Intrinsic value of Helix Energy Solutions Group - HLX

Previous Close

$7.76

  Intrinsic Value

$2.05

stock screener

  Rating & Target

str. sell

-74%

  Value-price divergence*

-63%

Previous close

$7.76

 
Intrinsic value

$2.05

 
Up/down potential

-74%

 
Rating

str. sell

 
Value-price divergence*

-63%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of HLX 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 2016), $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 1.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -29.89
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  488
  498
  509
  522
  537
  553
  571
  591
  612
  634
  659
  685
  712
  742
  774
  807
  842
  880
  919
  961
  1,005
  1,052
  1,101
  1,153
  1,207
  1,265
  1,325
  1,389
  1,456
  1,527
  1,601
Variable operating expenses, $m
 
  717
  734
  753
  774
  797
  823
  851
  881
  914
  949
  987
  1,027
  1,069
  1,115
  1,163
  1,214
  1,268
  1,325
  1,385
  1,449
  1,516
  1,587
  1,661
  1,740
  1,823
  1,910
  2,002
  2,098
  2,200
  2,307
Fixed operating expenses, $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 operating expenses, $m
  554
  717
  734
  753
  774
  797
  823
  851
  881
  914
  949
  987
  1,027
  1,069
  1,115
  1,163
  1,214
  1,268
  1,325
  1,385
  1,449
  1,516
  1,587
  1,661
  1,740
  1,823
  1,910
  2,002
  2,098
  2,200
  2,307
Operating income, $m
  -67
  -220
  -225
  -230
  -237
  -244
  -252
  -260
  -270
  -280
  -290
  -302
  -314
  -327
  -341
  -356
  -371
  -388
  -405
  -424
  -443
  -464
  -486
  -508
  -532
  -558
  -584
  -613
  -642
  -673
  -706
EBITDA, $m
  47
  -105
  -107
  -110
  -113
  -117
  -121
  -125
  -129
  -134
  -139
  -144
  -150
  -157
  -163
  -170
  -178
  -186
  -194
  -203
  -212
  -222
  -232
  -243
  -255
  -267
  -280
  -293
  -307
  -322
  -338
Interest expense (income), $m
  19
  20
  20
  21
  22
  23
  24
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  45
  47
  50
  53
  56
  59
  62
  66
  70
  74
  78
  82
  87
Earnings before tax, $m
  -94
  -239
  -245
  -251
  -259
  -267
  -276
  -285
  -296
  -307
  -319
  -333
  -346
  -361
  -377
  -394
  -412
  -430
  -450
  -471
  -493
  -517
  -541
  -567
  -595
  -624
  -654
  -686
  -720
  -755
  -792
Tax expense, $m
  -13
  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
  -81
  -239
  -245
  -251
  -259
  -267
  -276
  -285
  -296
  -307
  -319
  -333
  -346
  -361
  -377
  -394
  -412
  -430
  -450
  -471
  -493
  -517
  -541
  -567
  -595
  -624
  -654
  -686
  -720
  -755
  -792

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  357
  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
  2,247
  1,929
  1,974
  2,024
  2,081
  2,144
  2,214
  2,289
  2,371
  2,459
  2,553
  2,654
  2,762
  2,876
  2,998
  3,127
  3,265
  3,410
  3,563
  3,725
  3,896
  4,077
  4,267
  4,468
  4,680
  4,902
  5,137
  5,384
  5,644
  5,917
  6,205
Adjusted assets (=assets-cash), $m
  1,890
  1,929
  1,974
  2,024
  2,081
  2,144
  2,214
  2,289
  2,371
  2,459
  2,553
  2,654
  2,762
  2,876
  2,998
  3,127
  3,265
  3,410
  3,563
  3,725
  3,896
  4,077
  4,267
  4,468
  4,680
  4,902
  5,137
  5,384
  5,644
  5,917
  6,205
Revenue / Adjusted assets
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
Average production assets, $m
  1,628
  1,660
  1,698
  1,742
  1,791
  1,845
  1,905
  1,970
  2,040
  2,115
  2,197
  2,283
  2,376
  2,475
  2,580
  2,691
  2,809
  2,934
  3,066
  3,205
  3,353
  3,508
  3,672
  3,845
  4,027
  4,218
  4,420
  4,633
  4,856
  5,091
  5,339
Working capital, $m
  337
  49
  50
  51
  53
  54
  56
  58
  60
  62
  65
  67
  70
  73
  76
  79
  83
  86
  90
  94
  99
  103
  108
  113
  118
  124
  130
  136
  143
  150
  157
Total debt, $m
  626
  577
  598
  623
  650
  680
  712
  748
  787
  829
  874
  922
  973
  1,027
  1,085
  1,147
  1,212
  1,281
  1,353
  1,430
  1,512
  1,598
  1,688
  1,783
  1,884
  1,990
  2,101
  2,218
  2,342
  2,472
  2,608
Total liabilities, $m
  965
  916
  937
  962
  989
  1,019
  1,051
  1,087
  1,126
  1,168
  1,213
  1,261
  1,312
  1,366
  1,424
  1,486
  1,551
  1,620
  1,692
  1,769
  1,851
  1,937
  2,027
  2,122
  2,223
  2,329
  2,440
  2,557
  2,681
  2,811
  2,947
Total equity, $m
  1,282
  1,013
  1,036
  1,063
  1,093
  1,126
  1,162
  1,202
  1,245
  1,291
  1,340
  1,393
  1,450
  1,510
  1,574
  1,642
  1,714
  1,790
  1,871
  1,956
  2,046
  2,140
  2,240
  2,346
  2,457
  2,574
  2,697
  2,827
  2,963
  3,106
  3,257
Total liabilities and equity, $m
  2,247
  1,929
  1,973
  2,025
  2,082
  2,145
  2,213
  2,289
  2,371
  2,459
  2,553
  2,654
  2,762
  2,876
  2,998
  3,128
  3,265
  3,410
  3,563
  3,725
  3,897
  4,077
  4,267
  4,468
  4,680
  4,903
  5,137
  5,384
  5,644
  5,917
  6,204
Debt-to-equity ratio
  0.488
  0.570
  0.580
  0.590
  0.590
  0.600
  0.610
  0.620
  0.630
  0.640
  0.650
  0.660
  0.670
  0.680
  0.690
  0.700
  0.710
  0.720
  0.720
  0.730
  0.740
  0.750
  0.750
  0.760
  0.770
  0.770
  0.780
  0.780
  0.790
  0.800
  0.800
Adjusted equity ratio
  0.489
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -81
  -239
  -245
  -251
  -259
  -267
  -276
  -285
  -296
  -307
  -319
  -333
  -346
  -361
  -377
  -394
  -412
  -430
  -450
  -471
  -493
  -517
  -541
  -567
  -595
  -624
  -654
  -686
  -720
  -755
  -792
Depreciation, amort., depletion, $m
  114
  114
  117
  120
  124
  127
  131
  136
  141
  146
  151
  157
  164
  171
  178
  186
  194
  202
  211
  221
  231
  242
  253
  265
  278
  291
  305
  319
  335
  351
  368
Funds from operations, $m
  -27
  -125
  -128
  -131
  -135
  -139
  -144
  -150
  -155
  -161
  -168
  -175
  -183
  -191
  -199
  -208
  -218
  -228
  -239
  -250
  -262
  -275
  -288
  -302
  -317
  -333
  -349
  -367
  -385
  -404
  -424
Change in working capital, $m
  -66
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
Cash from operations, $m
  39
  -126
  -129
  -132
  -137
  -141
  -146
  -151
  -157
  -164
  -170
  -178
  -185
  -194
  -202
  -212
  -221
  -232
  -243
  -254
  -267
  -279
  -293
  -307
  -323
  -338
  -355
  -373
  -391
  -411
  -432
Maintenance CAPEX, $m
  0
  -112
  -114
  -117
  -120
  -124
  -127
  -131
  -136
  -141
  -146
  -151
  -157
  -164
  -171
  -178
  -186
  -194
  -202
  -211
  -221
  -231
  -242
  -253
  -265
  -278
  -291
  -305
  -319
  -335
  -351
New CAPEX, $m
  -186
  -33
  -38
  -44
  -49
  -54
  -60
  -65
  -70
  -76
  -81
  -87
  -93
  -99
  -105
  -111
  -118
  -125
  -132
  -139
  -147
  -155
  -164
  -173
  -182
  -192
  -202
  -212
  -224
  -235
  -247
Cash from investing activities, $m
  -147
  -145
  -152
  -161
  -169
  -178
  -187
  -196
  -206
  -217
  -227
  -238
  -250
  -263
  -276
  -289
  -304
  -319
  -334
  -350
  -368
  -386
  -406
  -426
  -447
  -470
  -493
  -517
  -543
  -570
  -598
Free cash flow, $m
  -108
  -270
  -281
  -293
  -306
  -319
  -333
  -348
  -363
  -380
  -397
  -416
  -435
  -456
  -478
  -501
  -525
  -550
  -577
  -605
  -635
  -666
  -699
  -733
  -770
  -808
  -848
  -890
  -934
  -981
  -1,030
Issuance/(repayment) of debt, $m
  -118
  19
  21
  24
  27
  30
  33
  36
  39
  42
  45
  48
  51
  54
  58
  61
  65
  69
  73
  77
  81
  86
  90
  95
  100
  106
  111
  117
  123
  130
  137
Issuance/(repurchase) of shares, $m
  97
  259
  268
  278
  288
  300
  312
  325
  339
  353
  369
  386
  403
  422
  441
  462
  484
  507
  531
  556
  583
  612
  641
  673
  706
  741
  777
  816
  856
  899
  943
Cash from financing (excl. dividends), $m  
  -26
  278
  289
  302
  315
  330
  345
  361
  378
  395
  414
  434
  454
  476
  499
  523
  549
  576
  604
  633
  664
  698
  731
  768
  806
  847
  888
  933
  979
  1,029
  1,080
Total cash flow (excl. dividends), $m
  -138
  8
  8
  9
  10
  11
  12
  13
  14
  15
  16
  18
  19
  20
  21
  22
  24
  25
  27
  28
  30
  31
  33
  35
  37
  39
  41
  43
  45
  47
  50
Retained Cash Flow (-), $m
  -3
  -259
  -268
  -278
  -288
  -300
  -312
  -325
  -339
  -353
  -369
  -386
  -403
  -422
  -441
  -462
  -484
  -507
  -531
  -556
  -583
  -612
  -641
  -673
  -706
  -741
  -777
  -816
  -856
  -899
  -943
Prev. year cash balance distribution, $m
 
  289
  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
 
  38
  -260
  -269
  -279
  -289
  -300
  -312
  -325
  -338
  -353
  -368
  -384
  -402
  -420
  -439
  -460
  -481
  -504
  -528
  -554
  -580
  -608
  -638
  -669
  -702
  -737
  -773
  -811
  -851
  -893
Discount rate, %
 
  4.70
  4.94
  5.18
  5.44
  5.71
  6.00
  6.30
  6.61
  6.94
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.77
  11.31
  11.88
  12.47
  13.09
  13.75
  14.44
  15.16
  15.92
  16.71
  17.55
  18.42
  19.35
PV of cash for distribution, $m
 
  36
  -236
  -231
  -225
  -219
  -211
  -203
  -194
  -185
  -174
  -163
  -152
  -140
  -128
  -116
  -103
  -91
  -80
  -69
  -59
  -49
  -41
  -33
  -26
  -21
  -16
  -12
  -9
  -6
  -4
Current shareholders' claim on cash, %
  100
  78.4
  61.3
  47.8
  37.1
  28.8
  22.3
  17.2
  13.3
  10.2
  7.8
  6.0
  4.6
  3.5
  2.7
  2.1
  1.6
  1.2
  0.9
  0.7
  0.5
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0

Helix Energy Solutions Group, Inc. is an international offshore energy services company. The Company provides services to the offshore energy industry, with a focus on well intervention and robotics operations. The Company operates in three segments: Well Intervention, Robotics and Production Facilities. Its Well Intervention segment includes the Company's vessels and equipment used to perform well intervention services primarily in the Gulf of Mexico and North Sea regions. Its Robotics segment includes remotely operated vehicles (ROVs), trenchers and ROVDrills designed to complement offshore construction and well intervention services, and operates chartered ROV support vessels. Its Production Facilities segment includes the Helix Producer I (the HP I), a floating production vessel, the Helix Fast Response System (the HFRS), and its ownership interest in Independence Hub, LLC (Independence Hub).

FINANCIAL RATIOS  of  Helix Energy Solutions Group (HLX)

Valuation Ratios
P/E Ratio -11.6
Price to Sales 1.9
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 24
Price to Free Cash Flow -6.4
Growth Rates
Sales Growth Rate -29.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -41.9%
Cap. Spend. - 3 Yr. Gr. Rate -10.5%
Financial Strength
Quick Ratio 5
Current Ratio 0.1
LT Debt to Equity 43.5%
Total Debt to Equity 48.8%
Interest Coverage -4
Management Effectiveness
Return On Assets -2.8%
Ret/ On Assets - 3 Yr. Avg. -3.1%
Return On Total Capital -4.1%
Ret/ On T. Cap. - 3 Yr. Avg. -4.3%
Return On Equity -6.3%
Return On Equity - 3 Yr. Avg. -6.6%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 9.6%
Gross Margin - 3 Yr. Avg. 18.9%
EBITDA Margin 8%
EBITDA Margin - 3 Yr. Avg. -2.2%
Operating Margin -13.5%
Oper. Margin - 3 Yr. Avg. -11.3%
Pre-Tax Margin -19.3%
Pre-Tax Margin - 3 Yr. Avg. -21.4%
Net Profit Margin -16.6%
Net Profit Margin - 3 Yr. Avg. -17.7%
Effective Tax Rate 13.8%
Eff/ Tax Rate - 3 Yr. Avg. 20.1%
Payout Ratio 0%

HLX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HLX stock intrinsic value calculation we used $488 million for the last fiscal year's total revenue generated by Helix Energy Solutions Group. The default revenue input number comes from 2016 income statement of Helix Energy Solutions Group. 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 HLX stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.7%, whose default value for HLX is calculated based on our internal credit rating of Helix Energy Solutions Group, 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 Helix Energy Solutions Group.
    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 HLX stock the variable cost ratio is equal to 144.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for HLX 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 3.5% for Helix Energy Solutions Group.

Corporate tax rate of 27% is the nominal tax rate for Helix Energy Solutions Group. 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 HLX 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 HLX are equal to 333.5%.

Life of production assets of 14.5 years is the average useful life of capital assets used in Helix Energy Solutions Group 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 HLX is equal to 9.8%. 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 - $1282 million for Helix Energy Solutions Group - 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 156.589 million for Helix Energy Solutions Group 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 Helix Energy Solutions Group at the current share price and the inputted number of shares is $1.2 billion.

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▶ Helix to Participate in Upcoming Events   [Aug-25-17 04:05PM  Business Wire]
▶ Helix Energy reports 2Q loss   [Jul-24-17 09:57PM  Associated Press]
▶ Helix Reports Second Quarter 2017 Results   [Jul-23-17 06:00PM  Business Wire]
▶ Helix Announces $250 Million Credit Facility   [Jun-30-17 04:05PM  Business Wire]
▶ Bearish News Mounts For Oil Markets   [Jun-06-17 02:30PM  Oilprice.com]
▶ Helix Announces Executive Management Team Succession   [Jun-05-17 06:00PM  Business Wire]
▶ Helix Energy reports 1Q loss   [05:01AM  Associated Press]
▶ Helix Reports First Quarter 2017 Results   [Apr-23-17 06:00PM  Business Wire]
▶ Siem Helix 1 Commences Operations in Brazil   [Apr-19-17 05:00PM  Business Wire]
▶ 5 Earnings Short-Squeeze Plays: Yahoo!, IMAX Included   [Apr-18-17 01:24PM  TheStreet.com]
▶ Helix Energy reports 4Q loss   [08:53AM  Associated Press]
▶ Helix Reports Fourth Quarter and Full Year 2016 Results   [Feb-20-17 06:06PM  Business Wire]
▶ These 5 Stocks Are Poised to Get Smoking Hot   [Jan-20-17 02:23PM  TheStreet.com]
▶ Helix Prices Upsized Public Offering of Common Stock   [Jan-04-17 08:54PM  Business Wire]
▶ 2 Offshore Drillers Ripe For a Takeout   [Dec-13-16 10:48AM  at Barrons.com]
▶ Helix to Present at Upcoming Conference   [04:06PM  Business Wire]
Financial statements of HLX
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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