Intrinsic value of Bill Barrett - BBG

Previous Close

$4.54

  Intrinsic Value

$1.93

stock screener

  Rating & Target

str. sell

-57%

  Value-price divergence*

+61%

Previous close

$4.54

 
Intrinsic value

$1.93

 
Up/down potential

-57%

 
Rating

str. sell

 
Value-price divergence*

+61%

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

We calculate the intrinsic value of BBG 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 0.3

 

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, %
  -13.94
  8.50
  8.15
  7.83
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
Revenue, $m
  179
  194
  210
  227
  244
  261
  280
  299
  319
  340
  361
  384
  407
  432
  457
  484
  511
  540
  570
  602
  635
  669
  705
  743
  782
  824
  867
  912
  960
  1,009
  1,061
Variable operating expenses, $m
 
  852
  921
  993
  1,068
  1,146
  1,227
  1,311
  1,399
  1,490
  1,585
  1,683
  1,786
  1,893
  2,004
  2,120
  2,242
  2,368
  2,501
  2,639
  2,783
  2,934
  3,092
  3,257
  3,430
  3,611
  3,801
  4,000
  4,208
  4,426
  4,655
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
  269
  852
  921
  993
  1,068
  1,146
  1,227
  1,311
  1,399
  1,490
  1,585
  1,683
  1,786
  1,893
  2,004
  2,120
  2,242
  2,368
  2,501
  2,639
  2,783
  2,934
  3,092
  3,257
  3,430
  3,611
  3,801
  4,000
  4,208
  4,426
  4,655
Operating income, $m
  -91
  -657
  -711
  -767
  -825
  -885
  -947
  -1,012
  -1,080
  -1,150
  -1,223
  -1,299
  -1,379
  -1,461
  -1,547
  -1,637
  -1,731
  -1,828
  -1,930
  -2,037
  -2,148
  -2,265
  -2,387
  -2,515
  -2,648
  -2,788
  -2,934
  -3,088
  -3,248
  -3,417
  -3,593
EBITDA, $m
  81
  -471
  -510
  -549
  -591
  -634
  -679
  -725
  -774
  -824
  -877
  -931
  -988
  -1,047
  -1,109
  -1,173
  -1,240
  -1,310
  -1,383
  -1,460
  -1,540
  -1,623
  -1,711
  -1,802
  -1,898
  -1,998
  -2,103
  -2,213
  -2,328
  -2,448
  -2,575
Interest expense (income), $m
  58
  55
  60
  66
  72
  78
  84
  90
  97
  104
  111
  119
  127
  135
  144
  152
  162
  171
  182
  192
  203
  215
  227
  239
  253
  266
  281
  296
  312
  329
  346
Earnings before tax, $m
  -170
  -712
  -771
  -833
  -896
  -962
  -1,031
  -1,103
  -1,177
  -1,254
  -1,335
  -1,418
  -1,505
  -1,596
  -1,691
  -1,789
  -1,892
  -2,000
  -2,112
  -2,229
  -2,352
  -2,480
  -2,614
  -2,754
  -2,901
  -3,054
  -3,215
  -3,384
  -3,560
  -3,745
  -3,939
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
  -170
  -712
  -771
  -833
  -896
  -962
  -1,031
  -1,103
  -1,177
  -1,254
  -1,335
  -1,418
  -1,505
  -1,596
  -1,691
  -1,789
  -1,892
  -2,000
  -2,112
  -2,229
  -2,352
  -2,480
  -2,614
  -2,754
  -2,901
  -3,054
  -3,215
  -3,384
  -3,560
  -3,745
  -3,939

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  276
  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
  1,385
  1,206
  1,305
  1,407
  1,513
  1,623
  1,738
  1,857
  1,981
  2,110
  2,244
  2,384
  2,529
  2,681
  2,839
  3,004
  3,175
  3,355
  3,542
  3,738
  3,942
  4,156
  4,380
  4,614
  4,859
  5,115
  5,384
  5,666
  5,960
  6,269
  6,593
Adjusted assets (=assets-cash), $m
  1,109
  1,206
  1,305
  1,407
  1,513
  1,623
  1,738
  1,857
  1,981
  2,110
  2,244
  2,384
  2,529
  2,681
  2,839
  3,004
  3,175
  3,355
  3,542
  3,738
  3,942
  4,156
  4,380
  4,614
  4,859
  5,115
  5,384
  5,666
  5,960
  6,269
  6,593
Revenue / Adjusted assets
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
Average production assets, $m
  1,116
  1,211
  1,310
  1,412
  1,519
  1,630
  1,745
  1,865
  1,989
  2,118
  2,253
  2,393
  2,539
  2,691
  2,850
  3,015
  3,188
  3,368
  3,556
  3,752
  3,957
  4,172
  4,397
  4,632
  4,878
  5,135
  5,405
  5,687
  5,983
  6,293
  6,618
Working capital, $m
  233
  -47
  -50
  -54
  -58
  -63
  -67
  -72
  -77
  -82
  -87
  -92
  -98
  -104
  -110
  -116
  -123
  -130
  -137
  -144
  -152
  -161
  -169
  -178
  -188
  -198
  -208
  -219
  -230
  -242
  -255
Total debt, $m
  712
  783
  855
  930
  1,008
  1,089
  1,173
  1,261
  1,351
  1,446
  1,544
  1,647
  1,753
  1,864
  1,980
  2,101
  2,227
  2,358
  2,495
  2,639
  2,789
  2,945
  3,109
  3,281
  3,461
  3,649
  3,846
  4,052
  4,268
  4,494
  4,732
Total liabilities, $m
  814
  884
  956
  1,031
  1,109
  1,190
  1,274
  1,362
  1,452
  1,547
  1,645
  1,748
  1,854
  1,965
  2,081
  2,202
  2,328
  2,459
  2,596
  2,740
  2,890
  3,046
  3,210
  3,382
  3,562
  3,750
  3,947
  4,153
  4,369
  4,595
  4,833
Total equity, $m
  572
  322
  348
  376
  404
  433
  464
  496
  529
  563
  599
  637
  675
  716
  758
  802
  848
  896
  946
  998
  1,053
  1,110
  1,169
  1,232
  1,297
  1,366
  1,438
  1,513
  1,591
  1,674
  1,760
Total liabilities and equity, $m
  1,386
  1,206
  1,304
  1,407
  1,513
  1,623
  1,738
  1,858
  1,981
  2,110
  2,244
  2,385
  2,529
  2,681
  2,839
  3,004
  3,176
  3,355
  3,542
  3,738
  3,943
  4,156
  4,379
  4,614
  4,859
  5,116
  5,385
  5,666
  5,960
  6,269
  6,593
Debt-to-equity ratio
  1.245
  2.430
  2.460
  2.480
  2.500
  2.510
  2.530
  2.540
  2.550
  2.570
  2.580
  2.590
  2.600
  2.600
  2.610
  2.620
  2.630
  2.630
  2.640
  2.640
  2.650
  2.650
  2.660
  2.660
  2.670
  2.670
  2.680
  2.680
  2.680
  2.680
  2.690
Adjusted equity ratio
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -170
  -712
  -771
  -833
  -896
  -962
  -1,031
  -1,103
  -1,177
  -1,254
  -1,335
  -1,418
  -1,505
  -1,596
  -1,691
  -1,789
  -1,892
  -2,000
  -2,112
  -2,229
  -2,352
  -2,480
  -2,614
  -2,754
  -2,901
  -3,054
  -3,215
  -3,384
  -3,560
  -3,745
  -3,939
Depreciation, amort., depletion, $m
  172
  186
  201
  217
  234
  251
  268
  287
  306
  326
  347
  368
  391
  414
  438
  464
  490
  518
  547
  577
  609
  642
  676
  713
  750
  790
  832
  875
  920
  968
  1,018
Funds from operations, $m
  118
  -526
  -570
  -615
  -663
  -712
  -763
  -816
  -871
  -928
  -988
  -1,050
  -1,115
  -1,182
  -1,252
  -1,325
  -1,402
  -1,482
  -1,565
  -1,652
  -1,743
  -1,838
  -1,937
  -2,041
  -2,150
  -2,264
  -2,384
  -2,509
  -2,640
  -2,777
  -2,921
Change in working capital, $m
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
Cash from operations, $m
  122
  -522
  -566
  -611
  -658
  -707
  -758
  -811
  -866
  -923
  -983
  -1,045
  -1,109
  -1,176
  -1,246
  -1,319
  -1,395
  -1,475
  -1,558
  -1,644
  -1,735
  -1,830
  -1,929
  -2,032
  -2,141
  -2,254
  -2,373
  -2,498
  -2,628
  -2,765
  -2,908
Maintenance CAPEX, $m
  0
  -172
  -186
  -201
  -217
  -234
  -251
  -268
  -287
  -306
  -326
  -347
  -368
  -391
  -414
  -438
  -464
  -490
  -518
  -547
  -577
  -609
  -642
  -676
  -713
  -750
  -790
  -832
  -875
  -920
  -968
New CAPEX, $m
  -108
  -95
  -99
  -103
  -107
  -111
  -115
  -120
  -124
  -129
  -135
  -140
  -146
  -152
  -159
  -165
  -172
  -180
  -188
  -196
  -205
  -215
  -225
  -235
  -246
  -257
  -270
  -282
  -296
  -310
  -325
Cash from investing activities, $m
  -83
  -267
  -285
  -304
  -324
  -345
  -366
  -388
  -411
  -435
  -461
  -487
  -514
  -543
  -573
  -603
  -636
  -670
  -706
  -743
  -782
  -824
  -867
  -911
  -959
  -1,007
  -1,060
  -1,114
  -1,171
  -1,230
  -1,293
Free cash flow, $m
  39
  -789
  -851
  -915
  -982
  -1,052
  -1,124
  -1,199
  -1,277
  -1,359
  -1,443
  -1,531
  -1,623
  -1,719
  -1,819
  -1,923
  -2,032
  -2,145
  -2,264
  -2,388
  -2,518
  -2,653
  -2,795
  -2,944
  -3,099
  -3,262
  -3,433
  -3,612
  -3,799
  -3,996
  -4,202
Issuance/(repayment) of debt, $m
  0
  71
  72
  75
  78
  81
  84
  87
  91
  95
  98
  102
  107
  111
  116
  121
  126
  131
  137
  143
  150
  157
  164
  172
  180
  188
  197
  206
  216
  226
  237
Issuance/(repurchase) of shares, $m
  110
  738
  798
  860
  925
  992
  1,062
  1,134
  1,210
  1,289
  1,370
  1,455
  1,544
  1,637
  1,733
  1,833
  1,938
  2,048
  2,162
  2,281
  2,406
  2,537
  2,674
  2,816
  2,966
  3,123
  3,287
  3,459
  3,639
  3,828
  4,026
Cash from financing (excl. dividends), $m  
  108
  809
  870
  935
  1,003
  1,073
  1,146
  1,221
  1,301
  1,384
  1,468
  1,557
  1,651
  1,748
  1,849
  1,954
  2,064
  2,179
  2,299
  2,424
  2,556
  2,694
  2,838
  2,988
  3,146
  3,311
  3,484
  3,665
  3,855
  4,054
  4,263
Total cash flow (excl. dividends), $m
  147
  21
  19
  19
  20
  21
  22
  23
  23
  24
  25
  26
  28
  29
  30
  31
  33
  34
  35
  37
  39
  40
  42
  44
  46
  49
  51
  53
  56
  58
  61
Retained Cash Flow (-), $m
  -23
  -738
  -798
  -860
  -925
  -992
  -1,062
  -1,134
  -1,210
  -1,289
  -1,370
  -1,455
  -1,544
  -1,637
  -1,733
  -1,833
  -1,938
  -2,048
  -2,162
  -2,281
  -2,406
  -2,537
  -2,674
  -2,816
  -2,966
  -3,123
  -3,287
  -3,459
  -3,639
  -3,828
  -4,026
Prev. year cash balance distribution, $m
 
  276
  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
 
  -442
  -779
  -841
  -904
  -971
  -1,040
  -1,112
  -1,187
  -1,264
  -1,345
  -1,429
  -1,517
  -1,608
  -1,703
  -1,802
  -1,906
  -2,014
  -2,126
  -2,244
  -2,368
  -2,496
  -2,631
  -2,772
  -2,920
  -3,074
  -3,236
  -3,406
  -3,583
  -3,769
  -3,964
Discount rate, %
 
  6.20
  6.51
  6.84
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.04
  20.00
  21.00
  22.05
  23.15
  24.30
  25.52
PV of cash for distribution, $m
 
  -416
  -687
  -689
  -685
  -675
  -659
  -636
  -608
  -574
  -537
  -496
  -452
  -408
  -362
  -317
  -274
  -233
  -195
  -160
  -129
  -102
  -79
  -60
  -45
  -32
  -23
  -16
  -11
  -7
  -4
Current shareholders' claim on cash, %
  100
  21.9
  4.8
  1.1
  0.2
  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
  0.0
  0.0

Bill Barrett Corporation is an independent energy company that develops, acquires and explores for oil and natural gas resources. The Company's assets and operations are located in the Rocky Mountain region of the United States. It has over two areas of production: The Denver-Julesburg Basin (DJ Basin) and the Uinta Oil Program in the Uinta Basin. Its acreage positions in the DJ Basin are located in Colorado's eastern plains and parts of southeastern Wyoming. It had interests in 299 gross producing wells and served as an operator in 202 gross wells, as of December 31, 2016. The Uinta Basin is located in northeastern Utah. Uinta Basin's estimated proved reserves are 21.4 million barrels of oil equivalent (MMBoe). Uinta Basin has interests in approximately 240 gross producing wells. The Company serves as an operator in over 170 gross wells. The Uinta Oil Program includes over three areas of development located in the basin referred as Blacktail Ridge, Lake Canyon and East Bluebell.

FINANCIAL RATIOS  of  Bill Barrett (BBG)

Valuation Ratios
P/E Ratio -2
Price to Sales 1.9
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 2.8
Price to Free Cash Flow 24.6
Growth Rates
Sales Growth Rate -13.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -66.9%
Cap. Spend. - 3 Yr. Gr. Rate -24.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 124.5%
Total Debt to Equity 124.5%
Interest Coverage -2
Management Effectiveness
Return On Assets -7.7%
Ret/ On Assets - 3 Yr. Avg. -9.8%
Return On Total Capital -12.9%
Ret/ On T. Cap. - 3 Yr. Avg. -14.2%
Return On Equity -30.3%
Return On Equity - 3 Yr. Avg. -30.2%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 77.1%
Gross Margin - 3 Yr. Avg. 73.9%
EBITDA Margin 33.5%
EBITDA Margin - 3 Yr. Avg. -29.1%
Operating Margin -50.3%
Oper. Margin - 3 Yr. Avg. -136.4%
Pre-Tax Margin -95%
Pre-Tax Margin - 3 Yr. Avg. -135.9%
Net Profit Margin -95%
Net Profit Margin - 3 Yr. Avg. -108.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 27.1%
Payout Ratio 0%

BBG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BBG stock intrinsic value calculation we used $179 million for the last fiscal year's total revenue generated by Bill Barrett. The default revenue input number comes from 2016 income statement of Bill Barrett. 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 BBG stock valuation model: a) initial revenue growth rate of 8.5% 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 6.2%, whose default value for BBG is calculated based on our internal credit rating of Bill Barrett, 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 Bill Barrett.
    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 BBG stock the variable cost ratio is equal to 438.5%.

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 BBG 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 7.7% for Bill Barrett.

Corporate tax rate of 27% is the nominal tax rate for Bill Barrett. 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 BBG 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 BBG are equal to 623.5%.

Life of production assets of 6.5 years is the average useful life of capital assets used in Bill Barrett 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 BBG is equal to -24%. 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 - $572 million for Bill Barrett - 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 73.962 million for Bill Barrett 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 Bill Barrett at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ Cushing Crude Oil Inventories Rose for the Fourth Week   [Sep-25-17 12:06PM  Market Realist]
▶ Distillate Inventories: More Bullish News for Oil   [Sep-21-17 01:06PM  Market Realist]
▶ Libyas Crude Oil Production Fell from a 4-Year High   [Sep-12-17 10:05AM  Market Realist]
▶ What to Watch: This Weeks Key Crude Oil Price Drivers   [Sep-11-17 03:42PM  Market Realist]
▶ Irans Crude Oil Production at 8-Year High   [Aug-22-17 11:06AM  Market Realist]
▶ What to Expect from US Gasoline Demand   [Aug-16-17 11:36AM  Market Realist]
▶ US Distillate Inventories Fell for the Fourth Straight Week   [Aug-10-17 11:35AM  Market Realist]
▶ Bill Barrett reports 2Q loss   [Aug-01-17 10:20PM  Associated Press]
▶ Global Crude Oil Supply Outages Near 5-Year Low   [Jul-26-17 10:06AM  Market Realist]
▶ Will US Crude Oil Prices Be Range-Bound this Week?   [Jul-24-17 01:10PM  Market Realist]
▶ Why Crude Oil Price Forecasts Revised US Crude Oil Futures   [Jul-03-17 12:36PM  Market Realist]
▶ Shale Stocks Slammed As Crude Continues to Come Unglued   [Jun-21-17 05:00PM  Motley Fool]
▶ ETFs with exposure to Bill Barrett Corp. : June 15, 2017   [Jun-15-17 01:13PM  Capital Cube]
▶ ETFs with exposure to Bill Barrett Corp. : May 22, 2017   [May-22-17 01:23PM  Capital Cube]
▶ Analyzing Chinas Crude Oil Imports and Demand   [May-17-17 07:40AM  Market Realist]
▶ ETFs with exposure to Bill Barrett Corp. : May 5, 2017   [May-05-17 03:52PM  Capital Cube]
▶ Bill Barrett reports 1Q loss   [May-02-17 05:58PM  Associated Press]
▶ ETFs with exposure to Bill Barrett Corp. : April 19, 2017   [Apr-19-17 02:11PM  Capital Cube]
▶ ETFs with exposure to Bill Barrett Corp. : March 30, 2017   [Mar-29-17 08:28PM  Capital Cube]
▶ Tough outlook for Australian retailers: Analyst   [Feb-23-17 10:39PM  CNBC Videos]
▶ OPECs Crude Oil Production: How It Could Impact the Surplus   [Feb-22-17 10:05AM  Market Realist]
▶ Oil and Gas Stock Roundup: Strategy Updates Stole the Show   [Feb-04-17 10:00AM  at Motley Fool]
▶ [$$] Deal Overtures Roil Bonanza Creek Bankruptcy   [Jan-18-17 01:54PM  at The Wall Street Journal]
Financial statements of BBG
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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