2011 | 2012 | ||||||
Price: | 3.79 | EPS | $0.00 | $0.00 | |||
Shares Out. (in M): | 45 | P/E | 0.0x | 0.0x | |||
Market Cap (in $M): | 176 | P/FCF | 0.0x | 0.0x | |||
Net Debt (in $M): | 0 | EBIT | 0 | 0 | |||
TEV (in $M): | 131 | TEV/EBIT | 0.0x | 0.0x |
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Valuation - Normalization of Existing Asset Base | |
Rig Count |
118 |
Meters Per Rig |
6,500 |
Average Revenue Per Meter |
$190.0 |
Total Revenues (MM) |
$145.7 |
Cost of Drilling |
$87.4 |
Gross Profit |
$58.3 |
S,G&A |
$20.0 |
Operating Income |
$38.3 |
Taxes |
$12.6 |
Net Income |
$25.7 |
Shares Outstanding (MMM) |
46.5 |
Current Price |
$3.79 |
Market Cap |
176.24 |
Debt |
$10.0 |
Unadjusted Enterprise Value |
$186.2 |
Less: | |
Cash |
$22.4 |
Bertram Acquisition |
$18.0 |
Impact Silver Stake |
$15.4 |
Adjusted Enterprise Value |
$130.4 |
EV / NI |
5.08x |
EV / Operating Income |
3.41x |
Comparison of Historical ROIC with Normalized Operations on Existing Asset Base |
|||||||
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
Normalized |
|
Total Assets |
$20,739,470 |
$31,092,940 |
$50,328,480 |
$70,441,300 |
$68,912,830 |
$95,274,160 |
$108,930,000 |
Excess Cash |
$1,567,287 |
$5,074,532 |
$6,021,587 |
$6,274,512 |
$6,993,436 |
$12,158,820 |
$20,000,000 |
Current Liabilities |
$5,174,869 |
$7,941,141 |
$20,293,964 |
$21,733,880 |
$19,398,373 |
$29,624,288 |
$13,940,000 |
Invested Capital |
$13,997,314 |
$18,077,267 |
$24,012,929 |
$42,432,908 |
$42,521,021 |
$53,491,052 |
$74,990,000 |
NOPAT |
$1,611,542 |
$1,467,022 |
$4,607,194 |
$6,469,644 |
$110,291 |
$1,469,771 |
$28,655,640 |
ROIC |
11.51% |
8.12% |
19.19% |
15.25% |
0.26% |
2.75% |
38.21% |
Cost of a New Rig | $600,000 |
Meters Drilled | 6,500 |
Revenue Per Meter (Frontier Pricing) | $215 |
Annual Revenue | $1,397,500 |
Gross Margin | 40% |
Gross Profit | $559,000 |
Incremental SG&A | 5% |
SG&A Load | $69,875 |
Operating Income | $489,125 |
Taxes | $161,411 |
After-Tax Incremental Cash Flow | $327,714 |
After-Tax ROIC | 54.6% |
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