Intrinsic value of Enerplus Corporation - ERF

Previous Close

$8.96

  Intrinsic Value

$89.15

stock screener

  Rating & Target

str. buy

+895%

Previous close

$8.96

 
Intrinsic value

$89.15

 
Up/down potential

+895%

 
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 2.1

 

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, %
  39.30
  35.87
  32.78
  30.00
  27.50
  25.25
  23.23
  21.41
  19.77
  18.29
  16.96
  15.76
  14.69
  13.72
  12.85
  12.06
  11.36
  10.72
  10.15
  9.63
  9.17
  8.75
  8.38
  8.04
  7.74
  7.46
  7.22
  6.99
  6.80
  6.62
Revenue, $m
  1,425
  1,936
  2,571
  3,342
  4,262
  5,338
  6,578
  7,986
  9,564
  11,313
  13,232
  15,318
  17,568
  19,978
  22,544
  25,263
  28,132
  31,148
  34,309
  37,614
  41,064
  44,658
  48,399
  52,291
  56,336
  60,540
  64,908
  69,448
  74,168
  79,074
Variable operating expenses, $m
  635
  845
  1,107
  1,424
  1,803
  2,246
  2,756
  3,335
  3,985
  4,705
  5,446
  6,305
  7,231
  8,223
  9,279
  10,398
  11,579
  12,820
  14,121
  15,482
  16,901
  18,381
  19,921
  21,522
  23,187
  24,918
  26,716
  28,584
  30,527
  32,546
Fixed operating expenses, $m
  146
  149
  153
  156
  159
  163
  167
  170
  174
  178
  182
  186
  190
  194
  198
  203
  207
  212
  216
  221
  226
  231
  236
  241
  246
  252
  257
  263
  269
  275
Total operating expenses, $m
  781
  994
  1,260
  1,580
  1,962
  2,409
  2,923
  3,505
  4,159
  4,883
  5,628
  6,491
  7,421
  8,417
  9,477
  10,601
  11,786
  13,032
  14,337
  15,703
  17,127
  18,612
  20,157
  21,763
  23,433
  25,170
  26,973
  28,847
  30,796
  32,821
Operating income, $m
  644
  941
  1,312
  1,762
  2,300
  2,929
  3,655
  4,480
  5,405
  6,431
  7,604
  8,828
  10,147
  11,561
  13,067
  14,663
  16,346
  18,116
  19,972
  21,912
  23,936
  26,046
  28,243
  30,527
  32,902
  35,370
  37,935
  40,601
  43,372
  46,253
EBITDA, $m
  948
  1,338
  1,822
  2,411
  3,114
  3,937
  4,886
  5,963
  7,172
  8,512
  9,981
  11,580
  13,303
  15,150
  17,117
  19,202
  21,401
  23,712
  26,136
  28,669
  31,314
  34,070
  36,938
  39,922
  43,023
  46,247
  49,597
  53,078
  56,697
  60,460
Interest expense (income), $m
  36
  28
  45
  66
  92
  124
  162
  206
  258
  316
  381
  454
  533
  619
  712
  812
  918
  1,031
  1,149
  1,274
  1,405
  1,541
  1,684
  1,833
  1,988
  2,149
  2,316
  2,490
  2,670
  2,858
  3,053
Earnings before tax, $m
  616
  897
  1,246
  1,670
  2,176
  2,768
  3,449
  4,223
  5,089
  6,049
  7,151
  8,295
  9,528
  10,849
  12,255
  13,745
  15,316
  16,967
  18,698
  20,507
  22,395
  24,362
  26,410
  28,540
  30,754
  33,055
  35,446
  37,931
  40,514
  43,200
Tax expense, $m
  166
  242
  336
  451
  587
  747
  931
  1,140
  1,374
  1,633
  1,931
  2,240
  2,573
  2,929
  3,309
  3,711
  4,135
  4,581
  5,048
  5,537
  6,047
  6,578
  7,131
  7,706
  8,303
  8,925
  9,570
  10,241
  10,939
  11,664
Net income, $m
  450
  655
  910
  1,219
  1,588
  2,020
  2,518
  3,082
  3,715
  4,416
  5,220
  6,055
  6,955
  7,920
  8,946
  10,034
  11,180
  12,386
  13,649
  14,970
  16,348
  17,784
  19,279
  20,834
  22,450
  24,130
  25,875
  27,689
  29,575
  31,536

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
  3,146
  4,274
  5,675
  7,378
  9,408
  11,783
  14,520
  17,629
  21,113
  24,974
  29,210
  33,814
  38,781
  44,101
  49,766
  55,769
  62,102
  68,760
  75,738
  83,034
  90,648
  98,583
  106,842
  115,432
  124,362
  133,642
  143,286
  153,308
  163,725
  174,557
Adjusted assets (=assets-cash), $m
  3,146
  4,274
  5,675
  7,378
  9,408
  11,783
  14,520
  17,629
  21,113
  24,974
  29,210
  33,814
  38,781
  44,101
  49,766
  55,769
  62,102
  68,760
  75,738
  83,034
  90,648
  98,583
  106,842
  115,432
  124,362
  133,642
  143,286
  153,308
  163,725
  174,557
Revenue / Adjusted assets
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
Average production assets, $m
  1,511
  2,052
  2,725
  3,543
  4,517
  5,658
  6,972
  8,465
  10,138
  11,992
  14,026
  16,237
  18,622
  21,176
  23,897
  26,779
  29,820
  33,017
  36,368
  39,871
  43,527
  47,337
  51,303
  55,428
  59,716
  64,172
  68,803
  73,615
  78,618
  83,819
Working capital, $m
  -27
  -37
  -49
  -64
  -81
  -101
  -125
  -152
  -182
  -215
  -251
  -291
  -334
  -380
  -428
  -480
  -535
  -592
  -652
  -715
  -780
  -849
  -920
  -994
  -1,070
  -1,150
  -1,233
  -1,320
  -1,409
  -1,502
Total debt, $m
  825
  1,216
  1,702
  2,293
  2,997
  3,822
  4,772
  5,850
  7,059
  8,399
  9,869
  11,467
  13,190
  15,036
  17,002
  19,085
  21,282
  23,593
  26,014
  28,546
  31,188
  33,941
  36,807
  39,788
  42,886
  46,107
  49,453
  52,931
  56,546
  60,304
Total liabilities, $m
  1,092
  1,483
  1,969
  2,560
  3,264
  4,089
  5,039
  6,117
  7,326
  8,666
  10,136
  11,734
  13,457
  15,303
  17,269
  19,352
  21,549
  23,860
  26,281
  28,813
  31,455
  34,208
  37,074
  40,055
  43,153
  46,374
  49,720
  53,198
  56,813
  60,571
Total equity, $m
  2,054
  2,791
  3,706
  4,818
  6,143
  7,695
  9,482
  11,512
  13,787
  16,308
  19,074
  22,081
  25,324
  28,798
  32,497
  36,417
  40,553
  44,900
  49,457
  54,221
  59,193
  64,374
  69,768
  75,377
  81,208
  87,268
  93,566
  100,110
  106,913
  113,985
Total liabilities and equity, $m
  3,146
  4,274
  5,675
  7,378
  9,407
  11,784
  14,521
  17,629
  21,113
  24,974
  29,210
  33,815
  38,781
  44,101
  49,766
  55,769
  62,102
  68,760
  75,738
  83,034
  90,648
  98,582
  106,842
  115,432
  124,361
  133,642
  143,286
  153,308
  163,726
  174,556
Debt-to-equity ratio
  0.400
  0.440
  0.460
  0.480
  0.490
  0.500
  0.500
  0.510
  0.510
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
Adjusted equity ratio
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  450
  655
  910
  1,219
  1,588
  2,020
  2,518
  3,082
  3,715
  4,416
  5,220
  6,055
  6,955
  7,920
  8,946
  10,034
  11,180
  12,386
  13,649
  14,970
  16,348
  17,784
  19,279
  20,834
  22,450
  24,130
  25,875
  27,689
  29,575
  31,536
Depreciation, amort., depletion, $m
  305
  396
  510
  649
  814
  1,008
  1,230
  1,483
  1,767
  2,081
  2,377
  2,752
  3,156
  3,589
  4,050
  4,539
  5,054
  5,596
  6,164
  6,758
  7,378
  8,023
  8,695
  9,395
  10,121
  10,877
  11,662
  12,477
  13,325
  14,207
Funds from operations, $m
  754
  1,051
  1,420
  1,868
  2,402
  3,028
  3,748
  4,566
  5,482
  6,497
  7,597
  8,807
  10,112
  11,509
  12,997
  14,572
  16,235
  17,982
  19,813
  21,728
  23,726
  25,808
  27,975
  30,228
  32,571
  35,006
  37,537
  40,167
  42,900
  45,742
Change in working capital, $m
  -8
  -10
  -12
  -15
  -17
  -20
  -24
  -27
  -30
  -33
  -36
  -40
  -43
  -46
  -49
  -52
  -55
  -57
  -60
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -83
  -86
  -90
  -93
Cash from operations, $m
  762
  1,061
  1,432
  1,883
  2,420
  3,048
  3,772
  4,592
  5,512
  6,530
  7,634
  8,847
  10,154
  11,555
  13,045
  14,624
  16,289
  18,039
  19,873
  21,791
  23,791
  25,876
  28,046
  30,302
  32,648
  35,086
  37,620
  40,253
  42,990
  45,836
Maintenance CAPEX, $m
  -184
  -256
  -348
  -462
  -600
  -766
  -959
  -1,182
  -1,435
  -1,718
  -2,033
  -2,377
  -2,752
  -3,156
  -3,589
  -4,050
  -4,539
  -5,054
  -5,596
  -6,164
  -6,758
  -7,378
  -8,023
  -8,695
  -9,395
  -10,121
  -10,877
  -11,662
  -12,477
  -13,325
New CAPEX, $m
  -426
  -542
  -673
  -818
  -974
  -1,141
  -1,314
  -1,492
  -1,673
  -1,854
  -2,034
  -2,211
  -2,385
  -2,555
  -2,720
  -2,882
  -3,041
  -3,197
  -3,351
  -3,503
  -3,656
  -3,810
  -3,966
  -4,125
  -4,288
  -4,456
  -4,631
  -4,812
  -5,002
  -5,201
Cash from investing activities, $m
  -610
  -798
  -1,021
  -1,280
  -1,574
  -1,907
  -2,273
  -2,674
  -3,108
  -3,572
  -4,067
  -4,588
  -5,137
  -5,711
  -6,309
  -6,932
  -7,580
  -8,251
  -8,947
  -9,667
  -10,414
  -11,188
  -11,989
  -12,820
  -13,683
  -14,577
  -15,508
  -16,474
  -17,479
  -18,526
Free cash flow, $m
  152
  263
  411
  603
  845
  1,142
  1,498
  1,918
  2,404
  2,958
  3,567
  4,258
  5,018
  5,844
  6,736
  7,691
  8,709
  9,788
  10,927
  12,123
  13,377
  14,688
  16,057
  17,482
  18,966
  20,509
  22,112
  23,779
  25,510
  27,310
Issuance/(repayment) of debt, $m
  308
  392
  486
  591
  704
  824
  950
  1,079
  1,209
  1,340
  1,470
  1,598
  1,723
  1,846
  1,966
  2,083
  2,198
  2,310
  2,421
  2,532
  2,642
  2,753
  2,866
  2,981
  3,099
  3,220
  3,346
  3,478
  3,615
  3,758
Issuance/(repurchase) of shares, $m
  129
  82
  5
  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 from financing (excl. dividends), $m  
  437
  474
  491
  591
  704
  824
  950
  1,079
  1,209
  1,340
  1,470
  1,598
  1,723
  1,846
  1,966
  2,083
  2,198
  2,310
  2,421
  2,532
  2,642
  2,753
  2,866
  2,981
  3,099
  3,220
  3,346
  3,478
  3,615
  3,758
Total cash flow (excl. dividends), $m
  589
  737
  903
  1,194
  1,549
  1,966
  2,448
  2,997
  3,613
  4,298
  5,037
  5,856
  6,741
  7,690
  8,702
  9,774
  10,907
  12,098
  13,348
  14,655
  16,019
  17,442
  18,923
  20,463
  22,064
  23,729
  25,459
  27,257
  29,125
  31,068
Retained Cash Flow (-), $m
  -579
  -737
  -915
  -1,112
  -1,325
  -1,551
  -1,787
  -2,030
  -2,275
  -2,521
  -2,766
  -3,007
  -3,243
  -3,474
  -3,700
  -3,920
  -4,135
  -4,347
  -4,557
  -4,764
  -4,972
  -5,181
  -5,393
  -5,609
  -5,831
  -6,060
  -6,297
  -6,544
  -6,803
  -7,073
Prev. year cash balance distribution, $m
  7
  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
  17
  0
  -12
  82
  224
  415
  661
  967
  1,338
  1,776
  2,271
  2,849
  3,498
  4,216
  5,002
  5,854
  6,771
  7,751
  8,791
  9,891
  11,047
  12,261
  13,529
  14,854
  16,233
  17,669
  19,161
  20,712
  22,323
  23,995
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
  17
  0
  -10
  68
  174
  301
  446
  604
  769
  931
  1,079
  1,216
  1,330
  1,415
  1,468
  1,488
  1,473
  1,427
  1,354
  1,257
  1,143
  1,017
  887
  757
  631
  515
  411
  320
  244
  181
Current shareholders' claim on cash, %
  94.3
  91.8
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7

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 Corporation (ERF)

Valuation Ratios
P/E Ratio 7.3
Price to Sales 4
Price to Book 2
Price to Tangible Book
Price to Cash Flow 9.3
Price to Free Cash Flow -119.7
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 $1023 million for the last fiscal year's total revenue generated by Enerplus Corporation. The default revenue input number comes from 0001 income statement of Enerplus Corporation. 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 39.3% 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 Corporation, 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 Corporation.
    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 45.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $143 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 Corporation.

Corporate tax rate of 27% is the nominal tax rate for Enerplus Corporation. 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 106%.

Life of production assets of 5.9 years is the average useful life of capital assets used in Enerplus Corporation 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 -1.9%. 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 - $1482.21407407 million for Enerplus Corporation - 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 239.609 million for Enerplus Corporation 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 Corporation at the current share price and the inputted number of shares is $2.1 billion.

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