Intrinsic value of Jones Energy Cl A - JONE

Previous Close

$2.00

  Intrinsic Value

$1.20

stock screener

  Rating & Target

sell

-40%

Previous close

$2.00

 
Intrinsic value

$1.20

 
Up/down potential

-40%

 
Rating

sell

We calculate the intrinsic value of JONE 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, %
  34.20
  31.28
  28.65
  26.29
  24.16
  22.24
  20.52
  18.97
  17.57
  16.31
  15.18
  14.16
  13.25
  12.42
  11.68
  11.01
  10.41
  9.87
  9.38
  8.94
  8.55
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
  6.38
Revenue, $m
  253
  332
  427
  540
  670
  819
  987
  1,175
  1,381
  1,606
  1,850
  2,112
  2,392
  2,689
  3,003
  3,334
  3,681
  4,044
  4,424
  4,819
  5,231
  5,660
  6,106
  6,569
  7,050
  7,551
  8,071
  8,611
  9,174
  9,758
Variable operating expenses, $m
  459
  603
  776
  980
  1,216
  1,487
  1,792
  2,132
  2,506
  2,915
  3,358
  3,833
  4,341
  4,880
  5,451
  6,051
  6,681
  7,340
  8,029
  8,747
  9,495
  10,273
  11,082
  11,923
  12,797
  13,705
  14,648
  15,630
  16,650
  17,711
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
  459
  603
  776
  980
  1,216
  1,487
  1,792
  2,132
  2,506
  2,915
  3,358
  3,833
  4,341
  4,880
  5,451
  6,051
  6,681
  7,340
  8,029
  8,747
  9,495
  10,273
  11,082
  11,923
  12,797
  13,705
  14,648
  15,630
  16,650
  17,711
Operating income, $m
  -206
  -271
  -348
  -440
  -546
  -668
  -805
  -957
  -1,125
  -1,309
  -1,508
  -1,721
  -1,949
  -2,192
  -2,447
  -2,717
  -3,000
  -3,296
  -3,605
  -3,928
  -4,263
  -4,613
  -4,976
  -5,354
  -5,746
  -6,154
  -6,578
  -7,018
  -7,476
  -7,953
EBITDA, $m
  18
  23
  30
  38
  47
  58
  69
  83
  97
  113
  130
  148
  168
  189
  211
  234
  259
  284
  311
  339
  368
  398
  429
  462
  496
  531
  567
  605
  645
  686
Interest expense (income), $m
  54
  53
  82
  118
  162
  213
  273
  341
  418
  503
  598
  701
  812
  932
  1,060
  1,196
  1,339
  1,491
  1,649
  1,815
  1,989
  2,170
  2,358
  2,554
  2,758
  2,970
  3,190
  3,419
  3,656
  3,904
  4,161
Earnings before tax, $m
  -259
  -353
  -467
  -602
  -759
  -940
  -1,146
  -1,375
  -1,629
  -1,907
  -2,208
  -2,534
  -2,881
  -3,251
  -3,643
  -4,056
  -4,490
  -4,945
  -5,421
  -5,916
  -6,433
  -6,971
  -7,530
  -8,112
  -8,716
  -9,344
  -9,996
  -10,675
  -11,380
  -12,114
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
  -259
  -353
  -467
  -602
  -759
  -940
  -1,146
  -1,375
  -1,629
  -1,907
  -2,208
  -2,534
  -2,881
  -3,251
  -3,643
  -4,056
  -4,490
  -4,945
  -5,421
  -5,916
  -6,433
  -6,971
  -7,530
  -8,112
  -8,716
  -9,344
  -9,996
  -10,675
  -11,380
  -12,114

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
  2,280
  2,993
  3,851
  4,863
  6,038
  7,380
  8,895
  10,582
  12,441
  14,470
  16,667
  19,028
  21,548
  24,225
  27,055
  30,034
  33,161
  36,433
  39,852
  43,416
  47,129
  50,991
  55,007
  59,180
  63,518
  68,025
  72,710
  77,580
  82,645
  87,913
Adjusted assets (=assets-cash), $m
  2,280
  2,993
  3,851
  4,863
  6,038
  7,380
  8,895
  10,582
  12,441
  14,470
  16,667
  19,028
  21,548
  24,225
  27,055
  30,034
  33,161
  36,433
  39,852
  43,416
  47,129
  50,991
  55,007
  59,180
  63,518
  68,025
  72,710
  77,580
  82,645
  87,913
Revenue / Adjusted assets
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
Average production assets, $m
  2,240
  2,941
  3,784
  4,779
  5,933
  7,253
  8,741
  10,398
  12,225
  14,220
  16,378
  18,698
  21,175
  23,806
  26,586
  29,514
  32,586
  35,802
  39,162
  42,665
  46,312
  50,108
  54,054
  58,156
  62,418
  66,847
  71,451
  76,237
  81,213
  86,391
Working capital, $m
  -109
  -143
  -184
  -232
  -288
  -352
  -425
  -505
  -594
  -691
  -796
  -908
  -1,028
  -1,156
  -1,291
  -1,434
  -1,583
  -1,739
  -1,902
  -2,072
  -2,249
  -2,434
  -2,625
  -2,825
  -3,032
  -3,247
  -3,470
  -3,703
  -3,945
  -4,196
Total debt, $m
  1,172
  1,689
  2,311
  3,045
  3,896
  4,870
  5,968
  7,191
  8,539
  10,010
  11,603
  13,314
  15,142
  17,082
  19,134
  21,294
  23,560
  25,933
  28,412
  30,996
  33,687
  36,487
  39,399
  42,425
  45,569
  48,837
  52,234
  55,765
  59,436
  63,256
Total liabilities, $m
  1,653
  2,170
  2,792
  3,525
  4,377
  5,351
  6,449
  7,672
  9,020
  10,491
  12,084
  13,795
  15,622
  17,563
  19,615
  21,774
  24,041
  26,414
  28,893
  31,477
  34,168
  36,968
  39,880
  42,906
  46,050
  49,318
  52,715
  56,245
  59,917
  63,737
Total equity, $m
  627
  823
  1,059
  1,337
  1,660
  2,030
  2,446
  2,910
  3,421
  3,979
  4,583
  5,233
  5,926
  6,662
  7,440
  8,259
  9,119
  10,019
  10,959
  11,940
  12,960
  14,022
  15,127
  16,275
  17,467
  18,707
  19,995
  21,334
  22,727
  24,176
Total liabilities and equity, $m
  2,280
  2,993
  3,851
  4,862
  6,037
  7,381
  8,895
  10,582
  12,441
  14,470
  16,667
  19,028
  21,548
  24,225
  27,055
  30,033
  33,160
  36,433
  39,852
  43,417
  47,128
  50,990
  55,007
  59,181
  63,517
  68,025
  72,710
  77,579
  82,644
  87,913
Debt-to-equity ratio
  1.870
  2.050
  2.180
  2.280
  2.350
  2.400
  2.440
  2.470
  2.500
  2.520
  2.530
  2.540
  2.560
  2.560
  2.570
  2.580
  2.580
  2.590
  2.590
  2.600
  2.600
  2.600
  2.600
  2.610
  2.610
  2.610
  2.610
  2.610
  2.620
  2.620
Adjusted equity ratio
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -259
  -353
  -467
  -602
  -759
  -940
  -1,146
  -1,375
  -1,629
  -1,907
  -2,208
  -2,534
  -2,881
  -3,251
  -3,643
  -4,056
  -4,490
  -4,945
  -5,421
  -5,916
  -6,433
  -6,971
  -7,530
  -8,112
  -8,716
  -9,344
  -9,996
  -10,675
  -11,380
  -12,114
Depreciation, amort., depletion, $m
  224
  294
  378
  478
  593
  725
  874
  1,040
  1,223
  1,422
  1,638
  1,870
  2,118
  2,381
  2,659
  2,951
  3,259
  3,580
  3,916
  4,266
  4,631
  5,011
  5,405
  5,816
  6,242
  6,685
  7,145
  7,624
  8,121
  8,639
Funds from operations, $m
  -35
  -59
  -88
  -124
  -166
  -215
  -271
  -335
  -406
  -485
  -571
  -664
  -764
  -871
  -985
  -1,105
  -1,232
  -1,365
  -1,504
  -1,650
  -1,802
  -1,960
  -2,125
  -2,296
  -2,474
  -2,659
  -2,851
  -3,051
  -3,259
  -3,475
Change in working capital, $m
  -28
  -34
  -41
  -48
  -56
  -64
  -72
  -81
  -89
  -97
  -105
  -113
  -120
  -128
  -135
  -142
  -149
  -156
  -163
  -170
  -177
  -184
  -192
  -199
  -207
  -215
  -224
  -232
  -242
  -251
Cash from operations, $m
  -8
  -25
  -47
  -75
  -110
  -151
  -199
  -255
  -318
  -388
  -466
  -551
  -644
  -743
  -850
  -963
  -1,083
  -1,209
  -1,341
  -1,480
  -1,625
  -1,776
  -1,933
  -2,097
  -2,267
  -2,444
  -2,628
  -2,819
  -3,017
  -3,223
Maintenance CAPEX, $m
  -167
  -224
  -294
  -378
  -478
  -593
  -725
  -874
  -1,040
  -1,223
  -1,422
  -1,638
  -1,870
  -2,118
  -2,381
  -2,659
  -2,951
  -3,259
  -3,580
  -3,916
  -4,266
  -4,631
  -5,011
  -5,405
  -5,816
  -6,242
  -6,685
  -7,145
  -7,624
  -8,121
New CAPEX, $m
  -567
  -701
  -843
  -995
  -1,154
  -1,320
  -1,488
  -1,658
  -1,827
  -1,994
  -2,159
  -2,320
  -2,477
  -2,630
  -2,780
  -2,928
  -3,073
  -3,216
  -3,359
  -3,503
  -3,648
  -3,795
  -3,946
  -4,102
  -4,262
  -4,429
  -4,604
  -4,786
  -4,977
  -5,178
Cash from investing activities, $m
  -734
  -925
  -1,137
  -1,373
  -1,632
  -1,913
  -2,213
  -2,532
  -2,867
  -3,217
  -3,581
  -3,958
  -4,347
  -4,748
  -5,161
  -5,587
  -6,024
  -6,475
  -6,939
  -7,419
  -7,914
  -8,426
  -8,957
  -9,507
  -10,078
  -10,671
  -11,289
  -11,931
  -12,601
  -13,299
Free cash flow, $m
  -742
  -949
  -1,184
  -1,449
  -1,742
  -2,064
  -2,413
  -2,786
  -3,184
  -3,605
  -4,047
  -4,509
  -4,990
  -5,491
  -6,011
  -6,549
  -7,107
  -7,684
  -8,281
  -8,899
  -9,539
  -10,202
  -10,890
  -11,604
  -12,345
  -13,115
  -13,916
  -14,749
  -15,617
  -16,522
Issuance/(repayment) of debt, $m
  413
  517
  622
  734
  852
  974
  1,098
  1,223
  1,348
  1,471
  1,593
  1,711
  1,827
  1,941
  2,051
  2,160
  2,267
  2,373
  2,478
  2,584
  2,691
  2,800
  2,911
  3,026
  3,145
  3,268
  3,396
  3,531
  3,672
  3,820
Issuance/(repurchase) of shares, $m
  417
  549
  702
  880
  1,082
  1,310
  1,562
  1,839
  2,140
  2,465
  2,813
  3,183
  3,575
  3,988
  4,421
  4,876
  5,350
  5,845
  6,361
  6,897
  7,454
  8,033
  8,635
  9,259
  9,909
  10,583
  11,285
  12,014
  12,773
  13,563
Cash from financing (excl. dividends), $m  
  830
  1,066
  1,324
  1,614
  1,934
  2,284
  2,660
  3,062
  3,488
  3,936
  4,406
  4,894
  5,402
  5,929
  6,472
  7,036
  7,617
  8,218
  8,839
  9,481
  10,145
  10,833
  11,546
  12,285
  13,054
  13,851
  14,681
  15,545
  16,445
  17,383
Total cash flow (excl. dividends), $m
  87
  116
  140
  165
  192
  219
  247
  276
  304
  331
  359
  386
  412
  437
  462
  487
  511
  535
  558
  582
  606
  631
  656
  682
  708
  736
  765
  795
  827
  860
Retained Cash Flow (-), $m
  -417
  -549
  -702
  -880
  -1,082
  -1,310
  -1,562
  -1,839
  -2,140
  -2,465
  -2,813
  -3,183
  -3,575
  -3,988
  -4,421
  -4,876
  -5,350
  -5,845
  -6,361
  -6,897
  -7,454
  -8,033
  -8,635
  -9,259
  -9,909
  -10,583
  -11,285
  -12,014
  -12,773
  -13,563
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
  -330
  -432
  -562
  -715
  -891
  -1,090
  -1,315
  -1,563
  -1,836
  -2,133
  -2,454
  -2,797
  -3,163
  -3,550
  -3,959
  -4,389
  -4,840
  -5,311
  -5,802
  -6,315
  -6,848
  -7,402
  -7,979
  -8,578
  -9,200
  -9,847
  -10,520
  -11,219
  -11,946
  -12,702
Discount rate, %
  9.80
  10.29
  10.80
  11.34
  11.91
  12.51
  13.13
  13.79
  14.48
  15.20
  15.96
  16.76
  17.60
  18.48
  19.40
  20.37
  21.39
  22.46
  23.58
  24.76
  26.00
  27.30
  28.67
  30.10
  31.61
  33.19
  34.85
  36.59
  38.42
  40.34
PV of cash for distribution, $m
  -300
  -356
  -413
  -465
  -507
  -538
  -554
  -556
  -544
  -518
  -481
  -436
  -384
  -331
  -277
  -226
  -179
  -138
  -104
  -76
  -53
  -37
  -24
  -16
  -10
  -6
  -3
  -2
  -1
  0
Current shareholders' claim on cash, %
  44.1
  19.6
  8.8
  4.0
  1.9
  0.9
  0.4
  0.2
  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
  0.0
  0.0
  0.0
  0.0
  0.0

Jones Energy, Inc. is an independent oil and gas company engaged in the exploration, development, production and acquisition of oil and natural gas properties. The Company's assets are located within the Anadarko and Arkoma basins of Texas and Oklahoma. It owns leasehold interests in oil and natural gas producing properties, as well as in undeveloped acreage, located in the Anadarko and Arkoma basins in Texas and Oklahoma. The Company's oil is generally sold under short-term, extendable and cancellable agreements with unaffiliated purchasers. The Company's natural gas is sold at delivery points at or near producing wells to natural gas gathering and marketing companies. Its total estimated proved reserves are approximately 101.7 million barrels of oil equivalent (MMBoe). Approximately 25% of its total estimated proved reserves consist of oil, over 32% consist of natural gas liquids (NGLs) and over 43% consist of natural gas. Its properties include over 1,020 gross producing wells.

FINANCIAL RATIOS  of  Jones Energy Cl A (JONE)

Valuation Ratios
P/E Ratio -4.3
Price to Sales 1.4
Price to Book 0.3
Price to Tangible Book
Price to Cash Flow 7.1
Price to Free Cash Flow -0.8
Growth Rates
Sales Growth Rate -35%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -15.1%
Cap. Spend. - 3 Yr. Gr. Rate -6.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0.3
LT Debt to Equity 137.4%
Total Debt to Equity 137.4%
Interest Coverage -1
Management Effectiveness
Return On Assets -0%
Ret/ On Assets - 3 Yr. Avg. 1.9%
Return On Total Capital -3.5%
Ret/ On T. Cap. - 3 Yr. Avg. 0.2%
Return On Equity -9.3%
Return On Equity - 3 Yr. Avg. 3.7%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 68%
Gross Margin - 3 Yr. Avg. 75%
EBITDA Margin 77.3%
EBITDA Margin - 3 Yr. Avg. 108.2%
Operating Margin -3.9%
Oper. Margin - 3 Yr. Avg. -9.9%
Pre-Tax Margin -85.2%
Pre-Tax Margin - 3 Yr. Avg. -8.4%
Net Profit Margin -33.6%
Net Profit Margin - 3 Yr. Avg. -7.9%
Effective Tax Rate 22%
Eff/ Tax Rate - 3 Yr. Avg. 19.1%
Payout Ratio -4.7%

JONE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the JONE stock intrinsic value calculation we used $188.573 million for the last fiscal year's total revenue generated by Jones Energy Cl A. The default revenue input number comes from 0001 income statement of Jones Energy Cl A. 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 JONE stock valuation model: a) initial revenue growth rate of 34.2% 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 9.8%, whose default value for JONE is calculated based on our internal credit rating of Jones Energy Cl A, 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 Jones Energy Cl A.
    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 JONE stock the variable cost ratio is equal to 181.5%.

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 JONE 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 7% for Jones Energy Cl A.

Corporate tax rate of 27% is the nominal tax rate for Jones Energy Cl A. 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 JONE 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 JONE are equal to 885.3%.

Life of production assets of 10 years is the average useful life of capital assets used in Jones Energy Cl A 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 JONE is equal to -43%. 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 - $469.787 million for Jones Energy Cl A - 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 98.04 million for Jones Energy Cl A 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 Jones Energy Cl A at the current share price and the inputted number of shares is $0.2 billion.

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NGL NGL Energy Par 9.47 13.16  hold

COMPANY NEWS

▶ Jones Energy, Inc. Announces Reverse Stock Split   [Aug-20-18 04:45PM  GlobeNewswire]
▶ What Jones Energy Incs (NYSE:JONE) Insiders Know That You Dont   [Aug-17-18 07:55AM  Simply Wall St.]
▶ [$$] Jones Energy Says It Has Started Talks With Unsecured Noteholders   [Aug-07-18 04:39PM  The Wall Street Journal]
▶ Jones Energy, Inc. Announces New Independent Auditors   [Jul-02-18 04:30PM  GlobeNewswire]
▶ Jones Energy, Inc. Amends Credit Facility   [04:20PM  GlobeNewswire]
▶ Is It The Right Time To Buy Jones Energy Inc (NYSE:JONE)?   [May-17-18 11:39AM  Simply Wall St.]
▶ [$$] Bondholders Push Jones Energy to Make Debt-Cutting Deal   [May-16-18 05:26PM  The Wall Street Journal]
▶ [$$] Jones Energy's Bondholders Push for Debt Exchange   [Apr-26-18 05:22PM  The Wall Street Journal]
▶ Founder of oil driller Jones Energy removed as CEO   [02:29PM  American City Business Journals]
▶ Jones Energy, Inc. Class A to Host Earnings Call   [Feb-28-18 08:40AM  ACCESSWIRE]
▶ [$$] Jones Energy Revises Covenants on Proposed $450 Million Bond Offering   [Feb-12-18 06:10PM  The Wall Street Journal]
▶ Outside investors gain seats on board of Austin's Jones Energy   [Feb-06-18 04:48PM  American City Business Journals]
▶ Upstream Gainers This Week: Whiting Petroleum Leads   [Jan-17-18 02:46PM  Market Realist]
▶ What Wall Street Recommends for NOG, JONE, FTK, and WFT   [Jan-05-18 07:34AM  Market Realist]
▶ These Stocks Are the Biggest Upstream Losers This Week   [Jan-04-18 09:30AM  Market Realist]
▶ Uptrend in ConocoPhillips Stock Might Take a Breather   [Nov-14-17 08:18AM  Market Realist]
▶ Upstream Gainers this Week: California Resources Leads   [Nov-08-17 04:15PM  Market Realist]
▶ Upstream Losers: JONE, TELL, KOS, LPI, and ERF   [Oct-04-17 01:35PM  Market Realist]
▶ Upstream Gainers this Week: Jones Energy Leads   [Sep-28-17 05:41PM  Market Realist]
▶ Upstream Gainers This Week: Jones Energy Leads the Pack   [Sep-21-17 12:24PM  Market Realist]
▶ Analysts Recommendations for Energy Stocks: September 815   [Sep-19-17 01:18PM  Market Realist]
▶ 30-Day Trading Ranges for JONE, HES, SN, DNR, and AREX   [Sep-15-17 09:11AM  Market Realist]

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