Intrinsic value of Earthstone Energy - ESTE

Previous Close

$7.44

  Intrinsic Value

$2.32

stock screener

  Rating & Target

str. sell

-69%

Previous close

$7.44

 
Intrinsic value

$2.32

 
Up/down potential

-69%

 
Rating

str. sell

We calculate the intrinsic value of ESTE 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 0.2

 

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, %
  44.10
  40.19
  36.67
  33.50
  30.65
  28.09
  25.78
  23.70
  21.83
  20.15
  18.63
  17.27
  16.04
  14.94
  13.94
  13.05
  12.25
  11.52
  10.87
  10.28
  9.75
  9.28
  8.85
  8.47
  8.12
  7.81
  7.53
  7.27
  7.05
  6.84
Revenue, $m
  156
  218
  298
  398
  520
  667
  839
  1,037
  1,264
  1,518
  1,801
  2,112
  2,451
  2,817
  3,210
  3,629
  4,074
  4,543
  5,037
  5,555
  6,096
  6,662
  7,252
  7,866
  8,504
  9,168
  9,858
  10,575
  11,320
  12,095
Variable operating expenses, $m
  164
  229
  312
  416
  543
  695
  874
  1,080
  1,316
  1,580
  1,873
  2,196
  2,549
  2,929
  3,338
  3,773
  4,235
  4,723
  5,237
  5,775
  6,338
  6,927
  7,540
  8,178
  8,842
  9,532
  10,250
  10,995
  11,770
  12,575
Fixed operating expenses, $m
  45
  46
  47
  48
  49
  50
  51
  52
  54
  55
  56
  57
  58
  60
  61
  62
  64
  65
  67
  68
  69
  71
  73
  74
  76
  77
  79
  81
  83
  85
Total operating expenses, $m
  209
  275
  359
  464
  592
  745
  925
  1,132
  1,370
  1,635
  1,929
  2,253
  2,607
  2,989
  3,399
  3,835
  4,299
  4,788
  5,304
  5,843
  6,407
  6,998
  7,613
  8,252
  8,918
  9,609
  10,329
  11,076
  11,853
  12,660
Operating income, $m
  -53
  -56
  -61
  -66
  -71
  -78
  -86
  -95
  -105
  -117
  -127
  -141
  -156
  -172
  -188
  -206
  -225
  -245
  -266
  -288
  -312
  -335
  -360
  -386
  -413
  -441
  -471
  -501
  -532
  -565
EBITDA, $m
  1
  19
  41
  70
  105
  147
  197
  254
  320
  394
  476
  567
  666
  773
  888
  1,010
  1,140
  1,277
  1,422
  1,573
  1,732
  1,898
  2,070
  2,250
  2,437
  2,632
  2,834
  3,044
  3,263
  3,490
Interest expense (income), $m
  1
  3
  37
  82
  138
  209
  295
  398
  520
  660
  820
  1,000
  1,200
  1,419
  1,659
  1,917
  2,195
  2,491
  2,804
  3,136
  3,485
  3,850
  4,233
  4,632
  5,049
  5,482
  5,933
  6,402
  6,890
  7,396
  7,922
Earnings before tax, $m
  -56
  -94
  -142
  -204
  -280
  -373
  -484
  -615
  -765
  -937
  -1,127
  -1,340
  -1,575
  -1,830
  -2,106
  -2,401
  -2,716
  -3,050
  -3,402
  -3,773
  -4,162
  -4,568
  -4,993
  -5,435
  -5,896
  -6,375
  -6,873
  -7,390
  -7,928
  -8,487
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
  -56
  -94
  -142
  -204
  -280
  -373
  -484
  -615
  -765
  -937
  -1,127
  -1,340
  -1,575
  -1,830
  -2,106
  -2,401
  -2,716
  -3,050
  -3,402
  -3,773
  -4,162
  -4,568
  -4,993
  -5,435
  -5,896
  -6,375
  -6,873
  -7,390
  -7,928
  -8,487

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
  1,207
  1,692
  2,313
  3,088
  4,035
  5,168
  6,500
  8,041
  9,797
  11,770
  13,964
  16,375
  19,002
  21,841
  24,886
  28,134
  31,579
  35,217
  39,045
  43,060
  47,260
  51,644
  56,215
  60,974
  65,924
  71,071
  76,420
  81,979
  87,755
  93,759
Adjusted assets (=assets-cash), $m
  1,207
  1,692
  2,313
  3,088
  4,035
  5,168
  6,500
  8,041
  9,797
  11,770
  13,964
  16,375
  19,002
  21,841
  24,886
  28,134
  31,579
  35,217
  39,045
  43,060
  47,260
  51,644
  56,215
  60,974
  65,924
  71,071
  76,420
  81,979
  87,755
  93,759
Revenue / Adjusted assets
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
Average production assets, $m
  762
  1,069
  1,460
  1,950
  2,547
  3,263
  4,104
  5,077
  6,185
  7,431
  8,816
  10,338
  11,997
  13,789
  15,711
  17,762
  19,937
  22,234
  24,650
  27,185
  29,836
  32,604
  35,490
  38,495
  41,620
  44,869
  48,246
  51,755
  55,402
  59,193
Working capital, $m
  -65
  -91
  -124
  -166
  -217
  -277
  -349
  -432
  -526
  -632
  -749
  -879
  -1,020
  -1,172
  -1,336
  -1,510
  -1,695
  -1,890
  -2,095
  -2,311
  -2,536
  -2,771
  -3,017
  -3,272
  -3,538
  -3,814
  -4,101
  -4,399
  -4,709
  -5,031
Total debt, $m
  273
  595
  1,008
  1,523
  2,153
  2,907
  3,793
  4,817
  5,984
  7,297
  8,756
  10,359
  12,106
  13,994
  16,019
  18,179
  20,470
  22,889
  25,435
  28,104
  30,897
  33,813
  36,853
  40,018
  43,310
  46,732
  50,289
  53,986
  57,827
  61,820
Total liabilities, $m
  803
  1,126
  1,538
  2,054
  2,683
  3,437
  4,323
  5,347
  6,515
  7,827
  9,286
  10,889
  12,636
  14,524
  16,549
  18,709
  21,000
  23,420
  25,965
  28,635
  31,428
  34,344
  37,383
  40,548
  43,840
  47,262
  50,819
  54,516
  58,357
  62,350
Total equity, $m
  404
  567
  775
  1,035
  1,352
  1,731
  2,178
  2,694
  3,282
  3,943
  4,678
  5,486
  6,366
  7,317
  8,337
  9,425
  10,579
  11,798
  13,080
  14,425
  15,832
  17,301
  18,832
  20,426
  22,085
  23,809
  25,601
  27,463
  29,398
  31,409
Total liabilities and equity, $m
  1,207
  1,693
  2,313
  3,089
  4,035
  5,168
  6,501
  8,041
  9,797
  11,770
  13,964
  16,375
  19,002
  21,841
  24,886
  28,134
  31,579
  35,218
  39,045
  43,060
  47,260
  51,645
  56,215
  60,974
  65,925
  71,071
  76,420
  81,979
  87,755
  93,759
Debt-to-equity ratio
  0.670
  1.050
  1.300
  1.470
  1.590
  1.680
  1.740
  1.790
  1.820
  1.850
  1.870
  1.890
  1.900
  1.910
  1.920
  1.930
  1.930
  1.940
  1.940
  1.950
  1.950
  1.950
  1.960
  1.960
  1.960
  1.960
  1.960
  1.970
  1.970
  1.970
Adjusted equity ratio
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -56
  -94
  -142
  -204
  -280
  -373
  -484
  -615
  -765
  -937
  -1,127
  -1,340
  -1,575
  -1,830
  -2,106
  -2,401
  -2,716
  -3,050
  -3,402
  -3,773
  -4,162
  -4,568
  -4,993
  -5,435
  -5,896
  -6,375
  -6,873
  -7,390
  -7,928
  -8,487
Depreciation, amort., depletion, $m
  54
  75
  102
  135
  176
  225
  283
  349
  425
  511
  604
  708
  822
  944
  1,076
  1,217
  1,366
  1,523
  1,688
  1,862
  2,044
  2,233
  2,431
  2,637
  2,851
  3,073
  3,305
  3,545
  3,795
  4,054
Funds from operations, $m
  -2
  -19
  -40
  -68
  -104
  -148
  -202
  -265
  -340
  -426
  -523
  -632
  -753
  -886
  -1,029
  -1,184
  -1,350
  -1,527
  -1,714
  -1,911
  -2,118
  -2,335
  -2,562
  -2,799
  -3,045
  -3,302
  -3,568
  -3,845
  -4,133
  -4,433
Change in working capital, $m
  -20
  -26
  -33
  -42
  -51
  -61
  -71
  -83
  -94
  -106
  -118
  -129
  -141
  -152
  -163
  -174
  -185
  -195
  -205
  -215
  -225
  -235
  -245
  -255
  -266
  -276
  -287
  -298
  -310
  -322
Cash from operations, $m
  17
  7
  -7
  -27
  -53
  -87
  -130
  -183
  -246
  -320
  -406
  -503
  -612
  -733
  -866
  -1,010
  -1,166
  -1,332
  -1,509
  -1,696
  -1,893
  -2,100
  -2,317
  -2,543
  -2,779
  -3,025
  -3,281
  -3,547
  -3,823
  -4,110
Maintenance CAPEX, $m
  -36
  -52
  -73
  -100
  -134
  -174
  -223
  -281
  -348
  -424
  -509
  -604
  -708
  -822
  -944
  -1,076
  -1,217
  -1,366
  -1,523
  -1,688
  -1,862
  -2,044
  -2,233
  -2,431
  -2,637
  -2,851
  -3,073
  -3,305
  -3,545
  -3,795
New CAPEX, $m
  -234
  -306
  -392
  -489
  -598
  -715
  -841
  -973
  -1,108
  -1,246
  -1,385
  -1,522
  -1,659
  -1,792
  -1,923
  -2,050
  -2,175
  -2,297
  -2,417
  -2,534
  -2,652
  -2,768
  -2,886
  -3,004
  -3,125
  -3,249
  -3,377
  -3,509
  -3,647
  -3,790
Cash from investing activities, $m
  -270
  -358
  -465
  -589
  -732
  -889
  -1,064
  -1,254
  -1,456
  -1,670
  -1,894
  -2,126
  -2,367
  -2,614
  -2,867
  -3,126
  -3,392
  -3,663
  -3,940
  -4,222
  -4,514
  -4,812
  -5,119
  -5,435
  -5,762
  -6,100
  -6,450
  -6,814
  -7,192
  -7,585
Free cash flow, $m
  -252
  -351
  -472
  -616
  -784
  -977
  -1,195
  -1,436
  -1,702
  -1,990
  -2,299
  -2,629
  -2,979
  -3,347
  -3,733
  -4,137
  -4,557
  -4,994
  -5,448
  -5,919
  -6,406
  -6,912
  -7,436
  -7,978
  -8,541
  -9,125
  -9,731
  -10,361
  -11,015
  -11,696
Issuance/(repayment) of debt, $m
  248
  323
  413
  515
  630
  754
  886
  1,025
  1,167
  1,313
  1,458
  1,604
  1,747
  1,888
  2,025
  2,160
  2,291
  2,419
  2,545
  2,670
  2,793
  2,916
  3,040
  3,165
  3,292
  3,423
  3,557
  3,696
  3,841
  3,993
Issuance/(repurchase) of shares, $m
  182
  256
  350
  463
  597
  753
  931
  1,131
  1,353
  1,598
  1,862
  2,148
  2,455
  2,781
  3,126
  3,489
  3,870
  4,269
  4,685
  5,118
  5,569
  6,037
  6,524
  7,029
  7,554
  8,099
  8,665
  9,252
  9,863
  10,498
Cash from financing (excl. dividends), $m  
  430
  579
  763
  978
  1,227
  1,507
  1,817
  2,156
  2,520
  2,911
  3,320
  3,752
  4,202
  4,669
  5,151
  5,649
  6,161
  6,688
  7,230
  7,788
  8,362
  8,953
  9,564
  10,194
  10,846
  11,522
  12,222
  12,948
  13,704
  14,491
Total cash flow (excl. dividends), $m
  177
  228
  291
  363
  442
  529
  622
  719
  819
  921
  1,021
  1,123
  1,223
  1,322
  1,418
  1,512
  1,604
  1,694
  1,782
  1,869
  1,955
  2,042
  2,128
  2,216
  2,305
  2,396
  2,490
  2,588
  2,689
  2,795
Retained Cash Flow (-), $m
  -182
  -256
  -350
  -463
  -597
  -753
  -931
  -1,131
  -1,353
  -1,598
  -1,862
  -2,148
  -2,455
  -2,781
  -3,126
  -3,489
  -3,870
  -4,269
  -4,685
  -5,118
  -5,569
  -6,037
  -6,524
  -7,029
  -7,554
  -8,099
  -8,665
  -9,252
  -9,863
  -10,498
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
  -5
  -29
  -59
  -101
  -155
  -224
  -309
  -412
  -534
  -677
  -841
  -1,026
  -1,232
  -1,459
  -1,708
  -1,977
  -2,266
  -2,575
  -2,903
  -3,249
  -3,613
  -3,996
  -4,396
  -4,814
  -5,249
  -5,703
  -6,174
  -6,665
  -7,174
  -7,703
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
  -5
  -26
  -52
  -83
  -120
  -162
  -209
  -257
  -307
  -355
  -399
  -438
  -468
  -490
  -501
  -502
  -493
  -474
  -447
  -413
  -374
  -332
  -288
  -245
  -204
  -166
  -133
  -103
  -78
  -58
Current shareholders' claim on cash, %
  53.6
  29.0
  15.9
  8.9
  5.0
  2.9
  1.7
  1.0
  0.6
  0.4
  0.2
  0.1
  0.1
  0.1
  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

Earthstone Energy, Inc. is an independent oil and natural gas development and production company. The Company is also engaged in corporate mergers and the acquisition of oil and natural gas properties that have production and future development opportunities. Its operations are all in the upstream segment of the oil and natural gas industry and all its properties are onshore in the United States. The Company's reserve portfolio primarily consists of assets in the Midland Basin of west Texas, the Eagle Ford trend of south Texas and in the Williston Basin of North Dakota. As of December 31, 2016, the Company held approximately 5,900 net leasehold acres in the Midland Basin, located in Howard, Glasscock, Martin and Midland Counties. As of December 31, 2016, it also has approximately 21,000 net leasehold acres in the Eagle Ford trend of south Texas. In the Williston Basin of North Dakota, it had approximately 5,900 net leasehold acres, as of December 31, 2016.

FINANCIAL RATIOS  of  Earthstone Energy (ESTE)

Valuation Ratios
P/E Ratio -3
Price to Sales 3.9
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 82.8
Price to Free Cash Flow -6.1
Growth Rates
Sales Growth Rate -10.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -52.5%
Cap. Spend. - 3 Yr. Gr. Rate 21.4%
Financial Strength
Quick Ratio 5
Current Ratio 0
LT Debt to Equity 5%
Total Debt to Equity 5.8%
Interest Coverage -53
Management Effectiveness
Return On Assets -18.6%
Ret/ On Assets - 3 Yr. Avg. -21%
Return On Total Capital -23.6%
Ret/ On T. Cap. - 3 Yr. Avg. -27.7%
Return On Equity -24.9%
Return On Equity - 3 Yr. Avg. -29.1%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 52.4%
Gross Margin - 3 Yr. Avg. 63.7%
EBITDA Margin -64.3%
EBITDA Margin - 3 Yr. Avg. -93.2%
Operating Margin -109.5%
Oper. Margin - 3 Yr. Avg. -149.8%
Pre-Tax Margin -128.6%
Pre-Tax Margin - 3 Yr. Avg. -149.1%
Net Profit Margin -131%
Net Profit Margin - 3 Yr. Avg. -146.8%
Effective Tax Rate -1.9%
Eff/ Tax Rate - 3 Yr. Avg. -99.3%
Payout Ratio 0%

ESTE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ESTE stock intrinsic value calculation we used $108.078 million for the last fiscal year's total revenue generated by Earthstone Energy. The default revenue input number comes from 0001 income statement of Earthstone Energy. 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 ESTE stock valuation model: a) initial revenue growth rate of 44.1% 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 ESTE is calculated based on our internal credit rating of Earthstone Energy, 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 Earthstone Energy.
    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 ESTE stock the variable cost ratio is equal to 105.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $44 million in the base year in the intrinsic value calculation for ESTE 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 13.7% for Earthstone Energy.

Corporate tax rate of 27% is the nominal tax rate for Earthstone Energy. 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 ESTE 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 ESTE are equal to 489.4%.

Life of production assets of 14.6 years is the average useful life of capital assets used in Earthstone Energy 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 ESTE is equal to -41.6%. 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 - $279.174 million for Earthstone Energy - 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 28.163 million for Earthstone Energy 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 Earthstone Energy at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ Woodlands-based E&P company buys Permian-focused co. for $950M   [Oct-18-18 01:27PM  American City Business Journals]
▶ Earthstone Energy, Inc. Announces Strategic Acreage Trade   [Oct-08-18 06:00AM  Business Wire]
▶ Earthstone Energy, Inc. Class A to Host Earnings Call   [Aug-07-18 09:00AM  ACCESSWIRE]
▶ Earthstone Energy, Inc. Reports First Quarter 2018 Results   [May-03-18 04:10PM  Business Wire]
▶ Earthstone Energy, Inc. Class A to Host Earnings Call   [Mar-15-18 08:30AM  ACCESSWIRE]
▶ EnerCom Dallas Announces 2018 Conference Presenters   [Jan-18-18 05:44PM  PR Newswire]
▶ Earthstone Energy, Inc. Completes Sale of Bakken Assets   [Dec-21-17 06:00AM  Business Wire]
▶ Earthstone Energy, Inc. Announces Sale of Bakken Assets   [Nov-20-17 06:00AM  Business Wire]
▶ Earthstone Energy Inc to Host Earnings Call   [Nov-06-17 06:45AM  ACCESSWIRE]
▶ Here's Why Earthstone Energy Inc Stock Is Slumping Today   [Oct-19-17 11:37AM  Motley Fool]
▶ Earthstone Energy, Inc. Announces Uplisting to NYSE   [May-09-17 04:30PM  Accesswire]
▶ Conference-OGIS New York for Earthstone Energy, Inc.   [Mar-08-17 05:56PM  at Company Spotlight]

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