Intrinsic value of Enerplus - ERF

Previous Close

$12.28

  Intrinsic Value

$100.24

stock screener

  Rating & Target

str. buy

+716%

Previous close

$12.28

 
Intrinsic value

$100.24

 
Up/down potential

+716%

 
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 2017), $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 2.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

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
  1,045
  1,449
  1,961
  2,593
  3,360
  4,269
  5,331
  6,552
  7,934
  9,480
  11,191
  13,064
  15,097
  17,287
  19,630
  22,123
  24,763
  27,545
  30,469
  33,532
  36,733
  40,073
  43,552
  47,174
  50,940
  54,854
  58,923
  63,150
  67,544
  72,111
Variable operating expenses, $m
  313
  415
  544
  703
  895
  1,124
  1,392
  1,699
  2,046
  2,436
  2,816
  3,287
  3,798
  4,350
  4,939
  5,566
  6,231
  6,931
  7,666
  8,437
  9,242
  10,083
  10,958
  11,869
  12,817
  13,802
  14,825
  15,889
  16,995
  18,144
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
  565
  673
  808
  972
  1,170
  1,405
  1,680
  1,993
  2,346
  2,743
  3,130
  3,608
  4,126
  4,685
  5,281
  5,916
  6,589
  7,296
  8,039
  8,819
  9,632
  10,482
  11,365
  12,285
  13,243
  14,237
  15,269
  16,343
  17,459
  18,618
Operating income, $m
  480
  776
  1,154
  1,621
  2,189
  2,864
  3,652
  4,559
  5,587
  6,738
  8,061
  9,456
  10,971
  12,602
  14,349
  16,207
  18,175
  20,249
  22,429
  24,713
  27,101
  29,592
  32,187
  34,888
  37,697
  40,618
  43,653
  46,807
  50,085
  53,493
EBITDA, $m
  689
  1,048
  1,503
  2,067
  2,752
  3,566
  4,517
  5,610
  6,849
  8,236
  9,770
  11,451
  13,276
  15,242
  17,346
  19,585
  21,956
  24,456
  27,082
  29,834
  32,710
  35,711
  38,837
  42,092
  45,476
  48,994
  52,650
  56,450
  60,399
  64,504
Interest expense (income), $m
  36
  28
  46
  71
  101
  139
  185
  239
  303
  376
  459
  551
  653
  766
  887
  1,018
  1,158
  1,308
  1,466
  1,632
  1,807
  1,990
  2,182
  2,382
  2,590
  2,807
  3,032
  3,266
  3,510
  3,762
  4,025
Earnings before tax, $m
  452
  730
  1,083
  1,520
  2,050
  2,679
  3,413
  4,256
  5,211
  6,279
  7,510
  8,803
  10,205
  11,715
  13,331
  15,049
  16,867
  18,784
  20,797
  22,906
  25,110
  27,410
  29,805
  32,298
  34,891
  37,586
  40,387
  43,297
  46,323
  49,467
Tax expense, $m
  122
  197
  292
  410
  553
  723
  921
  1,149
  1,407
  1,695
  2,028
  2,377
  2,755
  3,163
  3,599
  4,063
  4,554
  5,072
  5,615
  6,185
  6,780
  7,401
  8,047
  8,721
  9,421
  10,148
  10,904
  11,690
  12,507
  13,356
Net income, $m
  330
  533
  791
  1,110
  1,496
  1,955
  2,491
  3,107
  3,804
  4,584
  5,482
  6,426
  7,450
  8,552
  9,731
  10,986
  12,313
  13,712
  15,182
  16,722
  18,331
  20,009
  21,758
  23,578
  25,470
  27,438
  29,482
  31,607
  33,815
  36,111

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
  2,871
  3,982
  5,387
  7,125
  9,229
  11,729
  14,647
  17,999
  21,797
  26,045
  30,744
  35,889
  41,475
  47,491
  53,929
  60,779
  68,030
  75,674
  83,706
  92,120
  100,915
  110,091
  119,650
  129,598
  139,944
  150,699
  161,876
  173,490
  185,560
  198,107
Adjusted assets (=assets-cash), $m
  2,871
  3,982
  5,387
  7,125
  9,229
  11,729
  14,647
  17,999
  21,797
  26,045
  30,744
  35,889
  41,475
  47,491
  53,929
  60,779
  68,030
  75,674
  83,706
  92,120
  100,915
  110,091
  119,650
  129,598
  139,944
  150,699
  161,876
  173,490
  185,560
  198,107
Revenue / Adjusted assets
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
Average production assets, $m
  1,596
  2,213
  2,994
  3,960
  5,130
  6,519
  8,141
  10,005
  12,115
  14,477
  17,088
  19,948
  23,053
  26,397
  29,975
  33,782
  37,813
  42,062
  46,526
  51,203
  56,091
  61,191
  66,505
  72,034
  77,785
  83,763
  89,975
  96,431
  103,140
  110,113
Working capital, $m
  -239
  -332
  -449
  -594
  -769
  -978
  -1,221
  -1,500
  -1,817
  -2,171
  -2,563
  -2,992
  -3,457
  -3,959
  -4,495
  -5,066
  -5,671
  -6,308
  -6,977
  -7,679
  -8,412
  -9,177
  -9,974
  -10,803
  -11,665
  -12,562
  -13,493
  -14,461
  -15,468
  -16,513
Total debt, $m
  844
  1,283
  1,840
  2,528
  3,362
  4,352
  5,507
  6,835
  8,338
  10,021
  11,881
  13,919
  16,131
  18,513
  21,063
  23,775
  26,647
  29,674
  32,854
  36,186
  39,669
  43,303
  47,088
  51,028
  55,125
  59,384
  63,810
  68,409
  73,189
  78,157
Total liabilities, $m
  1,137
  1,577
  2,133
  2,821
  3,655
  4,645
  5,800
  7,128
  8,632
  10,314
  12,175
  14,212
  16,424
  18,807
  21,356
  24,068
  26,940
  29,967
  33,148
  36,480
  39,962
  43,596
  47,381
  51,321
  55,418
  59,677
  64,103
  68,702
  73,482
  78,450
Total equity, $m
  1,734
  2,405
  3,254
  4,303
  5,575
  7,084
  8,847
  10,872
  13,165
  15,731
  18,569
  21,677
  25,051
  28,685
  32,573
  36,710
  41,090
  45,707
  50,558
  55,641
  60,953
  66,495
  72,268
  78,277
  84,526
  91,022
  97,773
  104,788
  112,078
  119,657
Total liabilities and equity, $m
  2,871
  3,982
  5,387
  7,124
  9,230
  11,729
  14,647
  18,000
  21,797
  26,045
  30,744
  35,889
  41,475
  47,492
  53,929
  60,778
  68,030
  75,674
  83,706
  92,121
  100,915
  110,091
  119,649
  129,598
  139,944
  150,699
  161,876
  173,490
  185,560
  198,107
Debt-to-equity ratio
  0.490
  0.530
  0.570
  0.590
  0.600
  0.610
  0.620
  0.630
  0.630
  0.640
  0.640
  0.640
  0.640
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
Adjusted equity ratio
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  330
  533
  791
  1,110
  1,496
  1,955
  2,491
  3,107
  3,804
  4,584
  5,482
  6,426
  7,450
  8,552
  9,731
  10,986
  12,313
  13,712
  15,182
  16,722
  18,331
  20,009
  21,758
  23,578
  25,470
  27,438
  29,482
  31,607
  33,815
  36,111
Depreciation, amort., depletion, $m
  210
  272
  350
  446
  563
  702
  864
  1,051
  1,262
  1,498
  1,709
  1,995
  2,305
  2,640
  2,998
  3,378
  3,781
  4,206
  4,653
  5,120
  5,609
  6,119
  6,650
  7,203
  7,779
  8,376
  8,998
  9,643
  10,314
  11,011
Funds from operations, $m
  540
  804
  1,140
  1,556
  2,059
  2,658
  3,356
  4,158
  5,066
  6,082
  7,191
  8,421
  9,755
  11,192
  12,729
  14,364
  16,094
  17,918
  19,835
  21,842
  23,940
  26,128
  28,408
  30,781
  33,249
  35,814
  38,480
  41,250
  44,129
  47,123
Change in working capital, $m
  -71
  -93
  -117
  -145
  -175
  -208
  -243
  -279
  -317
  -354
  -392
  -429
  -466
  -502
  -537
  -571
  -604
  -637
  -669
  -701
  -733
  -765
  -797
  -829
  -862
  -896
  -932
  -968
  -1,006
  -1,046
Cash from operations, $m
  611
  897
  1,257
  1,701
  2,235
  2,866
  3,599
  4,437
  5,383
  6,436
  7,583
  8,850
  10,221
  11,693
  13,266
  14,935
  16,699
  18,556
  20,504
  22,543
  24,673
  26,893
  29,205
  31,610
  34,111
  36,710
  39,411
  42,218
  45,136
  48,168
Maintenance CAPEX, $m
  -112
  -160
  -221
  -299
  -396
  -513
  -652
  -814
  -1,000
  -1,212
  -1,448
  -1,709
  -1,995
  -2,305
  -2,640
  -2,998
  -3,378
  -3,781
  -4,206
  -4,653
  -5,120
  -5,609
  -6,119
  -6,650
  -7,203
  -7,779
  -8,376
  -8,998
  -9,643
  -10,314
New CAPEX, $m
  -474
  -617
  -781
  -966
  -1,170
  -1,389
  -1,622
  -1,863
  -2,111
  -2,361
  -2,612
  -2,860
  -3,105
  -3,344
  -3,578
  -3,807
  -4,030
  -4,249
  -4,464
  -4,677
  -4,888
  -5,100
  -5,313
  -5,530
  -5,751
  -5,978
  -6,212
  -6,456
  -6,709
  -6,974
Cash from investing activities, $m
  -586
  -777
  -1,002
  -1,265
  -1,566
  -1,902
  -2,274
  -2,677
  -3,111
  -3,573
  -4,060
  -4,569
  -5,100
  -5,649
  -6,218
  -6,805
  -7,408
  -8,030
  -8,670
  -9,330
  -10,008
  -10,709
  -11,432
  -12,180
  -12,954
  -13,757
  -14,588
  -15,454
  -16,352
  -17,288
Free cash flow, $m
  24
  120
  255
  435
  669
  964
  1,325
  1,760
  2,271
  2,863
  3,524
  4,281
  5,121
  6,044
  7,047
  8,130
  9,290
  10,525
  11,834
  13,214
  14,664
  16,184
  17,773
  19,430
  21,157
  22,954
  24,823
  26,765
  28,784
  30,881
Issuance/(repayment) of debt, $m
  337
  440
  556
  688
  833
  990
  1,155
  1,328
  1,504
  1,682
  1,861
  2,038
  2,212
  2,383
  2,549
  2,712
  2,871
  3,027
  3,181
  3,332
  3,483
  3,633
  3,785
  3,940
  4,097
  4,259
  4,426
  4,599
  4,780
  4,969
Issuance/(repurchase) of shares, $m
  184
  138
  58
  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  
  521
  578
  614
  688
  833
  990
  1,155
  1,328
  1,504
  1,682
  1,861
  2,038
  2,212
  2,383
  2,549
  2,712
  2,871
  3,027
  3,181
  3,332
  3,483
  3,633
  3,785
  3,940
  4,097
  4,259
  4,426
  4,599
  4,780
  4,969
Total cash flow (excl. dividends), $m
  546
  698
  870
  1,124
  1,502
  1,953
  2,481
  3,087
  3,775
  4,545
  5,384
  6,318
  7,333
  8,426
  9,597
  10,842
  12,162
  13,552
  15,014
  16,546
  18,147
  19,817
  21,558
  23,370
  25,254
  27,213
  29,249
  31,364
  33,563
  35,849
Retained Cash Flow (-), $m
  -514
  -671
  -849
  -1,050
  -1,271
  -1,510
  -1,762
  -2,025
  -2,294
  -2,566
  -2,838
  -3,108
  -3,374
  -3,634
  -3,888
  -4,137
  -4,380
  -4,617
  -4,851
  -5,082
  -5,312
  -5,542
  -5,774
  -6,009
  -6,249
  -6,496
  -6,751
  -7,015
  -7,290
  -7,578
Prev. year cash balance distribution, $m
  36
  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
  18
  25
  35
  47
  62
  81
  102
  128
  157
  190
  228
  269
  314
  362
  415
  471
  531
  594
  661
  731
  805
  882
  962
  1,045
  1,132
  1,223
  1,317
  1,414
  1,516
  1,621
Cash available for distribution, $m
  68
  27
  21
  74
  231
  444
  718
  1,062
  1,481
  1,979
  2,546
  3,211
  3,959
  4,792
  5,708
  6,706
  7,782
  8,935
  10,163
  11,464
  12,835
  14,276
  15,784
  17,361
  19,005
  20,717
  22,498
  24,349
  26,273
  28,271
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
  65
  25
  18
  61
  179
  322
  485
  664
  851
  1,038
  1,209
  1,370
  1,505
  1,609
  1,676
  1,704
  1,693
  1,645
  1,565
  1,457
  1,328
  1,184
  1,035
  884
  739
  604
  483
  377
  287
  213
Current shareholders' claim on cash, %
  94.0
  90.9
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0

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 10
Price to Sales 5.5
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 12.8
Price to Free Cash Flow -164.1
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 million for the last fiscal year's total revenue generated by Enerplus. The default revenue input number comes from 2017 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 5.5% 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 2.4%.

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 152.7%.

Life of production assets of 10 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 -22.9%. 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 - $1257 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 240 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 $2.9 billion.

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COMPANY NEWS

▶ 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]
▶ Enerplus posts 2Q profit   [Aug-11-17 11:44PM  Associated Press]
▶ Enerplus Announces Cash Dividend for August 2017   [Jul-20-17 06:00AM  CNW Group]
▶ Enerplus Corp. Value Analysis (NYSE:ERF) : July 10, 2017   [Jul-10-17 03:57PM  Capital Cube]
▶ Enerplus Announces Cash Dividend for July 2017   [Jun-19-17 06:00AM  CNW Group]
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