Intrinsic value of Precision Drilling - PDS

Previous Close

$1.98

  Intrinsic Value

$1.06

stock screener

  Rating & Target

sell

-47%

Previous close

$1.98

 
Intrinsic value

$1.06

 
Up/down potential

-47%

 
Rating

sell

We calculate the intrinsic value of PDS 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 0.6

 

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, %
  39.00
  35.60
  32.54
  29.79
  27.31
  25.08
  23.07
  21.26
  19.64
  18.17
  16.86
  15.67
  14.60
  13.64
  12.78
  12.00
  11.30
  10.67
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
Revenue, $m
  1,443
  1,956
  2,593
  3,365
  4,284
  5,358
  6,594
  7,997
  9,567
  11,305
  13,211
  15,281
  17,512
  19,901
  22,444
  25,138
  27,978
  30,964
  34,092
  37,362
  40,775
  44,330
  48,031
  51,880
  55,881
  60,039
  64,360
  68,851
  73,518
  78,371
Variable operating expenses, $m
  1,203
  1,625
  2,148
  2,782
  3,537
  4,419
  5,435
  6,586
  7,876
  9,304
  10,851
  12,551
  14,383
  16,346
  18,434
  20,647
  22,980
  25,432
  28,001
  30,687
  33,490
  36,410
  39,450
  42,611
  45,898
  49,313
  52,862
  56,550
  60,384
  64,370
Fixed operating expenses, $m
  247
  253
  258
  264
  270
  276
  282
  288
  294
  301
  307
  314
  321
  328
  335
  343
  350
  358
  366
  374
  382
  391
  399
  408
  417
  426
  436
  445
  455
  465
Total operating expenses, $m
  1,450
  1,878
  2,406
  3,046
  3,807
  4,695
  5,717
  6,874
  8,170
  9,605
  11,158
  12,865
  14,704
  16,674
  18,769
  20,990
  23,330
  25,790
  28,367
  31,061
  33,872
  36,801
  39,849
  43,019
  46,315
  49,739
  53,298
  56,995
  60,839
  64,835
Operating income, $m
  -8
  78
  187
  319
  477
  663
  878
  1,122
  1,396
  1,701
  2,053
  2,416
  2,808
  3,227
  3,674
  4,148
  4,648
  5,174
  5,725
  6,301
  6,902
  7,529
  8,182
  8,861
  9,567
  10,300
  11,063
  11,856
  12,680
  13,537
EBITDA, $m
  412
  641
  926
  1,274
  1,688
  2,173
  2,731
  3,366
  4,077
  4,865
  5,729
  6,668
  7,681
  8,765
  9,920
  11,143
  12,434
  13,790
  15,212
  16,698
  18,249
  19,866
  21,548
  23,298
  25,117
  27,008
  28,973
  31,015
  33,138
  35,346
Interest expense (income), $m
  103
  106
  156
  219
  298
  393
  506
  638
  790
  963
  1,156
  1,370
  1,605
  1,859
  2,134
  2,428
  2,741
  3,073
  3,422
  3,790
  4,175
  4,578
  4,998
  5,435
  5,891
  6,365
  6,857
  7,369
  7,901
  8,454
  9,028
Earnings before tax, $m
  -114
  -78
  -33
  21
  85
  157
  240
  332
  434
  545
  683
  811
  948
  1,093
  1,246
  1,407
  1,575
  1,751
  1,935
  2,126
  2,325
  2,532
  2,747
  2,970
  3,202
  3,443
  3,694
  3,955
  4,226
  4,508
Tax expense, $m
  0
  0
  0
  6
  23
  43
  65
  90
  117
  147
  184
  219
  256
  295
  336
  380
  425
  473
  522
  574
  628
  684
  742
  802
  865
  930
  997
  1,068
  1,141
  1,217
Net income, $m
  -114
  -78
  -33
  16
  62
  115
  175
  242
  317
  398
  498
  592
  692
  798
  910
  1,027
  1,150
  1,278
  1,412
  1,552
  1,697
  1,848
  2,005
  2,168
  2,337
  2,513
  2,696
  2,887
  3,085
  3,291

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
  4,256
  5,771
  7,648
  9,927
  12,637
  15,806
  19,453
  23,589
  28,220
  33,349
  38,970
  45,076
  51,658
  58,706
  66,207
  74,152
  82,532
  91,338
  100,566
  110,213
  120,280
  130,768
  141,685
  153,039
  164,841
  177,107
  189,853
  203,099
  216,868
  231,184
Adjusted assets (=assets-cash), $m
  4,256
  5,771
  7,648
  9,927
  12,637
  15,806
  19,453
  23,589
  28,220
  33,349
  38,970
  45,076
  51,658
  58,706
  66,207
  74,152
  82,532
  91,338
  100,566
  110,213
  120,280
  130,768
  141,685
  153,039
  164,841
  177,107
  189,853
  203,099
  216,868
  231,184
Revenue / Adjusted assets
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
Average production assets, $m
  3,734
  5,063
  6,710
  8,709
  11,087
  13,867
  17,066
  20,695
  24,759
  29,258
  34,189
  39,547
  45,321
  51,504
  58,086
  65,056
  72,408
  80,134
  88,230
  96,693
  105,525
  114,727
  124,305
  134,266
  144,621
  155,382
  166,564
  178,185
  190,265
  202,825
Working capital, $m
  182
  246
  327
  424
  540
  675
  831
  1,008
  1,205
  1,424
  1,665
  1,925
  2,207
  2,508
  2,828
  3,167
  3,525
  3,901
  4,296
  4,708
  5,138
  5,586
  6,052
  6,537
  7,041
  7,565
  8,109
  8,675
  9,263
  9,875
Total debt, $m
  2,000
  2,811
  3,815
  5,034
  6,484
  8,180
  10,130
  12,343
  14,821
  17,565
  20,572
  23,839
  27,361
  31,131
  35,144
  39,395
  43,878
  48,589
  53,526
  58,687
  64,073
  69,684
  75,525
  81,599
  87,913
  94,476
  101,295
  108,381
  115,748
  123,407
Total liabilities, $m
  2,277
  3,087
  4,092
  5,311
  6,761
  8,456
  10,407
  12,620
  15,098
  17,842
  20,849
  24,116
  27,637
  31,408
  35,421
  39,671
  44,154
  48,866
  53,803
  58,964
  64,350
  69,961
  75,801
  81,876
  88,190
  94,752
  101,571
  108,658
  116,024
  123,684
Total equity, $m
  1,979
  2,683
  3,556
  4,616
  5,876
  7,350
  9,045
  10,969
  13,122
  15,507
  18,121
  20,960
  24,021
  27,298
  30,786
  34,481
  38,377
  42,472
  46,763
  51,249
  55,930
  60,807
  65,884
  71,163
  76,651
  82,355
  88,282
  94,441
  100,844
  107,501
Total liabilities and equity, $m
  4,256
  5,770
  7,648
  9,927
  12,637
  15,806
  19,452
  23,589
  28,220
  33,349
  38,970
  45,076
  51,658
  58,706
  66,207
  74,152
  82,531
  91,338
  100,566
  110,213
  120,280
  130,768
  141,685
  153,039
  164,841
  177,107
  189,853
  203,099
  216,868
  231,185
Debt-to-equity ratio
  1.010
  1.050
  1.070
  1.090
  1.100
  1.110
  1.120
  1.130
  1.130
  1.130
  1.140
  1.140
  1.140
  1.140
  1.140
  1.140
  1.140
  1.140
  1.140
  1.150
  1.150
  1.150
  1.150
  1.150
  1.150
  1.150
  1.150
  1.150
  1.150
  1.150
Adjusted equity ratio
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -114
  -78
  -33
  16
  62
  115
  175
  242
  317
  398
  498
  592
  692
  798
  910
  1,027
  1,150
  1,278
  1,412
  1,552
  1,697
  1,848
  2,005
  2,168
  2,337
  2,513
  2,696
  2,887
  3,085
  3,291
Depreciation, amort., depletion, $m
  420
  563
  740
  955
  1,210
  1,509
  1,853
  2,244
  2,681
  3,164
  3,676
  4,252
  4,873
  5,538
  6,246
  6,995
  7,786
  8,617
  9,487
  10,397
  11,347
  12,336
  13,366
  14,437
  15,551
  16,708
  17,910
  19,160
  20,459
  21,809
Funds from operations, $m
  306
  485
  707
  970
  1,272
  1,624
  2,029
  2,486
  2,997
  3,562
  4,175
  4,844
  5,565
  6,336
  7,155
  8,022
  8,936
  9,895
  10,900
  11,949
  13,044
  14,184
  15,371
  16,605
  17,888
  19,221
  20,607
  22,047
  23,544
  25,100
Change in working capital, $m
  51
  65
  80
  97
  116
  135
  156
  177
  198
  219
  240
  261
  281
  301
  320
  339
  358
  376
  394
  412
  430
  448
  466
  485
  504
  524
  544
  566
  588
  612
Cash from operations, $m
  255
  420
  627
  873
  1,156
  1,489
  1,873
  2,309
  2,799
  3,343
  3,935
  4,584
  5,284
  6,035
  6,835
  7,683
  8,578
  9,519
  10,505
  11,537
  12,614
  13,736
  14,905
  16,120
  17,384
  18,697
  20,062
  21,481
  22,955
  24,489
Maintenance CAPEX, $m
  -289
  -401
  -544
  -722
  -936
  -1,192
  -1,491
  -1,835
  -2,225
  -2,662
  -3,146
  -3,676
  -4,252
  -4,873
  -5,538
  -6,246
  -6,995
  -7,786
  -8,617
  -9,487
  -10,397
  -11,347
  -12,336
  -13,366
  -14,437
  -15,551
  -16,708
  -17,910
  -19,160
  -20,459
New CAPEX, $m
  -1,047
  -1,329
  -1,647
  -1,999
  -2,378
  -2,780
  -3,199
  -3,629
  -4,064
  -4,499
  -4,931
  -5,357
  -5,775
  -6,183
  -6,581
  -6,970
  -7,352
  -7,726
  -8,096
  -8,464
  -8,832
  -9,202
  -9,578
  -9,961
  -10,355
  -10,761
  -11,182
  -11,621
  -12,080
  -12,560
Cash from investing activities, $m
  -1,336
  -1,730
  -2,191
  -2,721
  -3,314
  -3,972
  -4,690
  -5,464
  -6,289
  -7,161
  -8,077
  -9,033
  -10,027
  -11,056
  -12,119
  -13,216
  -14,347
  -15,512
  -16,713
  -17,951
  -19,229
  -20,549
  -21,914
  -23,327
  -24,792
  -26,312
  -27,890
  -29,531
  -31,240
  -33,019
Free cash flow, $m
  -1,081
  -1,310
  -1,565
  -1,847
  -2,158
  -2,483
  -2,817
  -3,154
  -3,490
  -3,819
  -4,143
  -4,450
  -4,743
  -5,021
  -5,284
  -5,533
  -5,769
  -5,993
  -6,207
  -6,414
  -6,615
  -6,813
  -7,009
  -7,207
  -7,408
  -7,614
  -7,828
  -8,051
  -8,284
  -8,530
Issuance/(repayment) of debt, $m
  641
  811
  1,005
  1,219
  1,450
  1,695
  1,951
  2,213
  2,478
  2,744
  3,007
  3,267
  3,522
  3,770
  4,013
  4,251
  4,483
  4,711
  4,937
  5,161
  5,386
  5,611
  5,840
  6,074
  6,314
  6,562
  6,819
  7,087
  7,366
  7,659
Issuance/(repurchase) of shares, $m
  671
  782
  906
  1,044
  1,199
  1,359
  1,520
  1,681
  1,837
  1,987
  2,115
  2,247
  2,369
  2,479
  2,578
  2,667
  2,746
  2,816
  2,879
  2,934
  2,984
  3,029
  3,071
  3,112
  3,151
  3,190
  3,230
  3,273
  3,318
  3,366
Cash from financing (excl. dividends), $m  
  1,312
  1,593
  1,911
  2,263
  2,649
  3,054
  3,471
  3,894
  4,315
  4,731
  5,122
  5,514
  5,891
  6,249
  6,591
  6,918
  7,229
  7,527
  7,816
  8,095
  8,370
  8,640
  8,911
  9,186
  9,465
  9,752
  10,049
  10,360
  10,684
  11,025
Total cash flow (excl. dividends), $m
  230
  282
  346
  415
  491
  571
  654
  739
  826
  912
  980
  1,064
  1,147
  1,228
  1,307
  1,385
  1,460
  1,535
  1,608
  1,681
  1,754
  1,828
  1,903
  1,979
  2,057
  2,138
  2,222
  2,309
  2,400
  2,495
Retained Cash Flow (-), $m
  -671
  -782
  -906
  -1,059
  -1,260
  -1,474
  -1,696
  -1,923
  -2,154
  -2,385
  -2,614
  -2,839
  -3,061
  -3,277
  -3,488
  -3,694
  -3,896
  -4,095
  -4,291
  -4,486
  -4,681
  -4,877
  -5,076
  -5,280
  -5,488
  -5,704
  -5,927
  -6,159
  -6,403
  -6,657
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
  -440
  -500
  -560
  -644
  -770
  -903
  -1,042
  -1,184
  -1,328
  -1,473
  -1,634
  -1,775
  -1,914
  -2,049
  -2,181
  -2,310
  -2,436
  -2,560
  -2,683
  -2,805
  -2,926
  -3,049
  -3,174
  -3,301
  -3,431
  -3,566
  -3,705
  -3,851
  -4,003
  -4,162
Discount rate, %
  8.60
  9.03
  9.48
  9.96
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.42
  27.74
  29.12
  30.58
  32.11
  33.71
  35.40
PV of cash for distribution, $m
  -405
  -420
  -427
  -441
  -468
  -483
  -485
  -475
  -453
  -421
  -386
  -342
  -296
  -250
  -206
  -166
  -131
  -100
  -75
  -55
  -39
  -27
  -18
  -12
  -8
  -5
  -3
  -2
  -1
  0
Current shareholders' claim on cash, %
  59.7
  38.2
  25.8
  18.2
  13.2
  10.0
  7.7
  6.1
  4.9
  4.0
  3.4
  2.9
  2.5
  2.1
  1.9
  1.7
  1.5
  1.4
  1.2
  1.1
  1.1
  1.0
  0.9
  0.9
  0.8
  0.8
  0.7
  0.7
  0.7
  0.6

Precision Drilling Corporation (Precision) is an oilfield services company. The Company provides onshore drilling and completion and production services to exploration and production companies in the oil and natural gas industry. The Company operates through two segments: Contract Drilling Services, and Completion and Production Services. The Contract Drilling Services segment operates its rigs in Canada, the United States and internationally. The Completion and Production Services segment provides completion and workover services and ancillary services to oil and natural gas exploration and production companies in Canada and the United States. As of December 31, 2016, the Contract Drilling Services segment consisted of 255 land drilling rigs, including 135 in Canada, 103 in the United States, five in Mexico, four in Saudi Arabia, five in Kuwait, two in the Kurdistan region of Iraq and one in the country of Georgia.

FINANCIAL RATIOS  of  Precision Drilling (PDS)

Valuation Ratios
P/E Ratio -5
Price to Sales 0.8
Price to Book 0.4
Price to Tangible Book
Price to Cash Flow 6.4
Price to Free Cash Flow -9.7
Growth Rates
Sales Growth Rate -38.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -55.6%
Cap. Spend. - 3 Yr. Gr. Rate -17.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 97.2%
Total Debt to Equity 97.2%
Interest Coverage -1
Management Effectiveness
Return On Assets -1.9%
Ret/ On Assets - 3 Yr. Avg. -1.1%
Return On Total Capital -3.8%
Ret/ On T. Cap. - 3 Yr. Avg. -3.8%
Return On Equity -7.6%
Return On Equity - 3 Yr. Avg. -7.4%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 36.2%
Gross Margin - 3 Yr. Avg. 39%
EBITDA Margin 23.4%
EBITDA Margin - 3 Yr. Avg. 17%
Operating Margin -16.5%
Oper. Margin - 3 Yr. Avg. -13.9%
Pre-Tax Margin -32.4%
Pre-Tax Margin - 3 Yr. Avg. -22.6%
Net Profit Margin -16.3%
Net Profit Margin - 3 Yr. Avg. -12.8%
Effective Tax Rate 49.6%
Eff/ Tax Rate - 3 Yr. Avg. 9.7%
Payout Ratio 0%

PDS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PDS stock intrinsic value calculation we used $1037.88216811 million for the last fiscal year's total revenue generated by Precision Drilling. The default revenue input number comes from 0001 income statement of Precision Drilling. 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 PDS stock valuation model: a) initial revenue growth rate of 39% 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 8.6%, whose default value for PDS is calculated based on our internal credit rating of Precision Drilling, 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 Precision Drilling.
    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 PDS stock the variable cost ratio is equal to 83.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $242 million in the base year in the intrinsic value calculation for PDS 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 7.8% for Precision Drilling.

Corporate tax rate of 27% is the nominal tax rate for Precision Drilling. 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 PDS 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 PDS are equal to 258.8%.

Life of production assets of 9.3 years is the average useful life of capital assets used in Precision Drilling 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 PDS is equal to 12.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1422.10212097 million for Precision Drilling - 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 293.239 million for Precision Drilling 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 Precision Drilling at the current share price and the inputted number of shares is $0.6 billion.

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COMPANY NEWS

▶ Precision Drilling: 3Q Earnings Snapshot   [09:10AM  Associated Press]
▶ Company News For Oct 8, 2018   [09:57AM  Zacks]
▶ Precision Drilling: 2Q Earnings Snapshot   [09:03AM  Associated Press]
▶ Precision Drilling: 1Q Earnings Snapshot   [Apr-26-18 09:39AM  Associated Press]
▶ Precision Drilling Q1 loss narrows   [06:07AM  Reuters]
▶ Precision Drilling Corporation to Host Earnings Call   [Feb-15-18 11:00AM  ACCESSWIRE]
▶ Precision Drilling reports 4Q loss   [08:07AM  Associated Press]
▶ Hows Halliburton Reacting to Crude Oils Price Change?   [Jan-25-18 11:10AM  Market Realist]
▶ Halliburton Reacts to Crude Oils Price Change   [Jan-16-18 02:05PM  Market Realist]
▶ How Did Schlumberger React to Crude Oil Prices Last Week?   [Jan-03-18 05:50PM  Market Realist]
▶ Hows Halliburton Reacting to the Change in Crude Oil Prices?   [Dec-26-17 03:25PM  Market Realist]
▶ How Schlumberger Reacted to Crude Oil Prices Last Week   [Dec-18-17 03:55PM  Market Realist]
▶ How Did Schlumberger React to Price of Crude Oil Last Week?   [Nov-20-17 03:30PM  Market Realist]
▶ How Weatherford Reacted to Crude Oil Prices   [07:32AM  Market Realist]
▶ How Weatherford Reacted to Crude Oil Price Changes   [Oct-30-17 06:00PM  Market Realist]
▶ Precision Drilling reports 3Q loss   [06:11AM  Associated Press]
▶ Precision Drilling Reports Smaller-Than-Expected Loss   [Oct-26-17 08:00PM  Rigzone.com]
▶ How Flotek Industries Reacted to Crude Oils Changes   [Oct-23-17 07:37AM  Market Realist]
▶ Halliburton Reacts to the Change in Crude Oil Prices   [Oct-11-17 07:38AM  Market Realist]

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