Intrinsic value of Nordic American Tankers - NAT

Previous Close

$2.39

  Intrinsic Value

$2.29

stock screener

  Rating & Target

hold

-4%

Previous close

$2.39

 
Intrinsic value

$2.29

 
Up/down potential

-4%

 
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

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, %
  -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
 
  56
  57
  59
  60
  62
  64
  66
  68
  71
  74
  74
  77
  81
  84
  88
  92
  96
  100
  105
  109
  114
  120
  125
  131
  138
  144
  151
  158
  166
  174
Fixed operating expenses, $m
 
  262
  267
  273
  279
  285
  292
  298
  305
  311
  318
  325
  332
  340
  347
  355
  363
  371
  379
  387
  396
  404
  413
  422
  432
  441
  451
  461
  471
  481
  492
Total operating expenses, $m
  304
  318
  324
  332
  339
  347
  356
  364
  373
  382
  392
  399
  409
  421
  431
  443
  455
  467
  479
  492
  505
  518
  533
  547
  563
  579
  595
  612
  629
  647
  666
Operating income, $m
  53
  46
  48
  50
  53
  57
  62
  68
  74
  82
  90
  101
  111
  122
  135
  148
  162
  177
  194
  211
  230
  251
  272
  296
  320
  347
  375
  404
  436
  470
  505
EBITDA, $m
  144
  153
  157
  162
  168
  176
  184
  194
  205
  217
  231
  245
  261
  279
  298
  318
  339
  363
  387
  414
  442
  472
  504
  539
  575
  613
  654
  697
  743
  791
  842
Interest expense (income), $m
  10
  24
  24
  25
  26
  26
  27
  28
  29
  30
  32
  33
  34
  36
  37
  39
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
  65
  68
  72
  75
  79
Earnings before tax, $m
  42
  23
  23
  25
  28
  31
  35
  40
  45
  51
  58
  68
  77
  87
  97
  109
  121
  135
  149
  165
  182
  200
  219
  239
  261
  285
  310
  336
  364
  394
  426
Tax expense, $m
  0
  6
  6
  7
  7
  8
  9
  11
  12
  14
  16
  18
  21
  23
  26
  29
  33
  36
  40
  44
  49
  54
  59
  65
  71
  77
  84
  91
  98
  107
  115
Net income, $m
  -4
  16
  17
  18
  20
  22
  25
  29
  33
  37
  43
  50
  56
  63
  71
  79
  88
  98
  109
  120
  133
  146
  160
  175
  191
  208
  226
  245
  266
  288
  311

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
  1,315
  1,345
  1,379
  1,418
  1,461
  1,508
  1,560
  1,615
  1,675
  1,740
  1,808
  1,882
  1,960
  2,043
  2,131
  2,224
  2,323
  2,428
  2,538
  2,655
  2,778
  2,908
  3,045
  3,189
  3,340
  3,500
  3,668
  3,846
  4,032
  4,228
Adjusted assets (=assets-cash), $m
  1,268
  1,315
  1,345
  1,379
  1,418
  1,461
  1,508
  1,560
  1,615
  1,675
  1,740
  1,808
  1,882
  1,960
  2,043
  2,131
  2,224
  2,323
  2,428
  2,538
  2,655
  2,778
  2,908
  3,045
  3,189
  3,340
  3,500
  3,668
  3,846
  4,032
  4,228
Revenue / Adjusted assets
  0.282
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
Average production assets, $m
  0
  1,049
  1,073
  1,100
  1,131
  1,166
  1,203
  1,244
  1,289
  1,336
  1,388
  1,443
  1,501
  1,563
  1,630
  1,700
  1,775
  1,853
  1,937
  2,025
  2,118
  2,216
  2,320
  2,429
  2,544
  2,665
  2,792
  2,927
  3,068
  3,216
  3,373
Working capital, $m
  142
  17
  17
  18
  18
  19
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  35
  37
  39
  41
  43
  45
  47
  49
  51
  54
Total debt, $m
  443
  452
  463
  476
  490
  506
  524
  543
  563
  585
  609
  635
  662
  691
  722
  755
  789
  826
  865
  906
  949
  995
  1,043
  1,093
  1,147
  1,203
  1,263
  1,325
  1,391
  1,460
  1,532
Total liabilities, $m
  479
  488
  499
  512
  526
  542
  560
  579
  599
  622
  645
  671
  698
  727
  758
  791
  825
  862
  901
  942
  985
  1,031
  1,079
  1,130
  1,183
  1,239
  1,299
  1,361
  1,427
  1,496
  1,568
Total equity, $m
  871
  827
  846
  868
  892
  919
  949
  981
  1,016
  1,054
  1,094
  1,137
  1,184
  1,233
  1,285
  1,340
  1,399
  1,461
  1,527
  1,597
  1,670
  1,747
  1,829
  1,915
  2,006
  2,101
  2,202
  2,307
  2,419
  2,536
  2,659
Total liabilities and equity, $m
  1,350
  1,315
  1,345
  1,380
  1,418
  1,461
  1,509
  1,560
  1,615
  1,676
  1,739
  1,808
  1,882
  1,960
  2,043
  2,131
  2,224
  2,323
  2,428
  2,539
  2,655
  2,778
  2,908
  3,045
  3,189
  3,340
  3,501
  3,668
  3,846
  4,032
  4,227
Debt-to-equity ratio
  0.509
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.580
  0.580
Adjusted equity ratio
  0.622
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -4
  16
  17
  18
  20
  22
  25
  29
  33
  37
  43
  50
  56
  63
  71
  79
  88
  98
  109
  120
  133
  146
  160
  175
  191
  208
  226
  245
  266
  288
  311
Depreciation, amort., depletion, $m
  91
  107
  109
  112
  115
  118
  122
  126
  131
  136
  141
  144
  150
  156
  163
  170
  177
  185
  194
  202
  212
  222
  232
  243
  254
  266
  279
  293
  307
  322
  337
Funds from operations, $m
  135
  123
  126
  130
  135
  141
  148
  155
  164
  173
  183
  194
  206
  220
  234
  249
  266
  284
  303
  323
  344
  367
  392
  418
  445
  474
  505
  538
  573
  610
  649
Change in working capital, $m
  7
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
Cash from operations, $m
  128
  123
  126
  130
  135
  140
  147
  155
  163
  172
  183
  193
  205
  219
  233
  248
  265
  282
  301
  321
  343
  366
  390
  416
  443
  472
  503
  536
  571
  607
  646
Maintenance CAPEX, $m
  0
  -103
  -105
  -107
  -110
  -113
  -117
  -120
  -124
  -129
  -134
  -139
  -144
  -150
  -156
  -163
  -170
  -177
  -185
  -194
  -202
  -212
  -222
  -232
  -243
  -254
  -266
  -279
  -293
  -307
  -322
New CAPEX, $m
  -138
  -19
  -24
  -28
  -31
  -34
  -38
  -41
  -44
  -48
  -51
  -55
  -59
  -62
  -66
  -70
  -75
  -79
  -83
  -88
  -93
  -98
  -104
  -109
  -115
  -121
  -128
  -134
  -141
  -149
  -156
Cash from investing activities, $m
  -187
  -122
  -129
  -135
  -141
  -147
  -155
  -161
  -168
  -177
  -185
  -194
  -203
  -212
  -222
  -233
  -245
  -256
  -268
  -282
  -295
  -310
  -326
  -341
  -358
  -375
  -394
  -413
  -434
  -456
  -478
Free cash flow, $m
  -59
  1
  -3
  -5
  -6
  -7
  -7
  -7
  -6
  -4
  -2
  0
  3
  6
  10
  15
  20
  26
  33
  40
  47
  56
  65
  75
  85
  97
  109
  123
  137
  152
  168
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
  53
  56
  59
  62
  66
  69
  73
Issuance/(repurchase) of shares, $m
  120
  0
  2
  3
  4
  5
  4
  3
  2
  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
  13
  16
  18
  21
  22
  22
  23
  22
  24
  26
  27
  29
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  53
  56
  59
  62
  66
  69
  73
Total cash flow (excl. dividends), $m
  178
  9
  10
  11
  12
  13
  15
  16
  17
  18
  21
  25
  30
  35
  41
  48
  55
  63
  71
  81
  91
  101
  113
  126
  139
  153
  169
  185
  202
  221
  241
Retained Cash Flow (-), $m
  10
  -17
  -19
  -22
  -24
  -27
  -30
  -32
  -35
  -38
  -40
  -43
  -46
  -49
  -52
  -55
  -59
  -62
  -66
  -69
  -73
  -77
  -82
  -86
  -91
  -95
  -101
  -106
  -111
  -117
  -123
Prev. year cash balance distribution, $m
 
  61
  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
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
Cash available for distribution, $m
 
  54
  -9
  -11
  -12
  -14
  -15
  -17
  -18
  -20
  -19
  -18
  -16
  -14
  -11
  -8
  -4
  1
  6
  11
  17
  24
  31
  39
  48
  58
  68
  79
  91
  104
  118
Discount rate, %
 
  5.20
  5.46
  5.73
  6.02
  6.32
  6.64
  6.97
  7.32
  7.68
  8.07
  8.47
  8.89
  9.34
  9.81
  10.30
  10.81
  11.35
  11.92
  12.51
  13.14
  13.80
  14.49
  15.21
  15.97
  16.77
  17.61
  18.49
  19.41
  20.38
  21.40
PV of cash for distribution, $m
 
  51
  -8
  -9
  -10
  -10
  -10
  -10
  -10
  -10
  -9
  -7
  -6
  -4
  -3
  -2
  -1
  0
  1
  1
  1
  2
  2
  2
  1
  1
  1
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  99.7
  99.1
  98.4
  97.7
  97.0
  96.5
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2

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 -60.9
Price to Sales 0.7
Price to Book 0.3
Price to Tangible Book
Price to Cash Flow 1.9
Price to Free Cash Flow -24.4
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 5.2%, 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 15.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $256 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 5.4% 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 0.1%.

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 288%.

Life of production assets of 10 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 4.6%. 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 93 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 $0.2 billion.

RELATED COMPANIES Price Int.Val. Rating
TNK Teekay Tankers 1.04 3.59  str.buy
TNP Tsakos Energy 3.37 4.13  buy
DHT DHT Holdings 4.51 7.80  str.buy
FRO Frontline 5.34 1.58  str.sell
TK Teekay 6.91 9.39  buy
ASC Ardmore Shippi 7.25 2.89  str.sell
NAO Nordic America 1.16 2.79  str.buy
TGP Teekay LNG Par 16.40 5.27  str.sell
GNRT Gener8 Maritim 6.61 3.84  sell

COMPANY NEWS

▶ 2 Stocks I'd Never Buy, and 1 I'll Consider   [Jul-08-18 05:04PM  Motley Fool]
▶ Why Nordic American Tankers Stock Just Popped 13%   [Jun-18-18 01:35PM  Motley Fool]
▶ Is Nordic American Tankers Limited (NYSE:NAT) Undervalued?   [May-19-18 09:47AM  Simply Wall St.]
▶ Why Nordic American Tanker Stock Popped 11%   [Feb-12-18 04:46PM  Motley Fool]
▶ Nordic American Tankers posts 4Q loss   [07:39AM  Associated Press]
▶ Key Updates from the Crude Tanker Industry Last Week   [Jan-25-18 09:04AM  Market Realist]
▶ Where Are Bunker Fuel Prices Heading?   [Jan-24-18 05:40PM  Market Realist]
▶ How Crude Tanker Rates Moved Last Week   [04:08PM  Market Realist]
▶ Euronav: Analysts Recommendations before Its 4Q17 Results   [Jan-23-18 07:35AM  Market Realist]
▶ Euronav: Where Do Analysts View Its 4Q17 EBITDA?   [Jan-22-18 03:20PM  Market Realist]
▶ Was Chinas December PMI Data Positive for Crude Tankers?   [Jan-19-18 12:55PM  Market Realist]
▶ Week 2: Analysts Ratings for Crude Tanker Stocks   [Jan-16-18 03:10PM  Market Realist]
▶ Analyzing Bunker Fuel Prices in Week 2   [01:40PM  Market Realist]
▶ Suezmax and Aframax Rates Fell in Week 2   [12:05PM  Market Realist]
▶ UBS Downgraded Gener8 Maritime Partners   [Jan-12-18 07:34AM  Market Realist]
▶ Crude Tanker Rates: 2018 Hasnt Started on a Good Note   [Jan-11-18 11:25AM  Market Realist]
▶ Nordic American Tankers: What Do Analysts Recommend?   [Jan-04-18 09:04AM  Market Realist]
▶ Updates on Nordic American Tankers Re-Capitalization Program   [Dec-27-17 04:15PM  Market Realist]
▶ Why Did Nordic American Tankers Fall Last Week?   [Dec-20-17 10:33AM  Market Realist]
▶ US Crude Oil Exports to China: Highest in November   [Dec-14-17 02:55PM  Market Realist]
▶ Chinas Crude Oil Imports Are at Record Levels   [01:25PM  Market Realist]
▶ What Happened in the Stock Market Today   [Dec-13-17 05:05PM  Motley Fool]
▶ 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]
▶ 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]
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.

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