You can also use the information on the Internet to value the entire corporation. This approach requires that you estimate XOMs annual free cash flows. Once you estimate the value of the firms operations and the value of any non-operating assets, you subtract the value of debt and preferred stock to arrive at an estimate of the companys equity value. By dividing this value by the number of shares of common stock outstanding, you calculate an alternative estimate of the stocks intrinsic value. Although this approach may take additional time and involves more judgment concerning forecasts of future free cash flows, you can use the financial statements and growth forecasts on the Internet as useful starting points.