Intrinsic value of Knot Offshore Partners - KNOP

Previous Close

$21.80

  Intrinsic Value

$3.97

stock screener

  Rating & Target

str. sell

-82%

Previous close

$21.80

 
Intrinsic value

$3.97

 
Up/down potential

-82%

 
Rating

str. sell

We calculate the intrinsic value of KNOP 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  12.26
  31.80
  29.12
  26.71
  24.54
  22.58
  20.83
  19.24
  17.82
  16.54
  15.38
  14.34
  13.41
  12.57
  11.81
  11.13
  10.52
  9.97
  9.47
  9.02
  8.62
  8.26
  7.93
  7.64
  7.38
  7.14
  6.92
  6.73
  6.56
  6.40
  6.26
Revenue, $m
  174
  229
  296
  375
  467
  573
  692
  825
  972
  1,133
  1,307
  1,495
  1,695
  1,908
  2,134
  2,371
  2,621
  2,882
  3,155
  3,440
  3,736
  4,045
  4,365
  4,699
  5,046
  5,406
  5,780
  6,169
  6,574
  6,995
  7,433
Variable operating expenses, $m
 
  61
  78
  99
  123
  151
  183
  218
  257
  299
  345
  395
  448
  504
  563
  626
  692
  761
  833
  908
  986
  1,068
  1,152
  1,241
  1,332
  1,427
  1,526
  1,629
  1,735
  1,847
  1,962
Fixed operating expenses, $m
 
  48
  49
  51
  52
  53
  55
  56
  57
  59
  60
  62
  63
  65
  66
  68
  70
  72
  73
  75
  77
  79
  81
  83
  85
  87
  89
  92
  94
  96
  99
Total operating expenses, $m
  92
  109
  127
  150
  175
  204
  238
  274
  314
  358
  405
  457
  511
  569
  629
  694
  762
  833
  906
  983
  1,063
  1,147
  1,233
  1,324
  1,417
  1,514
  1,615
  1,721
  1,829
  1,943
  2,061
Operating income, $m
  82
  121
  169
  226
  292
  368
  455
  552
  658
  775
  902
  1,039
  1,185
  1,340
  1,504
  1,677
  1,859
  2,050
  2,249
  2,456
  2,673
  2,898
  3,132
  3,376
  3,629
  3,891
  4,165
  4,449
  4,744
  5,052
  5,372
EBITDA, $m
  138
  194
  264
  346
  442
  553
  677
  817
  971
  1,139
  1,322
  1,519
  1,730
  1,953
  2,190
  2,440
  2,702
  2,976
  3,263
  3,562
  3,874
  4,198
  4,535
  4,886
  5,250
  5,629
  6,023
  6,432
  6,858
  7,300
  7,761
Interest expense (income), $m
  0
  25
  33
  43
  55
  69
  84
  102
  122
  144
  168
  194
  222
  251
  283
  317
  352
  389
  428
  469
  511
  555
  601
  649
  699
  750
  804
  860
  917
  978
  1,040
Earnings before tax, $m
  61
  96
  135
  182
  237
  300
  371
  449
  536
  631
  734
  845
  963
  1,088
  1,221
  1,361
  1,507
  1,660
  1,821
  1,988
  2,162
  2,343
  2,531
  2,727
  2,930
  3,141
  3,361
  3,589
  3,827
  4,074
  4,331
Tax expense, $m
  0
  26
  37
  49
  64
  81
  100
  121
  145
  170
  198
  228
  260
  294
  330
  367
  407
  448
  492
  537
  584
  633
  683
  736
  791
  848
  907
  969
  1,033
  1,100
  1,169
Net income, $m
  61
  70
  99
  133
  173
  219
  271
  328
  392
  461
  536
  617
  703
  795
  891
  993
  1,100
  1,212
  1,329
  1,451
  1,578
  1,710
  1,848
  1,990
  2,139
  2,293
  2,453
  2,620
  2,794
  2,974
  3,162

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  28
  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
  1,292
  1,662
  2,146
  2,719
  3,386
  4,151
  5,015
  5,980
  7,046
  8,211
  9,474
  10,833
  12,285
  13,829
  15,463
  17,184
  18,992
  20,884
  22,862
  24,925
  27,073
  29,309
  31,634
  34,051
  36,562
  39,172
  41,884
  44,703
  47,635
  50,685
  53,859
Adjusted assets (=assets-cash), $m
  1,264
  1,662
  2,146
  2,719
  3,386
  4,151
  5,015
  5,980
  7,046
  8,211
  9,474
  10,833
  12,285
  13,829
  15,463
  17,184
  18,992
  20,884
  22,862
  24,925
  27,073
  29,309
  31,634
  34,051
  36,562
  39,172
  41,884
  44,703
  47,635
  50,685
  53,859
Revenue / Adjusted assets
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
Average production assets, $m
  1,225
  1,614
  2,085
  2,641
  3,290
  4,032
  4,872
  5,810
  6,845
  7,977
  9,204
  10,524
  11,935
  13,436
  15,023
  16,695
  18,451
  20,290
  22,211
  24,215
  26,302
  28,474
  30,733
  33,081
  35,521
  38,056
  40,691
  43,430
  46,279
  49,242
  52,325
Working capital, $m
  -47
  -21
  -27
  -35
  -43
  -53
  -64
  -76
  -89
  -104
  -120
  -138
  -156
  -176
  -196
  -218
  -241
  -265
  -290
  -316
  -344
  -372
  -402
  -432
  -464
  -497
  -532
  -568
  -605
  -643
  -684
Total debt, $m
  742
  947
  1,232
  1,568
  1,960
  2,408
  2,916
  3,482
  4,108
  4,792
  5,533
  6,331
  7,183
  8,090
  9,049
  10,059
  11,120
  12,231
  13,392
  14,603
  15,864
  17,176
  18,541
  19,960
  21,434
  22,966
  24,558
  26,213
  27,934
  29,724
  31,587
Total liabilities, $m
  771
  975
  1,260
  1,596
  1,988
  2,436
  2,944
  3,510
  4,136
  4,820
  5,561
  6,359
  7,211
  8,118
  9,077
  10,087
  11,148
  12,259
  13,420
  14,631
  15,892
  17,204
  18,569
  19,988
  21,462
  22,994
  24,586
  26,241
  27,962
  29,752
  31,615
Total equity, $m
  522
  686
  886
  1,123
  1,398
  1,714
  2,071
  2,470
  2,910
  3,391
  3,913
  4,474
  5,074
  5,712
  6,386
  7,097
  7,844
  8,625
  9,442
  10,294
  11,181
  12,105
  13,065
  14,063
  15,100
  16,178
  17,298
  18,462
  19,673
  20,933
  22,244
Total liabilities and equity, $m
  1,293
  1,661
  2,146
  2,719
  3,386
  4,150
  5,015
  5,980
  7,046
  8,211
  9,474
  10,833
  12,285
  13,830
  15,463
  17,184
  18,992
  20,884
  22,862
  24,925
  27,073
  29,309
  31,634
  34,051
  36,562
  39,172
  41,884
  44,703
  47,635
  50,685
  53,859
Debt-to-equity ratio
  1.421
  1.380
  1.390
  1.400
  1.400
  1.400
  1.410
  1.410
  1.410
  1.410
  1.410
  1.420
  1.420
  1.420
  1.420
  1.420
  1.420
  1.420
  1.420
  1.420
  1.420
  1.420
  1.420
  1.420
  1.420
  1.420
  1.420
  1.420
  1.420
  1.420
  1.420
Adjusted equity ratio
  0.391
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  61
  70
  99
  133
  173
  219
  271
  328
  392
  461
  536
  617
  703
  795
  891
  993
  1,100
  1,212
  1,329
  1,451
  1,578
  1,710
  1,848
  1,990
  2,139
  2,293
  2,453
  2,620
  2,794
  2,974
  3,162
Depreciation, amort., depletion, $m
  56
  74
  95
  121
  150
  184
  222
  265
  313
  364
  420
  481
  545
  613
  686
  762
  843
  926
  1,014
  1,106
  1,201
  1,300
  1,403
  1,511
  1,622
  1,738
  1,858
  1,983
  2,113
  2,248
  2,389
Funds from operations, $m
  106
  144
  194
  254
  323
  403
  493
  593
  704
  825
  956
  1,097
  1,248
  1,408
  1,577
  1,756
  1,943
  2,139
  2,343
  2,557
  2,779
  3,010
  3,251
  3,501
  3,761
  4,031
  4,312
  4,603
  4,907
  5,223
  5,551
Change in working capital, $m
  -2
  -5
  -6
  -7
  -8
  -10
  -11
  -12
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -33
  -34
  -36
  -37
  -39
  -40
Cash from operations, $m
  108
  149
  200
  261
  332
  413
  504
  606
  718
  840
  972
  1,115
  1,266
  1,428
  1,598
  1,777
  1,966
  2,163
  2,368
  2,583
  2,806
  3,039
  3,280
  3,532
  3,793
  4,064
  4,346
  4,639
  4,944
  5,261
  5,592
Maintenance CAPEX, $m
  0
  -56
  -74
  -95
  -121
  -150
  -184
  -222
  -265
  -313
  -364
  -420
  -481
  -545
  -613
  -686
  -762
  -843
  -926
  -1,014
  -1,106
  -1,201
  -1,300
  -1,403
  -1,511
  -1,622
  -1,738
  -1,858
  -1,983
  -2,113
  -2,248
New CAPEX, $m
  -1
  -389
  -470
  -557
  -648
  -743
  -840
  -938
  -1,035
  -1,132
  -1,227
  -1,320
  -1,411
  -1,500
  -1,587
  -1,672
  -1,756
  -1,839
  -1,921
  -2,004
  -2,087
  -2,172
  -2,259
  -2,348
  -2,440
  -2,535
  -2,635
  -2,739
  -2,848
  -2,963
  -3,084
Cash from investing activities, $m
  -14
  -445
  -544
  -652
  -769
  -893
  -1,024
  -1,160
  -1,300
  -1,445
  -1,591
  -1,740
  -1,892
  -2,045
  -2,200
  -2,358
  -2,518
  -2,682
  -2,847
  -3,018
  -3,193
  -3,373
  -3,559
  -3,751
  -3,951
  -4,157
  -4,373
  -4,597
  -4,831
  -5,076
  -5,332
Free cash flow, $m
  94
  -297
  -344
  -391
  -437
  -480
  -520
  -554
  -583
  -604
  -619
  -626
  -625
  -618
  -603
  -581
  -553
  -519
  -479
  -435
  -387
  -334
  -278
  -219
  -158
  -93
  -27
  42
  113
  185
  259
Issuance/(repayment) of debt, $m
  -30
  233
  284
  336
  392
  449
  507
  566
  625
  684
  741
  798
  853
  906
  959
  1,010
  1,061
  1,111
  1,161
  1,211
  1,261
  1,312
  1,365
  1,419
  1,474
  1,532
  1,592
  1,655
  1,721
  1,790
  1,863
Issuance/(repurchase) of shares, $m
  0
  95
  101
  104
  102
  97
  86
  70
  48
  20
  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  
  -30
  328
  385
  440
  494
  546
  593
  636
  673
  704
  741
  798
  853
  906
  959
  1,010
  1,061
  1,111
  1,161
  1,211
  1,261
  1,312
  1,365
  1,419
  1,474
  1,532
  1,592
  1,655
  1,721
  1,790
  1,863
Total cash flow (excl. dividends), $m
  64
  31
  41
  49
  57
  65
  74
  83
  91
  100
  122
  172
  227
  289
  356
  430
  508
  592
  681
  776
  874
  978
  1,086
  1,199
  1,316
  1,439
  1,565
  1,697
  1,834
  1,975
  2,123
Retained Cash Flow (-), $m
  -1
  -164
  -200
  -237
  -276
  -316
  -357
  -399
  -440
  -481
  -522
  -561
  -600
  -638
  -675
  -711
  -746
  -782
  -817
  -852
  -887
  -923
  -960
  -998
  -1,037
  -1,078
  -1,120
  -1,164
  -1,211
  -1,260
  -1,311
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
 
  -133
  -158
  -188
  -218
  -250
  -283
  -316
  -349
  -382
  -399
  -389
  -373
  -349
  -318
  -281
  -238
  -189
  -135
  -76
  -13
  55
  126
  201
  279
  361
  445
  533
  623
  716
  812
Discount rate, %
 
  9.00
  9.45
  9.92
  10.42
  10.94
  11.49
  12.06
  12.66
  13.30
  13.96
  14.66
  15.39
  16.16
  16.97
  17.82
  18.71
  19.65
  20.63
  21.66
  22.74
  23.88
  25.07
  26.33
  27.64
  29.03
  30.48
  32.00
  33.60
  35.28
  37.05
PV of cash for distribution, $m
 
  -122
  -132
  -141
  -147
  -149
  -147
  -142
  -134
  -124
  -108
  -86
  -67
  -50
  -35
  -24
  -15
  -9
  -5
  -2
  0
  1
  1
  1
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  88.3
  79.8
  73.5
  68.9
  65.6
  63.3
  61.8
  60.9
  60.6
  60.6
  60.6
  60.6
  60.6
  60.6
  60.6
  60.6
  60.6
  60.6
  60.6
  60.6
  60.6
  60.6
  60.6
  60.6
  60.6
  60.6
  60.6
  60.6
  60.6
  60.6

KNOT Offshore Partners LP (KNOT Offshore Partners or the Partnership), owns, operates and acquires shuttle tankers under long-term charters. The Partnership's vessels in its fleet are chartered to Statoil ASA (Statoil), Petrobras Transporte S.A. (Transpetro), Repsol Sinopec Brasil, S.A. (Repsol), Royal Dutch Shell plc, ExxonMobil, and Eni Trading and Shipping S.p.A. (ENI). As of March 17, 2017, the Company had a fleet of 12 shuttle tankers. Its shuttle tankers include Fortaleza Knutsen, Recife Knutsen, Bodil Knutsen and Dan Cisne. KNOT Offshore Partners GP LLC is the general partner of the Partnership. It is engaged in the loading, transportation and storage of the crude oil using the vessels in its fleet. It provides all of these services under time charters and bareboat charters. As of December 31, 2016, eight of its shuttle tankers were chartered under time charters and four of its shuttle tankers were chartered under bareboat charters.

FINANCIAL RATIOS  of  Knot Offshore Partners (KNOP)

Valuation Ratios
P/E Ratio 9.7
Price to Sales 3.4
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 5.5
Price to Free Cash Flow 5.5
Growth Rates
Sales Growth Rate 12.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -50%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 130.8%
Total Debt to Equity 142.1%
Interest Coverage 0
Management Effectiveness
Return On Assets 4.9%
Ret/ On Assets - 3 Yr. Avg. 3.8%
Return On Total Capital 5%
Ret/ On T. Cap. - 3 Yr. Avg. 3.9%
Return On Equity 11.7%
Return On Equity - 3 Yr. Avg. 9.3%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 82.2%
Gross Margin - 3 Yr. Avg. 81%
EBITDA Margin 67.2%
EBITDA Margin - 3 Yr. Avg. 59.5%
Operating Margin 47.1%
Oper. Margin - 3 Yr. Avg. 45.1%
Pre-Tax Margin 35.1%
Pre-Tax Margin - 3 Yr. Avg. 28.3%
Net Profit Margin 35.1%
Net Profit Margin - 3 Yr. Avg. 28.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 98.4%

KNOP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KNOP stock intrinsic value calculation we used $174 million for the last fiscal year's total revenue generated by Knot Offshore Partners. The default revenue input number comes from 2016 income statement of Knot Offshore Partners. 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 KNOP stock valuation model: a) initial revenue growth rate of 31.8% 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 9%, whose default value for KNOP is calculated based on our internal credit rating of Knot Offshore Partners, 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 Knot Offshore Partners.
    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 KNOP stock the variable cost ratio is equal to 26.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $47 million in the base year in the intrinsic value calculation for KNOP 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 Knot Offshore Partners.

Corporate tax rate of 27% is the nominal tax rate for Knot Offshore Partners. 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 KNOP 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 KNOP are equal to 704%.

Life of production assets of 21.9 years is the average useful life of capital assets used in Knot Offshore Partners 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 KNOP is equal to -9.2%. 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 - $522 million for Knot Offshore Partners - 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 32.852 million for Knot Offshore Partners 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 Knot Offshore Partners at the current share price and the inputted number of shares is $0.7 billion.

RELATED COMPANIES Price Int.Val. Rating
TNP Tsakos Energy 3.98 4.11  hold
NVGS Navigator Hold 10.60 4.33  str.sell
PBR Petroleo Brasi 12.16 3.11  str.sell
DHT DHT Holdings 3.92 10.43  str.buy
TNK Teekay Tankers 1.36 2.19  str.buy
NAP Navios Maritim 9.86 6.99  sell
FRO Frontline 4.96 2.12  str.sell
NAT Nordic America 2.63 2.27  hold

COMPANY NEWS

▶ Where KNOPs Earnings Margin Stands among Top MLPs   [Dec-07-17 03:30PM  Market Realist]
▶ Top MLP Losers for Week Ended November 10   [Nov-14-17 05:05PM  Market Realist]
▶ Knot Offshore posts 3Q profit   [Nov-03-17 11:47AM  Associated Press]
▶ Knot Offshore posts 2Q profit   [Aug-09-17 09:17PM  Associated Press]
▶ KNOT Offshore Partners LP Announces 2017 Annual Meeting   [Jun-28-17 06:00PM  Business Wire]
▶ 3 Top Dividend Stocks in Shipping   [May-18-17 05:15PM  Motley Fool]
▶ Knot Offshore posts 1Q profit   [May-16-17 10:40AM  Associated Press]
Financial statements of KNOP
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.