Intrinsic value of Ardmore Shipping - ASC

Previous Close

$7.15

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$7.15

 
Intrinsic value

$2.67

 
Up/down potential

-63%

 
Rating

str. sell

 
Value-price divergence* premium content

Premium access subscription - $499/yr

please register and log in before paying

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of ASC stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.80
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  164
  253
  391
  584
  848
  1,196
  1,644
  2,206
  2,897
  3,728
  4,709
  5,847
  7,149
  8,617
  10,252
  12,055
  14,023
  16,153
  18,442
  20,887
  23,483
  26,228
  29,117
  32,150
  35,325
  38,641
  42,099
  45,700
  49,446
  53,342
  57,391
Variable operating expenses, $m
 
  144
  223
  333
  483
  682
  937
  1,258
  1,651
  2,125
  2,684
  3,333
  4,075
  4,912
  5,844
  6,871
  7,993
  9,207
  10,512
  11,906
  13,385
  14,950
  16,597
  18,326
  20,135
  22,025
  23,996
  26,049
  28,184
  30,405
  32,713
Fixed operating expenses, $m
 
  26
  26
  27
  28
  28
  29
  30
  30
  31
  32
  33
  34
  34
  35
  36
  37
  38
  39
  40
  41
  42
  43
  44
  45
  46
  48
  49
  50
  51
  52
Total operating expenses, $m
  140
  170
  249
  360
  511
  710
  966
  1,288
  1,681
  2,156
  2,716
  3,366
  4,109
  4,946
  5,879
  6,907
  8,030
  9,245
  10,551
  11,946
  13,426
  14,992
  16,640
  18,370
  20,180
  22,071
  24,044
  26,098
  28,234
  30,456
  32,765
Operating income, $m
  24
  83
  142
  224
  337
  486
  678
  919
  1,215
  1,572
  1,993
  2,482
  3,040
  3,671
  4,373
  5,147
  5,993
  6,908
  7,891
  8,941
  10,057
  11,236
  12,477
  13,781
  15,145
  16,569
  18,055
  19,602
  21,212
  22,886
  24,626
EBITDA, $m
  54
  122
  201
  313
  466
  668
  928
  1,255
  1,656
  2,139
  2,709
  3,371
  4,128
  4,981
  5,933
  6,981
  8,126
  9,365
  10,696
  12,118
  13,629
  15,225
  16,906
  18,671
  20,518
  22,447
  24,458
  26,553
  28,733
  30,999
  33,355
Interest expense (income), $m
  13
  13
  21
  33
  50
  73
  103
  141
  190
  250
  321
  406
  504
  617
  744
  885
  1,040
  1,210
  1,394
  1,592
  1,803
  2,027
  2,264
  2,514
  2,776
  3,050
  3,336
  3,635
  3,946
  4,269
  4,606
Earnings before tax, $m
  4
  70
  120
  191
  287
  413
  575
  778
  1,025
  1,322
  1,671
  2,075
  2,536
  3,054
  3,630
  4,263
  4,952
  5,697
  6,497
  7,349
  8,254
  9,209
  10,213
  11,267
  12,369
  13,519
  14,719
  15,967
  17,266
  18,616
  20,020
Tax expense, $m
  0
  19
  33
  52
  77
  112
  155
  210
  277
  357
  451
  560
  685
  825
  980
  1,151
  1,337
  1,538
  1,754
  1,984
  2,228
  2,486
  2,758
  3,042
  3,340
  3,650
  3,974
  4,311
  4,662
  5,026
  5,405
Net income, $m
  4
  51
  88
  139
  209
  302
  420
  568
  749
  965
  1,220
  1,515
  1,851
  2,229
  2,650
  3,112
  3,615
  4,159
  4,743
  5,365
  6,025
  6,722
  7,456
  8,225
  9,029
  9,869
  10,745
  11,656
  12,604
  13,590
  14,615

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  56
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  884
  1,181
  1,825
  2,729
  3,960
  5,587
  7,681
  10,311
  13,539
  17,421
  22,004
  27,324
  33,406
  40,266
  47,908
  56,332
  65,527
  75,482
  86,180
  97,603
  109,735
  122,559
  136,063
  150,235
  165,071
  180,566
  196,724
  213,551
  231,058
  249,262
  268,182
Adjusted assets (=assets-cash), $m
  828
  1,181
  1,825
  2,729
  3,960
  5,587
  7,681
  10,311
  13,539
  17,421
  22,004
  27,324
  33,406
  40,266
  47,908
  56,332
  65,527
  75,482
  86,180
  97,603
  109,735
  122,559
  136,063
  150,235
  165,071
  180,566
  196,724
  213,551
  231,058
  249,262
  268,182
Revenue / Adjusted assets
  0.198
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
Average production assets, $m
  723
  915
  1,414
  2,114
  3,068
  4,328
  5,951
  7,988
  10,488
  13,496
  17,046
  21,167
  25,879
  31,193
  37,114
  43,639
  50,763
  58,474
  66,762
  75,611
  85,009
  94,944
  105,405
  116,384
  127,877
  139,881
  152,398
  165,434
  178,996
  193,098
  207,756
Working capital, $m
  35
  96
  148
  222
  322
  454
  625
  838
  1,101
  1,417
  1,789
  2,222
  2,717
  3,274
  3,896
  4,581
  5,329
  6,138
  7,008
  7,937
  8,924
  9,967
  11,065
  12,217
  13,424
  14,684
  15,998
  17,366
  18,790
  20,270
  21,809
Total debt, $m
  462
  609
  949
  1,426
  2,076
  2,935
  4,041
  5,429
  7,133
  9,183
  11,603
  14,412
  17,624
  21,245
  25,281
  29,728
  34,583
  39,840
  45,488
  51,519
  57,925
  64,696
  71,826
  79,309
  87,142
  95,324
  103,855
  112,740
  121,984
  131,595
  141,585
Total liabilities, $m
  479
  624
  964
  1,441
  2,091
  2,950
  4,056
  5,444
  7,148
  9,198
  11,618
  14,427
  17,639
  21,260
  25,296
  29,743
  34,598
  39,855
  45,503
  51,534
  57,940
  64,711
  71,841
  79,324
  87,157
  95,339
  103,870
  112,755
  121,999
  131,610
  141,600
Total equity, $m
  404
  558
  861
  1,288
  1,869
  2,637
  3,626
  4,867
  6,390
  8,223
  10,386
  12,897
  15,768
  19,005
  22,613
  26,589
  30,929
  35,628
  40,677
  46,069
  51,795
  57,848
  64,222
  70,911
  77,913
  85,227
  92,854
  100,796
  109,059
  117,652
  126,582
Total liabilities and equity, $m
  883
  1,182
  1,825
  2,729
  3,960
  5,587
  7,682
  10,311
  13,538
  17,421
  22,004
  27,324
  33,407
  40,265
  47,909
  56,332
  65,527
  75,483
  86,180
  97,603
  109,735
  122,559
  136,063
  150,235
  165,070
  180,566
  196,724
  213,551
  231,058
  249,262
  268,182
Debt-to-equity ratio
  1.144
  1.090
  1.100
  1.110
  1.110
  1.110
  1.110
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
Adjusted equity ratio
  0.420
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  4
  51
  88
  139
  209
  302
  420
  568
  749
  965
  1,220
  1,515
  1,851
  2,229
  2,650
  3,112
  3,615
  4,159
  4,743
  5,365
  6,025
  6,722
  7,456
  8,225
  9,029
  9,869
  10,745
  11,656
  12,604
  13,590
  14,615
Depreciation, amort., depletion, $m
  30
  38
  59
  89
  129
  182
  250
  336
  441
  567
  716
  889
  1,087
  1,311
  1,559
  1,834
  2,133
  2,457
  2,805
  3,177
  3,572
  3,989
  4,429
  4,890
  5,373
  5,877
  6,403
  6,951
  7,521
  8,113
  8,729
Funds from operations, $m
  42
  90
  147
  228
  338
  484
  670
  903
  1,189
  1,532
  1,936
  2,404
  2,939
  3,540
  4,209
  4,945
  5,748
  6,616
  7,548
  8,542
  9,597
  10,711
  11,884
  13,115
  14,402
  15,746
  17,148
  18,607
  20,125
  21,703
  23,344
Change in working capital, $m
  -1
  36
  52
  74
  100
  132
  170
  214
  262
  316
  373
  433
  495
  558
  621
  685
  748
  810
  870
  929
  987
  1,043
  1,098
  1,153
  1,206
  1,260
  1,314
  1,368
  1,424
  1,480
  1,539
Cash from operations, $m
  43
  140
  95
  155
  238
  351
  500
  689
  927
  1,217
  1,564
  1,972
  2,444
  2,982
  3,588
  4,260
  5,000
  5,806
  6,678
  7,613
  8,610
  9,669
  10,786
  11,962
  13,196
  14,486
  15,834
  17,239
  18,701
  20,223
  21,805
Maintenance CAPEX, $m
  0
  -24
  -38
  -59
  -89
  -129
  -182
  -250
  -336
  -441
  -567
  -716
  -889
  -1,087
  -1,311
  -1,559
  -1,834
  -2,133
  -2,457
  -2,805
  -3,177
  -3,572
  -3,989
  -4,429
  -4,890
  -5,373
  -5,877
  -6,403
  -6,951
  -7,521
  -8,113
New CAPEX, $m
  -174
  -343
  -499
  -701
  -954
  -1,260
  -1,622
  -2,037
  -2,501
  -3,008
  -3,550
  -4,121
  -4,712
  -5,314
  -5,921
  -6,525
  -7,124
  -7,712
  -8,287
  -8,849
  -9,398
  -9,935
  -10,461
  -10,979
  -11,493
  -12,004
  -12,517
  -13,036
  -13,563
  -14,102
  -14,657
Cash from investing activities, $m
  -122
  -367
  -537
  -760
  -1,043
  -1,389
  -1,804
  -2,287
  -2,837
  -3,449
  -4,117
  -4,837
  -5,601
  -6,401
  -7,232
  -8,084
  -8,958
  -9,845
  -10,744
  -11,654
  -12,575
  -13,507
  -14,450
  -15,408
  -16,383
  -17,377
  -18,394
  -19,439
  -20,514
  -21,623
  -22,770
Free cash flow, $m
  -79
  -227
  -442
  -605
  -804
  -1,038
  -1,304
  -1,597
  -1,910
  -2,232
  -2,554
  -2,866
  -3,157
  -3,419
  -3,644
  -3,825
  -3,957
  -4,038
  -4,066
  -4,041
  -3,965
  -3,838
  -3,664
  -3,446
  -3,187
  -2,891
  -2,561
  -2,200
  -1,812
  -1,400
  -966
Issuance/(repayment) of debt, $m
  50
  234
  340
  477
  650
  859
  1,106
  1,388
  1,704
  2,050
  2,420
  2,809
  3,211
  3,622
  4,035
  4,448
  4,855
  5,256
  5,648
  6,032
  6,406
  6,771
  7,130
  7,483
  7,833
  8,182
  8,531
  8,885
  9,244
  9,612
  9,990
Issuance/(repurchase) of shares, $m
  61
  203
  406
  555
  735
  947
  1,187
  1,450
  1,729
  2,014
  2,297
  2,568
  2,817
  3,035
  3,216
  3,353
  3,442
  3,481
  3,467
  3,402
  3,285
  3,120
  2,908
  2,652
  2,356
  2,023
  1,656
  1,258
  832
  380
  0
Cash from financing (excl. dividends), $m  
  105
  437
  746
  1,032
  1,385
  1,806
  2,293
  2,838
  3,433
  4,064
  4,717
  5,377
  6,028
  6,657
  7,251
  7,801
  8,297
  8,737
  9,115
  9,434
  9,691
  9,891
  10,038
  10,135
  10,189
  10,205
  10,187
  10,143
  10,076
  9,992
  9,990
Total cash flow (excl. dividends), $m
  25
  7
  -102
  -128
  -154
  -179
  -199
  -209
  -205
  -182
  -134
  -57
  54
  203
  392
  623
  898
  1,218
  1,582
  1,990
  2,441
  2,933
  3,466
  4,037
  4,646
  5,291
  5,971
  6,685
  7,432
  8,212
  9,024
Retained Cash Flow (-), $m
  -56
  -210
  -304
  -427
  -581
  -768
  -988
  -1,241
  -1,524
  -1,832
  -2,163
  -2,511
  -2,871
  -3,238
  -3,607
  -3,976
  -4,340
  -4,699
  -5,049
  -5,392
  -5,726
  -6,053
  -6,374
  -6,689
  -7,002
  -7,314
  -7,627
  -7,942
  -8,263
  -8,592
  -8,930
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  94
Discount rate, %
 
  8.20
  8.61
  9.04
  9.49
  9.97
  10.47
  10.99
  11.54
  12.12
  12.72
  13.36
  14.02
  14.73
  15.46
  16.24
  17.05
  17.90
  18.79
  19.73
  20.72
  21.76
  22.84
  23.99
  25.19
  26.45
  27.77
  29.16
  30.61
  32.15
  33.75
PV of cash for distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  54.6
  26.8
  13.9
  7.7
  4.5
  2.7
  1.7
  1.1
  0.8
  0.6
  0.4
  0.3
  0.2
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1

Ardmore Shipping Corporation engages in the seaborne transportation of petroleum products and chemicals through product and chemical tankers worldwide. As of December 31, 2015, the company operated 24 vessels. It serves oil majors, oil companies, oil and chemical traders, and chemical companies. The company was founded in 2010 and is based in Hamilton, Bermuda.

FINANCIAL RATIOS  of  Ardmore Shipping (ASC)

Valuation Ratios
P/E Ratio 59.1
Price to Sales 1.4
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 5.5
Price to Free Cash Flow -1.8
Growth Rates
Sales Growth Rate 3.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -25.3%
Cap. Spend. - 3 Yr. Gr. Rate 3.7%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 104%
Total Debt to Equity 114.4%
Interest Coverage 1
Management Effectiveness
Return On Assets 2%
Ret/ On Assets - 3 Yr. Avg. 3.5%
Return On Total Capital 0.5%
Ret/ On T. Cap. - 3 Yr. Avg. 1.9%
Return On Equity 1.1%
Return On Equity - 3 Yr. Avg. 3.8%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 43.3%
Gross Margin - 3 Yr. Avg. 46.9%
EBITDA Margin 28.7%
EBITDA Margin - 3 Yr. Avg. 35.6%
Operating Margin 14.6%
Oper. Margin - 3 Yr. Avg. 16.6%
Pre-Tax Margin 2.4%
Pre-Tax Margin - 3 Yr. Avg. 8.6%
Net Profit Margin 2.4%
Net Profit Margin - 3 Yr. Avg. 8.6%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 225%

ASC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ASC stock intrinsic value calculation we used $158 million for the last fiscal year's total revenue generated by Ardmore Shipping. The default revenue input number comes from 2016 income statement of Ardmore Shipping. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ASC stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.2%, whose default value for ASC is calculated based on our internal credit rating of Ardmore Shipping, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Ardmore Shipping.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ASC stock the variable cost ratio is equal to 57%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $25 million in the base year in the intrinsic value calculation for ASC stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Ardmore Shipping.

Corporate tax rate of 27% is the nominal tax rate for Ardmore Shipping. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ASC stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ASC are equal to 362%.

Life of production assets of 23.8 years is the average useful life of capital assets used in Ardmore Shipping operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ASC is equal to 38%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $348 million for Ardmore Shipping - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 32.54 million for Ardmore Shipping is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Ardmore Shipping at the current share price and the inputted number of shares is $0.2 billion.


Premium access subscription - $499/yr

please register and log in before paying
RELATED COMPANIES Price Int.Val. Rating
FRO Frontline 7.00 prem.  prem.
TNK Teekay Tankers 2.36 prem.  prem.
DHT DHT Holdings 5.02 prem.  prem.
NAT Nordic America 7.92 prem.  prem.
TGP Teekay LNG Par 18.90 prem.  prem.
GMLP Golar LNG Part 22.88 prem.  prem.
GLNG Golar LNG 28.27 prem.  prem.

COMPANY NEWS

▶ Ardmore Shipping reports 1Q loss   [May-03-17 08:41AM  Associated Press]
▶ Ardmore Shipping reports 4Q loss   [Feb-07-17 08:47AM  Associated Press]
▶ Hedge Funds Are Betting On Ardmore Shipping Corp (ASC)   [Dec-12-16 09:48AM  at Insider Monkey]
▶ [$$] Colonial Pipeline's Brief Trading Bonanza   [Nov-01-16 04:41PM  at The Wall Street Journal]
▶ [$$] Two Picks in Tankers Ready to Shape Up   [Jul-20-16 11:24AM  at Barrons.com]
▶ Ardmore Shipping Corp Sinks on a Discounted Stock Offering   [Jun-08-16 04:06PM  at Motley Fool]
▶ Why U.K. Retailers Are Retreating From Asia   [Apr-12-16 09:33AM  at The Wall Street Journal]
▶ Is Off-Price Overtaking Department Stores In Europe?   [Apr-11-16 12:25PM  at Forbes]
▶ [$$] Euronav Is the One Tanker to Be Long In   [Mar-22-16 02:52PM  at Barrons.com]
▶ Ardmore Shipping Announces Additional Debt Refinancing   [Feb-10-16 08:30AM  PR Newswire]
▶ Energy Stocks Plunge Again This Week   [Feb-05-16 04:05PM  at Motley Fool]
▶ Don't Miss the Boat on Oil Shippers   [Jan-28-16 11:57AM  at TheStreet]
▶ Ardmore Shipping Announces Successful Refinancing   [Jan-14-16 08:30AM  PR Newswire]
Stock chart of ASC Financial statements of ASC Annual reports of ASC
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.