Intrinsic value of Seanergy Maritime Holdings - SHIP

Previous Close

$1.05

  Intrinsic Value

$2.50

stock screener

  Rating & Target

str. buy

+138%

Previous close

$1.05

 
Intrinsic value

$2.50

 
Up/down potential

+138%

 
Rating

str. buy

We calculate the intrinsic value of SHIP 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 0.0

 

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, %
  218.18
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  35
  56
  87
  129
  188
  265
  364
  489
  642
  826
  1,043
  1,295
  1,584
  1,909
  2,271
  2,670
  3,106
  3,578
  4,085
  4,627
  5,202
  5,810
  6,450
  7,122
  7,825
  8,560
  9,326
  10,123
  10,953
  11,816
  12,713
Variable operating expenses, $m
 
  72
  111
  166
  241
  341
  468
  629
  825
  1,062
  1,341
  1,666
  2,037
  2,455
  2,921
  3,434
  3,995
  4,602
  5,254
  5,950
  6,690
  7,472
  8,295
  9,159
  10,063
  11,008
  11,993
  13,019
  14,086
  15,196
  16,349
Fixed operating expenses, $m
 
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  6
  6
  7
  7
  7
  7
  7
  7
  8
  8
  8
  8
  8
Total operating expenses, $m
  49
  76
  115
  170
  245
  346
  473
  634
  830
  1,067
  1,346
  1,671
  2,042
  2,461
  2,927
  3,440
  4,001
  4,608
  5,260
  5,956
  6,697
  7,479
  8,302
  9,166
  10,070
  11,015
  12,001
  13,027
  14,094
  15,204
  16,357
Operating income, $m
  -15
  -20
  -29
  -41
  -58
  -80
  -109
  -145
  -188
  -241
  -303
  -376
  -458
  -551
  -655
  -770
  -894
  -1,029
  -1,175
  -1,330
  -1,494
  -1,668
  -1,852
  -2,044
  -2,245
  -2,456
  -2,675
  -2,903
  -3,141
  -3,388
  -3,644
EBITDA, $m
  -6
  -20
  -29
  -41
  -58
  -80
  -109
  -145
  -188
  -241
  -303
  -376
  -458
  -551
  -655
  -770
  -894
  -1,029
  -1,175
  -1,330
  -1,494
  -1,668
  -1,852
  -2,044
  -2,245
  -2,456
  -2,675
  -2,903
  -3,141
  -3,388
  -3,644
Interest expense (income), $m
  8
  8
  13
  21
  32
  47
  66
  91
  123
  162
  208
  263
  327
  400
  482
  574
  675
  785
  904
  1,032
  1,169
  1,315
  1,469
  1,630
  1,800
  1,978
  2,164
  2,358
  2,559
  2,769
  2,987
Earnings before tax, $m
  -25
  -28
  -42
  -62
  -90
  -127
  -175
  -236
  -311
  -403
  -512
  -639
  -785
  -951
  -1,137
  -1,343
  -1,569
  -1,814
  -2,079
  -2,362
  -2,664
  -2,983
  -3,320
  -3,674
  -4,046
  -4,434
  -4,839
  -5,261
  -5,700
  -6,157
  -6,632
Tax expense, $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
Net income, $m
  -25
  -28
  -42
  -62
  -90
  -127
  -175
  -236
  -311
  -403
  -512
  -639
  -785
  -951
  -1,137
  -1,343
  -1,569
  -1,814
  -2,079
  -2,362
  -2,664
  -2,983
  -3,320
  -3,674
  -4,046
  -4,434
  -4,839
  -5,261
  -5,700
  -6,157
  -6,632

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  13
  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
  258
  392
  605
  905
  1,313
  1,852
  2,546
  3,418
  4,488
  5,775
  7,294
  9,058
  11,074
  13,348
  15,882
  18,674
  21,723
  25,023
  28,569
  32,356
  36,378
  40,629
  45,105
  49,804
  54,722
  59,858
  65,215
  70,793
  76,597
  82,631
  88,904
Adjusted assets (=assets-cash), $m
  245
  392
  605
  905
  1,313
  1,852
  2,546
  3,418
  4,488
  5,775
  7,294
  9,058
  11,074
  13,348
  15,882
  18,674
  21,723
  25,023
  28,569
  32,356
  36,378
  40,629
  45,105
  49,804
  54,722
  59,858
  65,215
  70,793
  76,597
  82,631
  88,904
Revenue / Adjusted assets
  0.143
  0.143
  0.144
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
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
  1
  -2
  -3
  -4
  -5
  -8
  -11
  -14
  -19
  -24
  -30
  -38
  -46
  -55
  -66
  -77
  -90
  -104
  -118
  -134
  -151
  -168
  -187
  -207
  -227
  -248
  -270
  -294
  -318
  -343
  -369
Total debt, $m
  210
  328
  517
  781
  1,141
  1,617
  2,229
  2,998
  3,942
  5,077
  6,417
  7,972
  9,751
  11,756
  13,991
  16,454
  19,142
  22,053
  25,181
  28,521
  32,068
  35,818
  39,766
  43,910
  48,247
  52,778
  57,502
  62,422
  67,541
  72,864
  78,396
Total liabilities, $m
  227
  345
  534
  798
  1,158
  1,634
  2,246
  3,015
  3,959
  5,094
  6,434
  7,989
  9,768
  11,773
  14,008
  16,471
  19,159
  22,070
  25,198
  28,538
  32,085
  35,835
  39,783
  43,927
  48,264
  52,795
  57,519
  62,439
  67,558
  72,881
  78,413
Total equity, $m
  31
  46
  71
  107
  155
  219
  300
  403
  530
  681
  861
  1,069
  1,307
  1,575
  1,874
  2,204
  2,563
  2,953
  3,371
  3,818
  4,293
  4,794
  5,322
  5,877
  6,457
  7,063
  7,695
  8,354
  9,038
  9,750
  10,491
Total liabilities and equity, $m
  258
  391
  605
  905
  1,313
  1,853
  2,546
  3,418
  4,489
  5,775
  7,295
  9,058
  11,075
  13,348
  15,882
  18,675
  21,722
  25,023
  28,569
  32,356
  36,378
  40,629
  45,105
  49,804
  54,721
  59,858
  65,214
  70,793
  76,596
  82,631
  88,904
Debt-to-equity ratio
  6.774
  7.110
  7.240
  7.320
  7.360
  7.400
  7.420
  7.430
  7.440
  7.450
  7.450
  7.460
  7.460
  7.460
  7.470
  7.470
  7.470
  7.470
  7.470
  7.470
  7.470
  7.470
  7.470
  7.470
  7.470
  7.470
  7.470
  7.470
  7.470
  7.470
  7.470
Adjusted equity ratio
  0.073
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -25
  -28
  -42
  -62
  -90
  -127
  -175
  -236
  -311
  -403
  -512
  -639
  -785
  -951
  -1,137
  -1,343
  -1,569
  -1,814
  -2,079
  -2,362
  -2,664
  -2,983
  -3,320
  -3,674
  -4,046
  -4,434
  -4,839
  -5,261
  -5,700
  -6,157
  -6,632
Depreciation, amort., depletion, $m
  9
  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
Funds from operations, $m
  -16
  -28
  -42
  -62
  -90
  -127
  -175
  -236
  -311
  -403
  -512
  -639
  -785
  -951
  -1,137
  -1,343
  -1,569
  -1,814
  -2,079
  -2,362
  -2,664
  -2,983
  -3,320
  -3,674
  -4,046
  -4,434
  -4,839
  -5,261
  -5,700
  -6,157
  -6,632
Change in working capital, $m
  -1
  -1
  -1
  -1
  -2
  -2
  -3
  -4
  -4
  -5
  -6
  -7
  -8
  -9
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
Cash from operations, $m
  -15
  -28
  -42
  -61
  -88
  -125
  -172
  -232
  -307
  -397
  -505
  -631
  -777
  -942
  -1,127
  -1,332
  -1,556
  -1,801
  -2,064
  -2,346
  -2,647
  -2,966
  -3,302
  -3,655
  -4,025
  -4,412
  -4,816
  -5,238
  -5,676
  -6,132
  -6,606
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
  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 investing activities, $m
  -41
  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
  -56
  -28
  -42
  -61
  -88
  -125
  -172
  -232
  -307
  -397
  -505
  -631
  -777
  -942
  -1,127
  -1,332
  -1,556
  -1,801
  -2,064
  -2,346
  -2,647
  -2,966
  -3,302
  -3,655
  -4,025
  -4,412
  -4,816
  -5,238
  -5,676
  -6,132
  -6,606
Issuance/(repayment) of debt, $m
  37
  129
  188
  264
  360
  476
  612
  769
  944
  1,135
  1,340
  1,555
  1,778
  2,006
  2,235
  2,463
  2,689
  2,911
  3,128
  3,340
  3,547
  3,750
  3,948
  4,144
  4,338
  4,531
  4,724
  4,920
  5,119
  5,323
  5,532
Issuance/(repurchase) of shares, $m
  23
  45
  68
  98
  138
  191
  257
  339
  438
  555
  691
  847
  1,023
  1,220
  1,436
  1,673
  1,929
  2,204
  2,497
  2,809
  3,138
  3,485
  3,848
  4,229
  4,626
  5,040
  5,471
  5,919
  6,385
  6,869
  7,372
Cash from financing (excl. dividends), $m  
  66
  174
  256
  362
  498
  667
  869
  1,108
  1,382
  1,690
  2,031
  2,402
  2,801
  3,226
  3,671
  4,136
  4,618
  5,115
  5,625
  6,149
  6,685
  7,235
  7,796
  8,373
  8,964
  9,571
  10,195
  10,839
  11,504
  12,192
  12,904
Total cash flow (excl. dividends), $m
  10
  147
  214
  301
  410
  542
  697
  875
  1,075
  1,292
  1,526
  1,771
  2,025
  2,283
  2,544
  2,804
  3,061
  3,314
  3,561
  3,803
  4,038
  4,269
  4,495
  4,718
  4,938
  5,158
  5,379
  5,601
  5,828
  6,060
  6,298
Retained Cash Flow (-), $m
  -8
  -45
  -68
  -98
  -138
  -191
  -257
  -339
  -438
  -555
  -691
  -847
  -1,023
  -1,220
  -1,436
  -1,673
  -1,929
  -2,204
  -2,497
  -2,809
  -3,138
  -3,485
  -3,848
  -4,229
  -4,626
  -5,040
  -5,471
  -5,919
  -6,385
  -6,869
  -7,372
Prev. year cash balance distribution, $m
 
  2
  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
 
  104
  147
  203
  271
  351
  440
  536
  637
  738
  835
  924
  1,002
  1,064
  1,108
  1,131
  1,132
  1,110
  1,064
  994
  900
  784
  647
  489
  312
  118
  -92
  -318
  -557
  -809
  -1,074
Discount rate, %
 
  13.50
  14.18
  14.88
  15.63
  16.41
  17.23
  18.09
  19.00
  19.95
  20.94
  21.99
  23.09
  24.24
  25.46
  26.73
  28.07
  29.47
  30.94
  32.49
  34.11
  35.82
  37.61
  39.49
  41.47
  43.54
  45.72
  48.00
  50.40
  52.92
  55.57
PV of cash for distribution, $m
 
  91
  113
  134
  152
  164
  170
  167
  158
  144
  125
  104
  83
  63
  46
  32
  22
  14
  8
  5
  3
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  44.4
  20.5
  9.8
  4.8
  2.4
  1.3
  0.7
  0.4
  0.2
  0.1
  0.1
  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
  0.0
  0.0
  0.0
  0.0

Seanergy Maritime Holdings Corp. is an international shipping company. The Company provides marine dry bulk transportation services through the ownership and operation of dry bulk vessels. It owns a modern fleet of eleven dry bulk carriers, consisting of nine Capesizes and two Supramaxes, with a combined cargo-carrying capacity of approximately 1,682,582 deadweight tonnages (dwt) and an average fleet age of about 8.1 years. Its fleet comprises vessels, including Leadership, Gloriuship, Geniuship, Premiership, Squireship, Championship, Gladiatorship and Guardianship. The Company's subsidiaries, which are all, owned by it either directly or indirectly, conduct all of its operations and own all of its operating assets. The Company manages its vessel's operations, insurances and bunkering, and has the general supervision of its third-party technical and commercial managers. V.Ships Limited, which is an independent third party, provides technical management for its vessels.

FINANCIAL RATIOS  of  Seanergy Maritime Holdings (SHIP)

Valuation Ratios
P/E Ratio -1.4
Price to Sales 1
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow -2.4
Price to Free Cash Flow -2.4
Growth Rates
Sales Growth Rate 218.2%
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 1
Current Ratio 0.1
LT Debt to Equity 641.9%
Total Debt to Equity 677.4%
Interest Coverage -2
Management Effectiveness
Return On Assets -7.3%
Ret/ On Assets - 3 Yr. Avg. 83%
Return On Total Capital -11.3%
Ret/ On T. Cap. - 3 Yr. Avg. 106.8%
Return On Equity -92.6%
Return On Equity - 3 Yr. Avg. -114.5%
Asset Turnover 0.1
Profitability Ratios
Gross Margin -2.9%
Gross Margin - 3 Yr. Avg. -7%
EBITDA Margin -22.9%
EBITDA Margin - 3 Yr. Avg. 1490.9%
Operating Margin -40%
Oper. Margin - 3 Yr. Avg. 1332.1%
Pre-Tax Margin -71.4%
Pre-Tax Margin - 3 Yr. Avg. 1282.3%
Net Profit Margin -71.4%
Net Profit Margin - 3 Yr. Avg. 1282.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

SHIP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SHIP stock intrinsic value calculation we used $35 million for the last fiscal year's total revenue generated by Seanergy Maritime Holdings. The default revenue input number comes from 2016 income statement of Seanergy Maritime Holdings. 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 SHIP stock valuation model: a) initial revenue growth rate of 60% 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 13.5%, whose default value for SHIP is calculated based on our internal credit rating of Seanergy Maritime Holdings, 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 Seanergy Maritime Holdings.
    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 SHIP stock the variable cost ratio is equal to 128.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $4 million in the base year in the intrinsic value calculation for SHIP 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 Seanergy Maritime Holdings.

Corporate tax rate of 27% is the nominal tax rate for Seanergy Maritime Holdings. 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 SHIP 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 SHIP are equal to 0%.

Life of production assets of 0 years is the average useful life of capital assets used in Seanergy Maritime Holdings 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 SHIP is equal to -2.9%. 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 - $31 million for Seanergy Maritime Holdings - 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 36.976 million for Seanergy Maritime Holdings 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 Seanergy Maritime Holdings at the current share price and the inputted number of shares is $0.0 billion.

RELATED COMPANIES Price Int.Val. Rating
SBLK Star Bulk Carr 9.60 4.04  str.sell
DSX Diana Shipping 4.03 2.55  sell
SB Safe Bulkers 3.26 1.43  str.sell
SALT Scorpio Bulker 7.50 3.17  str.sell
GLBS Globus Maritim 1.04 0.19  str.sell
DRYS DryShips 3.86 0.12  str.sell
ESEA Euroseas 1.98 1.97  hold

COMPANY NEWS

▶ Is It Too Late To Buy Seanergy Maritime Holdings Corp (SHIP)?   [Oct-16-17 02:17PM  Simply Wall St.]
▶ FitBit, Gilead Sciences in Thursdays 52-Week Low Club   [Dec-08-16 04:04PM  at 24/7 Wall St.]
▶ Shipping Into Some Profits: Why Shippers Took Off   [Nov-24-16 11:18AM  at Insider Monkey]
▶ Shipping shares drop after Seanergy Maritime offer   [Nov-18-16 02:13PM  Reuters]
▶ Shipping stocks on track for big bounces   [09:21AM  at MarketWatch]
▶ Dry Bulk Bubble Bursts: DryShips Sinks as Trading Resumes   [01:33PM  at The Wall Street Journal]
▶ Shipping stocks soar as bears abandon ship   [02:34PM  at MarketWatch]
▶ The Donald Trump Shipping Stock Boom   [03:38PM  at Forbes]
▶ SEANERGY MARITIME HOLDINGS CORP. Financials   [01:04PM  EDGAR Online Financials]
Financial statements of SHIP
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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