,070
  2,188
  2,313
  2,445
  2,585
  2,733
  2,889
  3,053
  3,227
  3,410
  3,602
  3,805
  4,019
  4,244
  4,481
  4,730
  4,992
Total liabilities, $m
  1,936
  1,758
  1,798
  1,844
  1,896
  1,954
  2,017
  2,085
  2,160
  2,240
  2,326
  2,418
  2,516
  2,620
  2,731
  2,849
  2,974
  3,106
  3,246
  3,394
  3,550
  3,714
  3,888
  4,071
  4,263
  4,466
  4,680
  4,905
  5,142
  5,391
  5,653
Total equity, $m
  1,099
  1,119
  1,145
  1,174
  1,207
  1,244
  1,284
  1,328
  1,375
  1,426
  1,481
  1,539
  1,602
  1,668
  1,739
  1,814
  1,894
  1,978
  2,067
  2,161
  2,260
  2,365
  2,475
  2,592
  2,714
  2,844
  2,980
  3,123
  3,274
  3,432
  3,599
Total liabilities and equity, $m
  3,035
  2,877
  2,943
  3,018
  3,103
  3,198
  3,301
  3,413
  3,535
  3,666
  3,807
  3,957
  4,118
  4,288
  4,470
  4,663
  4,868
  5,084
  5,313
  5,555
  5,810
  6,079
  6,363
  6,663
  6,977
  7,310
  7,660
  8,028
  8,416
  8,823
  9,252
Debt-to-equity ratio
  1.161
  0.980
  0.990
  1.010
  1.020
  1.040
  1.060
  1.070
  1.090
  1.110
  1.120
  1.140
  1.160
  1.170
  1.190
  1.210
  1.220
  1.240
  1.250
  1.260
  1.280
  1.290
  1.300
  1.320
  1.330
  1.340
  1.350
  1.360
  1.370
  1.380
  1.390
Adjusted equity ratio
  0.314
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -217
  -410
  -420
  -431
  -444
  -458
  -474
  -492
  -510
  -531
  -552
  -576
  -600
  -627
  -655
  -685
  -716
  -750
  -785
  -823
  -862
  -904
  -948
  -994
  -1,043
  -1,095
  -1,149
  -1,206
  -1,266
  -1,329
  -1,396
Depreciation, amort., depletion, $m
  270
  275
  281
  289
  297
  306
  316
  326
  338
  351
  364
  379
  394
  410
  428
  446
  466
  486
  508
  531
  556
  581
  609
  637
  667
  699
  733
  768
  805
  844
  885
Funds from operations, $m
  349
  -134
  -138
  -142
  -147
  -153
  -159
  -165
  -172
  -180
  -188
  -197
  -206
  -217
  -227
  -239
  -251
  -264
  -277
  -291
  -307
  -322
  -339
  -357
  -376
  -396
  -416
  -438
  -461
  -485
  -511
Change in working capital, $m
  -16
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Cash from operations, $m
  365
  -134
  -138
  -142
  -147
  -152
  -158
  -164
  -172
  -179
  -187
  -196
  -206
  -216
  -226
  -238
  -250
  -262
  -276
  -290
  -305
  -321
  -338
  -355
  -374
  -394
  -414
  -436
  -459
  -483
  -508
Maintenance CAPEX, $m
  0
  -270
  -275
  -281
  -289
  -297
  -306
  -316
  -326
  -338
  -351
  -364
  -379
  -394
  -410
  -428
  -446
  -466
  -486
  -508
  -531
  -556
  -581
  -609
  -637
  -667
  -699
  -733
  -768
  -805
  -844
New CAPEX, $m
  -49
  -46
  -54
  -61
  -69
  -76
  -84
  -91
  -99
  -107
  -114
  -122
  -131
  -139
  -148
  -157
  -166
  -176
  -186
  -197
  -208
  -219
  -231
  -243
  -256
  -270
  -284
  -299
  -315
  -331
  -349
Cash from investing activities, $m
  -20
  -316
  -329
  -342
  -358
  -373
  -390
  -407
  -425
  -445
  -465
  -486
  -510
  -533
  -558
  -585
  -612
  -642
  -672
  -705
  -739
  -775
  -812
  -852
  -893
  -937
  -983
  -1,032
  -1,083
  -1,136
  -1,193
Free cash flow, $m
  345
  -450
  -467
  -485
  -504
  -525
  -548
  -572
  -597
  -624
  -652
  -683
  -715
  -749
  -784
  -822
  -862
  -904
  -948
  -995
  -1,044
  -1,096
  -1,150
  -1,208
  -1,268
  -1,331
  -1,398
  -1,468
  -1,542
  -1,619
  -1,701
Issuance/(repayment) of debt, $m
  -87
  33
  40
  46
  52
  57
  63
  69
  74
  80
  86
  92
  98
  104
  111
  118
  125
  132
  140
  148
  156
  165
  174
  183
  193
  203
  214
  225
  237
  249
  262
Issuance/(repurchase) of shares, $m
  0
  430
  445
  460
  477
  495
  514
  535
  558
  582
  607
  634
  663
  693
  726
  760
  796
  834
  874
  917
  962
  1,009
  1,058
  1,111
  1,166
  1,224
  1,285
  1,349
  1,417
  1,488
  1,562
Cash from financing (excl. dividends), $m  
  -133
  463
  485
  506
  529
  552
  577
  604
  632
  662
  693
  726
  761
  797
  837
  878
  921
  966
  1,014
  1,065
  1,118
  1,174
  1,232
  1,294
  1,359
  1,427
  1,499
  1,574
  1,654
  1,737
  1,824
Total cash flow (excl. dividends), $m
  212
  12
  19
  22
  24
  27
  30
  32
  35
  38
  41
  43
  46
  49
  52
  56
  59
  62
  66
  70
  73
  78
  82
  86
  91
  96
  101
  106
  112
  117
  123
Retained Cash Flow (-), $m
  207
  -430
  -445
  -460
  -477
  -495
  -514
  -535
  -558
  -582
  -607
  -634
  -663
  -693
  -726
  -760
  -796
  -834
  -874
  -917
  -962
  -1,009
  -1,058
  -1,111
  -1,166
  -1,224
  -1,285
  -1,349
  -1,417
  -1,488
  -1,562
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
 
  -417
  -426
  -439
  -453
  -468
  -485
  -503
  -523
  -544
  -566
  -591
  -617
  -644
  -673
  -704
  -737
  -772
  -808
  -847
  -888
  -931
  -977
  -1,025
  -1,075
  -1,128
  -1,184
  -1,243
  -1,305
  -1,370
  -1,439
Discount rate, %
 
  6.40
  6.72
  7.06
  7.41
  7.78
  8.17
  8.58
  9.01
  9.46
  9.93
  10.42
  10.95
  11.49
  12.07
  12.67
  13.31
  13.97
  14.67
  15.40
  16.17
  16.98
  17.83
  18.72
  19.66
  20.64
  21.67
  22.76
  23.89
  25.09
  26.34
PV of cash for distribution, $m
 
  -392
  -374
  -358
  -340
  -322
  -303
  -283
  -262
  -241
  -220
  -198
  -177
  -157
  -137
  -118
  -100
  -84
  -69
  -56
  -44
  -35
  -26
  -20
  -14
  -10
  -7
  -5
  -3
  -2
  -1
Current shareholders' claim on cash, %
  100
  64.2
  40.9
  26.0
  16.4
  10.4
  6.5
  4.1
  2.6
  1.6
  1.0
  0.6
  0.4
  0.2
  0.1
  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

Pengrowth Energy Corporation is engaged in the development, production and acquisition of, and the exploration for, oil and natural gas reserves in the provinces of Alberta, British Columbia, Saskatchewan and Nova Scotia. The Lindbergh thermal property is located approximately 420 kilometers north east of Calgary, Alberta and 50 kilometers south of Bonnyville, Alberta. Its Greater Olds/Garrington area is located approximately 100 kilometers north of Calgary, Alberta. It has varied Working Interests within the Swan Hills area in all of the properties throughout this regional Beaverhill Lake resource base. These are both operated and non-operated, unit and non-unit properties in Judy Creek, Carson Creek, House Mountain, Deer Mountain, Swan Hills, South Swan Hills and Freeman. The properties are located approximately 200 kilometers northwest of Edmonton, Alberta. Its Groundbirch property is located approximately 40 kilometers south west of Fort St. John, British Columbia.

FINANCIAL RATIOS  of  Pengrowth Energy (PGH)

Valuation Ratios
P/E Ratio -2.5
Price to Sales 1.5
Price to Book 0.5
Price to Tangible Book
Price to Cash Flow 1.5
Price to Free Cash Flow 1.8
Growth Rates
Sales Growth Rate -52.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -64.2%
Cap. Spend. - 3 Yr. Gr. Rate -37.8%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 71.4%
Total Debt to Equity 116.1%
Interest Coverage -3
Management Effectiveness
Return On Assets -4.9%
Ret/ On Assets - 3 Yr. Avg. -10.3%
Return On Total Capital -8.6%
Ret/ On T. Cap. - 3 Yr. Avg. -15.3%
Return On Equity -18%
Return On Equity - 3 Yr. Avg. -27.4%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 43.5%
Gross Margin - 3 Yr. Avg. 60.5%
EBITDA Margin 17.5%
EBITDA Margin - 3 Yr. Avg. -17.2%
Operating Margin -52.4%
Oper. Margin - 3 Yr. Avg. -57.4%
Pre-Tax Margin -79.5%
Pre-Tax Margin - 3 Yr. Avg. -81.8%
Net Profit Margin -60.1%
Net Profit Margin - 3 Yr. Avg. -67.6%
Effective Tax Rate 24.4%
Eff/ Tax Rate - 3 Yr. Avg. 14.9%
Payout Ratio 0%

PGH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PGH stock intrinsic value calculation we used $361 million for the last fiscal year's total revenue generated by Pengrowth Energy. The default revenue input number comes from 2016 income statement of Pengrowth Energy. 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 PGH 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 6.4%, whose default value for PGH is calculated based on our internal credit rating of Pengrowth Energy, 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 Pengrowth Energy.
    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 PGH stock the variable cost ratio is equal to 193.9%.

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 PGH 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% for Pengrowth Energy.

Corporate tax rate of 27% is the nominal tax rate for Pengrowth Energy. 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 PGH 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 PGH are equal to 635.2%.

Life of production assets of 8.5 years is the average useful life of capital assets used in Pengrowth Energy 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 PGH is equal to -4.2%. 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 - $1099 million for Pengrowth Energy - 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 545.743 million for Pengrowth Energy 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 Pengrowth Energy at the current share price and the inputted number of shares is $0.6 billion.

RELATED COMPANIES Price Int.Val. Rating
CNQ Canadian Natur 33.02 4.00  str.sell

COMPANY NEWS

▶ Pengrowth Announces the Sale of Non-Core Alberta Assets   [Oct-18-17 03:13PM  Marketwired]
▶ Pengrowth Comments on Trading Activity   [Sep-25-17 02:55PM  Marketwired]
▶ Will These Beaten-Down Oil Stocks Sink or Swim?   [Sep-12-17 10:10AM  Motley Fool]
▶ Pengrowth Announces Closing of Swan Hills Asset Sale   [Jul-06-17 03:21PM  Marketwired]
▶ Top 10 Penny Stocks To Buy in 2017   [Jun-29-17 12:26PM  Insider Monkey]
▶ Pengrowth Announces Board of Director Election Results   [Jun-20-17 07:55PM  Marketwired]
▶ 4 Oil Stocks Id Avoid at All Costs   [Apr-29-17 05:00PM  Motley Fool]
▶ Pengrowth Energy reports 4Q loss   [Feb-28-17 07:29PM  Associated Press]
▶ 2 Stocks to Avoid (and 1 to Buy)   [Feb-21-17 04:07PM  Motley Fool]
▶ Pengrowth Announces Resignation of Director   [Feb-08-17 04:47PM  Marketwired]
▶ Pengrowth Energy Corp Is Edging Away From Financial Disaster   [Dec-22-16 01:00PM  at Motley Fool]
▶ Pengrowth Cancels Debentureholder Meeting   [Dec-21-16 02:32PM  Marketwired]
▶ Is Pengrowth Energy Corp (USA) (PGH) A Good Stock To Buy?   [Dec-18-16 10:08PM  at Insider Monkey]
▶ Oil CEOs' Dumbest Moves in 2016   [Dec-13-16 11:38AM  at Motley Fool]
▶ Why Canadian Oil Stocks Blasted Off Today   [Nov-30-16 04:08PM  at Motley Fool]
▶ Better Buy: Encana Corp or Pengrowth Energy Corp   [Oct-04-16 02:12PM  at Motley Fool]
▶ Is the Worst Over for Oil Stocks?   [Sep-08-16 03:30PM  at Motley Fool]
▶ Is Pengrowth Energy Corp.'s Survival Plan Working?   [Aug-18-16 04:30PM  at Motley Fool]
Financial statements of PGH
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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