Intrinsic value of Diana Shipping - DSX

Previous Close

$4.06

  Intrinsic Value

$2.55

stock screener

  Rating & Target

sell

-37%

Previous close

$4.06

 
Intrinsic value

$2.55

 
Up/down potential

-37%

 
Rating

sell

We calculate the intrinsic value of DSX 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 0.4

 

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, %
  -27.85
  35.70
  32.63
  29.87
  27.38
  25.14
  23.13
  21.32
  19.68
  18.22
  16.89
  15.70
  14.63
  13.67
  12.80
  12.02
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.79
  6.61
  6.45
Revenue, $m
  114
  155
  205
  266
  339
  425
  523
  634
  759
  898
  1,049
  1,214
  1,392
  1,582
  1,785
  1,999
  2,225
  2,463
  2,713
  2,973
  3,245
  3,529
  3,824
  4,130
  4,449
  4,781
  5,125
  5,483
  5,855
  6,242
  6,644
Variable operating expenses, $m
 
  41
  54
  70
  89
  112
  138
  167
  200
  236
  276
  319
  366
  416
  469
  526
  585
  648
  713
  782
  853
  928
  1,006
  1,086
  1,170
  1,257
  1,348
  1,442
  1,540
  1,642
  1,747
Fixed operating expenses, $m
 
  172
  177
  181
  185
  190
  195
  200
  205
  210
  215
  220
  226
  232
  237
  243
  249
  256
  262
  269
  275
  282
  289
  296
  304
  311
  319
  327
  335
  344
  352
Total operating expenses, $m
  203
  213
  231
  251
  274
  302
  333
  367
  405
  446
  491
  539
  592
  648
  706
  769
  834
  904
  975
  1,051
  1,128
  1,210
  1,295
  1,382
  1,474
  1,568
  1,667
  1,769
  1,875
  1,986
  2,099
Operating income, $m
  -88
  -58
  -25
  15
  65
  123
  191
  268
  355
  452
  558
  674
  800
  934
  1,078
  1,230
  1,391
  1,560
  1,737
  1,923
  2,116
  2,318
  2,529
  2,748
  2,975
  3,212
  3,458
  3,714
  3,980
  4,256
  4,544
EBITDA, $m
  -6
  53
  122
  207
  309
  428
  567
  724
  901
  1,097
  1,313
  1,547
  1,800
  2,072
  2,361
  2,667
  2,991
  3,331
  3,687
  4,060
  4,449
  4,855
  5,277
  5,717
  6,174
  6,648
  7,142
  7,655
  8,189
  8,743
  9,321
Interest expense (income), $m
  19
  19
  25
  34
  44
  56
  70
  87
  105
  126
  149
  175
  202
  232
  263
  297
  333
  371
  411
  452
  496
  541
  588
  637
  689
  742
  797
  855
  914
  976
  1,041
Earnings before tax, $m
  -164
  -77
  -51
  -18
  21
  67
  120
  181
  250
  326
  409
  500
  598
  703
  814
  933
  1,058
  1,189
  1,327
  1,471
  1,621
  1,777
  1,941
  2,110
  2,287
  2,470
  2,661
  2,859
  3,065
  3,280
  3,503
Tax expense, $m
  0
  0
  0
  0
  6
  18
  32
  49
  67
  88
  110
  135
  161
  190
  220
  252
  286
  321
  358
  397
  438
  480
  524
  570
  617
  667
  718
  772
  828
  886
  946
Net income, $m
  -164
  -77
  -51
  -18
  15
  49
  88
  132
  182
  238
  299
  365
  436
  513
  595
  681
  772
  868
  968
  1,074
  1,183
  1,298
  1,417
  1,540
  1,669
  1,803
  1,942
  2,087
  2,238
  2,394
  2,558

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  98
  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
  1,669
  2,119
  2,811
  3,650
  4,649
  5,818
  7,164
  8,691
  10,402
  12,297
  14,374
  16,632
  19,065
  21,672
  24,446
  27,386
  30,486
  33,745
  37,159
  40,730
  44,455
  48,337
  52,378
  56,580
  60,949
  65,489
  70,207
  75,110
  80,206
  85,505
  91,016
Adjusted assets (=assets-cash), $m
  1,571
  2,119
  2,811
  3,650
  4,649
  5,818
  7,164
  8,691
  10,402
  12,297
  14,374
  16,632
  19,065
  21,672
  24,446
  27,386
  30,486
  33,745
  37,159
  40,730
  44,455
  48,337
  52,378
  56,580
  60,949
  65,489
  70,207
  75,110
  80,206
  85,505
  91,016
Revenue / Adjusted assets
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
Average production assets, $m
  1,492
  2,024
  2,684
  3,486
  4,441
  5,557
  6,842
  8,301
  9,935
  11,744
  13,728
  15,884
  18,209
  20,698
  23,348
  26,155
  29,116
  32,228
  35,489
  38,899
  42,457
  46,165
  50,024
  54,038
  58,210
  62,546
  67,051
  71,734
  76,601
  81,662
  86,926
Working capital, $m
  37
  5
  7
  9
  12
  15
  18
  22
  27
  31
  37
  42
  49
  55
  62
  70
  78
  86
  95
  104
  114
  124
  134
  145
  156
  167
  179
  192
  205
  218
  233
Total debt, $m
  598
  723
  964
  1,256
  1,604
  2,011
  2,479
  3,011
  3,606
  4,265
  4,988
  5,774
  6,621
  7,528
  8,493
  9,516
  10,595
  11,729
  12,917
  14,160
  15,456
  16,807
  18,214
  19,676
  21,196
  22,776
  24,418
  26,124
  27,898
  29,742
  31,660
Total liabilities, $m
  612
  737
  978
  1,270
  1,618
  2,025
  2,493
  3,025
  3,620
  4,279
  5,002
  5,788
  6,635
  7,542
  8,507
  9,530
  10,609
  11,743
  12,931
  14,174
  15,470
  16,821
  18,228
  19,690
  21,210
  22,790
  24,432
  26,138
  27,912
  29,756
  31,674
Total equity, $m
  1,057
  1,382
  1,833
  2,380
  3,031
  3,794
  4,671
  5,667
  6,782
  8,017
  9,372
  10,844
  12,431
  14,130
  15,939
  17,855
  19,877
  22,001
  24,228
  26,556
  28,985
  31,516
  34,150
  36,890
  39,739
  42,699
  45,775
  48,971
  52,294
  55,749
  59,343
Total liabilities and equity, $m
  1,669
  2,119
  2,811
  3,650
  4,649
  5,819
  7,164
  8,692
  10,402
  12,296
  14,374
  16,632
  19,066
  21,672
  24,446
  27,385
  30,486
  33,744
  37,159
  40,730
  44,455
  48,337
  52,378
  56,580
  60,949
  65,489
  70,207
  75,109
  80,206
  85,505
  91,017
Debt-to-equity ratio
  0.566
  0.520
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
Adjusted equity ratio
  0.610
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -164
  -77
  -51
  -18
  15
  49
  88
  132
  182
  238
  299
  365
  436
  513
  595
  681
  772
  868
  968
  1,074
  1,183
  1,298
  1,417
  1,540
  1,669
  1,803
  1,942
  2,087
  2,238
  2,394
  2,558
Depreciation, amort., depletion, $m
  82
  111
  147
  192
  244
  305
  376
  456
  546
  645
  754
  873
  1,000
  1,137
  1,283
  1,437
  1,600
  1,771
  1,950
  2,137
  2,333
  2,537
  2,749
  2,969
  3,198
  3,437
  3,684
  3,941
  4,209
  4,487
  4,776
Funds from operations, $m
  -25
  34
  97
  173
  259
  354
  464
  588
  728
  883
  1,053
  1,238
  1,437
  1,650
  1,877
  2,118
  2,372
  2,639
  2,918
  3,211
  3,516
  3,834
  4,165
  4,510
  4,868
  5,240
  5,627
  6,029
  6,447
  6,881
  7,334
Change in working capital, $m
  -4
  1
  2
  2
  3
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
Cash from operations, $m
  -21
  33
  95
  171
  257
  351
  460
  584
  724
  878
  1,048
  1,232
  1,431
  1,644
  1,870
  2,111
  2,364
  2,630
  2,910
  3,202
  3,507
  3,824
  4,155
  4,499
  4,856
  5,228
  5,614
  6,016
  6,434
  6,868
  7,320
Maintenance CAPEX, $m
  0
  -82
  -111
  -147
  -192
  -244
  -305
  -376
  -456
  -546
  -645
  -754
  -873
  -1,000
  -1,137
  -1,283
  -1,437
  -1,600
  -1,771
  -1,950
  -2,137
  -2,333
  -2,537
  -2,749
  -2,969
  -3,198
  -3,437
  -3,684
  -3,941
  -4,209
  -4,487
New CAPEX, $m
  -51
  -532
  -660
  -802
  -954
  -1,116
  -1,285
  -1,458
  -1,634
  -1,810
  -1,984
  -2,156
  -2,324
  -2,489
  -2,650
  -2,807
  -2,961
  -3,112
  -3,261
  -3,410
  -3,558
  -3,708
  -3,859
  -4,014
  -4,172
  -4,336
  -4,506
  -4,683
  -4,867
  -5,061
  -5,264
Cash from investing activities, $m
  -42
  -614
  -771
  -949
  -1,146
  -1,360
  -1,590
  -1,834
  -2,090
  -2,356
  -2,629
  -2,910
  -3,197
  -3,489
  -3,787
  -4,090
  -4,398
  -4,712
  -5,032
  -5,360
  -5,695
  -6,041
  -6,396
  -6,763
  -7,141
  -7,534
  -7,943
  -8,367
  -8,808
  -9,270
  -9,751
Free cash flow, $m
  -63
  -581
  -676
  -778
  -889
  -1,009
  -1,130
  -1,250
  -1,366
  -1,477
  -1,582
  -1,678
  -1,767
  -1,846
  -1,917
  -1,979
  -2,034
  -2,081
  -2,122
  -2,158
  -2,189
  -2,216
  -2,241
  -2,263
  -2,285
  -2,306
  -2,328
  -2,351
  -2,375
  -2,402
  -2,431
Issuance/(repayment) of debt, $m
  -3
  190
  241
  292
  348
  407
  468
  531
  595
  659
  723
  786
  847
  907
  966
  1,023
  1,079
  1,134
  1,188
  1,242
  1,297
  1,351
  1,406
  1,462
  1,520
  1,580
  1,642
  1,706
  1,774
  1,844
  1,918
Issuance/(repurchase) of shares, $m
  0
  435
  501
  566
  636
  713
  790
  863
  933
  998
  1,056
  1,107
  1,151
  1,186
  1,215
  1,235
  1,249
  1,257
  1,258
  1,254
  1,246
  1,234
  1,218
  1,200
  1,179
  1,157
  1,134
  1,110
  1,085
  1,060
  1,036
Cash from financing (excl. dividends), $m  
  -5
  625
  742
  858
  984
  1,120
  1,258
  1,394
  1,528
  1,657
  1,779
  1,893
  1,998
  2,093
  2,181
  2,258
  2,328
  2,391
  2,446
  2,496
  2,543
  2,585
  2,624
  2,662
  2,699
  2,737
  2,776
  2,816
  2,859
  2,904
  2,954
Total cash flow (excl. dividends), $m
  -68
  44
  66
  80
  95
  111
  128
  145
  162
  180
  197
  214
  231
  247
  263
  279
  294
  309
  324
  339
  353
  368
  383
  399
  414
  431
  448
  465
  483
  503
  523
Retained Cash Flow (-), $m
  161
  -435
  -501
  -566
  -652
  -762
  -877
  -996
  -1,115
  -1,235
  -1,354
  -1,472
  -1,587
  -1,699
  -1,809
  -1,916
  -2,021
  -2,125
  -2,227
  -2,328
  -2,429
  -2,531
  -2,634
  -2,740
  -2,848
  -2,960
  -3,076
  -3,197
  -3,323
  -3,455
  -3,594
Prev. year cash balance distribution, $m
 
  33
  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
 
  -358
  -436
  -486
  -557
  -651
  -750
  -851
  -953
  -1,056
  -1,157
  -1,258
  -1,356
  -1,452
  -1,546
  -1,638
  -1,727
  -1,815
  -1,903
  -1,989
  -2,076
  -2,163
  -2,251
  -2,341
  -2,434
  -2,529
  -2,628
  -2,732
  -2,839
  -2,952
  -3,071
Discount rate, %
 
  8.00
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
PV of cash for distribution, $m
 
  -331
  -371
  -377
  -391
  -410
  -418
  -417
  -406
  -386
  -359
  -327
  -291
  -254
  -216
  -180
  -147
  -118
  -92
  -70
  -52
  -38
  -27
  -19
  -12
  -8
  -5
  -3
  -2
  -1
  -1
Current shareholders' claim on cash, %
  100
  62.3
  41.0
  28.5
  20.6
  15.4
  11.9
  9.4
  7.6
  6.3
  5.3
  4.5
  3.9
  3.5
  3.1
  2.8
  2.5
  2.3
  2.1
  2.0
  1.9
  1.8
  1.7
  1.6
  1.5
  1.5
  1.4
  1.4
  1.3
  1.3
  1.2

Diana Shipping Inc. is a holding company. The Company is a provider of shipping transportation services. The Company specializes in the ownership of dry bulk vessels. As of February 16, 2017, the Company's operating fleet consisted of 48 dry bulk carriers, of which 23 were Panamax, four were Kamsarmax, three were Post-Panamax, 14 were Capesize and four were Newcastlemax vessels, having a combined carrying capacity of approximately 5.7 million deadweight tonnage (dwt). As of February 16, 2017, the Company's fleet included Danae, Dione, Nirefs, Alcyon, Triton, Thetis, Protefs, Calipso, Clio, Erato, Coronis, Melite, Leto, Artemis, Selina, Atalandi, Maia, Medusa, Norfolk, Aliki, Semirio, Boston, Seattle, Santa Barbara, New Orleans, Los Angeles, San Francisco and Newport News. The Company charters its dry bulk carriers to customers primarily pursuant to time charters.

FINANCIAL RATIOS  of  Diana Shipping (DSX)

Valuation Ratios
P/E Ratio -2.1
Price to Sales 3
Price to Book 0.3
Price to Tangible Book
Price to Cash Flow -16.4
Price to Free Cash Flow -4.8
Growth Rates
Sales Growth Rate -27.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -67.3%
Cap. Spend. - 3 Yr. Gr. Rate -23.8%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 50.4%
Total Debt to Equity 56.6%
Interest Coverage -8
Management Effectiveness
Return On Assets -8.3%
Ret/ On Assets - 3 Yr. Avg. -3.8%
Return On Total Capital -9.4%
Ret/ On T. Cap. - 3 Yr. Avg. -4.6%
Return On Equity -14.4%
Return On Equity - 3 Yr. Avg. -6.8%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 12.3%
Gross Margin - 3 Yr. Avg. 30.3%
EBITDA Margin -55.3%
EBITDA Margin - 3 Yr. Avg. -0.3%
Operating Margin -78.1%
Oper. Margin - 3 Yr. Avg. -39.3%
Pre-Tax Margin -143.9%
Pre-Tax Margin - 3 Yr. Avg. -63.6%
Net Profit Margin -143.9%
Net Profit Margin - 3 Yr. Avg. -63.6%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio -3.7%

DSX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DSX stock intrinsic value calculation we used $114 million for the last fiscal year's total revenue generated by Diana Shipping. The default revenue input number comes from 2016 income statement of Diana 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 DSX stock valuation model: a) initial revenue growth rate of 35.7% 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%, whose default value for DSX is calculated based on our internal credit rating of Diana 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 Diana 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 DSX stock the variable cost ratio is equal to 26.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $168 million in the base year in the intrinsic value calculation for DSX 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 Diana Shipping.

Corporate tax rate of 27% is the nominal tax rate for Diana 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 DSX 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 DSX are equal to 1308.3%.

Life of production assets of 18.2 years is the average useful life of capital assets used in Diana 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 DSX 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 - $1057 million for Diana 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 103.506 million for Diana 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 Diana Shipping at the current share price and the inputted number of shares is $0.4 billion.

RELATED COMPANIES Price Int.Val. Rating
SHIP Seanergy Marit 1.08 3.05  str.buy
DCIX Diana Containe 5.24 8.51  str.buy
ESEA Euroseas 1.82 1.97  hold
SBLK Star Bulk Carr 11.45 4.04  str.sell
GLBS Globus Maritim 1.22 0.19  str.sell

COMPANY NEWS

▶ Better Buy: Seaspan Corporation vs. Diana Shipping Inc.   [Dec-12-17 04:32PM  Motley Fool]
▶ Diana Shipping reports 3Q loss   [Nov-21-17 08:13AM  Associated Press]
▶ Should You Buy Diana Shipping Inc (DSX)?   [06:49AM  Simply Wall St.]
▶ Diana Shipping reports 2Q loss   [Jul-26-17 09:56PM  Associated Press]
▶ Diana Shipping reports 1Q loss   [08:38AM  Associated Press]
▶ Is Management Really to Blame for DryShips Inc.'s Woes?   [May-15-17 04:30PM  Motley Fool]
▶ Why Diana Shipping Stock Sank 13% in April   [May-08-17 02:05PM  Motley Fool]
▶ Why Rite Aid, Diana Shipping, and Finisar Slumped Today   [Apr-19-17 05:03PM  Motley Fool]
▶ Why Diana Shipping Stock Soared 17%   [01:31PM  Motley Fool]
▶ Shipping Stocks Encounter Volatility   [Mar-16-17 03:39PM  Investopedia]
Financial statements of DSX
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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