Barnwell Industries, Inc.

AI-generated fair value estimate for this company.

Method: 10-year declining-production FCF DCF for the Canadian natural gas segment, now the core business after completing the 2026 sale of its remaining Hawaii land-development interests: $1.0M normalized starting FCF; -8% annual production decline with no reinvestment; 12% discount rate; zero terminal value reflecting eventual asset depletion; plus $4.4M net cash; 14.43M shares outstanding.

Reasoning: With its real-estate segment fully monetized, Barnwell is essentially a small, shrinking, non-reinvesting gas producer plus a net-cash balance sheet, so a depleting-asset DCF with no terminal growth is more appropriate than a perpetuity-based model; the result is supplemented by its liquid net cash position.