Intrinsic value of Enerplus - ERF

Previous Close

$9.77

  Intrinsic Value

$65.44

stock screener

  Rating & Target

str. buy

+570%

Previous close

$9.77

 
Intrinsic value

$65.44

 
Up/down potential

+570%

 
Rating

str. buy

We calculate the intrinsic value of ERF 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 2.4

 

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, %
  42.40
  38.66
  35.29
  32.26
  29.54
  27.08
  24.88
  22.89
  21.10
  19.49
  18.04
  16.74
  15.56
  14.51
  13.56
  12.70
  11.93
  11.24
  10.61
  10.05
  9.55
  9.09
  8.68
  8.31
  7.98
  7.68
  7.42
  7.17
  6.96
  6.76
Revenue, $m
  1,046
  1,450
  1,962
  2,595
  3,362
  4,272
  5,335
  6,556
  7,939
  9,487
  11,198
  13,072
  15,107
  17,298
  19,643
  22,138
  24,779
  27,564
  30,489
  33,554
  36,757
  40,100
  43,581
  47,205
  50,974
  54,891
  58,962
  63,192
  67,589
  72,159
Variable operating expenses, $m
  308
  402
  521
  669
  847
  1,059
  1,307
  1,592
  1,914
  2,274
  2,609
  3,046
  3,520
  4,031
  4,577
  5,159
  5,774
  6,423
  7,105
  7,819
  8,565
  9,344
  10,155
  11,000
  11,878
  12,791
  13,739
  14,725
  15,749
  16,814
Fixed operating expenses, $m
  252
  258
  264
  269
  275
  281
  288
  294
  300
  307
  314
  321
  328
  335
  342
  350
  358
  365
  373
  382
  390
  399
  407
  416
  426
  435
  444
  454
  464
  474
Total operating expenses, $m
  560
  660
  785
  938
  1,122
  1,340
  1,595
  1,886
  2,214
  2,581
  2,923
  3,367
  3,848
  4,366
  4,919
  5,509
  6,132
  6,788
  7,478
  8,201
  8,955
  9,743
  10,562
  11,416
  12,304
  13,226
  14,183
  15,179
  16,213
  17,288
Operating income, $m
  486
  790
  1,177
  1,657
  2,239
  2,931
  3,740
  4,671
  5,725
  6,905
  8,275
  9,706
  11,259
  12,933
  14,724
  16,630
  18,648
  20,775
  23,011
  25,354
  27,802
  30,357
  33,019
  35,789
  38,670
  41,665
  44,778
  48,013
  51,375
  54,870
EBITDA, $m
  770
  1,159
  1,654
  2,267
  3,010
  3,894
  4,926
  6,113
  7,458
  8,964
  10,630
  12,454
  14,435
  16,570
  18,854
  21,285
  23,858
  26,571
  29,422
  32,409
  35,531
  38,789
  42,183
  45,715
  49,389
  53,207
  57,176
  61,301
  65,587
  70,043
Interest expense (income), $m
  36
  36
  60
  90
  129
  176
  234
  302
  382
  473
  577
  693
  821
  962
  1,115
  1,279
  1,455
  1,642
  1,840
  2,049
  2,269
  2,499
  2,739
  2,990
  3,251
  3,523
  3,805
  4,099
  4,405
  4,722
  5,052
Earnings before tax, $m
  450
  731
  1,087
  1,529
  2,063
  2,698
  3,438
  4,289
  5,252
  6,328
  7,582
  8,884
  10,297
  11,818
  13,445
  15,175
  17,006
  18,935
  20,962
  23,085
  25,304
  27,618
  30,029
  32,538
  35,148
  37,860
  40,679
  43,608
  46,653
  49,818
Tax expense, $m
  121
  197
  294
  413
  557
  728
  928
  1,158
  1,418
  1,709
  2,047
  2,399
  2,780
  3,191
  3,630
  4,097
  4,591
  5,112
  5,660
  6,233
  6,832
  7,457
  8,108
  8,785
  9,490
  10,222
  10,983
  11,774
  12,596
  13,451
Net income, $m
  328
  533
  794
  1,116
  1,506
  1,969
  2,510
  3,131
  3,834
  4,620
  5,535
  6,485
  7,517
  8,627
  9,815
  11,078
  12,414
  13,823
  15,302
  16,852
  18,472
  20,161
  21,921
  23,753
  25,658
  27,638
  29,696
  31,834
  34,057
  36,367

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
  3,735
  5,179
  7,008
  9,269
  12,006
  15,258
  19,054
  23,415
  28,355
  33,881
  39,994
  46,687
  53,953
  61,780
  70,155
  79,065
  88,497
  98,442
  108,890
  119,836
  131,277
  143,213
  155,648
  168,590
  182,049
  196,039
  210,578
  225,687
  241,388
  257,710
Adjusted assets (=assets-cash), $m
  3,735
  5,179
  7,008
  9,269
  12,006
  15,258
  19,054
  23,415
  28,355
  33,881
  39,994
  46,687
  53,953
  61,780
  70,155
  79,065
  88,497
  98,442
  108,890
  119,836
  131,277
  143,213
  155,648
  168,590
  182,049
  196,039
  210,578
  225,687
  241,388
  257,710
Revenue / Adjusted assets
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
Average production assets, $m
  1,627
  2,257
  3,053
  4,038
  5,231
  6,648
  8,301
  10,201
  12,354
  14,761
  17,424
  20,341
  23,506
  26,916
  30,565
  34,447
  38,557
  42,889
  47,441
  52,210
  57,195
  62,395
  67,813
  73,451
  79,315
  85,410
  91,745
  98,327
  105,168
  112,279
Working capital, $m
  -43
  -59
  -80
  -106
  -138
  -175
  -219
  -269
  -326
  -389
  -459
  -536
  -619
  -709
  -805
  -908
  -1,016
  -1,130
  -1,250
  -1,376
  -1,507
  -1,644
  -1,787
  -1,935
  -2,090
  -2,251
  -2,417
  -2,591
  -2,771
  -2,959
Total debt, $m
  1,108
  1,669
  2,380
  3,260
  4,325
  5,590
  7,066
  8,763
  10,685
  12,834
  15,212
  17,816
  20,642
  23,687
  26,945
  30,411
  34,080
  37,948
  42,013
  46,271
  50,721
  55,364
  60,202
  65,236
  70,471
  75,914
  81,569
  87,447
  93,555
  99,904
Total liabilities, $m
  1,453
  2,015
  2,726
  3,605
  4,670
  5,935
  7,412
  9,108
  11,030
  13,180
  15,558
  18,161
  20,988
  24,032
  27,290
  30,756
  34,425
  38,294
  42,358
  46,616
  51,067
  55,710
  60,547
  65,581
  70,817
  76,259
  81,915
  87,792
  93,900
  100,249
Total equity, $m
  2,282
  3,165
  4,282
  5,663
  7,336
  9,323
  11,642
  14,306
  17,325
  20,702
  24,436
  28,526
  32,965
  37,748
  42,865
  48,309
  54,072
  60,148
  66,532
  73,220
  80,210
  87,503
  95,101
  103,008
  111,232
  119,780
  128,663
  137,895
  147,488
  157,461
Total liabilities and equity, $m
  3,735
  5,180
  7,008
  9,268
  12,006
  15,258
  19,054
  23,414
  28,355
  33,882
  39,994
  46,687
  53,953
  61,780
  70,155
  79,065
  88,497
  98,442
  108,890
  119,836
  131,277
  143,213
  155,648
  168,589
  182,049
  196,039
  210,578
  225,687
  241,388
  257,710
Debt-to-equity ratio
  0.490
  0.530
  0.560
  0.580
  0.590
  0.600
  0.610
  0.610
  0.620
  0.620
  0.620
  0.620
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
Adjusted equity ratio
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  328
  533
  794
  1,116
  1,506
  1,969
  2,510
  3,131
  3,834
  4,620
  5,535
  6,485
  7,517
  8,627
  9,815
  11,078
  12,414
  13,823
  15,302
  16,852
  18,472
  20,161
  21,921
  23,753
  25,658
  27,638
  29,696
  31,834
  34,057
  36,367
Depreciation, amort., depletion, $m
  284
  369
  476
  610
  771
  962
  1,186
  1,442
  1,733
  2,059
  2,355
  2,749
  3,177
  3,637
  4,130
  4,655
  5,210
  5,796
  6,411
  7,055
  7,729
  8,432
  9,164
  9,926
  10,718
  11,542
  12,398
  13,287
  14,212
  15,173
Funds from operations, $m
  612
  902
  1,270
  1,725
  2,277
  2,932
  3,696
  4,573
  5,567
  6,678
  7,890
  9,234
  10,693
  12,264
  13,945
  15,732
  17,624
  19,619
  21,713
  23,907
  26,201
  28,593
  31,085
  33,679
  36,376
  39,180
  42,094
  45,122
  48,269
  51,540
Change in working capital, $m
  -13
  -17
  -21
  -26
  -31
  -37
  -44
  -50
  -57
  -63
  -70
  -77
  -83
  -90
  -96
  -102
  -108
  -114
  -120
  -126
  -131
  -137
  -143
  -149
  -155
  -161
  -167
  -173
  -180
  -187
Cash from operations, $m
  625
  919
  1,291
  1,751
  2,308
  2,969
  3,739
  4,623
  5,624
  6,742
  7,960
  9,311
  10,777
  12,354
  14,041
  15,835
  17,733
  19,733
  21,833
  24,033
  26,332
  28,730
  31,228
  33,827
  36,530
  39,340
  42,260
  45,295
  48,449
  51,727
Maintenance CAPEX, $m
  -154
  -220
  -305
  -413
  -546
  -707
  -898
  -1,122
  -1,379
  -1,669
  -1,995
  -2,355
  -2,749
  -3,177
  -3,637
  -4,130
  -4,655
  -5,210
  -5,796
  -6,411
  -7,055
  -7,729
  -8,432
  -9,164
  -9,926
  -10,718
  -11,542
  -12,398
  -13,287
  -14,212
New CAPEX, $m
  -486
  -629
  -796
  -985
  -1,193
  -1,417
  -1,654
  -1,900
  -2,152
  -2,408
  -2,663
  -2,916
  -3,166
  -3,410
  -3,649
  -3,882
  -4,110
  -4,333
  -4,552
  -4,769
  -4,984
  -5,200
  -5,418
  -5,638
  -5,864
  -6,095
  -6,334
  -6,582
  -6,841
  -7,111
Cash from investing activities, $m
  -640
  -849
  -1,101
  -1,398
  -1,739
  -2,124
  -2,552
  -3,022
  -3,531
  -4,077
  -4,658
  -5,271
  -5,915
  -6,587
  -7,286
  -8,012
  -8,765
  -9,543
  -10,348
  -11,180
  -12,039
  -12,929
  -13,850
  -14,802
  -15,790
  -16,813
  -17,876
  -18,980
  -20,128
  -21,323
Free cash flow, $m
  -15
  70
  190
  354
  570
  845
  1,187
  1,602
  2,093
  2,665
  3,302
  4,040
  4,862
  5,768
  6,755
  7,823
  8,968
  10,190
  11,485
  12,853
  14,292
  15,801
  17,378
  19,025
  20,741
  22,527
  24,384
  26,315
  28,320
  30,405
Issuance/(repayment) of debt, $m
  435
  562
  711
  880
  1,065
  1,265
  1,476
  1,696
  1,922
  2,150
  2,378
  2,604
  2,826
  3,045
  3,258
  3,466
  3,669
  3,868
  4,064
  4,258
  4,450
  4,643
  4,837
  5,034
  5,236
  5,442
  5,656
  5,877
  6,108
  6,349
Issuance/(repurchase) of shares, $m
  353
  349
  323
  266
  167
  17
  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 from financing (excl. dividends), $m  
  788
  911
  1,034
  1,146
  1,232
  1,282
  1,476
  1,696
  1,922
  2,150
  2,378
  2,604
  2,826
  3,045
  3,258
  3,466
  3,669
  3,868
  4,064
  4,258
  4,450
  4,643
  4,837
  5,034
  5,236
  5,442
  5,656
  5,877
  6,108
  6,349
Total cash flow (excl. dividends), $m
  773
  980
  1,224
  1,499
  1,801
  2,128
  2,664
  3,298
  4,015
  4,814
  5,680
  6,644
  7,689
  8,812
  10,013
  11,288
  12,637
  14,058
  15,550
  17,111
  18,743
  20,444
  22,216
  24,059
  25,976
  27,969
  30,040
  32,192
  34,428
  36,754
Retained Cash Flow (-), $m
  -682
  -882
  -1,117
  -1,381
  -1,673
  -1,987
  -2,319
  -2,665
  -3,019
  -3,377
  -3,735
  -4,090
  -4,439
  -4,782
  -5,117
  -5,444
  -5,763
  -6,076
  -6,384
  -6,688
  -6,990
  -7,293
  -7,598
  -7,907
  -8,223
  -8,548
  -8,883
  -9,231
  -9,594
  -9,973
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
  92
  98
  107
  117
  129
  141
  345
  633
  996
  1,438
  1,945
  2,554
  3,249
  4,030
  4,896
  5,845
  6,874
  7,982
  9,166
  10,423
  11,752
  13,151
  14,618
  16,152
  17,753
  19,421
  21,156
  22,960
  24,835
  26,781
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
  88
  90
  93
  97
  100
  102
  233
  396
  572
  754
  924
  1,090
  1,235
  1,353
  1,437
  1,485
  1,496
  1,470
  1,411
  1,324
  1,216
  1,091
  958
  823
  691
  567
  454
  355
  271
  202
Current shareholders' claim on cash, %
  87.0
  78.8
  73.7
  70.8
  69.4
  69.3
  69.3
  69.3
  69.3
  69.3
  69.3
  69.3
  69.3
  69.3
  69.3
  69.3
  69.3
  69.3
  69.3
  69.3
  69.3
  69.3
  69.3
  69.3
  69.3
  69.3
  69.3
  69.3
  69.3
  69.3

Enerplus Corporation is an oil and natural gas company. The Company's oil and natural gas property interests are located in the United States, primarily in North Dakota, Montana, and Pennsylvania, as well as in western Canada in the provinces of Alberta, British Columbia and Saskatchewan. The Company's oil and natural gas property interests contains proved plus probable gross reserves of approximately 14.3 million barrels (MMbbls) of light and medium crude oil, 39.0 MMbbls of heavy crude oil, 123 MMbbls of tight oil, 18.1 MMbbls of natural gas liquids (NGLs), 126.3 billion cubic feet (Bcf) of conventional natural gas and 1,002.8 Bcf of shale gas, for a total of approximately 382.5 million barrels of oil equivalent (MMBOE). The Company's primary crude oil properties in the United States are located in the Fort Berthold region of North Dakota and in Richland County, Montana.

FINANCIAL RATIOS  of  Enerplus (ERF)

Valuation Ratios
P/E Ratio 8
Price to Sales 4.4
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 10.2
Price to Free Cash Flow -130.5
Growth Rates
Sales Growth Rate -18.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -33.8%
Cap. Spend. - 3 Yr. Gr. Rate -18.4%
Financial Strength
Quick Ratio 0
Current Ratio 1.6
LT Debt to Equity 50.6%
Total Debt to Equity 52.6%
Interest Coverage 4
Management Effectiveness
Return On Assets 19.8%
Ret/ On Assets - 3 Yr. Avg. -5.6%
Return On Total Capital 18.3%
Ret/ On T. Cap. - 3 Yr. Avg. -9.3%
Return On Equity 33.7%
Return On Equity - 3 Yr. Avg. -16.5%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 74.4%
EBITDA Margin - 3 Yr. Avg. 4.1%
Operating Margin 26.9%
Oper. Margin - 3 Yr. Avg. -43.9%
Pre-Tax Margin 22.2%
Pre-Tax Margin - 3 Yr. Avg. -46.8%
Net Profit Margin 55%
Net Profit Margin - 3 Yr. Avg. -32.6%
Effective Tax Rate -147.1%
Eff/ Tax Rate - 3 Yr. Avg. -35.2%
Payout Ratio 8.8%

ERF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ERF stock intrinsic value calculation we used $734.487824038 million for the last fiscal year's total revenue generated by Enerplus. The default revenue input number comes from 0001 income statement of Enerplus. 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 ERF stock valuation model: a) initial revenue growth rate of 42.4% 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 ERF is calculated based on our internal credit rating of Enerplus, 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 Enerplus.
    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 ERF stock the variable cost ratio is equal to 32%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $247 million in the base year in the intrinsic value calculation for ERF 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 Enerplus.

Corporate tax rate of 27% is the nominal tax rate for Enerplus. 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 ERF 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 ERF are equal to 155.6%.

Life of production assets of 7.4 years is the average useful life of capital assets used in Enerplus 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 ERF is equal to -4.1%. 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 - $1600.769 million for Enerplus - 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 242 million for Enerplus 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 Enerplus at the current share price and the inputted number of shares is $2.4 billion.

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COMPANY NEWS

▶ Enerplus: 3Q Earnings Snapshot   [09:46AM  Associated Press]
▶ Enerplus Announces Cash Dividend for November 2018   [Oct-19-18 06:00AM  CNW Group]
▶ Enerplus Announces Cash Dividend for October 2018   [Sep-18-18 06:00AM  CNW Group]
▶ Enerplus Announces Cash Dividend for September 2018   [Aug-20-18 06:00AM  CNW Group]
▶ Enerplus: 2Q Earnings Snapshot   [07:52AM  Associated Press]
▶ Enerplus Q2 Earnings Preview   [Aug-09-18 02:48PM  Benzinga]
▶ Enerplus Announces Cash Dividend for August 2018   [Jul-18-18 06:00AM  CNW Group]
▶ What is Behind Enerplus Corporations (TSE:ERF) Superior ROE?   [Jun-26-18 12:22PM  Simply Wall St.]
▶ Enerplus Announces Cash Dividend for July 2018   [Jun-19-18 06:00AM  CNW Group]
▶ Enerplus Announces Cash Dividend for June 2018   [May-17-18 06:00AM  CNW Group]
▶ Enerplus: 1Q Earnings Snapshot   [10:11AM  Associated Press]
▶ What You Must Know About Enerplus Corporations (TSE:ERF) ROE   [Mar-30-18 09:15AM  Simply Wall St.]
▶ Top Growth Stocks To Buy   [Mar-28-18 12:02PM  Simply Wall St.]
▶ Why Enerplus Corp. (USA) Stock Popped 9%   [Mar-21-18 07:23PM  Motley Fool]
▶ Enerplus Announces Cash Dividend for April 2018   [Mar-19-18 06:00AM  PR Newswire]
▶ Is It Too Late To Buy Enerplus Corporation (TSE:ERF)?   [Mar-02-18 01:23PM  Simply Wall St.]
▶ High Growth Stocks To Invest In   [Feb-25-18 11:02AM  Simply Wall St.]
▶ Enerplus posts 4Q profit   [Feb-23-18 10:34AM  Associated Press]
▶ Enerplus Announces Cash Dividend for March 2018   [Feb-16-18 06:00AM  PR Newswire]
▶ Enerplus Announces Cash Dividend for February 2018   [Jan-19-18 06:00AM  PR Newswire]
▶ Upstream Gainers This Week: Whiting Petroleum Leads   [Jan-17-18 02:46PM  Market Realist]
▶ ETFs with exposure to Enerplus Corp. : December 25, 2017   [Dec-25-17 11:53AM  Capital Cube]
▶ Enerplus Announces Cash Dividend for January 2018   [Dec-18-17 06:00AM  CNW Group]
▶ Enerplus Announces Changes to the Board of Directors   [Dec-07-17 05:00PM  CNW Group]
▶ Enerplus Announces Cash Dividend for December 2017   [Nov-20-17 06:00AM  CNW Group]
▶ Enerplus posts 3Q profit   [Nov-09-17 10:18AM  Associated Press]
▶ ETFs with exposure to Enerplus Corp. : November 8, 2017   [Nov-08-17 06:03PM  Capital Cube]
▶ Top 3 Mid-Cap Oil E&P Stocks for 2017   [Nov-03-17 02:49PM  Investopedia]
▶ Enerplus Announces Cash Dividend for November 2017   [Oct-19-17 06:00AM  CNW Group]
▶ ETFs with exposure to Enerplus Corp. : October 9, 2017   [Oct-09-17 11:29AM  Capital Cube]
▶ ETFs with exposure to Enerplus Corp. : September 25, 2017   [Sep-25-17 10:37AM  Capital Cube]
▶ Enerplus Announces Cash Dividend for October 2017   [Sep-18-17 06:00AM  CNW Group]
▶ ETFs with exposure to Enerplus Corp. : September 13, 2017   [Sep-13-17 06:06PM  Capital Cube]

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