BANKRUPTCY PLAYS

[HokieHead]

$3-$5 PKDSQ Valuation

First off the investment bank Moelis & Co. has estimated Parker Drilling's current enterprise value at between $365 million and $485 million with a midpoint of approximately $425 million. See page 3 section 8.

https://cases.primeclerk.com/parkerdrilling/Home-DownloadPDF?id1=MTA3MTUxNw==&id2=0

With the current commons receiving 1.65% of the new entity that values these Q shares at:

$425m x 1.65% = $7m / 9.4m OS = $0.75 PPS.

Now Wall St will buy/price on future expectations, get a load of the new company projections below. 4 year sales of $2.5 billion and Net Income of $210 million. Amazing.

If you use a 25 PE ratio for Oil/Gas drilling on 2022E of $65 million and ratio in these Q shares you have:

$65m x 1.65% = $1.1m x 25 PE = $27m / 9.4m OS = $2.70 PPS.

This is just one year. I would no doubt value these Q shares in the $3-$5 easily. This is not the new Parker PPS, just the value of the current Q shares in the end.