Intrinsic value of Select Energy Services Cl A - WTTR

Previous Close

$9.91

  Intrinsic Value

$235.42

stock screener

  Rating & Target

str. buy

+999%

Previous close

$9.91

 
Intrinsic value

$235.42

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of WTTR 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 0.8

 

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, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  1,108
  1,712
  2,560
  3,715
  5,241
  7,205
  9,671
  12,698
  16,340
  20,638
  25,628
  31,333
  37,767
  44,935
  52,835
  61,460
  70,797
  80,831
  91,545
  102,924
  114,952
  127,617
  140,910
  154,825
  169,358
  184,513
  200,296
  216,717
  233,790
  251,537
Variable operating expenses, $m
  414
  616
  901
  1,287
  1,798
  2,456
  3,282
  4,297
  5,516
  6,956
  8,585
  10,496
  12,651
  15,052
  17,699
  20,588
  23,716
  27,077
  30,666
  34,477
  38,507
  42,749
  47,202
  51,863
  56,732
  61,808
  67,095
  72,596
  78,315
  84,260
Fixed operating expenses, $m
  503
  514
  525
  537
  549
  561
  573
  586
  598
  612
  625
  639
  653
  667
  682
  697
  712
  728
  744
  760
  777
  794
  812
  829
  848
  866
  885
  905
  925
  945
Total operating expenses, $m
  917
  1,130
  1,426
  1,824
  2,347
  3,017
  3,855
  4,883
  6,114
  7,568
  9,210
  11,135
  13,304
  15,719
  18,381
  21,285
  24,428
  27,805
  31,410
  35,237
  39,284
  43,543
  48,014
  52,692
  57,580
  62,674
  67,980
  73,501
  79,240
  85,205
Operating income, $m
  191
  582
  1,134
  1,891
  2,894
  4,188
  5,815
  7,816
  10,225
  13,070
  16,418
  20,198
  24,463
  29,215
  34,455
  40,175
  46,369
  53,026
  60,135
  67,686
  75,668
  84,074
  92,897
  102,132
  111,779
  121,839
  132,316
  143,216
  154,551
  166,332
EBITDA, $m
  367
  831
  1,485
  2,381
  3,567
  5,098
  7,022
  9,387
  12,234
  15,597
  19,503
  23,969
  29,008
  34,623
  40,813
  47,572
  54,890
  62,754
  71,153
  80,073
  89,503
  99,433
  109,855
  120,766
  132,162
  144,045
  156,421
  169,298
  182,688
  196,604
Interest expense (income), $m
  13
  13
  86
  191
  338
  539
  805
  1,147
  1,576
  2,103
  2,736
  3,484
  4,353
  5,346
  6,465
  7,713
  9,087
  10,588
  12,213
  13,959
  15,824
  17,804
  19,897
  22,101
  24,415
  26,836
  29,365
  32,003
  34,749
  37,607
  40,578
Earnings before tax, $m
  178
  496
  944
  1,552
  2,354
  3,383
  4,669
  6,240
  8,122
  10,334
  12,934
  15,845
  19,117
  22,750
  26,742
  31,088
  35,781
  40,813
  46,176
  51,862
  57,864
  64,177
  70,795
  77,718
  84,943
  92,474
  100,313
  108,467
  116,944
  125,754
Tax expense, $m
  48
  134
  255
  419
  636
  913
  1,261
  1,685
  2,193
  2,790
  3,492
  4,278
  5,162
  6,143
  7,220
  8,394
  9,661
  11,019
  12,468
  14,003
  15,623
  17,328
  19,115
  20,984
  22,935
  24,968
  27,084
  29,286
  31,575
  33,954
Net income, $m
  130
  362
  689
  1,133
  1,719
  2,469
  3,408
  4,555
  5,929
  7,544
  9,442
  11,567
  13,956
  16,608
  19,522
  22,694
  26,120
  29,793
  33,708
  37,859
  42,241
  46,849
  51,681
  56,734
  62,008
  67,506
  73,228
  79,181
  85,369
  91,800

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,173
  3,357
  5,020
  7,283
  10,276
  14,127
  18,962
  24,899
  32,039
  40,467
  50,251
  61,437
  74,052
  88,107
  103,599
  120,510
  138,818
  158,491
  179,500
  201,811
  225,396
  250,230
  276,295
  303,578
  332,075
  361,791
  392,737
  424,935
  458,413
  493,209
Adjusted assets (=assets-cash), $m
  2,173
  3,357
  5,020
  7,283
  10,276
  14,127
  18,962
  24,899
  32,039
  40,467
  50,251
  61,437
  74,052
  88,107
  103,599
  120,510
  138,818
  158,491
  179,500
  201,811
  225,396
  250,230
  276,295
  303,578
  332,075
  361,791
  392,737
  424,935
  458,413
  493,209
Revenue / Adjusted assets
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
Average production assets, $m
  760
  1,174
  1,756
  2,548
  3,595
  4,942
  6,634
  8,711
  11,209
  14,158
  17,581
  21,494
  25,908
  30,825
  36,245
  42,162
  48,567
  55,450
  62,800
  70,606
  78,857
  87,546
  96,665
  106,210
  116,180
  126,576
  137,403
  148,668
  160,380
  172,554
Working capital, $m
  417
  644
  963
  1,397
  1,970
  2,709
  3,636
  4,775
  6,144
  7,760
  9,636
  11,781
  14,200
  16,895
  19,866
  23,109
  26,620
  30,392
  34,421
  38,699
  43,222
  47,984
  52,982
  58,214
  63,679
  69,377
  75,311
  81,485
  87,905
  94,578
Total debt, $m
  498
  1,109
  1,967
  3,135
  4,680
  6,667
  9,162
  12,225
  15,909
  20,258
  25,307
  31,079
  37,588
  44,841
  52,834
  61,560
  71,007
  81,159
  91,999
  103,512
  115,682
  128,496
  141,945
  156,024
  170,728
  186,061
  202,030
  218,643
  235,918
  253,873
Total liabilities, $m
  1,121
  1,732
  2,590
  3,758
  5,302
  7,289
  9,785
  12,848
  16,532
  20,881
  25,930
  31,701
  38,211
  45,463
  53,457
  62,183
  71,630
  81,782
  92,622
  104,135
  116,304
  129,119
  142,568
  156,646
  171,351
  186,684
  202,652
  219,266
  236,541
  254,496
Total equity, $m
  1,052
  1,625
  2,430
  3,525
  4,973
  6,837
  9,178
  12,051
  15,507
  19,586
  24,322
  29,735
  35,841
  42,644
  50,142
  58,327
  67,188
  76,710
  86,878
  97,677
  109,092
  121,112
  133,727
  146,932
  160,724
  175,107
  190,085
  205,668
  221,872
  238,713
Total liabilities and equity, $m
  2,173
  3,357
  5,020
  7,283
  10,275
  14,126
  18,963
  24,899
  32,039
  40,467
  50,252
  61,436
  74,052
  88,107
  103,599
  120,510
  138,818
  158,492
  179,500
  201,812
  225,396
  250,231
  276,295
  303,578
  332,075
  361,791
  392,737
  424,934
  458,413
  493,209
Debt-to-equity ratio
  0.470
  0.680
  0.810
  0.890
  0.940
  0.980
  1.000
  1.010
  1.030
  1.030
  1.040
  1.050
  1.050
  1.050
  1.050
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
Adjusted equity ratio
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  130
  362
  689
  1,133
  1,719
  2,469
  3,408
  4,555
  5,929
  7,544
  9,442
  11,567
  13,956
  16,608
  19,522
  22,694
  26,120
  29,793
  33,708
  37,859
  42,241
  46,849
  51,681
  56,734
  62,008
  67,506
  73,228
  79,181
  85,369
  91,800
Depreciation, amort., depletion, $m
  176
  249
  351
  490
  674
  910
  1,207
  1,571
  2,009
  2,527
  3,084
  3,771
  4,545
  5,408
  6,359
  7,397
  8,520
  9,728
  11,018
  12,387
  13,835
  15,359
  16,959
  18,633
  20,382
  22,206
  24,106
  26,082
  28,137
  30,273
Funds from operations, $m
  306
  611
  1,040
  1,623
  2,392
  3,379
  4,615
  6,127
  7,939
  10,071
  12,526
  15,338
  18,501
  22,016
  25,880
  30,091
  34,640
  39,521
  44,726
  50,246
  56,076
  62,208
  68,639
  75,367
  82,391
  89,712
  97,334
  105,263
  113,506
  122,073
Change in working capital, $m
  156
  227
  319
  434
  574
  738
  927
  1,138
  1,369
  1,616
  1,876
  2,145
  2,419
  2,695
  2,971
  3,243
  3,511
  3,773
  4,029
  4,278
  4,523
  4,762
  4,998
  5,232
  5,465
  5,698
  5,934
  6,174
  6,420
  6,673
Cash from operations, $m
  150
  384
  721
  1,189
  1,819
  2,641
  3,688
  4,988
  6,569
  8,454
  10,650
  13,193
  16,082
  19,320
  22,910
  26,848
  31,130
  35,749
  40,697
  45,968
  51,553
  57,446
  63,641
  70,135
  76,926
  84,014
  91,400
  99,089
  107,086
  115,400
Maintenance CAPEX, $m
  -83
  -133
  -206
  -308
  -447
  -631
  -867
  -1,164
  -1,528
  -1,966
  -2,484
  -3,084
  -3,771
  -4,545
  -5,408
  -6,359
  -7,397
  -8,520
  -9,728
  -11,018
  -12,387
  -13,835
  -15,359
  -16,959
  -18,633
  -20,382
  -22,206
  -24,106
  -26,082
  -28,137
New CAPEX, $m
  -285
  -414
  -582
  -792
  -1,047
  -1,347
  -1,692
  -2,077
  -2,498
  -2,949
  -3,423
  -3,913
  -4,414
  -4,917
  -5,420
  -5,917
  -6,405
  -6,883
  -7,350
  -7,806
  -8,251
  -8,689
  -9,119
  -9,545
  -9,970
  -10,396
  -10,827
  -11,265
  -11,713
  -12,174
Cash from investing activities, $m
  -368
  -547
  -788
  -1,100
  -1,494
  -1,978
  -2,559
  -3,241
  -4,026
  -4,915
  -5,907
  -6,997
  -8,185
  -9,462
  -10,828
  -12,276
  -13,802
  -15,403
  -17,078
  -18,824
  -20,638
  -22,524
  -24,478
  -26,504
  -28,603
  -30,778
  -33,033
  -35,371
  -37,795
  -40,311
Free cash flow, $m
  -219
  -164
  -67
  89
  325
  663
  1,129
  1,747
  2,543
  3,539
  4,743
  6,195
  7,897
  9,858
  12,082
  14,573
  17,328
  20,345
  23,619
  27,145
  30,915
  34,923
  39,163
  43,631
  48,323
  53,235
  58,367
  63,718
  69,292
  75,090
Issuance/(repayment) of debt, $m
  421
  611
  858
  1,168
  1,544
  1,987
  2,495
  3,063
  3,684
  4,349
  5,048
  5,772
  6,509
  7,253
  7,993
  8,726
  9,447
  10,152
  10,840
  11,513
  12,170
  12,814
  13,449
  14,078
  14,705
  15,333
  15,968
  16,614
  17,275
  17,955
Issuance/(repurchase) of shares, $m
  265
  211
  116
  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 from financing (excl. dividends), $m  
  686
  822
  974
  1,168
  1,544
  1,987
  2,495
  3,063
  3,684
  4,349
  5,048
  5,772
  6,509
  7,253
  7,993
  8,726
  9,447
  10,152
  10,840
  11,513
  12,170
  12,814
  13,449
  14,078
  14,705
  15,333
  15,968
  16,614
  17,275
  17,955
Total cash flow (excl. dividends), $m
  468
  658
  907
  1,257
  1,869
  2,650
  3,624
  4,811
  6,227
  7,888
  9,791
  11,967
  14,407
  17,110
  20,076
  23,299
  26,775
  30,497
  34,460
  38,657
  43,084
  47,737
  52,613
  57,709
  63,028
  68,568
  74,335
  80,332
  86,566
  93,045
Retained Cash Flow (-), $m
  -395
  -573
  -805
  -1,096
  -1,448
  -1,864
  -2,340
  -2,873
  -3,456
  -4,080
  -4,735
  -5,414
  -6,106
  -6,803
  -7,498
  -8,185
  -8,861
  -9,522
  -10,168
  -10,799
  -11,415
  -12,020
  -12,615
  -13,205
  -13,793
  -14,382
  -14,978
  -15,584
  -16,203
  -16,841
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
  73
  85
  102
  161
  420
  786
  1,284
  1,937
  2,772
  3,809
  5,056
  6,553
  8,301
  10,307
  12,578
  15,114
  17,914
  20,975
  24,292
  27,859
  31,669
  35,717
  39,997
  44,504
  49,235
  54,186
  59,357
  64,749
  70,363
  76,203
Discount rate, %
  6.20
  6.51
  6.84
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.04
  20.00
  21.00
  22.05
  23.15
  24.30
  25.52
PV of cash for distribution, $m
  69
  75
  84
  122
  292
  498
  734
  992
  1,259
  1,520
  1,755
  1,955
  2,104
  2,192
  2,215
  2,172
  2,070
  1,919
  1,729
  1,516
  1,293
  1,073
  865
  678
  517
  382
  274
  190
  128
  83
Current shareholders' claim on cash, %
  74.8
  64.0
  60.4
  60.4
  60.4
  60.4
  60.4
  60.4
  60.4
  60.4
  60.4
  60.4
  60.4
  60.4
  60.4
  60.4
  60.4
  60.4
  60.4
  60.4
  60.4
  60.4
  60.4
  60.4
  60.4
  60.4
  60.4
  60.4
  60.4
  60.4

Select Energy Services, Inc. is a holding company. The Company is provider of total water solutions to the United States unconventional oil and gas industry. The Company is engaged in sourcing and transfer of water prior to its use in drilling and completion activities associated with hydraulic fracturing or fracking, which collectively referrd to as pre-frac water services. The Company provides its services to integrated and exploration and production (E&P) companies. Its operating segments include water solutions, accommodation and rentals, and wellsite completion and constructive services. The Company’s services include water sourcing, water transfer, water treatment, fluid handling, disposal solutions, accommodations, rentals, and wellsite construction. The Company also provides complementary water-related services that support oil and gas well completion and production activities including containment, monitoring, treatment, flowback, hauling and disposal.

FINANCIAL RATIOS  of  Select Energy Services Cl A (WTTR)

Valuation Ratios
P/E Ratio -686.2
Price to Sales 2.3
Price to Book 6.1
Price to Tangible Book
Price to Cash Flow 137.2
Price to Free Cash Flow -22.1
Growth Rates
Sales Growth Rate -43.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -33.3%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage -23
Management Effectiveness
Return On Assets 2.3%
Ret/ On Assets - 3 Yr. Avg. 1.9%
Return On Total Capital -0.3%
Ret/ On T. Cap. - 3 Yr. Avg. -0.1%
Return On Equity -0.5%
Return On Equity - 3 Yr. Avg. -0.2%
Asset Turnover 0.6
Profitability Ratios
Gross Margin -21.2%
Gross Margin - 3 Yr. Avg. -6.3%
EBITDA Margin -67.5%
EBITDA Margin - 3 Yr. Avg. -20.2%
Operating Margin -99%
Oper. Margin - 3 Yr. Avg. -37.2%
Pre-Tax Margin -104%
Pre-Tax Margin - 3 Yr. Avg. -39.8%
Net Profit Margin -0.3%
Net Profit Margin - 3 Yr. Avg. -0.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

WTTR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WTTR stock intrinsic value calculation we used $692.491 million for the last fiscal year's total revenue generated by Select Energy Services Cl A. The default revenue input number comes from 0001 income statement of Select Energy Services Cl A. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our WTTR stock valuation model: a) initial revenue growth rate of 60% 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 6.2%, whose default value for WTTR is calculated based on our internal credit rating of Select Energy Services Cl A, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Select Energy Services Cl A.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of WTTR stock the variable cost ratio is equal to 39.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $492 million in the base year in the intrinsic value calculation for WTTR 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 17.2% for Select Energy Services Cl A.

Corporate tax rate of 27% is the nominal tax rate for Select Energy Services Cl A. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the WTTR 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 WTTR are equal to 68.6%.

Life of production assets of 5.7 years is the average useful life of capital assets used in Select Energy Services Cl A operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for WTTR is equal to 37.6%. 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 - $656.647 million for Select Energy Services Cl A - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 79.337 million for Select Energy Services Cl A is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Select Energy Services Cl A at the current share price and the inputted number of shares is $0.8 billion.

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COMPANY NEWS

▶ 6 Energy Stocks That Crushed Estimates This Earnings Season   [May-23-18 04:28PM  InvestorPlace]
▶ These Top-Ranked Oil Stocks are Heating Up   [May-22-18 02:48PM  Zacks]
▶ Select Energy Services Announces Executive Addition   [May-14-18 04:30PM  PR Newswire]
▶ Has Select Energy Services Inc (NYSE:WTTR) Got Enough Cash?   [May-11-18 06:35AM  Simply Wall St.]
▶ Select Energy (WTTR) Jumps: Stock Rises 5.8%   [Jan-16-18 08:53AM  Zacks]
▶ Deal Creates a Gusher for Oilfield Water Services   [Jul-20-17 01:00PM  TheStreet.com]
▶ Oil field water companies to merge in all-stock deal   [Jul-19-17 09:35AM  American City Business Journals]
▶ What Do You Say We Switch From Politics to Rig Counts?   [Jun-09-17 03:36PM  TheStreet.com]
▶ Analysts Give Positive Opinions on Select Energy Services   [May-16-17 10:50AM  24/7 Wall St.]
▶ IPOs This Week: Cloudera, Carvana Among 8 Offerings on Tap   [Apr-23-17 09:44AM  24/7 Wall St.]

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