Intrinsic value of SM Energy - SM

Previous Close

$19.25

  Intrinsic Value

$5.60

stock screener

  Rating & Target

str. sell

-71%

  Value-price divergence*

-16%

Previous close

$19.25

 
Intrinsic value

$5.60

 
Up/down potential

-71%

 
Rating

str. sell

 
Value-price divergence*

-16%

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

We calculate the intrinsic value of SM 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 2.1

 

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, %
  -22.06
  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
  1,180
  1,204
  1,231
  1,263
  1,298
  1,338
  1,381
  1,428
  1,479
  1,534
  1,593
  1,656
  1,723
  1,794
  1,870
  1,951
  2,037
  2,127
  2,223
  2,324
  2,431
  2,543
  2,662
  2,787
  2,919
  3,058
  3,205
  3,359
  3,521
  3,691
  3,871
Variable operating expenses, $m
 
  1,677
  1,715
  1,759
  1,809
  1,864
  1,924
  1,989
  2,060
  2,137
  2,219
  2,306
  2,400
  2,500
  2,605
  2,718
  2,837
  2,963
  3,096
  3,237
  3,386
  3,543
  3,708
  3,883
  4,067
  4,260
  4,464
  4,679
  4,905
  5,142
  5,392
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
  2,224
  1,677
  1,715
  1,759
  1,809
  1,864
  1,924
  1,989
  2,060
  2,137
  2,219
  2,306
  2,400
  2,500
  2,605
  2,718
  2,837
  2,963
  3,096
  3,237
  3,386
  3,543
  3,708
  3,883
  4,067
  4,260
  4,464
  4,679
  4,905
  5,142
  5,392
Operating income, $m
  -1,044
  -473
  -484
  -496
  -510
  -526
  -543
  -561
  -581
  -603
  -626
  -651
  -677
  -705
  -735
  -767
  -800
  -836
  -874
  -913
  -955
  -1,000
  -1,046
  -1,095
  -1,147
  -1,202
  -1,259
  -1,320
  -1,384
  -1,451
  -1,521
EBITDA, $m
  -253
  333
  341
  350
  359
  370
  382
  395
  409
  425
  441
  458
  477
  497
  518
  540
  564
  589
  615
  643
  673
  704
  737
  772
  808
  847
  887
  930
  975
  1,022
  1,071
Interest expense (income), $m
  130
  139
  143
  147
  152
  158
  164
  171
  178
  186
  195
  204
  214
  225
  236
  248
  261
  274
  289
  304
  320
  337
  355
  373
  393
  414
  436
  459
  484
  509
  536
Earnings before tax, $m
  -1,202
  -612
  -626
  -643
  -662
  -683
  -707
  -732
  -759
  -789
  -821
  -855
  -891
  -930
  -971
  -1,015
  -1,061
  -1,110
  -1,162
  -1,217
  -1,275
  -1,336
  -1,401
  -1,469
  -1,541
  -1,616
  -1,696
  -1,779
  -1,867
  -1,960
  -2,057
Tax expense, $m
  -444
  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
  -758
  -612
  -626
  -643
  -662
  -683
  -707
  -732
  -759
  -789
  -821
  -855
  -891
  -930
  -971
  -1,015
  -1,061
  -1,110
  -1,162
  -1,217
  -1,275
  -1,336
  -1,401
  -1,469
  -1,541
  -1,616
  -1,696
  -1,779
  -1,867
  -1,960
  -2,057

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  9
  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
  6,394
  6,506
  6,656
  6,827
  7,019
  7,231
  7,465
  7,719
  7,994
  8,291
  8,609
  8,949
  9,313
  9,699
  10,110
  10,546
  11,009
  11,498
  12,015
  12,562
  13,139
  13,748
  14,390
  15,067
  15,781
  16,532
  17,323
  18,156
  19,032
  19,953
  20,923
Adjusted assets (=assets-cash), $m
  6,385
  6,506
  6,656
  6,827
  7,019
  7,231
  7,465
  7,719
  7,994
  8,291
  8,609
  8,949
  9,313
  9,699
  10,110
  10,546
  11,009
  11,498
  12,015
  12,562
  13,139
  13,748
  14,390
  15,067
  15,781
  16,532
  17,323
  18,156
  19,032
  19,953
  20,923
Revenue / Adjusted assets
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
Average production assets, $m
  3,952
  4,031
  4,124
  4,230
  4,349
  4,480
  4,625
  4,783
  4,953
  5,137
  5,334
  5,545
  5,770
  6,009
  6,264
  6,534
  6,821
  7,124
  7,444
  7,783
  8,141
  8,518
  8,916
  9,335
  9,777
  10,243
  10,733
  11,249
  11,791
  12,362
  12,963
Working capital, $m
  -190
  -203
  -208
  -213
  -219
  -226
  -233
  -241
  -250
  -259
  -269
  -280
  -291
  -303
  -316
  -330
  -344
  -359
  -376
  -393
  -411
  -430
  -450
  -471
  -493
  -517
  -542
  -568
  -595
  -624
  -654
Total debt, $m
  2,898
  2,970
  3,061
  3,165
  3,282
  3,412
  3,555
  3,710
  3,878
  4,058
  4,252
  4,460
  4,682
  4,918
  5,168
  5,434
  5,716
  6,015
  6,330
  6,664
  7,016
  7,387
  7,779
  8,192
  8,627
  9,086
  9,568
  10,076
  10,610
  11,173
  11,764
Total liabilities, $m
  3,896
  3,969
  4,060
  4,164
  4,281
  4,411
  4,554
  4,709
  4,877
  5,057
  5,251
  5,459
  5,681
  5,917
  6,167
  6,433
  6,715
  7,014
  7,329
  7,663
  8,015
  8,386
  8,778
  9,191
  9,626
  10,085
  10,567
  11,075
  11,609
  12,172
  12,763
Total equity, $m
  2,497
  2,537
  2,596
  2,662
  2,737
  2,820
  2,911
  3,010
  3,118
  3,233
  3,358
  3,490
  3,632
  3,783
  3,943
  4,113
  4,293
  4,484
  4,686
  4,899
  5,124
  5,362
  5,612
  5,876
  6,154
  6,447
  6,756
  7,081
  7,422
  7,782
  8,160
Total liabilities and equity, $m
  6,393
  6,506
  6,656
  6,826
  7,018
  7,231
  7,465
  7,719
  7,995
  8,290
  8,609
  8,949
  9,313
  9,700
  10,110
  10,546
  11,008
  11,498
  12,015
  12,562
  13,139
  13,748
  14,390
  15,067
  15,780
  16,532
  17,323
  18,156
  19,031
  19,954
  20,923
Debt-to-equity ratio
  1.161
  1.170
  1.180
  1.190
  1.200
  1.210
  1.220
  1.230
  1.240
  1.260
  1.270
  1.280
  1.290
  1.300
  1.310
  1.320
  1.330
  1.340
  1.350
  1.360
  1.370
  1.380
  1.390
  1.390
  1.400
  1.410
  1.420
  1.420
  1.430
  1.440
  1.440
Adjusted equity ratio
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -758
  -612
  -626
  -643
  -662
  -683
  -707
  -732
  -759
  -789
  -821
  -855
  -891
  -930
  -971
  -1,015
  -1,061
  -1,110
  -1,162
  -1,217
  -1,275
  -1,336
  -1,401
  -1,469
  -1,541
  -1,616
  -1,696
  -1,779
  -1,867
  -1,960
  -2,057
Depreciation, amort., depletion, $m
  791
  806
  825
  846
  870
  896
  925
  957
  991
  1,027
  1,067
  1,109
  1,154
  1,202
  1,253
  1,307
  1,364
  1,425
  1,489
  1,557
  1,628
  1,704
  1,783
  1,867
  1,955
  2,049
  2,147
  2,250
  2,358
  2,472
  2,593
Funds from operations, $m
  498
  194
  198
  203
  207
  213
  218
  225
  231
  238
  246
  254
  263
  272
  282
  292
  303
  314
  327
  339
  353
  367
  382
  398
  415
  432
  451
  470
  491
  512
  535
Change in working capital, $m
  -55
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
Cash from operations, $m
  553
  198
  203
  208
  213
  219
  226
  233
  240
  248
  256
  265
  274
  284
  295
  306
  317
  330
  343
  357
  371
  386
  402
  419
  437
  456
  476
  496
  518
  541
  565
Maintenance CAPEX, $m
  0
  -790
  -806
  -825
  -846
  -870
  -896
  -925
  -957
  -991
  -1,027
  -1,067
  -1,109
  -1,154
  -1,202
  -1,253
  -1,307
  -1,364
  -1,425
  -1,489
  -1,557
  -1,628
  -1,704
  -1,783
  -1,867
  -1,955
  -2,049
  -2,147
  -2,250
  -2,358
  -2,472
New CAPEX, $m
  -630
  -79
  -93
  -106
  -119
  -132
  -145
  -158
  -171
  -184
  -197
  -211
  -225
  -240
  -255
  -270
  -286
  -303
  -321
  -339
  -358
  -377
  -398
  -419
  -442
  -465
  -490
  -516
  -543
  -571
  -601
Cash from investing activities, $m
  -1,871
  -869
  -899
  -931
  -965
  -1,002
  -1,041
  -1,083
  -1,128
  -1,175
  -1,224
  -1,278
  -1,334
  -1,394
  -1,457
  -1,523
  -1,593
  -1,667
  -1,746
  -1,828
  -1,915
  -2,005
  -2,102
  -2,202
  -2,309
  -2,420
  -2,539
  -2,663
  -2,793
  -2,929
  -3,073
Free cash flow, $m
  -1,318
  -672
  -696
  -723
  -751
  -782
  -815
  -850
  -887
  -927
  -968
  -1,013
  -1,060
  -1,110
  -1,162
  -1,217
  -1,276
  -1,338
  -1,403
  -1,471
  -1,543
  -1,619
  -1,699
  -1,783
  -1,872
  -1,965
  -2,063
  -2,166
  -2,274
  -2,388
  -2,508
Issuance/(repayment) of debt, $m
  426
  72
  91
  104
  117
  130
  142
  155
  168
  181
  194
  208
  222
  236
  251
  266
  282
  298
  316
  333
  352
  372
  392
  413
  435
  458
  483
  508
  534
  562
  591
Issuance/(repurchase) of shares, $m
  936
  661
  685
  710
  737
  766
  798
  831
  867
  905
  945
  988
  1,033
  1,081
  1,131
  1,185
  1,241
  1,301
  1,364
  1,430
  1,500
  1,574
  1,651
  1,733
  1,819
  1,909
  2,004
  2,104
  2,209
  2,319
  2,436
Cash from financing (excl. dividends), $m  
  1,335
  733
  776
  814
  854
  896
  940
  986
  1,035
  1,086
  1,139
  1,196
  1,255
  1,317
  1,382
  1,451
  1,523
  1,599
  1,680
  1,763
  1,852
  1,946
  2,043
  2,146
  2,254
  2,367
  2,487
  2,612
  2,743
  2,881
  3,027
Total cash flow (excl. dividends), $m
  17
  61
  80
  92
  103
  114
  125
  136
  147
  159
  170
  182
  195
  207
  220
  234
  248
  262
  277
  293
  309
  326
  344
  363
  382
  402
  424
  446
  469
  494
  519
Retained Cash Flow (-), $m
  -645
  -661
  -685
  -710
  -737
  -766
  -798
  -831
  -867
  -905
  -945
  -988
  -1,033
  -1,081
  -1,131
  -1,185
  -1,241
  -1,301
  -1,364
  -1,430
  -1,500
  -1,574
  -1,651
  -1,733
  -1,819
  -1,909
  -2,004
  -2,104
  -2,209
  -2,319
  -2,436
Prev. year cash balance distribution, $m
 
  9
  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
 
  -591
  -605
  -618
  -634
  -652
  -673
  -695
  -719
  -746
  -774
  -805
  -838
  -874
  -911
  -951
  -994
  -1,039
  -1,087
  -1,138
  -1,191
  -1,248
  -1,307
  -1,370
  -1,437
  -1,507
  -1,580
  -1,658
  -1,740
  -1,826
  -1,916
Discount rate, %
 
  8.20
  8.61
  9.04
  9.49
  9.97
  10.47
  10.99
  11.54
  12.12
  12.72
  13.36
  14.02
  14.73
  15.46
  16.24
  17.05
  17.90
  18.79
  19.73
  20.72
  21.76
  22.84
  23.99
  25.19
  26.45
  27.77
  29.16
  30.61
  32.15
  33.75
PV of cash for distribution, $m
 
  -546
  -513
  -477
  -441
  -406
  -370
  -335
  -300
  -266
  -234
  -203
  -174
  -146
  -122
  -100
  -80
  -63
  -49
  -37
  -28
  -20
  -14
  -10
  -7
  -4
  -3
  -2
  -1
  -1
  0
Current shareholders' claim on cash, %
  100
  76.4
  58.1
  44.1
  33.4
  25.2
  18.9
  14.2
  10.7
  8.0
  5.9
  4.4
  3.3
  2.4
  1.8
  1.3
  1.0
  0.7
  0.5
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0

SM Energy Company is an independent energy company. The Company is engaged in the acquisition, exploration, development and production of crude oil and condensate, natural gas and natural gas liquids in onshore North America. It operates in the exploration and production segment of the oil and gas industry within the United States. Its operations are concentrated in onshore operating areas in the United States, which include South Texas and Gulf Coast Region, Rocky Mountain Region and Permian Region. It has working interests in approximately 1,027 gross productive oil wells and approximately 1,882 gross productive gas wells. Its South Texas and Gulf Coast Region has both operated and non-operated Eagle Ford shale program. It has approximately 124,000 net acres in Divide County, North Dakota, and approximately 156,000 net acres in the Powder River Basin. Its Permian Region closed multiple transactions in the Midland Basin in west Texas acquiring approximately 62,000 net acres.

FINANCIAL RATIOS  of  SM Energy (SM)

Valuation Ratios
P/E Ratio -2.8
Price to Sales 1.8
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 3.9
Price to Free Cash Flow -27.8
Growth Rates
Sales Growth Rate -22.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -57.8%
Cap. Spend. - 3 Yr. Gr. Rate -16.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 116.1%
Total Debt to Equity 116.1%
Interest Coverage -8
Management Effectiveness
Return On Assets -11.3%
Ret/ On Assets - 3 Yr. Avg. -1.5%
Return On Total Capital -15.5%
Ret/ On T. Cap. - 3 Yr. Avg. -2.8%
Return On Equity -34.9%
Return On Equity - 3 Yr. Avg. -7.4%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 49.4%
Gross Margin - 3 Yr. Avg. 57.7%
EBITDA Margin -23.8%
EBITDA Margin - 3 Yr. Avg. 24.6%
Operating Margin -88.5%
Oper. Margin - 3 Yr. Avg. -27.2%
Pre-Tax Margin -101.9%
Pre-Tax Margin - 3 Yr. Avg. -35.8%
Net Profit Margin -64.2%
Net Profit Margin - 3 Yr. Avg. -22.5%
Effective Tax Rate 36.9%
Eff/ Tax Rate - 3 Yr. Avg. 37.5%
Payout Ratio -1.1%

SM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SM stock intrinsic value calculation we used $1180 million for the last fiscal year's total revenue generated by SM Energy. The default revenue input number comes from 2016 income statement of SM Energy. 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 SM 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 8.2%, whose default value for SM is calculated based on our internal credit rating of SM Energy, 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 SM Energy.
    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 SM stock the variable cost ratio is equal to 139.3%.

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 SM 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 4.8% for SM Energy.

Corporate tax rate of 27% is the nominal tax rate for SM Energy. 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 SM 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 SM are equal to 334.9%.

Life of production assets of 5 years is the average useful life of capital assets used in SM Energy 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 SM is equal to -16.9%. 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 - $2497 million for SM Energy - 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 111.521 million for SM Energy 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 SM Energy at the current share price and the inputted number of shares is $2.1 billion.

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COMPANY NEWS

▶ Surprise Build in US Gasoline Inventories: Impact on Prices   [Oct-13-17 05:06PM  Market Realist]
▶ EIAs Crude Oil Inventories Could Surprise Oil Bulls   [Oct-12-17 11:04AM  Market Realist]
▶ US Crude Oil Production Hit July 2015 High   [Oct-05-17 10:59AM  Market Realist]
▶ Cushing Inventories Rose for the Fifth Straight Week   [Oct-02-17 11:09AM  Market Realist]
▶ Cramer's lightning round: Don't run for Finish Line   [Sep-14-17 07:07PM  CNBC Videos]
▶ ETFs with exposure to SM Energy Co. : September 14, 2017   [Sep-13-17 08:35PM  Capital Cube]
▶ US Gasoline Futures Hit 2-Year High despite Inventory Rise   [Sep-01-17 05:10PM  Market Realist]
▶ SM Energy Co. Value Analysis (NYSE:SM) : August 4, 2017   [Aug-03-17 11:29PM  Capital Cube]
▶ Will US Crude Oil Inventories Extend Oils Gains?   [Jul-26-17 10:06AM  Market Realist]
▶ Which Energy Stocks Captured Oils Gains Last Week?   [Jul-17-17 11:16AM  Market Realist]
▶ OPECs Monthly Report Could Pressure Oil Prices   [Jul-11-17 08:33AM  Market Realist]
▶ Hedge Funds Net Bullish Positions on US Crude Oil   [Jul-05-17 11:36AM  Market Realist]
▶ Will API and US Crude Oil Inventories Drive Prices Higher?   [Jun-28-17 11:17AM  Market Realist]
▶ Underperforming Energy Sector May Soon See M&A Wave   [Jun-22-17 07:00PM  Oilprice.com]
▶ Will Chinas Crude Oil Imports Help Crude Oil Bulls?   [Jun-21-17 11:35AM  Market Realist]
▶ Analyzing Irans Crude Oil Production and Export Plans   [Jun-20-17 10:26AM  Market Realist]
▶ Why Did US Crude Oil Prices Hit a 7-Month Low?   [Jun-15-17 11:04AM  Market Realist]
▶ US Gasoline Consumption Rose in May   [Jun-07-17 12:35PM  Market Realist]
▶ What to Expect from Crude Oil Futures This Week   [Jun-05-17 09:01AM  Market Realist]
▶ Crude Oil Prices Fell and Dragged S&P 500 Down   [May-31-17 08:23AM  Market Realist]
▶ ETFs with exposure to SM Energy Co. : May 22, 2017   [May-22-17 02:11PM  Capital Cube]
▶ US Refinery Demand Impacts Crude Oil Inventories   [May-18-17 09:44AM  Market Realist]
▶ SM Energy Announces Update On Divestiture Process   [May-16-17 08:00AM  PR Newswire]
▶ US Crude Oil Production: A Thorn for Crude Oil Bulls?   [May-11-17 10:02AM  Market Realist]
▶ EIA Downgraded US and Brent Crude Oil Price Forecasts   [May-10-17 10:12AM  Market Realist]
▶ ETFs with exposure to SM Energy Co. : May 8, 2017   [May-08-17 05:14PM  Capital Cube]
▶ SM Energy tops Street 1Q forecasts   [May-02-17 05:56PM  Associated Press]
▶ US Gasoline Inventories Rose for the Second Time in 10 Weeks   [Apr-27-17 08:58AM  Market Realist]
▶ US Refinery Demand Is near Record Levels   [Apr-20-17 09:53AM  Market Realist]
▶ EIA Downgraded Crude Oil Price Forecasts for 2017 and 2018   [Apr-17-17 10:37AM  Market Realist]
▶ Will Crude Oil Prices Hit a New High?   [Apr-11-17 12:06PM  Market Realist]
▶ Why US Crude Oil Output Hit a High from January 2016   [Apr-06-17 07:40AM  Market Realist]
▶ Why the Permian M&A Boom May Not End Well   [Apr-04-17 08:18AM  TheStreet.com]
▶ This Week in Energy: SM, BP, Tesla, and More   [Mar-18-17 11:55AM  Insider Monkey]
▶ US Distillate Inventories Fell for the Fifth Straight Week   [Mar-16-17 07:35AM  Market Realist]
Financial statements of SM
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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