Intrinsic value of Hornbeck Offshore Services - HOS

Previous Close

$4.99

  Intrinsic Value

$9.56

stock screener

  Rating & Target

str. buy

+92%

Previous close

$4.99

 
Intrinsic value

$9.56

 
Up/down potential

+92%

 
Rating

str. buy

We calculate the intrinsic value of HOS 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, %
  56.10
  50.99
  46.39
  42.25
  38.53
  35.17
  32.16
  29.44
  27.00
  24.80
  22.82
  21.04
  19.43
  17.99
  16.69
  15.52
  14.47
  13.52
  12.67
  11.90
  11.21
  10.59
  10.03
  9.53
  9.08
  8.67
  8.30
  7.97
  7.67
  7.41
Revenue, $m
  299
  451
  660
  939
  1,301
  1,759
  2,325
  3,009
  3,822
  4,770
  5,858
  7,090
  8,468
  9,991
  11,659
  13,468
  15,417
  17,502
  19,719
  22,066
  24,540
  27,139
  29,862
  32,708
  35,676
  38,769
  41,987
  45,334
  48,813
  52,429
Variable operating expenses, $m
  77
  116
  170
  241
  334
  452
  598
  773
  982
  1,226
  1,505
  1,822
  2,176
  2,568
  2,996
  3,461
  3,962
  4,498
  5,068
  5,671
  6,307
  6,975
  7,675
  8,406
  9,169
  9,964
  10,791
  11,651
  12,545
  13,474
Fixed operating expenses, $m
  241
  246
  252
  257
  263
  269
  275
  281
  287
  293
  300
  306
  313
  320
  327
  334
  342
  349
  357
  365
  373
  381
  389
  398
  407
  416
  425
  434
  444
  453
Total operating expenses, $m
  318
  362
  422
  498
  597
  721
  873
  1,054
  1,269
  1,519
  1,805
  2,128
  2,489
  2,888
  3,323
  3,795
  4,304
  4,847
  5,425
  6,036
  6,680
  7,356
  8,064
  8,804
  9,576
  10,380
  11,216
  12,085
  12,989
  13,927
Operating income, $m
  -19
  89
  239
  441
  704
  1,038
  1,453
  1,955
  2,553
  3,250
  4,053
  4,962
  5,978
  7,103
  8,335
  9,673
  11,113
  12,655
  14,294
  16,030
  17,861
  19,784
  21,798
  23,904
  26,101
  28,390
  30,772
  33,249
  35,825
  38,501
EBITDA, $m
  156
  353
  626
  991
  1,466
  2,069
  2,814
  3,718
  4,791
  6,044
  7,484
  9,115
  10,939
  12,956
  15,165
  17,562
  20,144
  22,906
  25,845
  28,956
  32,236
  35,681
  39,291
  43,063
  46,999
  51,099
  55,367
  59,805
  64,418
  69,213
Interest expense (income), $m
  50
  58
  98
  155
  234
  338
  474
  645
  857
  1,113
  1,417
  1,772
  2,179
  2,640
  3,156
  3,726
  4,350
  5,028
  5,757
  6,537
  7,367
  8,246
  9,172
  10,145
  11,164
  12,229
  13,340
  14,498
  15,702
  16,955
  18,257
Earnings before tax, $m
  -78
  -10
  83
  207
  366
  565
  808
  1,098
  1,440
  1,833
  2,281
  2,782
  3,338
  3,947
  4,609
  5,322
  6,085
  6,897
  7,757
  8,663
  9,615
  10,612
  11,653
  12,740
  13,872
  15,050
  16,274
  17,547
  18,870
  20,244
Tax expense, $m
  0
  0
  23
  56
  99
  152
  218
  297
  389
  495
  616
  751
  901
  1,066
  1,244
  1,437
  1,643
  1,862
  2,094
  2,339
  2,596
  2,865
  3,146
  3,440
  3,745
  4,063
  4,394
  4,738
  5,095
  5,466
Net income, $m
  -78
  -10
  61
  151
  267
  412
  590
  802
  1,051
  1,338
  1,665
  2,031
  2,437
  2,882
  3,365
  3,885
  4,442
  5,035
  5,663
  6,324
  7,019
  7,747
  8,507
  9,300
  10,126
  10,986
  11,880
  12,809
  13,775
  14,778

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
  4,093
  6,180
  9,047
  12,870
  17,828
  24,099
  31,848
  41,225
  52,354
  65,336
  80,245
  97,125
  115,998
  136,865
  159,707
  184,496
  211,190
  239,748
  270,123
  302,276
  336,168
  371,773
  409,070
  448,050
  488,715
  531,079
  575,168
  621,017
  668,676
  718,203
Adjusted assets (=assets-cash), $m
  4,093
  6,180
  9,047
  12,870
  17,828
  24,099
  31,848
  41,225
  52,354
  65,336
  80,245
  97,125
  115,998
  136,865
  159,707
  184,496
  211,190
  239,748
  270,123
  302,276
  336,168
  371,773
  409,070
  448,050
  488,715
  531,079
  575,168
  621,017
  668,676
  718,203
Revenue / Adjusted assets
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
Average production assets, $m
  3,973
  5,999
  8,782
  12,492
  17,305
  23,392
  30,914
  40,016
  50,819
  63,421
  77,892
  94,277
  112,597
  132,852
  155,025
  179,086
  204,998
  232,718
  262,203
  293,413
  326,312
  360,873
  397,076
  434,914
  474,387
  515,509
  558,304
  602,809
  649,071
  697,146
Working capital, $m
  20
  30
  44
  63
  87
  118
  156
  202
  256
  320
  392
  475
  567
  669
  781
  902
  1,033
  1,173
  1,321
  1,478
  1,644
  1,818
  2,001
  2,191
  2,390
  2,598
  2,813
  3,037
  3,270
  3,513
Total debt, $m
  1,821
  2,877
  4,328
  6,262
  8,771
  11,944
  15,865
  20,610
  26,241
  32,810
  40,354
  48,895
  58,445
  69,003
  80,562
  93,105
  106,612
  121,062
  136,432
  152,701
  169,851
  187,867
  206,739
  226,463
  247,040
  268,476
  290,785
  313,984
  338,100
  363,161
Total liabilities, $m
  2,071
  3,127
  4,578
  6,512
  9,021
  12,194
  16,115
  20,860
  26,491
  33,060
  40,604
  49,145
  58,695
  69,254
  80,812
  93,355
  106,862
  121,312
  136,682
  152,951
  170,101
  188,117
  206,989
  226,713
  247,290
  268,726
  291,035
  314,234
  338,350
  363,411
Total equity, $m
  2,022
  3,053
  4,469
  6,358
  8,807
  11,905
  15,733
  20,365
  25,863
  32,276
  39,641
  47,980
  57,303
  67,611
  78,895
  91,141
  104,328
  118,435
  133,441
  149,324
  166,067
  183,656
  202,081
  221,337
  241,425
  262,353
  284,133
  306,782
  330,326
  354,793
Total liabilities and equity, $m
  4,093
  6,180
  9,047
  12,870
  17,828
  24,099
  31,848
  41,225
  52,354
  65,336
  80,245
  97,125
  115,998
  136,865
  159,707
  184,496
  211,190
  239,747
  270,123
  302,275
  336,168
  371,773
  409,070
  448,050
  488,715
  531,079
  575,168
  621,016
  668,676
  718,204
Debt-to-equity ratio
  0.900
  0.940
  0.970
  0.980
  1.000
  1.000
  1.010
  1.010
  1.010
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
Adjusted equity ratio
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -78
  -10
  61
  151
  267
  412
  590
  802
  1,051
  1,338
  1,665
  2,031
  2,437
  2,882
  3,365
  3,885
  4,442
  5,035
  5,663
  6,324
  7,019
  7,747
  8,507
  9,300
  10,126
  10,986
  11,880
  12,809
  13,775
  14,778
Depreciation, amort., depletion, $m
  175
  264
  387
  550
  762
  1,030
  1,362
  1,763
  2,239
  2,794
  3,431
  4,153
  4,960
  5,853
  6,829
  7,889
  9,031
  10,252
  11,551
  12,926
  14,375
  15,897
  17,492
  19,159
  20,898
  22,710
  24,595
  26,555
  28,593
  30,711
Funds from operations, $m
  97
  255
  448
  701
  1,029
  1,443
  1,951
  2,565
  3,290
  4,132
  5,096
  6,184
  7,397
  8,734
  10,194
  11,775
  13,473
  15,287
  17,213
  19,250
  21,394
  23,644
  25,999
  28,459
  31,025
  33,696
  36,475
  39,365
  42,368
  45,489
Change in working capital, $m
  7
  10
  14
  19
  24
  31
  38
  46
  54
  63
  73
  83
  92
  102
  112
  121
  131
  140
  149
  157
  166
  174
  182
  191
  199
  207
  216
  224
  233
  242
Cash from operations, $m
  90
  244
  434
  683
  1,005
  1,412
  1,914
  2,519
  3,235
  4,069
  5,023
  6,102
  7,305
  8,632
  10,082
  11,653
  13,343
  15,147
  17,065
  19,092
  21,228
  23,470
  25,817
  28,269
  30,826
  33,489
  36,259
  39,140
  42,135
  45,247
Maintenance CAPEX, $m
  -112
  -175
  -264
  -387
  -550
  -762
  -1,030
  -1,362
  -1,763
  -2,239
  -2,794
  -3,431
  -4,153
  -4,960
  -5,853
  -6,829
  -7,889
  -9,031
  -10,252
  -11,551
  -12,926
  -14,375
  -15,897
  -17,492
  -19,159
  -20,898
  -22,710
  -24,595
  -26,555
  -28,593
New CAPEX, $m
  -1,433
  -2,026
  -2,783
  -3,711
  -4,813
  -6,087
  -7,522
  -9,102
  -10,803
  -12,602
  -14,471
  -16,385
  -18,320
  -20,255
  -22,173
  -24,061
  -25,912
  -27,720
  -29,485
  -31,210
  -32,899
  -34,561
  -36,203
  -37,837
  -39,473
  -41,122
  -42,796
  -44,505
  -46,261
  -48,076
Cash from investing activities, $m
  -1,545
  -2,201
  -3,047
  -4,098
  -5,363
  -6,849
  -8,552
  -10,464
  -12,566
  -14,841
  -17,265
  -19,816
  -22,473
  -25,215
  -28,026
  -30,890
  -33,801
  -36,751
  -39,737
  -42,761
  -45,825
  -48,936
  -52,100
  -55,329
  -58,632
  -62,020
  -65,506
  -69,100
  -72,816
  -76,669
Free cash flow, $m
  -1,455
  -1,956
  -2,613
  -3,415
  -4,358
  -5,437
  -6,639
  -7,945
  -9,331
  -10,772
  -12,241
  -13,715
  -15,168
  -16,583
  -17,943
  -19,238
  -20,459
  -21,603
  -22,672
  -23,668
  -24,597
  -25,466
  -26,284
  -27,061
  -27,807
  -28,532
  -29,246
  -29,959
  -30,682
  -31,422
Issuance/(repayment) of debt, $m
  740
  1,056
  1,451
  1,934
  2,509
  3,173
  3,921
  4,744
  5,631
  6,569
  7,544
  8,541
  9,550
  10,559
  11,558
  12,543
  13,507
  14,450
  15,370
  16,269
  17,150
  18,016
  18,872
  19,724
  20,577
  21,436
  22,309
  23,200
  24,115
  25,061
Issuance/(repurchase) of shares, $m
  800
  1,041
  1,355
  1,737
  2,182
  2,686
  3,239
  3,830
  4,447
  5,075
  5,700
  6,308
  6,887
  7,427
  7,920
  8,360
  8,745
  9,072
  9,343
  9,559
  9,724
  9,842
  9,918
  9,956
  9,962
  9,942
  9,899
  9,840
  9,769
  9,689
Cash from financing (excl. dividends), $m  
  1,540
  2,097
  2,806
  3,671
  4,691
  5,859
  7,160
  8,574
  10,078
  11,644
  13,244
  14,849
  16,437
  17,986
  19,478
  20,903
  22,252
  23,522
  24,713
  25,828
  26,874
  27,858
  28,790
  29,680
  30,539
  31,378
  32,208
  33,040
  33,884
  34,750
Total cash flow (excl. dividends), $m
  85
  140
  193
  257
  333
  421
  521
  630
  748
  872
  1,002
  1,134
  1,268
  1,402
  1,535
  1,666
  1,794
  1,919
  2,041
  2,160
  2,277
  2,392
  2,506
  2,619
  2,732
  2,846
  2,962
  3,081
  3,202
  3,328
Retained Cash Flow (-), $m
  -800
  -1,041
  -1,416
  -1,888
  -2,449
  -3,098
  -3,828
  -4,632
  -5,498
  -6,413
  -7,365
  -8,339
  -9,323
  -10,308
  -11,284
  -12,245
  -13,187
  -14,107
  -15,006
  -15,883
  -16,743
  -17,589
  -18,425
  -19,256
  -20,089
  -20,928
  -21,780
  -22,650
  -23,543
  -24,467
Prev. year cash balance distribution, $m
  138
  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
  -577
  -900
  -1,224
  -1,632
  -2,116
  -2,676
  -3,308
  -4,002
  -4,750
  -5,541
  -6,363
  -7,205
  -8,055
  -8,906
  -9,750
  -10,580
  -11,394
  -12,189
  -12,965
  -13,723
  -14,466
  -15,196
  -15,919
  -16,637
  -17,356
  -18,081
  -18,817
  -19,569
  -20,341
  -21,139
Discount rate, %
  8.20
  8.61
  9.04
  9.49
  9.97
  10.47
  10.99
  11.54
  12.12
  12.72
  13.36
  14.02
  14.73
  15.46
  16.24
  17.05
  17.90
  18.79
  19.73
  20.72
  21.76
  22.84
  23.99
  25.19
  26.45
  27.77
  29.16
  30.61
  32.15
  33.75
PV of cash for distribution, $m
  -533
  -763
  -944
  -1,135
  -1,316
  -1,473
  -1,594
  -1,671
  -1,697
  -1,673
  -1,602
  -1,491
  -1,350
  -1,190
  -1,021
  -853
  -693
  -549
  -423
  -318
  -232
  -164
  -113
  -76
  -49
  -31
  -19
  -11
  -6
  -3
Current shareholders' claim on cash, %
  53.2
  30.7
  18.8
  12.1
  8.1
  5.6
  4.1
  3.0
  2.3
  1.8
  1.4
  1.2
  1.0
  0.8
  0.7
  0.6
  0.5
  0.5
  0.4
  0.4
  0.4
  0.3
  0.3
  0.3
  0.3
  0.3
  0.2
  0.2
  0.2
  0.2

Hornbeck Offshore Services Inc. provides marine transportation, subsea installation and accommodation support services to exploration and production, oilfield service, offshore construction and the United States military customers. The Company focuses on providing marine solutions for the deepwater and ultradeepwater energy industry in domestic and select foreign locations. The Company, through its subsidiaries, operates offshore supply vessels (OSVs), multi-purpose support vessels (MPSVs), and a shore-base facility to provide logistics support and specialty services to the offshore oil and gas exploration and production industry, primarily in the United States, Gulf of Mexico, Latin America and selected international markets. Its OSVs and MPSVs support the deep-well, deepwater and ultra-deepwater activities of the offshore oil and gas industry. It provides vessel management services for other vessel owners, such as crewing, daily operational management and maintenance activities.

FINANCIAL RATIOS  of  Hornbeck Offshore Services (HOS)

Valuation Ratios
P/E Ratio -2.8
Price to Sales 0.8
Price to Book 0.1
Price to Tangible Book
Price to Cash Flow 3.4
Price to Free Cash Flow -4
Growth Rates
Sales Growth Rate -52.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -66.6%
Cap. Spend. - 3 Yr. Gr. Rate -29%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 77.3%
Total Debt to Equity 77.3%
Interest Coverage -1
Management Effectiveness
Return On Assets -1.2%
Ret/ On Assets - 3 Yr. Avg. 2.1%
Return On Total Capital -2.6%
Ret/ On T. Cap. - 3 Yr. Avg. 1.3%
Return On Equity -4.5%
Return On Equity - 3 Yr. Avg. 2.3%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 41.5%
Gross Margin - 3 Yr. Avg. 49.6%
EBITDA Margin 24.1%
EBITDA Margin - 3 Yr. Avg. 42.7%
Operating Margin -29%
Oper. Margin - 3 Yr. Avg. 9.3%
Pre-Tax Margin -48.7%
Pre-Tax Margin - 3 Yr. Avg. -1.4%
Net Profit Margin -28.6%
Net Profit Margin - 3 Yr. Avg. -0.2%
Effective Tax Rate 41.3%
Eff/ Tax Rate - 3 Yr. Avg. 38.6%
Payout Ratio 0%

HOS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HOS stock intrinsic value calculation we used $191.412 million for the last fiscal year's total revenue generated by Hornbeck Offshore Services. The default revenue input number comes from 0001 income statement of Hornbeck Offshore Services. 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 HOS stock valuation model: a) initial revenue growth rate of 56.1% 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 8.2%, whose default value for HOS is calculated based on our internal credit rating of Hornbeck Offshore Services, 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 Hornbeck Offshore Services.
    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 HOS stock the variable cost ratio is equal to 25.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $236 million in the base year in the intrinsic value calculation for HOS 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 Hornbeck Offshore Services.

Corporate tax rate of 27% is the nominal tax rate for Hornbeck Offshore Services. 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 HOS 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 HOS are equal to 1329.7%.

Life of production assets of 22.7 years is the average useful life of capital assets used in Hornbeck Offshore Services 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 HOS is equal to 6.7%. 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 - $1437.924 million for Hornbeck Offshore Services - 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 37.595 million for Hornbeck Offshore Services 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 Hornbeck Offshore Services at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ Hornbeck Offshore Services, Inc. to Host Earnings Call   [Aug-02-18 08:00AM  ACCESSWIRE]
▶ Hornbeck Offshore: 2Q Earnings Snapshot   [05:03AM  Associated Press]
▶ Hornbeck Offshore Announces Second Quarter 2018 Results   [Aug-01-18 04:30PM  PR Newswire]
▶ 5 Stocks In Bearish Trends This Week   [Jul-30-18 03:31PM  Benzinga]
▶ Hornbeck Offshore: 1Q Earnings Snapshot   [May-03-18 05:13AM  Associated Press]
▶ Hornbeck Offshore Announces First Quarter 2018 Results   [May-02-18 04:30PM  PR Newswire]
▶ Hornbeck Offshore Services, Inc. to Host Earnings Call   [Feb-08-18 08:10AM  ACCESSWIRE]
▶ Hornbeck Offshore Announces Fourth Quarter 2017 Results   [Feb-07-18 04:30PM  PR Newswire]
▶ Hornbeck Offshore reports 3Q loss   [Nov-02-17 05:49AM  Associated Press]
▶ Hornbeck Offshore Announces Third Quarter 2017 Results   [Nov-01-17 04:30PM  PR Newswire]
▶ How US Gasoline Inventories Support Crude Oil Futures   [Aug-24-17 02:36PM  Market Realist]
▶ Hornbeck Offshore reports 2Q loss   [Aug-03-17 10:39PM  Associated Press]
▶ Hornbeck Offshore Announces Second Quarter 2017 Results   [Aug-02-17 04:27PM  PR Newswire]
▶ Hornbeck Offshore Announces New Credit Facility   [Jun-15-17 04:01PM  PR Newswire]
▶ Hornbeck Offshore reports 1Q loss   [May-03-17 07:23PM  Associated Press]
▶ Oil and Gas Stock Roundup: Not Everyone Is Optimistic   [Feb-18-17 10:00AM  Motley Fool]
▶ [$$] Offshore Vessel Servicers Poised for Brutal 2017   [01:30PM  The Wall Street Journal]
▶ [$$] Offshore Vessel Servicers Poised for Brutal 2017   [01:30PM  at The Wall Street Journal]
▶ Hedge Funds Are Betting On Abeona Therapeutics Inc (ABEO)   [Dec-08-16 01:36PM  at Insider Monkey]
▶ The top 5 premarket gainers are all shipping company stocks   [Nov-15-16 09:02AM  at MarketWatch]

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