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@ottomanscribe Lmao. Exactly what I expected. Small beaten down energy companies. Herp derp vermillion energy fits the bill that will prob have growth which exceeds next era energy or more reputable and well capitalized energy companies. P/Es are fundamentally different now with changes in cost...

@uziel At best, using an 8% discount rate instead 9% discount would result in OP's fair value being 13% greater than actual. That is not splitting hair-- its materially different. Deciding between 8.05% and 8.10% is more akin to hair splitting.

@bea1271 The discount rate is the most important assumption. 8% was fair a year ago, how do you conclude its fair today? Risk free rate is climbing, why take infintely more risk for significantly less return?