Intrinsic value of MV Oil Trust - MVO

Previous Close

$5.23

  Intrinsic Value

$32.41

stock screener

  Rating & Target

str. buy

+520%

Previous close

$5.23

 
Intrinsic value

$32.41

 
Up/down potential

+520%

 
Rating

str. buy

We calculate the intrinsic value of MVO 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 0.1

 

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, %
  -60.00
  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
  6
  10
  15
  22
  32
  45
  62
  84
  110
  142
  179
  222
  271
  327
  389
  458
  533
  613
  700
  793
  892
  996
  1,106
  1,221
  1,341
  1,467
  1,599
  1,735
  1,878
  2,026
  2,179
Variable 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
Fixed operating expenses, $m
 
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
Total operating expenses, $m
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
Operating income, $m
  5
  9
  14
  21
  31
  44
  61
  83
  109
  140
  178
  221
  270
  326
  388
  456
  531
  612
  699
  792
  890
  994
  1,104
  1,219
  1,340
  1,466
  1,597
  1,733
  1,876
  2,024
  2,177
EBITDA, $m
  5
  9
  14
  21
  31
  44
  61
  83
  109
  140
  178
  221
  270
  326
  388
  456
  531
  612
  699
  792
  890
  994
  1,104
  1,219
  1,340
  1,466
  1,597
  1,733
  1,876
  2,024
  2,177
Interest expense (income), $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
  0
Earnings before tax, $m
  5
  9
  14
  21
  31
  44
  61
  83
  109
  140
  178
  221
  270
  326
  388
  456
  531
  612
  699
  792
  890
  994
  1,104
  1,219
  1,340
  1,466
  1,597
  1,733
  1,876
  2,024
  2,177
Tax expense, $m
  0
  2
  4
  6
  8
  12
  17
  22
  29
  38
  48
  60
  73
  88
  105
  123
  143
  165
  189
  214
  240
  268
  298
  329
  362
  396
  431
  468
  506
  546
  588
Net income, $m
  5
  6
  10
  15
  23
  32
  45
  60
  79
  102
  130
  161
  197
  238
  283
  333
  388
  447
  510
  578
  650
  726
  806
  890
  978
  1,070
  1,166
  1,265
  1,369
  1,477
  1,589

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
  0
Total assets, $m
  20
  32
  49
  74
  107
  151
  208
  279
  367
  472
  596
  740
  905
  1,091
  1,298
  1,526
  1,775
  2,045
  2,334
  2,644
  2,973
  3,320
  3,686
  4,070
  4,472
  4,891
  5,329
  5,785
  6,259
  6,752
  7,265
Adjusted assets (=assets-cash), $m
  20
  32
  49
  74
  107
  151
  208
  279
  367
  472
  596
  740
  905
  1,091
  1,298
  1,526
  1,775
  2,045
  2,334
  2,644
  2,973
  3,320
  3,686
  4,070
  4,472
  4,891
  5,329
  5,785
  6,259
  6,752
  7,265
Revenue / Adjusted assets
  0.300
  0.313
  0.306
  0.297
  0.299
  0.298
  0.298
  0.301
  0.300
  0.301
  0.300
  0.300
  0.299
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
Average production assets, $m
  -30
  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
Working capital, $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
  0
Total debt, $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
  0
Total liabilities, $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
  0
Total equity, $m
  20
  32
  49
  74
  107
  151
  208
  279
  367
  472
  596
  740
  905
  1,091
  1,298
  1,526
  1,775
  2,045
  2,334
  2,644
  2,973
  3,320
  3,686
  4,070
  4,472
  4,891
  5,329
  5,785
  6,259
  6,752
  7,265
Total liabilities and equity, $m
  20
  32
  49
  74
  107
  151
  208
  279
  367
  472
  596
  740
  905
  1,091
  1,298
  1,526
  1,775
  2,045
  2,334
  2,644
  2,973
  3,320
  3,686
  4,070
  4,472
  4,891
  5,329
  5,785
  6,259
  6,752
  7,265
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  5
  6
  10
  15
  23
  32
  45
  60
  79
  102
  130
  161
  197
  238
  283
  333
  388
  447
  510
  578
  650
  726
  806
  890
  978
  1,070
  1,166
  1,265
  1,369
  1,477
  1,589
Depreciation, amort., depletion, $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
  0
Funds from operations, $m
  -2
  6
  10
  15
  23
  32
  45
  60
  79
  102
  130
  161
  197
  238
  283
  333
  388
  447
  510
  578
  650
  726
  806
  890
  978
  1,070
  1,166
  1,265
  1,369
  1,477
  1,589
Change in working capital, $m
  -4
  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 from operations, $m
  2
  6
  10
  15
  23
  32
  45
  60
  79
  102
  130
  161
  197
  238
  283
  333
  388
  447
  510
  578
  650
  726
  806
  890
  978
  1,070
  1,166
  1,265
  1,369
  1,477
  1,589
Maintenance CAPEX, $m
  0
  3
  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
New CAPEX, $m
  0
  -30
  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 from investing activities, $m
  0
  -27
  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
Free cash flow, $m
  2
  -20
  10
  15
  23
  32
  45
  60
  79
  102
  130
  161
  197
  238
  283
  333
  388
  447
  510
  578
  650
  726
  806
  890
  978
  1,070
  1,166
  1,265
  1,369
  1,477
  1,589
Issuance/(repayment) of debt, $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
  0
Issuance/(repurchase) of shares, $m
  0
  6
  7
  9
  11
  12
  12
  11
  8
  3
  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  
  0
  6
  7
  9
  11
  12
  12
  11
  8
  3
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total cash flow (excl. dividends), $m
  2
  -15
  17
  24
  33
  44
  57
  71
  87
  105
  130
  161
  197
  238
  283
  333
  388
  447
  510
  578
  650
  726
  806
  890
  978
  1,070
  1,166
  1,265
  1,369
  1,477
  1,589
Retained Cash Flow (-), $m
  2
  -12
  -17
  -24
  -33
  -44
  -57
  -71
  -87
  -105
  -124
  -144
  -165
  -186
  -207
  -228
  -249
  -270
  -290
  -309
  -329
  -347
  -366
  -384
  -402
  -420
  -438
  -456
  -474
  -493
  -513
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
 
  -12
  0
  0
  0
  0
  0
  0
  0
  0
  5
  17
  32
  52
  76
  105
  139
  177
  220
  268
  321
  378
  440
  506
  576
  650
  728
  810
  895
  984
  1,077
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  -12
  0
  0
  0
  0
  0
  0
  0
  0
  3
  8
  14
  20
  26
  31
  35
  39
  41
  41
  41
  39
  37
  33
  29
  25
  21
  17
  14
  11
  8
Current shareholders' claim on cash, %
  100
  91.3
  84.8
  79.9
  76.2
  73.6
  71.7
  70.4
  69.8
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6

MV Oil Trust (the Trust) is a statutory trust. The Trust acquires and holds a term net profits interest for the benefit of the Trust unitholders. Its underlying properties consist of MV Partners, LLC's (MV Partners) net interests in all of its oil and natural gas properties, which are located in the Mid-Continent region in the States of Kansas and Colorado. These oil and gas properties include approximately 1,000 producing oil and gas wells. The underlying properties located in the El Dorado Area are operated on behalf of MV Partners by Vess Oil Corporation (Vess Oil) and are located in the El Dorado, Augusta and Valley Center Fields. Each of Vess Oil and Murfin Drilling Company, Inc. (Murfin Drilling) operate leases on behalf of MV Partners included in the underlying properties that are located in the Northwest Kansas Area. The primary fields in this area are the Bemis-Shutts, Trapp, Ray and Hansen Fields.

FINANCIAL RATIOS  of  MV Oil Trust (MVO)

Valuation Ratios
P/E Ratio 12
Price to Sales 10
Price to Book 3
Price to Tangible Book
Price to Cash Flow 30.1
Price to Free Cash Flow 30.1
Growth Rates
Sales Growth Rate -60%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 23.8%
Ret/ On Assets - 3 Yr. Avg. 79.2%
Return On Total Capital 23.8%
Ret/ On T. Cap. - 3 Yr. Avg. 79.2%
Return On Equity 23.8%
Return On Equity - 3 Yr. Avg. 79.2%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 83.3%
EBITDA Margin - 3 Yr. Avg. 93.6%
Operating Margin 83.3%
Oper. Margin - 3 Yr. Avg. 91.4%
Pre-Tax Margin 83.3%
Pre-Tax Margin - 3 Yr. Avg. 93.6%
Net Profit Margin 83.3%
Net Profit Margin - 3 Yr. Avg. 93.6%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 100%

MVO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MVO stock intrinsic value calculation we used $6 million for the last fiscal year's total revenue generated by MV Oil Trust. The default revenue input number comes from 2016 income statement of MV Oil Trust. 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 MVO 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 4.3%, whose default value for MVO is calculated based on our internal credit rating of MV Oil Trust, 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 MV Oil Trust.
    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 MVO stock the variable cost ratio is equal to 0%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1 million in the base year in the intrinsic value calculation for MVO 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 3.5% for MV Oil Trust.

Corporate tax rate of 27% is the nominal tax rate for MV Oil Trust. 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 MVO 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 MVO are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in MV Oil Trust 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 MVO is equal to 0%. 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 - $20 million for MV Oil Trust - 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 11.499 million for MV Oil Trust 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 MV Oil Trust at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ MV Oil Trust Announces Trust Third Quarter Distribution   [Oct-03-17 04:15PM  Business Wire]
▶ MV Oil posts 2Q profit   [Aug-10-17 08:22PM  Associated Press]
▶ MV Oil posts 2Q profit   [10:21AM  Associated Press]
▶ MV Oil Trust Announces Trust Second Quarter Distribution   [Jul-03-17 04:00PM  Business Wire]
▶ MV Oil Trust Announces Trust First Quarter Distribution   [Apr-04-17 04:00PM  Business Wire]
▶ MV Oil Trust Announces Trust Fourth Quarter Distribution   [Jan-06-16 10:25AM  Business Wire]
▶ MV Oil Trust Earnings Analysis: Q3, 2015 By the Numbers   [Dec-18  09:55AM  Capital Cube]
▶ MV Oil Trust Announces Trust Third Quarter Distribution   [Oct-05  04:15PM  Business Wire]
▶ MV Oil Trust Announces Trust First Quarter Distribution   [Apr-03  04:00PM  Business Wire]
▶ MV Oil Trust Announces Trust Fourth Quarter Distribution   [Jan-05  05:00PM  Business Wire]
▶ MV OIL TRUST Files SEC form 10-Q, Quarterly Report   [Aug-07  04:16PM  EDGAR Online]
▶ Tomorrow's Ex-Dividends To Watch: MYM, MEN, MVO   [Jul-10  10:08AM  at TheStreet]
▶ MV Oil Trust Announces Trust Second Quarter Distribution   [Jul-03  03:50PM  Business Wire]
▶ MV OIL TRUST Files SEC form 10-Q, Quarterly Report   [May-08  04:23PM  EDGAR Online]
▶ MV OIL TRUST Files SEC form 10-K, Annual Report   [Mar-13  04:22PM  EDGAR Online]
▶ MV Oil Trust: A Forecast Of Future Distributions   [Dec-30  04:34PM  at Seeking Alpha]
▶ Hugoton Royalty Trust: A Forecast Of Future Distributions   [Nov-26  10:55PM  at Seeking Alpha]
▶ Enduro Royalty Trust: A Forecast Of Future Distributions   [Nov-14  05:09AM  at Seeking Alpha]
▶ MV OIL TRUST Files SEC form 10-Q, Quarterly Report   [Nov-08  04:10PM  EDGAR Online]
▶ MV Oil Trust Hikes Distribution 42%   [Oct-04  10:18PM  at Motley Fool]
▶ MV OIL TRUST Files SEC form 10-Q, Quarterly Report   [Aug-08  04:16PM  EDGAR Online]
▶ MV Oil Trust Announces Trust Second Quarter Distribution   [Jul-05  04:15PM  Business Wire]
▶ MV OIL TRUST Files SEC form 10-Q, Quarterly Report   [May-08  09:17AM  EDGAR Online]
▶ 5 Dividend Stocks That Act Like Money Machines   [Apr-12  11:22AM  at Seeking Alpha]
▶ BHP Billiton Will Outperform and 3 More Analyst Upgrades to Look At   [Apr-09  02:30PM  at Wall St. Cheat Sheet]
▶ Daily Dividends Report: UMH, SHLM, SUNS, PAA, MVO   [Apr-08  03:07PM  at Forbes]
▶ 4 Stocks Rising on Unusual Volume   [02:28PM  at TheStreet]
▶ MV Oil Trust Lifts Quarterly Distribution   [Apr-05  08:42PM  at Motley Fool]
Financial statements of MVO
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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