Intrinsic value of Nordic American Tankers - NAT

Previous Close

$3.66

  Intrinsic Value

$3.28

stock screener

  Rating & Target

hold

-10%

Previous close

$3.66

 
Intrinsic value

$3.28

 
Up/down potential

-10%

 
Rating

hold

We calculate the intrinsic value of NAT 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, %
  -19.96
  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
  357
  364
  373
  382
  393
  405
  418
  432
  447
  464
  482
  501
  521
  543
  566
  590
  616
  644
  672
  703
  735
  769
  805
  843
  883
  925
  970
  1,016
  1,065
  1,117
  1,171
Variable operating expenses, $m
 
  57
  58
  60
  61
  63
  65
  67
  70
  72
  75
  76
  79
  82
  86
  90
  93
  98
  102
  107
  112
  117
  122
  128
  134
  140
  147
  154
  162
  169
  178
Fixed operating expenses, $m
 
  260
  267
  274
  280
  287
  295
  302
  309
  317
  325
  333
  342
  350
  359
  368
  377
  386
  396
  406
  416
  427
  437
  448
  459
  471
  483
  495
  507
  520
  533
Total operating expenses, $m
  304
  317
  325
  334
  341
  350
  360
  369
  379
  389
  400
  409
  421
  432
  445
  458
  470
  484
  498
  513
  528
  544
  559
  576
  593
  611
  630
  649
  669
  689
  711
Operating income, $m
  53
  47
  47
  49
  51
  54
  58
  63
  68
  75
  82
  92
  101
  110
  121
  133
  146
  159
  174
  190
  208
  226
  246
  267
  290
  314
  340
  367
  397
  428
  461
EBITDA, $m
  144
  49
  49
  51
  53
  56
  60
  65
  70
  76
  84
  92
  101
  110
  121
  133
  146
  159
  174
  190
  208
  226
  246
  267
  290
  314
  340
  367
  397
  428
  461
Interest expense (income), $m
  10
  16
  16
  16
  17
  17
  18
  18
  19
  20
  21
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  37
  38
  40
  42
  44
  46
  49
  51
Earnings before tax, $m
  42
  31
  31
  32
  34
  37
  40
  44
  49
  55
  61
  70
  78
  87
  97
  108
  119
  132
  145
  160
  176
  193
  211
  231
  252
  274
  298
  323
  350
  379
  410
Tax expense, $m
  0
  8
  8
  9
  9
  10
  11
  12
  13
  15
  17
  19
  21
  24
  26
  29
  32
  36
  39
  43
  47
  52
  57
  62
  68
  74
  80
  87
  95
  102
  111
Net income, $m
  -4
  23
  23
  24
  25
  27
  29
  32
  36
  40
  45
  51
  57
  64
  71
  79
  87
  96
  106
  117
  128
  141
  154
  168
  184
  200
  217
  236
  256
  277
  299

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  82
  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
  1,350
  1,291
  1,321
  1,355
  1,393
  1,435
  1,482
  1,532
  1,587
  1,646
  1,709
  1,776
  1,848
  1,925
  2,007
  2,093
  2,185
  2,282
  2,385
  2,493
  2,608
  2,729
  2,856
  2,991
  3,132
  3,281
  3,438
  3,603
  3,777
  3,960
  4,153
Adjusted assets (=assets-cash), $m
  1,268
  1,291
  1,321
  1,355
  1,393
  1,435
  1,482
  1,532
  1,587
  1,646
  1,709
  1,776
  1,848
  1,925
  2,007
  2,093
  2,185
  2,282
  2,385
  2,493
  2,608
  2,729
  2,856
  2,991
  3,132
  3,281
  3,438
  3,603
  3,777
  3,960
  4,153
Revenue / Adjusted assets
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
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
  142
  61
  63
  64
  66
  68
  70
  73
  75
  78
  81
  84
  88
  91
  95
  99
  104
  108
  113
  118
  124
  129
  135
  142
  148
  155
  163
  171
  179
  188
  197
Total debt, $m
  443
  452
  463
  476
  491
  507
  524
  543
  564
  586
  610
  635
  663
  692
  723
  755
  790
  827
  865
  906
  950
  995
  1,044
  1,094
  1,148
  1,204
  1,264
  1,326
  1,392
  1,461
  1,534
Total liabilities, $m
  479
  488
  499
  512
  527
  543
  560
  579
  600
  622
  646
  671
  699
  728
  759
  791
  826
  863
  901
  942
  986
  1,031
  1,080
  1,130
  1,184
  1,240
  1,300
  1,362
  1,428
  1,497
  1,570
Total equity, $m
  871
  803
  822
  843
  866
  893
  922
  953
  987
  1,024
  1,063
  1,105
  1,150
  1,197
  1,248
  1,302
  1,359
  1,419
  1,483
  1,551
  1,622
  1,697
  1,777
  1,860
  1,948
  2,041
  2,139
  2,241
  2,350
  2,463
  2,583
Total liabilities and equity, $m
  1,350
  1,291
  1,321
  1,355
  1,393
  1,436
  1,482
  1,532
  1,587
  1,646
  1,709
  1,776
  1,849
  1,925
  2,007
  2,093
  2,185
  2,282
  2,384
  2,493
  2,608
  2,728
  2,857
  2,990
  3,132
  3,281
  3,439
  3,603
  3,778
  3,960
  4,153
Debt-to-equity ratio
  0.509
  0.560
  0.560
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
Adjusted equity ratio
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -4
  23
  23
  24
  25
  27
  29
  32
  36
  40
  45
  51
  57
  64
  71
  79
  87
  96
  106
  117
  128
  141
  154
  168
  184
  200
  217
  236
  256
  277
  299
Depreciation, amort., depletion, $m
  91
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Funds from operations, $m
  135
  25
  25
  26
  27
  29
  31
  34
  38
  42
  47
  51
  57
  64
  71
  79
  87
  96
  106
  117
  128
  141
  154
  168
  184
  200
  217
  236
  256
  277
  299
Change in working capital, $m
  7
  1
  1
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
Cash from operations, $m
  128
  23
  23
  24
  25
  27
  29
  32
  35
  39
  44
  48
  54
  60
  67
  74
  83
  92
  101
  112
  123
  135
  148
  162
  177
  193
  210
  228
  247
  268
  290
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
  -138
  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
  -187
  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
  -59
  23
  23
  24
  25
  27
  29
  32
  35
  39
  44
  48
  54
  60
  67
  74
  83
  92
  101
  112
  123
  135
  148
  162
  177
  193
  210
  228
  247
  268
  290
Issuance/(repayment) of debt, $m
  117
  9
  11
  13
  14
  16
  18
  19
  21
  22
  24
  26
  27
  29
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  54
  56
  59
  62
  66
  69
  73
Issuance/(repurchase) of shares, $m
  120
  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  
  237
  9
  11
  13
  14
  16
  18
  19
  21
  22
  24
  26
  27
  29
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  54
  56
  59
  62
  66
  69
  73
Total cash flow (excl. dividends), $m
  178
  33
  35
  37
  40
  43
  47
  51
  56
  61
  67
  74
  81
  89
  98
  107
  117
  128
  140
  153
  166
  181
  196
  213
  230
  249
  269
  290
  313
  337
  363
Retained Cash Flow (-), $m
  10
  -14
  -18
  -21
  -24
  -26
  -29
  -31
  -34
  -37
  -39
  -42
  -45
  -48
  -51
  -54
  -57
  -60
  -64
  -67
  -71
  -75
  -79
  -84
  -88
  -93
  -98
  -103
  -108
  -114
  -120
Prev. year cash balance distribution, $m
 
  82
  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
 
  100
  16
  16
  16
  17
  18
  20
  22
  25
  28
  32
  36
  41
  47
  53
  60
  68
  76
  85
  95
  106
  117
  129
  142
  156
  172
  188
  205
  223
  243
Discount rate, %
 
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
 
  95
  14
  13
  12
  12
  12
  12
  12
  12
  12
  12
  12
  12
  12
  11
  10
  10
  9
  8
  7
  6
  5
  4
  3
  2
  2
  1
  1
  1
  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

Nordic American Tankers Limited is an international tanker company. The Company owns approximately 26 vessels, including approximately two new buildings under construction, of approximately 156,000 deadweight tonnage (dwt) each. The Company's Suezmaxes tankers can carry over one million barrels of oil. The vessels in the Company's fleet are homogenous and interchangeable. The Company's vessels are employed in the spot market. The Company's vessels include Nordic Harrier, Nordic Hawk, Nordic Hunter, Nordic Voyager, Nordic Fighter, Nordic Freedom, Nordic Discovery, Nordic Saturn, Nordic Jupiter, Nordic Moon, Nordic Apollo, Nordic Cosmos, Nordic Sprite, Nordic Mistral, Nordic Passat, Nordic Vega, Nordic Breeze, Nordic Zenith, Nordic Sprinter, Nordic Skier and Nordic Light.

FINANCIAL RATIOS  of  Nordic American Tankers (NAT)

Valuation Ratios
P/E Ratio -93.3
Price to Sales 1
Price to Book 0.4
Price to Tangible Book
Price to Cash Flow 2.9
Price to Free Cash Flow -37.3
Growth Rates
Sales Growth Rate -20%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 12.2%
Cap. Spend. - 3 Yr. Gr. Rate 44.4%
Financial Strength
Quick Ratio NaN
Current Ratio 1.7
LT Debt to Equity 50.9%
Total Debt to Equity 50.9%
Interest Coverage 5
Management Effectiveness
Return On Assets 0.5%
Ret/ On Assets - 3 Yr. Avg. 3.5%
Return On Total Capital -0.3%
Ret/ On T. Cap. - 3 Yr. Avg. 2.8%
Return On Equity -0.5%
Return On Equity - 3 Yr. Avg. 3.7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 42.3%
Gross Margin - 3 Yr. Avg. 39%
EBITDA Margin 40.1%
EBITDA Margin - 3 Yr. Avg. 36.2%
Operating Margin 14.8%
Oper. Margin - 3 Yr. Avg. 14%
Pre-Tax Margin 11.8%
Pre-Tax Margin - 3 Yr. Avg. 11.2%
Net Profit Margin -1.1%
Net Profit Margin - 3 Yr. Avg. 7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio -3150%

NAT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NAT stock intrinsic value calculation we used $357 million for the last fiscal year's total revenue generated by Nordic American Tankers. The default revenue input number comes from 2016 income statement of Nordic American Tankers. 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 NAT 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 5.6%, whose default value for NAT is calculated based on our internal credit rating of Nordic American Tankers, 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 Nordic American Tankers.
    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 NAT stock the variable cost ratio is equal to 15.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $254 million in the base year in the intrinsic value calculation for NAT 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 Nordic American Tankers.

Corporate tax rate of 27% is the nominal tax rate for Nordic American Tankers. 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 NAT 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 NAT are equal to 0%.

Life of production assets of 0.2 years is the average useful life of capital assets used in Nordic American Tankers 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 NAT is equal to 16.8%. 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 - $871 million for Nordic American Tankers - 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 101.97 million for Nordic American Tankers 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 Nordic American Tankers at the current share price and the inputted number of shares is $0.4 billion.

RELATED COMPANIES Price Int.Val. Rating
TNK Teekay Tankers 1.49 5.16  str.buy
TNP Tsakos Energy 3.95 4.16  hold
DHT DHT Holdings 3.68 5.07  buy
FRO Frontline 4.97 2.20  str.sell
TK Teekay 8.44 11.06  buy
ASC Ardmore Shippi 7.75 3.01  str.sell
TGP Teekay LNG Par 18.55 4.93  str.sell
GNRT Gener8 Maritim 4.19 4.33  hold

COMPANY NEWS

▶ How Crude Tanker Companies Fared in Week 48   [02:20PM  Market Realist]
▶ Frontlines Target Price Was Cut in Week 47   [10:33AM  Market Realist]
▶ Week 47: Crude Tanker Industry Update   [Nov-30-17 03:36PM  Market Realist]
▶ Frontlines Stock Has Fallen 10.5% in November   [10:10AM  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]
▶ Bunker Fuel Prices Fell in Week 46   [Nov-21-17 04:10PM  Market Realist]
▶ Week 46: Crude Tanker Industry Update   [01:08PM  Market Realist]
▶ Analysts Reduced Nordic American Tankers Target Prices   [Nov-13-17 09:01AM  Market Realist]
▶ Nordic American Tankers Fleet and the Global Fleet   [Nov-10-17 10:33AM  Market Realist]
▶ Analyzing Nordic American Tankers Top Line   [09:03AM  Market Realist]
▶ Nordic American Tankers Was Weaker in 3Q17   [07:34AM  Market Realist]
▶ Wells Fargo Revised the Target Prices for NAT, EURN, and FRO   [Nov-09-17 01:25PM  Market Realist]
▶ Nordic American Tankers posts 3Q loss   [Nov-03-17 07:27PM  Associated Press]
▶ Week 43: Crude Tanker Industry Update   [Oct-31-17 03:33PM  Market Realist]
▶ Indias Crude Oil Imports Hit a Record: Good for Oil Bulls   [Oct-25-17 10:02AM  Market Realist]
▶ Crude Tanker Industry Update for Week 41   [Oct-18-17 01:27PM  Market Realist]
▶ Crude Oil Tanker Industry: Performance in Week 40   [Oct-11-17 11:57AM  Market Realist]
▶ What Analysts Recommend for Nordic American Tanker in 3Q17   [Oct-10-17 10:39AM  Market Realist]
▶ How Crude Tanker Stocks Performed in 3Q17   [Oct-09-17 09:44AM  Market Realist]
▶ Don't Get Excited About Spike in U.S. Oil Exports   [Oct-06-17 04:00PM  TheStreet.com]
▶ 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]
▶ Why Crude Tanker Rates Fell in the Third Quarter of 2017   [Sep-29-17 05:36PM  Market Realist]
▶ Tracking Indias Crude Oil Imports and Demand   [Sep-27-17 11:01AM  Market Realist]
▶ Chinas Crude Oil Imports Hit a 2017 Low   [Sep-21-17 07:39AM  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]
▶ How Crude and Bunker Fuel Prices Fared in Week 35   [Sep-07-17 01:36PM  Market Realist]
▶ Crude Oil Prices and Bunker Fuel Prices in Week 34   [Aug-31-17 02:06PM  Market Realist]
▶ Crude Tanker Index and Stocks Rose in Week 34   [10:37AM  Market Realist]
▶ Crude Tanker Stocks Fall in Week 33 of 2017   [02:58PM  Market Realist]
▶ What Happened to Crude Tanker Stocks Last Week?   [Aug-18-17 11:24AM  Market Realist]
▶ Behind Euronavs New Fixed Dividend Policy   [Aug-17-17 10:37AM  Market Realist]
▶ Inside Euronavs 2Q17 Results   [04:13PM  Market Realist]
▶ Crude Tanker Index Falls for 2nd-Straight Week   [Aug-11-17 05:57PM  Market Realist]
▶ Week 30: Bunker Fuel Prices Rose Due to Higher Oil Prices   [Aug-04-17 11:35AM  Market Realist]
▶ Crude Tanker Index Is 41% Lower This Year   [08:12AM  Market Realist]
▶ Navios Maritime Midstream Partners Financial Health after Q2   [Aug-01-17 09:07AM  Market Realist]
Financial statements of NAT
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

VALUATION THEORY       ASSET ALLOCATION

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

Copyright © X-FIN.com 2005-2017. All rigths reserved.