Intrinsic value of Parker Drilling - PKD

Previous Close

$0.92

  Intrinsic Value

$0.60

stock screener

  Rating & Target

sell

-35%

Previous close

$0.92

 
Intrinsic value

$0.60

 
Up/down potential

-35%

 
Rating

sell

We calculate the intrinsic value of PKD 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 0.1

 

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, %
  -40.03
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
  4.99
  4.99
  4.99
  4.99
Revenue, $m
  427
  447
  469
  492
  516
  541
  567
  595
  624
  655
  687
  721
  756
  794
  833
  874
  918
  963
  1,011
  1,061
  1,114
  1,170
  1,228
  1,289
  1,353
  1,421
  1,491
  1,566
  1,644
  1,726
  1,812
Variable operating expenses, $m
 
  302
  316
  331
  347
  364
  382
  401
  420
  441
  463
  485
  509
  534
  560
  588
  617
  648
  680
  714
  749
  786
  826
  867
  910
  955
  1,003
  1,053
  1,105
  1,160
  1,218
Fixed operating expenses, $m
 
  262
  269
  276
  283
  290
  297
  304
  312
  320
  328
  336
  344
  353
  362
  371
  380
  390
  399
  409
  419
  430
  441
  452
  463
  475
  486
  499
  511
  524
  537
Total operating expenses, $m
  538
  564
  585
  607
  630
  654
  679
  705
  732
  761
  791
  821
  853
  887
  922
  959
  997
  1,038
  1,079
  1,123
  1,168
  1,216
  1,267
  1,319
  1,373
  1,430
  1,489
  1,552
  1,616
  1,684
  1,755
Operating income, $m
  -111
  -116
  -116
  -115
  -114
  -113
  -112
  -110
  -108
  -106
  -103
  -100
  -96
  -93
  -89
  -84
  -79
  -74
  -68
  -62
  -54
  -47
  -38
  -29
  -20
  -9
  2
  14
  28
  42
  57
EBITDA, $m
  29
  29
  37
  45
  53
  63
  73
  83
  95
  107
  120
  134
  149
  164
  181
  199
  218
  238
  260
  282
  307
  332
  359
  388
  419
  451
  485
  522
  560
  601
  644
Interest expense (income), $m
  41
  41
  43
  46
  49
  52
  55
  59
  62
  66
  70
  74
  78
  83
  87
  92
  98
  103
  109
  115
  121
  128
  135
  143
  150
  159
  167
  176
  186
  196
  206
Earnings before tax, $m
  -157
  -157
  -159
  -161
  -163
  -165
  -167
  -169
  -170
  -172
  -173
  -174
  -175
  -176
  -176
  -177
  -177
  -177
  -177
  -177
  -176
  -175
  -174
  -172
  -170
  -168
  -165
  -162
  -158
  -154
  -149
Tax expense, $m
  74
  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
  -231
  -157
  -159
  -161
  -163
  -165
  -167
  -169
  -170
  -172
  -173
  -174
  -175
  -176
  -176
  -177
  -177
  -177
  -177
  -177
  -176
  -175
  -174
  -172
  -170
  -168
  -165
  -162
  -158
  -154
  -149

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  120
  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
  1,104
  1,031
  1,081
  1,133
  1,188
  1,246
  1,307
  1,371
  1,438
  1,509
  1,583
  1,661
  1,743
  1,829
  1,920
  2,015
  2,115
  2,220
  2,330
  2,446
  2,567
  2,695
  2,829
  2,970
  3,118
  3,273
  3,437
  3,608
  3,788
  3,977
  4,175
Adjusted assets (=assets-cash), $m
  984
  1,031
  1,081
  1,133
  1,188
  1,246
  1,307
  1,371
  1,438
  1,509
  1,583
  1,661
  1,743
  1,829
  1,920
  2,015
  2,115
  2,220
  2,330
  2,446
  2,567
  2,695
  2,829
  2,970
  3,118
  3,273
  3,437
  3,608
  3,788
  3,977
  4,175
Revenue / Adjusted assets
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
Average production assets, $m
  761
  797
  836
  876
  919
  964
  1,011
  1,060
  1,112
  1,167
  1,224
  1,285
  1,348
  1,415
  1,485
  1,558
  1,635
  1,717
  1,802
  1,891
  1,985
  2,084
  2,188
  2,297
  2,411
  2,532
  2,658
  2,790
  2,929
  3,076
  3,229
Working capital, $m
  183
  66
  69
  73
  76
  80
  84
  88
  92
  97
  102
  107
  112
  117
  123
  129
  136
  143
  150
  157
  165
  173
  182
  191
  200
  210
  221
  232
  243
  255
  268
Total debt, $m
  576
  612
  651
  691
  734
  779
  826
  876
  928
  983
  1,041
  1,102
  1,165
  1,232
  1,303
  1,376
  1,454
  1,536
  1,621
  1,711
  1,806
  1,905
  2,009
  2,119
  2,234
  2,354
  2,481
  2,614
  2,754
  2,901
  3,055
Total liabilities, $m
  764
  801
  840
  880
  923
  968
  1,015
  1,065
  1,117
  1,172
  1,230
  1,291
  1,354
  1,421
  1,492
  1,565
  1,643
  1,725
  1,810
  1,900
  1,995
  2,094
  2,198
  2,308
  2,423
  2,543
  2,670
  2,803
  2,943
  3,090
  3,244
Total equity, $m
  339
  230
  241
  253
  265
  278
  291
  306
  321
  336
  353
  370
  389
  408
  428
  449
  472
  495
  520
  545
  572
  601
  631
  662
  695
  730
  766
  805
  845
  887
  931
Total liabilities and equity, $m
  1,103
  1,031
  1,081
  1,133
  1,188
  1,246
  1,306
  1,371
  1,438
  1,508
  1,583
  1,661
  1,743
  1,829
  1,920
  2,014
  2,115
  2,220
  2,330
  2,445
  2,567
  2,695
  2,829
  2,970
  3,118
  3,273
  3,436
  3,608
  3,788
  3,977
  4,175
Debt-to-equity ratio
  1.699
  2.660
  2.700
  2.740
  2.770
  2.800
  2.840
  2.870
  2.890
  2.920
  2.950
  2.970
  3.000
  3.020
  3.040
  3.060
  3.080
  3.100
  3.120
  3.140
  3.150
  3.170
  3.180
  3.200
  3.210
  3.230
  3.240
  3.250
  3.260
  3.270
  3.280
Adjusted equity ratio
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -231
  -157
  -159
  -161
  -163
  -165
  -167
  -169
  -170
  -172
  -173
  -174
  -175
  -176
  -176
  -177
  -177
  -177
  -177
  -177
  -176
  -175
  -174
  -172
  -170
  -168
  -165
  -162
  -158
  -154
  -149
Depreciation, amort., depletion, $m
  140
  146
  153
  160
  168
  176
  184
  193
  203
  213
  223
  234
  245
  257
  270
  283
  297
  312
  328
  344
  361
  379
  398
  418
  438
  460
  483
  507
  533
  559
  587
Funds from operations, $m
  60
  -12
  -7
  -1
  4
  11
  17
  25
  33
  41
  50
  60
  70
  82
  94
  107
  120
  135
  151
  167
  185
  204
  224
  246
  268
  293
  318
  346
  375
  405
  438
Change in working capital, $m
  39
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  10
  11
  12
  12
  13
Cash from operations, $m
  21
  -15
  -10
  -5
  1
  7
  13
  21
  28
  36
  45
  55
  65
  76
  88
  100
  114
  128
  144
  160
  177
  196
  215
  236
  259
  283
  308
  335
  363
  393
  425
Maintenance CAPEX, $m
  0
  -138
  -145
  -152
  -159
  -167
  -175
  -184
  -193
  -202
  -212
  -223
  -234
  -245
  -257
  -270
  -283
  -297
  -312
  -328
  -344
  -361
  -379
  -398
  -418
  -438
  -460
  -483
  -507
  -533
  -559
New CAPEX, $m
  -29
  -36
  -38
  -40
  -43
  -45
  -47
  -49
  -52
  -55
  -57
  -60
  -63
  -67
  -70
  -74
  -77
  -81
  -85
  -90
  -94
  -99
  -104
  -109
  -114
  -120
  -126
  -133
  -139
  -146
  -153
Cash from investing activities, $m
  -27
  -174
  -183
  -192
  -202
  -212
  -222
  -233
  -245
  -257
  -269
  -283
  -297
  -312
  -327
  -344
  -360
  -378
  -397
  -418
  -438
  -460
  -483
  -507
  -532
  -558
  -586
  -616
  -646
  -679
  -712
Free cash flow, $m
  -6
  -190
  -193
  -197
  -201
  -205
  -209
  -213
  -216
  -220
  -224
  -228
  -232
  -236
  -239
  -243
  -247
  -250
  -254
  -257
  -261
  -264
  -267
  -270
  -273
  -276
  -279
  -281
  -284
  -286
  -288
Issuance/(repayment) of debt, $m
  0
  36
  39
  41
  43
  45
  47
  50
  52
  55
  58
  61
  64
  67
  70
  74
  78
  82
  86
  90
  94
  99
  104
  109
  115
  121
  127
  133
  140
  147
  154
Issuance/(repurchase) of shares, $m
  0
  168
  171
  173
  176
  178
  181
  183
  185
  188
  190
  191
  193
  195
  196
  198
  199
  201
  202
  202
  203
  203
  204
  203
  203
  202
  201
  200
  198
  196
  193
Cash from financing (excl. dividends), $m  
  -9
  204
  210
  214
  219
  223
  228
  233
  237
  243
  248
  252
  257
  262
  266
  272
  277
  283
  288
  292
  297
  302
  308
  312
  318
  323
  328
  333
  338
  343
  347
Total cash flow (excl. dividends), $m
  -15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  32
  33
  35
  37
  39
  41
  43
  45
  47
  49
  52
  55
  57
  60
Retained Cash Flow (-), $m
  230
  -168
  -171
  -173
  -176
  -178
  -181
  -183
  -185
  -188
  -190
  -191
  -193
  -195
  -196
  -198
  -199
  -201
  -202
  -202
  -203
  -203
  -204
  -203
  -203
  -202
  -201
  -200
  -198
  -196
  -193
Prev. year cash balance distribution, $m
 
  120
  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
 
  -33
  -155
  -157
  -158
  -160
  -162
  -163
  -164
  -165
  -166
  -167
  -168
  -169
  -169
  -169
  -169
  -169
  -168
  -167
  -166
  -165
  -163
  -161
  -158
  -155
  -152
  -148
  -144
  -139
  -133
Discount rate, %
 
  9.80
  10.29
  10.80
  11.34
  11.91
  12.51
  13.13
  13.79
  14.48
  15.20
  15.96
  16.76
  17.60
  18.48
  19.40
  20.37
  21.39
  22.46
  23.58
  24.76
  26.00
  27.30
  28.67
  30.10
  31.61
  33.19
  34.85
  36.59
  38.42
  40.34
PV of cash for distribution, $m
 
  -30
  -127
  -115
  -103
  -91
  -80
  -69
  -58
  -49
  -40
  -33
  -26
  -20
  -16
  -12
  -9
  -6
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  47.7
  23.1
  11.4
  5.7
  2.9
  1.5
  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

Parker Drilling Company (Parker Drilling) is a provider of contract drilling, and drilling-related services and rental tools and services. The Company's business consists of two business lines: drilling services and rental tools services. Its Rental Tools Services business includes U.S. Rental Tools and International Rental Tools segments, and its Drilling Services business includes its U.S. (Lower 48) Drilling, and International & Alaska Drilling segments. In its Drilling Services business, the Company drills oil and gas wells for customers in both the United States and international markets. In its Rental Tools Services business, the Company provides rental equipment and services to exploration and production (E&P) companies, drilling contractors and service companies on land and offshore in the United States and select international markets. As of December 31, 2016, the Company had operations in 20 countries.

FINANCIAL RATIOS  of  Parker Drilling (PKD)

Valuation Ratios
P/E Ratio -0.5
Price to Sales 0.3
Price to Book 0.3
Price to Tangible Book
Price to Cash Flow 5.5
Price to Free Cash Flow -14.4
Growth Rates
Sales Growth Rate -40%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -67%
Cap. Spend. - 3 Yr. Gr. Rate -28.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 169.9%
Total Debt to Equity 169.9%
Interest Coverage -3
Management Effectiveness
Return On Assets -13.8%
Ret/ On Assets - 3 Yr. Avg. -4.6%
Return On Total Capital -22.4%
Ret/ On T. Cap. - 3 Yr. Avg. -9.4%
Return On Equity -50.9%
Return On Equity - 3 Yr. Avg. -20.8%
Asset Turnover 0.3
Profitability Ratios
Gross Margin -17.6%
Gross Margin - 3 Yr. Avg. 0.8%
EBITDA Margin 5.6%
EBITDA Margin - 3 Yr. Avg. 15.8%
Operating Margin -26%
Oper. Margin - 3 Yr. Avg. -6.4%
Pre-Tax Margin -36.8%
Pre-Tax Margin - 3 Yr. Avg. -13.9%
Net Profit Margin -54.1%
Net Profit Margin - 3 Yr. Avg. -21.6%
Effective Tax Rate -47.1%
Eff/ Tax Rate - 3 Yr. Avg. -8.9%
Payout Ratio 0%

PKD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PKD stock intrinsic value calculation we used $427 million for the last fiscal year's total revenue generated by Parker Drilling. The default revenue input number comes from 2016 income statement of Parker Drilling. 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 PKD stock valuation model: a) initial revenue growth rate of 4.8% 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 9.8%, whose default value for PKD is calculated based on our internal credit rating of Parker Drilling, 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 Parker Drilling.
    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 PKD stock the variable cost ratio is equal to 67.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $256 million in the base year in the intrinsic value calculation for PKD 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 7.1% for Parker Drilling.

Corporate tax rate of 27% is the nominal tax rate for Parker Drilling. 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 PKD 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 PKD are equal to 178.2%.

Life of production assets of 5.5 years is the average useful life of capital assets used in Parker Drilling 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 PKD is equal to 14.8%. 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 - $339 million for Parker Drilling - 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 138.259 million for Parker Drilling 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 Parker Drilling at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ Parker Drilling reports 3Q loss   [Nov-02-17 05:50AM  Associated Press]
▶ Parker Drilling Reports 2017 Third Quarter Results   [Nov-01-17 04:30PM  PR Newswire]
▶ Parker Drilling Company Grants Equity Inducement Award   [Oct-03-17 04:30PM  PR Newswire]
▶ Houston-based drilling co. hires former LyondellBasell, Baker Hughes exec as CFO   [Sep-25-17 05:35PM  American City Business Journals]
▶ Parker Drilling Announces Director Retirement   [Aug-21-17 04:30PM  PR Newswire]
▶ Parker Drilling reports 2Q loss   [Aug-03-17 05:39PM  Associated Press]
▶ Parker Drilling Reports 2017 Second Quarter Results   [Aug-02-17 04:30PM  PR Newswire]
▶ LD Micro Index Reconstitution as of August 1, 2017   [Aug-01-17 09:40AM  ACCESSWIRE]
▶ ETFs with exposure to Parker Drilling Co. : July 7, 2017   [Jul-07-17 03:23PM  Capital Cube]
▶ ETFs with exposure to Parker Drilling Co. : June 14, 2017   [Jun-14-17 01:44PM  Capital Cube]
▶ Halliburton hires CFO from Houston drilling co.   [Jun-12-17 07:25PM  American City Business Journals]
▶ ETFs with exposure to Parker Drilling Co. : June 2, 2017   [Jun-02-17 02:25PM  Capital Cube]
▶ Top 5 Small-Cap Oil Stocks for 2017   [Jun-01-17 06:00AM  Investopedia]
▶ ETFs with exposure to Parker Drilling Co. : May 23, 2017   [May-23-17 01:03PM  Capital Cube]
▶ ETFs with exposure to Parker Drilling Co. : May 11, 2017   [May-11-17 05:20PM  Capital Cube]
▶ Parker Drilling reports 1Q loss   [May-03-17 05:02AM  Associated Press]
▶ Parker Drilling Reports 2017 First Quarter Results   [May-02-17 04:30PM  PR Newswire]
▶ ETFs with exposure to Parker Drilling Co. : April 7, 2017   [Apr-07-17 05:17PM  Capital Cube]
▶ Penny Stocks to Watch for March 2017 (MOBL)   [Mar-02-17 05:21PM  at Investopedia]
▶ Oil and Gas Stock Roundup: Look Out Below!   [Feb-25-17 10:00AM  Motley Fool]
▶ Oil and Gas Stock Roundup: Look Out Below!   [10:00AM  at Motley Fool]
▶ Heres Why Parker Drilling Companys Stock Is Plunging Today   [Feb-22-17 12:57PM  at Motley Fool]
▶ Hedge Funds Are Buying Parker Drilling Company (PKD)   [Dec-11-16 09:27AM  at Insider Monkey]
Financial statements of PKD
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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