Intrinsic value of San Juan Basin Royalty Trust - SJT

Previous Close

$7.67

  Intrinsic Value

$84.68

stock screener

  Rating & Target

str. buy

+999%

Previous close

$7.67

 
Intrinsic value

$84.68

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of SJT 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 0.4

 

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, %
  -10.00
  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
  18
  29
  44
  67
  97
  136
  187
  251
  330
  425
  536
  666
  814
  982
  1,168
  1,373
  1,598
  1,840
  2,101
  2,380
  2,675
  2,988
  3,317
  3,663
  4,024
  4,402
  4,796
  5,206
  5,633
  6,077
  6,538
Variable operating expenses, $m
 
  5
  7
  11
  16
  23
  31
  42
  55
  71
  90
  111
  136
  164
  195
  229
  267
  307
  351
  397
  447
  499
  554
  612
  672
  735
  801
  869
  941
  1,015
  1,092
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
  4
  5
  7
  11
  16
  23
  31
  42
  55
  71
  90
  111
  136
  164
  195
  229
  267
  307
  351
  397
  447
  499
  554
  612
  672
  735
  801
  869
  941
  1,015
  1,092
Operating income, $m
  14
  24
  37
  55
  80
  113
  156
  209
  275
  354
  447
  555
  678
  818
  973
  1,144
  1,331
  1,533
  1,750
  1,982
  2,229
  2,489
  2,763
  3,051
  3,352
  3,667
  3,995
  4,337
  4,692
  5,062
  5,446
EBITDA, $m
  14
  25
  39
  58
  85
  120
  164
  221
  290
  373
  471
  584
  715
  861
  1,025
  1,205
  1,402
  1,615
  1,843
  2,088
  2,347
  2,622
  2,910
  3,214
  3,531
  3,862
  4,208
  4,568
  4,943
  5,332
  5,737
Interest expense (income), $m
  0
  0
  0
  0
  0
  1
  1
  1
  2
  2
  3
  4
  5
  6
  7
  9
  11
  12
  14
  16
  18
  21
  23
  26
  28
  31
  34
  37
  40
  44
  47
Earnings before tax, $m
  14
  24
  37
  55
  80
  113
  155
  208
  273
  351
  444
  551
  673
  812
  965
  1,135
  1,320
  1,521
  1,736
  1,966
  2,210
  2,468
  2,740
  3,025
  3,324
  3,636
  3,961
  4,300
  4,652
  5,018
  5,399
Tax expense, $m
  0
  6
  10
  15
  22
  30
  42
  56
  74
  95
  120
  149
  182
  219
  261
  306
  356
  411
  469
  531
  597
  666
  740
  817
  897
  982
  1,069
  1,161
  1,256
  1,355
  1,458
Net income, $m
  14
  18
  27
  40
  58
  82
  113
  152
  199
  256
  324
  402
  492
  592
  705
  829
  964
  1,110
  1,267
  1,435
  1,613
  1,802
  2,000
  2,209
  2,426
  2,654
  2,892
  3,139
  3,396
  3,663
  3,941

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  4
  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
  12
  13
  20
  30
  43
  61
  83
  112
  147
  189
  238
  296
  362
  436
  519
  610
  710
  818
  934
  1,058
  1,189
  1,328
  1,474
  1,628
  1,789
  1,957
  2,132
  2,314
  2,504
  2,701
  2,906
Adjusted assets (=assets-cash), $m
  8
  13
  20
  30
  43
  61
  83
  112
  147
  189
  238
  296
  362
  436
  519
  610
  710
  818
  934
  1,058
  1,189
  1,328
  1,474
  1,628
  1,789
  1,957
  2,132
  2,314
  2,504
  2,701
  2,906
Revenue / Adjusted assets
  2.250
  2.231
  2.200
  2.233
  2.256
  2.230
  2.253
  2.241
  2.245
  2.249
  2.252
  2.250
  2.249
  2.252
  2.250
  2.251
  2.251
  2.249
  2.249
  2.250
  2.250
  2.250
  2.250
  2.250
  2.249
  2.249
  2.250
  2.250
  2.250
  2.250
  2.250
Average production assets, $m
  8
  13
  20
  30
  43
  60
  83
  112
  147
  189
  238
  296
  362
  436
  519
  610
  709
  817
  933
  1,057
  1,188
  1,327
  1,473
  1,626
  1,787
  1,955
  2,129
  2,312
  2,501
  2,698
  2,903
Working capital, $m
  0
  -6
  -10
  -15
  -21
  -30
  -42
  -56
  -73
  -94
  -119
  -148
  -181
  -218
  -259
  -305
  -355
  -409
  -466
  -528
  -594
  -663
  -736
  -813
  -893
  -977
  -1,065
  -1,156
  -1,251
  -1,349
  -1,451
Total debt, $m
  0
  2
  6
  11
  17
  26
  38
  52
  69
  90
  115
  144
  177
  214
  256
  301
  351
  405
  463
  525
  591
  660
  733
  810
  890
  974
  1,062
  1,153
  1,248
  1,346
  1,449
Total liabilities, $m
  4
  6
  10
  15
  21
  30
  42
  56
  73
  94
  119
  148
  181
  218
  260
  305
  355
  409
  467
  529
  595
  664
  737
  814
  894
  978
  1,066
  1,157
  1,252
  1,350
  1,453
Total equity, $m
  8
  6
  10
  15
  21
  30
  42
  56
  73
  94
  119
  148
  181
  218
  260
  305
  355
  409
  467
  529
  595
  664
  737
  814
  894
  978
  1,066
  1,157
  1,252
  1,350
  1,453
Total liabilities and equity, $m
  12
  12
  20
  30
  42
  60
  84
  112
  146
  188
  238
  296
  362
  436
  520
  610
  710
  818
  934
  1,058
  1,190
  1,328
  1,474
  1,628
  1,788
  1,956
  2,132
  2,314
  2,504
  2,700
  2,906
Debt-to-equity ratio
  0.000
  0.380
  0.600
  0.730
  0.810
  0.870
  0.900
  0.930
  0.950
  0.960
  0.970
  0.970
  0.980
  0.980
  0.980
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
Adjusted equity ratio
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  14
  18
  27
  40
  58
  82
  113
  152
  199
  256
  324
  402
  492
  592
  705
  829
  964
  1,110
  1,267
  1,435
  1,613
  1,802
  2,000
  2,209
  2,426
  2,654
  2,892
  3,139
  3,396
  3,663
  3,941
Depreciation, amort., depletion, $m
  0
  1
  2
  3
  4
  6
  8
  11
  15
  19
  24
  30
  36
  44
  52
  61
  71
  82
  93
  106
  119
  133
  147
  163
  179
  195
  213
  231
  250
  270
  290
Funds from operations, $m
  13
  19
  29
  43
  63
  88
  122
  163
  214
  275
  348
  432
  528
  636
  757
  890
  1,035
  1,192
  1,361
  1,541
  1,732
  1,935
  2,148
  2,371
  2,605
  2,850
  3,105
  3,370
  3,646
  3,933
  4,232
Change in working capital, $m
  0
  -2
  -3
  -5
  -7
  -9
  -11
  -14
  -17
  -21
  -25
  -29
  -33
  -37
  -41
  -46
  -50
  -54
  -58
  -62
  -66
  -69
  -73
  -77
  -80
  -84
  -87
  -91
  -95
  -99
  -102
Cash from operations, $m
  13
  21
  32
  48
  69
  97
  133
  177
  232
  296
  373
  461
  561
  673
  798
  935
  1,084
  1,246
  1,418
  1,603
  1,798
  2,004
  2,221
  2,448
  2,685
  2,933
  3,192
  3,461
  3,741
  4,032
  4,334
Maintenance CAPEX, $m
  0
  -1
  -1
  -2
  -3
  -4
  -6
  -8
  -11
  -15
  -19
  -24
  -30
  -36
  -44
  -52
  -61
  -71
  -82
  -93
  -106
  -119
  -133
  -147
  -163
  -179
  -195
  -213
  -231
  -250
  -270
New CAPEX, $m
  0
  -5
  -7
  -10
  -13
  -18
  -23
  -28
  -35
  -42
  -50
  -58
  -66
  -74
  -83
  -91
  -100
  -108
  -116
  -124
  -131
  -139
  -146
  -153
  -161
  -168
  -175
  -182
  -190
  -197
  -205
Cash from investing activities, $m
  0
  -6
  -8
  -12
  -16
  -22
  -29
  -36
  -46
  -57
  -69
  -82
  -96
  -110
  -127
  -143
  -161
  -179
  -198
  -217
  -237
  -258
  -279
  -300
  -324
  -347
  -370
  -395
  -421
  -447
  -475
Free cash flow, $m
  13
  16
  24
  36
  53
  75
  104
  141
  185
  240
  304
  379
  465
  563
  672
  792
  924
  1,067
  1,221
  1,386
  1,561
  1,746
  1,942
  2,147
  2,362
  2,587
  2,822
  3,066
  3,320
  3,585
  3,860
Issuance/(repayment) of debt, $m
  0
  2
  3
  5
  7
  9
  11
  14
  17
  21
  25
  29
  33
  37
  41
  46
  50
  54
  58
  62
  66
  69
  73
  77
  80
  84
  88
  91
  95
  99
  103
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  0
  2
  3
  5
  7
  9
  11
  14
  17
  21
  25
  29
  33
  37
  41
  46
  50
  54
  58
  62
  66
  69
  73
  77
  80
  84
  88
  91
  95
  99
  103
Total cash flow (excl. dividends), $m
  13
  18
  28
  41
  60
  84
  115
  155
  203
  261
  329
  408
  498
  600
  713
  838
  974
  1,121
  1,279
  1,448
  1,627
  1,816
  2,015
  2,224
  2,443
  2,671
  2,909
  3,157
  3,415
  3,683
  3,962
Retained Cash Flow (-), $m
  1
  -2
  -3
  -5
  -7
  -9
  -11
  -14
  -17
  -21
  -25
  -29
  -33
  -37
  -41
  -46
  -50
  -54
  -58
  -62
  -66
  -69
  -73
  -77
  -80
  -84
  -88
  -91
  -95
  -99
  -103
Prev. year cash balance distribution, $m
 
  4
  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
 
  20
  24
  36
  53
  75
  104
  141
  185
  240
  304
  379
  465
  563
  672
  792
  924
  1,067
  1,221
  1,386
  1,561
  1,746
  1,942
  2,147
  2,362
  2,587
  2,822
  3,066
  3,320
  3,585
  3,860
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
 
  19
  22
  32
  44
  58
  76
  95
  116
  138
  159
  180
  199
  214
  225
  233
  235
  232
  225
  213
  198
  181
  161
  141
  120
  101
  82
  66
  51
  39
  29
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

San Juan Basin Royalty Trust is an express trust. The principal asset of the Trust is Royalty. Its Royalty is carved from working, royalty and other oil and natural gas interests owned by Southland Royalty Company, the predecessor to Burlington Resources Oil & Gas Company LP (Burlington), in properties located in the San Juan Basin of northwestern New Mexico (Subject Interests). The Trustee of the Trust is Compass Bank. The function of the Trustee is to collect the net proceeds attributable to the Royalty, to pay all expenses and charges of the Trust and distribute the remaining available income to the Unit Holders. The Trust does not operate the Subject Interests and is not empowered to carry on any business activity. It is a widely held fixed investment trust (WHFIT) and is classified as a non-mortgage widely held fixed investment trust (NMWHFIT) for federal income tax purposes. As of December 31, 2016, 99% of the Trust's estimated proved reserves consisted of natural gas reserves.

FINANCIAL RATIOS  of  San Juan Basin Royalty Trust (SJT)

Valuation Ratios
P/E Ratio 25.5
Price to Sales 19.9
Price to Book 44.7
Price to Tangible Book
Price to Cash Flow 27.5
Price to Free Cash Flow 27.5
Growth Rates
Sales Growth Rate -10%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 121.7%
Ret/ On Assets - 3 Yr. Avg. 225.7%
Return On Total Capital 164.7%
Ret/ On T. Cap. - 3 Yr. Avg. 317.9%
Return On Equity 164.7%
Return On Equity - 3 Yr. Avg. 317.9%
Asset Turnover 1.6
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 77.8%
EBITDA Margin - 3 Yr. Avg. 86.5%
Operating Margin 77.8%
Oper. Margin - 3 Yr. Avg. 86.5%
Pre-Tax Margin 77.8%
Pre-Tax Margin - 3 Yr. Avg. 86.5%
Net Profit Margin 77.8%
Net Profit Margin - 3 Yr. Avg. 86.5%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 100%

SJT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SJT stock intrinsic value calculation we used $18 million for the last fiscal year's total revenue generated by San Juan Basin Royalty Trust. The default revenue input number comes from 2016 income statement of San Juan Basin Royalty Trust. 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 SJT 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 SJT is calculated based on our internal credit rating of San Juan Basin Royalty Trust, 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 San Juan Basin Royalty Trust.
    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 SJT stock the variable cost ratio is equal to 16.7%.

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 SJT 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 3.5% for San Juan Basin Royalty Trust.

Corporate tax rate of 27% is the nominal tax rate for San Juan Basin Royalty Trust. 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 SJT 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 SJT are equal to 44.4%.

Life of production assets of 10 years is the average useful life of capital assets used in San Juan Basin Royalty Trust 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 SJT is equal to -22.2%. 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 - $8 million for San Juan Basin Royalty Trust - 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 46.608 million for San Juan Basin Royalty Trust 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 San Juan Basin Royalty Trust at the current share price and the inputted number of shares is $0.4 billion.

RELATED COMPANIES Price Int.Val. Rating
CRT Cross Timbers 14.30 318.82  str.buy
SBR Sabine Royalty 44.30 95.23  str.buy
PBT Permian Basin 8.96 128.45  str.buy
TPL Texas Pacific 397.01 2,443.40  str.buy

COMPANY NEWS

▶ San Juan Basin Royalty posts 3Q profit   [Nov-10-17 07:57PM  Associated Press]
▶ 3 Stocks That Pay You Each Month   [Aug-21-17 12:30PM  Motley Fool]
▶ BP finds major gas field just south of Colorado in New Mexico   [Aug-14-17 05:35PM  American City Business Journals]
▶ San Juan Basin Royalty posts 2Q profit   [Aug-09-17 04:56PM  Associated Press]
▶ BP finds major gas field in New Mexico's San Juan Basin   [Aug-08-17 08:50AM  American City Business Journals]
▶ Major oil co. cuts NM jobs, shifts focus to Colorado   [Aug-07-17 07:35PM  American City Business Journals]
▶ Major oil co. cuts NM jobs, shifts focus to Colorado   [Jul-13-17 04:55PM  American City Business Journals]
▶ San Juan Basin Royalty Trust Declares May Cash Distribution   [May-19-17 09:00AM  Business Wire]
▶ San Juan Basin Royalty posts 1Q profit   [May-10-17 10:14AM  Associated Press]
▶ How ConocoPhillips Will Benefit from San Juan Divestiture   [Apr-18-17 11:05AM  Market Realist]
▶ Energy giant to sell natural gas assets in Colorado, New Mexico for $3 billion   [Apr-13-17 05:46PM  American City Business Journals]
▶ San Juan Basin Royalty Trust Announces 2017 Capital Plan   [Feb-23-17 02:07PM  Business Wire]
▶ Portfolio Repositioning to Take WPX Energy Higher   [Jan-19-17 05:35PM  GuruFocus.com]
▶ San Juan Basin Royalty Trust (SJT): Is It A Good Stock to Buy?   [Dec-17-16 09:27PM  at Insider Monkey]
▶ News Release   [09:51AM  at noodls]
▶ San Juan Basin Royalty Trust Announces 2016 Capital Plan   [Jan-22-16 09:00AM  Business Wire]
Financial statements of SJT
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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