Intrinsic value of California Resources - CRC

Previous Close

$18.95

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$18.95

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

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

We calculate the intrinsic value of CRC 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  -22.78
  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
  1,753
  1,788
  1,829
  1,876
  1,929
  1,987
  2,052
  2,121
  2,197
  2,279
  2,366
  2,460
  2,559
  2,666
  2,779
  2,899
  3,026
  3,160
  3,302
  3,452
  3,611
  3,778
  3,955
  4,141
  4,337
  4,544
  4,761
  4,990
  5,231
  5,484
  5,750
Variable operating expenses, $m
 
  5,927
  6,064
  6,220
  6,395
  6,588
  6,801
  7,033
  7,283
  7,554
  7,843
  8,154
  8,485
  8,837
  9,211
  9,609
  10,030
  10,475
  10,947
  11,445
  11,971
  12,526
  13,111
  13,728
  14,377
  15,062
  15,783
  16,541
  17,339
  18,179
  19,062
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
  1,048
  5,927
  6,064
  6,220
  6,395
  6,588
  6,801
  7,033
  7,283
  7,554
  7,843
  8,154
  8,485
  8,837
  9,211
  9,609
  10,030
  10,475
  10,947
  11,445
  11,971
  12,526
  13,111
  13,728
  14,377
  15,062
  15,783
  16,541
  17,339
  18,179
  19,062
Operating income, $m
  705
  -4,139
  -4,235
  -4,343
  -4,466
  -4,601
  -4,749
  -4,911
  -5,086
  -5,275
  -5,477
  -5,694
  -5,925
  -6,171
  -6,433
  -6,710
  -7,004
  -7,315
  -7,645
  -7,992
  -8,360
  -8,747
  -9,156
  -9,587
  -10,040
  -10,518
  -11,022
  -11,551
  -12,109
  -12,695
  -13,312
EBITDA, $m
  1,264
  -3,569
  -3,651
  -3,745
  -3,850
  -3,967
  -4,095
  -4,234
  -4,385
  -4,548
  -4,722
  -4,909
  -5,108
  -5,320
  -5,546
  -5,785
  -6,038
  -6,307
  -6,591
  -6,890
  -7,207
  -7,541
  -7,893
  -8,265
  -8,656
  -9,068
  -9,502
  -9,959
  -10,439
  -10,945
  -11,477
Interest expense (income), $m
  0
  184
  147
  151
  157
  163
  169
  177
  185
  193
  203
  213
  223
  235
  247
  260
  273
  288
  303
  319
  337
  355
  374
  394
  415
  437
  461
  486
  512
  539
  568
Earnings before tax, $m
  201
  -4,323
  -4,381
  -4,495
  -4,622
  -4,764
  -4,919
  -5,088
  -5,271
  -5,468
  -5,680
  -5,907
  -6,148
  -6,406
  -6,679
  -6,970
  -7,277
  -7,603
  -7,948
  -8,312
  -8,696
  -9,102
  -9,530
  -9,980
  -10,455
  -10,956
  -11,483
  -12,037
  -12,621
  -13,235
  -13,880
Tax expense, $m
  -78
  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
  279
  -4,323
  -4,381
  -4,495
  -4,622
  -4,764
  -4,919
  -5,088
  -5,271
  -5,468
  -5,680
  -5,907
  -6,148
  -6,406
  -6,679
  -6,970
  -7,277
  -7,603
  -7,948
  -8,312
  -8,696
  -9,102
  -9,530
  -9,980
  -10,455
  -10,956
  -11,483
  -12,037
  -12,621
  -13,235
  -13,880

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  12
  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
  6,354
  6,478
  6,627
  6,798
  6,989
  7,201
  7,433
  7,687
  7,961
  8,256
  8,573
  8,912
  9,273
  9,658
  10,068
  10,502
  10,962
  11,449
  11,965
  12,509
  13,084
  13,690
  14,330
  15,004
  15,714
  16,462
  17,250
  18,079
  18,951
  19,869
  20,835
Adjusted assets (=assets-cash), $m
  6,342
  6,478
  6,627
  6,798
  6,989
  7,201
  7,433
  7,687
  7,961
  8,256
  8,573
  8,912
  9,273
  9,658
  10,068
  10,502
  10,962
  11,449
  11,965
  12,509
  13,084
  13,690
  14,330
  15,004
  15,714
  16,462
  17,250
  18,079
  18,951
  19,869
  20,835
Revenue / Adjusted assets
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
Average production assets, $m
  6,099
  6,221
  6,364
  6,527
  6,711
  6,914
  7,138
  7,381
  7,644
  7,927
  8,231
  8,557
  8,904
  9,274
  9,667
  10,084
  10,526
  10,994
  11,488
  12,011
  12,563
  13,145
  13,759
  14,407
  15,089
  15,807
  16,563
  17,359
  18,197
  19,078
  20,005
Working capital, $m
  -301
  -218
  -223
  -229
  -235
  -242
  -250
  -259
  -268
  -278
  -289
  -300
  -312
  -325
  -339
  -354
  -369
  -386
  -403
  -421
  -441
  -461
  -483
  -505
  -529
  -554
  -581
  -609
  -638
  -669
  -702
Total debt, $m
  5,268
  4,188
  4,322
  4,475
  4,647
  4,838
  5,047
  5,275
  5,522
  5,787
  6,072
  6,377
  6,703
  7,050
  7,418
  7,809
  8,223
  8,661
  9,125
  9,615
  10,132
  10,678
  11,254
  11,860
  12,500
  13,173
  13,882
  14,628
  15,413
  16,239
  17,108
Total liabilities, $m
  6,911
  5,831
  5,965
  6,118
  6,290
  6,481
  6,690
  6,918
  7,165
  7,430
  7,715
  8,020
  8,346
  8,693
  9,061
  9,452
  9,866
  10,304
  10,768
  11,258
  11,775
  12,321
  12,897
  13,503
  14,143
  14,816
  15,525
  16,271
  17,056
  17,882
  18,751
Total equity, $m
  -557
  648
  663
  680
  699
  720
  743
  769
  796
  826
  857
  891
  927
  966
  1,007
  1,050
  1,096
  1,145
  1,196
  1,251
  1,308
  1,369
  1,433
  1,500
  1,571
  1,646
  1,725
  1,808
  1,895
  1,987
  2,083
Total liabilities and equity, $m
  6,354
  6,479
  6,628
  6,798
  6,989
  7,201
  7,433
  7,687
  7,961
  8,256
  8,572
  8,911
  9,273
  9,659
  10,068
  10,502
  10,962
  11,449
  11,964
  12,509
  13,083
  13,690
  14,330
  15,003
  15,714
  16,462
  17,250
  18,079
  18,951
  19,869
  20,834
Debt-to-equity ratio
  -9.458
  6.460
  6.520
  6.580
  6.650
  6.720
  6.790
  6.860
  6.940
  7.010
  7.080
  7.160
  7.230
  7.300
  7.370
  7.440
  7.500
  7.560
  7.630
  7.690
  7.740
  7.800
  7.850
  7.900
  7.950
  8.000
  8.050
  8.090
  8.130
  8.170
  8.210
Adjusted equity ratio
  -0.090
  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
  279
  -4,323
  -4,381
  -4,495
  -4,622
  -4,764
  -4,919
  -5,088
  -5,271
  -5,468
  -5,680
  -5,907
  -6,148
  -6,406
  -6,679
  -6,970
  -7,277
  -7,603
  -7,948
  -8,312
  -8,696
  -9,102
  -9,530
  -9,980
  -10,455
  -10,956
  -11,483
  -12,037
  -12,621
  -13,235
  -13,880
Depreciation, amort., depletion, $m
  559
  571
  584
  599
  616
  634
  655
  677
  701
  727
  755
  785
  817
  851
  887
  925
  966
  1,009
  1,054
  1,102
  1,153
  1,206
  1,262
  1,322
  1,384
  1,450
  1,520
  1,593
  1,669
  1,750
  1,835
Funds from operations, $m
  19
  -3,753
  -3,797
  -3,896
  -4,007
  -4,129
  -4,264
  -4,411
  -4,570
  -4,741
  -4,925
  -5,121
  -5,331
  -5,555
  -5,792
  -6,045
  -6,312
  -6,595
  -6,894
  -7,210
  -7,544
  -7,896
  -8,267
  -8,659
  -9,071
  -9,506
  -9,963
  -10,445
  -10,951
  -11,484
  -12,045
Change in working capital, $m
  -111
  -4
  -5
  -6
  -6
  -7
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -33
Cash from operations, $m
  130
  -3,748
  -3,792
  -3,890
  -4,000
  -4,122
  -4,256
  -4,402
  -4,560
  -4,731
  -4,914
  -5,110
  -5,319
  -5,542
  -5,779
  -6,030
  -6,296
  -6,578
  -6,876
  -7,192
  -7,524
  -7,875
  -8,246
  -8,636
  -9,047
  -9,480
  -9,937
  -10,417
  -10,922
  -11,453
  -12,013
Maintenance CAPEX, $m
  0
  -559
  -571
  -584
  -599
  -616
  -634
  -655
  -677
  -701
  -727
  -755
  -785
  -817
  -851
  -887
  -925
  -966
  -1,009
  -1,054
  -1,102
  -1,153
  -1,206
  -1,262
  -1,322
  -1,384
  -1,450
  -1,520
  -1,593
  -1,669
  -1,750
New CAPEX, $m
  -75
  -122
  -143
  -164
  -184
  -203
  -223
  -243
  -263
  -283
  -304
  -325
  -347
  -370
  -393
  -417
  -442
  -468
  -495
  -523
  -552
  -582
  -614
  -647
  -682
  -718
  -756
  -796
  -838
  -881
  -927
Cash from investing activities, $m
  -61
  -681
  -714
  -748
  -783
  -819
  -857
  -898
  -940
  -984
  -1,031
  -1,080
  -1,132
  -1,187
  -1,244
  -1,304
  -1,367
  -1,434
  -1,504
  -1,577
  -1,654
  -1,735
  -1,820
  -1,909
  -2,004
  -2,102
  -2,206
  -2,316
  -2,431
  -2,550
  -2,677
Free cash flow, $m
  69
  -4,430
  -4,506
  -4,637
  -4,783
  -4,941
  -5,114
  -5,300
  -5,501
  -5,716
  -5,946
  -6,191
  -6,452
  -6,729
  -7,023
  -7,334
  -7,663
  -8,012
  -8,380
  -8,768
  -9,178
  -9,610
  -10,066
  -10,546
  -11,051
  -11,583
  -12,143
  -12,732
  -13,352
  -14,004
  -14,690
Issuance/(repayment) of debt, $m
  -22
  -1,068
  134
  153
  172
  191
  209
  228
  247
  266
  285
  305
  326
  347
  368
  391
  414
  438
  464
  490
  517
  546
  576
  607
  639
  673
  709
  746
  785
  826
  869
Issuance/(repurchase) of shares, $m
  4
  5,528
  4,396
  4,512
  4,641
  4,785
  4,942
  5,113
  5,298
  5,498
  5,712
  5,940
  6,184
  6,444
  6,720
  7,013
  7,324
  7,652
  7,999
  8,366
  8,754
  9,162
  9,593
  10,048
  10,527
  11,031
  11,561
  12,120
  12,708
  13,326
  13,977
Cash from financing (excl. dividends), $m  
  -69
  4,460
  4,530
  4,665
  4,813
  4,976
  5,151
  5,341
  5,545
  5,764
  5,997
  6,245
  6,510
  6,791
  7,088
  7,404
  7,738
  8,090
  8,463
  8,856
  9,271
  9,708
  10,169
  10,655
  11,166
  11,704
  12,270
  12,866
  13,493
  14,152
  14,846
Total cash flow (excl. dividends), $m
  0
  30
  24
  28
  31
  34
  38
  41
  44
  48
  51
  55
  58
  62
  66
  70
  74
  79
  83
  88
  93
  98
  103
  109
  115
  121
  127
  134
  141
  148
  156
Retained Cash Flow (-), $m
  -359
  -5,528
  -4,396
  -4,512
  -4,641
  -4,785
  -4,942
  -5,113
  -5,298
  -5,498
  -5,712
  -5,940
  -6,184
  -6,444
  -6,720
  -7,013
  -7,324
  -7,652
  -7,999
  -8,366
  -8,754
  -9,162
  -9,593
  -10,048
  -10,527
  -11,031
  -11,561
  -12,120
  -12,708
  -13,326
  -13,977
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
 
  -5,498
  -4,372
  -4,484
  -4,610
  -4,751
  -4,905
  -5,072
  -5,254
  -5,450
  -5,660
  -5,886
  -6,126
  -6,382
  -6,654
  -6,943
  -7,249
  -7,573
  -7,916
  -8,278
  -8,661
  -9,064
  -9,490
  -9,939
  -10,412
  -10,910
  -11,434
  -11,986
  -12,567
  -13,178
  -13,821
Discount rate, %
 
  15.40
  16.17
  16.98
  17.83
  18.72
  19.65
  20.64
  21.67
  22.75
  23.89
  25.08
  26.34
  27.66
  29.04
  30.49
  32.02
  33.62
  35.30
  37.06
  38.92
  40.86
  42.90
  45.05
  47.30
  49.67
  52.15
  54.76
  57.50
  60.37
  63.39
PV of cash for distribution, $m
 
  -4,765
  -3,240
  -2,801
  -2,392
  -2,014
  -1,671
  -1,364
  -1,094
  -861
  -664
  -502
  -370
  -267
  -187
  -128
  -85
  -55
  -34
  -21
  -12
  -7
  -4
  -2
  -1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  6.4
  0.8
  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
  0.0

California Resources Corporation is an independent oil and natural gas exploration and production company, with operating properties within the State of California. The Company produced approximately 140 thousand barrels of oil equivalent per day (MBoe/d), as of December 31, 2016. As of December 31, 2016, the Company had net proved reserves of 568 million barrels of oil equivalent (MMBoe). As of December 31, 2016, it drilled 42 development wells with 37 wells in the San Joaquin basin and five in the Los Angeles basin, which included over 30 steamflood and eight waterflood wells. As of December 31, 2016, the Company produced 36 billion barrels of oil equivalent (BBoe), including approximately 20 BBoe in the San Joaquin basin, 11 BBoe in the Los Angeles basin, three BBoe in the Ventura basin and 10 trillion cubic feet (Tcf) of natural gas in the Sacramento basin. Its operations included 135 fields with 8,837 gross active wellbores, as of December 31, 2016.

FINANCIAL RATIOS  of  California Resources (CRC)

Valuation Ratios
P/E Ratio 2.9
Price to Sales 0.5
Price to Book -1.4
Price to Tangible Book
Price to Cash Flow 6.2
Price to Free Cash Flow 14.7
Growth Rates
Sales Growth Rate -22.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -81.3%
Cap. Spend. - 3 Yr. Gr. Rate -46.2%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity -927.8%
Total Debt to Equity -945.8%
Interest Coverage 0
Management Effectiveness
Return On Assets 4.2%
Ret/ On Assets - 3 Yr. Avg. -14.4%
Return On Total Capital 5.6%
Ret/ On T. Cap. - 3 Yr. Avg. -19.9%
Return On Equity -37.9%
Return On Equity - 3 Yr. Avg. -160%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 54.4%
Gross Margin - 3 Yr. Avg. 62.4%
EBITDA Margin 43.4%
EBITDA Margin - 3 Yr. Avg. -61%
Operating Margin 40.2%
Oper. Margin - 3 Yr. Avg. -82.5%
Pre-Tax Margin 11.5%
Pre-Tax Margin - 3 Yr. Avg. -95.9%
Net Profit Margin 15.9%
Net Profit Margin - 3 Yr. Avg. -58.3%
Effective Tax Rate -38.8%
Eff/ Tax Rate - 3 Yr. Avg. 12.4%
Payout Ratio 0%

CRC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CRC stock intrinsic value calculation we used $1753 million for the last fiscal year's total revenue generated by California Resources. The default revenue input number comes from 2016 income statement of California 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 CRC 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 15.4%, whose default value for CRC is calculated based on our internal credit rating of California 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 California 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 CRC stock the variable cost ratio is equal to 331.5%.

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 CRC 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 3.5% for California Resources.

Corporate tax rate of 27% is the nominal tax rate for California 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 CRC 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 CRC are equal to 347.9%.

Life of production assets of 10.9 years is the average useful life of capital assets used in California 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 CRC is equal to -12.2%. 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 - $-557 million for California 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 41.7 million for California 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 California Resources at the current share price and the inputted number of shares is $0.8 billion.

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Financial statements of CRC
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