Intrinsic value of Ring Energy - REI

Previous Close

$12.14

  Intrinsic Value

$1.52

stock screener

  Rating & Target

str. sell

-87%

  Value-price divergence*

-101%

Previous close

$12.14

 
Intrinsic value

$1.52

 
Up/down potential

-87%

 
Rating

str. sell

 
Value-price divergence*

-101%

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

We calculate the intrinsic value of REI 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, %
  0.00
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  31
  50
  77
  115
  166
  235
  323
  433
  568
  731
  924
  1,147
  1,403
  1,691
  2,012
  2,365
  2,751
  3,169
  3,618
  4,098
  4,607
  5,146
  5,713
  6,308
  6,931
  7,581
  8,260
  8,966
  9,702
  10,466
  11,260
Variable operating expenses, $m
 
  70
  109
  163
  236
  333
  458
  614
  807
  1,038
  1,311
  1,628
  1,990
  2,399
  2,854
  3,356
  3,904
  4,497
  5,135
  5,815
  6,538
  7,302
  8,107
  8,951
  9,835
  10,758
  11,721
  12,723
  13,766
  14,851
  15,978
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
  88
  70
  109
  163
  236
  333
  458
  614
  807
  1,038
  1,311
  1,628
  1,990
  2,399
  2,854
  3,356
  3,904
  4,497
  5,135
  5,815
  6,538
  7,302
  8,107
  8,951
  9,835
  10,758
  11,721
  12,723
  13,766
  14,851
  15,978
Operating income, $m
  -57
  -21
  -32
  -48
  -70
  -98
  -135
  -181
  -238
  -306
  -387
  -481
  -588
  -708
  -843
  -991
  -1,153
  -1,328
  -1,516
  -1,717
  -1,931
  -2,156
  -2,394
  -2,643
  -2,904
  -3,177
  -3,461
  -3,757
  -4,065
  -4,385
  -4,718
EBITDA, $m
  -46
  -3
  -5
  -7
  -11
  -15
  -21
  -28
  -37
  -47
  -59
  -74
  -90
  -109
  -129
  -152
  -177
  -204
  -233
  -264
  -296
  -331
  -368
  -406
  -446
  -488
  -531
  -577
  -624
  -673
  -724
Interest expense (income), $m
  1
  0
  0
  1
  2
  3
  5
  7
  10
  13
  17
  21
  26
  32
  39
  47
  55
  64
  74
  85
  96
  108
  121
  134
  148
  163
  178
  194
  211
  229
  247
Earnings before tax, $m
  -58
  -21
  -33
  -49
  -72
  -101
  -140
  -188
  -248
  -319
  -404
  -502
  -614
  -741
  -882
  -1,038
  -1,208
  -1,392
  -1,590
  -1,802
  -2,027
  -2,264
  -2,515
  -2,777
  -3,052
  -3,340
  -3,639
  -3,951
  -4,276
  -4,614
  -4,965
Tax expense, $m
  -20
  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
  -38
  -21
  -33
  -49
  -72
  -101
  -140
  -188
  -248
  -319
  -404
  -502
  -614
  -741
  -882
  -1,038
  -1,208
  -1,392
  -1,590
  -1,802
  -2,027
  -2,264
  -2,515
  -2,777
  -3,052
  -3,340
  -3,639
  -3,951
  -4,276
  -4,614
  -4,965

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  71
  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
  308
  379
  585
  875
  1,269
  1,791
  2,462
  3,305
  4,339
  5,584
  7,053
  8,758
  10,707
  12,906
  15,355
  18,055
  21,002
  24,193
  27,622
  31,283
  35,172
  39,282
  43,610
  48,153
  52,907
  57,874
  63,053
  68,446
  74,057
  79,892
  85,956
Adjusted assets (=assets-cash), $m
  237
  379
  585
  875
  1,269
  1,791
  2,462
  3,305
  4,339
  5,584
  7,053
  8,758
  10,707
  12,906
  15,355
  18,055
  21,002
  24,193
  27,622
  31,283
  35,172
  39,282
  43,610
  48,153
  52,907
  57,874
  63,053
  68,446
  74,057
  79,892
  85,956
Revenue / Adjusted assets
  0.131
  0.132
  0.132
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
Average production assets, $m
  227
  362
  560
  837
  1,215
  1,714
  2,356
  3,163
  4,153
  5,344
  6,750
  8,382
  10,248
  12,352
  14,696
  17,280
  20,101
  23,155
  26,436
  29,941
  33,662
  37,596
  41,739
  46,086
  50,637
  55,390
  60,347
  65,509
  70,879
  76,463
  82,267
Working capital, $m
  66
  -5
  -8
  -11
  -17
  -23
  -32
  -43
  -57
  -73
  -92
  -115
  -140
  -169
  -201
  -237
  -275
  -317
  -362
  -410
  -461
  -515
  -571
  -631
  -693
  -758
  -826
  -897
  -970
  -1,047
  -1,126
Total debt, $m
  0
  10
  25
  46
  74
  112
  160
  221
  295
  385
  491
  614
  754
  912
  1,089
  1,283
  1,495
  1,725
  1,972
  2,235
  2,515
  2,811
  3,123
  3,450
  3,792
  4,150
  4,523
  4,911
  5,315
  5,735
  6,172
Total liabilities, $m
  17
  27
  42
  63
  91
  129
  177
  238
  312
  402
  508
  631
  771
  929
  1,106
  1,300
  1,512
  1,742
  1,989
  2,252
  2,532
  2,828
  3,140
  3,467
  3,809
  4,167
  4,540
  4,928
  5,332
  5,752
  6,189
Total equity, $m
  291
  351
  543
  812
  1,178
  1,662
  2,285
  3,067
  4,027
  5,182
  6,545
  8,127
  9,936
  11,977
  14,250
  16,755
  19,490
  22,451
  25,633
  29,031
  32,639
  36,454
  40,470
  44,686
  49,098
  53,707
  58,513
  63,518
  68,725
  74,140
  79,767
Total liabilities and equity, $m
  308
  378
  585
  875
  1,269
  1,791
  2,462
  3,305
  4,339
  5,584
  7,053
  8,758
  10,707
  12,906
  15,356
  18,055
  21,002
  24,193
  27,622
  31,283
  35,171
  39,282
  43,610
  48,153
  52,907
  57,874
  63,053
  68,446
  74,057
  79,892
  85,956
Debt-to-equity ratio
  0.000
  0.030
  0.050
  0.060
  0.060
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
Adjusted equity ratio
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -38
  -21
  -33
  -49
  -72
  -101
  -140
  -188
  -248
  -319
  -404
  -502
  -614
  -741
  -882
  -1,038
  -1,208
  -1,392
  -1,590
  -1,802
  -2,027
  -2,264
  -2,515
  -2,777
  -3,052
  -3,340
  -3,639
  -3,951
  -4,276
  -4,614
  -4,965
Depreciation, amort., depletion, $m
  11
  18
  27
  41
  59
  83
  114
  154
  202
  259
  328
  407
  497
  600
  713
  839
  976
  1,124
  1,283
  1,453
  1,634
  1,825
  2,026
  2,237
  2,458
  2,689
  2,929
  3,180
  3,441
  3,712
  3,994
Funds from operations, $m
  9
  -3
  -5
  -8
  -13
  -18
  -26
  -35
  -46
  -60
  -76
  -95
  -117
  -141
  -169
  -199
  -232
  -268
  -307
  -348
  -393
  -439
  -488
  -540
  -594
  -651
  -710
  -771
  -835
  -902
  -971
Change in working capital, $m
  -2
  -2
  -3
  -4
  -5
  -7
  -9
  -11
  -14
  -16
  -19
  -22
  -26
  -29
  -32
  -35
  -39
  -42
  -45
  -48
  -51
  -54
  -57
  -60
  -62
  -65
  -68
  -71
  -74
  -76
  -79
Cash from operations, $m
  11
  -1
  -3
  -5
  -8
  -11
  -17
  -24
  -33
  -43
  -57
  -73
  -91
  -112
  -137
  -164
  -194
  -226
  -262
  -300
  -342
  -385
  -432
  -481
  -532
  -586
  -642
  -701
  -762
  -825
  -892
Maintenance CAPEX, $m
  0
  -11
  -18
  -27
  -41
  -59
  -83
  -114
  -154
  -202
  -259
  -328
  -407
  -497
  -600
  -713
  -839
  -976
  -1,124
  -1,283
  -1,453
  -1,634
  -1,825
  -2,026
  -2,237
  -2,458
  -2,689
  -2,929
  -3,180
  -3,441
  -3,712
New CAPEX, $m
  -38
  -136
  -197
  -277
  -378
  -499
  -642
  -807
  -990
  -1,191
  -1,406
  -1,632
  -1,866
  -2,104
  -2,344
  -2,584
  -2,821
  -3,054
  -3,282
  -3,504
  -3,722
  -3,934
  -4,142
  -4,348
  -4,551
  -4,753
  -4,957
  -5,162
  -5,371
  -5,584
  -5,804
Cash from investing activities, $m
  -38
  -147
  -215
  -304
  -419
  -558
  -725
  -921
  -1,144
  -1,393
  -1,665
  -1,960
  -2,273
  -2,601
  -2,944
  -3,297
  -3,660
  -4,030
  -4,406
  -4,787
  -5,175
  -5,568
  -5,967
  -6,374
  -6,788
  -7,211
  -7,646
  -8,091
  -8,551
  -9,025
  -9,516
Free cash flow, $m
  -27
  -148
  -218
  -309
  -426
  -570
  -742
  -945
  -1,176
  -1,436
  -1,722
  -2,032
  -2,364
  -2,714
  -3,081
  -3,461
  -3,853
  -4,256
  -4,668
  -5,088
  -5,517
  -5,953
  -6,399
  -6,854
  -7,320
  -7,797
  -8,287
  -8,792
  -9,312
  -9,850
  -10,407
Issuance/(repayment) of debt, $m
  -46
  10
  15
  21
  28
  38
  48
  61
  74
  90
  106
  123
  140
  158
  176
  194
  212
  230
  247
  264
  280
  296
  312
  327
  342
  358
  373
  388
  404
  420
  437
Issuance/(repurchase) of shares, $m
  140
  152
  224
  318
  438
  585
  763
  970
  1,208
  1,474
  1,767
  2,084
  2,423
  2,781
  3,155
  3,543
  3,943
  4,353
  4,772
  5,200
  5,635
  6,079
  6,531
  6,993
  7,465
  7,949
  8,445
  8,956
  9,483
  10,028
  10,592
Cash from financing (excl. dividends), $m  
  94
  162
  239
  339
  466
  623
  811
  1,031
  1,282
  1,564
  1,873
  2,207
  2,563
  2,939
  3,331
  3,737
  4,155
  4,583
  5,019
  5,464
  5,915
  6,375
  6,843
  7,320
  7,807
  8,307
  8,818
  9,344
  9,887
  10,448
  11,029
Total cash flow (excl. dividends), $m
  67
  14
  21
  30
  40
  53
  69
  86
  106
  128
  151
  175
  200
  225
  251
  277
  302
  327
  351
  375
  398
  421
  444
  465
  487
  509
  531
  553
  575
  598
  621
Retained Cash Flow (-), $m
  -105
  -152
  -224
  -318
  -438
  -585
  -763
  -970
  -1,208
  -1,474
  -1,767
  -2,084
  -2,423
  -2,781
  -3,155
  -3,543
  -3,943
  -4,353
  -4,772
  -5,200
  -5,635
  -6,079
  -6,531
  -6,993
  -7,465
  -7,949
  -8,445
  -8,956
  -9,483
  -10,028
  -10,592
Prev. year cash balance distribution, $m
 
  71
  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
 
  -67
  -203
  -288
  -397
  -532
  -694
  -884
  -1,102
  -1,346
  -1,616
  -1,909
  -2,223
  -2,556
  -2,904
  -3,267
  -3,641
  -4,026
  -4,421
  -4,824
  -5,237
  -5,658
  -6,088
  -6,527
  -6,978
  -7,440
  -7,915
  -8,404
  -8,908
  -9,430
  -9,971
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
 
  -64
  -186
  -251
  -327
  -412
  -504
  -597
  -689
  -773
  -847
  -907
  -949
  -972
  -975
  -959
  -925
  -876
  -814
  -743
  -665
  -585
  -505
  -428
  -355
  -289
  -231
  -180
  -138
  -103
  -75
Current shareholders' claim on cash, %
  100
  74.2
  56.2
  43.4
  34.2
  27.4
  22.2
  18.3
  15.3
  12.9
  11.0
  9.5
  8.3
  7.3
  6.4
  5.7
  5.1
  4.6
  4.1
  3.8
  3.4
  3.1
  2.9
  2.6
  2.4
  2.3
  2.1
  1.9
  1.8
  1.7
  1.6

Ring Energy, Inc. engages in the acquisition, exploration, development, and production of oil and natural gas in Texas and Kansas, the United States. As of December 31, 2015, the company’s proved reserves consisted of approximately 24.4 million barrel of oil equivalent. It also has interests in 18,130 net developed and undeveloped acres in Andrews and Gaines counties, and 19,679 net developed and undeveloped acres in Reeves and Culberson counties, Texas; and 16,674 net acres in Kansas. Ring Energy, Inc. primarily sells its oil and natural gas production to end users, marketers, and other purchasers. The company was formerly known as Transglobal Mining Corp. and changed its name to Ring Energy, Inc. in March 2008. Ring Energy, Inc. was founded in 2004 and is headquartered in Midland, Texas.

FINANCIAL RATIOS  of  Ring Energy (REI)

Valuation Ratios
P/E Ratio -15.7
Price to Sales 19.2
Price to Book 2
Price to Tangible Book
Price to Cash Flow 54.2
Price to Free Cash Flow -22.1
Growth Rates
Sales Growth Rate 0%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -65.5%
Cap. Spend. - 3 Yr. Gr. Rate 2.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage -57
Management Effectiveness
Return On Assets -13.4%
Ret/ On Assets - 3 Yr. Avg. -4%
Return On Total Capital -14.5%
Ret/ On T. Cap. - 3 Yr. Avg. -4.3%
Return On Equity -15.9%
Return On Equity - 3 Yr. Avg. -5%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 61.3%
Gross Margin - 3 Yr. Avg. 69.1%
EBITDA Margin -148.4%
EBITDA Margin - 3 Yr. Avg. -26.5%
Operating Margin -183.9%
Oper. Margin - 3 Yr. Avg. -64.7%
Pre-Tax Margin -187.1%
Pre-Tax Margin - 3 Yr. Avg. -66%
Net Profit Margin -122.6%
Net Profit Margin - 3 Yr. Avg. -43.5%
Effective Tax Rate 34.5%
Eff/ Tax Rate - 3 Yr. Avg. 36.2%
Payout Ratio 0%

REI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the REI stock intrinsic value calculation we used $31 million for the last fiscal year's total revenue generated by Ring Energy. The default revenue input number comes from 2016 income statement of Ring 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 REI stock valuation model: a) initial revenue growth rate of 60% 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 REI is calculated based on our internal credit rating of Ring 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 Ring 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 REI stock the variable cost ratio is equal to 141.9%.

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 REI 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 4.3% for Ring Energy.

Corporate tax rate of 27% is the nominal tax rate for Ring 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 REI 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 REI are equal to 730.6%.

Life of production assets of 20.6 years is the average useful life of capital assets used in Ring 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 REI is equal to -10%. 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 - $291 million for Ring 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 47.747 million for Ring 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 Ring Energy at the current share price and the inputted number of shares is $0.6 billion.

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COMPANY NEWS

▶ ETFs with exposure to Ring Energy, Inc. : July 24, 2017   [Jul-24-17 06:37PM  Capital Cube]
▶ Ring Energy, Inc. Announces Common Stock Offering   [Jul-17-17 04:10PM  Business Wire]
▶ ETFs with exposure to Ring Energy, Inc. : July 14, 2017   [Jul-14-17 04:30PM  Capital Cube]
▶ ETFs with exposure to Ring Energy, Inc. : June 6, 2017   [Jun-06-17 11:47AM  Capital Cube]
▶ ETFs with exposure to Ring Energy, Inc. : May 22, 2017   [May-22-17 02:05PM  Capital Cube]
▶ Ring Energy meets 1Q profit forecasts   [May-09-17 05:58PM  Associated Press]
▶ ETFs with exposure to Ring Energy, Inc. : April 5, 2017   [Apr-05-17 05:21PM  Capital Cube]
▶ Ring Energy reports 4Q loss   [Mar-15-17 04:26PM  Associated Press]
▶ Domino's and 5 other unique places with wedding registries   [Feb-10-17 03:19PM  Yahoo Finance]
▶ Hedge Funds Are Betting On Ring Energy Inc (REI)   [Dec-14-16 08:23AM  Insider Monkey]
▶ Ring Energy, Inc. Announces Common Stock Offering   [Dec-05-16 04:01PM  Business Wire]
Stock chart of REI Financial statements of REI
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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