Intrinsic value of Navios Maritime Midstream Partners - NAP

Previous Close

$8.93

  Intrinsic Value

$3.63

stock screener

  Rating & Target

str. sell

-59%

  Value-price divergence*

+86%

Previous close

$8.93

 
Intrinsic value

$3.63

 
Up/down potential

-59%

 
Rating

str. sell

 
Value-price divergence*

+86%

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

We calculate the intrinsic value of NAP 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 0.2

 

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, %
  10.84
  10.80
  10.22
  9.70
  9.23
  8.81
  8.42
  8.08
  7.77
  7.50
  7.25
  7.02
  6.82
  6.64
  6.47
  6.33
  6.19
  6.07
  5.97
  5.87
  5.78
  5.71
  5.63
  5.57
  5.51
  5.46
  5.42
  5.37
  5.34
  5.30
  5.27
Revenue, $m
  92
  102
  112
  123
  135
  146
  159
  172
  185
  199
  213
  228
  244
  260
  277
  294
  313
  332
  351
  372
  394
  416
  439
  464
  489
  516
  544
  573
  604
  636
  670
Variable operating expenses, $m
 
  55
  61
  67
  73
  80
  86
  93
  100
  108
  116
  124
  132
  141
  150
  160
  170
  180
  191
  202
  214
  226
  239
  252
  266
  280
  295
  311
  328
  345
  364
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
  54
  55
  61
  67
  73
  80
  86
  93
  100
  108
  116
  124
  132
  141
  150
  160
  170
  180
  191
  202
  214
  226
  239
  252
  266
  280
  295
  311
  328
  345
  364
Operating income, $m
  38
  47
  51
  56
  62
  67
  73
  78
  85
  91
  97
  104
  111
  119
  127
  135
  143
  152
  161
  170
  180
  190
  201
  212
  224
  236
  249
  262
  276
  291
  306
EBITDA, $m
  64
  75
  83
  91
  100
  108
  117
  127
  137
  147
  158
  169
  180
  192
  205
  218
  231
  245
  260
  275
  291
  308
  325
  343
  362
  382
  402
  424
  447
  470
  495
Interest expense (income), $m
  11
  11
  12
  14
  15
  16
  18
  19
  21
  22
  24
  26
  28
  30
  32
  34
  36
  38
  41
  43
  46
  48
  51
  54
  57
  60
  63
  67
  70
  74
  78
Earnings before tax, $m
  25
  36
  39
  43
  47
  51
  55
  59
  64
  68
  73
  78
  84
  89
  95
  101
  107
  113
  120
  127
  134
  142
  150
  158
  167
  176
  185
  195
  206
  216
  228
Tax expense, $m
  0
  10
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  23
  24
  26
  27
  29
  31
  32
  34
  36
  38
  40
  43
  45
  47
  50
  53
  56
  58
  62
Net income, $m
  25
  26
  29
  31
  34
  37
  40
  43
  47
  50
  53
  57
  61
  65
  69
  74
  78
  83
  88
  93
  98
  104
  109
  115
  122
  128
  135
  143
  150
  158
  166

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  53
  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
  476
  470
  518
  568
  620
  675
  732
  791
  853
  916
  983
  1,052
  1,124
  1,198
  1,276
  1,356
  1,441
  1,528
  1,619
  1,714
  1,813
  1,917
  2,025
  2,138
  2,256
  2,379
  2,508
  2,642
  2,783
  2,931
  3,086
Adjusted assets (=assets-cash), $m
  423
  470
  518
  568
  620
  675
  732
  791
  853
  916
  983
  1,052
  1,124
  1,198
  1,276
  1,356
  1,441
  1,528
  1,619
  1,714
  1,813
  1,917
  2,025
  2,138
  2,256
  2,379
  2,508
  2,642
  2,783
  2,931
  3,086
Revenue / Adjusted assets
  0.217
  0.217
  0.216
  0.217
  0.218
  0.216
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
Average production assets, $m
  416
  461
  508
  557
  609
  662
  718
  776
  837
  899
  964
  1,032
  1,103
  1,176
  1,252
  1,331
  1,414
  1,499
  1,589
  1,682
  1,779
  1,881
  1,987
  2,098
  2,213
  2,334
  2,461
  2,593
  2,731
  2,876
  3,028
Working capital, $m
  55
  3
  4
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
Total debt, $m
  197
  219
  241
  265
  291
  317
  344
  372
  402
  432
  464
  497
  531
  567
  604
  642
  683
  724
  768
  813
  861
  910
  962
  1,016
  1,072
  1,131
  1,193
  1,257
  1,324
  1,395
  1,469
Total liabilities, $m
  203
  225
  247
  271
  297
  323
  350
  378
  408
  438
  470
  503
  537
  573
  610
  648
  689
  730
  774
  819
  867
  916
  968
  1,022
  1,078
  1,137
  1,199
  1,263
  1,330
  1,401
  1,475
Total equity, $m
  273
  245
  270
  296
  324
  352
  382
  413
  445
  478
  513
  549
  587
  625
  666
  708
  752
  798
  845
  895
  947
  1,001
  1,057
  1,116
  1,177
  1,242
  1,309
  1,379
  1,453
  1,530
  1,611
Total liabilities and equity, $m
  476
  470
  517
  567
  621
  675
  732
  791
  853
  916
  983
  1,052
  1,124
  1,198
  1,276
  1,356
  1,441
  1,528
  1,619
  1,714
  1,814
  1,917
  2,025
  2,138
  2,255
  2,379
  2,508
  2,642
  2,783
  2,931
  3,086
Debt-to-equity ratio
  0.722
  0.890
  0.890
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
Adjusted equity ratio
  0.520
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  25
  26
  29
  31
  34
  37
  40
  43
  47
  50
  53
  57
  61
  65
  69
  74
  78
  83
  88
  93
  98
  104
  109
  115
  122
  128
  135
  143
  150
  158
  166
Depreciation, amort., depletion, $m
  26
  29
  32
  35
  38
  41
  45
  49
  52
  56
  60
  65
  69
  73
  78
  83
  88
  94
  99
  105
  111
  118
  124
  131
  138
  146
  154
  162
  171
  180
  189
Funds from operations, $m
  45
  55
  60
  66
  72
  78
  85
  92
  99
  106
  114
  122
  130
  139
  147
  157
  166
  176
  187
  198
  209
  221
  234
  247
  260
  274
  289
  305
  321
  338
  356
Change in working capital, $m
  -5
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
Cash from operations, $m
  50
  54
  60
  66
  72
  78
  85
  91
  98
  106
  113
  121
  129
  138
  147
  156
  166
  176
  186
  197
  209
  220
  233
  246
  259
  273
  288
  304
  320
  337
  354
Maintenance CAPEX, $m
  0
  -26
  -29
  -32
  -35
  -38
  -41
  -45
  -49
  -52
  -56
  -60
  -65
  -69
  -73
  -78
  -83
  -88
  -94
  -99
  -105
  -111
  -118
  -124
  -131
  -138
  -146
  -154
  -162
  -171
  -180
New CAPEX, $m
  0
  -45
  -47
  -49
  -51
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -70
  -73
  -76
  -79
  -82
  -86
  -89
  -93
  -97
  -102
  -106
  -111
  -116
  -121
  -126
  -132
  -138
  -145
  -152
Cash from investing activities, $m
  -1
  -71
  -76
  -81
  -86
  -92
  -97
  -103
  -109
  -115
  -121
  -128
  -135
  -142
  -149
  -157
  -165
  -174
  -183
  -192
  -202
  -213
  -224
  -235
  -247
  -259
  -272
  -286
  -300
  -316
  -332
Free cash flow, $m
  49
  -16
  -16
  -15
  -15
  -14
  -13
  -12
  -11
  -9
  -8
  -7
  -5
  -4
  -3
  -1
  0
  2
  3
  5
  6
  8
  9
  11
  12
  14
  16
  18
  19
  21
  23
Issuance/(repayment) of debt, $m
  -3
  23
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  34
  36
  37
  39
  40
  42
  44
  45
  47
  49
  52
  54
  56
  59
  62
  64
  67
  71
  74
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  
  1
  23
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  34
  36
  37
  39
  40
  42
  44
  45
  47
  49
  52
  54
  56
  59
  62
  64
  67
  71
  74
Total cash flow (excl. dividends), $m
  50
  6
  7
  9
  11
  12
  14
  17
  19
  21
  24
  26
  29
  32
  34
  37
  40
  43
  47
  50
  53
  57
  61
  65
  69
  73
  77
  82
  87
  92
  97
Retained Cash Flow (-), $m
  6
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -32
  -33
  -35
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -62
  -64
  -67
  -70
  -74
  -77
  -81
Prev. year cash balance distribution, $m
 
  52
  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
 
  34
  -18
  -18
  -17
  -16
  -15
  -14
  -13
  -12
  -11
  -10
  -9
  -7
  -6
  -5
  -4
  -2
  -1
  0
  2
  3
  4
  6
  7
  9
  10
  12
  13
  15
  16
Discount rate, %
 
  5.50
  5.78
  6.06
  6.37
  6.69
  7.02
  7.37
  7.74
  8.13
  8.53
  8.96
  9.41
  9.88
  10.37
  10.89
  11.43
  12.01
  12.61
  13.24
  13.90
  14.59
  15.32
  16.09
  16.89
  17.74
  18.62
  19.56
  20.53
  21.56
  22.64
PV of cash for distribution, $m
 
  32
  -16
  -15
  -13
  -12
  -10
  -9
  -7
  -6
  -5
  -4
  -3
  -2
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  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

Navios Maritime Midstream Partners L.P. owns, operates, and acquires crude oil tankers, refined petroleum product tankers, chemical tankers, and liquefied petroleum gas tankers. The company charters its vessels under long-term employment contracts to international oil companies, refiners, and large vessel operators. As of December 31, 2015, it owned six VLCC vessels. Navios Maritime Midstream Partners GP LLC operates as the general partner of the company. The company is based in Monaco.

FINANCIAL RATIOS  of  Navios Maritime Midstream Partners (NAP)

Valuation Ratios
P/E Ratio 7.5
Price to Sales 2
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 3.8
Price to Free Cash Flow 3.8
Growth Rates
Sales Growth Rate 10.8%
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 53
Current Ratio 0
LT Debt to Equity 71.8%
Total Debt to Equity 72.2%
Interest Coverage 3
Management Effectiveness
Return On Assets 7.5%
Ret/ On Assets - 3 Yr. Avg. 7.6%
Return On Total Capital 5.3%
Ret/ On T. Cap. - 3 Yr. Avg. 4%
Return On Equity 9.1%
Return On Equity - 3 Yr. Avg. 6.6%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 94.6%
Gross Margin - 3 Yr. Avg. 95.8%
EBITDA Margin 67.4%
EBITDA Margin - 3 Yr. Avg. 71.3%
Operating Margin 41.3%
Oper. Margin - 3 Yr. Avg. 43.1%
Pre-Tax Margin 27.2%
Pre-Tax Margin - 3 Yr. Avg. 20.4%
Net Profit Margin 27.2%
Net Profit Margin - 3 Yr. Avg. 20.4%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 140%

NAP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NAP stock intrinsic value calculation we used $92 million for the last fiscal year's total revenue generated by Navios Maritime Midstream Partners. The default revenue input number comes from 2016 income statement of Navios Maritime Midstream 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 NAP stock valuation model: a) initial revenue growth rate of 10.8% 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 5.5%, whose default value for NAP is calculated based on our internal credit rating of Navios Maritime Midstream 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 Navios Maritime Midstream 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 NAP stock the variable cost ratio is equal to 54.3%.

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 NAP 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 5.6% for Navios Maritime Midstream Partners.

Corporate tax rate of 27% is the nominal tax rate for Navios Maritime Midstream 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 NAP 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 NAP are equal to 452.2%.

Life of production assets of 16 years is the average useful life of capital assets used in Navios Maritime Midstream 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 NAP is equal to 3.3%. 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 - $273 million for Navios Maritime Midstream 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 18.807 million for Navios Maritime Midstream 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 Navios Maritime Midstream Partners at the current share price and the inputted number of shares is $0.2 billion.

RELATED COMPANIES Price Int.Val. Rating
NNA Navios Maritim 1.18 1.07  sell
NMM Navios Maritim 1.88 2.07  buy
NM Navios Maritim 1.23 1.13  hold
STNG Scorpio Tanker 3.39 1.95  sell
GNRT Gener8 Maritim 4.51 4.18  sell
DHT DHT Holdings 3.83 7.79  str.buy
FRO Frontline 5.21 22.54  str.buy
TNK Teekay Tankers 1.55 3.84  str.buy
KNOP Knot Offshore 22.90 3.42  str.sell

COMPANY NEWS

▶ Navios Maritime Midstream posts 2Q profit   [Jul-26-17 08:55PM  Associated Press]
▶ Is There a Fall in NAPs 2017 and 2018 Revenue Estimate?   [Jul-25-17 06:05PM  Market Realist]
▶ Week 28: Crude Tanker Stocks Had a Good Run   [09:14AM  Market Realist]
▶ How Did Chinas Manufacturing Industry Perform in June?   [Jul-18-17 11:05AM  Market Realist]
▶ Tsakos Energy Navigation: What Analysts Estimate for 2Q17   [Jul-17-17 07:36AM  Market Realist]
▶ No Sell Ratings for DHT Holdings   [Jul-13-17 10:37AM  Market Realist]
▶ How Analysts Are Rating Navios Maritime Midstream Partners   [Jul-12-17 03:35PM  Market Realist]
▶ Analysts Ratings for Crude Tankers in Week 26   [Jul-06-17 07:37AM  Market Realist]
▶ Week 26: Crude Tanker Industry Update   [Jul-05-17 11:58AM  Market Realist]
▶ Will Chinas Crude Oil Imports Keep Rising?   [Jul-04-17 09:07AM  Market Realist]
▶ How Did the Crude Tanker Industry Perform in Week 25?   [Jun-27-17 12:51PM  Market Realist]
▶ Gener8 Martime Stock Rose, Peers Fell in Week 24   [Jun-21-17 07:37AM  Market Realist]
▶ Crude Tanker Index Fell by 40 Points in Week 23   [Jun-14-17 07:34AM  Market Realist]
▶ Crude Tanker Industry: Key Events in Week 22   [07:36AM  Market Realist]
▶ Chart in Focus: Looking at MLPs amid Market Uncertainties   [Jun-07-17 10:36AM  Market Realist]
▶ Could Chinas Teapot Refiners Be a Concern for Crude Tankers?   [Jun-01-17 10:37AM  Market Realist]
▶ Crude Tanker Index Rose but Stocks Fell Last Week   [May-31-17 04:47PM  Market Realist]
▶ Analysts Recommendations for Crude Tankers in Week 20   [May-25-17 01:35PM  Market Realist]
▶ Not a Single Sell Rating for Tsakos Energy Navigation   [May-18-17 10:36AM  Market Realist]
▶ How Did Tsakos Energy Navigations Top Line Fare in 1Q17?   [May-17-17 09:07AM  Market Realist]
▶ Chinas Auto Sales Fell in April, Could Impact Crude Tankers   [May-15-17 02:05PM  Market Realist]
▶ Analyzing Nordic American Tankers Dividends   [07:36AM  Market Realist]
▶ Nordic American Tankers Stock Fell to a 52-Week Low   [May-12-17 07:37AM  Market Realist]
▶ Crude Tanker Index and Stocks Fell in Week 18   [May-10-17 07:38AM  Market Realist]
▶ New Strong Sell Stocks for May 9th   [May-09-17 10:57AM  Zacks]
▶ Why MLPs Continue to Be a Top Income Investment Option   [May-08-17 09:06AM  Market Realist]
▶ Why Navios Midstreams Latest Dividend Matters   [07:39AM  Market Realist]
▶ Inside Navios Maritime Midstreams Costs and EBITDA in 1Q17   [Apr-28-17 04:35PM  Market Realist]
▶ How Crude Oil Tanker Stocks Are Performing   [04:20PM  Market Realist]
▶ Euronavs 1Q17 Results: Stock Fell 4.2%   [09:44AM  Market Realist]
▶ Which Crude Tanker Has the Most Buy Ratings?   [07:39AM  Market Realist]
▶ Navios Maritime Midstream Partners Declared 1Q17 Dividend   [Apr-27-17 06:05PM  Market Realist]
▶ Navios Maritime Midstream posts 1Q profit   [11:10AM  Associated Press]
▶ Crude Tanker Index Rose in Week 16   [Apr-25-17 10:38AM  Market Realist]
▶ Analysts Recommendations for Crude Tankers in Week 15   [Apr-19-17 10:37AM  Market Realist]
▶ Crude Tanker Index Rose in Week 15   [07:38AM  Market Realist]
▶ Rising US Crude Exports Are Changing Tankers Trade Dynamics   [Apr-17-17 01:25PM  Market Realist]
▶ What Analysts Recommend for Crude Tanker Stocks   [Apr-12-17 06:05PM  Market Realist]
▶ Analysts Recommendations for Crude Tankers in Week 12   [Mar-29-17 12:06PM  Market Realist]
▶ Analysts Revise Tsakos Energy Navigations Targets in Week 11   [Mar-22-17 09:07AM  Market Realist]
Stock chart of NAP Financial statements of NAP
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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