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Core Laboratories Inc – Support Activities for Oil and Gas Operations
core laboratories is a leading provider of proprietary and patented reservoir description and production enhancement services. core laboratories remains dedicated to providing the technology you need to enhance your production. we continue to develop and acquire technologies that complement our existing products and services, and we disseminate these technologies throughout our global network. with over 70 offices in more than 50 countries located in major oil-producing provinces, core laboratories provides services to the world's major, national, and independent oil companies. we can help you solve your reservoir problems. core laboratories'‚Äč reservoir optimization technologies are used to increase total recovery from existing fields. our services enable our clients to optimize reservoir performance and maximize hydrocarbon recovery from their producing fields. core laboratories has taken extensive measures to ensure the services and data provided by all of our worldwide companies are
Analysis Results
Intrinsic Value $4.86
Latest Price $24.01
Relative Value 394% overvalued
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Cash Flow (Millions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of -16.6%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 9.8%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -16.6%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (million) Present value (million)
2023 35.0 31.9
2024 29.2 24.2
2025 24.4 18.4
2026 20.3 14.0
2027 17.0 10.6
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 223 million. This corresponds to a present value of 128 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 99.2 million. Adding in the terminal value gives a total present value of 227 million.

There are presently 46.7 million outstanding shares, so the intrinsic value per share is 4.86.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 211,702,000
Current Cash 15,428,000
Current Liabilities 103,135,000
Current Debt 0
Non-Cash Working Capital (NCWC) 93,139,000
Change in NCWC 12,569,000
EBIT 41,096,000
Tax Provision 10,296,000
Depreciation and Amortization 17,161,000
Capital Expenditure -10,245,000
Unlevered Free Cash Flow 46,455,193
Current Assets 189,055,000
Current Cash 17,703,000
Current Liabilities 90,782,000
Current Debt 0
Non-Cash Working Capital (NCWC) 80,570,000
Change in NCWC 18,278,000
EBIT 39,729,000
Tax Provision 15,891,000
Depreciation and Amortization 18,516,000
Capital Expenditure -13,857,000
Unlevered Free Cash Flow 45,182,379
Current Assets 165,848,000
Current Cash 13,806,000
Current Liabilities 89,750,000
Current Debt 0
Non-Cash Working Capital (NCWC) 62,292,000
Change in NCWC -36,259,000
EBIT 57,725,000
Tax Provision 5,896,000
Depreciation and Amortization 20,867,000
Capital Expenditure -11,880,000
Unlevered Free Cash Flow 30,453,000
Current Assets 221,237,000
Current Cash 11,092,000
Current Liabilities 111,594,000
Current Debt 0
Non-Cash Working Capital (NCWC) 98,551,000
Change in NCWC -16,763,000
EBIT 102,211,000
Tax Provision -12,290,000
Depreciation and Amortization 22,605,000
Capital Expenditure -22,449,000
Unlevered Free Cash Flow 85,604,000
Current Assets 230,977,000
Current Cash 13,116,000
Current Liabilities 102,547,000
Current Debt 0
Non-Cash Working Capital (NCWC) 115,314,000
Change in NCWC 27,305,000
EBIT 118,088,000
Tax Provision 25,447,000
Depreciation and Amortization 23,087,000
Capital Expenditure -22,931,000
Unlevered Free Cash Flow 117,010,001
Current Assets 207,427,000
Current Cash 14,400,000
Current Liabilities 105,018,000
Current Debt 0
Non-Cash Working Capital (NCWC) 88,009,000
Change in NCWC 20,335,000
EBIT 113,224,000
Tax Provision 18,610,000
Depreciation and Amortization 24,940,000
Capital Expenditure -19,154,000
Unlevered Free Cash Flow 118,627,454
Current Assets 186,461,000
Current Cash 14,764,000
Current Liabilities 104,023,000
Current Debt 0
Non-Cash Working Capital (NCWC) 67,674,000
Change in NCWC -27,621,000
EBIT 86,341,000
Tax Provision 10,748,000
Depreciation and Amortization 26,872,000
Capital Expenditure -11,704,000
Unlevered Free Cash Flow 61,449,248
Current Assets 238,547,000
Current Cash 22,494,000
Current Liabilities 120,758,000
Current Debt 0
Non-Cash Working Capital (NCWC) 95,295,000
Change in NCWC -51,309,000
EBIT 188,065,000
Tax Provision 33,758,000
Depreciation and Amortization 27,457,000
Capital Expenditure -24,257,000
Unlevered Free Cash Flow 97,258,452
Current Assets 301,820,000
Current Cash 23,350,000
Current Liabilities 131,866,000
Current Debt 0
Non-Cash Working Capital (NCWC) 146,604,000
Change in NCWC 3,599,000
EBIT 347,964,000
Tax Provision 77,305,000
Depreciation and Amortization 26,696,000
Capital Expenditure -37,440,000
Unlevered Free Cash Flow 260,744,946
Current Assets 303,868,000
Current Cash 25,088,000
Current Liabilities 135,775,000
Current Debt 0
Non-Cash Working Capital (NCWC) 143,005,000
Change in NCWC 5,834,000
EBIT 333,258,000
Tax Provision 80,908,000
Depreciation and Amortization 25,471,000
Capital Expenditure -38,946,000
Unlevered Free Cash Flow 242,423,319
Current Assets 296,907,000
Current Cash 19,226,000
Current Liabilities 140,510,000
Current Debt 0
Non-Cash Working Capital (NCWC) 137,171,000
Change in NCWC 20,806,000
EBIT 293,805,000
Tax Provision 71,848,000
Depreciation and Amortization 22,917,000
Capital Expenditure -32,799,000
Unlevered Free Cash Flow 231,549,697

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