Intrinsic value of Ship Finance International - SFL

Previous Close

$14.85

  Intrinsic Value

$2.79

stock screener

  Rating & Target

str. sell

-81%

Previous close

$14.85

 
Intrinsic value

$2.79

 
Up/down potential

-81%

 
Rating

str. sell

We calculate the intrinsic value of SFL 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 1.5

 

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, %
  1.47
  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
  413
  421
  431
  442
  454
  468
  483
  500
  518
  537
  557
  579
  603
  628
  655
  683
  713
  744
  778
  813
  851
  890
  932
  976
  1,022
  1,070
  1,122
  1,176
  1,232
  1,292
  1,355
Variable operating expenses, $m
 
  270
  277
  284
  292
  301
  310
  321
  332
  345
  358
  372
  387
  403
  420
  438
  458
  478
  499
  522
  546
  572
  598
  626
  656
  687
  720
  755
  791
  829
  870
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
  245
  270
  277
  284
  292
  301
  310
  321
  332
  345
  358
  372
  387
  403
  420
  438
  458
  478
  499
  522
  546
  572
  598
  626
  656
  687
  720
  755
  791
  829
  870
Operating income, $m
  168
  151
  154
  158
  163
  168
  173
  179
  185
  192
  200
  207
  216
  225
  234
  244
  255
  267
  279
  291
  305
  319
  334
  349
  366
  383
  402
  421
  441
  463
  485
EBITDA, $m
  262
  247
  252
  259
  266
  274
  283
  293
  303
  314
  326
  339
  353
  368
  383
  400
  417
  436
  455
  476
  498
  521
  545
  571
  598
  626
  656
  688
  721
  756
  793
Interest expense (income), $m
  65
  57
  58
  59
  61
  63
  65
  68
  70
  73
  76
  80
  83
  87
  91
  96
  100
  105
  110
  115
  121
  127
  134
  140
  147
  155
  163
  171
  180
  189
  198
Earnings before tax, $m
  146
  94
  96
  99
  102
  104
  108
  111
  115
  119
  123
  128
  133
  138
  143
  149
  155
  162
  169
  176
  183
  192
  200
  209
  218
  228
  239
  250
  262
  274
  287
Tax expense, $m
  0
  25
  26
  27
  27
  28
  29
  30
  31
  32
  33
  34
  36
  37
  39
  40
  42
  44
  45
  47
  50
  52
  54
  56
  59
  62
  64
  67
  71
  74
  77
Net income, $m
  146
  69
  70
  72
  74
  76
  79
  81
  84
  87
  90
  93
  97
  101
  105
  109
  113
  118
  123
  128
  134
  140
  146
  153
  159
  167
  174
  182
  191
  200
  209

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  181
  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
  2,937
  2,808
  2,873
  2,947
  3,030
  3,122
  3,222
  3,332
  3,451
  3,579
  3,716
  3,863
  4,020
  4,187
  4,364
  4,553
  4,752
  4,963
  5,187
  5,423
  5,672
  5,935
  6,212
  6,504
  6,812
  7,136
  7,478
  7,837
  8,215
  8,613
  9,032
Adjusted assets (=assets-cash), $m
  2,756
  2,808
  2,873
  2,947
  3,030
  3,122
  3,222
  3,332
  3,451
  3,579
  3,716
  3,863
  4,020
  4,187
  4,364
  4,553
  4,752
  4,963
  5,187
  5,423
  5,672
  5,935
  6,212
  6,504
  6,812
  7,136
  7,478
  7,837
  8,215
  8,613
  9,032
Revenue / Adjusted assets
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
Average production assets, $m
  1,689
  1,723
  1,763
  1,808
  1,859
  1,915
  1,977
  2,044
  2,117
  2,196
  2,280
  2,370
  2,466
  2,569
  2,677
  2,793
  2,915
  3,045
  3,182
  3,327
  3,480
  3,641
  3,811
  3,990
  4,179
  4,378
  4,588
  4,808
  5,040
  5,284
  5,541
Working capital, $m
  39
  32
  33
  34
  35
  36
  37
  38
  40
  41
  43
  45
  46
  48
  50
  53
  55
  57
  60
  63
  66
  69
  72
  75
  79
  82
  86
  91
  95
  99
  104
Total debt, $m
  1,553
  1,410
  1,448
  1,492
  1,541
  1,595
  1,654
  1,719
  1,789
  1,865
  1,946
  2,033
  2,126
  2,224
  2,329
  2,441
  2,558
  2,683
  2,815
  2,955
  3,102
  3,257
  3,421
  3,594
  3,776
  3,968
  4,169
  4,382
  4,605
  4,840
  5,088
Total liabilities, $m
  1,803
  1,660
  1,698
  1,742
  1,791
  1,845
  1,904
  1,969
  2,039
  2,115
  2,196
  2,283
  2,376
  2,474
  2,579
  2,691
  2,808
  2,933
  3,065
  3,205
  3,352
  3,507
  3,671
  3,844
  4,026
  4,218
  4,419
  4,632
  4,855
  5,090
  5,338
Total equity, $m
  1,134
  1,149
  1,175
  1,205
  1,239
  1,277
  1,318
  1,363
  1,411
  1,464
  1,520
  1,580
  1,644
  1,712
  1,785
  1,862
  1,944
  2,030
  2,121
  2,218
  2,320
  2,427
  2,541
  2,660
  2,786
  2,919
  3,058
  3,205
  3,360
  3,523
  3,694
Total liabilities and equity, $m
  2,937
  2,809
  2,873
  2,947
  3,030
  3,122
  3,222
  3,332
  3,450
  3,579
  3,716
  3,863
  4,020
  4,186
  4,364
  4,553
  4,752
  4,963
  5,186
  5,423
  5,672
  5,934
  6,212
  6,504
  6,812
  7,137
  7,477
  7,837
  8,215
  8,613
  9,032
Debt-to-equity ratio
  1.369
  1.230
  1.230
  1.240
  1.240
  1.250
  1.260
  1.260
  1.270
  1.270
  1.280
  1.290
  1.290
  1.300
  1.300
  1.310
  1.320
  1.320
  1.330
  1.330
  1.340
  1.340
  1.350
  1.350
  1.360
  1.360
  1.360
  1.370
  1.370
  1.370
  1.380
Adjusted equity ratio
  0.369
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  146
  69
  70
  72
  74
  76
  79
  81
  84
  87
  90
  93
  97
  101
  105
  109
  113
  118
  123
  128
  134
  140
  146
  153
  159
  167
  174
  182
  191
  200
  209
Depreciation, amort., depletion, $m
  94
  96
  98
  100
  103
  106
  110
  114
  118
  122
  127
  132
  137
  143
  149
  155
  162
  169
  177
  185
  193
  202
  212
  222
  232
  243
  255
  267
  280
  294
  308
Funds from operations, $m
  228
  165
  168
  173
  177
  183
  188
  195
  201
  209
  217
  225
  234
  243
  253
  264
  275
  287
  300
  313
  327
  342
  358
  374
  392
  410
  429
  450
  471
  493
  517
Change in working capital, $m
  -2
  1
  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
Cash from operations, $m
  230
  164
  168
  172
  176
  182
  187
  193
  200
  207
  215
  223
  232
  241
  251
  262
  273
  285
  297
  310
  324
  339
  355
  371
  388
  406
  425
  445
  467
  489
  512
Maintenance CAPEX, $m
  0
  -94
  -96
  -98
  -100
  -103
  -106
  -110
  -114
  -118
  -122
  -127
  -132
  -137
  -143
  -149
  -155
  -162
  -169
  -177
  -185
  -193
  -202
  -212
  -222
  -232
  -243
  -255
  -267
  -280
  -294
New CAPEX, $m
  -188
  -34
  -40
  -45
  -51
  -56
  -62
  -67
  -73
  -79
  -84
  -90
  -96
  -102
  -109
  -115
  -122
  -130
  -137
  -145
  -153
  -161
  -170
  -179
  -189
  -199
  -209
  -220
  -232
  -244
  -257
Cash from investing activities, $m
  39
  -128
  -136
  -143
  -151
  -159
  -168
  -177
  -187
  -197
  -206
  -217
  -228
  -239
  -252
  -264
  -277
  -292
  -306
  -322
  -338
  -354
  -372
  -391
  -411
  -431
  -452
  -475
  -499
  -524
  -551
Free cash flow, $m
  269
  36
  32
  29
  25
  22
  19
  16
  14
  11
  9
  6
  4
  2
  0
  -3
  -5
  -7
  -9
  -11
  -13
  -16
  -18
  -20
  -22
  -25
  -27
  -30
  -33
  -35
  -38
Issuance/(repayment) of debt, $m
  -104
  31
  38
  44
  49
  54
  60
  65
  70
  76
  81
  87
  93
  99
  105
  111
  118
  125
  132
  139
  147
  155
  164
  173
  182
  192
  202
  212
  224
  235
  247
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  
  -109
  31
  38
  44
  49
  54
  60
  65
  70
  76
  81
  87
  93
  99
  105
  111
  118
  125
  132
  139
  147
  155
  164
  173
  182
  192
  202
  212
  224
  235
  247
Total cash flow (excl. dividends), $m
  160
  67
  70
  72
  74
  76
  79
  81
  84
  87
  90
  93
  97
  101
  105
  109
  113
  118
  123
  128
  134
  140
  146
  153
  159
  167
  174
  182
  191
  200
  209
Retained Cash Flow (-), $m
  108
  -22
  -26
  -30
  -34
  -38
  -41
  -45
  -49
  -52
  -56
  -60
  -64
  -68
  -73
  -77
  -82
  -86
  -91
  -97
  -102
  -108
  -113
  -120
  -126
  -133
  -140
  -147
  -155
  -163
  -171
Prev. year cash balance distribution, $m
 
  7
  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
 
  52
  44
  42
  40
  39
  37
  36
  35
  34
  34
  33
  33
  32
  32
  32
  32
  32
  32
  32
  32
  32
  33
  33
  34
  34
  35
  35
  36
  37
  38
Discount rate, %
 
  8.30
  8.72
  9.15
  9.61
  10.09
  10.59
  11.12
  11.68
  12.26
  12.88
  13.52
  14.20
  14.91
  15.65
  16.43
  17.26
  18.12
  19.02
  19.97
  20.97
  22.02
  23.12
  24.28
  25.49
  26.77
  28.11
  29.51
  30.99
  32.54
  34.16
PV of cash for distribution, $m
 
  48
  37
  32
  28
  24
  20
  17
  15
  12
  10
  8
  7
  5
  4
  3
  2
  2
  1
  1
  1
  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

Ship Finance International Limited is a holding, and international ship owning and chartering company. The Company is engaged in the ownership and operation of vessels and offshore related assets, and also involved in the charter, purchase and sale of assets. Its assets consist of approximately 20 oil tankers, over 20 dry bulk carriers, approximately 20 container vessels, including a newbuilding, two car carriers, two jack-up drilling rigs, two ultra-deepwater drilling units, five offshore supply vessels, two chemical tankers and two newbuilding oil product tankers. Its oil tankers, chemical tankers and oil product tankers are all double-hull vessels. It has over nine asset types, including crude oil tankers, oil product tankers, chemical tankers, container vessels, car carriers, dry bulk carriers, jack-up drilling rigs, ultra-deepwater drilling units and offshore supply vessels. Its assets consist of a fleet of Suezmax tankers, crude carriers and oil/bulk/ore carriers.

FINANCIAL RATIOS  of  Ship Finance International (SFL)

Valuation Ratios
P/E Ratio 10.3
Price to Sales 3.6
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 6.6
Price to Free Cash Flow 35.9
Growth Rates
Sales Growth Rate 1.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -62.2%
Cap. Spend. - 3 Yr. Gr. Rate 11.5%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 121.6%
Total Debt to Equity 136.9%
Interest Coverage 3
Management Effectiveness
Return On Assets 7.1%
Ret/ On Assets - 3 Yr. Avg. 7.6%
Return On Total Capital 5.2%
Ret/ On T. Cap. - 3 Yr. Avg. 5.5%
Return On Equity 12.3%
Return On Equity - 3 Yr. Avg. 13.2%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 67.1%
Gross Margin - 3 Yr. Avg. 67%
EBITDA Margin 73.8%
EBITDA Margin - 3 Yr. Avg. 80.9%
Operating Margin 40.7%
Oper. Margin - 3 Yr. Avg. 40.9%
Pre-Tax Margin 35.4%
Pre-Tax Margin - 3 Yr. Avg. 40.8%
Net Profit Margin 35.4%
Net Profit Margin - 3 Yr. Avg. 40.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 115.1%

SFL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SFL stock intrinsic value calculation we used $413 million for the last fiscal year's total revenue generated by Ship Finance International. The default revenue input number comes from 2016 income statement of Ship Finance International. 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 SFL 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 8.3%, whose default value for SFL is calculated based on our internal credit rating of Ship Finance International, 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 Ship Finance International.
    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 SFL stock the variable cost ratio is equal to 64.2%.

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 SFL 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 4.1% for Ship Finance International.

Corporate tax rate of 27% is the nominal tax rate for Ship Finance International. 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 SFL 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 SFL are equal to 409%.

Life of production assets of 18 years is the average useful life of capital assets used in Ship Finance International 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 SFL is equal to 7.7%. 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 - $1134 million for Ship Finance International - 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 101.684 million for Ship Finance International 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 Ship Finance International at the current share price and the inputted number of shares is $1.5 billion.

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COMPANY NEWS

▶ SFL - 2017 Annual General Meeting   [Sep-25-17 08:58AM  GlobeNewswire]
▶ New Strong Sell Stocks for September 13th   [Sep-13-17 08:15AM  Zacks]
▶ Myth Busting: Trump Trade A Fallacy   [Sep-07-17 06:28PM  Forbes]
▶ Ship Finance beats 2Q profit forecasts   [Aug-31-17 08:04PM  Associated Press]
▶ SFL - Second Quarter 2017 Presentation   [09:55AM  GlobeNewswire]
▶ SFL - Second Quarter 2017 Results   [08:31AM  GlobeNewswire]
▶ SFL - Invitation to Presentation of Q2 2017 Results   [Aug-22-17 12:49PM  GlobeNewswire]
▶ SFL - Notice of Annual General Meeting 2017   [Aug-14-17 10:34AM  GlobeNewswire]
▶ SFL - Notice of Annual General Meeting 2017   [Jul-13-17 12:14PM  GlobeNewswire]
▶ SFL - Fixed Income Investor Call   [Jun-07-17 05:14AM  GlobeNewswire]
▶ SFL - First Quarter 2017 Presentation   [May-30-17 09:50AM  GlobeNewswire]
▶ Ship Finance beats 1Q profit forecasts   [08:40AM  Associated Press]
▶ SFL - First Quarter 2017 Results   [08:17AM  GlobeNewswire]
▶ SFL - Invitation to Presentation of 1Q 2017 Results   [May-24-17 04:20AM  GlobeNewswire]
▶ SFL - New charter for jackup drilling rig   [May-04-17 07:45AM  GlobeNewswire]
▶ SFL - Filing of 2016 Annual Report on Form 20-F   [Apr-13-17 04:20PM  GlobeNewswire]
▶ SFL - Fourth Quarter 2016 Presentation   [09:51AM  GlobeNewswire]
▶ SFL - Fourth Quarter 2016 Presentation   [09:51AM  GlobeNewswire]
▶ Ship Finance tops 4Q revenue forecasts   [09:20AM  Associated Press]
▶ SFL - Fourth Quarter 2016 Results   [08:44AM  GlobeNewswire]
▶ SFL - Invitation to Presentation of 4Q 2016 Results   [Feb-21-17 11:06AM  GlobeNewswire]
▶ Should You Avoid Ship Finance International Limited (SFL)?   [Dec-12-16 08:54AM  at Insider Monkey]
▶ SFL - 3Q 2016 Presentation   [10:03AM  GlobeNewswire]
▶ SFL - 3Q 2016 Presentation   [09:43AM  GlobeNewswire]
▶ SFL - Third Quarter 2016 Results   [08:00AM  GlobeNewswire]
▶ SFL - Third Quarter 2016 Results   [07:52AM  GlobeNewswire]
Financial statements of SFL
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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