Intrinsic value of Energen - EGN

Previous Close

$72.12

  Intrinsic Value

$8.82

stock screener

  Rating & Target

str. sell

-88%

Previous close

$72.12

 
Intrinsic value

$8.82

 
Up/down potential

-88%

 
Rating

str. sell

We calculate the intrinsic value of EGN 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 7.0

 

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, %
  32.20
  29.48
  27.03
  24.83
  22.85
  21.06
  19.46
  18.01
  16.71
  15.54
  14.48
  13.54
  12.68
  11.91
  11.22
  10.60
  10.04
  9.54
  9.08
  8.67
  8.31
  7.98
  7.68
  7.41
  7.17
  6.95
  6.76
  6.58
  6.42
  6.28
Revenue, $m
  1,271
  1,645
  2,090
  2,609
  3,205
  3,879
  4,634
  5,469
  6,383
  7,374
  8,442
  9,585
  10,801
  12,088
  13,444
  14,869
  16,362
  17,922
  19,550
  21,246
  23,011
  24,846
  26,754
  28,737
  30,797
  32,938
  35,164
  37,479
  39,886
  42,391
Variable operating expenses, $m
  354
  459
  583
  728
  894
  1,082
  1,293
  1,526
  1,781
  2,057
  2,355
  2,674
  3,013
  3,372
  3,751
  4,148
  4,565
  5,000
  5,455
  5,928
  6,420
  6,932
  7,464
  8,018
  8,592
  9,190
  9,811
  10,457
  11,128
  11,827
Fixed operating expenses, $m
  621
  635
  649
  663
  678
  693
  708
  724
  740
  756
  772
  789
  807
  825
  843
  861
  880
  900
  919
  940
  960
  981
  1,003
  1,025
  1,048
  1,071
  1,094
  1,118
  1,143
  1,168
Total operating expenses, $m
  975
  1,094
  1,232
  1,391
  1,572
  1,775
  2,001
  2,250
  2,521
  2,813
  3,127
  3,463
  3,820
  4,197
  4,594
  5,009
  5,445
  5,900
  6,374
  6,868
  7,380
  7,913
  8,467
  9,043
  9,640
  10,261
  10,905
  11,575
  12,271
  12,995
Operating income, $m
  295
  551
  858
  1,217
  1,633
  2,104
  2,633
  3,219
  3,862
  4,561
  5,315
  6,121
  6,981
  7,891
  8,850
  9,859
  10,917
  12,023
  13,176
  14,379
  15,631
  16,933
  18,287
  19,694
  21,157
  22,678
  24,259
  25,904
  27,615
  29,396
EBITDA, $m
  936
  1,381
  1,912
  2,534
  3,250
  4,062
  4,972
  5,979
  7,083
  8,282
  9,575
  10,958
  12,431
  13,990
  15,635
  17,363
  19,173
  21,066
  23,042
  25,100
  27,242
  29,471
  31,787
  34,195
  36,698
  39,299
  42,004
  44,816
  47,742
  50,788
Interest expense (income), $m
  36
  46
  74
  107
  147
  194
  247
  308
  375
  450
  532
  621
  717
  819
  928
  1,043
  1,165
  1,293
  1,426
  1,566
  1,712
  1,864
  2,022
  2,187
  2,358
  2,535
  2,720
  2,912
  3,111
  3,319
  3,535
Earnings before tax, $m
  249
  477
  750
  1,070
  1,439
  1,857
  2,326
  2,844
  3,412
  4,029
  4,694
  5,405
  6,162
  6,963
  7,807
  8,695
  9,624
  10,596
  11,610
  12,667
  13,767
  14,911
  16,100
  17,337
  18,622
  19,958
  21,347
  22,792
  24,296
  25,862
Tax expense, $m
  67
  129
  203
  289
  388
  501
  628
  768
  921
  1,088
  1,267
  1,459
  1,664
  1,880
  2,108
  2,348
  2,599
  2,861
  3,135
  3,420
  3,717
  4,026
  4,347
  4,681
  5,028
  5,389
  5,764
  6,154
  6,560
  6,983
Net income, $m
  181
  348
  548
  781
  1,050
  1,356
  1,698
  2,076
  2,491
  2,941
  3,426
  3,946
  4,498
  5,083
  5,699
  6,347
  7,026
  7,735
  8,475
  9,247
  10,050
  10,885
  11,753
  12,656
  13,594
  14,569
  15,583
  16,638
  17,736
  18,879

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
  6,652
  8,613
  10,941
  13,658
  16,778
  20,311
  24,263
  28,633
  33,417
  38,609
  44,201
  50,184
  56,548
  63,286
  70,388
  77,849
  85,665
  93,835
  102,357
  111,236
  120,476
  130,086
  140,074
  150,455
  161,242
  172,452
  184,106
  196,223
  208,827
  221,944
Adjusted assets (=assets-cash), $m
  6,652
  8,613
  10,941
  13,658
  16,778
  20,311
  24,263
  28,633
  33,417
  38,609
  44,201
  50,184
  56,548
  63,286
  70,388
  77,849
  85,665
  93,835
  102,357
  111,236
  120,476
  130,086
  140,074
  150,455
  161,242
  172,452
  184,106
  196,223
  208,827
  221,944
Revenue / Adjusted assets
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
Average production assets, $m
  5,834
  7,554
  9,596
  11,979
  14,715
  17,815
  21,280
  25,113
  29,309
  33,863
  38,768
  44,015
  49,597
  55,506
  61,735
  68,279
  75,135
  82,300
  89,775
  97,562
  105,666
  114,094
  122,855
  131,960
  141,421
  151,253
  161,474
  172,102
  183,157
  194,661
Working capital, $m
  -79
  -102
  -130
  -162
  -199
  -241
  -287
  -339
  -396
  -457
  -523
  -594
  -670
  -749
  -834
  -922
  -1,014
  -1,111
  -1,212
  -1,317
  -1,427
  -1,540
  -1,659
  -1,782
  -1,909
  -2,042
  -2,180
  -2,324
  -2,473
  -2,628
Total debt, $m
  1,367
  1,989
  2,727
  3,588
  4,577
  5,697
  6,950
  8,335
  9,852
  11,498
  13,271
  15,167
  17,185
  19,320
  21,572
  23,937
  26,415
  29,004
  31,706
  34,521
  37,450
  40,496
  43,662
  46,953
  50,372
  53,926
  57,620
  61,461
  65,457
  69,615
Total liabilities, $m
  2,109
  2,730
  3,468
  4,329
  5,319
  6,439
  7,691
  9,077
  10,593
  12,239
  14,012
  15,908
  17,926
  20,062
  22,313
  24,678
  27,156
  29,746
  32,447
  35,262
  38,191
  41,237
  44,404
  47,694
  51,114
  54,667
  58,362
  62,203
  66,198
  70,356
Total equity, $m
  4,543
  5,883
  7,473
  9,328
  11,459
  13,873
  16,572
  19,556
  22,824
  26,370
  30,189
  34,276
  38,623
  43,224
  48,075
  53,171
  58,509
  64,089
  69,910
  75,974
  82,285
  88,848
  95,671
  102,761
  110,128
  117,785
  125,744
  134,020
  142,629
  151,588
Total liabilities and equity, $m
  6,652
  8,613
  10,941
  13,657
  16,778
  20,312
  24,263
  28,633
  33,417
  38,609
  44,201
  50,184
  56,549
  63,286
  70,388
  77,849
  85,665
  93,835
  102,357
  111,236
  120,476
  130,085
  140,075
  150,455
  161,242
  172,452
  184,106
  196,223
  208,827
  221,944
Debt-to-equity ratio
  0.300
  0.340
  0.360
  0.380
  0.400
  0.410
  0.420
  0.430
  0.430
  0.440
  0.440
  0.440
  0.440
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
Adjusted equity ratio
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  181
  348
  548
  781
  1,050
  1,356
  1,698
  2,076
  2,491
  2,941
  3,426
  3,946
  4,498
  5,083
  5,699
  6,347
  7,026
  7,735
  8,475
  9,247
  10,050
  10,885
  11,753
  12,656
  13,594
  14,569
  15,583
  16,638
  17,736
  18,879
Depreciation, amort., depletion, $m
  641
  830
  1,055
  1,316
  1,617
  1,958
  2,339
  2,760
  3,221
  3,721
  4,260
  4,837
  5,450
  6,100
  6,784
  7,503
  8,257
  9,044
  9,865
  10,721
  11,612
  12,538
  13,501
  14,501
  15,541
  16,621
  17,744
  18,912
  20,127
  21,391
Funds from operations, $m
  823
  1,178
  1,602
  2,098
  2,667
  3,313
  4,036
  4,836
  5,712
  6,662
  7,687
  8,782
  9,948
  11,182
  12,483
  13,850
  15,282
  16,779
  18,341
  19,968
  21,661
  23,423
  25,254
  27,157
  29,135
  31,190
  33,328
  35,551
  37,863
  40,270
Change in working capital, $m
  -19
  -23
  -28
  -32
  -37
  -42
  -47
  -52
  -57
  -61
  -66
  -71
  -75
  -80
  -84
  -88
  -93
  -97
  -101
  -105
  -109
  -114
  -118
  -123
  -128
  -133
  -138
  -143
  -149
  -155
Cash from operations, $m
  842
  1,202
  1,630
  2,130
  2,704
  3,355
  4,083
  4,888
  5,768
  6,724
  7,753
  8,853
  10,024
  11,262
  12,567
  13,939
  15,375
  16,876
  18,442
  20,073
  21,771
  23,536
  25,372
  27,280
  29,262
  31,323
  33,466
  35,694
  38,013
  40,426
Maintenance CAPEX, $m
  -485
  -641
  -830
  -1,055
  -1,316
  -1,617
  -1,958
  -2,339
  -2,760
  -3,221
  -3,721
  -4,260
  -4,837
  -5,450
  -6,100
  -6,784
  -7,503
  -8,257
  -9,044
  -9,865
  -10,721
  -11,612
  -12,538
  -13,501
  -14,501
  -15,541
  -16,621
  -17,744
  -18,912
  -20,127
New CAPEX, $m
  -1,422
  -1,720
  -2,042
  -2,383
  -2,737
  -3,099
  -3,466
  -3,833
  -4,196
  -4,554
  -4,905
  -5,247
  -5,582
  -5,909
  -6,229
  -6,544
  -6,855
  -7,165
  -7,475
  -7,787
  -8,104
  -8,428
  -8,761
  -9,104
  -9,461
  -9,833
  -10,221
  -10,628
  -11,055
  -11,504
Cash from investing activities, $m
  -1,907
  -2,361
  -2,872
  -3,438
  -4,053
  -4,716
  -5,424
  -6,172
  -6,956
  -7,775
  -8,626
  -9,507
  -10,419
  -11,359
  -12,329
  -13,328
  -14,358
  -15,422
  -16,519
  -17,652
  -18,825
  -20,040
  -21,299
  -22,605
  -23,962
  -25,374
  -26,842
  -28,372
  -29,967
  -31,631
Free cash flow, $m
  -1,065
  -1,159
  -1,242
  -1,307
  -1,349
  -1,361
  -1,341
  -1,283
  -1,187
  -1,051
  -873
  -654
  -395
  -97
  239
  610
  1,016
  1,454
  1,923
  2,420
  2,945
  3,497
  4,073
  4,675
  5,300
  5,950
  6,624
  7,322
  8,045
  8,794
Issuance/(repayment) of debt, $m
  513
  622
  738
  861
  989
  1,120
  1,253
  1,385
  1,517
  1,646
  1,773
  1,897
  2,018
  2,136
  2,251
  2,365
  2,478
  2,590
  2,702
  2,815
  2,929
  3,046
  3,166
  3,291
  3,420
  3,554
  3,694
  3,841
  3,996
  4,158
Issuance/(repurchase) of shares, $m
  923
  991
  1,042
  1,074
  1,081
  1,058
  1,001
  908
  777
  605
  393
  141
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  1,436
  1,613
  1,780
  1,935
  2,070
  2,178
  2,254
  2,293
  2,294
  2,251
  2,166
  2,038
  2,018
  2,136
  2,251
  2,365
  2,478
  2,590
  2,702
  2,815
  2,929
  3,046
  3,166
  3,291
  3,420
  3,554
  3,694
  3,841
  3,996
  4,158
Total cash flow (excl. dividends), $m
  372
  453
  538
  628
  721
  817
  913
  1,010
  1,106
  1,200
  1,293
  1,383
  1,622
  2,039
  2,490
  2,976
  3,494
  4,044
  4,624
  5,235
  5,874
  6,543
  7,240
  7,965
  8,720
  9,504
  10,318
  11,163
  12,041
  12,952
Retained Cash Flow (-), $m
  -1,105
  -1,339
  -1,590
  -1,855
  -2,131
  -2,413
  -2,699
  -2,984
  -3,268
  -3,546
  -3,819
  -4,086
  -4,347
  -4,601
  -4,851
  -5,096
  -5,338
  -5,580
  -5,821
  -6,064
  -6,311
  -6,563
  -6,822
  -7,090
  -7,368
  -7,657
  -7,959
  -8,276
  -8,609
  -8,959
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
  -733
  -886
  -1,052
  -1,227
  -1,410
  -1,597
  -1,786
  -1,974
  -2,162
  -2,346
  -2,527
  -2,703
  -2,725
  -2,563
  -2,361
  -2,120
  -1,844
  -1,536
  -1,196
  -829
  -437
  -21
  417
  875
  1,352
  1,847
  2,359
  2,887
  3,432
  3,993
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  -703
  -811
  -916
  -1,011
  -1,093
  -1,159
  -1,206
  -1,234
  -1,242
  -1,230
  -1,200
  -1,154
  -1,036
  -860
  -693
  -539
  -401
  -283
  -184
  -105
  -45
  -2
  27
  45
  53
  54
  51
  45
  37
  30
Current shareholders' claim on cash, %
  88.4
  79.9
  73.5
  68.7
  65.0
  62.2
  60.1
  58.5
  57.4
  56.6
  56.2
  56.1
  56.1
  56.1
  56.1
  56.1
  56.1
  56.1
  56.1
  56.1
  56.1
  56.1
  56.1
  56.1
  56.1
  56.1
  56.1
  56.1
  56.1
  56.1

Energen Corporation is an oil and natural gas exploration and production company. The Company is engaged in the exploration, development and production of oil and natural gas properties and natural gas. Its operations are conducted through subsidiary, Energen Resources Corporation and occur within the Midland Basin, the Delaware Basin and the Central Basin Platform areas of the Permian Basin in west Texas and New Mexico. The Company is focused on increasing its oil, natural gas liquids and natural gas production and proved reserves through active development and/or exploratory programs in the Permian Basin. As of December 31, 2016, oil, natural gas liquids and natural gas represented approximately 60%, 20% and 20% of its reserves. As of December 31, 2016, its development activities added approximately 327 million barrels of oil equivalent (MMBOE) of reserves from the drilling of 623 gross development, exploratory and service wells and 73 well recompletions and pay-adds.

FINANCIAL RATIOS  of  Energen (EGN)

Valuation Ratios
P/E Ratio -41.6
Price to Sales 13.1
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 24
Price to Free Cash Flow -45.1
Growth Rates
Sales Growth Rate -39.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -61.3%
Cap. Spend. - 3 Yr. Gr. Rate -16.6%
Financial Strength
Quick Ratio 16
Current Ratio 0
LT Debt to Equity 16.9%
Total Debt to Equity 17.7%
Interest Coverage -6
Management Effectiveness
Return On Assets -3.1%
Ret/ On Assets - 3 Yr. Avg. -3.7%
Return On Total Capital -4.6%
Ret/ On T. Cap. - 3 Yr. Avg. -5.1%
Return On Equity -5.6%
Return On Equity - 3 Yr. Avg. -5.8%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 44.5%
EBITDA Margin - 3 Yr. Avg. -2.9%
Operating Margin -39.6%
Oper. Margin - 3 Yr. Avg. -64.2%
Pre-Tax Margin -46.3%
Pre-Tax Margin - 3 Yr. Avg. -68.8%
Net Profit Margin -31.5%
Net Profit Margin - 3 Yr. Avg. -35.1%
Effective Tax Rate 32%
Eff/ Tax Rate - 3 Yr. Avg. 32.2%
Payout Ratio 0%

EGN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EGN stock intrinsic value calculation we used $961.045 million for the last fiscal year's total revenue generated by Energen. The default revenue input number comes from 0001 income statement of Energen. 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 EGN stock valuation model: a) initial revenue growth rate of 32.2% 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 4.3%, whose default value for EGN is calculated based on our internal credit rating of Energen, 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 Energen.
    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 EGN stock the variable cost ratio is equal to 27.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $608 million in the base year in the intrinsic value calculation for EGN 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 5.4% for Energen.

Corporate tax rate of 27% is the nominal tax rate for Energen. 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 EGN 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 EGN are equal to 459.2%.

Life of production assets of 9.1 years is the average useful life of capital assets used in Energen 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 EGN 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 - $3438.457 million for Energen - 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 97.482 million for Energen 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 Energen at the current share price and the inputted number of shares is $7.0 billion.

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