Intrinsic value of DHT Holdings - DHT

Previous Close

$4.08

  Intrinsic Value

$5.04

stock screener

  Rating & Target

buy

+24%

  Value-price divergence*

-18%

Previous close

$4.08

 
Intrinsic value

$5.04

 
Up/down potential

+24%

 
Rating

buy

 
Value-price divergence*

-18%

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

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

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 0.6

 

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
  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
Interest expense (income), $m
  28
  26
  27
  28
  28
  29
  30
  31
  32
  33
  35
  36
  37
  39
  41
  42
  44
  46
  48
  50
  53
  55
  58
  60
  63
  66
  70
  73
  76
  80
  84
Earnings before tax, $m
  9
  108
  111
  114
  117
  121
  125
  129
  133
  138
  144
  149
  156
  162
  169
  176
  184
  192
  201
  210
  219
  230
  240
  252
  263
  276
  289
  303
  318
  333
  349
Tax expense, $m
  0
  29
  30
  31
  32
  33
  34
  35
  36
  37
  39
  40
  42
  44
  46
  48
  50
  52
  54
  57
  59
  62
  65
  68
  71
  75
  78
  82
  86
  90
  94
Net income, $m
  9
  79
  81
  83
  85
  88
  91
  94
  97
  101
  105
  109
  114
  118
  123
  129
  134
  140
  146
  153
  160
  168
  175
  184
  192
  201
  211
  221
  232
  243
  255

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
  1,370
  1,402
  1,438
  1,478
  1,523
  1,572
  1,626
  1,684
  1,746
  1,813
  1,885
  1,961
  2,043
  2,129
  2,221
  2,319
  2,422
  2,531
  2,646
  2,767
  2,896
  3,031
  3,173
  3,324
  3,482
  3,649
  3,824
  4,008
  4,203
  4,407
Adjusted assets (=assets-cash), $m
  1,344
  1,370
  1,402
  1,438
  1,478
  1,523
  1,572
  1,626
  1,684
  1,746
  1,813
  1,885
  1,961
  2,043
  2,129
  2,221
  2,319
  2,422
  2,531
  2,646
  2,767
  2,896
  3,031
  3,173
  3,324
  3,482
  3,649
  3,824
  4,008
  4,203
  4,407
Revenue / Adjusted assets
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
Average production assets, $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
  0
Working capital, $m
  105
  105
  107
  110
  113
  117
  120
  125
  129
  134
  139
  144
  150
  156
  163
  170
  178
  185
  194
  203
  212
  222
  232
  243
  255
  267
  279
  293
  307
  322
  337
Total debt, $m
  702
  657
  673
  690
  710
  732
  757
  783
  811
  842
  875
  910
  948
  988
  1,031
  1,076
  1,124
  1,174
  1,228
  1,285
  1,345
  1,408
  1,474
  1,544
  1,618
  1,696
  1,778
  1,864
  1,955
  2,051
  2,151
Total liabilities, $m
  719
  674
  690
  707
  727
  749
  774
  800
  828
  859
  892
  927
  965
  1,005
  1,048
  1,093
  1,141
  1,191
  1,245
  1,302
  1,362
  1,425
  1,491
  1,561
  1,635
  1,713
  1,795
  1,881
  1,972
  2,068
  2,168
Total equity, $m
  685
  696
  712
  730
  751
  774
  799
  826
  855
  887
  921
  958
  996
  1,038
  1,082
  1,128
  1,178
  1,230
  1,286
  1,344
  1,406
  1,471
  1,540
  1,612
  1,688
  1,769
  1,853
  1,943
  2,036
  2,135
  2,239
Total liabilities and equity, $m
  1,404
  1,370
  1,402
  1,437
  1,478
  1,523
  1,573
  1,626
  1,683
  1,746
  1,813
  1,885
  1,961
  2,043
  2,130
  2,221
  2,319
  2,421
  2,531
  2,646
  2,768
  2,896
  3,031
  3,173
  3,323
  3,482
  3,648
  3,824
  4,008
  4,203
  4,407
Debt-to-equity ratio
  1.025
  0.940
  0.940
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
Adjusted equity ratio
  0.465
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  9
  79
  81
  83
  85
  88
  91
  94
  97
  101
  105
  109
  114
  118
  123
  129
  134
  140
  146
  153
  160
  168
  175
  184
  192
  201
  211
  221
  232
  243
  255
Depreciation, amort., depletion, $m
  84
  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
Funds from operations, $m
  199
  79
  81
  83
  85
  88
  91
  94
  97
  101
  105
  109
  114
  118
  123
  129
  134
  140
  146
  153
  160
  168
  175
  184
  192
  201
  211
  221
  232
  243
  255
Change in working capital, $m
  5
  2
  2
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  13
  14
  15
  16
Cash from operations, $m
  194
  77
  79
  80
  82
  85
  87
  90
  93
  96
  100
  104
  108
  112
  117
  122
  127
  132
  138
  144
  151
  158
  165
  173
  181
  189
  198
  208
  218
  228
  239
Maintenance CAPEX, $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
  0
New CAPEX, $m
  -235
  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 investing activities, $m
  -213
  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
Free cash flow, $m
  -19
  77
  79
  80
  82
  85
  87
  90
  93
  96
  100
  104
  108
  112
  117
  122
  127
  132
  138
  144
  151
  158
  165
  173
  181
  189
  198
  208
  218
  228
  239
Issuance/(repayment) of debt, $m
  30
  13
  16
  18
  20
  22
  24
  26
  29
  31
  33
  35
  38
  40
  43
  45
  48
  51
  54
  57
  60
  63
  67
  70
  74
  78
  82
  86
  91
  96
  100
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
  13
  16
  18
  20
  22
  24
  26
  29
  31
  33
  35
  38
  40
  43
  45
  48
  51
  54
  57
  60
  63
  67
  70
  74
  78
  82
  86
  91
  96
  100
Total cash flow (excl. dividends), $m
  9
  90
  94
  98
  102
  107
  111
  116
  121
  127
  133
  139
  145
  152
  159
  167
  175
  183
  192
  201
  211
  221
  232
  243
  255
  267
  280
  294
  309
  324
  340
Retained Cash Flow (-), $m
  53
  -13
  -16
  -18
  -21
  -23
  -25
  -27
  -29
  -32
  -34
  -36
  -39
  -41
  -44
  -47
  -49
  -52
  -55
  -58
  -62
  -65
  -69
  -72
  -76
  -80
  -85
  -89
  -94
  -99
  -104
Prev. year cash balance distribution, $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
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
 
  79
  78
  80
  82
  84
  86
  89
  92
  95
  99
  102
  106
  111
  115
  120
  125
  131
  136
  142
  149
  156
  163
  170
  178
  187
  196
  205
  215
  225
  236
Discount rate, %
 
  7.00
  7.35
  7.72
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.86
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.70
  24.89
  26.13
  27.44
  28.81
PV of cash for distribution, $m
 
  74
  68
  64
  60
  56
  52
  48
  43
  39
  35
  31
  27
  24
  20
  17
  14
  12
  9
  7
  6
  4
  3
  2
  2
  1
  1
  1
  0
  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. operates a fleet of crude oil tankers. As of March 21, 2017, the Company's fleet consisted of 21 crude oil tankers in operation. As of March 21, 2017, the Company's fleet consisted of 19 very large crude carriers (VLCCs), which are tankers ranging in size from 200,000 to 320,000 deadweight tons (dwt), and two Aframax tankers (Aframaxes), which are tankers ranging in size from 80,000 to 120,000 dwt. As of December 31, 2016, the Company's fleet in operation had a combined carrying capacity of 6,087,095 dwt. As of March 21, 2017, the Company's VLCCs included DHT Ann, DHT Eagle, DHT Phoenix, DHT Hawk, DHT Condor, DHT Scandinavia, DHT China, DHT Amazon, DHT Redwood, DHT Sundarbans, DHT Taiga, DHT Leopard, DHT Lion, DHT Panther and DHT Puma. As of March 21, 2017, the Company's Aframaxes are DHT Cathy and DHT Sophie.

FINANCIAL RATIOS  of  DHT Holdings (DHT)

Valuation Ratios
P/E Ratio 42.4
Price to Sales 1.1
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 2
Price to Free Cash Flow -9.3
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 7%, 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 4.1% 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 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 DHT are equal to 0%.

Life of production assets of 0 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 28.9%. 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 143.082 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 $0.6 billion.

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COMPANY NEWS

▶ 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]
▶ Chinas Crude Oil Imports Fell to a 7-Month Low   [Aug-09-17 11:06AM  Market Realist]
▶ DHT Holdings tops Street 2Q forecasts   [Aug-08-17 11:56PM  Associated Press]
▶ Navios Maritime Midstream Partners Financial Health after Q2   [Aug-01-17 09:07AM  Market Realist]
▶ Analysts and Teekay Tankers Upcoming 2Q17 Results   [Jul-14-17 10:36AM  Market Realist]
▶ No Sell Ratings for DHT Holdings   [Jul-13-17 10:37AM  Market Realist]
▶ DHT Holdings, Inc. Announces Update to Capital Structure   [Jul-06-17 04:31PM  GlobeNewswire]
▶ Will Chinas Crude Oil Imports Keep Rising?   [09:07AM  Market Realist]
▶ What the Rise in Floating Storage Means for Crude Tankers   [Jun-30-17 03:35PM  Market Realist]
▶ Why Crude Tanker Rates Matter   [02:05PM  Market Realist]
▶ ETFs with exposure to DHT Holdings, Inc. : June 19, 2017   [Jun-19-17 03:11PM  Capital Cube]
▶ Is US Oil Demand Falling?   [Jun-02-17 09:06AM  Market Realist]
▶ What Analysts Recommend for Crude Tankers in Week 21   [Jun-01-17 09:08AM  Market Realist]
▶ Today's Top Supply Chain and Logistics News From WSJ   [05:44AM  The Wall Street Journal]
▶ Why Crude Tanker Rates Fell in May 2017   [May-31-17 05:05PM  Market Realist]
▶ Frontline Q1 profit misses forecast   [May-30-17 03:01AM  Reuters]
▶ Analysts Recommendations for Crude Tankers in Week 20   [May-25-17 01:35PM  Market Realist]
▶ Bunker Fuel Prices Rose in Week 19   [May-16-17 10:39AM  Market Realist]
▶ Chinas Imports: 12.5% Higher in First 4 Months of 2017   [May-15-17 10:39AM  Market Realist]
▶ Analysts Recommendations for Crude Tankers after Week 18   [May-10-17 10:38AM  Market Realist]
▶ DHT Holdings beats 1Q profit forecasts   [May-08-17 05:19PM  Associated Press]
▶ Is US Oil Demand Benefiting Crude Oil Tanker Industry?   [May-02-17 07:38AM  Market Realist]
▶ Why Navios Midstreams Latest Dividend Matters   [07:39AM  Market Realist]
▶ How Crude Tanker Stocks Have Performed This Year   [Apr-27-17 04:16PM  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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