Intrinsic value of Globus Maritime - GLBS

Previous Close

$0.92

  Intrinsic Value

$0.19

stock screener

  Rating & Target

str. sell

-79%

  Value-price divergence*

+14%

Previous close

$0.92

 
Intrinsic value

$0.19

 
Up/down potential

-79%

 
Rating

str. sell

 
Value-price divergence*

+14%

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

We calculate the intrinsic value of GLBS 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 0.0

 

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, %
  -30.77
  50.00
  45.50
  41.45
  37.81
  34.52
  31.57
  28.91
  26.52
  24.37
  22.43
  20.69
  19.12
  17.71
  16.44
  15.29
  14.27
  13.34
  12.50
  11.75
  11.08
  10.47
  9.92
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
  7.12
Revenue, $m
  9
  14
  20
  28
  38
  52
  68
  87
  111
  137
  168
  203
  242
  285
  332
  382
  437
  495
  557
  623
  692
  764
  840
  919
  1,002
  1,088
  1,177
  1,270
  1,367
  1,468
  1,572
Variable operating expenses, $m
 
  43
  63
  90
  123
  166
  218
  281
  356
  443
  542
  655
  780
  918
  1,069
  1,232
  1,408
  1,596
  1,795
  2,006
  2,228
  2,462
  2,706
  2,961
  3,227
  3,505
  3,793
  4,093
  4,405
  4,729
  5,065
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
  16
  43
  63
  90
  123
  166
  218
  281
  356
  443
  542
  655
  780
  918
  1,069
  1,232
  1,408
  1,596
  1,795
  2,006
  2,228
  2,462
  2,706
  2,961
  3,227
  3,505
  3,793
  4,093
  4,405
  4,729
  5,065
Operating income, $m
  -7
  -30
  -44
  -62
  -85
  -114
  -151
  -194
  -246
  -305
  -374
  -451
  -538
  -633
  -737
  -850
  -971
  -1,100
  -1,238
  -1,383
  -1,537
  -1,698
  -1,866
  -2,042
  -2,226
  -2,417
  -2,616
  -2,823
  -3,038
  -3,261
  -3,493
EBITDA, $m
  -2
  -30
  -44
  -62
  -85
  -114
  -151
  -194
  -246
  -305
  -374
  -451
  -538
  -633
  -737
  -850
  -971
  -1,100
  -1,238
  -1,383
  -1,537
  -1,698
  -1,866
  -2,042
  -2,226
  -2,417
  -2,616
  -2,823
  -3,038
  -3,261
  -3,493
Interest expense (income), $m
  2
  2
  4
  5
  8
  11
  14
  19
  25
  31
  39
  47
  57
  68
  80
  94
  108
  124
  140
  158
  176
  196
  216
  238
  260
  284
  308
  333
  360
  387
  416
Earnings before tax, $m
  -10
  -32
  -47
  -67
  -93
  -125
  -165
  -213
  -270
  -337
  -413
  -499
  -595
  -701
  -817
  -943
  -1,079
  -1,224
  -1,378
  -1,541
  -1,713
  -1,893
  -2,082
  -2,280
  -2,486
  -2,700
  -2,924
  -3,156
  -3,397
  -3,648
  -3,909
Tax expense, $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
Net income, $m
  -10
  -32
  -47
  -67
  -93
  -125
  -165
  -213
  -270
  -337
  -413
  -499
  -595
  -701
  -817
  -943
  -1,079
  -1,224
  -1,378
  -1,541
  -1,713
  -1,893
  -2,082
  -2,280
  -2,486
  -2,700
  -2,924
  -3,156
  -3,397
  -3,648
  -3,909

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  94
  141
  205
  289
  399
  537
  706
  910
  1,151
  1,432
  1,753
  2,116
  2,521
  2,967
  3,455
  3,983
  4,551
  5,159
  5,804
  6,486
  7,204
  7,959
  8,748
  9,574
  10,434
  11,330
  12,263
  13,232
  14,240
  15,288
  16,376
Adjusted assets (=assets-cash), $m
  94
  141
  205
  289
  399
  537
  706
  910
  1,151
  1,432
  1,753
  2,116
  2,521
  2,967
  3,455
  3,983
  4,551
  5,159
  5,804
  6,486
  7,204
  7,959
  8,748
  9,574
  10,434
  11,330
  12,263
  13,232
  14,240
  15,288
  16,376
Revenue / Adjusted assets
  0.096
  0.099
  0.098
  0.097
  0.095
  0.097
  0.096
  0.096
  0.096
  0.096
  0.096
  0.096
  0.096
  0.096
  0.096
  0.096
  0.096
  0.096
  0.096
  0.096
  0.096
  0.096
  0.096
  0.096
  0.096
  0.096
  0.096
  0.096
  0.096
  0.096
  0.096
Average production assets, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Working capital, $m
  -29
  -8
  -11
  -15
  -21
  -29
  -38
  -49
  -61
  -76
  -94
  -113
  -135
  -158
  -184
  -213
  -243
  -275
  -310
  -346
  -385
  -425
  -467
  -511
  -557
  -605
  -655
  -706
  -760
  -816
  -874
Total debt, $m
  66
  102
  152
  218
  303
  410
  542
  700
  888
  1,106
  1,355
  1,637
  1,952
  2,298
  2,677
  3,088
  3,529
  4,001
  4,502
  5,032
  5,591
  6,177
  6,791
  7,432
  8,100
  8,797
  9,521
  10,275
  11,058
  11,872
  12,717
Total liabilities, $m
  73
  109
  159
  225
  310
  417
  549
  707
  895
  1,113
  1,362
  1,644
  1,959
  2,305
  2,684
  3,095
  3,536
  4,008
  4,509
  5,039
  5,598
  6,184
  6,798
  7,439
  8,107
  8,804
  9,528
  10,282
  11,065
  11,879
  12,724
Total equity, $m
  21
  31
  46
  65
  89
  120
  157
  203
  257
  319
  391
  472
  562
  662
  770
  888
  1,015
  1,150
  1,294
  1,446
  1,607
  1,775
  1,951
  2,135
  2,327
  2,527
  2,735
  2,951
  3,176
  3,409
  3,652
Total liabilities and equity, $m
  94
  140
  205
  290
  399
  537
  706
  910
  1,152
  1,432
  1,753
  2,116
  2,521
  2,967
  3,454
  3,983
  4,551
  5,158
  5,803
  6,485
  7,205
  7,959
  8,749
  9,574
  10,434
  11,331
  12,263
  13,233
  14,241
  15,288
  16,376
Debt-to-equity ratio
  3.143
  3.260
  3.330
  3.380
  3.410
  3.430
  3.440
  3.450
  3.460
  3.460
  3.470
  3.470
  3.470
  3.470
  3.480
  3.480
  3.480
  3.480
  3.480
  3.480
  3.480
  3.480
  3.480
  3.480
  3.480
  3.480
  3.480
  3.480
  3.480
  3.480
  3.480
Adjusted equity ratio
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -10
  -32
  -47
  -67
  -93
  -125
  -165
  -213
  -270
  -337
  -413
  -499
  -595
  -701
  -817
  -943
  -1,079
  -1,224
  -1,378
  -1,541
  -1,713
  -1,893
  -2,082
  -2,280
  -2,486
  -2,700
  -2,924
  -3,156
  -3,397
  -3,648
  -3,909
Depreciation, amort., depletion, $m
  5
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Funds from operations, $m
  -1
  -32
  -47
  -67
  -93
  -125
  -165
  -213
  -270
  -337
  -413
  -499
  -595
  -701
  -817
  -943
  -1,079
  -1,224
  -1,378
  -1,541
  -1,713
  -1,893
  -2,082
  -2,280
  -2,486
  -2,700
  -2,924
  -3,156
  -3,397
  -3,648
  -3,909
Change in working capital, $m
  3
  -3
  -3
  -5
  -6
  -7
  -9
  -11
  -13
  -15
  -17
  -19
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
Cash from operations, $m
  -4
  -30
  -44
  -63
  -87
  -118
  -156
  -202
  -257
  -322
  -396
  -479
  -573
  -677
  -791
  -915
  -1,049
  -1,191
  -1,344
  -1,505
  -1,675
  -1,853
  -2,040
  -2,236
  -2,440
  -2,653
  -2,874
  -3,104
  -3,343
  -3,592
  -3,851
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
  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
Cash from investing activities, $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
Free cash flow, $m
  -4
  -30
  -44
  -63
  -87
  -118
  -156
  -202
  -257
  -322
  -396
  -479
  -573
  -677
  -791
  -915
  -1,049
  -1,191
  -1,344
  -1,505
  -1,675
  -1,853
  -2,040
  -2,236
  -2,440
  -2,653
  -2,874
  -3,104
  -3,343
  -3,592
  -3,851
Issuance/(repayment) of debt, $m
  3
  36
  50
  66
  85
  107
  132
  159
  188
  218
  250
  282
  314
  347
  379
  411
  441
  472
  501
  530
  558
  586
  614
  641
  669
  696
  725
  753
  783
  814
  846
Issuance/(repurchase) of shares, $m
  0
  43
  61
  86
  117
  156
  203
  259
  324
  399
  484
  580
  685
  801
  926
  1,061
  1,206
  1,359
  1,522
  1,693
  1,873
  2,062
  2,258
  2,464
  2,678
  2,900
  3,132
  3,372
  3,622
  3,882
  4,151
Cash from financing (excl. dividends), $m  
  1
  79
  111
  152
  202
  263
  335
  418
  512
  617
  734
  862
  999
  1,148
  1,305
  1,472
  1,647
  1,831
  2,023
  2,223
  2,431
  2,648
  2,872
  3,105
  3,347
  3,596
  3,857
  4,125
  4,405
  4,696
  4,997
Total cash flow (excl. dividends), $m
  -2
  49
  67
  89
  115
  145
  178
  215
  254
  296
  338
  382
  426
  470
  514
  557
  599
  639
  679
  719
  757
  795
  832
  869
  906
  944
  982
  1,021
  1,062
  1,103
  1,147
Retained Cash Flow (-), $m
  10
  -43
  -61
  -86
  -117
  -156
  -203
  -259
  -324
  -399
  -484
  -580
  -685
  -801
  -926
  -1,061
  -1,206
  -1,359
  -1,522
  -1,693
  -1,873
  -2,062
  -2,258
  -2,464
  -2,678
  -2,900
  -3,132
  -3,372
  -3,622
  -3,882
  -4,151
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
 
  6
  6
  3
  -2
  -11
  -24
  -44
  -70
  -104
  -146
  -198
  -259
  -331
  -412
  -505
  -607
  -720
  -842
  -975
  -1,116
  -1,267
  -1,427
  -1,595
  -1,771
  -1,956
  -2,149
  -2,351
  -2,560
  -2,778
  -3,005
Discount rate, %
 
  12.80
  13.44
  14.11
  14.82
  15.56
  16.34
  17.15
  18.01
  18.91
  19.86
  20.85
  21.89
  22.99
  24.14
  25.34
  26.61
  27.94
  29.34
  30.80
  32.34
  33.96
  35.66
  37.44
  39.32
  41.28
  43.35
  45.51
  47.79
  50.18
  52.69
PV of cash for distribution, $m
 
  6
  5
  2
  -1
  -5
  -10
  -14
  -19
  -22
  -24
  -25
  -24
  -22
  -20
  -17
  -14
  -11
  -8
  -6
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  36.9
  13.9
  5.4
  2.1
  0.9
  0.4
  0.1
  0.1
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Globus Maritime Limited is a drybulk shipping company, providing marine transportation services on a worldwide basis. As of March 22, 2016, the Company own five modern drybulk carriers, consisting of one Panamax, and four Supramax vessels with a weighted average age of approximately 8.1 years and a total carrying capacity of 300,571 Deadweight Tons (dwt). The Company operates six modern drybulk carriers, consisting of one Kanasarmax, one Panamax, and four Supramex vessels.

FINANCIAL RATIOS  of  Globus Maritime (GLBS)

Valuation Ratios
P/E Ratio -0.2
Price to Sales 0.3
Price to Book 0.1
Price to Tangible Book
Price to Cash Flow -0.6
Price to Free Cash Flow -0.6
Growth Rates
Sales Growth Rate -30.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 200%
Total Debt to Equity 314.3%
Interest Coverage -4
Management Effectiveness
Return On Assets -7.7%
Ret/ On Assets - 3 Yr. Avg. -9%
Return On Total Capital -10.2%
Ret/ On T. Cap. - 3 Yr. Avg. -11%
Return On Equity -38.5%
Return On Equity - 3 Yr. Avg. -33.9%
Asset Turnover 0.1
Profitability Ratios
Gross Margin -44.4%
Gross Margin - 3 Yr. Avg. -14.8%
EBITDA Margin -33.3%
EBITDA Margin - 3 Yr. Avg. -58.5%
Operating Margin -77.8%
Oper. Margin - 3 Yr. Avg. -93.9%
Pre-Tax Margin -111.1%
Pre-Tax Margin - 3 Yr. Avg. -115.2%
Net Profit Margin -111.1%
Net Profit Margin - 3 Yr. Avg. -115.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

GLBS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GLBS stock intrinsic value calculation we used $9 million for the last fiscal year's total revenue generated by Globus Maritime. The default revenue input number comes from 2016 income statement of Globus Maritime. 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 GLBS stock valuation model: a) initial revenue growth rate of 50% 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 12.8%, whose default value for GLBS is calculated based on our internal credit rating of Globus Maritime, 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 Globus Maritime.
    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 GLBS stock the variable cost ratio is equal to 322.2%.

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 GLBS 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 Globus Maritime.

Corporate tax rate of 27% is the nominal tax rate for Globus Maritime. 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 GLBS 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 GLBS are equal to 0%.

Life of production assets of 0 years is the average useful life of capital assets used in Globus Maritime 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 GLBS is equal to -55.6%. 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 - $21 million for Globus Maritime - 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 27.065 million for Globus Maritime 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 Globus Maritime at the current share price and the inputted number of shares is $0.0 billion.

RELATED COMPANIES Price Int.Val. Rating
ESEA Euroseas 1.81 1.81  buy
DRYS DryShips 3.12 0.40  str.sell
SBLK Star Bulk Carr 10.31 4.29  str.sell
DSX Diana Shipping 4.04 2.33  sell
SHIP Seanergy Marit 1.23 2.77  str.buy
DCIX Diana Containe 0.480 0.07  str.sell

COMPANY NEWS

▶ Globus Maritime Announces Exercise of Warrants   [Sep-27-17 09:00AM  Marketwired]
▶ Globus Maritime Announces Annual Meeting of Shareholders   [Aug-02-17 01:00PM  Marketwired]
▶ Nasdaq Scheduled Resumption in Globus Maritime Limited   [Nov-28-16 03:20PM  GlobeNewswire]
▶ Nasdaq Halts Globus Maritime Limited   [02:09PM  GlobeNewswire]
▶ Shipping shares drop after Seanergy Maritime offer   [Nov-18-16 02:13PM  Reuters]
▶ Shipping stocks on track for big bounces   [09:21AM  at MarketWatch]
▶ Shipping stocks soar as bears abandon ship   [07:30AM  at MarketWatch]
▶ Globus Maritime Limited Announces Reverse Stock Split   [Oct-10-16 11:00AM  Marketwired]
▶ Globus Maritime Appoints New Non-Executive Director   [Sep-19-16 09:05AM  Marketwired]
▶ Globus Maritime Announces Annual Meeting of Shareholders   [Aug-02-16 09:00AM  Marketwired]
▶ GLOBUS MARITIME LTD Financials   [May-06-16 01:04PM  EDGAR Online Financials]
▶ Globus Maritime Limited Reclassifies Board Member   [Feb-05-16 04:05PM  Marketwired]
▶ Globus Maritime Limited Announces Management Change   [Dec-28  09:15AM  Marketwired]
▶ 3 Stocks Pushing The Transportation Industry Lower   [Jul-23  04:01PM  at TheStreet]
▶ Why Globus Maritime (GLBS) Stock Is Up Today   [Apr-14  02:27PM  at TheStreet]
Financial statements of GLBS
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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