Intrinsic value of EXCO Resources - XCO

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$3.18

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of XCO 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 0.9

 

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, %
  -23.88
  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
  271
  335
  342
  351
  361
  372
  384
  397
  411
  426
  443
  460
  479
  499
  520
  542
  566
  591
  618
  646
  676
  707
  740
  775
  812
  850
  891
  934
  979
  1,026
  1,076
Variable operating expenses, $m
 
  270
  276
  283
  290
  298
  307
  317
  328
  340
  352
  349
  363
  378
  394
  411
  429
  448
  469
  490
  512
  536
  561
  588
  615
  645
  676
  708
  742
  778
  816
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
  372
  270
  276
  283
  290
  298
  307
  317
  328
  340
  352
  349
  363
  378
  394
  411
  429
  448
  469
  490
  512
  536
  561
  588
  615
  645
  676
  708
  742
  778
  816
Operating income, $m
  -101
  65
  66
  69
  71
  74
  76
  80
  83
  87
  91
  111
  116
  121
  126
  131
  137
  143
  149
  156
  163
  171
  179
  187
  196
  205
  215
  226
  237
  248
  260
EBITDA, $m
  -25
  274
  280
  287
  296
  305
  314
  325
  337
  349
  363
  377
  392
  408
  426
  444
  464
  484
  506
  529
  553
  579
  606
  634
  665
  696
  729
  765
  801
  840
  881
Interest expense (income), $m
  68
  114
  52
  54
  56
  58
  60
  63
  66
  69
  72
  76
  79
  83
  88
  92
  97
  102
  108
  114
  120
  126
  133
  140
  148
  156
  164
  173
  182
  192
  202
Earnings before tax, $m
  -222
  -50
  14
  15
  15
  16
  16
  17
  17
  18
  19
  36
  36
  37
  38
  39
  40
  41
  42
  43
  44
  45
  46
  47
  48
  50
  51
  53
  54
  56
  58
Tax expense, $m
  3
  0
  4
  4
  4
  4
  4
  5
  5
  5
  5
  10
  10
  10
  10
  10
  11
  11
  11
  11
  12
  12
  12
  13
  13
  13
  14
  14
  15
  15
  16
Net income, $m
  -225
  -50
  11
  11
  11
  12
  12
  12
  13
  13
  14
  26
  27
  27
  28
  28
  29
  30
  30
  31
  32
  33
  34
  34
  35
  36
  37
  39
  40
  41
  42

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  9
  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
  661
  961
  983
  1,009
  1,037
  1,069
  1,103
  1,141
  1,181
  1,225
  1,272
  1,322
  1,376
  1,433
  1,494
  1,558
  1,627
  1,699
  1,775
  1,856
  1,942
  2,032
  2,126
  2,227
  2,332
  2,443
  2,560
  2,683
  2,812
  2,948
  3,092
Adjusted assets (=assets-cash), $m
  652
  961
  983
  1,009
  1,037
  1,069
  1,103
  1,141
  1,181
  1,225
  1,272
  1,322
  1,376
  1,433
  1,494
  1,558
  1,627
  1,699
  1,775
  1,856
  1,942
  2,032
  2,126
  2,227
  2,332
  2,443
  2,560
  2,683
  2,812
  2,948
  3,092
Revenue / Adjusted assets
  0.416
  0.349
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
Average production assets, $m
  447
  1,159
  1,185
  1,216
  1,250
  1,288
  1,329
  1,375
  1,424
  1,476
  1,533
  1,594
  1,658
  1,727
  1,800
  1,878
  1,960
  2,048
  2,140
  2,237
  2,340
  2,448
  2,563
  2,683
  2,810
  2,944
  3,085
  3,233
  3,389
  3,553
  3,726
Working capital, $m
  -147
  -66
  -68
  -70
  -71
  -74
  -76
  -79
  -81
  -84
  -88
  -91
  -95
  -99
  -103
  -107
  -112
  -117
  -122
  -128
  -134
  -140
  -147
  -153
  -161
  -168
  -176
  -185
  -194
  -203
  -213
Total debt, $m
  1,309
  619
  639
  662
  687
  716
  747
  781
  817
  857
  899
  944
  993
  1,044
  1,099
  1,157
  1,218
  1,283
  1,352
  1,425
  1,501
  1,582
  1,668
  1,758
  1,853
  1,953
  2,058
  2,169
  2,285
  2,408
  2,537
Total liabilities, $m
  1,533
  865
  885
  908
  933
  962
  993
  1,027
  1,063
  1,103
  1,145
  1,190
  1,239
  1,290
  1,345
  1,403
  1,464
  1,529
  1,598
  1,671
  1,747
  1,828
  1,914
  2,004
  2,099
  2,199
  2,304
  2,415
  2,531
  2,654
  2,783
Total equity, $m
  -872
  96
  98
  101
  104
  107
  110
  114
  118
  123
  127
  132
  138
  143
  149
  156
  163
  170
  178
  186
  194
  203
  213
  223
  233
  244
  256
  268
  281
  295
  309
Total liabilities and equity, $m
  661
  961
  983
  1,009
  1,037
  1,069
  1,103
  1,141
  1,181
  1,226
  1,272
  1,322
  1,377
  1,433
  1,494
  1,559
  1,627
  1,699
  1,776
  1,857
  1,941
  2,031
  2,127
  2,227
  2,332
  2,443
  2,560
  2,683
  2,812
  2,949
  3,092
Debt-to-equity ratio
  -1.501
  6.440
  6.500
  6.560
  6.630
  6.700
  6.770
  6.840
  6.920
  6.990
  7.070
  7.140
  7.210
  7.280
  7.350
  7.420
  7.490
  7.550
  7.610
  7.670
  7.730
  7.790
  7.840
  7.900
  7.950
  7.990
  8.040
  8.080
  8.130
  8.170
  8.200
Adjusted equity ratio
  -1.351
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -225
  -50
  11
  11
  11
  12
  12
  12
  13
  13
  14
  26
  27
  27
  28
  28
  29
  30
  30
  31
  32
  33
  34
  34
  35
  36
  37
  39
  40
  41
  42
Depreciation, amort., depletion, $m
  76
  209
  214
  219
  225
  231
  238
  245
  254
  262
  272
  266
  276
  288
  300
  313
  327
  341
  357
  373
  390
  408
  427
  447
  468
  491
  514
  539
  565
  592
  621
Funds from operations, $m
  -37
  160
  224
  230
  236
  242
  250
  258
  266
  276
  285
  292
  303
  315
  328
  341
  356
  371
  387
  404
  422
  441
  461
  482
  504
  527
  552
  577
  605
  633
  663
Change in working capital, $m
  -37
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
Cash from operations, $m
  0
  -417
  226
  232
  238
  245
  252
  260
  269
  279
  289
  295
  307
  319
  332
  346
  360
  376
  392
  409
  428
  447
  467
  489
  511
  535
  560
  586
  613
  643
  673
Maintenance CAPEX, $m
  0
  -189
  -193
  -198
  -203
  -208
  -215
  -222
  -229
  -237
  -246
  -256
  -266
  -276
  -288
  -300
  -313
  -327
  -341
  -357
  -373
  -390
  -408
  -427
  -447
  -468
  -491
  -514
  -539
  -565
  -592
New CAPEX, $m
  -80
  -23
  -27
  -30
  -34
  -38
  -42
  -45
  -49
  -53
  -57
  -61
  -65
  -69
  -73
  -78
  -82
  -87
  -92
  -97
  -103
  -108
  -114
  -121
  -127
  -134
  -141
  -148
  -156
  -164
  -173
Cash from investing activities, $m
  -55
  -212
  -220
  -228
  -237
  -246
  -257
  -267
  -278
  -290
  -303
  -317
  -331
  -345
  -361
  -378
  -395
  -414
  -433
  -454
  -476
  -498
  -522
  -548
  -574
  -602
  -632
  -662
  -695
  -729
  -765
Free cash flow, $m
  -55
  -629
  6
  4
  1
  -2
  -4
  -6
  -9
  -11
  -14
  -21
  -24
  -26
  -29
  -32
  -35
  -38
  -41
  -44
  -48
  -52
  -55
  -59
  -63
  -67
  -72
  -77
  -81
  -86
  -92
Issuance/(repayment) of debt, $m
  57
  -739
  20
  23
  26
  28
  31
  34
  37
  39
  42
  45
  48
  51
  55
  58
  61
  65
  69
  73
  77
  81
  85
  90
  95
  100
  105
  111
  117
  123
  129
Issuance/(repurchase) of shares, $m
  0
  2,126
  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 from financing (excl. dividends), $m  
  52
  1,387
  20
  23
  26
  28
  31
  34
  37
  39
  42
  45
  48
  51
  55
  58
  61
  65
  69
  73
  77
  81
  85
  90
  95
  100
  105
  111
  117
  123
  129
Total cash flow (excl. dividends), $m
  -3
  -1,367
  26
  26
  26
  27
  27
  27
  28
  28
  28
  24
  25
  25
  26
  26
  27
  27
  28
  28
  29
  29
  30
  31
  32
  32
  33
  34
  35
  36
  37
Retained Cash Flow (-), $m
  210
  -758
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
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
 
  0
  24
  24
  24
  24
  24
  24
  24
  24
  24
  19
  19
  19
  19
  20
  20
  20
  20
  20
  20
  20
  21
  21
  21
  21
  22
  22
  22
  22
  23
Discount rate, %
 
  14.60
  15.33
  16.10
  16.90
  17.75
  18.63
  19.57
  20.54
  21.57
  22.65
  23.78
  24.97
  26.22
  27.53
  28.91
  30.35
  31.87
  33.46
  35.14
  36.89
  38.74
  40.68
  42.71
  44.84
  47.09
  49.44
  51.91
  54.51
  57.23
  60.10
PV of cash for distribution, $m
 
  0
  18
  15
  13
  10
  8
  7
  5
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

EXCO Resources, Inc., an independent oil and natural gas company, engages in the acquisition, exploration, exploitation, development, and production of onshore oil and natural gas properties with a focus on shale resource plays in the United States. The company holds interests in approximately 83,800 net acres located in the Haynesville and Bossier shales of East Texas and North Louisiana; approximately 65,800 net acres situated in the Eagle Ford shale of South Texas; and approximately 137,400 net acres of prospective area located in the Marcellus shale of the Appalachian basin. As of December 31, 2015, it had proved reserves of approximately 907.3 billion cubic feet equivalent of oil and gas; and operated 6,380 gross wells. The company was founded in 1955 and is based in Dallas, Texas.

FINANCIAL RATIOS  of  EXCO Resources (XCO)

Valuation Ratios
P/E Ratio -4
Price to Sales 3.3
Price to Book -1
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow -11.2
Growth Rates
Sales Growth Rate -23.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -75.4%
Cap. Spend. - 3 Yr. Gr. Rate -42.7%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity -144.4%
Total Debt to Equity -150.1%
Interest Coverage -2
Management Effectiveness
Return On Assets -19.3%
Ret/ On Assets - 3 Yr. Avg. -25.4%
Return On Total Capital -39.3%
Ret/ On T. Cap. - 3 Yr. Avg. -41.1%
Return On Equity 29.3%
Return On Equity - 3 Yr. Avg. 544.8%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 72.7%
Gross Margin - 3 Yr. Avg. 74.9%
EBITDA Margin -28.8%
EBITDA Margin - 3 Yr. Avg. -67.3%
Operating Margin -37.3%
Oper. Margin - 3 Yr. Avg. -113.6%
Pre-Tax Margin -81.9%
Pre-Tax Margin - 3 Yr. Avg. -133.1%
Net Profit Margin -83%
Net Profit Margin - 3 Yr. Avg. -133.5%
Effective Tax Rate -1.4%
Eff/ Tax Rate - 3 Yr. Avg. -0.5%
Payout Ratio 0%

XCO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the XCO stock intrinsic value calculation we used $328 million for the last fiscal year's total revenue generated by EXCO Resources. The default revenue input number comes from 2016 income statement of EXCO Resources. 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 XCO 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 14.6%, whose default value for XCO is calculated based on our internal credit rating of EXCO Resources, 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 EXCO Resources.
    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 XCO stock the variable cost ratio is equal to 80.8%.

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 XCO 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 8.4% for EXCO Resources.

Corporate tax rate of 27% is the nominal tax rate for EXCO Resources. 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 XCO 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 XCO are equal to 346.3%.

Life of production assets of 6 years is the average useful life of capital assets used in EXCO Resources 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 XCO is equal to -19.8%. 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 - $-662 million for EXCO Resources - 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 271.751 million for EXCO Resources 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 EXCO Resources at the current share price and the inputted number of shares is $0.9 billion.


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COMPANY NEWS

▶ After-Hours Buzz: KBH, CAMP & more   [Jun-27-17 05:40PM  CNBC]
▶ Weather Could Rescue Natural Gas Bulls Next Week   [Jun-23-17 01:05PM  Market Realist]
▶ EIA Downgrades US Natural Gas Price Forecasts   [Jun-19-17 09:07AM  Market Realist]
▶ ETFs with exposure to EXCO Resources, Inc. : June 5, 2017   [Jun-05-17 02:56PM  Capital Cube]
▶ ETFs with exposure to EXCO Resources, Inc. : May 26, 2017   [May-26-17 01:31PM  Capital Cube]
▶ Top 4 Oil and Gas Penny Stocks for 2017   [May-22-17 06:07AM  Investopedia]
▶ ETFs with exposure to EXCO Resources, Inc. : May 15, 2017   [May-15-17 04:57PM  Capital Cube]
▶ Lower Rise in US Natural Gas Inventories Boosted Prices   [May-12-17 04:05PM  Market Realist]
▶ Exco posts 1Q profit   [May-09-17 06:16PM  Associated Press]
▶ Why Weekly US Natural Gas Consumption Rose in Early May 2017   [May-08-17 07:36AM  Market Realist]
▶ ETFs with exposure to EXCO Resources, Inc. : May 5, 2017   [May-05-17 04:43PM  Capital Cube]
▶ EIA Downgraded US Natural Gas Consumption Estimates   [Apr-17-17 10:24AM  Market Realist]
▶ Chou Income Fund 4th Quarter Message to Shareholders   [Mar-24-17 01:58PM  GuruFocus.com]
▶ Exco reports 4Q loss   [07:20AM  Associated Press]
▶ [$$] Exco Resources Nears Deal to Stave Off Bankruptcy   [02:49PM  at The Wall Street Journal]
▶ Five Penny Stocks to Buy Now   [Mar-07-17 12:19PM  at Insider Monkey]
▶ Exco Found Non-Compliant by NYSE   [08:50AM  at Investopedia]
▶ EXCO gets NYSE notice, considers reverse share split   [Jan-20-17 04:37PM  at bizjournals.com]
▶ Here's Why Natural Gas Stocks Cooled Off in December   [Jan-10-17 04:12PM  at Motley Fool]
▶ How FRP Holdings Inc (FRPH) Stacks Up Against Its Peers   [Dec-19-16 06:00AM  at Insider Monkey]
▶ Here is What Hedge Funds Think About EXCO Resources Inc (XCO)   [Dec-12-16 12:57PM  at Insider Monkey]
Stock chart of XCO Financial statements of XCO Annual reports of XCO
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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