Intrinsic value of Tidewater - TDW

Previous Close

$30.66

  Intrinsic Value

$408.75

stock screener

  Rating & Target

str. buy

+999%

Previous close

$30.66

 
Intrinsic value

$408.75

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of TDW 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -38.51
  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
  602
  614
  628
  644
  662
  683
  705
  729
  755
  782
  813
  845
  879
  915
  954
  995
  1,039
  1,085
  1,134
  1,186
  1,240
  1,298
  1,358
  1,422
  1,489
  1,560
  1,635
  1,714
  1,796
  1,883
  1,975
Variable operating expenses, $m
 
  657
  672
  689
  709
  730
  754
  780
  807
  837
  869
  904
  940
  980
  1,021
  1,065
  1,112
  1,161
  1,213
  1,269
  1,327
  1,388
  1,453
  1,522
  1,594
  1,670
  1,749
  1,833
  1,922
  2,015
  2,113
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
  1,179
  657
  672
  689
  709
  730
  754
  780
  807
  837
  869
  904
  940
  980
  1,021
  1,065
  1,112
  1,161
  1,213
  1,269
  1,327
  1,388
  1,453
  1,522
  1,594
  1,670
  1,749
  1,833
  1,922
  2,015
  2,113
Operating income, $m
  -578
  -43
  -44
  -45
  -46
  -48
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -79
  -83
  -87
  -91
  -95
  -100
  -104
  -109
  -114
  -120
  -126
  -132
  -138
EBITDA, $m
  -411
  284
  291
  298
  307
  316
  326
  337
  349
  362
  376
  391
  407
  424
  442
  461
  481
  503
  525
  549
  574
  601
  629
  659
  690
  723
  757
  794
  832
  872
  915
Interest expense (income), $m
  71
  110
  112
  116
  119
  123
  128
  133
  138
  144
  151
  158
  165
  173
  181
  190
  200
  210
  220
  231
  243
  256
  269
  283
  297
  313
  329
  346
  364
  383
  403
Earnings before tax, $m
  -644
  -153
  -156
  -161
  -166
  -171
  -177
  -184
  -191
  -199
  -208
  -217
  -227
  -237
  -248
  -260
  -272
  -285
  -299
  -314
  -330
  -346
  -364
  -382
  -401
  -422
  -443
  -466
  -490
  -515
  -541
Tax expense, $m
  6
  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
  -660
  -153
  -156
  -161
  -166
  -171
  -177
  -184
  -191
  -199
  -208
  -217
  -227
  -237
  -248
  -260
  -272
  -285
  -299
  -314
  -330
  -346
  -364
  -382
  -401
  -422
  -443
  -466
  -490
  -515
  -541

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  706
  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
  4,191
  4,264
  4,362
  4,474
  4,600
  4,740
  4,893
  5,059
  5,240
  5,434
  5,643
  5,866
  6,104
  6,357
  6,627
  6,912
  7,215
  7,536
  7,875
  8,233
  8,612
  9,011
  9,432
  9,876
  10,343
  10,836
  11,354
  11,900
  12,474
  13,078
  13,713
Adjusted assets (=assets-cash), $m
  3,485
  4,264
  4,362
  4,474
  4,600
  4,740
  4,893
  5,059
  5,240
  5,434
  5,643
  5,866
  6,104
  6,357
  6,627
  6,912
  7,215
  7,536
  7,875
  8,233
  8,612
  9,011
  9,432
  9,876
  10,343
  10,836
  11,354
  11,900
  12,474
  13,078
  13,713
Revenue / Adjusted assets
  0.173
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
Average production assets, $m
  3,208
  3,274
  3,349
  3,435
  3,532
  3,639
  3,757
  3,885
  4,023
  4,172
  4,332
  4,504
  4,686
  4,881
  5,088
  5,307
  5,540
  5,786
  6,047
  6,322
  6,612
  6,919
  7,242
  7,583
  7,942
  8,320
  8,718
  9,137
  9,578
  10,041
  10,529
Working capital, $m
  -1,188
  -137
  -140
  -144
  -148
  -152
  -157
  -162
  -168
  -174
  -181
  -188
  -196
  -204
  -213
  -222
  -232
  -242
  -253
  -264
  -277
  -289
  -303
  -317
  -332
  -348
  -365
  -382
  -401
  -420
  -440
Total debt, $m
  2,034
  2,080
  2,139
  2,208
  2,285
  2,370
  2,463
  2,565
  2,675
  2,793
  2,920
  3,056
  3,202
  3,356
  3,521
  3,695
  3,880
  4,075
  4,282
  4,501
  4,732
  4,975
  5,232
  5,503
  5,788
  6,088
  6,404
  6,737
  7,087
  7,456
  7,844
Total liabilities, $m
  2,556
  2,601
  2,661
  2,729
  2,806
  2,891
  2,985
  3,086
  3,196
  3,315
  3,442
  3,578
  3,723
  3,878
  4,042
  4,217
  4,401
  4,597
  4,804
  5,022
  5,253
  5,497
  5,753
  6,024
  6,309
  6,610
  6,926
  7,259
  7,609
  7,978
  8,365
Total equity, $m
  1,635
  1,663
  1,701
  1,745
  1,794
  1,848
  1,908
  1,973
  2,043
  2,119
  2,201
  2,288
  2,380
  2,479
  2,584
  2,696
  2,814
  2,939
  3,071
  3,211
  3,359
  3,514
  3,678
  3,851
  4,034
  4,226
  4,428
  4,641
  4,865
  5,100
  5,348
Total liabilities and equity, $m
  4,191
  4,264
  4,362
  4,474
  4,600
  4,739
  4,893
  5,059
  5,239
  5,434
  5,643
  5,866
  6,103
  6,357
  6,626
  6,913
  7,215
  7,536
  7,875
  8,233
  8,612
  9,011
  9,431
  9,875
  10,343
  10,836
  11,354
  11,900
  12,474
  13,078
  13,713
Debt-to-equity ratio
  1.244
  1.250
  1.260
  1.270
  1.270
  1.280
  1.290
  1.300
  1.310
  1.320
  1.330
  1.340
  1.340
  1.350
  1.360
  1.370
  1.380
  1.390
  1.390
  1.400
  1.410
  1.420
  1.420
  1.430
  1.430
  1.440
  1.450
  1.450
  1.460
  1.460
  1.470
Adjusted equity ratio
  0.267
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -660
  -153
  -156
  -161
  -166
  -171
  -177
  -184
  -191
  -199
  -208
  -217
  -227
  -237
  -248
  -260
  -272
  -285
  -299
  -314
  -330
  -346
  -364
  -382
  -401
  -422
  -443
  -466
  -490
  -515
  -541
Depreciation, amort., depletion, $m
  167
  327
  335
  344
  353
  364
  376
  388
  402
  417
  433
  450
  469
  488
  509
  531
  554
  579
  605
  632
  661
  692
  724
  758
  794
  832
  872
  914
  958
  1,004
  1,053
Funds from operations, $m
  84
  175
  179
  183
  188
  193
  198
  204
  211
  218
  226
  234
  242
  251
  261
  271
  282
  293
  305
  318
  331
  346
  360
  376
  393
  410
  429
  448
  468
  490
  512
Change in working capital, $m
  54
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -18
  -19
  -20
Cash from operations, $m
  30
  177
  182
  187
  192
  197
  203
  210
  217
  224
  232
  241
  250
  259
  269
  280
  291
  303
  316
  329
  344
  358
  374
  390
  408
  426
  445
  465
  487
  509
  532
Maintenance CAPEX, $m
  0
  -321
  -327
  -335
  -344
  -353
  -364
  -376
  -388
  -402
  -417
  -433
  -450
  -469
  -488
  -509
  -531
  -554
  -579
  -605
  -632
  -661
  -692
  -724
  -758
  -794
  -832
  -872
  -914
  -958
  -1,004
New CAPEX, $m
  -26
  -66
  -75
  -86
  -97
  -107
  -117
  -128
  -138
  -149
  -160
  -171
  -183
  -195
  -207
  -219
  -233
  -246
  -260
  -275
  -290
  -306
  -323
  -341
  -359
  -378
  -398
  -419
  -441
  -464
  -488
Cash from investing activities, $m
  15
  -387
  -402
  -421
  -441
  -460
  -481
  -504
  -526
  -551
  -577
  -604
  -633
  -664
  -695
  -728
  -764
  -800
  -839
  -880
  -922
  -967
  -1,015
  -1,065
  -1,117
  -1,172
  -1,230
  -1,291
  -1,355
  -1,422
  -1,492
Free cash flow, $m
  45
  -210
  -221
  -234
  -249
  -263
  -278
  -294
  -310
  -327
  -345
  -364
  -383
  -404
  -426
  -448
  -472
  -497
  -523
  -550
  -579
  -609
  -641
  -674
  -709
  -746
  -785
  -825
  -868
  -913
  -960
Issuance/(repayment) of debt, $m
  -10
  45
  60
  68
  77
  85
  93
  102
  110
  119
  127
  136
  145
  155
  164
  174
  185
  196
  207
  219
  231
  243
  257
  271
  285
  300
  316
  333
  350
  369
  388
Issuance/(repurchase) of shares, $m
  0
  181
  195
  204
  215
  226
  237
  249
  262
  275
  289
  304
  319
  336
  353
  371
  390
  411
  432
  454
  477
  502
  528
  555
  584
  614
  645
  679
  713
  750
  789
Cash from financing (excl. dividends), $m  
  -17
  226
  255
  272
  292
  311
  330
  351
  372
  394
  416
  440
  464
  491
  517
  545
  575
  607
  639
  673
  708
  745
  785
  826
  869
  914
  961
  1,012
  1,063
  1,119
  1,177
Total cash flow (excl. dividends), $m
  28
  17
  33
  38
  43
  48
  52
  57
  62
  66
  71
  76
  81
  86
  92
  97
  103
  109
  116
  122
  129
  136
  144
  151
  159
  168
  177
  186
  196
  206
  217
Retained Cash Flow (-), $m
  665
  -181
  -195
  -204
  -215
  -226
  -237
  -249
  -262
  -275
  -289
  -304
  -319
  -336
  -353
  -371
  -390
  -411
  -432
  -454
  -477
  -502
  -528
  -555
  -584
  -614
  -645
  -679
  -713
  -750
  -789
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
 
  8
  9
  9
  9
  9
  10
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
Cash available for distribution, $m
 
  -164
  -161
  -166
  -172
  -178
  -185
  -192
  -200
  -209
  -218
  -228
  -238
  -249
  -261
  -274
  -287
  -301
  -316
  -332
  -348
  -366
  -384
  -404
  -424
  -446
  -469
  -492
  -518
  -544
  -572
Discount rate, %
 
  8.20
  8.61
  9.04
  9.49
  9.97
  10.47
  10.99
  11.54
  12.12
  12.72
  13.36
  14.02
  14.73
  15.46
  16.24
  17.05
  17.90
  18.79
  19.73
  20.72
  21.76
  22.84
  23.99
  25.19
  26.45
  27.77
  29.16
  30.61
  32.15
  33.75
PV of cash for distribution, $m
 
  -152
  -137
  -128
  -119
  -111
  -102
  -93
  -84
  -75
  -66
  -57
  -49
  -42
  -35
  -29
  -23
  -18
  -14
  -11
  -8
  -6
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  86.4
  74.0
  63.2
  53.7
  45.5
  38.5
  32.4
  27.3
  22.9
  19.1
  16.0
  13.3
  11.1
  9.2
  7.7
  6.3
  5.2
  4.3
  3.6
  3.0
  2.4
  2.0
  1.6
  1.4
  1.1
  0.9
  0.7
  0.6
  0.5
  0.4

Tidewater Inc. provides offshore service vessels and marine support services. The Company operates through four segments: Americas, Asia/Pacific, Middle East/North Africa and Sub-Saharan Africa/Europe. Its Americas segment includes the activities of the Company's North American operations, which include operations in the United States Gulf of Mexico (GOM), and the United States and Canadian coastal waters of the Pacific and Atlantic oceans, as well as operations of offshore Mexico, Trinidad and Brazil. The Asia/Pacific segment includes its Australian and Southeast Asian and Western Pacific operations. The Middle East/North Africa segment includes its operations in the Mediterranean and Red Seas, the Black Sea, the Arabian Gulf and offshore India. The Company's Sub-Saharan Africa/Europe segment includes operations conducted along the East and West Coasts of Africa, as well as operations in and around the Caspian Sea, the North Sea, and certain other arctic/cold water markets.

FINANCIAL RATIOS  of  Tidewater (TDW)

Valuation Ratios
P/E Ratio -0.1
Price to Sales 0.1
Price to Book 0
Price to Tangible Book
Price to Cash Flow 1.5
Price to Free Cash Flow 11.5
Growth Rates
Sales Growth Rate -38.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -86.6%
Cap. Spend. - 3 Yr. Gr. Rate -46.5%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 124.4%
Interest Coverage -8
Management Effectiveness
Return On Assets -12.8%
Ret/ On Assets - 3 Yr. Avg. -5.1%
Return On Total Capital -16.5%
Ret/ On T. Cap. - 3 Yr. Avg. -7.3%
Return On Equity -33.5%
Return On Equity - 3 Yr. Avg. -14.3%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 38.2%
Gross Margin - 3 Yr. Avg. 40.5%
EBITDA Margin -67.4%
EBITDA Margin - 3 Yr. Avg. -15.8%
Operating Margin -95.8%
Oper. Margin - 3 Yr. Avg. -35.2%
Pre-Tax Margin -107%
Pre-Tax Margin - 3 Yr. Avg. -41.9%
Net Profit Margin -109.6%
Net Profit Margin - 3 Yr. Avg. -43.4%
Effective Tax Rate -0.9%
Eff/ Tax Rate - 3 Yr. Avg. -4.6%
Payout Ratio 0%

TDW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TDW stock intrinsic value calculation we used $602 million for the last fiscal year's total revenue generated by Tidewater. The default revenue input number comes from 2017 income statement of Tidewater. 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 TDW 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 8.2%, whose default value for TDW is calculated based on our internal credit rating of Tidewater, 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 Tidewater.
    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 TDW stock the variable cost ratio is equal to 107%.

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 TDW 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 5.4% for Tidewater.

Corporate tax rate of 27% is the nominal tax rate for Tidewater. 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 TDW stock is equal to 1.4%.

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 TDW are equal to 533.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Tidewater 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 TDW is equal to -22.3%. 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 - $1635 million for Tidewater - 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 1 million for Tidewater 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 Tidewater at the current share price and the inputted number of shares is $0.0 billion.

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COMPANY NEWS

▶ Offshore energy vessel deal could open path to further acquisitions   [Jul-17-18 09:34AM  American City Business Journals]
▶ Houston energy cos. to combine after recent bankruptcies, HQ move   [09:42AM  American City Business Journals]
▶ Tidewater: Fiscal 4Q Earnings Snapshot   [May-14-18 05:36PM  Associated Press]
▶ Can The Uptrend Continue for Tidewater (TDW)?   [Mar-27-18 12:08PM  Zacks]
▶ Tidewater Inc to Host Earnings Call   [Mar-15-18 08:00AM  ACCESSWIRE]
▶ Tidewater reports 3Q loss   [Mar-14-18 06:15PM  Associated Press]
▶ Tidewater Announces Earnings Conference Call   [Mar-07-18 04:58PM  PR Newswire]
▶ Hows Halliburton Reacting to Crude Oils Price Change?   [Jan-25-18 11:10AM  Market Realist]
▶ Schlumbergers Next 7-Day Stock Price Forecast   [Jan-22-18 11:30AM  Market Realist]
▶ Halliburton Reacts to Crude Oils Price Change   [Jan-16-18 02:05PM  Market Realist]
▶ Baker Hughes Reacts to Crude Oil Price Changes   [Jan-11-18 02:35PM  Market Realist]
▶ How Did Schlumberger React to Crude Oil Prices Last Week?   [Jan-03-18 05:50PM  Market Realist]
▶ Hows Halliburton Reacting to the Change in Crude Oil Prices?   [Dec-26-17 03:25PM  Market Realist]
▶ How Schlumberger Reacted to Crude Oil Prices Last Week   [Dec-18-17 03:55PM  Market Realist]
▶ ETFs with exposure to Tidewater, Inc. : December 12, 2017   [Dec-12-17 02:15PM  Capital Cube]
▶ What Schlumbergers Next-7-Day Stock Price Forecast Tells Us   [Dec-11-17 03:22PM  Market Realist]
▶ How Weatherford Reacted to Crude Oil Prices   [Nov-14-17 07:32AM  Market Realist]
▶ Tidewater Inc to Host Earnings Call   [Nov-09-17 09:15AM  ACCESSWIRE]
▶ Tidewater Announces Earnings Conference Call   [Nov-06-17 04:47PM  PR Newswire]
▶ Analyzing Schlumbergers 7-Day Stock Price Forecast   [Oct-31-17 09:04AM  Market Realist]
▶ How Weatherford Reacted to Crude Oil Price Changes   [Oct-30-17 06:00PM  Market Realist]
▶ Weatherford Reacted to Crude Oil Price Changes   [Oct-09-17 04:06PM  Market Realist]
▶ How Schlumberger Reacted to Crude Oil Prices on September 22   [Sep-26-17 03:06PM  Market Realist]
▶ Will the Rise in Crude Oil Take Haliburton Higher?   [Sep-19-17 08:09AM  Market Realist]
▶ How Schlumberger Stock Correlates with Crude Oil   [Sep-12-17 09:07AM  Market Realist]
▶ [$$] Tidewater Fleet Finance Arrangements Tested in Court   [Aug-30-17 04:43PM  The Wall Street Journal]
▶ Correlation between Crude Oil and Schlumberger on August 25   [Aug-29-17 07:39AM  Market Realist]
▶ US Dollar Supported Crude Oil Prices Last Week   [Aug-21-17 10:57AM  Market Realist]
▶ Tidewater Reports First Quarter Results For Fiscal 2018   [Aug-08-17 05:16PM  PR Newswire]
▶ How Schlumberger Correlates with Crude Oil   [08:10AM  Market Realist]
▶ [$$] Firm Retention Summary: Tidewater Inc.   [Aug-01-17 02:11PM  The Wall Street Journal]
▶ [$$] Tidewater Emerges from Bankruptcy   [Jul-31-17 01:44PM  The Wall Street Journal]
▶ [$$] Firm Retention Summary: Tidewater Inc.   [Jul-28-17 11:41AM  The Wall Street Journal]
▶ [$$] Firm Retention Summary: Tidewater Inc.   [09:51AM  The Wall Street Journal]
▶ Halliburtons Correlation with Crude Oil on July 14   [Jul-17-17 03:06PM  Market Realist]
▶ What Does Halliburton Have to Do with Crude as of July 10?   [Jul-14-17 07:36AM  Market Realist]
▶ [$$] Tidewater Restructuring Plan Clears Bankruptcy Court   [02:13PM  The Wall Street Journal]
▶ ETFs with exposure to Tidewater, Inc. : June 26, 2017   [Jun-26-17 05:02PM  Capital Cube]
▶ [$$] Shareholders Win Time to Scrutinize Tidewater Restructuring   [Jun-23-17 12:33PM  The Wall Street Journal]
▶ [$$] Shareholders Seek to Delay Tidewater Plan Hearing   [Jun-20-17 01:50PM  The Wall Street Journal]
▶ ETFs with exposure to Tidewater, Inc. : June 16, 2017   [Jun-16-17 04:22PM  Capital Cube]
▶ Whats NOVs Correlation with Crude Oil in June 2017?   [Jun-13-17 07:36AM  Market Realist]
▶ Tidewater reports 4Q loss   [Jun-12-17 07:04PM  Associated Press]
Financial statements of TDW
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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