Intrinsic value of Nabors Industries - NBR

Previous Close

$6.86

  Intrinsic Value

$2.61

stock screener

  Rating & Target

str. sell

-62%

  Value-price divergence*

+6%

Previous close

$6.86

 
Intrinsic value

$2.61

 
Up/down potential

-62%

 
Rating

str. sell

 
Value-price divergence*

+6%

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

We calculate the intrinsic value of NBR 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 2.0

 

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, %
  -42.36
  10.30
  9.77
  9.29
  8.86
  8.48
  8.13
  7.82
  7.53
  7.28
  7.05
  6.85
  6.66
  6.50
  6.35
  6.21
  6.09
  5.98
  5.88
  5.80
  5.72
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
Revenue, $m
  2,229
  2,459
  2,699
  2,950
  3,211
  3,483
  3,766
  4,061
  4,367
  4,685
  5,015
  5,359
  5,716
  6,087
  6,473
  6,876
  7,294
  7,731
  8,186
  8,660
  9,155
  9,672
  10,211
  10,775
  11,365
  11,981
  12,626
  13,300
  14,006
  14,745
  15,519
Variable operating expenses, $m
 
  1,559
  1,710
  1,868
  2,032
  2,202
  2,380
  2,565
  2,757
  2,956
  3,164
  3,363
  3,587
  3,820
  4,062
  4,314
  4,577
  4,851
  5,137
  5,434
  5,745
  6,069
  6,408
  6,762
  7,131
  7,518
  7,923
  8,346
  8,789
  9,253
  9,738
Fixed operating expenses, $m
 
  1,665
  1,706
  1,749
  1,793
  1,837
  1,883
  1,930
  1,979
  2,028
  2,079
  2,131
  2,184
  2,239
  2,295
  2,352
  2,411
  2,471
  2,533
  2,596
  2,661
  2,728
  2,796
  2,866
  2,937
  3,011
  3,086
  3,163
  3,242
  3,323
  3,406
Total operating expenses, $m
  2,999
  3,224
  3,416
  3,617
  3,825
  4,039
  4,263
  4,495
  4,736
  4,984
  5,243
  5,494
  5,771
  6,059
  6,357
  6,666
  6,988
  7,322
  7,670
  8,030
  8,406
  8,797
  9,204
  9,628
  10,068
  10,529
  11,009
  11,509
  12,031
  12,576
  13,144
Operating income, $m
  -770
  -765
  -718
  -667
  -613
  -557
  -497
  -435
  -369
  -300
  -227
  -135
  -55
  29
  117
  209
  306
  409
  516
  630
  749
  875
  1,008
  1,148
  1,296
  1,452
  1,617
  1,791
  1,975
  2,169
  2,374
EBITDA, $m
  104
  189
  329
  475
  629
  789
  957
  1,132
  1,314
  1,504
  1,703
  1,910
  2,126
  2,351
  2,586
  2,832
  3,089
  3,358
  3,639
  3,934
  4,242
  4,565
  4,904
  5,259
  5,632
  6,023
  6,434
  6,865
  7,319
  7,795
  8,296
Interest expense (income), $m
  184
  183
  209
  236
  265
  294
  325
  357
  390
  425
  461
  498
  537
  578
  620
  663
  709
  756
  806
  857
  911
  967
  1,026
  1,087
  1,150
  1,217
  1,287
  1,360
  1,436
  1,516
  1,600
Earnings before tax, $m
  -1,198
  -948
  -927
  -903
  -878
  -851
  -822
  -791
  -759
  -725
  -688
  -633
  -592
  -549
  -503
  -454
  -403
  -348
  -290
  -228
  -162
  -92
  -18
  61
  145
  235
  330
  431
  539
  653
  774
Tax expense, $m
  -187
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  17
  39
  63
  89
  116
  145
  176
  209
Net income, $m
  -1,030
  -948
  -927
  -903
  -878
  -851
  -822
  -791
  -759
  -725
  -688
  -633
  -592
  -549
  -503
  -454
  -403
  -348
  -290
  -228
  -162
  -92
  -18
  45
  106
  171
  241
  315
  393
  477
  565

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  295
  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
  8,187
  8,718
  9,570
  10,460
  11,387
  12,352
  13,356
  14,400
  15,485
  16,613
  17,784
  19,002
  20,268
  21,585
  22,955
  24,381
  25,867
  27,414
  29,027
  30,709
  32,464
  34,297
  36,211
  38,210
  40,300
  42,486
  44,771
  47,163
  49,667
  52,288
  55,033
Adjusted assets (=assets-cash), $m
  7,892
  8,718
  9,570
  10,460
  11,387
  12,352
  13,356
  14,400
  15,485
  16,613
  17,784
  19,002
  20,268
  21,585
  22,955
  24,381
  25,867
  27,414
  29,027
  30,709
  32,464
  34,297
  36,211
  38,210
  40,300
  42,486
  44,771
  47,163
  49,667
  52,288
  55,033
Revenue / Adjusted assets
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
Average production assets, $m
  6,633
  7,317
  8,032
  8,778
  9,556
  10,366
  11,209
  12,085
  12,996
  13,942
  14,925
  15,947
  17,010
  18,115
  19,265
  20,462
  21,708
  23,007
  24,360
  25,772
  27,245
  28,783
  30,389
  32,067
  33,821
  35,655
  37,574
  39,581
  41,682
  43,882
  46,185
Working capital, $m
  334
  42
  46
  50
  55
  59
  64
  69
  74
  80
  85
  91
  97
  103
  110
  117
  124
  131
  139
  147
  156
  164
  174
  183
  193
  204
  215
  226
  238
  251
  264
Total debt, $m
  3,579
  4,097
  4,630
  5,187
  5,767
  6,371
  7,000
  7,653
  8,333
  9,039
  9,772
  10,534
  11,327
  12,151
  13,009
  13,902
  14,831
  15,800
  16,810
  17,863
  18,962
  20,109
  21,307
  22,559
  23,867
  25,235
  26,666
  28,163
  29,730
  31,371
  33,090
Total liabilities, $m
  4,940
  5,458
  5,991
  6,548
  7,128
  7,732
  8,361
  9,014
  9,694
  10,400
  11,133
  11,895
  12,688
  13,512
  14,370
  15,263
  16,192
  17,161
  18,171
  19,224
  20,323
  21,470
  22,668
  23,920
  25,228
  26,596
  28,027
  29,524
  31,091
  32,732
  34,451
Total equity, $m
  3,247
  3,261
  3,579
  3,912
  4,259
  4,620
  4,995
  5,386
  5,791
  6,213
  6,651
  7,107
  7,580
  8,073
  8,585
  9,119
  9,674
  10,253
  10,856
  11,485
  12,142
  12,827
  13,543
  14,291
  15,072
  15,890
  16,745
  17,639
  18,575
  19,556
  20,582
Total liabilities and equity, $m
  8,187
  8,719
  9,570
  10,460
  11,387
  12,352
  13,356
  14,400
  15,485
  16,613
  17,784
  19,002
  20,268
  21,585
  22,955
  24,382
  25,866
  27,414
  29,027
  30,709
  32,465
  34,297
  36,211
  38,211
  40,300
  42,486
  44,772
  47,163
  49,666
  52,288
  55,033
Debt-to-equity ratio
  1.102
  1.260
  1.290
  1.330
  1.350
  1.380
  1.400
  1.420
  1.440
  1.450
  1.470
  1.480
  1.490
  1.510
  1.520
  1.520
  1.530
  1.540
  1.550
  1.560
  1.560
  1.570
  1.570
  1.580
  1.580
  1.590
  1.590
  1.600
  1.600
  1.600
  1.610
Adjusted equity ratio
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -1,030
  -948
  -927
  -903
  -878
  -851
  -822
  -791
  -759
  -725
  -688
  -633
  -592
  -549
  -503
  -454
  -403
  -348
  -290
  -228
  -162
  -92
  -18
  45
  106
  171
  241
  315
  393
  477
  565
Depreciation, amort., depletion, $m
  874
  955
  1,046
  1,142
  1,242
  1,346
  1,454
  1,566
  1,683
  1,804
  1,930
  2,045
  2,181
  2,322
  2,470
  2,623
  2,783
  2,950
  3,123
  3,304
  3,493
  3,690
  3,896
  4,111
  4,336
  4,571
  4,817
  5,074
  5,344
  5,626
  5,921
Funds from operations, $m
  624
  7
  120
  239
  364
  495
  632
  775
  924
  1,079
  1,242
  1,411
  1,588
  1,773
  1,967
  2,169
  2,380
  2,602
  2,833
  3,076
  3,331
  3,598
  3,878
  4,156
  4,442
  4,743
  5,058
  5,389
  5,737
  6,102
  6,487
Change in working capital, $m
  92
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  13
  13
Cash from operations, $m
  532
  3
  116
  235
  360
  490
  627
  770
  918
  1,074
  1,236
  1,406
  1,582
  1,767
  1,960
  2,162
  2,373
  2,594
  2,826
  3,068
  3,323
  3,589
  3,869
  4,146
  4,432
  4,732
  5,047
  5,378
  5,725
  6,090
  6,473
Maintenance CAPEX, $m
  0
  -850
  -938
  -1,030
  -1,125
  -1,225
  -1,329
  -1,437
  -1,549
  -1,666
  -1,787
  -1,913
  -2,045
  -2,181
  -2,322
  -2,470
  -2,623
  -2,783
  -2,950
  -3,123
  -3,304
  -3,493
  -3,690
  -3,896
  -4,111
  -4,336
  -4,571
  -4,817
  -5,074
  -5,344
  -5,626
New CAPEX, $m
  -395
  -684
  -715
  -746
  -778
  -810
  -843
  -876
  -911
  -946
  -983
  -1,022
  -1,063
  -1,105
  -1,150
  -1,197
  -1,246
  -1,299
  -1,354
  -1,412
  -1,473
  -1,538
  -1,606
  -1,678
  -1,754
  -1,834
  -1,918
  -2,007
  -2,101
  -2,200
  -2,304
Cash from investing activities, $m
  -382
  -1,534
  -1,653
  -1,776
  -1,903
  -2,035
  -2,172
  -2,313
  -2,460
  -2,612
  -2,770
  -2,935
  -3,108
  -3,286
  -3,472
  -3,667
  -3,869
  -4,082
  -4,304
  -4,535
  -4,777
  -5,031
  -5,296
  -5,574
  -5,865
  -6,170
  -6,489
  -6,824
  -7,175
  -7,544
  -7,930
Free cash flow, $m
  150
  -1,531
  -1,537
  -1,541
  -1,544
  -1,545
  -1,545
  -1,544
  -1,541
  -1,538
  -1,535
  -1,530
  -1,525
  -1,519
  -1,512
  -1,505
  -1,496
  -1,487
  -1,477
  -1,467
  -1,455
  -1,441
  -1,427
  -1,428
  -1,433
  -1,438
  -1,443
  -1,447
  -1,451
  -1,454
  -1,456
Issuance/(repayment) of debt, $m
  -70
  518
  533
  557
  580
  604
  629
  654
  679
  706
  734
  762
  793
  824
  858
  893
  930
  969
  1,010
  1,053
  1,099
  1,147
  1,198
  1,252
  1,308
  1,368
  1,431
  1,497
  1,567
  1,641
  1,718
Issuance/(repurchase) of shares, $m
  -1
  1,257
  1,245
  1,236
  1,224
  1,212
  1,198
  1,182
  1,165
  1,146
  1,127
  1,089
  1,066
  1,041
  1,016
  988
  958
  927
  893
  857
  818
  777
  733
  703
  676
  646
  614
  580
  543
  504
  461
Cash from financing (excl. dividends), $m  
  -87
  1,775
  1,778
  1,793
  1,804
  1,816
  1,827
  1,836
  1,844
  1,852
  1,861
  1,851
  1,859
  1,865
  1,874
  1,881
  1,888
  1,896
  1,903
  1,910
  1,917
  1,924
  1,931
  1,955
  1,984
  2,014
  2,045
  2,077
  2,110
  2,145
  2,179
Total cash flow (excl. dividends), $m
  61
  243
  241
  251
  261
  271
  281
  292
  303
  314
  326
  321
  334
  347
  361
  376
  391
  408
  425
  443
  463
  483
  504
  527
  551
  576
  602
  630
  660
  691
  723
Retained Cash Flow (-), $m
  1,036
  -1,257
  -1,245
  -1,236
  -1,224
  -1,212
  -1,198
  -1,182
  -1,165
  -1,146
  -1,127
  -1,089
  -1,066
  -1,041
  -1,016
  -988
  -958
  -927
  -893
  -857
  -818
  -777
  -733
  -748
  -782
  -817
  -855
  -895
  -936
  -980
  -1,027
Prev. year cash balance distribution, $m
 
  295
  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
 
  -719
  -1,004
  -985
  -963
  -941
  -916
  -890
  -862
  -833
  -801
  -768
  -732
  -694
  -654
  -612
  -567
  -519
  -468
  -414
  -356
  -294
  -229
  -221
  -231
  -241
  -252
  -264
  -276
  -289
  -303
Discount rate, %
 
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
  34.58
PV of cash for distribution, $m
 
  -663
  -848
  -755
  -665
  -579
  -497
  -422
  -353
  -291
  -235
  -187
  -146
  -112
  -84
  -61
  -43
  -30
  -20
  -13
  -8
  -4
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  62.2
  40.2
  26.9
  18.6
  13.2
  9.7
  7.2
  5.5
  4.3
  3.4
  2.8
  2.3
  1.9
  1.6
  1.4
  1.2
  1.1
  0.9
  0.8
  0.8
  0.7
  0.7
  0.6
  0.6
  0.5
  0.5
  0.5
  0.5
  0.4
  0.4

Nabors Industries Ltd. owns and operates a land-based drilling rig fleet. The Company is a provider of offshore platform drilling rigs in the United States and multiple international markets. The Company conducts its Drilling & Rig Services business through four segments: U.S. Drilling, Canada Drilling, International Drilling and Rig Services. The Company provides wellbore placement services, drilling software and performance tools, drilling equipment and various technologies throughout the oil and gas markets. The Company's Drilling & Rig Services business comprises land-based and offshore drilling rig operations and other rig services, consisting of equipment manufacturing, rig instrumentation and optimization software. The Company is a provider of directional drilling and measurement while drilling (MWD) systems and services. The Company also provides drilling technology and equipment, and well-site services.

FINANCIAL RATIOS  of  Nabors Industries (NBR)

Valuation Ratios
P/E Ratio -1.9
Price to Sales 0.9
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 3.7
Price to Free Cash Flow 14.2
Growth Rates
Sales Growth Rate -42.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -54.4%
Cap. Spend. - 3 Yr. Gr. Rate -19.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0.3
LT Debt to Equity 110.2%
Total Debt to Equity 110.2%
Interest Coverage -6
Management Effectiveness
Return On Assets -9.9%
Ret/ On Assets - 3 Yr. Avg. -5.4%
Return On Total Capital -13.9%
Ret/ On T. Cap. - 3 Yr. Avg. -8.4%
Return On Equity -27.4%
Return On Equity - 3 Yr. Avg. -15.9%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 39.7%
Gross Margin - 3 Yr. Avg. 37.4%
EBITDA Margin -6.3%
EBITDA Margin - 3 Yr. Avg. 7.5%
Operating Margin -34.5%
Oper. Margin - 3 Yr. Avg. -15.1%
Pre-Tax Margin -53.7%
Pre-Tax Margin - 3 Yr. Avg. -24.6%
Net Profit Margin -46.2%
Net Profit Margin - 3 Yr. Avg. -21.9%
Effective Tax Rate 15.6%
Eff/ Tax Rate - 3 Yr. Avg. 9.4%
Payout Ratio -5%

NBR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NBR stock intrinsic value calculation we used $2229 million for the last fiscal year's total revenue generated by Nabors Industries. The default revenue input number comes from 2016 income statement of Nabors Industries. 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 NBR stock valuation model: a) initial revenue growth rate of 10.3% 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 8.4%, whose default value for NBR is calculated based on our internal credit rating of Nabors Industries, 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 Nabors Industries.
    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 NBR stock the variable cost ratio is equal to 63.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1624 million in the base year in the intrinsic value calculation for NBR 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 5.1% for Nabors Industries.

Corporate tax rate of 27% is the nominal tax rate for Nabors Industries. 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 NBR 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 NBR are equal to 297.6%.

Life of production assets of 7.8 years is the average useful life of capital assets used in Nabors Industries 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 NBR is equal to 1.7%. 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 - $3247 million for Nabors Industries - 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 295.322 million for Nabors Industries 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 Nabors Industries at the current share price and the inputted number of shares is $2.0 billion.

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COMPANY NEWS

▶ Nabors Industries Short Interest on October 12   [Oct-18-17 10:38AM  Market Realist]
▶ Nabors Industries Earnings Drivers in 2Q17   [Oct-17-17 10:39AM  Market Realist]
▶ How Nabors Industries Management Views 2H17   [09:11AM  Market Realist]
▶ Monsanto up nearly 2%   [Oct-13-17 01:09PM  CNBC Videos]
▶ Should You Be Holding Nabors Industries Ltd (NBR) Right Now?   [Oct-04-17 04:16PM  Simply Wall St.]
▶ General Motors among IQ100 leaders   [Sep-25-17 01:36PM  CNBC Videos]
▶ AMD leading IQ100 top gainers   [Sep-18-17 01:58PM  CNBC Videos]
▶ Oilfield Services: It's Different This Time, Really   [Sep-07-17 11:23AM  Barrons.com]
▶ Nabors Industries leading top gainers in IQ100   [Sep-06-17 01:18PM  CNBC Videos]
▶ How Nabors Industries Is Valued Compared to Its Peers   [Aug-22-17 04:36PM  Market Realist]
▶ How Nabors Could Use Its Free Cash Flow This Year   [Aug-21-17 09:06AM  Market Realist]
▶ What Could Happen to Naborss Debt in 2017   [07:36AM  Market Realist]
▶ Behind Naborss and Tescos Value Drivers in 2Q17   [Aug-18-17 10:37AM  Market Realist]
▶ Inside Naborss Management Estimates for 2017   [07:38AM  Market Realist]
▶ Why Does Naborss Stock Price Look so Bearish?   [Aug-17-17 05:36PM  Market Realist]
▶ Why Nabors Plans to Acquire Tesco   [03:54PM  Market Realist]
▶ Inside Baker Hughess Growth Drivers in 2Q17   [07:37AM  Market Realist]
▶ WeissLaw LLP Investigates Tesco Corporation Acquisition   [Aug-15-17 02:31PM  PR Newswire]
▶ Nabors to acquire Houston oil field services co. in all-stock deal   [09:25AM  American City Business Journals]
▶ What Affected Flotek Industries in 2Q17?   [07:37AM  Market Realist]
▶ Rig Counts: The Latest Evidence Of Pain In The Permian   [Aug-11-17 09:57AM  Barrons.com]
▶ Fairmount Santrol: Wall Streets Forecasts after Its Earnings   [Aug-07-17 07:40AM  Market Realist]
▶ What Are Nabors Industries Returns after 2Q17?   [Aug-03-17 02:35PM  Market Realist]
▶ CA Inc leading the CNBC IQ100   [01:15PM  CNBC Videos]
▶ Nabors reports 2Q loss   [Aug-02-17 11:13PM  Associated Press]
▶ Nabors Announces Second Quarter Results   [06:16PM  PR Newswire]
▶ Nabors Industries leading the iQ100   [Jul-25-17 12:36PM  CNBC Videos]
▶ These Could Be Nabors Industries Key Drivers in 2Q17   [Jul-21-17 10:40AM  Market Realist]
▶ What Analysts Expect from Nabors Industries 2Q17 Earnings   [Jul-20-17 05:32PM  Market Realist]
▶ What Analysts Expect from Weatherfords 2Q17 Earnings   [Jul-17-17 03:47PM  Market Realist]
▶ July 10, 2017 iQ100 leaders   [Jul-10-17 04:56PM  CNBC Videos]
▶ These Factors Are Affecting Flotek Industries the Most   [Jul-04-17 10:38AM  Market Realist]
▶ 3 Stocks That Have Been Cut in Half This Year   [Jul-03-17 09:01AM  Motley Fool]
▶ iQ100 index up 20% for one year   [Jun-29-17 01:31PM  CNBC Videos]
▶ What Are the Implied Volatilities of the Top OFS Companies?   [Jun-28-17 10:36AM  Market Realist]
Financial statements of NBR
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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