Intrinsic value of DHT Holdings - DHT

Previous Close

$4.51

  Intrinsic Value

$7.80

stock screener

  Rating & Target

str. buy

+73%

Previous close

$4.51

 
Intrinsic value

$7.80

 
Up/down potential

+73%

 
Rating

str. buy

We calculate the intrinsic value of DHT 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  -2.47
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  356
  363
  371
  381
  392
  404
  417
  431
  446
  463
  480
  499
  520
  541
  564
  589
  614
  642
  671
  701
  733
  767
  803
  841
  881
  923
  967
  1,013
  1,062
  1,114
  1,168
Variable operating expenses, $m
 
  228
  234
  240
  246
  254
  262
  271
  281
  291
  302
  314
  327
  341
  355
  370
  386
  404
  422
  441
  461
  483
  505
  529
  554
  580
  608
  637
  668
  700
  735
Fixed operating expenses, $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
Total operating expenses, $m
  316
  228
  234
  240
  246
  254
  262
  271
  281
  291
  302
  314
  327
  341
  355
  370
  386
  404
  422
  441
  461
  483
  505
  529
  554
  580
  608
  637
  668
  700
  735
Operating income, $m
  41
  135
  138
  141
  145
  150
  155
  160
  166
  172
  178
  185
  193
  201
  209
  218
  228
  238
  249
  260
  272
  285
  298
  312
  327
  342
  359
  376
  394
  413
  433
EBITDA, $m
  125
  148
  151
  155
  160
  165
  170
  176
  182
  189
  196
  204
  212
  221
  230
  240
  250
  262
  273
  286
  299
  313
  327
  343
  359
  376
  394
  413
  433
  454
  476
Interest expense (income), $m
  28
  36
  37
  38
  39
  40
  41
  42
  44
  45
  47
  49
  51
  53
  55
  58
  60
  63
  66
  69
  72
  75
  79
  82
  86
  91
  95
  99
  104
  109
  115
Earnings before tax, $m
  9
  99
  101
  104
  107
  110
  114
  118
  122
  126
  131
  136
  142
  148
  154
  161
  168
  175
  183
  191
  200
  209
  219
  230
  240
  252
  264
  276
  290
  304
  319
Tax expense, $m
  0
  27
  27
  28
  29
  30
  31
  32
  33
  34
  35
  37
  38
  40
  42
  43
  45
  47
  49
  52
  54
  57
  59
  62
  65
  68
  71
  75
  78
  82
  86
Net income, $m
  9
  72
  74
  76
  78
  80
  83
  86
  89
  92
  96
  100
  104
  108
  112
  117
  122
  128
  134
  140
  146
  153
  160
  168
  175
  184
  193
  202
  212
  222
  233

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  60
  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
  1,404
  1,397
  1,429
  1,465
  1,507
  1,552
  1,602
  1,657
  1,716
  1,780
  1,848
  1,921
  1,999
  2,082
  2,170
  2,264
  2,363
  2,468
  2,579
  2,697
  2,821
  2,951
  3,089
  3,234
  3,388
  3,549
  3,719
  3,897
  4,085
  4,283
  4,491
Adjusted assets (=assets-cash), $m
  1,344
  1,397
  1,429
  1,465
  1,507
  1,552
  1,602
  1,657
  1,716
  1,780
  1,848
  1,921
  1,999
  2,082
  2,170
  2,264
  2,363
  2,468
  2,579
  2,697
  2,821
  2,951
  3,089
  3,234
  3,388
  3,549
  3,719
  3,897
  4,085
  4,283
  4,491
Revenue / Adjusted assets
  0.265
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
Average production assets, $m
  0
  133
  136
  139
  143
  148
  152
  158
  163
  169
  176
  183
  190
  198
  207
  215
  225
  235
  245
  257
  268
  281
  294
  308
  322
  338
  354
  371
  389
  408
  427
Working capital, $m
  105
  -13
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -41
Total debt, $m
  702
  681
  697
  715
  736
  759
  784
  811
  841
  873
  907
  943
  982
  1,024
  1,068
  1,115
  1,164
  1,217
  1,272
  1,331
  1,393
  1,458
  1,527
  1,600
  1,677
  1,757
  1,842
  1,931
  2,026
  2,124
  2,228
Total liabilities, $m
  719
  698
  714
  733
  753
  776
  801
  829
  858
  890
  924
  961
  1,000
  1,041
  1,085
  1,132
  1,182
  1,234
  1,290
  1,348
  1,410
  1,476
  1,545
  1,617
  1,694
  1,774
  1,859
  1,949
  2,043
  2,142
  2,246
Total equity, $m
  685
  698
  714
  733
  753
  776
  801
  829
  858
  890
  924
  961
  1,000
  1,041
  1,085
  1,132
  1,182
  1,234
  1,290
  1,348
  1,410
  1,476
  1,545
  1,617
  1,694
  1,774
  1,859
  1,949
  2,043
  2,142
  2,246
Total liabilities and equity, $m
  1,404
  1,396
  1,428
  1,466
  1,506
  1,552
  1,602
  1,658
  1,716
  1,780
  1,848
  1,922
  2,000
  2,082
  2,170
  2,264
  2,364
  2,468
  2,580
  2,696
  2,820
  2,952
  3,090
  3,234
  3,388
  3,548
  3,718
  3,898
  4,086
  4,284
  4,492
Debt-to-equity ratio
  1.025
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
Adjusted equity ratio
  0.465
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  9
  72
  74
  76
  78
  80
  83
  86
  89
  92
  96
  100
  104
  108
  112
  117
  122
  128
  134
  140
  146
  153
  160
  168
  175
  184
  193
  202
  212
  222
  233
Depreciation, amort., depletion, $m
  84
  13
  14
  14
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  22
  23
  25
  26
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
  43
Funds from operations, $m
  199
  85
  87
  90
  92
  95
  98
  102
  105
  109
  113
  118
  123
  128
  133
  139
  145
  151
  158
  165
  173
  181
  189
  198
  208
  218
  228
  239
  250
  263
  275
Change in working capital, $m
  5
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
Cash from operations, $m
  194
  86
  88
  90
  93
  95
  99
  102
  106
  110
  114
  118
  123
  128
  134
  140
  146
  152
  159
  166
  174
  182
  191
  200
  209
  219
  230
  241
  252
  264
  277
Maintenance CAPEX, $m
  0
  -13
  -13
  -14
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -41
New CAPEX, $m
  -235
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
Cash from investing activities, $m
  -213
  -16
  -16
  -17
  -18
  -18
  -20
  -20
  -22
  -22
  -23
  -25
  -25
  -27
  -28
  -30
  -31
  -32
  -34
  -36
  -38
  -39
  -41
  -43
  -46
  -47
  -50
  -52
  -55
  -58
  -61
Free cash flow, $m
  -19
  70
  71
  73
  75
  77
  79
  82
  84
  87
  91
  94
  98
  102
  106
  110
  115
  120
  125
  131
  137
  143
  149
  156
  164
  171
  180
  188
  197
  207
  217
Issuance/(repayment) of debt, $m
  30
  15
  16
  18
  21
  23
  25
  27
  30
  32
  34
  37
  39
  42
  44
  47
  50
  53
  56
  59
  62
  65
  69
  73
  77
  81
  85
  89
  94
  99
  104
Issuance/(repurchase) of shares, $m
  -2
  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 from financing (excl. dividends), $m  
  28
  15
  16
  18
  21
  23
  25
  27
  30
  32
  34
  37
  39
  42
  44
  47
  50
  53
  56
  59
  62
  65
  69
  73
  77
  81
  85
  89
  94
  99
  104
Total cash flow (excl. dividends), $m
  9
  84
  87
  91
  95
  100
  104
  109
  114
  119
  125
  130
  137
  143
  150
  157
  164
  172
  181
  189
  199
  208
  218
  229
  240
  252
  264
  278
  291
  306
  321
Retained Cash Flow (-), $m
  53
  -13
  -16
  -18
  -21
  -23
  -25
  -27
  -30
  -32
  -34
  -37
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -65
  -69
  -73
  -77
  -81
  -85
  -89
  -94
  -99
  -104
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
 
  7
  8
  8
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  18
  19
  20
  21
  22
  23
Cash available for distribution, $m
 
  71
  71
  73
  75
  77
  79
  82
  84
  87
  91
  94
  98
  102
  106
  110
  115
  120
  125
  131
  137
  143
  149
  156
  164
  171
  180
  188
  197
  207
  217
Discount rate, %
 
  6.20
  6.51
  6.84
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.04
  20.00
  21.00
  22.05
  23.15
  24.30
  25.52
PV of cash for distribution, $m
 
  67
  63
  60
  57
  53
  50
  47
  43
  40
  36
  33
  29
  26
  22
  19
  17
  14
  11
  9
  7
  6
  4
  3
  2
  2
  1
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

DHT Holdings, Inc. is an independent crude oil tanker company. The Company's fleet trades internationally and consists of crude oil tankers in the very large crude carriers (VLCC) and Aframax segments. As of December 1, 2017, the Company's fleet consisted of 27 crude oil tankers in operation; 25 VLCCs, which are tankers ranging in size from 200,000 to 320,000 deadweight tons (dwt), and two Aframax tankers, which are tankers ranging in size from 80,000 to 120,000 dwt. As of December 1, 2017, the Company's fleet in operation had a combined carrying capacity of 7,925,254 dwt. As of December 1, 2017, the Company's VLCCs comprise DHT Utik, DHT Eagle, DHT Raven, DHT Lake, DHT Condor, DHT Scandinavia, DHT Falcon, DHT China, DHT Hawk, DHT Edelweiss, DHT Lotus, BW Peony, DHT Amazon, DHT Redwood, DHT Sundarbans, DHT Opal, DHT Taiga, DHT Jaguar, DHT Leopard, DHT Lion, DHT Panther, DHT Puma, and DHT Tiger. As of December 1, 2017, the Company's Aframaxes are DHT Cathy and DHT Sophiedelweiss.

FINANCIAL RATIOS  of  DHT Holdings (DHT)

Valuation Ratios
P/E Ratio 46.8
Price to Sales 1.2
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 2.2
Price to Free Cash Flow -10.3
Growth Rates
Sales Growth Rate -2.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 62.1%
Cap. Spend. - 3 Yr. Gr. Rate 43.2%
Financial Strength
Quick Ratio 1
Current Ratio 1.1
LT Debt to Equity 94%
Total Debt to Equity 102.5%
Interest Coverage 1
Management Effectiveness
Return On Assets 2.6%
Ret/ On Assets - 3 Yr. Avg. 4.9%
Return On Total Capital 0.6%
Ret/ On T. Cap. - 3 Yr. Avg. 3.3%
Return On Equity 1.3%
Return On Equity - 3 Yr. Avg. 6.3%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 64.3%
Gross Margin - 3 Yr. Avg. 56%
EBITDA Margin 34%
EBITDA Margin - 3 Yr. Avg. 45.6%
Operating Margin 11.2%
Oper. Margin - 3 Yr. Avg. 22.3%
Pre-Tax Margin 2.5%
Pre-Tax Margin - 3 Yr. Avg. 13.3%
Net Profit Margin 2.5%
Net Profit Margin - 3 Yr. Avg. 13.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 733.3%

DHT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DHT stock intrinsic value calculation we used $356 million for the last fiscal year's total revenue generated by DHT Holdings. The default revenue input number comes from 2016 income statement of DHT Holdings. 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 DHT stock valuation model: a) initial revenue growth rate of 2% 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 6.2%, whose default value for DHT is calculated based on our internal credit rating of DHT Holdings, 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 DHT Holdings.
    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 DHT stock the variable cost ratio is equal to 62.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for DHT 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 5.4% for DHT Holdings.

Corporate tax rate of 27% is the nominal tax rate for DHT Holdings. 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 DHT stock is equal to 2.1%.

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 DHT are equal to 36.6%.

Life of production assets of 10 years is the average useful life of capital assets used in DHT Holdings 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 DHT is equal to -3.5%. 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 - $685 million for DHT Holdings - 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 93 million for DHT Holdings 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 DHT Holdings at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ Wired News Seaspan Accepts Delivery of CMA CGM Cochin   [May-15-18 07:10AM  ACCESSWIRE]
▶ DHT Holdings, Inc. to Host Earnings Call   [May-08-18 06:15AM  ACCESSWIRE]
▶ DHT Holdings: 1Q Earnings Snapshot   [May-07-18 07:17PM  Associated Press]
▶ Does DHT Holdings Incs (NYSE:DHT) PE Ratio Warrant A Sell?   [Mar-23-18 01:08PM  Simply Wall St.]
▶ New Strong Sell Stocks for February 7th   [Feb-07-18 08:28AM  Zacks]
▶ DHT Holdings reports 4Q loss   [Feb-06-18 05:41AM  Associated Press]
▶ DHT Holdings, Inc. 2017 Dividend Information   [Jan-29-18 04:31PM  GlobeNewswire]
▶ Best NYSE Companies To Invest In   [Jan-25-18 06:02AM  Simply Wall St.]
▶ How Crude Tanker Rates Moved Last Week   [Jan-24-18 04:08PM  Market Realist]
▶ Hedge Your Bet With These Energy Dividend Payers   [Jan-23-18 08:02AM  Simply Wall St.]
▶ Euronav: Where Do Analysts View Its 4Q17 EBITDA?   [Jan-22-18 03:20PM  Market Realist]
▶ Chinas Crude Oil Imports Fell fom Novembers High   [Jan-19-18 11:21AM  Market Realist]
▶ Suezmax and Aframax Rates Fell in Week 2   [Jan-16-18 12:05PM  Market Realist]
▶ Crude Tanker Rates: 2018 Hasnt Started on a Good Note   [Jan-11-18 11:25AM  Market Realist]
▶ Here's Why Frontline Ltd.'s Stock Plunged 35% in 2017   [Jan-08-18 12:04PM  Motley Fool]
▶ DHT Holdings: Analysts Recommend a Buy   [07:35AM  Market Realist]
▶ Analysts Recommendations for NAP, DHT, and TNP   [Dec-26-17 07:32AM  Market Realist]
▶ DHT Holdings: Fourth among Crude Tanker Stocks in 2017   [Dec-25-17 07:33AM  Market Realist]
▶ Is DHT Holdings Inc (NYSE:DHT) A Buy At Its Current PE Ratio?   [Dec-20-17 09:35AM  Simply Wall St.]
▶ US Crude Oil Exports to China: Highest in November   [Dec-14-17 02:55PM  Market Realist]
▶ Chinas Crude Oil Imports Are at Record Levels   [01:25PM  Market Realist]
▶ Euronav, DHT Holdings Selling Their Old Vessels   [Dec-01-17 09:04AM  Market Realist]
▶ Frontlines Stock Has Fallen 10.5% in November   [Nov-30-17 10:10AM  Market Realist]
▶ Chinas Crude Oil Imports: Lowest in the Last 13 Months   [Nov-28-17 03:00PM  Market Realist]
▶ DHT Holdings, Inc. announces sale of its three oldest VLCCs   [Nov-24-17 05:28AM  GlobeNewswire]
▶ Sneak Peek into Frontlines Upcoming 3Q17 Results   [Nov-17-17 11:51AM  Market Realist]
▶ DHT Holdings, Inc. to Host Earnings Call   [Nov-14-17 06:10AM  ACCESSWIRE]
▶ DHT Holdings reports 3Q loss   [Nov-13-17 04:55PM  Associated Press]
▶ Nordic American Tankers Fleet and the Global Fleet   [Nov-10-17 10:33AM  Market Realist]
▶ Week 43: Where Are Bunker Fuel Prices Headed?   [Nov-01-17 07:34AM  Market Realist]
▶ Did Bunker Fuel Prices Rise in Week 42?   [Oct-27-17 02:35PM  Market Realist]
▶ Week 41: Where Are Crude and Bunker Fuel Prices Heading?   [Oct-18-17 03:06PM  Market Realist]
▶ What Analysts Expect for DHT Holdings 3Q Performance   [Oct-10-17 09:11AM  Market Realist]
▶ How Crude Tanker Stocks Performed in 3Q17   [Oct-09-17 09:44AM  Market Realist]
▶ Bunker Fuel Prices Rose, Oil Hit a 2-Year High in Week 39   [Oct-03-17 05:06PM  Market Realist]
▶ Why Crude Tanker Rates Fell in the Third Quarter of 2017   [Sep-29-17 05:36PM  Market Realist]
▶ Crude and Bunker Fuel Prices Rose in Week 38   [Sep-28-17 10:39AM  Market Realist]
▶ Tracking Indias Crude Oil Imports and Demand   [Sep-27-17 11:01AM  Market Realist]
▶ How Did Tsakos Energy Navigations Top Line Fare in 2Q17?   [Sep-25-17 10:38AM  Market Realist]
▶ Chinas Crude Oil Imports Hit a 2017 Low   [Sep-21-17 07:39AM  Market Realist]
▶ Week 37: Bunker Fuel Prices Rose   [02:06PM  Market Realist]
▶ Chinas Auto Sales Rose in August, Impacted Crude Tankers   [Sep-18-17 07:39AM  Market Realist]
▶ Chinas Crude Imports Fell in August   [Sep-15-17 09:14AM  Market Realist]
▶ Why Bunker Fuel and Crude Oil Prices Rose in Week 36   [Sep-13-17 04:36PM  Market Realist]
▶ What Is DHT Holdings Incs (DHT) Share Price Doing?   [Sep-08-17 07:32PM  Simply Wall St.]
▶ Frontlines 2Q17 Revenue Expected to Fall 45%   [Aug-28-17 07:37AM  Market Realist]
▶ Behind Euronavs New Fixed Dividend Policy   [Aug-17-17 10:37AM  Market Realist]
Financial statements of DHT
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.

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