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This is an individual project to value C&J Energy Services, Inc. (NYSE: CJES). CJES provides hydraulic fracturing, coiled tubing, wireline, and other complementary services to oil and gas exploration and production companies in the United States. The company operates through three segments: Stimulation and Well Intervention Services, Wireline Services, and Equipment Manufacturing. The company was founded in 1997 and is headquartered in Houston, Texas.
In this project, CJES is valued by DCF model, relative valuation model, and control transaction model. Appraisal of net working capital, fixed assets, goodwill, and depreciation and amortization is also incorporated in the models. In addition, the report includes energy industry analysis, major competitor analysis, and SWOT analysis. Combining quantitative and qualitative analysis, I valued CJES's enterprise value, equity value, and its intrinsic stock price.
In this project, CJES is valued by DCF model, relative valuation model, and control transaction model. Appraisal of net working capital, fixed assets, goodwill, and depreciation and amortization is also incorporated in the models. In addition, the report includes energy industry analysis, major competitor analysis, and SWOT analysis. Combining quantitative and qualitative analysis, I valued CJES's enterprise value, equity value, and its intrinsic stock price.
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In November 2012, I worked on a team project to develop a stock research report. Here I have to stress my teammate Moe who is now an analyst at Goldman Sachs. He is one of the most awesome teammates I met, from whom I was driven by his intelligence, attitude, and professionalism. From content to format, he designed everything quite concise and organized. He is not a routine-following person but always put forward the key points what investors really concern and what make our report valuable. We selected the Commercial Banking industry and picked Wells Fargo as our target firm compared to JP Morgan Chase and Bank of America. I enjoyed discussing with him and learning his opinions. In this project, I was responsible for the DCF modeling sourced from Wells Fargo's annual reports, Bloomberg, and Capital IQ. More details are presented in the following report. Looking back from now, I am glad that we made a valuable investment recommendation.
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