Intrinsic value of Willbros Group - WG

Previous Close

$2.19

  Intrinsic Value

$0.54

stock screener

  Rating & Target

str. sell

-75%

  Value-price divergence*

+77%

Previous close

$2.19

 
Intrinsic value

$0.54

 
Up/down potential

-75%

 
Rating

str. sell

 
Value-price divergence*

+77%

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

We calculate the intrinsic value of WG 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, %
  -19.47
  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
  732
  747
  764
  783
  805
  830
  857
  886
  917
  951
  988
  1,027
  1,069
  1,113
  1,160
  1,210
  1,263
  1,320
  1,379
  1,442
  1,508
  1,578
  1,651
  1,729
  1,811
  1,897
  1,988
  2,084
  2,184
  2,290
  2,401
Variable operating expenses, $m
 
  821
  840
  862
  886
  913
  942
  974
  1,009
  1,047
  1,087
  1,130
  1,176
  1,224
  1,276
  1,331
  1,390
  1,451
  1,517
  1,586
  1,659
  1,736
  1,817
  1,902
  1,992
  2,087
  2,187
  2,292
  2,403
  2,519
  2,641
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
  762
  821
  840
  862
  886
  913
  942
  974
  1,009
  1,047
  1,087
  1,130
  1,176
  1,224
  1,276
  1,331
  1,390
  1,451
  1,517
  1,586
  1,659
  1,736
  1,817
  1,902
  1,992
  2,087
  2,187
  2,292
  2,403
  2,519
  2,641
Operating income, $m
  -31
  -75
  -76
  -78
  -81
  -83
  -86
  -89
  -92
  -95
  -99
  -103
  -107
  -111
  -116
  -121
  -126
  -132
  -138
  -144
  -151
  -158
  -165
  -173
  -181
  -190
  -199
  -208
  -218
  -229
  -240
EBITDA, $m
  -9
  -62
  -63
  -65
  -67
  -69
  -71
  -73
  -76
  -79
  -82
  -85
  -88
  -92
  -96
  -100
  -104
  -109
  -114
  -119
  -125
  -130
  -137
  -143
  -150
  -157
  -164
  -172
  -181
  -189
  -199
Interest expense (income), $m
  9
  9
  9
  10
  10
  11
  12
  12
  13
  14
  15
  16
  18
  19
  20
  22
  23
  25
  26
  28
  30
  32
  34
  36
  39
  41
  44
  47
  49
  53
  56
Earnings before tax, $m
  -44
  -83
  -85
  -88
  -91
  -94
  -97
  -101
  -105
  -109
  -114
  -119
  -124
  -130
  -136
  -143
  -149
  -157
  -164
  -172
  -181
  -190
  -199
  -209
  -220
  -231
  -243
  -255
  -268
  -281
  -296
Tax expense, $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
Net income, $m
  -48
  -83
  -85
  -88
  -91
  -94
  -97
  -101
  -105
  -109
  -114
  -119
  -124
  -130
  -136
  -143
  -149
  -157
  -164
  -172
  -181
  -190
  -199
  -209
  -220
  -231
  -243
  -255
  -268
  -281
  -296

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  41
  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
  363
  328
  336
  345
  354
  365
  377
  390
  404
  419
  435
  452
  470
  490
  510
  532
  556
  581
  607
  634
  663
  694
  727
  761
  797
  835
  875
  917
  961
  1,007
  1,056
Adjusted assets (=assets-cash), $m
  322
  328
  336
  345
  354
  365
  377
  390
  404
  419
  435
  452
  470
  490
  510
  532
  556
  581
  607
  634
  663
  694
  727
  761
  797
  835
  875
  917
  961
  1,007
  1,056
Revenue / Adjusted assets
  2.273
  2.277
  2.274
  2.270
  2.274
  2.274
  2.273
  2.272
  2.270
  2.270
  2.271
  2.272
  2.274
  2.271
  2.275
  2.274
  2.272
  2.272
  2.272
  2.274
  2.275
  2.274
  2.271
  2.272
  2.272
  2.272
  2.272
  2.273
  2.273
  2.274
  2.274
Average production assets, $m
  127
  129
  132
  136
  139
  144
  148
  153
  159
  165
  171
  178
  185
  193
  201
  209
  219
  228
  239
  249
  261
  273
  286
  299
  313
  328
  344
  360
  378
  396
  415
Working capital, $m
  89
  49
  50
  52
  53
  55
  57
  58
  61
  63
  65
  68
  71
  73
  77
  80
  83
  87
  91
  95
  100
  104
  109
  114
  120
  125
  131
  138
  144
  151
  158
Total debt, $m
  89
  94
  99
  105
  112
  119
  128
  137
  147
  157
  169
  181
  194
  208
  222
  238
  255
  272
  291
  310
  331
  352
  375
  400
  425
  452
  480
  510
  541
  574
  609
Total liabilities, $m
  228
  233
  238
  244
  251
  258
  267
  276
  286
  296
  308
  320
  333
  347
  361
  377
  394
  411
  430
  449
  470
  491
  514
  539
  564
  591
  619
  649
  680
  713
  748
Total equity, $m
  135
  96
  98
  101
  103
  107
  110
  114
  118
  122
  127
  132
  137
  143
  149
  155
  162
  170
  177
  185
  194
  203
  212
  222
  233
  244
  255
  268
  281
  294
  308
Total liabilities and equity, $m
  363
  329
  336
  345
  354
  365
  377
  390
  404
  418
  435
  452
  470
  490
  510
  532
  556
  581
  607
  634
  664
  694
  726
  761
  797
  835
  874
  917
  961
  1,007
  1,056
Debt-to-equity ratio
  0.659
  0.980
  1.010
  1.040
  1.080
  1.120
  1.160
  1.200
  1.250
  1.290
  1.330
  1.370
  1.410
  1.450
  1.490
  1.530
  1.570
  1.600
  1.640
  1.670
  1.710
  1.740
  1.770
  1.800
  1.830
  1.850
  1.880
  1.910
  1.930
  1.950
  1.970
Adjusted equity ratio
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -48
  -83
  -85
  -88
  -91
  -94
  -97
  -101
  -105
  -109
  -114
  -119
  -124
  -130
  -136
  -143
  -149
  -157
  -164
  -172
  -181
  -190
  -199
  -209
  -220
  -231
  -243
  -255
  -268
  -281
  -296
Depreciation, amort., depletion, $m
  22
  13
  13
  14
  14
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
  38
  40
  42
Funds from operations, $m
  -14
  -70
  -72
  -74
  -77
  -79
  -82
  -86
  -89
  -93
  -97
  -101
  -106
  -111
  -116
  -122
  -128
  -134
  -140
  -147
  -155
  -163
  -171
  -179
  -189
  -198
  -208
  -219
  -230
  -242
  -254
Change in working capital, $m
  6
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
Cash from operations, $m
  -20
  -71
  -73
  -76
  -78
  -81
  -84
  -88
  -91
  -95
  -99
  -104
  -109
  -114
  -119
  -125
  -131
  -138
  -144
  -152
  -159
  -167
  -176
  -185
  -194
  -204
  -214
  -225
  -237
  -249
  -262
Maintenance CAPEX, $m
  0
  -13
  -13
  -13
  -14
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -38
  -40
New CAPEX, $m
  -4
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -17
  -18
  -19
Cash from investing activities, $m
  11
  -16
  -16
  -16
  -18
  -18
  -19
  -20
  -20
  -22
  -22
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -53
  -56
  -59
Free cash flow, $m
  -9
  -87
  -89
  -92
  -96
  -99
  -103
  -107
  -112
  -117
  -122
  -128
  -134
  -140
  -147
  -154
  -161
  -169
  -177
  -186
  -196
  -205
  -216
  -227
  -238
  -250
  -263
  -276
  -290
  -305
  -320
Issuance/(repayment) of debt, $m
  -4
  5
  5
  6
  7
  8
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  17
  18
  20
  21
  22
  23
  24
  25
  27
  28
  30
  31
  33
  35
Issuance/(repurchase) of shares, $m
  0
  85
  88
  90
  94
  97
  101
  105
  109
  114
  119
  124
  130
  136
  142
  149
  156
  164
  172
  180
  189
  199
  209
  219
  230
  242
  254
  267
  281
  295
  310
Cash from financing (excl. dividends), $m  
  -9
  90
  93
  96
  101
  105
  109
  114
  119
  125
  130
  136
  143
  150
  157
  165
  173
  181
  190
  200
  210
  221
  232
  243
  255
  269
  282
  297
  312
  328
  345
Total cash flow (excl. dividends), $m
  -17
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
Retained Cash Flow (-), $m
  42
  -85
  -88
  -90
  -94
  -97
  -101
  -105
  -109
  -114
  -119
  -124
  -130
  -136
  -142
  -149
  -156
  -164
  -172
  -180
  -189
  -199
  -209
  -219
  -230
  -242
  -254
  -267
  -281
  -295
  -310
Prev. year cash balance distribution, $m
 
  41
  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
 
  -41
  -84
  -86
  -89
  -92
  -95
  -98
  -102
  -106
  -111
  -116
  -121
  -126
  -132
  -138
  -145
  -152
  -159
  -167
  -175
  -184
  -193
  -202
  -213
  -223
  -234
  -246
  -259
  -272
  -286
Discount rate, %
 
  7.30
  7.67
  8.05
  8.45
  8.87
  9.32
  9.78
  10.27
  10.79
  11.32
  11.89
  12.49
  13.11
  13.77
  14.45
  15.18
  15.93
  16.73
  17.57
  18.45
  19.37
  20.34
  21.35
  22.42
  23.54
  24.72
  25.96
  27.25
  28.62
  30.05
PV of cash for distribution, $m
 
  -38
  -72
  -68
  -64
  -60
  -56
  -51
  -47
  -42
  -38
  -34
  -29
  -25
  -22
  -18
  -15
  -12
  -10
  -8
  -6
  -4
  -3
  -2
  -2
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  52.8
  27.7
  14.5
  7.6
  3.9
  2.0
  1.0
  0.5
  0.3
  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
  0.0
  0.0
  0.0

Willbros Group, Inc., through its subsidiaries, operates as a specialty energy infrastructure contractor serving oil and gas, and power industries in the United States and Canada. The company operates through three segments: Oil & Gas, Utility T&D, and Canada. The Oil & Gas segment offers construction, maintenance, and lifecycle extension services to the midstream markets. It constructs pipelines and facilities, such as such as pump stations, flow stations, gas compressor stations, and metering stations; and provides integrity construction, conventional pipeline systems maintenance, and tank services. The Utility T&D segment provides services in electric and natural gas transmission and distribution, including the engineering, procurement, maintenance and construction, repair, and restoration of utility infrastructure. The Canada segment offers construction, maintenance, and fabrication services for piping projects, including integrity and supporting civil work, general mechanical and facility construction, American Petroleum Institute storage tanks, general and modular fabrication, as well as for electrical and instrumentation projects serving the Canadian energy industry. Willbros Group, Inc. was founded in 1908 and is headquartered in Houston, Texas.

FINANCIAL RATIOS  of  Willbros Group (WG)

Valuation Ratios
P/E Ratio -2.9
Price to Sales 0.2
Price to Book 1
Price to Tangible Book
Price to Cash Flow -6.9
Price to Free Cash Flow -5.7
Growth Rates
Sales Growth Rate -19.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 33.3%
Cap. Spend. - 3 Yr. Gr. Rate -23.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 65.9%
Total Debt to Equity 65.9%
Interest Coverage -4
Management Effectiveness
Return On Assets -9.7%
Ret/ On Assets - 3 Yr. Avg. -2.8%
Return On Total Capital -19.3%
Ret/ On T. Cap. - 3 Yr. Avg. -9.6%
Return On Equity -30.8%
Return On Equity - 3 Yr. Avg. -20.8%
Asset Turnover 1.8
Profitability Ratios
Gross Margin 6.3%
Gross Margin - 3 Yr. Avg. 5.6%
EBITDA Margin -1.8%
EBITDA Margin - 3 Yr. Avg. -3.3%
Operating Margin -4.1%
Oper. Margin - 3 Yr. Avg. -5.6%
Pre-Tax Margin -6%
Pre-Tax Margin - 3 Yr. Avg. -7.9%
Net Profit Margin -6.6%
Net Profit Margin - 3 Yr. Avg. -2.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 14.7%
Payout Ratio 0%

WG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WG stock intrinsic value calculation we used $732 million for the last fiscal year's total revenue generated by Willbros Group. The default revenue input number comes from 2016 income statement of Willbros Group. 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 WG 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 7.3%, whose default value for WG is calculated based on our internal credit rating of Willbros Group, 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 Willbros Group.
    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 WG stock the variable cost ratio is equal to 110%.

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 WG 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 9.7% for Willbros Group.

Corporate tax rate of 27% is the nominal tax rate for Willbros Group. 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 WG 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 WG are equal to 17.3%.

Life of production assets of 10 years is the average useful life of capital assets used in Willbros Group 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 WG is equal to 6.6%. 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 - $135 million for Willbros Group - 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 62.422 million for Willbros Group 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 Willbros Group at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ Houston energy contractors CFO to leave for Phoenix company   [Aug-01-17 01:35PM  American City Business Journals]
▶ Willbros Announces CFO Transition   [06:30AM  GlobeNewswire]
▶ Willbros reports 2Q loss   [Jul-31-17 10:27PM  Associated Press]
▶ Willbros Announces Awards Valued at $68 Million   [Jun-22-17 04:49PM  GlobeNewswire]
▶ ETFs with exposure to Willbros Group, Inc. : May 5, 2017   [May-05-17 04:41PM  Capital Cube]
▶ Willbros reports 1Q loss   [May-02-17 07:13PM  Associated Press]
▶ Willbros Reports First Quarter 2017 Results   [04:15PM  GlobeNewswire]
▶ Willbros Announces New President of Canada Segment   [Apr-04-17 06:44PM  GlobeNewswire]
▶ Willbros reports 4Q loss   [Mar-07-17 07:06PM  Associated Press]
▶ Willbros Announces Addition to the Board of Directors   [Feb-08-17 04:07PM  GlobeNewswire]
▶ Willbros Announces Canada Awards of U.S. $87 Million   [Dec-19-16 04:21PM  GlobeNewswire]
▶ Here is What Hedge Funds Think About Willbros Group Inc (WG)   [Dec-15-16 06:04AM  at Insider Monkey]
▶ Willbros UTD Segment Announces Bookings of $105 Million   [Dec-13-16 04:15PM  GlobeNewswire]
▶ Willbros Reports Third Quarter 2016 Results   [04:36PM  GlobeNewswire]
▶ Willbros Joins Russell Indexes   [06:00AM  PR Newswire]
▶ Another C-level exec to leave Houston energy contractor   [Jun-24-16 01:31PM  at bizjournals.com]
▶ Willbros CAO Tenders Resignation   [04:23PM  PR Newswire]
Stock chart of WG Financial statements of WG
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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