Intrinsic value of Gener8 Maritime - GNRT

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$5.57

  Intrinsic Value

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  Value-price divergence*

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

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 0.5

 

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, %
  -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
  439
  449
  460
  473
  488
  503
  520
  539
  559
  580
  603
  628
  654
  682
  711
  742
  775
  810
  847
  886
  927
  970
  1,016
  1,064
  1,115
  1,168
  1,224
  1,283
  1,345
  1,411
Variable operating expenses, $m
 
  459
  470
  482
  495
  510
  526
  544
  564
  584
  607
  628
  654
  681
  710
  740
  773
  807
  843
  882
  922
  965
  1,010
  1,057
  1,107
  1,160
  1,216
  1,274
  1,336
  1,400
  1,468
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
  459
  470
  482
  495
  510
  526
  544
  564
  584
  607
  628
  654
  681
  710
  740
  773
  807
  843
  882
  922
  965
  1,010
  1,057
  1,107
  1,160
  1,216
  1,274
  1,336
  1,400
  1,468
Operating income, $m
  116
  -21
  -21
  -21
  -22
  -23
  -23
  -24
  -25
  -25
  -26
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
EBITDA, $m
  203
  34
  35
  36
  37
  38
  39
  41
  42
  44
  45
  47
  49
  51
  53
  56
  58
  61
  63
  66
  69
  73
  76
  80
  83
  87
  91
  96
  100
  105
  110
Interest expense (income), $m
  30
  29
  29
  30
  31
  32
  33
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  52
  54
  57
  59
  62
  65
  68
  72
  75
  79
  83
  87
  91
  96
Earnings before tax, $m
  67
  -49
  -50
  -52
  -53
  -54
  -56
  -58
  -60
  -62
  -65
  -64
  -67
  -70
  -73
  -76
  -80
  -83
  -87
  -91
  -96
  -100
  -105
  -110
  -115
  -121
  -127
  -133
  -140
  -147
  -154
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
  67
  -49
  -50
  -52
  -53
  -54
  -56
  -58
  -60
  -62
  -65
  -64
  -67
  -70
  -73
  -76
  -80
  -83
  -87
  -91
  -96
  -100
  -105
  -110
  -115
  -121
  -127
  -133
  -140
  -147
  -154

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
  2,273
  2,325
  2,385
  2,452
  2,526
  2,608
  2,696
  2,792
  2,896
  3,007
  3,126
  3,253
  3,388
  3,532
  3,684
  3,845
  4,016
  4,197
  4,388
  4,590
  4,802
  5,027
  5,263
  5,512
  5,775
  6,051
  6,342
  6,648
  6,970
  7,308
Adjusted assets (=assets-cash), $m
  2,898
  2,273
  2,325
  2,385
  2,452
  2,526
  2,608
  2,696
  2,792
  2,896
  3,007
  3,126
  3,253
  3,388
  3,532
  3,684
  3,845
  4,016
  4,197
  4,388
  4,590
  4,802
  5,027
  5,263
  5,512
  5,775
  6,051
  6,342
  6,648
  6,970
  7,308
Revenue / Adjusted assets
  0.140
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
Average production assets, $m
  2,351
  1,569
  1,605
  1,647
  1,693
  1,744
  1,801
  1,862
  1,928
  2,000
  2,077
  2,159
  2,246
  2,340
  2,439
  2,544
  2,655
  2,773
  2,898
  3,030
  3,169
  3,316
  3,471
  3,634
  3,807
  3,988
  4,179
  4,379
  4,591
  4,813
  5,047
Working capital, $m
  -2
  -35
  -35
  -36
  -37
  -39
  -40
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -97
  -101
  -106
  -111
Total debt, $m
  1,582
  838
  859
  883
  910
  941
  974
  1,010
  1,049
  1,091
  1,136
  1,184
  1,236
  1,291
  1,349
  1,411
  1,476
  1,546
  1,619
  1,696
  1,778
  1,865
  1,956
  2,052
  2,153
  2,260
  2,372
  2,490
  2,614
  2,745
  2,882
Total liabilities, $m
  1,555
  923
  944
  968
  995
  1,026
  1,059
  1,095
  1,134
  1,176
  1,221
  1,269
  1,321
  1,376
  1,434
  1,496
  1,561
  1,631
  1,704
  1,781
  1,863
  1,950
  2,041
  2,137
  2,238
  2,345
  2,457
  2,575
  2,699
  2,830
  2,967
Total equity, $m
  1,437
  1,350
  1,381
  1,416
  1,456
  1,500
  1,549
  1,602
  1,659
  1,720
  1,786
  1,857
  1,932
  2,012
  2,098
  2,188
  2,284
  2,386
  2,493
  2,606
  2,726
  2,853
  2,986
  3,126
  3,274
  3,430
  3,594
  3,767
  3,949
  4,140
  4,341
Total liabilities and equity, $m
  2,992
  2,273
  2,325
  2,384
  2,451
  2,526
  2,608
  2,697
  2,793
  2,896
  3,007
  3,126
  3,253
  3,388
  3,532
  3,684
  3,845
  4,017
  4,197
  4,387
  4,589
  4,803
  5,027
  5,263
  5,512
  5,775
  6,051
  6,342
  6,648
  6,970
  7,308
Debt-to-equity ratio
  1.101
  0.620
  0.620
  0.620
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
Adjusted equity ratio
  0.463
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  67
  -49
  -50
  -52
  -53
  -54
  -56
  -58
  -60
  -62
  -65
  -64
  -67
  -70
  -73
  -76
  -80
  -83
  -87
  -91
  -96
  -100
  -105
  -110
  -115
  -121
  -127
  -133
  -140
  -147
  -154
Depreciation, amort., depletion, $m
  87
  55
  56
  57
  59
  61
  63
  65
  67
  69
  72
  72
  75
  78
  81
  85
  89
  92
  97
  101
  106
  111
  116
  121
  127
  133
  139
  146
  153
  160
  168
Funds from operations, $m
  289
  6
  6
  6
  6
  6
  6
  7
  7
  7
  7
  7
  8
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  12
  13
  13
  14
  14
Change in working capital, $m
  30
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
Cash from operations, $m
  259
  470
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
Maintenance CAPEX, $m
  0
  -51
  -52
  -54
  -55
  -56
  -58
  -60
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -85
  -89
  -92
  -97
  -101
  -106
  -111
  -116
  -121
  -127
  -133
  -139
  -146
  -153
  -160
New CAPEX, $m
  -973
  -31
  -36
  -41
  -46
  -51
  -56
  -61
  -66
  -72
  -77
  -82
  -88
  -93
  -99
  -105
  -111
  -118
  -125
  -132
  -139
  -147
  -155
  -163
  -172
  -181
  -191
  -201
  -211
  -222
  -234
Cash from investing activities, $m
  -903
  -82
  -88
  -95
  -101
  -107
  -114
  -121
  -128
  -136
  -144
  -151
  -160
  -168
  -177
  -186
  -196
  -207
  -217
  -229
  -240
  -253
  -266
  -279
  -293
  -308
  -324
  -340
  -357
  -375
  -394
Free cash flow, $m
  -644
  388
  -82
  -88
  -94
  -100
  -107
  -113
  -120
  -127
  -134
  -142
  -150
  -158
  -167
  -176
  -185
  -195
  -205
  -216
  -227
  -239
  -251
  -264
  -278
  -292
  -307
  -323
  -339
  -357
  -375
Issuance/(repayment) of debt, $m
  607
  16
  21
  24
  27
  30
  33
  36
  39
  42
  45
  48
  52
  55
  58
  62
  66
  69
  73
  78
  82
  86
  91
  96
  101
  107
  112
  118
  124
  131
  137
Issuance/(repurchase) of shares, $m
  0
  0
  92
  99
  107
  114
  122
  130
  138
  147
  155
  164
  174
  184
  194
  204
  215
  227
  239
  252
  265
  279
  294
  309
  325
  342
  359
  378
  397
  417
  438
Cash from financing (excl. dividends), $m  
  581
  16
  113
  123
  134
  144
  155
  166
  177
  189
  200
  212
  226
  239
  252
  266
  281
  296
  312
  330
  347
  365
  385
  405
  426
  449
  471
  496
  521
  548
  575
Total cash flow (excl. dividends), $m
  -63
  403
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -85
  -89
  -94
  -98
  -103
  -108
  -114
  -120
  -126
  -132
  -138
  -145
  -153
  -160
  -168
  -177
  -186
  -195
  -205
  -215
  -226
  -237
Retained Cash Flow (-), $m
  -89
  -25
  -31
  -35
  -40
  -44
  -48
  -53
  -57
  -62
  -66
  -71
  -75
  -80
  -85
  -90
  -96
  -102
  -107
  -113
  -120
  -126
  -133
  -140
  -148
  -156
  -164
  -173
  -182
  -191
  -201
Prev. year cash balance distribution, $m
 
  23
  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
 
  401
  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
Discount rate, %
 
  6.60
  6.93
  7.28
  7.64
  8.02
  8.42
  8.84
  9.29
  9.75
  10.24
  10.75
  11.29
  11.85
  12.45
  13.07
  13.72
  14.41
  15.13
  15.88
  16.68
  17.51
  18.39
  19.31
  20.27
  21.29
  22.35
  23.47
  24.64
  25.87
  27.17
PV of cash for distribution, $m
 
  377
  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
Current shareholders' claim on cash, %
  100
  100.0
  91.2
  82.7
  74.7
  67.1
  60.1
  53.7
  47.8
  42.4
  37.6
  33.2
  29.3
  25.8
  22.7
  19.9
  17.5
  15.3
  13.4
  11.7
  10.2
  8.9
  7.8
  6.8
  5.9
  5.1
  4.5
  3.9
  3.4
  2.9
  2.5

Gener8 Maritime, Inc. provides international seaborne crude oil transportation services. As of September 12, 2016, it owned a fleet of 43 vessels comprising 26 VLCCs, including 6 newbuildings, 11 Suezmax vessels, 4 Aframax vessels, and 2 Panamax vessels with an aggregate carrying capacity of 10.2. million deadweight tons. The company was formerly known as General Maritime Corporation and changed its name to Gener8 Maritime, Inc. in May 2015. Gener8 Maritime, Inc. was founded in 1997 and is based in New York, New York.

FINANCIAL RATIOS  of  Gener8 Maritime (GNRT)

Valuation Ratios
P/E Ratio 6.9
Price to Sales 1.1
Price to Book 0.3
Price to Tangible Book
Price to Cash Flow 1.8
Price to Free Cash Flow -0.6
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 97.5%
Total Debt to Equity 110.1%
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 $430 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 6.6%, 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 104.7%.

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 357.8%.

Life of production assets of 32.6 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 -7.9%. 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 - $1348 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 86.032 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 $0.5 billion.


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COMPANY NEWS

▶ [$$] 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]
▶ Analysts Recommendations for Crude Tankers after Week 18   [May-10-17 10:38AM  Market Realist]
▶ Gener8 Maritime posts 1Q profit   [06:12AM  Associated Press]
▶ What Were Analysts Recommendations in Week 16?   [Apr-25-17 02:05PM  Market Realist]
▶ Chinas March Data and the Crude Tanker Industry   [Apr-24-17 04:00PM  Market Realist]
▶ Analysts Recommendations for Crude Tankers in Week 15   [Apr-19-17 10:37AM  Market Realist]
▶ Rising US Crude Exports Are Changing Tankers Trade Dynamics   [Apr-17-17 01:25PM  Market Realist]
▶ Why Did Bunker Fuel Prices Fall in Week 10?   [Mar-16-17 09:31AM  Market Realist]
▶ Why Gener8 Maritime, Inc. Shares Rose 6%   [11:19AM  Motley Fool]
▶ Gener8 Maritime posts 4Q profit   [06:26AM  Associated Press]
▶ Chinas Rising Gasoline Demand Benefits Crude Tankers   [Jan-24-17 07:37AM  Market Realist]
▶ Here is What Hedge Funds Think About Gener8 Maritime Inc (GNRT)   [Dec-05-16 05:54AM  at Insider Monkey]
Stock chart of GNRT Financial statements of GNRT Annual reports 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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