Civeo Corporation

AI-generated fair value estimate for this company.

Method: 10-year unlevered FCF DCF: $43.6M normalized free cash flow base (50% of $87.2M TTM EBITDA, used in place of the unusually low $16.7M TTM reported FCF which reflects a temporary working-capital/capex drag); 5% annual FCF growth years 1-5; 3% years 6-10; 11% discount rate; 2% terminal growth; $200.9M net debt; 10.34M shares outstanding.

Reasoning: Civeo's reported TTM free cash flow is depressed by capex timing and working capital swings relative to its underlying earnings power, so EBITDA-based normalization gives a more representative cash flow base; the high discount rate reflects its small size and leverage to cyclical oil-sands/mining workforce accommodation demand.