Intrinsic value of Comstock Resources - CRK

Previous Close

$7.97

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$7.97

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of CRK 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 0.1

 

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, %
  34.90
  31.91
  29.22
  26.80
  24.62
  22.66
  20.89
  19.30
  17.87
  16.58
  15.43
  14.38
  13.44
  12.60
  11.84
  11.16
  10.54
  9.99
  9.49
  9.04
  8.64
  8.27
  7.94
  7.65
  7.39
  7.15
  6.93
  6.74
  6.56
  6.41
Revenue, $m
  344
  454
  587
  744
  928
  1,138
  1,376
  1,641
  1,934
  2,255
  2,603
  2,977
  3,378
  3,803
  4,254
  4,728
  5,227
  5,748
  6,294
  6,863
  7,455
  8,072
  8,713
  9,380
  10,073
  10,793
  11,541
  12,318
  13,127
  13,968
Variable operating expenses, $m
  705
  930
  1,202
  1,524
  1,899
  2,329
  2,816
  3,359
  3,960
  4,616
  5,328
  6,095
  6,914
  7,785
  8,707
  9,679
  10,699
  11,767
  12,884
  14,048
  15,261
  16,524
  17,836
  19,201
  20,619
  22,092
  23,624
  25,216
  26,871
  28,593
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
  705
  930
  1,202
  1,524
  1,899
  2,329
  2,816
  3,359
  3,960
  4,616
  5,328
  6,095
  6,914
  7,785
  8,707
  9,679
  10,699
  11,767
  12,884
  14,048
  15,261
  16,524
  17,836
  19,201
  20,619
  22,092
  23,624
  25,216
  26,871
  28,593
Operating income, $m
  -361
  -476
  -615
  -779
  -971
  -1,191
  -1,440
  -1,718
  -2,025
  -2,361
  -2,725
  -3,117
  -3,536
  -3,982
  -4,454
  -4,950
  -5,472
  -6,019
  -6,590
  -7,185
  -7,806
  -8,451
  -9,123
  -9,821
  -10,546
  -11,300
  -12,083
  -12,897
  -13,744
  -14,625
EBITDA, $m
  -194
  -256
  -331
  -419
  -522
  -641
  -775
  -924
  -1,089
  -1,270
  -1,466
  -1,677
  -1,902
  -2,142
  -2,395
  -2,663
  -2,943
  -3,237
  -3,544
  -3,865
  -4,198
  -4,546
  -4,907
  -5,282
  -5,672
  -6,078
  -6,499
  -6,937
  -7,392
  -7,866
Interest expense (income), $m
  105
  151
  128
  177
  237
  307
  389
  483
  589
  707
  838
  982
  1,137
  1,304
  1,483
  1,673
  1,874
  2,086
  2,309
  2,542
  2,786
  3,040
  3,305
  3,580
  3,867
  4,164
  4,474
  4,795
  5,130
  5,477
  5,838
Earnings before tax, $m
  -512
  -604
  -792
  -1,016
  -1,278
  -1,580
  -1,923
  -2,307
  -2,733
  -3,200
  -3,707
  -4,254
  -4,841
  -5,465
  -6,127
  -6,825
  -7,559
  -8,328
  -9,132
  -9,971
  -10,846
  -11,756
  -12,703
  -13,687
  -14,711
  -15,774
  -16,879
  -18,027
  -19,221
  -20,463
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
  -512
  -604
  -792
  -1,016
  -1,278
  -1,580
  -1,923
  -2,307
  -2,733
  -3,200
  -3,707
  -4,254
  -4,841
  -5,465
  -6,127
  -6,825
  -7,559
  -8,328
  -9,132
  -9,971
  -10,846
  -11,756
  -12,703
  -13,687
  -14,711
  -15,774
  -16,879
  -18,027
  -19,221
  -20,463

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
  1,257
  1,658
  2,143
  2,717
  3,386
  4,153
  5,020
  5,989
  7,060
  8,230
  9,500
  10,866
  12,327
  13,881
  15,524
  17,256
  19,075
  20,980
  22,970
  25,047
  27,210
  29,460
  31,801
  34,233
  36,762
  39,389
  42,119
  44,957
  47,909
  50,979
Adjusted assets (=assets-cash), $m
  1,257
  1,658
  2,143
  2,717
  3,386
  4,153
  5,020
  5,989
  7,060
  8,230
  9,500
  10,866
  12,327
  13,881
  15,524
  17,256
  19,075
  20,980
  22,970
  25,047
  27,210
  29,460
  31,801
  34,233
  36,762
  39,389
  42,119
  44,957
  47,909
  50,979
Revenue / Adjusted assets
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
Average production assets, $m
  950
  1,253
  1,619
  2,053
  2,559
  3,138
  3,794
  4,526
  5,335
  6,220
  7,179
  8,212
  9,316
  10,490
  11,732
  13,040
  14,415
  15,854
  17,359
  18,928
  20,562
  22,263
  24,032
  25,870
  27,780
  29,766
  31,829
  33,974
  36,204
  38,524
Working capital, $m
  98
  129
  167
  212
  264
  324
  392
  468
  551
  643
  742
  849
  963
  1,084
  1,212
  1,348
  1,490
  1,638
  1,794
  1,956
  2,125
  2,301
  2,483
  2,673
  2,871
  3,076
  3,289
  3,511
  3,741
  3,981
Total debt, $m
  942
  1,303
  1,739
  2,256
  2,858
  3,548
  4,329
  5,201
  6,165
  7,218
  8,361
  9,591
  10,906
  12,303
  13,783
  15,341
  16,978
  18,693
  20,484
  22,353
  24,299
  26,325
  28,431
  30,621
  32,896
  35,261
  37,718
  40,272
  42,929
  45,692
Total liabilities, $m
  1,131
  1,492
  1,928
  2,445
  3,047
  3,738
  4,518
  5,390
  6,354
  7,407
  8,550
  9,780
  11,095
  12,493
  13,972
  15,530
  17,167
  18,882
  20,673
  22,542
  24,489
  26,514
  28,621
  30,810
  33,085
  35,450
  37,907
  40,462
  43,118
  45,881
Total equity, $m
  126
  166
  214
  272
  339
  415
  502
  599
  706
  823
  950
  1,087
  1,233
  1,388
  1,552
  1,726
  1,907
  2,098
  2,297
  2,505
  2,721
  2,946
  3,180
  3,423
  3,676
  3,939
  4,212
  4,496
  4,791
  5,098
Total liabilities and equity, $m
  1,257
  1,658
  2,142
  2,717
  3,386
  4,153
  5,020
  5,989
  7,060
  8,230
  9,500
  10,867
  12,328
  13,881
  15,524
  17,256
  19,074
  20,980
  22,970
  25,047
  27,210
  29,460
  31,801
  34,233
  36,761
  39,389
  42,119
  44,958
  47,909
  50,979
Debt-to-equity ratio
  7.500
  7.860
  8.120
  8.300
  8.440
  8.540
  8.620
  8.680
  8.730
  8.770
  8.800
  8.830
  8.850
  8.860
  8.880
  8.890
  8.900
  8.910
  8.920
  8.920
  8.930
  8.940
  8.940
  8.940
  8.950
  8.950
  8.960
  8.960
  8.960
  8.960
Adjusted equity ratio
  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
  -512
  -604
  -792
  -1,016
  -1,278
  -1,580
  -1,923
  -2,307
  -2,733
  -3,200
  -3,707
  -4,254
  -4,841
  -5,465
  -6,127
  -6,825
  -7,559
  -8,328
  -9,132
  -9,971
  -10,846
  -11,756
  -12,703
  -13,687
  -14,711
  -15,774
  -16,879
  -18,027
  -19,221
  -20,463
Depreciation, amort., depletion, $m
  167
  220
  284
  360
  449
  551
  666
  794
  936
  1,091
  1,259
  1,441
  1,634
  1,840
  2,058
  2,288
  2,529
  2,781
  3,045
  3,321
  3,607
  3,906
  4,216
  4,539
  4,874
  5,222
  5,584
  5,960
  6,352
  6,759
Funds from operations, $m
  -345
  -384
  -508
  -656
  -829
  -1,029
  -1,257
  -1,513
  -1,797
  -2,108
  -2,448
  -2,814
  -3,206
  -3,625
  -4,069
  -4,537
  -5,030
  -5,546
  -6,087
  -6,651
  -7,238
  -7,850
  -8,487
  -9,149
  -9,837
  -10,552
  -11,294
  -12,067
  -12,869
  -13,704
Change in working capital, $m
  25
  31
  38
  45
  52
  60
  68
  76
  84
  91
  99
  107
  114
  121
  128
  135
  142
  149
  155
  162
  169
  176
  183
  190
  197
  205
  213
  222
  230
  240
Cash from operations, $m
  -370
  -415
  -546
  -701
  -881
  -1,089
  -1,325
  -1,589
  -1,880
  -2,200
  -2,547
  -2,920
  -3,321
  -3,746
  -4,197
  -4,672
  -5,172
  -5,695
  -6,242
  -6,813
  -7,407
  -8,026
  -8,670
  -9,339
  -10,034
  -10,757
  -11,508
  -12,288
  -13,100
  -13,944
Maintenance CAPEX, $m
  -123
  -167
  -220
  -284
  -360
  -449
  -551
  -666
  -794
  -936
  -1,091
  -1,259
  -1,441
  -1,634
  -1,840
  -2,058
  -2,288
  -2,529
  -2,781
  -3,045
  -3,321
  -3,607
  -3,906
  -4,216
  -4,539
  -4,874
  -5,222
  -5,584
  -5,960
  -6,352
New CAPEX, $m
  -247
  -303
  -366
  -434
  -505
  -580
  -656
  -732
  -809
  -885
  -959
  -1,033
  -1,104
  -1,174
  -1,242
  -1,309
  -1,375
  -1,440
  -1,504
  -1,569
  -1,634
  -1,701
  -1,769
  -1,838
  -1,910
  -1,985
  -2,063
  -2,145
  -2,230
  -2,320
Cash from investing activities, $m
  -370
  -470
  -586
  -718
  -865
  -1,029
  -1,207
  -1,398
  -1,603
  -1,821
  -2,050
  -2,292
  -2,545
  -2,808
  -3,082
  -3,367
  -3,663
  -3,969
  -4,285
  -4,614
  -4,955
  -5,308
  -5,675
  -6,054
  -6,449
  -6,859
  -7,285
  -7,729
  -8,190
  -8,672
Free cash flow, $m
  -740
  -885
  -1,132
  -1,419
  -1,747
  -2,118
  -2,531
  -2,986
  -3,483
  -4,020
  -4,597
  -5,213
  -5,865
  -6,554
  -7,279
  -8,039
  -8,834
  -9,663
  -10,528
  -11,427
  -12,362
  -13,334
  -14,344
  -15,393
  -16,483
  -17,616
  -18,793
  -20,017
  -21,291
  -22,616
Issuance/(repayment) of debt, $m
  -168
  361
  436
  517
  602
  690
  781
  872
  963
  1,054
  1,143
  1,230
  1,315
  1,398
  1,479
  1,559
  1,637
  1,714
  1,791
  1,869
  1,947
  2,026
  2,106
  2,189
  2,275
  2,364
  2,457
  2,554
  2,656
  2,763
Issuance/(repurchase) of shares, $m
  1,007
  644
  840
  1,073
  1,345
  1,657
  2,010
  2,404
  2,840
  3,317
  3,834
  4,391
  4,987
  5,621
  6,291
  6,998
  7,740
  8,518
  9,331
  10,179
  11,062
  11,981
  12,937
  13,931
  14,963
  16,036
  17,152
  18,311
  19,516
  20,770
Cash from financing (excl. dividends), $m  
  839
  1,005
  1,276
  1,590
  1,947
  2,347
  2,791
  3,276
  3,803
  4,371
  4,977
  5,621
  6,302
  7,019
  7,770
  8,557
  9,377
  10,232
  11,122
  12,048
  13,009
  14,007
  15,043
  16,120
  17,238
  18,400
  19,609
  20,865
  22,172
  23,533
Total cash flow (excl. dividends), $m
  98
  120
  145
  172
  200
  229
  259
  290
  320
  350
  379
  408
  437
  464
  491
  517
  543
  569
  595
  620
  646
  672
  699
  727
  755
  785
  816
  848
  882
  917
Retained Cash Flow (-), $m
  -1,007
  -644
  -840
  -1,073
  -1,345
  -1,657
  -2,010
  -2,404
  -2,840
  -3,317
  -3,834
  -4,391
  -4,987
  -5,621
  -6,291
  -6,998
  -7,740
  -8,518
  -9,331
  -10,179
  -11,062
  -11,981
  -12,937
  -13,931
  -14,963
  -16,036
  -17,152
  -18,311
  -19,516
  -20,770
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
  -909
  -524
  -696
  -902
  -1,145
  -1,428
  -1,750
  -2,114
  -2,520
  -2,967
  -3,455
  -3,983
  -4,550
  -5,156
  -5,800
  -6,481
  -7,197
  -7,949
  -8,736
  -9,558
  -10,416
  -11,309
  -12,238
  -13,204
  -14,208
  -15,251
  -16,336
  -17,463
  -18,634
  -19,853
Discount rate, %
  13.40
  14.07
  14.77
  15.51
  16.29
  17.10
  17.96
  18.86
  19.80
  20.79
  21.83
  22.92
  24.06
  25.27
  26.53
  27.86
  29.25
  30.71
  32.25
  33.86
  35.55
  37.33
  39.20
  41.16
  43.22
  45.38
  47.65
  50.03
  52.53
  55.16
PV of cash for distribution, $m
  -801
  -403
  -460
  -507
  -539
  -554
  -551
  -531
  -496
  -449
  -394
  -335
  -276
  -220
  -170
  -127
  -92
  -64
  -43
  -28
  -18
  -11
  -6
  -3
  -2
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  8.2
  1.3
  0.2
  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

Comstock Resources, Inc. is an energy company engaged in the acquisition, exploration, development and production of oil and natural gas in the United States. The Company operates in the segment of exploration and production of oil and natural gas. The Company's oil and gas operations are concentrated in Texas and Louisiana. Its operations are focused in two operating areas: East Texas/North Louisiana and South Texas. The Company's properties in the East Texas/North Louisiana region include approximately 80,660 acres in the Haynesville or Bossier shale formations. The Company's Eagleville field includes approximately 30,220 acres located in the oil window of the Eagle Ford shale in South Texas. The Company owns interests in over 1,575 producing oil and natural gas wells, and operates over 950 of these wells. The Company owns interests in over 20 wells in the Rosita field, located in Duval County, Texas.

FINANCIAL RATIOS  of  Comstock Resources (CRK)

Valuation Ratios
P/E Ratio -0.8
Price to Sales 0.6
Price to Book -0.4
Price to Tangible Book
Price to Cash Flow -4.6
Price to Free Cash Flow -1.4
Growth Rates
Sales Growth Rate -30.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -78.4%
Cap. Spend. - 3 Yr. Gr. Rate -35.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity -385.6%
Total Debt to Equity -385.6%
Interest Coverage 0
Management Effectiveness
Return On Assets -2.3%
Ret/ On Assets - 3 Yr. Avg. -19.4%
Return On Total Capital -14.6%
Ret/ On T. Cap. - 3 Yr. Avg. -29.1%
Return On Equity 61.1%
Return On Equity - 3 Yr. Avg. -81.6%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 60.8%
Gross Margin - 3 Yr. Avg. 69.3%
EBITDA Margin 67%
EBITDA Margin - 3 Yr. Avg. -59.2%
Operating Margin 3.4%
Oper. Margin - 3 Yr. Avg. -144.6%
Pre-Tax Margin -72.7%
Pre-Tax Margin - 3 Yr. Avg. -188.2%
Net Profit Margin -76.7%
Net Profit Margin - 3 Yr. Avg. -167.5%
Effective Tax Rate -5.5%
Eff/ Tax Rate - 3 Yr. Avg. 12.6%
Payout Ratio 0%

CRK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CRK stock intrinsic value calculation we used $255.331 million for the last fiscal year's total revenue generated by Comstock Resources. The default revenue input number comes from 0001 income statement of Comstock 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 CRK stock valuation model: a) initial revenue growth rate of 34.9% 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 13.4%, whose default value for CRK is calculated based on our internal credit rating of Comstock 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 Comstock 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 CRK stock the variable cost ratio is equal to 204.7%.

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 CRK 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 13.6% for Comstock Resources.

Corporate tax rate of 27% is the nominal tax rate for Comstock 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 CRK 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 CRK are equal to 275.8%.

Life of production assets of 5.7 years is the average useful life of capital assets used in Comstock 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 CRK is equal to 28.5%. 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 - $-369.272 million for Comstock 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 16.279 million for Comstock 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 Comstock Resources at the current share price and the inputted number of shares is $0.1 billion.

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