Intrinsic value of Baytex Energy Corp - BTE

Previous Close

$1.36

  Intrinsic Value

$1.02

stock screener

  Rating & Target

sell

-25%

Previous close

$1.36

 
Intrinsic value

$1.02

 
Up/down potential

-25%

 
Rating

sell

We calculate the intrinsic value of BTE 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 0.8

 

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, %
  22.60
  20.84
  19.26
  17.83
  16.55
  15.39
  14.35
  13.42
  12.58
  11.82
  11.14
  10.52
  9.97
  9.47
  9.03
  8.62
  8.26
  7.94
  7.64
  7.38
  7.14
  6.93
  6.73
  6.56
  6.40
  6.26
  6.14
  6.02
  5.92
  5.83
Revenue, $m
  1,013
  1,224
  1,459
  1,720
  2,004
  2,313
  2,645
  2,999
  3,377
  3,776
  4,196
  4,638
  5,100
  5,583
  6,087
  6,612
  7,158
  7,726
  8,317
  8,930
  9,568
  10,231
  10,920
  11,636
  12,381
  13,157
  13,964
  14,805
  15,682
  16,596
Variable operating expenses, $m
  1,069
  1,292
  1,541
  1,816
  2,116
  2,442
  2,793
  3,167
  3,566
  3,987
  4,431
  4,897
  5,386
  5,896
  6,428
  6,982
  7,559
  8,159
  8,783
  9,431
  10,104
  10,804
  11,531
  12,288
  13,074
  13,893
  14,746
  15,634
  16,560
  17,525
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
  1,069
  1,292
  1,541
  1,816
  2,116
  2,442
  2,793
  3,167
  3,566
  3,987
  4,431
  4,897
  5,386
  5,896
  6,428
  6,982
  7,559
  8,159
  8,783
  9,431
  10,104
  10,804
  11,531
  12,288
  13,074
  13,893
  14,746
  15,634
  16,560
  17,525
Operating income, $m
  -57
  -69
  -82
  -96
  -112
  -130
  -148
  -168
  -189
  -211
  -235
  -260
  -286
  -313
  -341
  -370
  -401
  -433
  -466
  -500
  -536
  -573
  -611
  -652
  -693
  -737
  -782
  -829
  -878
  -929
EBITDA, $m
  449
  542
  646
  762
  888
  1,024
  1,171
  1,329
  1,496
  1,672
  1,859
  2,054
  2,259
  2,473
  2,696
  2,929
  3,171
  3,423
  3,684
  3,956
  4,238
  4,532
  4,837
  5,154
  5,484
  5,828
  6,185
  6,558
  6,946
  7,351
Interest expense (income), $m
  77
  95
  129
  167
  210
  257
  309
  365
  425
  490
  558
  631
  707
  787
  871
  959
  1,050
  1,146
  1,245
  1,348
  1,455
  1,567
  1,683
  1,803
  1,928
  2,058
  2,193
  2,334
  2,481
  2,634
  2,793
Earnings before tax, $m
  -152
  -197
  -249
  -306
  -369
  -438
  -513
  -593
  -679
  -770
  -866
  -967
  -1,073
  -1,184
  -1,300
  -1,421
  -1,547
  -1,678
  -1,814
  -1,955
  -2,103
  -2,256
  -2,414
  -2,580
  -2,751
  -2,930
  -3,116
  -3,310
  -3,512
  -3,722
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
Net income, $m
  -152
  -197
  -249
  -306
  -369
  -438
  -513
  -593
  -679
  -770
  -866
  -967
  -1,073
  -1,184
  -1,300
  -1,421
  -1,547
  -1,678
  -1,814
  -1,955
  -2,103
  -2,256
  -2,414
  -2,580
  -2,751
  -2,930
  -3,116
  -3,310
  -3,512
  -3,722

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
  5,787
  6,993
  8,339
  9,826
  11,452
  13,215
  15,112
  17,139
  19,295
  21,575
  23,978
  26,501
  29,143
  31,904
  34,784
  37,784
  40,905
  44,151
  47,525
  51,031
  54,675
  58,461
  62,398
  66,491
  70,749
  75,180
  79,794
  84,601
  89,610
  94,833
Adjusted assets (=assets-cash), $m
  5,787
  6,993
  8,339
  9,826
  11,452
  13,215
  15,112
  17,139
  19,295
  21,575
  23,978
  26,501
  29,143
  31,904
  34,784
  37,784
  40,905
  44,151
  47,525
  51,031
  54,675
  58,461
  62,398
  66,491
  70,749
  75,180
  79,794
  84,601
  89,610
  94,833
Revenue / Adjusted assets
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
Average production assets, $m
  4,851
  5,862
  6,990
  8,237
  9,600
  11,077
  12,667
  14,367
  16,174
  18,085
  20,099
  22,215
  24,429
  26,744
  29,158
  31,672
  34,289
  37,010
  39,838
  42,777
  45,831
  49,005
  52,305
  55,736
  59,305
  63,020
  66,888
  70,916
  75,116
  79,494
Working capital, $m
  -63
  -76
  -90
  -107
  -124
  -143
  -164
  -186
  -209
  -234
  -260
  -288
  -316
  -346
  -377
  -410
  -444
  -479
  -516
  -554
  -593
  -634
  -677
  -721
  -768
  -816
  -866
  -918
  -972
  -1,029
Total debt, $m
  2,113
  2,741
  3,443
  4,217
  5,064
  5,983
  6,971
  8,027
  9,150
  10,339
  11,590
  12,905
  14,282
  15,720
  17,220
  18,783
  20,410
  22,101
  23,858
  25,685
  27,583
  29,556
  31,607
  33,740
  35,958
  38,267
  40,671
  43,175
  45,785
  48,506
Total liabilities, $m
  3,015
  3,643
  4,345
  5,119
  5,967
  6,885
  7,873
  8,930
  10,053
  11,241
  12,492
  13,807
  15,184
  16,622
  18,123
  19,685
  21,312
  23,003
  24,761
  26,587
  28,486
  30,458
  32,509
  34,642
  36,860
  39,169
  41,573
  44,077
  46,687
  49,408
Total equity, $m
  2,772
  3,349
  3,994
  4,707
  5,486
  6,330
  7,238
  8,210
  9,242
  10,334
  11,485
  12,694
  13,960
  15,282
  16,662
  18,098
  19,594
  21,148
  22,765
  24,444
  26,189
  28,003
  29,889
  31,849
  33,889
  36,011
  38,221
  40,524
  42,923
  45,425
Total liabilities and equity, $m
  5,787
  6,992
  8,339
  9,826
  11,453
  13,215
  15,111
  17,140
  19,295
  21,575
  23,977
  26,501
  29,144
  31,904
  34,785
  37,783
  40,906
  44,151
  47,526
  51,031
  54,675
  58,461
  62,398
  66,491
  70,749
  75,180
  79,794
  84,601
  89,610
  94,833
Debt-to-equity ratio
  0.760
  0.820
  0.860
  0.900
  0.920
  0.950
  0.960
  0.980
  0.990
  1.000
  1.010
  1.020
  1.020
  1.030
  1.030
  1.040
  1.040
  1.050
  1.050
  1.050
  1.050
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.070
  1.070
  1.070
Adjusted equity ratio
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -152
  -197
  -249
  -306
  -369
  -438
  -513
  -593
  -679
  -770
  -866
  -967
  -1,073
  -1,184
  -1,300
  -1,421
  -1,547
  -1,678
  -1,814
  -1,955
  -2,103
  -2,256
  -2,414
  -2,580
  -2,751
  -2,930
  -3,116
  -3,310
  -3,512
  -3,722
Depreciation, amort., depletion, $m
  505
  611
  728
  858
  1,000
  1,154
  1,320
  1,497
  1,685
  1,884
  2,094
  2,314
  2,545
  2,786
  3,037
  3,299
  3,572
  3,855
  4,150
  4,456
  4,774
  5,105
  5,448
  5,806
  6,178
  6,565
  6,967
  7,387
  7,825
  8,281
Funds from operations, $m
  354
  413
  479
  552
  630
  715
  806
  903
  1,006
  1,114
  1,228
  1,347
  1,472
  1,602
  1,737
  1,878
  2,025
  2,178
  2,336
  2,500
  2,671
  2,849
  3,034
  3,226
  3,426
  3,634
  3,851
  4,077
  4,313
  4,558
Change in working capital, $m
  -12
  -13
  -15
  -16
  -18
  -19
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -57
Cash from operations, $m
  365
  426
  494
  568
  648
  735
  827
  925
  1,029
  1,139
  1,254
  1,375
  1,501
  1,632
  1,769
  1,911
  2,059
  2,213
  2,373
  2,539
  2,711
  2,890
  3,077
  3,271
  3,472
  3,682
  3,901
  4,129
  4,367
  4,615
Maintenance CAPEX, $m
  -412
  -505
  -611
  -728
  -858
  -1,000
  -1,154
  -1,320
  -1,497
  -1,685
  -1,884
  -2,094
  -2,314
  -2,545
  -2,786
  -3,037
  -3,299
  -3,572
  -3,855
  -4,150
  -4,456
  -4,774
  -5,105
  -5,448
  -5,806
  -6,178
  -6,565
  -6,967
  -7,387
  -7,825
New CAPEX, $m
  -894
  -1,011
  -1,129
  -1,246
  -1,363
  -1,478
  -1,590
  -1,700
  -1,807
  -1,912
  -2,014
  -2,115
  -2,215
  -2,314
  -2,414
  -2,514
  -2,617
  -2,721
  -2,828
  -2,939
  -3,054
  -3,174
  -3,300
  -3,431
  -3,569
  -3,715
  -3,868
  -4,029
  -4,199
  -4,378
Cash from investing activities, $m
  -1,306
  -1,516
  -1,740
  -1,974
  -2,221
  -2,478
  -2,744
  -3,020
  -3,304
  -3,597
  -3,898
  -4,209
  -4,529
  -4,859
  -5,200
  -5,551
  -5,916
  -6,293
  -6,683
  -7,089
  -7,510
  -7,948
  -8,405
  -8,879
  -9,375
  -9,893
  -10,433
  -10,996
  -11,586
  -12,203
Free cash flow, $m
  -941
  -1,090
  -1,245
  -1,407
  -1,573
  -1,743
  -1,917
  -2,094
  -2,274
  -2,457
  -2,644
  -2,834
  -3,028
  -3,227
  -3,431
  -3,641
  -3,857
  -4,080
  -4,311
  -4,550
  -4,799
  -5,058
  -5,328
  -5,609
  -5,903
  -6,210
  -6,531
  -6,867
  -7,219
  -7,588
Issuance/(repayment) of debt, $m
  554
  628
  702
  775
  847
  918
  988
  1,056
  1,123
  1,188
  1,252
  1,315
  1,377
  1,438
  1,500
  1,563
  1,626
  1,691
  1,758
  1,827
  1,898
  1,973
  2,051
  2,133
  2,218
  2,309
  2,404
  2,504
  2,610
  2,721
Issuance/(repurchase) of shares, $m
  660
  775
  894
  1,019
  1,148
  1,283
  1,422
  1,564
  1,711
  1,862
  2,017
  2,175
  2,338
  2,506
  2,679
  2,858
  3,042
  3,232
  3,430
  3,635
  3,848
  4,069
  4,300
  4,540
  4,791
  5,053
  5,326
  5,612
  5,911
  6,224
Cash from financing (excl. dividends), $m  
  1,214
  1,403
  1,596
  1,794
  1,995
  2,201
  2,410
  2,620
  2,834
  3,050
  3,269
  3,490
  3,715
  3,944
  4,179
  4,421
  4,668
  4,923
  5,188
  5,462
  5,746
  6,042
  6,351
  6,673
  7,009
  7,362
  7,730
  8,116
  8,521
  8,945
Total cash flow (excl. dividends), $m
  274
  313
  350
  386
  423
  458
  493
  527
  560
  593
  625
  656
  687
  718
  749
  780
  811
  844
  877
  911
  947
  984
  1,023
  1,064
  1,107
  1,152
  1,199
  1,249
  1,302
  1,358
Retained Cash Flow (-), $m
  -660
  -775
  -894
  -1,019
  -1,148
  -1,283
  -1,422
  -1,564
  -1,711
  -1,862
  -2,017
  -2,175
  -2,338
  -2,506
  -2,679
  -2,858
  -3,042
  -3,232
  -3,430
  -3,635
  -3,848
  -4,069
  -4,300
  -4,540
  -4,791
  -5,053
  -5,326
  -5,612
  -5,911
  -6,224
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
  -387
  -462
  -544
  -632
  -726
  -825
  -929
  -1,037
  -1,151
  -1,269
  -1,392
  -1,520
  -1,652
  -1,789
  -1,931
  -2,078
  -2,231
  -2,389
  -2,553
  -2,724
  -2,901
  -3,085
  -3,277
  -3,476
  -3,684
  -3,901
  -4,127
  -4,363
  -4,609
  -4,867
Discount rate, %
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.12
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.82
  25.01
  26.26
  27.58
PV of cash for distribution, $m
  -362
  -403
  -439
  -469
  -491
  -504
  -509
  -505
  -492
  -472
  -445
  -413
  -377
  -338
  -298
  -258
  -219
  -183
  -149
  -119
  -93
  -71
  -53
  -39
  -28
  -19
  -13
  -8
  -5
  -3
Current shareholders' claim on cash, %
  70.6
  50.4
  36.5
  26.8
  19.8
  14.9
  11.3
  8.6
  6.6
  5.1
  4.0
  3.2
  2.5
  2.0
  1.6
  1.3
  1.0
  0.8
  0.7
  0.6
  0.5
  0.4
  0.3
  0.2
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1

Baytex Energy Corp. (Baytex) is engaged in the business of acquiring, developing, exploiting and holding interests in petroleum and natural gas properties and related assets in Canada (Alberta and Saskatchewan) and in the United States (Texas). The Company's crude oil and natural gas operations are organized into four business units: Lloydminster, Peace River, Conventional and United States. Each business unit has a portfolio of mineral leases, operated and non-operated properties and development prospects. The Company's subsidiaries include Baytex Energy Ltd. and Baytex Energy USA, Inc. Baytex Energy Ltd. is engaged in the business of oil and natural gas exploration, exploitation, development, acquisition and production in Canada. Baytex Energy USA, Inc. is engaged in the business of oil and natural gas exploration, exploitation, development, acquisition and production in the United States. It holds all of the operating assets in the United States.

FINANCIAL RATIOS  of  Baytex Energy Corp (BTE)

Valuation Ratios
P/E Ratio -0.9
Price to Sales 0.7
Price to Book 0.2
Price to Tangible Book
Price to Cash Flow 1.7
Price to Free Cash Flow 18.7
Growth Rates
Sales Growth Rate -31.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -57.1%
Cap. Spend. - 3 Yr. Gr. Rate -16.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 88.6%
Total Debt to Equity 88.6%
Interest Coverage -6
Management Effectiveness
Return On Assets -8.3%
Ret/ On Assets - 3 Yr. Avg. -66.2%
Return On Total Capital -12.1%
Ret/ On T. Cap. - 3 Yr. Avg. -14%
Return On Equity -22.1%
Return On Equity - 3 Yr. Avg. -25.2%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 59.9%
Gross Margin - 3 Yr. Avg. 66.8%
EBITDA Margin -24.2%
EBITDA Margin - 3 Yr. Avg. -22.2%
Operating Margin -113.7%
Oper. Margin - 3 Yr. Avg. -90.2%
Pre-Tax Margin -125.8%
Pre-Tax Margin - 3 Yr. Avg. -98.3%
Net Profit Margin -80.5%
Net Profit Margin - 3 Yr. Avg. -73%
Effective Tax Rate 36%
Eff/ Tax Rate - 3 Yr. Avg. 3319.7%
Payout Ratio 0%

BTE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BTE stock intrinsic value calculation we used $826 million for the last fiscal year's total revenue generated by Baytex Energy Corp. The default revenue input number comes from 0001 income statement of Baytex Energy Corp. 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 BTE stock valuation model: a) initial revenue growth rate of 22.6% 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 6.7%, whose default value for BTE is calculated based on our internal credit rating of Baytex Energy Corp, 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 Baytex Energy Corp.
    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 BTE stock the variable cost ratio is equal to 105.6%.

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 BTE 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 6.1% for Baytex Energy Corp.

Corporate tax rate of 27% is the nominal tax rate for Baytex Energy Corp. 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 BTE 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 BTE are equal to 479%.

Life of production assets of 9.6 years is the average useful life of capital assets used in Baytex Energy Corp 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 BTE is equal to -6.2%. 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 - $2263.27703704 million for Baytex Energy Corp - 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 555.821 million for Baytex Energy Corp 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 Baytex Energy Corp at the current share price and the inputted number of shares is $0.8 billion.

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