Intrinsic value of TransGlobe Energy - TGA

Previous Close

$1.20

  Intrinsic Value

$1.01

stock screener

  Rating & Target

hold

-16%

  Value-price divergence*

-79%

Previous close

$1.20

 
Intrinsic value

$1.01

 
Up/down potential

-16%

 
Rating

hold

 
Value-price divergence*

-79%

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

We calculate the intrinsic value of TGA 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, %
  -31.18
  22.20
  20.48
  18.93
  17.54
  16.28
  15.16
  14.14
  13.23
  12.40
  11.66
  11.00
  10.40
  9.86
  9.37
  8.93
  8.54
  8.19
  7.87
  7.58
  7.32
  7.09
  6.88
  6.69
  6.52
  6.37
  6.23
  6.11
  6.00
  5.90
  5.81
Revenue, $m
  64
  78
  94
  112
  132
  153
  176
  201
  228
  256
  286
  318
  351
  385
  421
  459
  498
  539
  581
  625
  671
  719
  768
  820
  873
  929
  987
  1,047
  1,110
  1,175
  1,244
Variable operating expenses, $m
 
  174
  209
  249
  292
  340
  391
  447
  506
  569
  635
  705
  778
  855
  935
  1,018
  1,105
  1,196
  1,290
  1,388
  1,489
  1,595
  1,705
  1,819
  1,937
  2,061
  2,189
  2,323
  2,463
  2,608
  2,759
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
  121
  174
  209
  249
  292
  340
  391
  447
  506
  569
  635
  705
  778
  855
  935
  1,018
  1,105
  1,196
  1,290
  1,388
  1,489
  1,595
  1,705
  1,819
  1,937
  2,061
  2,189
  2,323
  2,463
  2,608
  2,759
Operating income, $m
  -58
  -95
  -115
  -137
  -161
  -187
  -215
  -245
  -278
  -312
  -349
  -387
  -427
  -470
  -514
  -559
  -607
  -657
  -709
  -762
  -818
  -876
  -936
  -999
  -1,064
  -1,132
  -1,203
  -1,276
  -1,353
  -1,433
  -1,516
EBITDA, $m
  -29
  -60
  -72
  -86
  -101
  -117
  -135
  -154
  -174
  -196
  -219
  -243
  -268
  -295
  -322
  -351
  -381
  -412
  -445
  -479
  -514
  -550
  -588
  -627
  -668
  -711
  -755
  -801
  -849
  -899
  -952
Interest expense (income), $m
  5
  4
  5
  6
  8
  10
  12
  14
  17
  19
  22
  25
  28
  31
  34
  38
  41
  45
  49
  53
  57
  62
  66
  71
  76
  81
  86
  92
  97
  103
  110
Earnings before tax, $m
  -75
  -99
  -120
  -143
  -169
  -197
  -227
  -260
  -295
  -332
  -371
  -412
  -455
  -500
  -548
  -597
  -648
  -702
  -757
  -815
  -875
  -938
  -1,003
  -1,070
  -1,140
  -1,213
  -1,289
  -1,368
  -1,450
  -1,536
  -1,625
Tax expense, $m
  13
  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
  -88
  -99
  -120
  -143
  -169
  -197
  -227
  -260
  -295
  -332
  -371
  -412
  -455
  -500
  -548
  -597
  -648
  -702
  -757
  -815
  -875
  -938
  -1,003
  -1,070
  -1,140
  -1,213
  -1,289
  -1,368
  -1,450
  -1,536
  -1,625

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  31
  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
  406
  457
  551
  655
  770
  896
  1,031
  1,177
  1,333
  1,498
  1,673
  1,857
  2,050
  2,252
  2,464
  2,684
  2,913
  3,151
  3,399
  3,657
  3,925
  4,203
  4,492
  4,793
  5,106
  5,431
  5,770
  6,122
  6,490
  6,873
  7,272
Adjusted assets (=assets-cash), $m
  375
  457
  551
  655
  770
  896
  1,031
  1,177
  1,333
  1,498
  1,673
  1,857
  2,050
  2,252
  2,464
  2,684
  2,913
  3,151
  3,399
  3,657
  3,925
  4,203
  4,492
  4,793
  5,106
  5,431
  5,770
  6,122
  6,490
  6,873
  7,272
Revenue / Adjusted assets
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
Average production assets, $m
  302
  369
  445
  529
  622
  723
  832
  950
  1,076
  1,209
  1,350
  1,499
  1,654
  1,818
  1,988
  2,166
  2,351
  2,543
  2,743
  2,951
  3,167
  3,392
  3,625
  3,868
  4,120
  4,383
  4,656
  4,940
  5,237
  5,546
  5,868
Working capital, $m
  -17
  37
  44
  53
  62
  72
  83
  94
  107
  120
  134
  149
  164
  181
  198
  215
  234
  253
  273
  293
  315
  337
  360
  384
  409
  436
  463
  491
  520
  551
  583
Total debt, $m
  84
  73
  95
  120
  148
  178
  211
  246
  283
  323
  365
  409
  455
  504
  554
  607
  662
  719
  779
  841
  905
  972
  1,041
  1,113
  1,188
  1,266
  1,348
  1,432
  1,521
  1,612
  1,708
Total liabilities, $m
  121
  110
  132
  157
  185
  215
  248
  283
  320
  360
  402
  446
  492
  541
  591
  644
  699
  756
  816
  878
  942
  1,009
  1,078
  1,150
  1,225
  1,303
  1,385
  1,469
  1,558
  1,649
  1,745
Total equity, $m
  285
  348
  419
  498
  585
  681
  784
  895
  1,013
  1,139
  1,272
  1,411
  1,558
  1,712
  1,872
  2,040
  2,214
  2,395
  2,583
  2,779
  2,983
  3,194
  3,414
  3,643
  3,880
  4,128
  4,385
  4,653
  4,932
  5,223
  5,527
Total liabilities and equity, $m
  406
  458
  551
  655
  770
  896
  1,032
  1,178
  1,333
  1,499
  1,674
  1,857
  2,050
  2,253
  2,463
  2,684
  2,913
  3,151
  3,399
  3,657
  3,925
  4,203
  4,492
  4,793
  5,105
  5,431
  5,770
  6,122
  6,490
  6,872
  7,272
Debt-to-equity ratio
  0.295
  0.210
  0.230
  0.240
  0.250
  0.260
  0.270
  0.270
  0.280
  0.280
  0.290
  0.290
  0.290
  0.290
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
Adjusted equity ratio
  0.677
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -88
  -99
  -120
  -143
  -169
  -197
  -227
  -260
  -295
  -332
  -371
  -412
  -455
  -500
  -548
  -597
  -648
  -702
  -757
  -815
  -875
  -938
  -1,003
  -1,070
  -1,140
  -1,213
  -1,289
  -1,368
  -1,450
  -1,536
  -1,625
Depreciation, amort., depletion, $m
  29
  35
  43
  51
  60
  70
  80
  91
  103
  116
  130
  144
  159
  175
  191
  208
  226
  245
  264
  284
  305
  326
  349
  372
  396
  421
  448
  475
  504
  533
  564
Funds from operations, $m
  3
  -63
  -77
  -92
  -109
  -127
  -147
  -168
  -191
  -215
  -241
  -268
  -296
  -326
  -357
  -389
  -422
  -457
  -494
  -532
  -571
  -612
  -654
  -698
  -744
  -792
  -841
  -893
  -947
  -1,003
  -1,061
Change in working capital, $m
  4
  7
  8
  8
  9
  10
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  18
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
Cash from operations, $m
  -1
  -70
  -85
  -101
  -118
  -137
  -158
  -180
  -204
  -229
  -255
  -283
  -312
  -342
  -374
  -407
  -441
  -477
  -514
  -552
  -592
  -634
  -677
  -722
  -769
  -818
  -868
  -921
  -976
  -1,033
  -1,093
Maintenance CAPEX, $m
  0
  -29
  -35
  -43
  -51
  -60
  -70
  -80
  -91
  -103
  -116
  -130
  -144
  -159
  -175
  -191
  -208
  -226
  -245
  -264
  -284
  -305
  -326
  -349
  -372
  -396
  -421
  -448
  -475
  -504
  -533
New CAPEX, $m
  -75
  -67
  -76
  -84
  -93
  -101
  -110
  -118
  -126
  -133
  -141
  -148
  -156
  -163
  -170
  -178
  -185
  -192
  -200
  -208
  -216
  -225
  -233
  -243
  -252
  -263
  -273
  -285
  -296
  -309
  -322
Cash from investing activities, $m
  -87
  -96
  -111
  -127
  -144
  -161
  -180
  -198
  -217
  -236
  -257
  -278
  -300
  -322
  -345
  -369
  -393
  -418
  -445
  -472
  -500
  -530
  -559
  -592
  -624
  -659
  -694
  -733
  -771
  -813
  -855
Free cash flow, $m
  -88
  -166
  -196
  -228
  -262
  -298
  -337
  -378
  -421
  -465
  -512
  -561
  -612
  -664
  -719
  -775
  -834
  -895
  -958
  -1,024
  -1,092
  -1,163
  -1,237
  -1,313
  -1,393
  -1,476
  -1,563
  -1,653
  -1,748
  -1,846
  -1,949
Issuance/(repayment) of debt, $m
  0
  20
  22
  25
  28
  30
  33
  35
  37
  40
  42
  44
  46
  49
  51
  53
  55
  57
  60
  62
  64
  67
  69
  72
  75
  78
  81
  85
  88
  92
  96
Issuance/(repurchase) of shares, $m
  0
  162
  191
  222
  256
  292
  330
  371
  413
  457
  504
  552
  602
  654
  708
  764
  823
  883
  946
  1,011
  1,079
  1,149
  1,222
  1,298
  1,378
  1,460
  1,546
  1,636
  1,729
  1,827
  1,929
Cash from financing (excl. dividends), $m  
  -5
  182
  213
  247
  284
  322
  363
  406
  450
  497
  546
  596
  648
  703
  759
  817
  878
  940
  1,006
  1,073
  1,143
  1,216
  1,291
  1,370
  1,453
  1,538
  1,627
  1,721
  1,817
  1,919
  2,025
Total cash flow (excl. dividends), $m
  -95
  15
  18
  20
  22
  24
  26
  28
  30
  31
  33
  35
  37
  38
  40
  42
  44
  45
  47
  49
  51
  53
  55
  57
  60
  62
  64
  67
  70
  73
  76
Retained Cash Flow (-), $m
  87
  -162
  -191
  -222
  -256
  -292
  -330
  -371
  -413
  -457
  -504
  -552
  -602
  -654
  -708
  -764
  -823
  -883
  -946
  -1,011
  -1,079
  -1,149
  -1,222
  -1,298
  -1,378
  -1,460
  -1,546
  -1,636
  -1,729
  -1,827
  -1,929
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
 
  -146
  -173
  -202
  -234
  -268
  -304
  -343
  -383
  -426
  -470
  -517
  -565
  -616
  -668
  -722
  -779
  -838
  -899
  -962
  -1,028
  -1,096
  -1,167
  -1,241
  -1,318
  -1,398
  -1,482
  -1,569
  -1,659
  -1,754
  -1,853
Discount rate, %
 
  6.80
  7.14
  7.50
  7.87
  8.27
  8.68
  9.11
  9.57
  10.05
  10.55
  11.08
  11.63
  12.21
  12.82
  13.46
  14.14
  14.84
  15.59
  16.37
  17.18
  18.04
  18.94
  19.89
  20.89
  21.93
  23.03
  24.18
  25.39
  26.66
  27.99
PV of cash for distribution, $m
 
  -137
  -151
  -163
  -173
  -180
  -185
  -186
  -185
  -180
  -172
  -163
  -151
  -138
  -123
  -109
  -94
  -80
  -66
  -54
  -43
  -34
  -26
  -19
  -14
  -10
  -7
  -5
  -3
  -2
  -1
Current shareholders' claim on cash, %
  100
  55.3
  31.0
  17.6
  10.1
  5.9
  3.5
  2.1
  1.3
  0.8
  0.5
  0.3
  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

TransGlobe Energy Corporation explores for and produces oil and gas properties in the Arab Republic of Egypt. It holds working interests in eight production sharing concessions, including West Gharib, South East Gharib, West Bakr, North West Gharib, South West Gharib, South Alamein, South Ghazalat, and North West Sitra. As of December 31, 2015, the company had total proved reserves of 17.5 million barrels of oil (MMBbl); and total proved plus probable reserves of 28.7 MMBbl. TransGlobe Energy Corporation was founded in 1968 and is headquartered in Calgary, Canada.

FINANCIAL RATIOS  of  TransGlobe Energy (TGA)

Valuation Ratios
P/E Ratio -1
Price to Sales 1.4
Price to Book 0.3
Price to Tangible Book
Price to Cash Flow -86.7
Price to Free Cash Flow -1.1
Growth Rates
Sales Growth Rate -31.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 66.7%
Cap. Spend. - 3 Yr. Gr. Rate -10.3%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 2.1%
Total Debt to Equity 29.5%
Interest Coverage -14
Management Effectiveness
Return On Assets -19.1%
Ret/ On Assets - 3 Yr. Avg. -11.8%
Return On Total Capital -21.9%
Ret/ On T. Cap. - 3 Yr. Avg. -13.7%
Return On Equity -26.8%
Return On Equity - 3 Yr. Avg. -16.3%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 35.9%
Gross Margin - 3 Yr. Avg. 50.7%
EBITDA Margin -64.1%
EBITDA Margin - 3 Yr. Avg. -30.8%
Operating Margin -89.1%
Oper. Margin - 3 Yr. Avg. -64.2%
Pre-Tax Margin -117.2%
Pre-Tax Margin - 3 Yr. Avg. -73%
Net Profit Margin -137.5%
Net Profit Margin - 3 Yr. Avg. -82.5%
Effective Tax Rate -17.3%
Eff/ Tax Rate - 3 Yr. Avg. 24.8%
Payout Ratio 0%

TGA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TGA stock intrinsic value calculation we used $64 million for the last fiscal year's total revenue generated by TransGlobe Energy. The default revenue input number comes from 2016 income statement of TransGlobe 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 TGA stock valuation model: a) initial revenue growth rate of 22.2% 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 6.8%, whose default value for TGA is calculated based on our internal credit rating of TransGlobe 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 TransGlobe 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 TGA stock the variable cost ratio is equal to 221.9%.

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 TGA 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 6.8% for TransGlobe Energy.

Corporate tax rate of 27% is the nominal tax rate for TransGlobe 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 TGA 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 TGA are equal to 471.9%.

Life of production assets of 10.4 years is the average useful life of capital assets used in TransGlobe 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 TGA is equal to 46.9%. 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 - $285 million for TransGlobe 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 70.765 million for TransGlobe 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 TransGlobe Energy at the current share price and the inputted number of shares is $0.1 billion.

RELATED COMPANIES Price Int.Val. Rating

COMPANY NEWS

▶ Transglobe reports 2Q loss   [Aug-14-17 11:24PM  Associated Press]
▶ TransGlobe Energy Corporation Reports Voting Results   [May-11-17 06:48PM  Marketwired]
▶ Transglobe reports 1Q loss   [06:28AM  Associated Press]
▶ Transglobe reports 4Q loss   [Mar-07-17 07:18PM  Associated Press]
▶ IIROC Trade Resumption - TGL.DB   [Feb-10-17 08:44AM  PR Newswire]
▶ IIROC Trading Halt - TGL.DB   [08:33AM  PR Newswire]
▶ TransGlobe Energy Corporation Reports Voting Results   [May-13-16 01:40PM  Marketwired]
▶ Do Hedge Funds Love POZEN Inc. (POZN)?   [Nov-30  02:53PM  at Insider Monkey]
▶ Should You Avoid Transenterix Inc (TRXC)?   [Nov-27  06:15PM  at Insider Monkey]
▶ Should You Buy The Phoenix Companies, Inc. (PNX)?   [Nov-21  02:35PM  at Insider Monkey]
▶ TransGlobe Energy Corporation Reports Voting Results   [May-08  10:18AM  Marketwired]
▶ Transglobe posts 3Q profit   [Nov-12  05:27AM  AP]
▶ Energy stocks, worst S&P performers, nicked by oil prices   [Sep-30  05:02PM  at MarketWatch]
▶ TransGlobe Energy Corporation Exploration Update   [Sep-03  01:53PM  Marketwired]
Stock chart of TGA Financial statements of TGA
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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