Intrinsic value of Frontline - FRO

Previous Close

$6.30

  Intrinsic Value

$2.22

stock screener

  Rating & Target

str. sell

-65%

  Value-price divergence*

-54%

Previous close

$6.30

 
Intrinsic value

$2.22

 
Up/down potential

-65%

 
Rating

str. sell

 
Value-price divergence*

-54%

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

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

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 8.5

 

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
  769
  787
  807
  830
  855
  882
  912
  945
  980
  1,018
  1,058
  1,101
  1,147
  1,195
  1,247
  1,301
  1,359
  1,420
  1,485
  1,553
  1,625
  1,701
  1,781
  1,865
  1,954
  2,048
  2,146
  2,250
  2,359
  2,473
Variable operating expenses, $m
 
  305
  311
  319
  327
  336
  346
  358
  369
  382
  396
  388
  404
  421
  439
  458
  478
  499
  521
  545
  570
  597
  625
  654
  685
  718
  752
  788
  826
  866
  908
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
  305
  311
  319
  327
  336
  346
  358
  369
  382
  396
  388
  404
  421
  439
  458
  478
  499
  521
  545
  570
  597
  625
  654
  685
  718
  752
  788
  826
  866
  908
Operating income, $m
  170
  464
  475
  488
  503
  518
  536
  555
  576
  598
  622
  669
  697
  726
  756
  789
  824
  860
  899
  940
  983
  1,028
  1,077
  1,127
  1,181
  1,237
  1,296
  1,358
  1,424
  1,493
  1,565
EBITDA, $m
  311
  591
  605
  620
  638
  657
  678
  702
  727
  754
  782
  813
  846
  882
  919
  959
  1,001
  1,045
  1,092
  1,142
  1,194
  1,250
  1,308
  1,369
  1,434
  1,503
  1,574
  1,650
  1,730
  1,813
  1,902
Interest expense (income), $m
  53
  50
  51
  52
  54
  55
  57
  59
  61
  63
  66
  68
  71
  74
  77
  81
  84
  88
  92
  96
  101
  105
  110
  116
  121
  127
  133
  140
  146
  154
  161
Earnings before tax, $m
  118
  414
  424
  436
  449
  463
  479
  496
  515
  535
  556
  601
  626
  652
  679
  708
  739
  772
  807
  844
  882
  923
  966
  1,012
  1,059
  1,110
  1,163
  1,219
  1,277
  1,339
  1,404
Tax expense, $m
  0
  112
  115
  118
  121
  125
  129
  134
  139
  144
  150
  162
  169
  176
  183
  191
  200
  209
  218
  228
  238
  249
  261
  273
  286
  300
  314
  329
  345
  362
  379
Net income, $m
  117
  302
  310
  318
  328
  338
  350
  362
  376
  390
  406
  439
  457
  476
  496
  517
  540
  564
  589
  616
  644
  674
  705
  738
  773
  810
  849
  890
  932
  978
  1,025

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
  2,797
  2,861
  2,935
  3,017
  3,109
  3,209
  3,318
  3,436
  3,564
  3,701
  3,847
  4,003
  4,169
  4,346
  4,534
  4,732
  4,943
  5,165
  5,400
  5,648
  5,910
  6,186
  6,477
  6,784
  7,106
  7,446
  7,804
  8,181
  8,577
  8,994
Adjusted assets (=assets-cash), $m
  2,745
  2,797
  2,861
  2,935
  3,017
  3,109
  3,209
  3,318
  3,436
  3,564
  3,701
  3,847
  4,003
  4,169
  4,346
  4,534
  4,732
  4,943
  5,165
  5,400
  5,648
  5,910
  6,186
  6,477
  6,784
  7,106
  7,446
  7,804
  8,181
  8,577
  8,994
Revenue / Adjusted assets
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
Average production assets, $m
  615
  628
  642
  659
  677
  698
  720
  745
  771
  800
  830
  863
  898
  936
  975
  1,017
  1,062
  1,109
  1,159
  1,212
  1,267
  1,326
  1,388
  1,453
  1,522
  1,595
  1,671
  1,751
  1,836
  1,925
  2,018
Working capital, $m
  201
  106
  109
  111
  114
  118
  122
  126
  130
  135
  140
  146
  152
  158
  165
  172
  180
  188
  196
  205
  214
  224
  235
  246
  257
  270
  283
  296
  310
  326
  341
Total debt, $m
  1,405
  1,307
  1,338
  1,374
  1,414
  1,459
  1,508
  1,562
  1,619
  1,682
  1,749
  1,820
  1,897
  1,978
  2,064
  2,156
  2,253
  2,356
  2,465
  2,580
  2,701
  2,829
  2,964
  3,106
  3,256
  3,414
  3,580
  3,755
  3,940
  4,133
  4,337
Total liabilities, $m
  1,467
  1,368
  1,399
  1,435
  1,475
  1,520
  1,569
  1,623
  1,680
  1,743
  1,810
  1,881
  1,958
  2,039
  2,125
  2,217
  2,314
  2,417
  2,526
  2,641
  2,762
  2,890
  3,025
  3,167
  3,317
  3,475
  3,641
  3,816
  4,001
  4,194
  4,398
Total equity, $m
  1,500
  1,429
  1,462
  1,500
  1,542
  1,588
  1,640
  1,696
  1,756
  1,821
  1,891
  1,966
  2,046
  2,131
  2,221
  2,317
  2,418
  2,526
  2,639
  2,759
  2,886
  3,020
  3,161
  3,310
  3,466
  3,631
  3,805
  3,988
  4,180
  4,383
  4,596
Total liabilities and equity, $m
  2,967
  2,797
  2,861
  2,935
  3,017
  3,108
  3,209
  3,319
  3,436
  3,564
  3,701
  3,847
  4,004
  4,170
  4,346
  4,534
  4,732
  4,943
  5,165
  5,400
  5,648
  5,910
  6,186
  6,477
  6,783
  7,106
  7,446
  7,804
  8,181
  8,577
  8,994
Debt-to-equity ratio
  0.937
  0.910
  0.920
  0.920
  0.920
  0.920
  0.920
  0.920
  0.920
  0.920
  0.920
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.940
  0.940
  0.940
  0.940
  0.940
  0.940
  0.940
  0.940
  0.940
  0.940
  0.940
Adjusted equity ratio
  0.466
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  117
  302
  310
  318
  328
  338
  350
  362
  376
  390
  406
  439
  457
  476
  496
  517
  540
  564
  589
  616
  644
  674
  705
  738
  773
  810
  849
  890
  932
  978
  1,025
Depreciation, amort., depletion, $m
  141
  127
  130
  132
  135
  139
  143
  147
  151
  156
  161
  144
  150
  156
  163
  170
  177
  185
  193
  202
  211
  221
  231
  242
  254
  266
  278
  292
  306
  321
  336
Funds from operations, $m
  270
  429
  439
  451
  463
  477
  492
  509
  527
  546
  567
  583
  606
  632
  658
  687
  717
  749
  782
  818
  855
  895
  937
  981
  1,027
  1,076
  1,127
  1,181
  1,238
  1,298
  1,361
Change in working capital, $m
  -16
  2
  2
  3
  3
  3
  4
  4
  4
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
Cash from operations, $m
  286
  427
  437
  448
  460
  474
  488
  505
  522
  541
  562
  577
  601
  625
  652
  680
  709
  741
  774
  809
  846
  885
  926
  970
  1,015
  1,064
  1,114
  1,168
  1,224
  1,283
  1,345
Maintenance CAPEX, $m
  0
  -103
  -105
  -107
  -110
  -113
  -116
  -120
  -124
  -129
  -133
  -138
  -144
  -150
  -156
  -163
  -170
  -177
  -185
  -193
  -202
  -211
  -221
  -231
  -242
  -254
  -266
  -278
  -292
  -306
  -321
New CAPEX, $m
  -622
  -13
  -14
  -16
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -40
  -42
  -45
  -47
  -50
  -53
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -85
  -89
  -94
Cash from investing activities, $m
  -397
  -116
  -119
  -123
  -129
  -134
  -139
  -145
  -151
  -158
  -164
  -171
  -179
  -187
  -196
  -205
  -215
  -224
  -235
  -246
  -258
  -270
  -283
  -296
  -311
  -326
  -342
  -358
  -377
  -395
  -415
Free cash flow, $m
  -111
  312
  318
  324
  332
  340
  350
  360
  372
  384
  398
  406
  422
  438
  456
  475
  495
  516
  539
  563
  588
  615
  643
  673
  704
  737
  772
  809
  848
  888
  931
Issuance/(repayment) of debt, $m
  125
  26
  31
  36
  40
  45
  49
  53
  58
  62
  67
  72
  76
  81
  86
  92
  97
  103
  109
  115
  121
  128
  135
  142
  150
  158
  166
  175
  184
  194
  204
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  214
  26
  31
  36
  40
  45
  49
  53
  58
  62
  67
  72
  76
  81
  86
  92
  97
  103
  109
  115
  121
  128
  135
  142
  150
  158
  166
  175
  184
  194
  204
Total cash flow (excl. dividends), $m
  103
  338
  349
  360
  372
  385
  399
  414
  429
  446
  464
  478
  498
  520
  542
  567
  592
  619
  648
  678
  710
  743
  778
  815
  854
  895
  939
  984
  1,032
  1,082
  1,135
Retained Cash Flow (-), $m
  -54
  -26
  -33
  -38
  -42
  -47
  -51
  -56
  -60
  -65
  -70
  -75
  -80
  -85
  -90
  -96
  -102
  -107
  -114
  -120
  -127
  -134
  -141
  -149
  -157
  -165
  -174
  -183
  -192
  -202
  -213
Prev. year cash balance distribution, $m
 
  97
  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
 
  409
  316
  323
  330
  338
  347
  358
  369
  381
  395
  403
  418
  435
  452
  471
  491
  512
  534
  558
  583
  609
  637
  667
  698
  730
  765
  801
  839
  880
  922
Discount rate, %
 
  6.90
  7.25
  7.61
  7.99
  8.39
  8.81
  9.25
  9.71
  10.19
  10.70
  11.24
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.61
  17.44
  18.31
  19.22
  20.18
  21.19
  22.25
  23.37
  24.53
  25.76
  27.05
  28.40
PV of cash for distribution, $m
 
  382
  275
  259
  243
  226
  209
  193
  176
  159
  143
  125
  110
  95
  82
  69
  57
  47
  38
  30
  23
  18
  13
  10
  7
  5
  3
  2
  1
  1
  1
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

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 9.1
Price to Sales 1.4
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 3.7
Price to Free Cash Flow -3.2
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 $754 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 6.9%, 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 39.7%.

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 3.9% 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 81.6%.

Life of production assets of 6 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 13.8%. 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 - $1500 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 1350.53 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 $8.5 billion.

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GOGL Golden Ocean G 8.50 2.11  str.sell
DHT DHT Holdings 4.08 5.04  buy
TNK Teekay Tankers 1.68 5.03  str.buy
NAT Nordic America 5.40 3.17  sell
ASC Ardmore Shippi 8.95 2.90  str.sell
TGP Teekay LNG Par 18.35 4.91  str.sell

COMPANY NEWS

▶ 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]
▶ Inside Euronavs 2Q17 Results   [04:13PM  Market Realist]
▶ FRO - Notice of Annual General Meeting 2017   [Aug-11-17 11:09AM  GlobeNewswire]
▶ Week 30: Bunker Fuel Prices Rose Due to Higher Oil Prices   [Aug-04-17 11:35AM  Market Realist]
▶ Crude Tanker Index Is 41% Lower This Year   [08:12AM  Market Realist]
▶ Navios Maritime Midstream Partners Financial Health after Q2   [Aug-01-17 09:07AM  Market Realist]
▶ Frontline Ltd. Value Analysis (NYSE:FRO) : July 31, 2017   [Jul-31-17 06:08PM  Capital Cube]
▶ Analyzing Bunker Fuel Prices in Week 29   [Jul-26-17 01:35PM  Market Realist]
▶ Bunker Fuel and Crude Oil Prices in Week 27   [Jul-13-17 07:38AM  Market Realist]
▶ FRO - 2017 Annual General Meeting   [02:41AM  GlobeNewswire]
▶ ETFs with exposure to Frontline Ltd. : July 11, 2017   [Jul-11-17 02:33PM  Capital Cube]
▶ 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]
▶ [$$] This Shipping Magnate Is Calling a Bottom in the Oil Rout   [Jun-28-17 12:57AM  The Wall Street Journal]
▶ [$$] This Shipping Magnate Is Calling a Bottom in the Oil Rout   [Jun-27-17 10:27AM  The Wall Street Journal]
▶ ETFs with exposure to Frontline Ltd. : June 19, 2017   [Jun-19-17 03:22PM  Capital Cube]
▶ Is US Oil Demand Falling?   [Jun-02-17 09:06AM  Market Realist]
▶ Frontline (FRO) in Focus: Stock Moves 7% Higher   [Jun-01-17 08:55AM  Zacks]
▶ Today's Top Supply Chain and Logistics News From WSJ   [05:44AM  The Wall Street Journal]
▶ [$$] OPEC Oil Deal Sinks Tanker Industry   [May-31-17 12:08AM  The Wall Street Journal]
▶ FRO - Q1 2017 Presentation   [May-30-17 08:36AM  GlobeNewswire]
▶ Frontline beats 1Q profit forecasts   [08:12AM  Associated Press]
▶ Frontline Q1 profit misses forecast   [03:01AM  Reuters]
▶ FRO - First Quarter 2017 Results   [02:31AM  GlobeNewswire]
▶ Analysts Recommendations for Crude Tankers in Week 20   [May-25-17 01:35PM  Market Realist]
▶ Why DryShips Inc. Stock Growth Is No Sure Thing   [May-22-17 12:30PM  Motley Fool]
▶ ETFs with exposure to Frontline Ltd. : May 19, 2017   [May-19-17 01:54PM  Capital Cube]
▶ Chinas Imports: 12.5% Higher in First 4 Months of 2017   [May-15-17 10:39AM  Market Realist]
▶ Chinas Oil Imports Hit Record High, Benefiting Crude Tankers   [Apr-24-17 05:36PM  Market Realist]
▶ US Crude Takes Longest Route to Reach Destinations   [Apr-17-17 03:06PM  Market Realist]
▶ 3 Tempting High-Yield Dividend Stocks You Should Avoid   [Apr-13-17 07:06PM  Motley Fool]
▶ Frontline Ltd. Value Analysis (NYSE:FRO) : April 12, 2017   [Apr-12-17 01:24PM  Capital Cube]
▶ DryShips Inc. Caps Off Its Buying Binge With a Bang   [Apr-03-17 02:32PM  Motley Fool]
▶ [$$] Oil tankers: tidal recall   [12:06PM  Financial Times]
▶ Crude Oil Tanker Industry Benefits from Chinas Imports   [Mar-20-17 05:05PM  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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