Intrinsic value of Frontline - FRO

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$5.58

  Intrinsic Value

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  Value-price divergence*

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$5.58

 
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*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 7.6

 

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, %
  64.27
  46.70
  42.53
  38.78
  35.40
  32.36
  29.62
  27.16
  24.94
  22.95
  21.16
  19.54
  18.09
  16.78
  15.60
  14.54
  13.59
  12.73
  11.95
  11.26
  10.63
  10.07
  9.56
  9.11
  8.70
  8.33
  7.99
  7.69
  7.42
  7.18
  6.96
Revenue, $m
  754
  673
  960
  1,332
  1,803
  2,387
  3,094
  3,934
  4,916
  6,044
  7,323
  8,753
  10,337
  12,071
  13,954
  15,983
  18,154
  20,464
  22,911
  25,490
  28,201
  31,041
  34,009
  37,106
  40,333
  43,691
  47,183
  50,814
  54,587
  58,507
  62,582
Variable operating expenses, $m
 
  179
  245
  331
  441
  576
  740
  935
  1,163
  1,425
  1,721
  2,031
  2,398
  2,800
  3,237
  3,708
  4,211
  4,747
  5,315
  5,913
  6,542
  7,201
  7,889
  8,608
  9,356
  10,135
  10,946
  11,788
  12,663
  13,573
  14,518
Fixed operating expenses, $m
 
  55
  57
  58
  60
  61
  63
  64
  66
  67
  69
  71
  73
  74
  76
  78
  80
  82
  84
  86
  88
  91
  93
  95
  98
  100
  103
  105
  108
  111
  113
Total operating expenses, $m
  584
  234
  302
  389
  501
  637
  803
  999
  1,229
  1,492
  1,790
  2,102
  2,471
  2,874
  3,313
  3,786
  4,291
  4,829
  5,399
  5,999
  6,630
  7,292
  7,982
  8,703
  9,454
  10,235
  11,049
  11,893
  12,771
  13,684
  14,631
Operating income, $m
  170
  439
  658
  942
  1,303
  1,750
  2,291
  2,935
  3,687
  4,552
  5,532
  6,652
  7,866
  9,196
  10,641
  12,197
  13,862
  15,635
  17,512
  19,491
  21,570
  23,749
  26,027
  28,403
  30,879
  33,455
  36,135
  38,921
  41,816
  44,824
  47,951
EBITDA, $m
  311
  462
  680
  965
  1,325
  1,772
  2,314
  2,957
  3,710
  4,574
  5,555
  6,652
  7,866
  9,196
  10,641
  12,197
  13,862
  15,635
  17,512
  19,491
  21,570
  23,749
  26,027
  28,403
  30,879
  33,455
  36,135
  38,921
  41,816
  44,824
  47,951
Interest expense (income), $m
  53
  42
  63
  91
  128
  174
  232
  301
  384
  481
  592
  717
  858
  1,014
  1,185
  1,370
  1,570
  1,784
  2,011
  2,252
  2,506
  2,773
  3,052
  3,344
  3,649
  3,967
  4,297
  4,641
  4,999
  5,370
  5,756
Earnings before tax, $m
  118
  398
  595
  851
  1,175
  1,575
  2,060
  2,634
  3,303
  4,071
  4,941
  5,935
  7,008
  8,182
  9,456
  10,827
  12,293
  13,851
  15,501
  17,239
  19,064
  20,976
  22,974
  25,058
  27,229
  29,488
  31,838
  34,280
  36,817
  39,454
  42,195
Tax expense, $m
  0
  107
  161
  230
  317
  425
  556
  711
  892
  1,099
  1,334
  1,602
  1,892
  2,209
  2,553
  2,923
  3,319
  3,740
  4,185
  4,655
  5,147
  5,664
  6,203
  6,766
  7,352
  7,962
  8,596
  9,255
  9,941
  10,653
  11,393
Net income, $m
  117
  290
  434
  621
  858
  1,150
  1,503
  1,923
  2,411
  2,972
  3,607
  4,332
  5,116
  5,973
  6,903
  7,903
  8,974
  10,111
  11,316
  12,584
  13,917
  15,313
  16,771
  18,293
  19,877
  21,527
  23,241
  25,024
  26,876
  28,802
  30,802

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
  3,826
  5,453
  7,568
  10,246
  13,562
  17,580
  22,354
  27,931
  34,341
  41,606
  49,736
  58,731
  68,584
  79,283
  90,811
  103,148
  116,275
  130,175
  144,832
  160,232
  176,367
  193,232
  210,829
  229,162
  248,243
  268,087
  288,714
  310,151
  332,427
  355,577
Adjusted assets (=assets-cash), $m
  2,745
  3,826
  5,453
  7,568
  10,246
  13,562
  17,580
  22,354
  27,931
  34,341
  41,606
  49,736
  58,731
  68,584
  79,283
  90,811
  103,148
  116,275
  130,175
  144,832
  160,232
  176,367
  193,232
  210,829
  229,162
  248,243
  268,087
  288,714
  310,151
  332,427
  355,577
Revenue / Adjusted assets
  0.275
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
Average production assets, $m
  615
  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
  201
  138
  197
  273
  370
  489
  634
  807
  1,008
  1,239
  1,501
  1,794
  2,119
  2,475
  2,861
  3,276
  3,722
  4,195
  4,697
  5,226
  5,781
  6,363
  6,972
  7,607
  8,268
  8,957
  9,673
  10,417
  11,190
  11,994
  12,829
Total debt, $m
  1,405
  1,797
  2,602
  3,649
  4,975
  6,616
  8,605
  10,968
  13,729
  16,902
  20,498
  24,522
  28,975
  33,852
  39,148
  44,854
  50,961
  57,459
  64,340
  71,595
  79,218
  87,205
  95,553
  104,263
  113,338
  122,783
  132,606
  142,816
  153,428
  164,454
  175,914
Total liabilities, $m
  1,467
  1,894
  2,699
  3,746
  5,072
  6,713
  8,702
  11,065
  13,826
  16,999
  20,595
  24,619
  29,072
  33,949
  39,245
  44,951
  51,058
  57,556
  64,437
  71,692
  79,315
  87,302
  95,650
  104,360
  113,435
  122,880
  132,703
  142,913
  153,525
  164,551
  176,011
Total equity, $m
  1,500
  1,932
  2,754
  3,822
  5,174
  6,849
  8,878
  11,289
  14,105
  17,342
  21,011
  25,116
  29,659
  34,635
  40,038
  45,859
  52,090
  58,719
  65,739
  73,140
  80,917
  89,065
  97,582
  106,469
  115,727
  125,363
  135,384
  145,801
  156,626
  167,876
  179,567
Total liabilities and equity, $m
  2,967
  3,826
  5,453
  7,568
  10,246
  13,562
  17,580
  22,354
  27,931
  34,341
  41,606
  49,735
  58,731
  68,584
  79,283
  90,810
  103,148
  116,275
  130,176
  144,832
  160,232
  176,367
  193,232
  210,829
  229,162
  248,243
  268,087
  288,714
  310,151
  332,427
  355,578
Debt-to-equity ratio
  0.937
  0.930
  0.940
  0.950
  0.960
  0.970
  0.970
  0.970
  0.970
  0.970
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
Adjusted equity ratio
  0.466
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  117
  290
  434
  621
  858
  1,150
  1,503
  1,923
  2,411
  2,972
  3,607
  4,332
  5,116
  5,973
  6,903
  7,903
  8,974
  10,111
  11,316
  12,584
  13,917
  15,313
  16,771
  18,293
  19,877
  21,527
  23,241
  25,024
  26,876
  28,802
  30,802
Depreciation, amort., depletion, $m
  141
  23
  23
  23
  23
  23
  23
  23
  23
  23
  23
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Funds from operations, $m
  270
  313
  457
  644
  880
  1,173
  1,526
  1,945
  2,434
  2,995
  3,629
  4,332
  5,116
  5,973
  6,903
  7,903
  8,974
  10,111
  11,316
  12,584
  13,917
  15,313
  16,771
  18,293
  19,877
  21,527
  23,241
  25,024
  26,876
  28,802
  30,802
Change in working capital, $m
  -16
  44
  59
  76
  97
  120
  145
  172
  201
  231
  262
  293
  325
  356
  386
  416
  445
  474
  502
  529
  556
  582
  609
  635
  661
  688
  716
  744
  773
  804
  835
Cash from operations, $m
  286
  269
  398
  568
  784
  1,053
  1,381
  1,773
  2,233
  2,763
  3,367
  4,039
  4,791
  5,617
  6,517
  7,488
  8,528
  9,638
  10,814
  12,056
  13,361
  14,731
  16,163
  17,658
  19,216
  20,838
  22,526
  24,280
  26,103
  27,998
  29,967
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
  -622
  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
  -397
  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
  -111
  269
  398
  568
  784
  1,053
  1,381
  1,773
  2,233
  2,763
  3,367
  4,039
  4,791
  5,617
  6,517
  7,488
  8,528
  9,638
  10,814
  12,056
  13,361
  14,731
  16,163
  17,658
  19,216
  20,838
  22,526
  24,280
  26,103
  27,998
  29,967
Issuance/(repayment) of debt, $m
  125
  604
  805
  1,047
  1,326
  1,641
  1,989
  2,364
  2,760
  3,173
  3,596
  4,024
  4,453
  4,877
  5,296
  5,706
  6,107
  6,498
  6,881
  7,255
  7,623
  7,987
  8,348
  8,710
  9,075
  9,445
  9,823
  10,211
  10,611
  11,027
  11,460
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
  604
  805
  1,047
  1,326
  1,641
  1,989
  2,364
  2,760
  3,173
  3,596
  4,024
  4,453
  4,877
  5,296
  5,706
  6,107
  6,498
  6,881
  7,255
  7,623
  7,987
  8,348
  8,710
  9,075
  9,445
  9,823
  10,211
  10,611
  11,027
  11,460
Total cash flow (excl. dividends), $m
  103
  873
  1,204
  1,614
  2,110
  2,694
  3,370
  4,136
  4,993
  5,936
  6,963
  8,063
  9,244
  10,495
  11,813
  13,194
  14,635
  16,136
  17,695
  19,311
  20,984
  22,717
  24,511
  26,368
  28,291
  30,283
  32,348
  34,490
  36,714
  39,024
  41,426
Retained Cash Flow (-), $m
  -54
  -617
  -822
  -1,068
  -1,353
  -1,674
  -2,029
  -2,411
  -2,816
  -3,237
  -3,669
  -4,106
  -4,543
  -4,976
  -5,403
  -5,821
  -6,230
  -6,629
  -7,020
  -7,401
  -7,777
  -8,148
  -8,517
  -8,886
  -9,258
  -9,636
  -10,021
  -10,417
  -10,825
  -11,249
  -11,691
Prev. year cash balance distribution, $m
 
  131
  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
 
  387
  382
  546
  757
  1,020
  1,341
  1,725
  2,177
  2,699
  3,294
  3,958
  4,701
  5,519
  6,410
  7,372
  8,405
  9,507
  10,675
  11,909
  13,207
  14,569
  15,994
  17,482
  19,033
  20,647
  22,327
  24,074
  25,889
  27,775
  29,735
Discount rate, %
 
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.51
  9.99
  10.49
  11.01
  11.57
  12.14
  12.75
  13.39
  14.06
  14.76
  15.50
  16.27
  17.09
  17.94
  18.84
  19.78
  20.77
  21.81
  22.90
  24.04
  25.25
  26.51
  27.83
  29.22
PV of cash for distribution, $m
 
  361
  331
  436
  552
  674
  797
  913
  1,016
  1,100
  1,159
  1,187
  1,188
  1,160
  1,104
  1,025
  929
  821
  707
  595
  487
  388
  302
  228
  167
  119
  82
  55
  36
  22
  14
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., a shipping company, engages in the seaborne transportation of crude oil and oil products worldwide. As of December 31, 2015, the company operated a fleet of 88 vessels, including VLCC, Suezmax, LR2, and MR tankers. It is also involved in the charter, purchase, and sale of vessels. The company is based in Hamilton, Bermuda.

FINANCIAL RATIOS  of  Frontline (FRO)

Valuation Ratios
P/E Ratio 8.1
Price to Sales 1.3
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 3.3
Price to Free Cash Flow -2.8
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 $459 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 46.7% 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 7.1%, 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 28.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $54 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 3.5% 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 0%.

Life of production assets of 2.1 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 20.5%. 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 - $1446 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 1362.74 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 $7.6 billion.


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COMPANY NEWS

▶ [$$] This Shipping Magnate Is Calling a Bottom in the Oil Rout   [Jun-28-17 12:57AM  The Wall Street Journal]
▶ [$$] 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]
▶ ETFs with exposure to Frontline Ltd. : March 6, 2017   [Mar-06-17 01:40PM  Capital Cube]
▶ [$$] Shipping Rivals Frontline, DHT to Talk Over Hostile Bid   [Mar-01-17 01:43PM  at The Wall Street Journal]
▶ [$$] SeaDrill slumps after Chapter 11 warning   [Feb-28-17 12:39PM  at Financial Times]
▶ Why DHT Holdings, Inc. Stock Advanced 13% in January   [Feb-09-17 02:43PM  at Motley Fool]
▶ [$$] Fredriksen vows to stay on to 'see through' shipping rescue   [Feb-05-17 05:27PM  at Financial Times]
▶ [$$] Frontline Makes Hostile Bid for Rival DHT   [03:08PM  at The Wall Street Journal]
▶ 10 Largest Oil Tanker Shipping Companies In The World   [Jan-27-17 03:45PM  at Insider Monkey]
▶ Is Frontline Ltd. (FRO) A Good Stock To Buy?   [Dec-20-16 02:34PM  at Insider Monkey]
▶ FRO - USD 100 MILLION SHARE OFFERING FULLY SUBSCRIBED   [Dec-09-16 02:48AM  GlobeNewswire]
▶ [$$] Oil shipping: tanks, Opec   [Dec-02-16 11:00AM  at Financial Times]
▶ [$$] Calm Seas Precede Looming Storm for Oil Tankers   [03:58AM  at The Wall Street Journal]
▶ [$$] Calm Seas Precede Looming Storm for Oil Tankers   [Nov-08-16 12:04PM  at The Wall Street Journal]
Stock chart of FRO Financial statements of FRO Annual reports 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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