Rational Investing

Exploration and Production - Natural Gas

	Total Market Capitalization of All Firms	$53,703 mm
	Average Market Capitalization	$8,950 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	2.4
	Standard Deviation of MM Ratio	2.5
	Average Beta	1.3
	Average EV To Revenue	2.1
	Average EV To EBITDAM	25.2
	Average Price To Free Cash Flow	21.7

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
COG	Cabot Oil & Gas Corp	7.66	7,344	4.7	51.9	48.2	-2	0.8	Dec 19
NVTK.ME	Novatek OAO	2.26	39,229	0.3	41.5	27.0	4	1.0	Sep 19
RRC	Range Resources Corp.	1.26	663	2.7	-4.9	30	-5	0.8	Dec 19
SWN	Southwestern Energy Co	1.03	1,023	1.6	6.7	30	-21	0.5	Dec 19
CLR	Continental Resources Inc.	0.65	3,421	1.7	7.4	9.6	16	2.4	Dec 19
APA	Apache Corp	0.38	2,022	1.5	0.9	6.3	13	2.5	Dec 19