Intrinsic value of Tidewater - TDW

Previous Close

$27.52

  Intrinsic Value

$13.63

stock screener

  Rating & Target

str. sell

-50%

  Value-price divergence*

+42%

Previous close

$27.52

 
Intrinsic value

$13.63

 
Up/down potential

-50%

 
Rating

str. sell

 
Value-price divergence*

+42%

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

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

Revenue (in 2017), $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 0.8

 

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
 
  658
  673
  690
  709
  731
  755
  780
  808
  838
  870
  905
  941
  980
  1,022
  1,066
  1,113
  1,162
  1,215
  1,270
  1,328
  1,390
  1,455
  1,523
  1,595
  1,671
  1,751
  1,835
  1,924
  2,017
  2,115
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
  658
  673
  690
  709
  731
  755
  780
  808
  838
  870
  905
  941
  980
  1,022
  1,066
  1,113
  1,162
  1,215
  1,270
  1,328
  1,390
  1,455
  1,523
  1,595
  1,671
  1,751
  1,835
  1,924
  2,017
  2,115
Operating income, $m
  -578
  -44
  -45
  -46
  -47
  -48
  -50
  -52
  -54
  -56
  -58
  -60
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -96
  -101
  -106
  -111
  -116
  -122
  -128
  -134
  -140
EBITDA, $m
  -411
  127
  130
  133
  137
  141
  145
  150
  156
  162
  168
  174
  182
  189
  197
  206
  215
  224
  234
  245
  256
  268
  280
  294
  308
  322
  338
  354
  371
  389
  408
Interest expense (income), $m
  71
  46
  48
  49
  51
  53
  55
  57
  60
  63
  66
  69
  72
  76
  80
  84
  89
  93
  98
  104
  109
  115
  121
  128
  135
  142
  149
  157
  166
  175
  184
Earnings before tax, $m
  -644
  -90
  -92
  -95
  -98
  -101
  -105
  -109
  -114
  -118
  -123
  -129
  -135
  -141
  -148
  -155
  -162
  -170
  -179
  -188
  -197
  -207
  -218
  -229
  -240
  -253
  -265
  -279
  -293
  -308
  -324
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
  -90
  -92
  -95
  -98
  -101
  -105
  -109
  -114
  -118
  -123
  -129
  -135
  -141
  -148
  -155
  -162
  -170
  -179
  -188
  -197
  -207
  -218
  -229
  -240
  -253
  -265
  -279
  -293
  -308
  -324

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
  3,549
  3,631
  3,724
  3,829
  3,945
  4,073
  4,211
  4,361
  4,523
  4,697
  4,882
  5,081
  5,292
  5,516
  5,754
  6,006
  6,273
  6,555
  6,853
  7,168
  7,500
  7,851
  8,220
  8,609
  9,019
  9,451
  9,905
  10,383
  10,886
  11,415
Adjusted assets (=assets-cash), $m
  3,485
  3,549
  3,631
  3,724
  3,829
  3,945
  4,073
  4,211
  4,361
  4,523
  4,697
  4,882
  5,081
  5,292
  5,516
  5,754
  6,006
  6,273
  6,555
  6,853
  7,168
  7,500
  7,851
  8,220
  8,609
  9,019
  9,451
  9,905
  10,383
  10,886
  11,415
Revenue / Adjusted assets
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
Average production assets, $m
  3,208
  3,272
  3,347
  3,433
  3,529
  3,636
  3,754
  3,882
  4,020
  4,169
  4,329
  4,500
  4,683
  4,877
  5,084
  5,303
  5,536
  5,782
  6,042
  6,317
  6,607
  6,913
  7,236
  7,577
  7,936
  8,313
  8,711
  9,130
  9,570
  10,034
  10,521
Working capital, $m
  -1,188
  143
  146
  150
  154
  159
  164
  170
  176
  182
  189
  197
  205
  213
  222
  232
  242
  253
  264
  276
  289
  302
  316
  331
  347
  364
  381
  399
  419
  439
  460
Total debt, $m
  2,034
  1,363
  1,406
  1,456
  1,511
  1,573
  1,641
  1,714
  1,794
  1,880
  1,972
  2,071
  2,176
  2,288
  2,407
  2,533
  2,667
  2,809
  2,959
  3,117
  3,284
  3,461
  3,647
  3,843
  4,050
  4,267
  4,496
  4,738
  4,991
  5,258
  5,539
Total liabilities, $m
  2,556
  1,885
  1,928
  1,978
  2,033
  2,095
  2,163
  2,236
  2,316
  2,402
  2,494
  2,593
  2,698
  2,810
  2,929
  3,055
  3,189
  3,331
  3,481
  3,639
  3,806
  3,983
  4,169
  4,365
  4,572
  4,789
  5,018
  5,260
  5,513
  5,780
  6,061
Total equity, $m
  1,635
  1,665
  1,703
  1,747
  1,796
  1,850
  1,910
  1,975
  2,045
  2,121
  2,203
  2,290
  2,383
  2,482
  2,587
  2,698
  2,817
  2,942
  3,074
  3,214
  3,362
  3,518
  3,682
  3,855
  4,038
  4,230
  4,432
  4,645
  4,870
  5,105
  5,353
Total liabilities and equity, $m
  4,191
  3,550
  3,631
  3,725
  3,829
  3,945
  4,073
  4,211
  4,361
  4,523
  4,697
  4,883
  5,081
  5,292
  5,516
  5,753
  6,006
  6,273
  6,555
  6,853
  7,168
  7,501
  7,851
  8,220
  8,610
  9,019
  9,450
  9,905
  10,383
  10,885
  11,414
Debt-to-equity ratio
  1.244
  0.820
  0.830
  0.830
  0.840
  0.850
  0.860
  0.870
  0.880
  0.890
  0.900
  0.900
  0.910
  0.920
  0.930
  0.940
  0.950
  0.950
  0.960
  0.970
  0.980
  0.980
  0.990
  1.000
  1.000
  1.010
  1.010
  1.020
  1.020
  1.030
  1.030
Adjusted equity ratio
  0.267
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -660
  -90
  -92
  -95
  -98
  -101
  -105
  -109
  -114
  -118
  -123
  -129
  -135
  -141
  -148
  -155
  -162
  -170
  -179
  -188
  -197
  -207
  -218
  -229
  -240
  -253
  -265
  -279
  -293
  -308
  -324
Depreciation, amort., depletion, $m
  167
  170
  174
  179
  184
  189
  196
  202
  209
  217
  225
  234
  244
  254
  265
  276
  288
  301
  315
  329
  344
  360
  377
  395
  413
  433
  454
  476
  498
  523
  548
Funds from operations, $m
  84
  80
  82
  84
  86
  88
  90
  93
  96
  99
  102
  105
  109
  113
  117
  121
  126
  131
  136
  141
  147
  153
  159
  166
  173
  180
  188
  196
  205
  214
  224
Change in working capital, $m
  54
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  7
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  17
  18
  19
  20
  21
Cash from operations, $m
  30
  78
  79
  80
  82
  83
  85
  87
  90
  92
  95
  98
  101
  104
  108
  112
  116
  120
  124
  129
  134
  140
  145
  151
  157
  164
  171
  178
  186
  194
  202
Maintenance CAPEX, $m
  0
  -167
  -170
  -174
  -179
  -184
  -189
  -196
  -202
  -209
  -217
  -225
  -234
  -244
  -254
  -265
  -276
  -288
  -301
  -315
  -329
  -344
  -360
  -377
  -395
  -413
  -433
  -454
  -476
  -498
  -523
New CAPEX, $m
  -26
  -64
  -75
  -86
  -97
  -107
  -117
  -128
  -138
  -149
  -160
  -171
  -183
  -194
  -207
  -219
  -232
  -246
  -260
  -275
  -290
  -306
  -323
  -340
  -359
  -378
  -398
  -419
  -441
  -463
  -488
Cash from investing activities, $m
  15
  -231
  -245
  -260
  -276
  -291
  -306
  -324
  -340
  -358
  -377
  -396
  -417
  -438
  -461
  -484
  -508
  -534
  -561
  -590
  -619
  -650
  -683
  -717
  -754
  -791
  -831
  -873
  -917
  -961
  -1,011
Free cash flow, $m
  45
  -154
  -167
  -180
  -194
  -207
  -221
  -236
  -251
  -266
  -282
  -299
  -316
  -334
  -353
  -372
  -393
  -414
  -437
  -460
  -485
  -511
  -538
  -566
  -596
  -627
  -660
  -694
  -730
  -768
  -808
Issuance/(repayment) of debt, $m
  -10
  35
  43
  50
  56
  62
  68
  74
  80
  86
  92
  99
  105
  112
  119
  126
  134
  142
  150
  158
  167
  176
  186
  196
  207
  218
  229
  241
  254
  267
  281
Issuance/(repurchase) of shares, $m
  0
  120
  131
  139
  147
  156
  165
  174
  184
  194
  205
  216
  228
  240
  253
  267
  281
  296
  311
  328
  345
  363
  382
  402
  423
  445
  468
  492
  518
  544
  572
Cash from financing (excl. dividends), $m  
  -17
  155
  174
  189
  203
  218
  233
  248
  264
  280
  297
  315
  333
  352
  372
  393
  415
  438
  461
  486
  512
  539
  568
  598
  630
  663
  697
  733
  772
  811
  853
Total cash flow (excl. dividends), $m
  28
  1
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  26
  27
  29
  30
  32
  33
  35
  37
  39
  41
  43
  45
Retained Cash Flow (-), $m
  665
  -120
  -131
  -139
  -147
  -156
  -165
  -174
  -184
  -194
  -205
  -216
  -228
  -240
  -253
  -267
  -281
  -296
  -311
  -328
  -345
  -363
  -382
  -402
  -423
  -445
  -468
  -492
  -518
  -544
  -572
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
 
  -119
  -124
  -131
  -138
  -146
  -154
  -162
  -171
  -180
  -190
  -200
  -211
  -222
  -234
  -246
  -259
  -273
  -287
  -302
  -318
  -334
  -352
  -370
  -389
  -410
  -431
  -453
  -476
  -501
  -527
Discount rate, %
 
  8.50
  8.93
  9.37
  9.84
  10.33
  10.85
  11.39
  11.96
  12.56
  13.19
  13.85
  14.54
  15.26
  16.03
  16.83
  17.67
  18.55
  19.48
  20.46
  21.48
  22.55
  23.68
  24.86
  26.11
  27.41
  28.78
  30.22
  31.73
  33.32
  34.99
PV of cash for distribution, $m
 
  -110
  -104
  -100
  -95
  -89
  -83
  -76
  -69
  -62
  -55
  -48
  -41
  -35
  -29
  -24
  -19
  -15
  -12
  -9
  -6
  -5
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  90.5
  81.4
  72.9
  65.1
  57.9
  51.4
  45.5
  40.1
  35.3
  31.0
  27.2
  23.8
  20.8
  18.2
  15.9
  13.8
  12.0
  10.4
  9.1
  7.8
  6.8
  5.9
  5.1
  4.4
  3.8
  3.3
  2.8
  2.4
  2.1
  1.8

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 1.4
Price to Free Cash Flow 10.3
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 8.5%, 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 107.1%.

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 3.5% 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 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 TDW are equal to 532.8%.

Life of production assets of 19.2 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 23.3%. 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 30 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 $0.8 billion.

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COMPANY NEWS

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▶ [$$] Tidewater Fleet Finance Arrangements Tested in Court   [Aug-30-17 04:43PM  The Wall Street Journal]
▶ Correlation between Crude Oil and Schlumberger on August 25   [Aug-29-17 07:39AM  Market Realist]
▶ US Dollar Supported Crude Oil Prices Last Week   [Aug-21-17 10:57AM  Market Realist]
▶ Tidewater Reports First Quarter Results For Fiscal 2018   [Aug-08-17 05:16PM  PR Newswire]
▶ How Schlumberger Correlates with Crude Oil   [08:10AM  Market Realist]
▶ [$$] 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]
▶ [$$] Firm Retention Summary: Tidewater Inc.   [May-30-17 01:53PM  The Wall Street Journal]
▶ Whats Weatherfords Correlation with Crude Oil on May 22?   [May-23-17 02:36PM  Market Realist]
▶ [$$] Tidewater Outlines Survival Plan to Bankruptcy Judge   [May-19-17 04:37PM  The Wall Street Journal]
▶ Whats Schlumbergers 7-Day Stock Price Forecast on May 12?   [May-15-17 03:06PM  Market Realist]
▶ [$$] Offshore Vessel Shakeout Continues With Tidewater Bankruptcy Deal   [May-12-17 02:53PM  The Wall Street Journal]
▶ Inside Halliburtons Correlation with Crude Oil on April 28   [May-02-17 07:40AM  Market Realist]
▶ ETFs with exposure to Tidewater, Inc. : May 1, 2017   [May-01-17 04:28PM  Capital Cube]
▶ Whats NOVs Correlation with Crude Oil as of April 17?   [Apr-20-17 09:06AM  Market Realist]
▶ Behind Patterson-UTIs Correlation with Crude on April 12   [Apr-17-17 07:36AM  Market Realist]
▶ ETFs with exposure to Tidewater, Inc. : April 7, 2017   [Apr-07-17 05:34PM  Capital Cube]
▶ Weatherfords Correlation with Crude Oil on March 31   [Apr-03-17 01:35PM  Market Realist]
▶ Whats PTENs Correlation with Crude in March?   [09:07AM  Market Realist]
▶ Whats Weatherfords Correlation with Crude Oil?   [Mar-20-17 01:35PM  Market Realist]
▶ Whats Weatherfords Correlation with Crude Oil This Month?   [Mar-14-17 07:37AM  Market Realist]
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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