a simple recursive traversal disassembly using capstone and pefile. Only follows code execution.

rtd.py

import sys
import re
import pefile
import string
import struct
from capstool import CapsTool
from capstone import *
from capstone.x86 import *

BCC = ["je", "jne", "js", "jns", "jp", "jnp", "jo", "jno", "jl", "jle", "jg",
       "jge", "jb", "jbe", "ja", "jae", "jcxz", "jecxz", "jrcxz", "loop", "loopne",
       "loope", "call", "lcall"]
END = ["ret", "retn", "retf", "iret", "int3"]
BNC = ["jmp", "jmpf", "ljmp"]

def get_pe_data(_data):
    bit = 0
    try:
        pe = pefile.PE(data=_data)
        pe_entry_point = pe.OPTIONAL_HEADER.AddressOfEntryPoint
        rva = pe_entry_point - pe.OPTIONAL_HEADER.ImageBase
        entry_point = pe.get_offset_from_rva(pe_entry_point)
    except Exception as e:
        print e
        return False, None, None
    if pe.FILE_HEADER.Machine == 0x14c:
        bit = 32
    elif pe.FILE_HEADER.Machine == 0x8664:
        bit = 64
    else:
        return False, None, None

    return True, entry_point, bit


def to_signed_32(n):
    n = n & 0xffffffff
    return (n ^ 0x80000000) - 0x80000000


def to_signed_64(n):
    n = n & 0xffffffffffffffff
    return (n ^ 0x8000000000000000) - 0x8000000000000000


def get_op_dist(bit, addr):
    opp = cs.get_operand_value(addr, 0)
    # check if operand is a register or some other non-int value
    if not isinstance(opp, int):
        return False, None
    # convert to unsigned int based off of bit
    elif bit == 32:
        op_dist = to_signed_32(opp)
    elif bit == 64:
        op_dist = to_signed_64(opp)
    return True, op_dist


def get_false_key(addr_bcc):
    for key in addr_bcc:
        if addr_bcc[key] is False:
            return True, key
    return False, None


def disassemble(addr, cs, debug=False):
    visited = []
    addr_bcc = {}
    strings = {}
    while True:
        instr = cs.get_mnem(addr)
        if debug:
            print hex(addr), instr , addr_bcc # , [hex(x) for x in visited]
        if instr is None or cs.dword(addr) == 0x0:
            status, t_addr = get_false_key(addr_bcc)
            if status:
                addr = t_addr
                continue
            else:
                break
        if addr in addr_bcc:
            if addr_bcc[addr] is False:
                addr_bcc[addr] = True
            else:
                status, t_addr = get_false_key(addr_bcc)
                if status:
                    addr = t_addr
                    continue
                else:
                    break
        if addr not in visited:
            visited.append(addr)
        if instr in BNC:
            status, op_dist = get_op_dist(bit, addr)
            if status:
                addr = addr + op_dist
                if addr in visited:
                    if addr in addr_bcc:
                        if addr_bcc[addr] is False:
                            addr_bcc[addr] = True
                    else:
                        addr_bcc[addr] = False
                    status, t_addr = get_false_key(addr_bcc)
                    if status:
                        addr = t_addr
                        continue
                continue
        elif instr in BCC:
            if cs.word(addr) != 0x15ff:
                status, op_dist = get_op_dist(bit, addr)
                if status:
                    cal_addr = addr + op_dist
                    if cal_addr not in addr_bcc:
                        if cal_addr not in visited:
                            addr_bcc[cal_addr] = False
                    if cs.byte(cal_addr - 1) == 0x00:
                        temp_data = cs.get_many_bytes(addr + 5, op_dist - 6)
                        if temp_data:
                            if all(c in string.printable for c in temp_data):
                                strings[addr] = temp_data
                                status, t_addr = get_false_key(addr_bcc)
                                if status:
                                    addr = t_addr
                                    continue
        elif instr in END:
            status, t_addr = get_false_key(addr_bcc)
            if status:
                addr = t_addr
                continue
            else:
                break
        addr = cs.next_head(addr)

    return visited, strings


with open(sys.argv[1], "rb") as infile:
    data = infile.read()
    status, addr, bit = get_pe_data(data)
    cs = CapsTool("\x00\x00" + data[2:], bit)
    yy, ss =  disassemble(addr, cs)
    for x in yy:
        print hex(x), cs.get_disasm(x)
    print ss