Intrinsic value of Frontline - FRO

Previous Close

$5.34

  Intrinsic Value

$1.58

stock screener

  Rating & Target

str. sell

-70%

Previous close

$5.34

 
Intrinsic value

$1.58

 
Up/down potential

-70%

 
Rating

str. sell

We calculate the intrinsic value of FRO 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, %
  64.27
  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
  754
  659
  674
  691
  711
  732
  756
  782
  810
  840
  872
  906
  943
  982
  1,024
  1,068
  1,115
  1,165
  1,217
  1,272
  1,331
  1,392
  1,457
  1,526
  1,598
  1,674
  1,754
  1,839
  1,928
  2,021
  2,119
Variable operating expenses, $m
 
  503
  515
  527
  542
  558
  576
  595
  616
  638
  662
  677
  704
  733
  765
  798
  832
  869
  909
  950
  994
  1,040
  1,088
  1,139
  1,193
  1,250
  1,310
  1,373
  1,439
  1,509
  1,582
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
  584
  503
  515
  527
  542
  558
  576
  595
  616
  638
  662
  677
  704
  733
  765
  798
  832
  869
  909
  950
  994
  1,040
  1,088
  1,139
  1,193
  1,250
  1,310
  1,373
  1,439
  1,509
  1,582
Operating income, $m
  170
  156
  160
  164
  169
  174
  180
  187
  194
  202
  210
  230
  239
  249
  259
  271
  282
  295
  308
  322
  337
  353
  369
  387
  405
  424
  444
  466
  488
  512
  537
EBITDA, $m
  311
  439
  449
  460
  473
  488
  503
  521
  539
  559
  581
  604
  628
  654
  682
  711
  742
  775
  810
  847
  886
  927
  971
  1,016
  1,064
  1,115
  1,168
  1,225
  1,284
  1,346
  1,411
Interest expense (income), $m
  53
  101
  104
  106
  109
  112
  116
  119
  124
  128
  133
  138
  144
  150
  156
  163
  170
  178
  186
  194
  203
  213
  223
  234
  245
  257
  269
  282
  296
  310
  325
Earnings before tax, $m
  118
  54
  56
  58
  60
  62
  65
  67
  70
  73
  77
  91
  95
  99
  103
  108
  112
  117
  122
  128
  134
  140
  146
  153
  160
  168
  176
  184
  193
  202
  212
Tax expense, $m
  0
  15
  15
  16
  16
  17
  17
  18
  19
  20
  21
  25
  26
  27
  28
  29
  30
  32
  33
  35
  36
  38
  39
  41
  43
  45
  47
  50
  52
  54
  57
Net income, $m
  117
  40
  41
  42
  44
  45
  47
  49
  51
  54
  56
  67
  69
  72
  75
  79
  82
  86
  89
  93
  98
  102
  107
  112
  117
  122
  128
  134
  141
  147
  154

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  221
  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
  2,966
  3,199
  3,272
  3,356
  3,451
  3,555
  3,670
  3,795
  3,930
  4,076
  4,233
  4,400
  4,579
  4,769
  4,971
  5,185
  5,412
  5,653
  5,907
  6,176
  6,460
  6,759
  7,075
  7,408
  7,759
  8,128
  8,517
  8,926
  9,357
  9,810
  10,287
Adjusted assets (=assets-cash), $m
  2,745
  3,199
  3,272
  3,356
  3,451
  3,555
  3,670
  3,795
  3,930
  4,076
  4,233
  4,400
  4,579
  4,769
  4,971
  5,185
  5,412
  5,653
  5,907
  6,176
  6,460
  6,759
  7,075
  7,408
  7,759
  8,128
  8,517
  8,926
  9,357
  9,810
  10,287
Revenue / Adjusted assets
  0.275
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
Average production assets, $m
  615
  2,719
  2,781
  2,853
  2,933
  3,022
  3,119
  3,226
  3,341
  3,465
  3,598
  3,740
  3,892
  4,053
  4,225
  4,407
  4,600
  4,805
  5,021
  5,249
  5,491
  5,745
  6,013
  6,296
  6,594
  6,908
  7,239
  7,587
  7,953
  8,338
  8,743
Working capital, $m
  201
  42
  42
  44
  45
  46
  48
  49
  51
  53
  55
  57
  59
  62
  65
  67
  70
  73
  77
  80
  84
  88
  92
  96
  101
  105
  111
  116
  121
  127
  134
Total debt, $m
  1,405
  1,919
  1,964
  2,017
  2,075
  2,140
  2,212
  2,289
  2,373
  2,464
  2,561
  2,665
  2,776
  2,894
  3,019
  3,152
  3,294
  3,443
  3,601
  3,768
  3,944
  4,130
  4,326
  4,533
  4,751
  4,980
  5,221
  5,476
  5,743
  6,024
  6,320
Total liabilities, $m
  1,467
  1,986
  2,032
  2,084
  2,143
  2,208
  2,279
  2,357
  2,441
  2,531
  2,628
  2,732
  2,843
  2,961
  3,087
  3,220
  3,361
  3,510
  3,668
  3,835
  4,012
  4,198
  4,394
  4,600
  4,818
  5,047
  5,289
  5,543
  5,811
  6,092
  6,388
Total equity, $m
  1,500
  1,212
  1,240
  1,272
  1,308
  1,347
  1,391
  1,438
  1,490
  1,545
  1,604
  1,668
  1,735
  1,807
  1,884
  1,965
  2,051
  2,142
  2,239
  2,341
  2,448
  2,562
  2,681
  2,808
  2,941
  3,080
  3,228
  3,383
  3,546
  3,718
  3,899
Total liabilities and equity, $m
  2,967
  3,198
  3,272
  3,356
  3,451
  3,555
  3,670
  3,795
  3,931
  4,076
  4,232
  4,400
  4,578
  4,768
  4,971
  5,185
  5,412
  5,652
  5,907
  6,176
  6,460
  6,760
  7,075
  7,408
  7,759
  8,127
  8,517
  8,926
  9,357
  9,810
  10,287
Debt-to-equity ratio
  0.937
  1.580
  1.580
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
  1.600
  1.600
  1.600
  1.600
  1.600
  1.600
  1.610
  1.610
  1.610
  1.610
  1.610
  1.610
  1.610
  1.610
  1.620
  1.620
  1.620
  1.620
  1.620
  1.620
  1.620
Adjusted equity ratio
  0.466
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  117
  40
  41
  42
  44
  45
  47
  49
  51
  54
  56
  67
  69
  72
  75
  79
  82
  86
  89
  93
  98
  102
  107
  112
  117
  122
  128
  134
  141
  147
  154
Depreciation, amort., depletion, $m
  141
  283
  289
  296
  304
  313
  323
  334
  345
  358
  371
  374
  389
  405
  422
  441
  460
  480
  502
  525
  549
  575
  601
  630
  659
  691
  724
  759
  795
  834
  874
Funds from operations, $m
  270
  323
  330
  339
  348
  359
  370
  383
  397
  411
  427
  441
  459
  478
  498
  519
  542
  566
  591
  618
  647
  677
  708
  741
  776
  813
  852
  893
  936
  981
  1,029
Change in working capital, $m
  -16
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
Cash from operations, $m
  286
  322
  329
  338
  347
  357
  369
  381
  395
  409
  425
  438
  456
  475
  495
  516
  539
  563
  588
  615
  643
  673
  704
  737
  772
  808
  847
  888
  930
  975
  1,023
Maintenance CAPEX, $m
  0
  -267
  -272
  -278
  -285
  -293
  -302
  -312
  -323
  -334
  -346
  -360
  -374
  -389
  -405
  -422
  -441
  -460
  -480
  -502
  -525
  -549
  -575
  -601
  -630
  -659
  -691
  -724
  -759
  -795
  -834
New CAPEX, $m
  -622
  -52
  -63
  -71
  -80
  -89
  -98
  -106
  -115
  -124
  -133
  -142
  -152
  -162
  -172
  -182
  -193
  -204
  -216
  -228
  -241
  -255
  -268
  -283
  -298
  -314
  -331
  -348
  -366
  -385
  -405
Cash from investing activities, $m
  -397
  -319
  -335
  -349
  -365
  -382
  -400
  -418
  -438
  -458
  -479
  -502
  -526
  -551
  -577
  -604
  -634
  -664
  -696
  -730
  -766
  -804
  -843
  -884
  -928
  -973
  -1,022
  -1,072
  -1,125
  -1,180
  -1,239
Free cash flow, $m
  -111
  3
  -5
  -12
  -18
  -25
  -31
  -37
  -43
  -49
  -55
  -64
  -70
  -76
  -82
  -88
  -95
  -102
  -109
  -116
  -123
  -131
  -139
  -147
  -156
  -165
  -174
  -184
  -194
  -205
  -216
Issuance/(repayment) of debt, $m
  125
  40
  46
  52
  59
  65
  71
  78
  84
  91
  97
  104
  111
  118
  125
  133
  141
  149
  158
  167
  176
  186
  196
  207
  218
  229
  242
  254
  267
  281
  296
Issuance/(repurchase) of shares, $m
  98
  0
  0
  0
  0
  0
  0
  0
  0
  2
  3
  0
  0
  0
  1
  3
  4
  6
  7
  9
  10
  11
  13
  14
  16
  18
  19
  21
  23
  24
  26
Cash from financing (excl. dividends), $m  
  214
  40
  46
  52
  59
  65
  71
  78
  84
  93
  100
  104
  111
  118
  126
  136
  145
  155
  165
  176
  186
  197
  209
  221
  234
  247
  261
  275
  290
  305
  322
Total cash flow (excl. dividends), $m
  103
  43
  41
  40
  40
  40
  40
  41
  41
  44
  46
  40
  41
  42
  45
  48
  50
  53
  56
  60
  63
  66
  70
  74
  78
  82
  86
  91
  96
  101
  106
Retained Cash Flow (-), $m
  -54
  -25
  -28
  -32
  -36
  -40
  -44
  -47
  -51
  -55
  -59
  -63
  -68
  -72
  -77
  -81
  -86
  -91
  -96
  -102
  -108
  -113
  -120
  -126
  -133
  -140
  -147
  -155
  -163
  -172
  -181
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
 
  17
  13
  8
  4
  1
  -3
  -7
  -10
  -12
  -13
  -23
  -26
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
Discount rate, %
 
  9.60
  10.08
  10.58
  11.11
  11.67
  12.25
  12.86
  13.51
  14.18
  14.89
  15.64
  16.42
  17.24
  18.10
  19.01
  19.96
  20.96
  22.00
  23.10
  24.26
  25.47
  26.75
  28.08
  29.49
  30.96
  32.51
  34.13
  35.84
  37.63
  39.51
PV of cash for distribution, $m
 
  16
  10
  6
  3
  0
  -2
  -3
  -4
  -4
  -3
  -5
  -4
  -4
  -3
  -2
  -2
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  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
  99.9
  99.6
  99.6
  99.6
  99.6
  99.5
  99.3
  99.0
  98.7
  98.2
  97.7
  97.2
  96.6
  96.0
  95.3
  94.6
  93.9
  93.1
  92.3
  91.5
  90.7
  89.9

Frontline Ltd. is a shipping company. The Company is engaged in the seaborne transportation of crude oil and oil products. Its tankers segment includes crude oil tankers and product tankers. As of December 31, 2016, the Company's fleet consisted of 28 vessels owned by the Company (seven very large crude carriers (VLCCs), 10 Suezmax tankers and 11 Aframax/LR2 tankers); 13 vessels that are under capital leases (11 VLCCs and two Suezmax tankers); one VLCC that is recorded as an investment in finance lease; four vessels chartered-in for periods of 12 months, including extension options (two VLCCs and two Suezmax tankers); two VLCCs where cost/revenue is split equally with a third party (of which one is chartered-in by it and one by a third party); three medium range product tankers that are chartered-in on short term time charters with a remaining duration of less than two months, and five vessels that are under commercial management (two Suezmax tankers and three Aframax oil tankers).

FINANCIAL RATIOS  of  Frontline (FRO)

Valuation Ratios
P/E Ratio 7.8
Price to Sales 1.2
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 3.2
Price to Free Cash Flow -2.7
Growth Rates
Sales Growth Rate 64.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -21%
Cap. Spend. - 3 Yr. Gr. Rate 26.9%
Financial Strength
Quick Ratio 2
Current Ratio 0.3
LT Debt to Equity 85.4%
Total Debt to Equity 93.7%
Interest Coverage 3
Management Effectiveness
Return On Assets 5.8%
Ret/ On Assets - 3 Yr. Avg. 6.8%
Return On Total Capital 4.1%
Ret/ On T. Cap. - 3 Yr. Avg. 7.2%
Return On Equity 7.9%
Return On Equity - 3 Yr. Avg. 15.7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 62.7%
Gross Margin - 3 Yr. Avg. 53.9%
EBITDA Margin 41.4%
EBITDA Margin - 3 Yr. Avg. 62.1%
Operating Margin 22.5%
Oper. Margin - 3 Yr. Avg. 44.3%
Pre-Tax Margin 15.6%
Pre-Tax Margin - 3 Yr. Avg. 42.7%
Net Profit Margin 15.5%
Net Profit Margin - 3 Yr. Avg. 37%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0.1%
Payout Ratio 141%

FRO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FRO stock intrinsic value calculation we used $646 million for the last fiscal year's total revenue generated by Frontline. The default revenue input number comes from 2016 income statement of Frontline. 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 FRO 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 9.6%, whose default value for FRO is calculated based on our internal credit rating of Frontline, 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 Frontline.
    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 FRO stock the variable cost ratio is equal to 76.4%.

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 FRO 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 Frontline.

Corporate tax rate of 27% is the nominal tax rate for Frontline. 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 FRO 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 FRO are equal to 412.6%.

Life of production assets of 10 years is the average useful life of capital assets used in Frontline 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 FRO is equal to 6.3%. 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 - $1187 million for Frontline - 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 170 million for Frontline 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 Frontline at the current share price and the inputted number of shares is $0.9 billion.

RELATED COMPANIES Price Int.Val. Rating
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GOGL Golden Ocean G 8.69 3.52  str.sell
DHT DHT Holdings 4.51 7.80  str.buy
TNK Teekay Tankers 1.04 3.59  str.buy
NAT Nordic America 2.39 2.29  buy
ASC Ardmore Shippi 7.25 2.89  str.sell
TGP Teekay LNG Par 16.40 5.27  str.sell

COMPANY NEWS

▶ Trump-Russia Summit Could Weigh on Crude Oil Prices   [Jul-13-18 04:06PM  TheStreet.com]
▶ FRO - 2018 Annual General Meeting   [Jul-03-18 09:40AM  GlobeNewswire]
▶ FRO - Investment in Feen Marine Scrubbers Inc.   [Jun-28-18 06:58AM  GlobeNewswire]
▶ Oil Markets Turn Bearish Ahead Of OPEC Meeting   [Jun-19-18 03:00PM  Oilprice.com]
▶ Frontline Ltd Shares Surge on Outlook for Oil Tanker Demand   [May-31-18 12:44PM  InvestorPlace]
▶ FRO - Q1 2018 Presentation   [08:16AM  GlobeNewswire]
▶ Frontline: 1Q Earnings Snapshot   [07:23AM  Associated Press]
▶ FRO - First Quarter 2018 Results   [02:50AM  GlobeNewswire]
▶ FRO - Filing of Annual Report on Form 20-F   [Mar-19-18 01:57PM  GlobeNewswire]
▶ FRO - Q4 2017 Presentation   [Feb-28-18 08:31AM  GlobeNewswire]
▶ Frontline Ltd. to Host Earnings Call   [07:30AM  ACCESSWIRE]
▶ Frontline reports 4Q loss   [05:59AM  Associated Press]
▶ 3 Lousy Stocks I'd Avoid   [Feb-23-18 08:02AM  Motley Fool]
▶ Key Updates from the Crude Tanker Industry Last Week   [Jan-25-18 09:04AM  Market Realist]
▶ Where Are Bunker Fuel Prices Heading?   [Jan-24-18 05:40PM  Market Realist]
▶ New Strong Sell Stocks for January 23rd   [Jan-23-18 07:59AM  Zacks]
▶ Week 2: Analysts Ratings for Crude Tanker Stocks   [Jan-16-18 03:10PM  Market Realist]
▶ Analyzing Bunker Fuel Prices in Week 2   [01:40PM  Market Realist]
▶ Week 2: Crude Tanker Industry Update   [12:05PM  Market Realist]
▶ UBS Downgraded Gener8 Maritime Partners   [Jan-12-18 07:34AM  Market Realist]
▶ Oil Price Reach 3-Year High: What about Bunker Fuel Prices?   [Jan-11-18 12:55PM  Market Realist]
▶ New Strong Sell Stocks for January 10th   [Jan-10-18 06:55AM  Zacks]
▶ Here's Why Frontline Ltd.'s Stock Plunged 35% in 2017   [Jan-08-18 12:04PM  Motley Fool]
▶ Crude Tankers: Analysts Recommendations Heading into 2018   [Jan-03-18 11:55AM  Market Realist]
▶ ETFs with exposure to Frontline Ltd. : December 25, 2017   [Dec-25-17 11:56AM  Capital Cube]
▶ Week 50: Crude Prices Touch $65   [Dec-20-17 12:05PM  Market Realist]
▶ Nordic American Tankers Fell 26% in Week 50   [10:32AM  Market Realist]
▶ US Crude Oil Exports to China: Highest in November   [Dec-14-17 02:55PM  Market Realist]
▶ ETFs with exposure to Frontline Ltd. : December 12, 2017   [Dec-12-17 01:15PM  Capital Cube]
▶ FRO - Q3 2017 Presentation   [Nov-22-17 08:31AM  GlobeNewswire]
▶ Frontline Ltd. to Host Earnings Call   [07:00AM  ACCESSWIRE]
▶ Frontline reports 3Q loss   [06:03AM  Associated Press]
▶ Week 46: Crude Tanker Industry Update   [Nov-21-17 01:08PM  Market Realist]
▶ Week 45: Crude Tanker Industry Update   [10:16AM  Market Realist]
▶ ETFs with exposure to Frontline Ltd. : November 2, 2017   [Nov-02-17 12:10PM  Capital Cube]
▶ Week 42: Crude Tanker Industry Update   [Oct-27-17 11:31AM  Market Realist]
▶ ETFs with exposure to Frontline Ltd. : October 23, 2017   [Oct-23-17 10:39AM  Capital Cube]
▶ Don't Get Excited About Spike in U.S. Oil Exports   [Oct-06-17 04:00PM  TheStreet.com]
▶ What Chinas Fall in Crude Imports Means for Crude Tankers   [Oct-02-17 10:40AM  Market Realist]
▶ Week 38: Crude Tanker Industry Update   [Sep-28-17 07:40AM  Market Realist]
▶ ETFs with exposure to Frontline Ltd. : September 27, 2017   [Sep-27-17 10:29AM  Capital Cube]
▶ FRO - 2017 Annual General Meeting   [Sep-25-17 02:49AM  GlobeNewswire]
▶ Week 37: Crude Tanker Industrys Weekly Update   [Sep-20-17 10:43AM  Market Realist]
▶ Chinas Crude Imports Fell in August   [Sep-15-17 09:14AM  Market Realist]
▶ FRO - Primary insider transaction   [02:35AM  GlobeNewswire]
▶ Frontline reports 2Q loss   [Aug-31-17 08:03PM  Associated Press]
▶ Frontline reports 2Q loss   [Aug-30-17 11:05AM  Associated Press]
▶ FRO - Q2 2017 Presentation   [08:33AM  GlobeNewswire]
▶ Crude Tanker Stocks Fall in Week 33 of 2017   [Aug-23-17 02:58PM  Market Realist]
▶ What Happened to Crude Tanker Stocks Last Week?   [Aug-18-17 11:24AM  Market Realist]
Financial statements of FRO
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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