Intrinsic value of Advantage Oil&Gas - AAV

Previous Close

$2.50

  Intrinsic Value

$1.39

stock screener

  Rating & Target

sell

-45%

Previous close

$2.50

 
Intrinsic value

$1.39

 
Up/down potential

-45%

 
Rating

sell

We calculate the intrinsic value of AAV 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 0001), $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 0.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  51.50
  46.85
  42.67
  38.90
  35.51
  32.46
  29.71
  27.24
  25.02
  23.02
  21.21
  19.59
  18.13
  16.82
  15.64
  14.57
  13.62
  12.75
  11.98
  11.28
  10.65
  10.09
  9.58
  9.12
  8.71
  8.34
  8.00
  7.70
  7.43
  7.19
Revenue, $m
  268
  394
  562
  781
  1,058
  1,401
  1,817
  2,312
  2,891
  3,556
  4,310
  5,155
  6,090
  7,114
  8,226
  9,425
  10,708
  12,074
  13,521
  15,046
  16,649
  18,329
  20,084
  21,916
  23,825
  25,812
  27,878
  30,025
  32,257
  34,577
Variable operating expenses, $m
  142
  209
  298
  414
  562
  744
  965
  1,228
  1,535
  1,888
  2,289
  2,737
  3,234
  3,777
  4,368
  5,005
  5,686
  6,411
  7,180
  7,989
  8,841
  9,732
  10,665
  11,638
  12,651
  13,706
  14,803
  15,943
  17,129
  18,360
Fixed operating expenses, $m
  55
  56
  58
  59
  60
  62
  63
  64
  66
  67
  69
  70
  72
  73
  75
  76
  78
  80
  82
  83
  85
  87
  89
  91
  93
  95
  97
  99
  102
  104
Total operating expenses, $m
  197
  265
  356
  473
  622
  806
  1,028
  1,292
  1,601
  1,955
  2,358
  2,807
  3,306
  3,850
  4,443
  5,081
  5,764
  6,491
  7,262
  8,072
  8,926
  9,819
  10,754
  11,729
  12,744
  13,801
  14,900
  16,042
  17,231
  18,464
Operating income, $m
  71
  128
  206
  307
  436
  596
  789
  1,020
  1,290
  1,601
  1,953
  2,348
  2,784
  3,263
  3,783
  4,344
  4,944
  5,583
  6,260
  6,973
  7,723
  8,509
  9,330
  10,188
  11,081
  12,011
  12,977
  13,983
  15,027
  16,113
EBITDA, $m
  211
  334
  500
  715
  989
  1,328
  1,739
  2,229
  2,801
  3,460
  4,206
  5,042
  5,968
  6,982
  8,084
  9,271
  10,542
  11,895
  13,328
  14,839
  16,426
  18,090
  19,830
  21,645
  23,536
  25,504
  27,551
  29,678
  31,890
  34,188
Interest expense (income), $m
  7
  9
  17
  29
  44
  64
  89
  120
  158
  203
  256
  316
  385
  462
  547
  640
  741
  850
  967
  1,091
  1,222
  1,361
  1,507
  1,660
  1,819
  1,986
  2,160
  2,340
  2,528
  2,723
  2,926
Earnings before tax, $m
  62
  111
  177
  263
  372
  507
  669
  862
  1,087
  1,345
  1,637
  1,963
  2,323
  2,717
  3,144
  3,603
  4,094
  4,616
  5,169
  5,751
  6,362
  7,002
  7,671
  8,368
  9,095
  9,851
  10,637
  11,454
  12,304
  13,186
Tax expense, $m
  17
  30
  48
  71
  100
  137
  181
  233
  293
  363
  442
  530
  627
  733
  849
  973
  1,105
  1,246
  1,396
  1,553
  1,718
  1,891
  2,071
  2,259
  2,456
  2,660
  2,872
  3,093
  3,322
  3,560
Net income, $m
  45
  81
  129
  192
  272
  370
  489
  629
  794
  982
  1,195
  1,433
  1,696
  1,983
  2,295
  2,630
  2,989
  3,370
  3,773
  4,198
  4,644
  5,111
  5,600
  6,109
  6,639
  7,191
  7,765
  8,362
  8,982
  9,626

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  2,017
  2,962
  4,225
  5,869
  7,952
  10,534
  13,663
  17,385
  21,735
  26,737
  32,409
  38,758
  45,786
  53,487
  61,851
  70,866
  80,515
  90,785
  101,660
  113,129
  125,181
  137,809
  151,010
  164,784
  179,135
  194,072
  209,606
  225,754
  242,536
  259,975
Adjusted assets (=assets-cash), $m
  2,017
  2,962
  4,225
  5,869
  7,952
  10,534
  13,663
  17,385
  21,735
  26,737
  32,409
  38,758
  45,786
  53,487
  61,851
  70,866
  80,515
  90,785
  101,660
  113,129
  125,181
  137,809
  151,010
  164,784
  179,135
  194,072
  209,606
  225,754
  242,536
  259,975
Revenue / Adjusted assets
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
Average production assets, $m
  1,781
  2,615
  3,731
  5,182
  7,022
  9,301
  12,065
  15,351
  19,191
  23,608
  28,616
  34,223
  40,429
  47,228
  54,614
  62,573
  71,094
  80,162
  89,764
  99,891
  110,533
  121,683
  133,340
  145,502
  158,174
  171,363
  185,079
  199,338
  214,156
  229,554
Working capital, $m
  -25
  -36
  -52
  -72
  -97
  -129
  -167
  -213
  -266
  -327
  -397
  -474
  -560
  -654
  -757
  -867
  -985
  -1,111
  -1,244
  -1,384
  -1,532
  -1,686
  -1,848
  -2,016
  -2,192
  -2,375
  -2,565
  -2,762
  -2,968
  -3,181
Total debt, $m
  318
  529
  812
  1,181
  1,647
  2,226
  2,927
  3,760
  4,735
  5,855
  7,126
  8,548
  10,122
  11,847
  13,721
  15,740
  17,901
  20,202
  22,638
  25,207
  27,907
  30,735
  33,692
  36,778
  39,992
  43,338
  46,818
  50,435
  54,194
  58,100
Total liabilities, $m
  452
  663
  946
  1,315
  1,781
  2,360
  3,061
  3,894
  4,869
  5,989
  7,260
  8,682
  10,256
  11,981
  13,855
  15,874
  18,035
  20,336
  22,772
  25,341
  28,040
  30,869
  33,826
  36,912
  40,126
  43,472
  46,952
  50,569
  54,328
  58,234
Total equity, $m
  1,565
  2,298
  3,279
  4,554
  6,171
  8,174
  10,603
  13,491
  16,866
  20,748
  25,149
  30,076
  35,530
  41,506
  47,997
  54,992
  62,480
  70,449
  78,888
  87,788
  97,140
  106,940
  117,184
  127,872
  139,009
  150,600
  162,654
  175,185
  188,208
  201,740
Total liabilities and equity, $m
  2,017
  2,961
  4,225
  5,869
  7,952
  10,534
  13,664
  17,385
  21,735
  26,737
  32,409
  38,758
  45,786
  53,487
  61,852
  70,866
  80,515
  90,785
  101,660
  113,129
  125,180
  137,809
  151,010
  164,784
  179,135
  194,072
  209,606
  225,754
  242,536
  259,974
Debt-to-equity ratio
  0.200
  0.230
  0.250
  0.260
  0.270
  0.270
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
Adjusted equity ratio
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  45
  81
  129
  192
  272
  370
  489
  629
  794
  982
  1,195
  1,433
  1,696
  1,983
  2,295
  2,630
  2,989
  3,370
  3,773
  4,198
  4,644
  5,111
  5,600
  6,109
  6,639
  7,191
  7,765
  8,362
  8,982
  9,626
Depreciation, amort., depletion, $m
  140
  206
  294
  408
  553
  732
  950
  1,209
  1,511
  1,859
  2,253
  2,695
  3,183
  3,719
  4,300
  4,927
  5,598
  6,312
  7,068
  7,865
  8,703
  9,581
  10,499
  11,457
  12,455
  13,493
  14,573
  15,696
  16,863
  18,075
Funds from operations, $m
  185
  287
  423
  600
  825
  1,102
  1,438
  1,838
  2,305
  2,841
  3,448
  4,128
  4,879
  5,702
  6,595
  7,557
  8,587
  9,682
  10,841
  12,063
  13,348
  14,693
  16,099
  17,566
  19,094
  20,684
  22,338
  24,058
  25,844
  27,701
Change in working capital, $m
  -8
  -12
  -15
  -20
  -25
  -32
  -38
  -46
  -53
  -61
  -69
  -78
  -86
  -94
  -102
  -110
  -118
  -126
  -133
  -140
  -147
  -155
  -162
  -169
  -176
  -183
  -190
  -198
  -205
  -213
Cash from operations, $m
  194
  299
  439
  620
  850
  1,134
  1,477
  1,884
  2,358
  2,902
  3,517
  4,205
  4,965
  5,796
  6,697
  7,667
  8,705
  9,807
  10,974
  12,204
  13,495
  14,847
  16,260
  17,734
  19,270
  20,867
  22,528
  24,255
  26,050
  27,914
Maintenance CAPEX, $m
  -93
  -140
  -206
  -294
  -408
  -553
  -732
  -950
  -1,209
  -1,511
  -1,859
  -2,253
  -2,695
  -3,183
  -3,719
  -4,300
  -4,927
  -5,598
  -6,312
  -7,068
  -7,865
  -8,703
  -9,581
  -10,499
  -11,457
  -12,455
  -13,493
  -14,573
  -15,696
  -16,863
New CAPEX, $m
  -606
  -834
  -1,116
  -1,451
  -1,840
  -2,279
  -2,764
  -3,286
  -3,840
  -4,417
  -5,008
  -5,607
  -6,206
  -6,800
  -7,385
  -7,959
  -8,520
  -9,068
  -9,603
  -10,127
  -10,642
  -11,151
  -11,656
  -12,162
  -12,672
  -13,189
  -13,717
  -14,258
  -14,818
  -15,398
Cash from investing activities, $m
  -699
  -974
  -1,322
  -1,745
  -2,248
  -2,832
  -3,496
  -4,236
  -5,049
  -5,928
  -6,867
  -7,860
  -8,901
  -9,983
  -11,104
  -12,259
  -13,447
  -14,666
  -15,915
  -17,195
  -18,507
  -19,854
  -21,237
  -22,661
  -24,129
  -25,644
  -27,210
  -28,831
  -30,514
  -32,261
Free cash flow, $m
  -504
  -676
  -883
  -1,125
  -1,398
  -1,698
  -2,019
  -2,353
  -2,691
  -3,026
  -3,350
  -3,655
  -3,935
  -4,187
  -4,407
  -4,592
  -4,743
  -4,858
  -4,941
  -4,991
  -5,012
  -5,007
  -4,977
  -4,927
  -4,859
  -4,776
  -4,681
  -4,576
  -4,464
  -4,346
Issuance/(repayment) of debt, $m
  154
  212
  283
  368
  467
  578
  701
  834
  974
  1,120
  1,270
  1,422
  1,574
  1,725
  1,874
  2,019
  2,161
  2,300
  2,436
  2,569
  2,700
  2,829
  2,957
  3,085
  3,215
  3,346
  3,480
  3,617
  3,759
  3,906
Issuance/(repurchase) of shares, $m
  490
  652
  851
  1,083
  1,345
  1,633
  1,940
  2,259
  2,581
  2,900
  3,206
  3,494
  3,758
  3,993
  4,196
  4,365
  4,499
  4,599
  4,666
  4,702
  4,708
  4,688
  4,644
  4,580
  4,497
  4,400
  4,289
  4,169
  4,041
  3,907
Cash from financing (excl. dividends), $m  
  644
  864
  1,134
  1,451
  1,812
  2,211
  2,641
  3,093
  3,555
  4,020
  4,476
  4,916
  5,332
  5,718
  6,070
  6,384
  6,660
  6,899
  7,102
  7,271
  7,408
  7,517
  7,601
  7,665
  7,712
  7,746
  7,769
  7,786
  7,800
  7,813
Total cash flow (excl. dividends), $m
  139
  188
  251
  327
  414
  513
  622
  740
  865
  994
  1,127
  1,262
  1,397
  1,531
  1,663
  1,792
  1,918
  2,041
  2,162
  2,280
  2,396
  2,510
  2,624
  2,738
  2,853
  2,969
  3,088
  3,210
  3,336
  3,466
Retained Cash Flow (-), $m
  -535
  -733
  -981
  -1,275
  -1,617
  -2,003
  -2,429
  -2,888
  -3,375
  -3,882
  -4,401
  -4,927
  -5,454
  -5,976
  -6,491
  -6,995
  -7,488
  -7,969
  -8,439
  -8,900
  -9,352
  -9,799
  -10,244
  -10,689
  -11,137
  -11,591
  -12,055
  -12,531
  -13,023
  -13,533
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
  -396
  -545
  -729
  -949
  -1,203
  -1,490
  -1,807
  -2,148
  -2,510
  -2,887
  -3,274
  -3,665
  -4,057
  -4,445
  -4,828
  -5,203
  -5,570
  -5,928
  -6,278
  -6,620
  -6,957
  -7,289
  -7,620
  -7,951
  -8,284
  -8,622
  -8,967
  -9,321
  -9,687
  -10,066
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  -380
  -499
  -635
  -781
  -932
  -1,081
  -1,220
  -1,343
  -1,442
  -1,514
  -1,555
  -1,564
  -1,542
  -1,492
  -1,417
  -1,322
  -1,212
  -1,092
  -967
  -841
  -720
  -605
  -499
  -405
  -322
  -252
  -192
  -144
  -106
  -76
Current shareholders' claim on cash, %
  59.6
  37.3
  24.4
  16.6
  11.7
  8.5
  6.3
  4.8
  3.8
  3.1
  2.5
  2.1
  1.8
  1.5
  1.3
  1.2
  1.1
  1.0
  0.9
  0.8
  0.7
  0.7
  0.7
  0.6
  0.6
  0.6
  0.5
  0.5
  0.5
  0.5

Advantage Oil & Gas Ltd. is an intermediate natural gas and liquids development and production company. The Company is engaged in the business of natural gas exploitation, development, acquisition and production in the Province of Alberta. The Company focuses on the development of Montney resource play at Glacier, Alberta in Western Canada. The Company has drilled over 10 Montney gas wells. The Glacier property lies along the Alberta side of the border with British Columbia between Grande Prairie, Alberta and Dawson Creek, British Columbia. The primary zones of interest are within the Triassic Montney and Doig formation siltstones. The Glacier property consists of over 90 net sections of land with Doig/Montney interests. It owns and operates a gas plant located at 5-02-76-12W6. It also holds interest in approximately 20 additional sections of Doig/Montney land rights in the Glacier, Valhalla and Wembley area proximal to its existing land holdings.

FINANCIAL RATIOS  of  Advantage Oil&Gas (AAV)

Valuation Ratios
P/E Ratio -38.5
Price to Sales 4
Price to Book 0.5
Price to Tangible Book
Price to Cash Flow 3.6
Price to Free Cash Flow 13.2
Growth Rates
Sales Growth Rate 23.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -33.8%
Cap. Spend. - 3 Yr. Gr. Rate -2.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 12.6%
Total Debt to Equity 12.6%
Interest Coverage -1
Management Effectiveness
Return On Assets -0.6%
Ret/ On Assets - 3 Yr. Avg. 1%
Return On Total Capital -1.2%
Ret/ On T. Cap. - 3 Yr. Avg. 0.5%
Return On Equity -1.4%
Return On Equity - 3 Yr. Avg. 0.7%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 87.1%
Gross Margin - 3 Yr. Avg. 88.3%
EBITDA Margin 67.2%
EBITDA Margin - 3 Yr. Avg. 88.9%
Operating Margin -12.9%
Oper. Margin - 3 Yr. Avg. 20.6%
Pre-Tax Margin -12.9%
Pre-Tax Margin - 3 Yr. Avg. 20.6%
Net Profit Margin -10.3%
Net Profit Margin - 3 Yr. Avg. 4.9%
Effective Tax Rate 20%
Eff/ Tax Rate - 3 Yr. Avg. 25.6%
Payout Ratio 0%

AAV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AAV stock intrinsic value calculation we used $177.043990573 million for the last fiscal year's total revenue generated by Advantage Oil&Gas. The default revenue input number comes from 0001 income statement of Advantage Oil&Gas. 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 AAV stock valuation model: a) initial revenue growth rate of 51.5% 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 4.3%, whose default value for AAV is calculated based on our internal credit rating of Advantage Oil&Gas, 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 Advantage Oil&Gas.
    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 AAV stock the variable cost ratio is equal to 53.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $54 million in the base year in the intrinsic value calculation for AAV 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 5.4% for Advantage Oil&Gas.

Corporate tax rate of 27% is the nominal tax rate for Advantage Oil&Gas. 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 AAV 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 AAV are equal to 663.9%.

Life of production assets of 12.7 years is the average useful life of capital assets used in Advantage Oil&Gas 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 AAV is equal to -9.2%. 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 - $1030.38177533 million for Advantage Oil&Gas - 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 185.963 million for Advantage Oil&Gas 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 Advantage Oil&Gas at the current share price and the inputted number of shares is $0.5 billion.

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COMPANY NEWS

▶ Advantage Announces U.S. Delisting and Deregistration   [Aug-31-18 06:10PM  CNW Group]
▶ Advantage Oil & Gas: 2Q Earnings Snapshot   [05:06AM  Associated Press]
▶ Is It The Right Time To Buy Advantage Oil & Gas Ltd (TSE:AAV)?   [Jun-06-18 06:58PM  Simply Wall St.]
▶ Advantage Extends Odd-Lot Share Repurchase Program   [May-08-18 08:00AM  CNW Group]
▶ Advantage Oil & Gas: 1Q Earnings Snapshot   [May-04-18 05:05AM  Associated Press]
▶ Advantage Commences Odd-Lot Share Repurchase Program   [Mar-21-18 11:31AM  PR Newswire]
▶ New Strong Sell Stocks for March 7th   [Mar-07-18 07:39AM  Zacks]
▶ Advantage Oil & Gas posts 4Q profit   [Mar-06-18 05:17AM  Associated Press]
▶ Value Stocks Investors Love   [Feb-28-18 09:02AM  Simply Wall St.]
▶ Is It Too Late To Buy Advantage Oil & Gas Ltd (TSE:AAV)?   [Feb-27-18 12:38PM  Simply Wall St.]
▶ Advantage Announces 2018 Budget   [Dec-11-17 06:28PM  CNW Group]
▶ Advantage Oil & Gas posts 2Q profit   [Aug-05-17 01:09AM  Associated Press]
▶ Advantage Oil & Gas reports 4Q loss   [Mar-03-17 05:00AM  Associated Press]
▶ Advantage Announces 2016 Year-End Reserves   [Feb-07-17 09:28PM  PR Newswire]
▶ Advantage Announces 2017 Budget and Development Plan   [Nov-28-16 08:24PM  PR Newswire]
▶ Advantage Announces Third Quarter 2016 Results   [Nov-03-16 05:55PM  PR Newswire]
▶ Advantage Provides Q3 2016 Operational Update   [Oct-12-16 10:05PM  PR Newswire]

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