Intrinsic value of Willbros Group - WG

Previous Close

$1.29

  Intrinsic Value

$0.53

stock screener

  Rating & Target

str. sell

-59%

Previous close

$1.29

 
Intrinsic value

$0.53

 
Up/down potential

-59%

 
Rating

str. sell

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
  17.60
  16.34
  15.21
  14.19
  13.27
  12.44
  11.70
  11.03
  10.42
  9.88
  9.39
  8.95
  8.56
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.01
  5.90
  5.81
  5.73
  5.66
  5.59
Revenue, $m
  732
  861
  1,001
  1,154
  1,317
  1,492
  1,678
  1,874
  2,081
  2,298
  2,525
  2,762
  3,009
  3,267
  3,535
  3,813
  4,103
  4,404
  4,717
  5,042
  5,379
  5,731
  6,096
  6,477
  6,873
  7,286
  7,716
  8,165
  8,633
  9,121
  9,631
Variable operating expenses, $m
 
  947
  1,102
  1,269
  1,449
  1,641
  1,846
  2,062
  2,289
  2,527
  2,777
  3,038
  3,310
  3,593
  3,888
  4,195
  4,513
  4,844
  5,188
  5,546
  5,917
  6,304
  6,706
  7,125
  7,560
  8,014
  8,488
  8,981
  9,496
  10,033
  10,594
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
  947
  1,102
  1,269
  1,449
  1,641
  1,846
  2,062
  2,289
  2,527
  2,777
  3,038
  3,310
  3,593
  3,888
  4,195
  4,513
  4,844
  5,188
  5,546
  5,917
  6,304
  6,706
  7,125
  7,560
  8,014
  8,488
  8,981
  9,496
  10,033
  10,594
Operating income, $m
  -31
  -86
  -100
  -115
  -132
  -149
  -168
  -187
  -208
  -230
  -252
  -276
  -301
  -327
  -353
  -381
  -410
  -440
  -472
  -504
  -538
  -573
  -610
  -648
  -687
  -729
  -772
  -816
  -863
  -912
  -963
EBITDA, $m
  -9
  -60
  -70
  -81
  -92
  -105
  -118
  -132
  -146
  -161
  -177
  -194
  -211
  -229
  -248
  -268
  -288
  -309
  -331
  -354
  -377
  -402
  -428
  -454
  -482
  -511
  -541
  -573
  -606
  -640
  -676
Interest expense (income), $m
  9
  9
  13
  17
  21
  26
  32
  37
  43
  49
  56
  63
  70
  77
  85
  93
  102
  110
  120
  129
  139
  149
  160
  171
  182
  194
  207
  220
  233
  247
  262
Earnings before tax, $m
  -44
  -95
  -113
  -132
  -153
  -176
  -199
  -225
  -251
  -279
  -308
  -339
  -371
  -404
  -439
  -475
  -512
  -551
  -591
  -633
  -677
  -722
  -769
  -818
  -870
  -923
  -978
  -1,036
  -1,096
  -1,159
  -1,225
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
  -95
  -113
  -132
  -153
  -176
  -199
  -225
  -251
  -279
  -308
  -339
  -371
  -404
  -439
  -475
  -512
  -551
  -591
  -633
  -677
  -722
  -769
  -818
  -870
  -923
  -978
  -1,036
  -1,096
  -1,159
  -1,225

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
  379
  441
  508
  580
  657
  738
  825
  915
  1,011
  1,111
  1,215
  1,324
  1,437
  1,555
  1,678
  1,805
  1,937
  2,075
  2,218
  2,367
  2,521
  2,682
  2,849
  3,024
  3,205
  3,395
  3,592
  3,798
  4,013
  4,237
Adjusted assets (=assets-cash), $m
  322
  379
  441
  508
  580
  657
  738
  825
  915
  1,011
  1,111
  1,215
  1,324
  1,437
  1,555
  1,678
  1,805
  1,937
  2,075
  2,218
  2,367
  2,521
  2,682
  2,849
  3,024
  3,205
  3,395
  3,592
  3,798
  4,013
  4,237
Revenue / Adjusted assets
  2.273
  2.272
  2.270
  2.272
  2.271
  2.271
  2.274
  2.272
  2.274
  2.273
  2.273
  2.273
  2.273
  2.273
  2.273
  2.272
  2.273
  2.274
  2.273
  2.273
  2.272
  2.273
  2.273
  2.273
  2.273
  2.273
  2.273
  2.273
  2.273
  2.273
  2.273
Average production assets, $m
  127
  149
  173
  200
  228
  258
  290
  324
  360
  397
  437
  478
  521
  565
  611
  660
  710
  762
  816
  872
  931
  991
  1,055
  1,120
  1,189
  1,260
  1,335
  1,412
  1,493
  1,578
  1,666
Working capital, $m
  89
  57
  66
  76
  87
  98
  111
  124
  137
  152
  167
  182
  199
  216
  233
  252
  271
  291
  311
  333
  355
  378
  402
  427
  454
  481
  509
  539
  570
  602
  636
Total debt, $m
  89
  129
  173
  220
  271
  326
  384
  445
  509
  577
  647
  721
  798
  879
  962
  1,049
  1,139
  1,233
  1,330
  1,431
  1,537
  1,646
  1,760
  1,878
  2,002
  2,130
  2,264
  2,404
  2,550
  2,702
  2,861
Total liabilities, $m
  228
  268
  312
  359
  410
  465
  523
  584
  648
  716
  786
  860
  937
  1,018
  1,101
  1,188
  1,278
  1,372
  1,469
  1,570
  1,676
  1,785
  1,899
  2,017
  2,141
  2,269
  2,403
  2,543
  2,689
  2,841
  3,000
Total equity, $m
  135
  111
  129
  148
  169
  192
  216
  241
  267
  295
  324
  355
  387
  420
  454
  490
  527
  566
  606
  648
  691
  736
  783
  832
  883
  936
  991
  1,049
  1,109
  1,172
  1,237
Total liabilities and equity, $m
  363
  379
  441
  507
  579
  657
  739
  825
  915
  1,011
  1,110
  1,215
  1,324
  1,438
  1,555
  1,678
  1,805
  1,938
  2,075
  2,218
  2,367
  2,521
  2,682
  2,849
  3,024
  3,205
  3,394
  3,592
  3,798
  4,013
  4,237
Debt-to-equity ratio
  0.659
  1.170
  1.340
  1.490
  1.600
  1.700
  1.780
  1.850
  1.900
  1.950
  2.000
  2.030
  2.070
  2.090
  2.120
  2.140
  2.160
  2.180
  2.200
  2.210
  2.220
  2.240
  2.250
  2.260
  2.270
  2.280
  2.280
  2.290
  2.300
  2.310
  2.310
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
  -95
  -113
  -132
  -153
  -176
  -199
  -225
  -251
  -279
  -308
  -339
  -371
  -404
  -439
  -475
  -512
  -551
  -591
  -633
  -677
  -722
  -769
  -818
  -870
  -923
  -978
  -1,036
  -1,096
  -1,159
  -1,225
Depreciation, amort., depletion, $m
  22
  26
  30
  34
  39
  45
  50
  56
  62
  69
  75
  82
  90
  97
  105
  114
  122
  131
  141
  150
  160
  171
  182
  193
  205
  217
  230
  244
  257
  272
  287
Funds from operations, $m
  -14
  -69
  -83
  -98
  -114
  -131
  -149
  -169
  -189
  -211
  -233
  -257
  -281
  -307
  -333
  -361
  -390
  -420
  -451
  -483
  -516
  -551
  -587
  -625
  -665
  -705
  -748
  -793
  -839
  -887
  -938
Change in working capital, $m
  6
  9
  9
  10
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
Cash from operations, $m
  -20
  -78
  -92
  -108
  -125
  -143
  -162
  -182
  -203
  -225
  -248
  -272
  -297
  -324
  -351
  -379
  -409
  -439
  -471
  -504
  -539
  -574
  -612
  -650
  -691
  -733
  -776
  -822
  -870
  -920
  -972
Maintenance CAPEX, $m
  0
  -22
  -26
  -30
  -34
  -39
  -45
  -50
  -56
  -62
  -69
  -75
  -82
  -90
  -97
  -105
  -114
  -122
  -131
  -141
  -150
  -160
  -171
  -182
  -193
  -205
  -217
  -230
  -244
  -257
  -272
New CAPEX, $m
  -4
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -39
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -71
  -74
  -78
  -81
  -85
  -88
Cash from investing activities, $m
  11
  -44
  -50
  -56
  -62
  -69
  -77
  -84
  -92
  -100
  -108
  -116
  -125
  -135
  -143
  -153
  -164
  -174
  -185
  -197
  -208
  -221
  -234
  -248
  -262
  -276
  -291
  -308
  -325
  -342
  -360
Free cash flow, $m
  -9
  -122
  -142
  -164
  -187
  -212
  -238
  -266
  -294
  -325
  -356
  -389
  -423
  -458
  -495
  -533
  -573
  -614
  -657
  -701
  -747
  -796
  -846
  -898
  -952
  -1,009
  -1,068
  -1,130
  -1,194
  -1,262
  -1,332
Issuance/(repayment) of debt, $m
  -4
  40
  44
  47
  51
  54
  58
  61
  64
  68
  71
  74
  77
  80
  83
  87
  90
  94
  97
  101
  105
  109
  114
  119
  123
  129
  134
  140
  146
  152
  159
Issuance/(repurchase) of shares, $m
  0
  111
  131
  152
  174
  198
  223
  250
  278
  307
  338
  369
  403
  437
  473
  510
  549
  590
  631
  675
  720
  767
  816
  867
  920
  976
  1,034
  1,094
  1,157
  1,222
  1,291
Cash from financing (excl. dividends), $m  
  -9
  151
  175
  199
  225
  252
  281
  311
  342
  375
  409
  443
  480
  517
  556
  597
  639
  684
  728
  776
  825
  876
  930
  986
  1,043
  1,105
  1,168
  1,234
  1,303
  1,374
  1,450
Total cash flow (excl. dividends), $m
  -17
  30
  32
  35
  38
  40
  43
  45
  48
  50
  52
  55
  57
  59
  62
  64
  67
  69
  72
  75
  78
  81
  84
  88
  91
  95
  99
  104
  108
  113
  118
Retained Cash Flow (-), $m
  42
  -111
  -131
  -152
  -174
  -198
  -223
  -250
  -278
  -307
  -338
  -369
  -403
  -437
  -473
  -510
  -549
  -590
  -631
  -675
  -720
  -767
  -816
  -867
  -920
  -976
  -1,034
  -1,094
  -1,157
  -1,222
  -1,291
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
  -98
  -117
  -136
  -158
  -180
  -205
  -230
  -257
  -285
  -315
  -346
  -378
  -411
  -446
  -482
  -520
  -559
  -600
  -642
  -686
  -732
  -779
  -829
  -881
  -934
  -990
  -1,049
  -1,109
  -1,173
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
  -85
  -92
  -99
  -103
  -106
  -106
  -105
  -102
  -98
  -91
  -84
  -76
  -68
  -59
  -50
  -42
  -35
  -28
  -22
  -17
  -12
  -9
  -6
  -4
  -3
  -2
  -1
  -1
  0
Current shareholders' claim on cash, %
  100
  37.2
  13.8
  5.1
  1.9
  0.7
  0.3
  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
  0.0
  0.0
  0.0
  0.0

Willbros Group, Inc. is a specialty energy infrastructure contractor serving the oil and gas and power industries with offerings that primarily include construction, maintenance and facilities development services. The Company operates through three segments: Oil & Gas, Utility T&D and Canada. The Company provides services through operating subsidiaries. The Company's segments operated primarily in the United States and Canada. The Company provides construction, maintenance and lifecycle extension services to the midstream markets. The Company provides a range of services in electric and natural gas transmission and distribution, including engineering, procurement, maintenance and construction, repair and restoration of utility infrastructure. It is engaged in construction, maintenance and fabrication, including integrity and supporting civil work, general mechanical and facility construction, application program interface (API) storage tanks, general and modular fabrication.

FINANCIAL RATIOS  of  Willbros Group (WG)

Valuation Ratios
P/E Ratio -1.7
Price to Sales 0.1
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow -4
Price to Free Cash Flow -3.4
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 17.6% 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 5.8 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 63.303 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

▶ Willbros reports 3Q loss   [Nov-09-17 05:02AM  Associated Press]
▶ Willbros Reports Third Quarter 2017 Results   [Nov-08-17 04:30PM  GlobeNewswire]
▶ How Index Funds Help Activists Secretly Buy Blocks   [Sep-30-17 01:20PM  TheStreet.com]
▶ 5 Oil Stocks that Outperformed in August   [Sep-06-17 05:40PM  Zacks]
▶ 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]
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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