Intrinsic value of Gener8 Maritime - GNRT

Previous Close

$4.31

  Intrinsic Value

$4.33

stock screener

  Rating & Target

hold

0%

Previous close

$4.31

 
Intrinsic value

$4.33

 
Up/down potential

0%

 
Rating

hold

We calculate the intrinsic value of GNRT stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -5.81
  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
  405
  413
  423
  433
  446
  459
  474
  490
  508
  526
  547
  568
  591
  616
  642
  670
  699
  730
  763
  798
  834
  873
  914
  957
  1,002
  1,050
  1,100
  1,153
  1,208
  1,267
  1,329
Variable operating expenses, $m
 
  267
  273
  280
  288
  297
  307
  317
  328
  341
  354
  368
  383
  398
  415
  433
  452
  472
  494
  516
  540
  565
  591
  619
  648
  679
  712
  746
  782
  820
  860
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
  288
  267
  273
  280
  288
  297
  307
  317
  328
  341
  354
  368
  383
  398
  415
  433
  452
  472
  494
  516
  540
  565
  591
  619
  648
  679
  712
  746
  782
  820
  860
Operating income, $m
  116
  146
  149
  153
  157
  162
  167
  173
  179
  186
  193
  201
  209
  217
  227
  236
  247
  258
  269
  282
  295
  308
  323
  338
  354
  371
  388
  407
  427
  447
  469
EBITDA, $m
  203
  234
  239
  246
  252
  260
  268
  278
  288
  298
  310
  322
  335
  349
  364
  379
  396
  414
  432
  452
  473
  494
  518
  542
  568
  595
  623
  653
  684
  718
  752
Interest expense (income), $m
  30
  50
  51
  52
  53
  55
  57
  58
  60
  63
  65
  68
  70
  73
  76
  80
  83
  87
  91
  95
  99
  104
  109
  114
  119
  125
  131
  137
  144
  151
  158
Earnings before tax, $m
  67
  96
  98
  101
  104
  107
  111
  115
  119
  123
  128
  133
  138
  144
  150
  157
  164
  171
  179
  187
  195
  204
  214
  224
  234
  246
  257
  270
  283
  296
  311
Tax expense, $m
  0
  26
  27
  27
  28
  29
  30
  31
  32
  33
  35
  36
  37
  39
  41
  42
  44
  46
  48
  50
  53
  55
  58
  60
  63
  66
  69
  73
  76
  80
  84
Net income, $m
  67
  70
  72
  74
  76
  78
  81
  84
  87
  90
  93
  97
  101
  105
  110
  114
  119
  125
  130
  136
  143
  149
  156
  163
  171
  179
  188
  197
  206
  216
  227

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  95
  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
  2,993
  2,951
  3,019
  3,096
  3,183
  3,280
  3,386
  3,501
  3,626
  3,760
  3,905
  4,059
  4,224
  4,399
  4,585
  4,783
  4,993
  5,215
  5,449
  5,697
  5,959
  6,235
  6,527
  6,834
  7,157
  7,498
  7,857
  8,234
  8,632
  9,050
  9,489
Adjusted assets (=assets-cash), $m
  2,898
  2,951
  3,019
  3,096
  3,183
  3,280
  3,386
  3,501
  3,626
  3,760
  3,905
  4,059
  4,224
  4,399
  4,585
  4,783
  4,993
  5,215
  5,449
  5,697
  5,959
  6,235
  6,527
  6,834
  7,157
  7,498
  7,857
  8,234
  8,632
  9,050
  9,489
Revenue / Adjusted assets
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
Average production assets, $m
  2,351
  2,398
  2,453
  2,516
  2,587
  2,665
  2,752
  2,845
  2,947
  3,056
  3,173
  3,299
  3,433
  3,575
  3,727
  3,887
  4,058
  4,238
  4,429
  4,630
  4,843
  5,067
  5,304
  5,554
  5,817
  6,094
  6,385
  6,692
  7,015
  7,355
  7,712
Working capital, $m
  -2
  86
  87
  90
  92
  95
  98
  101
  105
  109
  113
  118
  122
  127
  133
  139
  145
  151
  158
  165
  173
  181
  189
  198
  207
  217
  228
  239
  250
  262
  275
Total debt, $m
  1,519
  1,450
  1,484
  1,523
  1,567
  1,616
  1,669
  1,727
  1,790
  1,858
  1,931
  2,009
  2,092
  2,180
  2,274
  2,374
  2,479
  2,591
  2,710
  2,834
  2,966
  3,106
  3,252
  3,407
  3,570
  3,742
  3,923
  4,113
  4,313
  4,524
  4,746
Total liabilities, $m
  1,555
  1,487
  1,521
  1,560
  1,604
  1,653
  1,706
  1,764
  1,827
  1,895
  1,968
  2,046
  2,129
  2,217
  2,311
  2,411
  2,516
  2,628
  2,747
  2,871
  3,003
  3,143
  3,289
  3,444
  3,607
  3,779
  3,960
  4,150
  4,350
  4,561
  4,783
Total equity, $m
  1,437
  1,464
  1,497
  1,536
  1,579
  1,627
  1,679
  1,736
  1,798
  1,865
  1,937
  2,013
  2,095
  2,182
  2,274
  2,372
  2,476
  2,587
  2,703
  2,826
  2,956
  3,093
  3,237
  3,390
  3,550
  3,719
  3,897
  4,084
  4,281
  4,489
  4,707
Total liabilities and equity, $m
  2,992
  2,951
  3,018
  3,096
  3,183
  3,280
  3,385
  3,500
  3,625
  3,760
  3,905
  4,059
  4,224
  4,399
  4,585
  4,783
  4,992
  5,215
  5,450
  5,697
  5,959
  6,236
  6,526
  6,834
  7,157
  7,498
  7,857
  8,234
  8,631
  9,050
  9,490
Debt-to-equity ratio
  1.057
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
Adjusted equity ratio
  0.463
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  67
  70
  72
  74
  76
  78
  81
  84
  87
  90
  93
  97
  101
  105
  110
  114
  119
  125
  130
  136
  143
  149
  156
  163
  171
  179
  188
  197
  206
  216
  227
Depreciation, amort., depletion, $m
  87
  88
  90
  93
  95
  98
  101
  105
  108
  112
  117
  121
  126
  131
  137
  143
  149
  156
  163
  170
  178
  186
  195
  204
  214
  224
  235
  246
  258
  270
  284
Funds from operations, $m
  289
  158
  162
  166
  171
  176
  182
  188
  195
  202
  210
  218
  227
  237
  247
  257
  269
  281
  293
  307
  321
  335
  351
  368
  385
  403
  423
  443
  464
  487
  510
Change in working capital, $m
  30
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
Cash from operations, $m
  259
  157
  160
  164
  169
  173
  179
  185
  191
  198
  206
  214
  222
  232
  241
  252
  263
  274
  286
  299
  313
  327
  343
  359
  376
  393
  412
  432
  453
  475
  498
Maintenance CAPEX, $m
  0
  -86
  -88
  -90
  -93
  -95
  -98
  -101
  -105
  -108
  -112
  -117
  -121
  -126
  -131
  -137
  -143
  -149
  -156
  -163
  -170
  -178
  -186
  -195
  -204
  -214
  -224
  -235
  -246
  -258
  -270
New CAPEX, $m
  -973
  -47
  -55
  -63
  -71
  -78
  -86
  -94
  -101
  -109
  -117
  -125
  -134
  -143
  -151
  -161
  -170
  -180
  -191
  -201
  -213
  -224
  -237
  -250
  -263
  -277
  -292
  -307
  -323
  -340
  -357
Cash from investing activities, $m
  -903
  -133
  -143
  -153
  -164
  -173
  -184
  -195
  -206
  -217
  -229
  -242
  -255
  -269
  -282
  -298
  -313
  -329
  -347
  -364
  -383
  -402
  -423
  -445
  -467
  -491
  -516
  -542
  -569
  -598
  -627
Free cash flow, $m
  -644
  23
  17
  11
  5
  0
  -5
  -10
  -15
  -19
  -24
  -28
  -33
  -37
  -42
  -46
  -51
  -55
  -60
  -65
  -70
  -75
  -80
  -86
  -91
  -97
  -103
  -110
  -116
  -123
  -130
Issuance/(repayment) of debt, $m
  607
  26
  34
  39
  44
  49
  53
  58
  63
  68
  73
  78
  83
  88
  94
  100
  106
  112
  118
  125
  132
  139
  147
  155
  163
  172
  181
  190
  200
  211
  222
Issuance/(repurchase) of shares, $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 financing (excl. dividends), $m  
  581
  26
  34
  39
  44
  49
  53
  58
  63
  68
  73
  78
  83
  88
  94
  100
  106
  112
  118
  125
  132
  139
  147
  155
  163
  172
  181
  190
  200
  211
  222
Total cash flow (excl. dividends), $m
  -63
  49
  51
  50
  49
  49
  48
  48
  48
  49
  49
  50
  50
  51
  52
  54
  55
  56
  58
  60
  62
  64
  66
  69
  72
  74
  77
  81
  84
  88
  91
Retained Cash Flow (-), $m
  -89
  -27
  -34
  -38
  -43
  -48
  -53
  -57
  -62
  -67
  -72
  -77
  -82
  -87
  -92
  -98
  -104
  -110
  -116
  -123
  -130
  -137
  -144
  -152
  -160
  -169
  -178
  -187
  -197
  -207
  -218
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
 
  23
  17
  11
  6
  1
  -4
  -9
  -14
  -18
  -23
  -27
  -31
  -36
  -40
  -45
  -49
  -54
  -58
  -63
  -68
  -73
  -78
  -83
  -89
  -95
  -101
  -107
  -113
  -120
  -127
Discount rate, %
 
  8.20
  8.61
  9.04
  9.49
  9.97
  10.47
  10.99
  11.54
  12.12
  12.72
  13.36
  14.02
  14.73
  15.46
  16.24
  17.05
  17.90
  18.79
  19.73
  20.72
  21.76
  22.84
  23.99
  25.19
  26.45
  27.77
  29.16
  30.61
  32.15
  33.75
PV of cash for distribution, $m
 
  21
  15
  9
  4
  0
  -2
  -4
  -6
  -6
  -7
  -7
  -6
  -6
  -5
  -5
  -4
  -3
  -3
  -2
  -2
  -1
  -1
  -1
  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
  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

Gener8 Maritime, Inc. is a provider of international seaborne crude oil transportation services. The Company operates through the transportation of international seaborne crude oil and petroleum products with its fleet of vessels segment. As of March 10, 2017, the Company owned a fleet of 40 tankers on the water, consisting of 24 Very Large Crude Carriers (VLCCs), 10 Suezmax vessels, four Aframax vessels and two Panamax vessels, with an aggregate carrying capacity of 9.4 million deadweight tons (DWT) and one eco VLCC newbuilding. As of March 10, 2017, approximately 77% of its total fleet carrying capacity based on DWT, including newbuildings, was focused on VLCC vessels. As of March 10, 2017, all of its VLCC vessels were deployed in Navig8 Group's VL8 Pool, all of its Suezmax vessels were deployed in Navig8 Group's Suez8 Pool and all of its Aframax vessels were deployed in the Navig8 Group's V8 Pool.

FINANCIAL RATIOS  of  Gener8 Maritime (GNRT)

Valuation Ratios
P/E Ratio 5.3
Price to Sales 0.9
Price to Book 0.2
Price to Tangible Book
Price to Cash Flow 1.4
Price to Free Cash Flow -0.5
Growth Rates
Sales Growth Rate -5.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 146.3%
Cap. Spend. - 3 Yr. Gr. Rate 217.8%
Financial Strength
Quick Ratio 1
Current Ratio 0.2
LT Debt to Equity 93.1%
Total Debt to Equity 105.7%
Interest Coverage 3
Management Effectiveness
Return On Assets 3.6%
Ret/ On Assets - 3 Yr. Avg. 3%
Return On Total Capital 2.5%
Ret/ On T. Cap. - 3 Yr. Avg. 1.9%
Return On Equity 4.8%
Return On Equity - 3 Yr. Avg. 2.7%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 69.6%
Gross Margin - 3 Yr. Avg. 47.4%
EBITDA Margin 45.4%
EBITDA Margin - 3 Yr. Avg. 31.6%
Operating Margin 28.9%
Oper. Margin - 3 Yr. Avg. 19.9%
Pre-Tax Margin 16.5%
Pre-Tax Margin - 3 Yr. Avg. 11.6%
Net Profit Margin 16.5%
Net Profit Margin - 3 Yr. Avg. 11.6%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

GNRT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GNRT stock intrinsic value calculation we used $405 million for the last fiscal year's total revenue generated by Gener8 Maritime. The default revenue input number comes from 2016 income statement of Gener8 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 GNRT 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 8.2%, whose default value for GNRT is calculated based on our internal credit rating of Gener8 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 Gener8 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 GNRT stock the variable cost ratio is equal to 64.7%.

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 GNRT 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 Gener8 Maritime.

Corporate tax rate of 27% is the nominal tax rate for Gener8 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 GNRT 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 GNRT are equal to 580.5%.

Life of production assets of 27.2 years is the average useful life of capital assets used in Gener8 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 GNRT is equal to 20.7%. 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 - $1437 million for Gener8 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 82.99 million for Gener8 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 Gener8 Maritime at the current share price and the inputted number of shares is $0.4 billion.

RELATED COMPANIES Price Int.Val. Rating
FRO Frontline 4.78 2.20  str.sell
DHT DHT Holdings 3.68 5.07  buy
TNP Tsakos Energy 3.90 4.16  hold
STNG Scorpio Tanker 3.04 1.17  str.sell
LPG Dorian LPG 8.10 4.43  sell
CKH SEACOR Holding 46.50 66.71  buy

COMPANY NEWS

▶ Week 49: Deutsche Bank Revised Frontlines Target Price   [Dec-13-17 09:02AM  Market Realist]
▶ Week 49: All Crude Tanker Stocks Fell More than 6%   [Dec-12-17 11:54AM  Market Realist]
▶ How Crude Tanker Companies Fared in Week 48   [02:20PM  Market Realist]
▶ Morgan Stanley and Evercore Reduced Frontlines Target Price   [Dec-01-17 10:34AM  Market Realist]
▶ Chinas Crude Oil Imports: Lowest in the Last 13 Months   [Nov-28-17 03:00PM  Market Realist]
▶ Week 46: Deutsche Bank Reduced Teekay Tankers Target Price   [Nov-22-17 07:33AM  Market Realist]
▶ Week 46: Crude Tanker Industry Update   [Nov-21-17 01:08PM  Market Realist]
▶ How Teekay Tankers Top Line Fared in 3Q17   [Nov-20-17 07:33AM  Market Realist]
▶ What to Expect from Frontlines 3Q17 Earnings   [Nov-17-17 02:55PM  Market Realist]
▶ Analysts Revised the Target Price for Teekay Tankers and NAT   [Nov-15-17 07:31AM  Market Realist]
▶ Nordic American Tankers Fleet and the Global Fleet   [Nov-10-17 10:33AM  Market Realist]
▶ Wells Fargo Revised the Target Prices for NAT, EURN, and FRO   [Nov-09-17 01:25PM  Market Realist]
▶ Week 44: Weekly Crude Tanker Industry Update   [10:21AM  Market Realist]
▶ Gener8 Maritime reports 3Q loss   [06:23AM  Associated Press]
▶ Week 43: Crude Tanker Industry Update   [03:33PM  Market Realist]
▶ Target Price for NAP Revised in Week 42   [Oct-30-17 07:33AM  Market Realist]
▶ Week 42: Crude Tanker Industry Update   [Oct-27-17 11:31AM  Market Realist]
▶ Analysts Recommendations for Crude Tankers in Week 41   [Oct-19-17 07:42AM  Market Realist]
▶ Crude Tanker Industry Update for Week 41   [Oct-18-17 01:27PM  Market Realist]
▶ Analyst Recommendations for Crude Oil Tankers in Week 40   [Oct-12-17 07:39AM  Market Realist]
▶ Crude Oil Tanker Industry: Performance in Week 40   [Oct-11-17 11:57AM  Market Realist]
▶ What Analysts Expect for DHT Holdings 3Q Performance   [Oct-10-17 09:11AM  Market Realist]
▶ Crude Tanker Stocks and the BDTI Index in Week 39   [Oct-03-17 01:40PM  Market Realist]
▶ What Chinas Fall in Crude Imports Means for Crude Tankers   [Oct-02-17 10:40AM  Market Realist]
▶ How Crude Tanker Stocks Have Performed in 2017 so Far   [Sep-29-17 03:44PM  Market Realist]
▶ How Did Tsakos Energy Navigations Top Line Fare in 2Q17?   [Sep-25-17 10:38AM  Market Realist]
▶ Maxim Group Cut Tsakos Energy Navigations Target Price   [Sep-21-17 08:07AM  Market Realist]
▶ Week 37: Crude Tanker Industrys Weekly Update   [Sep-20-17 10:43AM  Market Realist]
▶ Chinas Auto Sales Rose in August, Impacted Crude Tankers   [Sep-18-17 07:39AM  Market Realist]
▶ Chinas Crude Imports Fell in August   [Sep-15-17 09:14AM  Market Realist]
▶ Analyst Recommendations for Frontline after Its 2Q17 Results   [Sep-12-17 09:06AM  Market Realist]
▶ Week 35: Crude Tanker Index Rose for the Second Week   [Sep-07-17 10:06AM  Market Realist]
▶ Analysts Recommendations for Crude Tankers in Week 34   [Sep-01-17 07:37AM  Market Realist]
▶ Crude Oil Prices and Bunker Fuel Prices in Week 34   [Aug-31-17 02:06PM  Market Realist]
▶ Where Will Frontlines Earnings Stand in 2Q17?   [Aug-28-17 09:07AM  Market Realist]
▶ Crude Tanker Stocks Fall in Week 33 of 2017   [02:58PM  Market Realist]
▶ Crude Oil and Bunker Fuel Prices Went This Way Last Week   [Aug-18-17 02:36PM  Market Realist]
▶ Crude Tanker Index Falls for 2nd-Straight Week   [Aug-11-17 05:57PM  Market Realist]
▶ Gener8 Maritime reports 2Q loss   [Aug-01-17 10:54PM  Associated Press]
▶ Analysts Consensus Recommendation for Euronav: A Buy   [Jul-17-17 09:06AM  Market Realist]
▶ Gener8 Maritime: Best Performer YTD among Peers   [Jul-13-17 09:07AM  Market Realist]
▶ No Analysts Are Bullish on Nordic American Tankers   [Jul-12-17 05:05PM  Market Realist]
▶ Seeking Value in the High Seas: Gener8 Maritime   [Jul-06-17 07:30PM  GuruFocus.com]
▶ Analysts Ratings for Crude Tankers in Week 26   [07:37AM  Market Realist]
▶ Will Chinas Crude Oil Imports Keep Rising?   [Jul-04-17 09:07AM  Market Realist]
▶ OPECs Production Cut and Its Effect on Crude Tankers   [Jul-03-17 07:40AM  Market Realist]
▶ Why Crude Tanker Rates Matter   [Jun-30-17 02:05PM  Market Realist]
▶ [$$] Shipping Firm Frontline to Abandon Pursuit of Gener8   [Jun-24-17 12:11PM  The Wall Street Journal]
▶ Gener8 Martime Stock Rose, Peers Fell in Week 24   [Jun-21-17 07:37AM  Market Realist]
▶ Chinas Oil Imports in May Rebound from April   [Jun-16-17 12:35PM  Market Realist]
▶ What Analysts Recommend for Crude Tankers in Week 21   [Jun-01-17 09:08AM  Market Realist]
▶ Frontline Stock Soaring on Possible Gener8 Maritime Deal   [May-31-17 04:19PM  TheStreet.com]
▶ Not a Single Sell Rating for Tsakos Energy Navigation   [May-18-17 10:36AM  Market Realist]
Financial statements of GNRT
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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