Intrinsic value of Bellatrix Exploration - BXE

Previous Close

$0.93

  Intrinsic Value

$3.08

stock screener

  Rating & Target

str. buy

+231%

Previous close

$0.93

 
Intrinsic value

$3.08

 
Up/down potential

+231%

 
Rating

str. buy

We calculate the intrinsic value of BXE 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 0.0

 

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, %
  59.70
  54.23
  49.31
  44.88
  40.89
  37.30
  34.07
  31.16
  28.55
  26.19
  24.07
  22.17
  20.45
  18.90
  17.51
  16.26
  15.14
  14.12
  13.21
  12.39
  11.65
  10.99
  10.39
  9.85
  9.36
  8.93
  8.53
  8.18
  7.86
  7.58
Revenue, $m
  379
  584
  872
  1,264
  1,781
  2,445
  3,278
  4,299
  5,527
  6,974
  8,653
  10,571
  12,733
  15,140
  17,792
  20,685
  23,816
  27,180
  30,770
  34,582
  38,611
  42,853
  47,304
  51,962
  56,827
  61,900
  67,183
  72,679
  78,394
  84,333
Variable operating expenses, $m
  366
  564
  843
  1,221
  1,720
  2,362
  3,167
  4,153
  5,339
  6,737
  8,359
  10,212
  12,300
  14,625
  17,187
  19,982
  23,006
  26,255
  29,724
  33,406
  37,298
  41,396
  45,695
  50,195
  54,895
  59,796
  64,899
  70,208
  75,728
  81,466
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
  366
  564
  843
  1,221
  1,720
  2,362
  3,167
  4,153
  5,339
  6,737
  8,359
  10,212
  12,300
  14,625
  17,187
  19,982
  23,006
  26,255
  29,724
  33,406
  37,298
  41,396
  45,695
  50,195
  54,895
  59,796
  64,899
  70,208
  75,728
  81,466
Operating income, $m
  13
  20
  30
  43
  61
  83
  111
  146
  188
  237
  294
  359
  433
  515
  605
  703
  810
  924
  1,046
  1,176
  1,313
  1,457
  1,608
  1,767
  1,932
  2,105
  2,284
  2,471
  2,665
  2,867
EBITDA, $m
  165
  254
  379
  549
  774
  1,063
  1,425
  1,869
  2,402
  3,032
  3,762
  4,595
  5,535
  6,581
  7,734
  8,992
  10,353
  11,815
  13,375
  15,032
  16,784
  18,627
  20,562
  22,587
  24,702
  26,907
  29,204
  31,593
  34,077
  36,658
Interest expense (income), $m
  0
  32
  59
  98
  153
  227
  325
  451
  610
  804
  1,037
  1,311
  1,630
  1,994
  2,405
  2,862
  3,365
  3,915
  4,509
  5,148
  5,830
  6,554
  7,319
  8,124
  8,969
  9,854
  10,778
  11,741
  12,744
  13,787
  14,873
Earnings before tax, $m
  -19
  -39
  -68
  -110
  -167
  -242
  -340
  -463
  -616
  -799
  -1,017
  -1,271
  -1,562
  -1,890
  -2,257
  -2,662
  -3,105
  -3,585
  -4,102
  -4,654
  -5,241
  -5,862
  -6,516
  -7,202
  -7,922
  -8,673
  -9,457
  -10,273
  -11,122
  -12,005
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
  -19
  -39
  -68
  -110
  -167
  -242
  -340
  -463
  -616
  -799
  -1,017
  -1,271
  -1,562
  -1,890
  -2,257
  -2,662
  -3,105
  -3,585
  -4,102
  -4,654
  -5,241
  -5,862
  -6,516
  -7,202
  -7,922
  -8,673
  -9,457
  -10,273
  -11,122
  -12,005

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
  1,684
  2,597
  3,877
  5,618
  7,914
  10,867
  14,569
  19,109
  24,564
  30,998
  38,459
  46,984
  56,592
  67,290
  79,075
  91,934
  105,850
  120,798
  136,756
  153,699
  171,605
  190,456
  210,238
  230,942
  252,566
  275,112
  298,591
  323,018
  348,416
  374,814
Adjusted assets (=assets-cash), $m
  1,684
  2,597
  3,877
  5,618
  7,914
  10,867
  14,569
  19,109
  24,564
  30,998
  38,459
  46,984
  56,592
  67,290
  79,075
  91,934
  105,850
  120,798
  136,756
  153,699
  171,605
  190,456
  210,238
  230,942
  252,566
  275,112
  298,591
  323,018
  348,416
  374,814
Revenue / Adjusted assets
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
Average production assets, $m
  1,548
  2,388
  3,566
  5,166
  7,278
  9,993
  13,397
  17,572
  22,588
  28,505
  35,366
  43,205
  52,041
  61,878
  72,715
  84,541
  97,337
  111,083
  125,757
  141,337
  157,804
  175,139
  193,330
  212,369
  232,253
  252,987
  274,577
  297,039
  320,395
  344,669
Working capital, $m
  -24
  -37
  -56
  -81
  -114
  -156
  -210
  -275
  -354
  -446
  -554
  -677
  -815
  -969
  -1,139
  -1,324
  -1,524
  -1,739
  -1,969
  -2,213
  -2,471
  -2,743
  -3,027
  -3,326
  -3,637
  -3,962
  -4,300
  -4,651
  -5,017
  -5,397
Total debt, $m
  585
  971
  1,513
  2,249
  3,220
  4,469
  6,035
  7,956
  10,263
  12,985
  16,141
  19,747
  23,811
  28,336
  33,321
  38,761
  44,647
  50,970
  57,720
  64,887
  72,461
  80,436
  88,803
  97,561
  106,708
  116,245
  126,177
  136,509
  147,253
  158,419
Total liabilities, $m
  712
  1,099
  1,640
  2,376
  3,348
  4,597
  6,163
  8,083
  10,390
  13,112
  16,268
  19,874
  23,938
  28,464
  33,449
  38,888
  44,774
  51,098
  57,848
  65,015
  72,589
  80,563
  88,931
  97,689
  106,835
  116,373
  126,304
  136,637
  147,380
  158,546
Total equity, $m
  972
  1,498
  2,237
  3,241
  4,567
  6,270
  8,406
  11,026
  14,173
  17,886
  22,191
  27,110
  32,654
  38,826
  45,626
  53,046
  61,075
  69,700
  78,908
  88,684
  99,016
  109,893
  121,307
  133,254
  145,731
  158,740
  172,287
  186,382
  201,036
  216,268
Total liabilities and equity, $m
  1,684
  2,597
  3,877
  5,617
  7,915
  10,867
  14,569
  19,109
  24,563
  30,998
  38,459
  46,984
  56,592
  67,290
  79,075
  91,934
  105,849
  120,798
  136,756
  153,699
  171,605
  190,456
  210,238
  230,943
  252,566
  275,113
  298,591
  323,019
  348,416
  374,814
Debt-to-equity ratio
  0.600
  0.650
  0.680
  0.690
  0.710
  0.710
  0.720
  0.720
  0.720
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
Adjusted equity ratio
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -19
  -39
  -68
  -110
  -167
  -242
  -340
  -463
  -616
  -799
  -1,017
  -1,271
  -1,562
  -1,890
  -2,257
  -2,662
  -3,105
  -3,585
  -4,102
  -4,654
  -5,241
  -5,862
  -6,516
  -7,202
  -7,922
  -8,673
  -9,457
  -10,273
  -11,122
  -12,005
Depreciation, amort., depletion, $m
  152
  234
  350
  506
  714
  980
  1,313
  1,723
  2,215
  2,795
  3,467
  4,236
  5,102
  6,066
  7,129
  8,288
  9,543
  10,890
  12,329
  13,857
  15,471
  17,170
  18,954
  20,820
  22,770
  24,803
  26,919
  29,122
  31,411
  33,791
Funds from operations, $m
  133
  195
  281
  397
  547
  738
  974
  1,259
  1,599
  1,995
  2,450
  2,965
  3,541
  4,176
  4,872
  5,626
  6,438
  7,305
  8,227
  9,203
  10,230
  11,309
  12,438
  13,618
  14,848
  16,130
  17,463
  18,849
  20,289
  21,786
Change in working capital, $m
  -9
  -13
  -18
  -25
  -33
  -43
  -53
  -65
  -79
  -93
  -107
  -123
  -138
  -154
  -170
  -185
  -200
  -215
  -230
  -244
  -258
  -271
  -285
  -298
  -311
  -325
  -338
  -352
  -366
  -380
Cash from operations, $m
  142
  208
  300
  422
  580
  780
  1,027
  1,325
  1,677
  2,088
  2,558
  3,088
  3,679
  4,330
  5,042
  5,811
  6,638
  7,521
  8,457
  9,447
  10,488
  11,580
  12,723
  13,916
  15,160
  16,454
  17,801
  19,201
  20,655
  22,166
Maintenance CAPEX, $m
  -95
  -152
  -234
  -350
  -506
  -714
  -980
  -1,313
  -1,723
  -2,215
  -2,795
  -3,467
  -4,236
  -5,102
  -6,066
  -7,129
  -8,288
  -9,543
  -10,890
  -12,329
  -13,857
  -15,471
  -17,170
  -18,954
  -20,820
  -22,770
  -24,803
  -26,919
  -29,122
  -31,411
New CAPEX, $m
  -580
  -840
  -1,178
  -1,600
  -2,112
  -2,715
  -3,404
  -4,175
  -5,016
  -5,916
  -6,862
  -7,839
  -8,835
  -9,838
  -10,837
  -11,825
  -12,796
  -13,746
  -14,674
  -15,580
  -16,466
  -17,335
  -18,191
  -19,039
  -19,885
  -20,733
  -21,590
  -22,463
  -23,355
  -24,275
Cash from investing activities, $m
  -675
  -992
  -1,412
  -1,950
  -2,618
  -3,429
  -4,384
  -5,488
  -6,739
  -8,131
  -9,657
  -11,306
  -13,071
  -14,940
  -16,903
  -18,954
  -21,084
  -23,289
  -25,564
  -27,909
  -30,323
  -32,806
  -35,361
  -37,993
  -40,705
  -43,503
  -46,393
  -49,382
  -52,477
  -55,686
Free cash flow, $m
  -533
  -783
  -1,112
  -1,528
  -2,039
  -2,648
  -3,357
  -4,164
  -5,061
  -6,043
  -7,099
  -8,219
  -9,392
  -10,609
  -11,862
  -13,143
  -14,446
  -15,769
  -17,108
  -18,463
  -19,835
  -21,226
  -22,638
  -24,077
  -25,545
  -27,049
  -28,592
  -30,181
  -31,822
  -33,520
Issuance/(repayment) of debt, $m
  267
  386
  542
  736
  972
  1,249
  1,566
  1,920
  2,307
  2,721
  3,156
  3,606
  4,064
  4,525
  4,985
  5,440
  5,886
  6,323
  6,750
  7,167
  7,574
  7,974
  8,368
  8,758
  9,147
  9,537
  9,931
  10,333
  10,743
  11,166
Issuance/(repurchase) of shares, $m
  383
  566
  807
  1,114
  1,492
  1,945
  2,476
  3,083
  3,763
  4,512
  5,323
  6,190
  7,105
  8,063
  9,057
  10,082
  11,134
  12,211
  13,309
  14,430
  15,573
  16,739
  17,930
  19,149
  20,398
  21,682
  23,004
  24,367
  25,777
  27,237
Cash from financing (excl. dividends), $m  
  650
  952
  1,349
  1,850
  2,464
  3,194
  4,042
  5,003
  6,070
  7,233
  8,479
  9,796
  11,169
  12,588
  14,042
  15,522
  17,020
  18,534
  20,059
  21,597
  23,147
  24,713
  26,298
  27,907
  29,545
  31,219
  32,935
  34,700
  36,520
  38,403
Total cash flow (excl. dividends), $m
  117
  169
  237
  322
  425
  546
  685
  840
  1,009
  1,190
  1,380
  1,577
  1,777
  1,979
  2,180
  2,379
  2,574
  2,765
  2,952
  3,134
  3,312
  3,487
  3,659
  3,830
  4,000
  4,171
  4,343
  4,519
  4,698
  4,883
Retained Cash Flow (-), $m
  -383
  -566
  -807
  -1,114
  -1,492
  -1,945
  -2,476
  -3,083
  -3,763
  -4,512
  -5,323
  -6,190
  -7,105
  -8,063
  -9,057
  -10,082
  -11,134
  -12,211
  -13,309
  -14,430
  -15,573
  -16,739
  -17,930
  -19,149
  -20,398
  -21,682
  -23,004
  -24,367
  -25,777
  -27,237
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
  -266
  -397
  -570
  -792
  -1,067
  -1,399
  -1,791
  -2,243
  -2,754
  -3,322
  -3,942
  -4,613
  -5,328
  -6,084
  -6,877
  -7,703
  -8,560
  -9,445
  -10,358
  -11,296
  -12,260
  -13,252
  -14,271
  -15,319
  -16,398
  -17,512
  -18,661
  -19,849
  -21,079
  -22,354
Discount rate, %
  7.00
  7.35
  7.72
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.86
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.70
  24.89
  26.13
  27.44
  28.81
PV of cash for distribution, $m
  -249
  -345
  -456
  -580
  -709
  -837
  -956
  -1,058
  -1,136
  -1,185
  -1,202
  -1,187
  -1,143
  -1,072
  -981
  -876
  -763
  -649
  -538
  -435
  -343
  -263
  -197
  -143
  -101
  -69
  -46
  -30
  -19
  -11
Current shareholders' claim on cash, %
  52.7
  28.7
  16.2
  9.5
  5.7
  3.6
  2.3
  1.5
  1.0
  0.7
  0.5
  0.3
  0.3
  0.2
  0.1
  0.1
  0.1
  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

Bellatrix Exploration Ltd. is an oil and gas exploration company engaged in the exploration for, and the acquisition, development and production of oil and natural gas reserves in the provinces of Alberta, British Columbia and Saskatchewan. The Company's properties include Ferrier, Willesden Green, Greater Pembina, Strachan and Harmattan. Ferrier is located over 30 kilometers northwest of Rocky Mountain House, Alberta. The Ferrier and Alder Flats areas produce natural gas and natural gas liquids from the Belly River, Cardium, Notikewin, Falher and Rock Creek zones at depths ranging from 1,800 to 2,700 meters. The Willesden Green area is located approximately 40 kilometers north of Rocky Mountain House, Alberta. Pembina is located over 20 kilometers west of Drayton Valley, Alberta. Strachan is located approximately 10 kilometers south of Rocky Mountain House, Alberta. Harmattan is located approximately 80 kilometers northwest of Calgary near the town of Sundre, Alberta.

FINANCIAL RATIOS  of  Bellatrix Exploration (BXE)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

BXE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BXE stock intrinsic value calculation we used $237.23487824 million for the last fiscal year's total revenue generated by Bellatrix Exploration. The default revenue input number comes from 0001 income statement of Bellatrix Exploration. 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 BXE stock valuation model: a) initial revenue growth rate of 59.7% 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%, whose default value for BXE is calculated based on our internal credit rating of Bellatrix Exploration, 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 Bellatrix Exploration.
    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 BXE stock the variable cost ratio is equal to 96.6%.

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 BXE 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 10.1% for Bellatrix Exploration.

Corporate tax rate of 27% is the nominal tax rate for Bellatrix Exploration. 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 BXE 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 BXE are equal to 408.7%.

Life of production assets of 10.2 years is the average useful life of capital assets used in Bellatrix Exploration 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 BXE is equal to -6.4%. 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 - $608.029850746 million for Bellatrix Exploration - 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 49.378 million for Bellatrix Exploration 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 Bellatrix Exploration at the current share price and the inputted number of shares is $0.0 billion.

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COMPANY NEWS

▶ Top 3 Oil and Gas Penny Stocks for 2018   [Aug-31-18 05:01PM  Investopedia]
▶ Is It Too Late To Buy Bellatrix Exploration Ltd (TSE:BXE)?   [Mar-20-18 01:42PM  Simply Wall St.]
▶ Bellatrix reports 3Q loss   [Nov-09-17 10:34AM  Associated Press]
▶ Bellatrix reports 2Q loss   [Aug-10-17 08:40PM  Associated Press]
▶ Bellatrix Announces $34.5 Million Non-core Asset Sale   [Jun-14-17 07:30AM  PR Newswire]
▶ Bellatrix Announces CFO Succession   [Jun-06-17 07:30AM  PR Newswire]
▶ Bellatrix Announces CFO Succession   [07:30AM  CNW Group]
▶ Bellatrix posts 1Q profit   [05:02AM  Associated Press]
▶ New Strong Buy Stocks for April 5th   [Apr-05-17 08:52AM  Zacks]

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