Intrinsic value of Rowan Cos. - RDC

Previous Close

$14.27

  Intrinsic Value

$10.15

stock screener

  Rating & Target

sell

-29%

Previous close

$14.27

 
Intrinsic value

$10.15

 
Up/down potential

-29%

 
Rating

sell

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

We calculate the intrinsic value of RDC stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.8

 

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, %
  -13.76
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,843
  1,880
  1,923
  1,973
  2,028
  2,089
  2,157
  2,230
  2,310
  2,396
  2,488
  2,586
  2,691
  2,803
  2,921
  3,047
  3,181
  3,322
  3,472
  3,630
  3,796
  3,972
  4,158
  4,354
  4,560
  4,777
  5,005
  5,246
  5,499
  5,765
  6,046
Variable operating expenses, $m
 
  1,611
  1,648
  1,690
  1,738
  1,791
  1,849
  1,911
  1,980
  2,053
  2,132
  2,216
  2,306
  2,402
  2,504
  2,612
  2,726
  2,847
  2,975
  3,111
  3,254
  3,404
  3,563
  3,731
  3,908
  4,094
  4,290
  4,496
  4,713
  4,941
  5,181
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
  1,356
  1,611
  1,648
  1,690
  1,738
  1,791
  1,849
  1,911
  1,980
  2,053
  2,132
  2,216
  2,306
  2,402
  2,504
  2,612
  2,726
  2,847
  2,975
  3,111
  3,254
  3,404
  3,563
  3,731
  3,908
  4,094
  4,290
  4,496
  4,713
  4,941
  5,181
Operating income, $m
  487
  269
  275
  282
  290
  299
  308
  319
  330
  343
  356
  370
  385
  401
  418
  436
  455
  475
  496
  519
  543
  568
  595
  623
  652
  683
  716
  750
  786
  824
  865
EBITDA, $m
  890
  681
  697
  715
  735
  757
  781
  808
  837
  868
  901
  937
  975
  1,015
  1,058
  1,104
  1,152
  1,204
  1,258
  1,315
  1,375
  1,439
  1,506
  1,577
  1,652
  1,731
  1,813
  1,900
  1,992
  2,089
  2,190
Interest expense (income), $m
  159
  151
  155
  160
  165
  171
  178
  186
  194
  202
  212
  222
  233
  244
  257
  270
  284
  298
  314
  330
  348
  366
  386
  406
  428
  450
  474
  499
  526
  554
  583
Earnings before tax, $m
  326
  118
  120
  122
  125
  127
  130
  133
  137
  140
  144
  148
  152
  156
  161
  166
  171
  177
  183
  189
  195
  202
  209
  217
  225
  233
  242
  251
  261
  271
  281
Tax expense, $m
  5
  32
  32
  33
  34
  34
  35
  36
  37
  38
  39
  40
  41
  42
  43
  45
  46
  48
  49
  51
  53
  55
  56
  58
  61
  63
  65
  68
  70
  73
  76
Net income, $m
  321
  86
  88
  89
  91
  93
  95
  97
  100
  102
  105
  108
  111
  114
  118
  121
  125
  129
  133
  138
  142
  147
  153
  158
  164
  170
  176
  183
  190
  198
  205

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,256
  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
  8,676
  7,580
  7,754
  7,954
  8,177
  8,425
  8,697
  8,994
  9,314
  9,660
  10,030
  10,427
  10,850
  11,301
  11,780
  12,288
  12,826
  13,396
  13,999
  14,636
  15,308
  16,018
  16,766
  17,555
  18,386
  19,261
  20,183
  21,153
  22,174
  23,248
  24,377
Adjusted assets (=assets-cash), $m
  7,420
  7,580
  7,754
  7,954
  8,177
  8,425
  8,697
  8,994
  9,314
  9,660
  10,030
  10,427
  10,850
  11,301
  11,780
  12,288
  12,826
  13,396
  13,999
  14,636
  15,308
  16,018
  16,766
  17,555
  18,386
  19,261
  20,183
  21,153
  22,174
  23,248
  24,377
Revenue / Adjusted assets
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
Average production assets, $m
  7,233
  7,378
  7,548
  7,742
  7,960
  8,201
  8,466
  8,754
  9,066
  9,403
  9,764
  10,150
  10,562
  11,000
  11,466
  11,961
  12,485
  13,040
  13,627
  14,247
  14,901
  15,592
  16,320
  17,088
  17,897
  18,749
  19,646
  20,590
  21,584
  22,629
  23,729
Working capital, $m
  1,096
  -34
  -35
  -36
  -37
  -38
  -39
  -40
  -42
  -43
  -45
  -47
  -48
  -50
  -53
  -55
  -57
  -60
  -62
  -65
  -68
  -72
  -75
  -78
  -82
  -86
  -90
  -94
  -99
  -104
  -109
Total debt, $m
  2,680
  2,628
  2,708
  2,801
  2,904
  3,019
  3,145
  3,282
  3,430
  3,590
  3,762
  3,946
  4,142
  4,350
  4,572
  4,807
  5,057
  5,320
  5,600
  5,894
  6,206
  6,534
  6,881
  7,246
  7,631
  8,036
  8,463
  8,912
  9,384
  9,882
  10,405
Total liabilities, $m
  3,562
  3,510
  3,590
  3,683
  3,786
  3,901
  4,027
  4,164
  4,312
  4,472
  4,644
  4,828
  5,024
  5,232
  5,454
  5,689
  5,939
  6,202
  6,482
  6,776
  7,088
  7,416
  7,763
  8,128
  8,513
  8,918
  9,345
  9,794
  10,266
  10,764
  11,287
Total equity, $m
  5,114
  4,071
  4,164
  4,271
  4,391
  4,524
  4,670
  4,830
  5,002
  5,187
  5,386
  5,599
  5,827
  6,068
  6,326
  6,598
  6,888
  7,194
  7,517
  7,859
  8,221
  8,602
  9,003
  9,427
  9,873
  10,343
  10,838
  11,359
  11,907
  12,484
  13,091
Total liabilities and equity, $m
  8,676
  7,581
  7,754
  7,954
  8,177
  8,425
  8,697
  8,994
  9,314
  9,659
  10,030
  10,427
  10,851
  11,300
  11,780
  12,287
  12,827
  13,396
  13,999
  14,635
  15,309
  16,018
  16,766
  17,555
  18,386
  19,261
  20,183
  21,153
  22,173
  23,248
  24,378
Debt-to-equity ratio
  0.524
  0.650
  0.650
  0.660
  0.660
  0.670
  0.670
  0.680
  0.690
  0.690
  0.700
  0.700
  0.710
  0.720
  0.720
  0.730
  0.730
  0.740
  0.740
  0.750
  0.750
  0.760
  0.760
  0.770
  0.770
  0.780
  0.780
  0.780
  0.790
  0.790
  0.790
Adjusted equity ratio
  0.520
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  321
  86
  88
  89
  91
  93
  95
  97
  100
  102
  105
  108
  111
  114
  118
  121
  125
  129
  133
  138
  142
  147
  153
  158
  164
  170
  176
  183
  190
  198
  205
Depreciation, amort., depletion, $m
  403
  412
  422
  433
  445
  458
  473
  489
  507
  525
  545
  567
  590
  615
  641
  668
  697
  728
  761
  796
  832
  871
  912
  955
  1,000
  1,047
  1,098
  1,150
  1,206
  1,264
  1,326
Funds from operations, $m
  1,056
  498
  509
  522
  536
  551
  568
  586
  606
  628
  650
  675
  701
  729
  758
  789
  822
  858
  895
  934
  975
  1,018
  1,064
  1,113
  1,164
  1,217
  1,274
  1,333
  1,396
  1,462
  1,531
Change in working capital, $m
  155
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
Cash from operations, $m
  901
  499
  510
  523
  537
  552
  569
  588
  608
  629
  652
  677
  703
  731
  760
  792
  825
  860
  897
  936
  978
  1,022
  1,068
  1,116
  1,167
  1,221
  1,278
  1,338
  1,401
  1,467
  1,536
Maintenance CAPEX, $m
  0
  -404
  -412
  -422
  -433
  -445
  -458
  -473
  -489
  -507
  -525
  -545
  -567
  -590
  -615
  -641
  -668
  -697
  -728
  -761
  -796
  -832
  -871
  -912
  -955
  -1,000
  -1,047
  -1,098
  -1,150
  -1,206
  -1,264
New CAPEX, $m
  -118
  -145
  -170
  -194
  -218
  -241
  -265
  -288
  -312
  -336
  -361
  -386
  -412
  -439
  -466
  -495
  -524
  -555
  -587
  -620
  -655
  -691
  -728
  -768
  -809
  -852
  -897
  -944
  -994
  -1,045
  -1,099
Cash from investing activities, $m
  -111
  -549
  -582
  -616
  -651
  -686
  -723
  -761
  -801
  -843
  -886
  -931
  -979
  -1,029
  -1,081
  -1,136
  -1,192
  -1,252
  -1,315
  -1,381
  -1,451
  -1,523
  -1,599
  -1,680
  -1,764
  -1,852
  -1,944
  -2,042
  -2,144
  -2,251
  -2,363
Free cash flow, $m
  790
  -50
  -72
  -93
  -114
  -134
  -154
  -174
  -193
  -214
  -234
  -255
  -276
  -298
  -320
  -344
  -367
  -392
  -418
  -445
  -473
  -502
  -532
  -563
  -596
  -631
  -666
  -704
  -743
  -784
  -828
Issuance/(repayment) of debt, $m
  -12
  75
  81
  92
  104
  115
  126
  137
  148
  160
  172
  184
  196
  209
  222
  235
  249
  264
  279
  295
  311
  329
  346
  365
  385
  405
  427
  449
  473
  497
  523
Issuance/(repurchase) of shares, $m
  0
  0
  6
  18
  29
  40
  51
  62
  72
  83
  94
  105
  116
  128
  140
  152
  164
  177
  190
  204
  219
  234
  249
  265
  282
  300
  318
  338
  358
  379
  401
Cash from financing (excl. dividends), $m  
  -18
  75
  87
  110
  133
  155
  177
  199
  220
  243
  266
  289
  312
  337
  362
  387
  413
  441
  469
  499
  530
  563
  595
  630
  667
  705
  745
  787
  831
  876
  924
Total cash flow (excl. dividends), $m
  771
  24
  15
  17
  19
  21
  23
  25
  27
  30
  32
  34
  36
  38
  41
  43
  46
  49
  52
  54
  57
  61
  64
  67
  71
  75
  79
  83
  87
  92
  97
Retained Cash Flow (-), $m
  -342
  -86
  -94
  -107
  -120
  -133
  -146
  -159
  -172
  -185
  -199
  -213
  -227
  -242
  -257
  -273
  -289
  -306
  -324
  -342
  -361
  -381
  -402
  -424
  -446
  -470
  -495
  -521
  -548
  -577
  -607
Prev. year cash balance distribution, $m
 
  1,129
  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
 
  1,068
  -79
  -90
  -101
  -112
  -123
  -134
  -145
  -156
  -167
  -179
  -191
  -203
  -216
  -229
  -243
  -257
  -272
  -288
  -304
  -320
  -338
  -356
  -375
  -395
  -416
  -438
  -461
  -485
  -510
Discount rate, %
 
  4.40
  4.62
  4.85
  5.09
  5.35
  5.62
  5.90
  6.19
  6.50
  6.83
  7.17
  7.53
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
PV of cash for distribution, $m
 
  1,023
  -72
  -78
  -83
  -86
  -88
  -90
  -90
  -88
  -86
  -84
  -80
  -76
  -71
  -66
  -60
  -54
  -48
  -42
  -37
  -32
  -27
  -22
  -18
  -14
  -11
  -9
  -7
  -5
  -3
Current shareholders' claim on cash, %
  100
  100.0
  99.8
  99.2
  98.2
  97.0
  95.4
  93.7
  91.7
  89.6
  87.3
  84.9
  82.5
  80.0
  77.4
  74.9
  72.3
  69.7
  67.2
  64.7
  62.2
  59.8
  57.4
  55.1
  52.8
  50.6
  48.5
  46.4
  44.4
  42.5
  40.6

Rowan Companies plc is a provider of offshore contract drilling services to the international oil and gas industry. The Company operates through two segments: deepwater and jack-ups. Its deepwater segment consists of drillship operations. As of December 31, 2016, the Company's fleet consisted of 29 mobile offshore drilling units, including 25 self-elevating jack-up rigs and four ultra-deepwater drillships. The Company's fleet operates across the world, including the United States Gulf of Mexico (US GOM), the United Kingdom and Norwegian sectors of the North Sea, the Middle East and Trinidad. As of February 14, 2017, the Company's drilling fleet consisted of four ultra-deepwater drillships; 19 high-specification cantilever jack-up rigs, and six premium cantilever jack-up rigs. Its jack-ups are capable of drilling wells to maximum depths ranging from 25,000 to 40,000 feet and in maximum water depths ranging from 300 to 550 feet, depending on rig size, location and outfitting.

FINANCIAL RATIOS  of  Rowan Cos. (RDC)

Valuation Ratios
P/E Ratio 5.6
Price to Sales 1
Price to Book 0.4
Price to Tangible Book
Price to Cash Flow 2
Price to Free Cash Flow 2.3
Growth Rates
Sales Growth Rate -13.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -83.7%
Cap. Spend. - 3 Yr. Gr. Rate -27.9%
Financial Strength
Quick Ratio 10
Current Ratio 0
LT Debt to Equity 49.9%
Total Debt to Equity 52.4%
Interest Coverage 3
Management Effectiveness
Return On Assets 5.6%
Ret/ On Assets - 3 Yr. Avg. 2.3%
Return On Total Capital 4.2%
Ret/ On T. Cap. - 3 Yr. Avg. 1.3%
Return On Equity 6.5%
Return On Equity - 3 Yr. Avg. 2%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 57.8%
Gross Margin - 3 Yr. Avg. 52.3%
EBITDA Margin 48.2%
EBITDA Margin - 3 Yr. Avg. 29.3%
Operating Margin 26.4%
Oper. Margin - 3 Yr. Avg. 10.5%
Pre-Tax Margin 17.7%
Pre-Tax Margin - 3 Yr. Avg. 3.4%
Net Profit Margin 17.4%
Net Profit Margin - 3 Yr. Avg. 5.2%
Effective Tax Rate 1.5%
Eff/ Tax Rate - 3 Yr. Avg. 32.9%
Payout Ratio 0%

RDC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RDC stock intrinsic value calculation we used $1843 million for the last fiscal year's total revenue generated by Rowan Cos.. The default revenue input number comes from 2016 income statement of Rowan Cos.. 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 RDC stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.4%, whose default value for RDC is calculated based on our internal credit rating of Rowan Cos., 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 Rowan Cos..
    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 RDC stock the variable cost ratio is equal to 85.7%.

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 RDC 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 5.9% for Rowan Cos..

Corporate tax rate of 27% is the nominal tax rate for Rowan Cos.. 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 RDC 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 RDC are equal to 392.5%.

Life of production assets of 17.9 years is the average useful life of capital assets used in Rowan Cos. 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 RDC is equal to -1.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $5114 million for Rowan Cos. - 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 125.954 million for Rowan Cos. 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 Rowan Cos. at the current share price and the inputted number of shares is $1.8 billion.

RELATED COMPANIES Price Int.Val. Rating
RIG Transocean 9.91 10.11  hold
ESV ENSCO 5.62 6.77  buy
SDLP Seadrill Partn 3.34 45.46  str.buy

COMPANY NEWS

▶ US Crude Oil Rigs Are Near 3-Month High   [Dec-04-17 09:49AM  Market Realist]
▶ Production Cut Extension Could Influence US Natural Gas Rigs   [Dec-01-17 09:45AM  Market Realist]
▶ Citigroup Revised Offshore Drillers Target Prices Last Week   [Nov-22-17 11:30AM  Market Realist]
▶ Analysts Revised Target Prices for RIG, RDC, and NE   [Nov-14-17 12:15PM  Market Realist]
▶ ETFs with exposure to Rowan Cos. Plc : November 13, 2017   [Nov-13-17 01:06PM  Capital Cube]
▶ Stocks To Watch: Rowan Companies Sees RS Rating Rise To 83   [Nov-09-17 03:00AM  Investor's Business Daily]
▶ Analysts Revisions for Transocean and Rowan Companies   [Nov-01-17 09:20AM  Market Realist]
▶ Rowan reports 3Q loss   [07:01AM  Associated Press]
▶ Rowan Reports Third Quarter 2017 Results   [06:45AM  PR Newswire]
▶ How Analysts Revised Recommendations for Rowan in October   [Oct-31-17 09:03AM  Market Realist]
▶ Enscos Fleet Status Report Has Some Good News   [Oct-20-17 03:06PM  Market Realist]
▶ Rowan Provides Fleet Status Report Update   [Oct-19-17 07:03AM  PR Newswire]
▶ Rowan Announces Launch of ARO Drilling   [06:42AM  PR Newswire]
▶ Wall Street Recommendations for Energy Stocks Last Week   [Sep-25-17 03:45PM  Market Realist]
▶ US Natural Gas Rig Count Hit a 9-Week Low   [07:40AM  Market Realist]
▶ How Analysts Revised Rowan Companies Ratings in August   [Sep-20-17 07:38AM  Market Realist]
▶ Noble Has Released Its September Fleet Status Report   [Sep-19-17 08:08AM  Market Realist]
▶ Is It Too Late To Buy Rowan Companies plc (RDC)?   [Sep-18-17 07:31PM  Simply Wall St.]
▶ Rowan to Present at Barclays CEO Energy-Power Conference   [Sep-05-17 06:45AM  PR Newswire]
▶ Hurricane Harvey Could Impact the US Natural Gas Rig Count   [Sep-01-17 11:39AM  Market Realist]
▶ US Natural Gas Rig Count Is Near a 4-Month Low   [Aug-28-17 10:05AM  Market Realist]
▶ Frontlines Impending Results: What You Should Know   [Aug-25-17 05:03PM  Market Realist]
▶ Offshore Rig Count Fell by 2 Rigs Last Week   [Aug-24-17 07:36AM  Market Realist]
▶ ETFs with exposure to Rowan Cos. Plc : August 21, 2017   [Aug-21-17 04:58PM  Capital Cube]
▶ Offshore drilling co. announces more job cuts   [Aug-15-17 08:42AM  American City Business Journals]
▶ Analysts Revisions for Diamond Offshore and Rowan Companies   [Aug-07-17 02:05PM  Market Realist]
▶ Moodys Downgraded Three Offshore Drillers   [12:36PM  Market Realist]
▶ Rowan Cos. Plc Value Analysis (NYSE:RDC) : August 4, 2017   [Aug-03-17 11:19PM  Capital Cube]
▶ Rowan Reports Second Quarter 2017 Results   [06:45AM  PR Newswire]
▶ Noble Corporations 2Q17 Earnings: Analysts Views   [Aug-01-17 10:41AM  Market Realist]
▶ Prepping for Noble Corporations 2Q17 Results   [07:45AM  Market Realist]
▶ Why Moodys Downgraded Rowan Companies ahead of 2Q17 Results   [Jul-31-17 05:16PM  Market Realist]
▶ Whats Going On with US Crude Oil Rig Counts   [Jul-24-17 04:35PM  Market Realist]
▶ Will Rising US Drilling Costs Impact US Production?   [Jul-17-17 01:13PM  Market Realist]
▶ Key Updates from Seadrill, Ensco, and Rowan Companies   [Jul-05-17 05:07PM  Market Realist]
▶ US Offshore Drilling Rig Count Fell Last Week   [05:06PM  Market Realist]
▶ Rowan Companies: Analysts View before Its 2Q17 Results   [Jul-04-17 09:07AM  Market Realist]
▶ Which Energy Stocks Underperformed Last Week?   [Jul-03-17 03:17PM  Market Realist]
▶ Offshore Drillers with the Highest and Lowest Backlogs   [Jun-28-17 10:37AM  Market Realist]
▶ Offshore drilling company to cut more jobs   [Jun-27-17 12:40PM  American City Business Journals]
▶ Only Seadrill Has a Positive Return Month-to-Date   [Jun-26-17 12:03PM  Market Realist]
▶ ETFs with exposure to Rowan Cos. Plc : June 19, 2017   [Jun-19-17 04:02PM  Capital Cube]
▶ Last Weeks Key Updates from the Offshore Drilling Space   [Jun-07-17 04:19PM  Market Realist]
▶ These 3 Stocks Are Undeniably Cheap   [01:29PM  Motley Fool]
▶ Noble Received 2 Upgrades in May   [Jun-01-17 10:37AM  Market Realist]
▶ Rowan to Lay Off 150 Offshore Workers   [May-30-17 08:00PM  Rigzone.com]
▶ Will the US Natural Gas Rig Count Hit a New High in 2017?   [May-29-17 07:37AM  Market Realist]
▶ US Crude Oil Rigs Reach the Highest Level since April 2015   [May-22-17 08:31AM  Market Realist]
▶ Energy Industry Updates for May 812, 2017   [May-15-17 04:41PM  Market Realist]
▶ US Natural Gas Rig Count Hit December 2016 High   [May-12-17 04:05PM  Market Realist]
▶ Why Did Rowans Target Price Get Revised?   [May-11-17 09:06AM  Market Realist]
▶ Behind Rowans Financial Health after 1Q17   [07:36AM  Market Realist]
Financial statements of RDC
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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