Intrinsic value of Seanergy Maritime Holdings - SHIP

Previous Close

$0.73

  Intrinsic Value

$1.66

stock screener

  Rating & Target

str. buy

+128%

  Value-price divergence*

0%

Previous close

$0.73

 
Intrinsic value

$1.66

 
Up/down potential

+128%

 
Rating

str. buy

 
Value-price divergence*

0%

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

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
  57.10
  51.89
  47.20
  42.98
  39.18
  35.76
  32.69
  29.92
  27.43
  25.18
  23.17
  21.35
  19.71
  18.24
  16.92
  15.73
  14.65
  13.69
  12.82
  12.04
  11.33
  10.70
  10.13
  9.62
  9.16
  8.74
  8.37
  8.03
  7.73
  7.45
Revenue, $m
  35
  55
  84
  123
  176
  245
  332
  441
  573
  730
  913
  1,125
  1,365
  1,634
  1,932
  2,259
  2,615
  2,998
  3,408
  3,845
  4,308
  4,796
  5,310
  5,847
  6,410
  6,997
  7,608
  8,245
  8,907
  9,595
  10,310
Variable operating expenses, $m
 
  71
  107
  158
  226
  315
  427
  567
  736
  938
  1,175
  1,447
  1,756
  2,102
  2,485
  2,906
  3,363
  3,855
  4,383
  4,945
  5,540
  6,168
  6,828
  7,520
  8,243
  8,998
  9,784
  10,603
  11,454
  12,339
  13,259
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
  75
  111
  162
  230
  320
  432
  572
  741
  943
  1,180
  1,452
  1,761
  2,108
  2,491
  2,912
  3,369
  3,861
  4,389
  4,951
  5,547
  6,175
  6,835
  7,527
  8,250
  9,005
  9,792
  10,611
  11,462
  12,347
  13,267
Operating income, $m
  -15
  -20
  -28
  -39
  -55
  -74
  -100
  -131
  -169
  -214
  -266
  -327
  -396
  -473
  -558
  -652
  -754
  -863
  -981
  -1,106
  -1,239
  -1,378
  -1,525
  -1,679
  -1,840
  -2,008
  -2,184
  -2,366
  -2,555
  -2,752
  -2,957
EBITDA, $m
  -6
  -20
  -28
  -39
  -55
  -74
  -100
  -131
  -169
  -214
  -266
  -327
  -396
  -473
  -558
  -652
  -754
  -863
  -981
  -1,106
  -1,239
  -1,378
  -1,525
  -1,679
  -1,840
  -2,008
  -2,184
  -2,366
  -2,555
  -2,752
  -2,957
Interest expense (income), $m
  8
  9
  14
  21
  32
  46
  64
  87
  116
  151
  193
  242
  298
  361
  433
  512
  599
  693
  795
  903
  1,019
  1,142
  1,272
  1,408
  1,551
  1,700
  1,856
  2,018
  2,187
  2,362
  2,545
Earnings before tax, $m
  -25
  -28
  -42
  -61
  -87
  -120
  -164
  -218
  -285
  -365
  -459
  -569
  -694
  -834
  -991
  -1,164
  -1,352
  -1,556
  -1,776
  -2,010
  -2,258
  -2,521
  -2,797
  -3,087
  -3,391
  -3,708
  -4,039
  -4,384
  -4,742
  -5,115
  -5,502
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
  -61
  -87
  -120
  -164
  -218
  -285
  -365
  -459
  -569
  -694
  -834
  -991
  -1,164
  -1,352
  -1,556
  -1,776
  -2,010
  -2,258
  -2,521
  -2,797
  -3,087
  -3,391
  -3,708
  -4,039
  -4,384
  -4,742
  -5,115
  -5,502

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
  404
  614
  904
  1,292
  1,799
  2,442
  3,241
  4,210
  5,365
  6,716
  8,272
  10,038
  12,017
  14,209
  16,613
  19,226
  22,043
  25,061
  28,273
  31,677
  35,267
  39,041
  42,996
  47,132
  51,447
  55,943
  60,624
  65,492
  70,552
  75,811
Adjusted assets (=assets-cash), $m
  245
  404
  614
  904
  1,292
  1,799
  2,442
  3,241
  4,210
  5,365
  6,716
  8,272
  10,038
  12,017
  14,209
  16,613
  19,226
  22,043
  25,061
  28,273
  31,677
  35,267
  39,041
  42,996
  47,132
  51,447
  55,943
  60,624
  65,492
  70,552
  75,811
Revenue / Adjusted assets
  0.143
  0.136
  0.137
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
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
  -198
  -3
  -5
  -7
  -10
  -14
  -19
  -25
  -33
  -42
  -52
  -64
  -78
  -93
  -110
  -129
  -149
  -171
  -194
  -219
  -246
  -273
  -303
  -333
  -365
  -399
  -434
  -470
  -508
  -547
  -588
Total debt, $m
  210
  339
  523
  778
  1,120
  1,566
  2,132
  2,835
  3,688
  4,704
  5,893
  7,262
  8,816
  10,558
  12,487
  14,603
  16,902
  19,381
  22,036
  24,864
  27,859
  31,018
  34,339
  37,820
  41,459
  45,256
  49,213
  53,332
  57,616
  62,069
  66,697
Total liabilities, $m
  227
  356
  540
  795
  1,137
  1,583
  2,149
  2,852
  3,705
  4,721
  5,910
  7,279
  8,833
  10,575
  12,504
  14,620
  16,919
  19,398
  22,053
  24,881
  27,876
  31,035
  34,356
  37,837
  41,476
  45,273
  49,230
  53,349
  57,633
  62,086
  66,714
Total equity, $m
  31
  49
  74
  108
  155
  216
  293
  389
  505
  644
  806
  993
  1,205
  1,442
  1,705
  1,994
  2,307
  2,645
  3,007
  3,393
  3,801
  4,232
  4,685
  5,160
  5,656
  6,174
  6,713
  7,275
  7,859
  8,466
  9,097
Total liabilities and equity, $m
  258
  405
  614
  903
  1,292
  1,799
  2,442
  3,241
  4,210
  5,365
  6,716
  8,272
  10,038
  12,017
  14,209
  16,614
  19,226
  22,043
  25,060
  28,274
  31,677
  35,267
  39,041
  42,997
  47,132
  51,447
  55,943
  60,624
  65,492
  70,552
  75,811
Debt-to-equity ratio
  6.774
  6.980
  7.100
  7.180
  7.220
  7.250
  7.280
  7.290
  7.300
  7.310
  7.310
  7.320
  7.320
  7.320
  7.320
  7.320
  7.330
  7.330
  7.330
  7.330
  7.330
  7.330
  7.330
  7.330
  7.330
  7.330
  7.330
  7.330
  7.330
  7.330
  7.330
Adjusted equity ratio
  0.073
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -25
  -28
  -42
  -61
  -87
  -120
  -164
  -218
  -285
  -365
  -459
  -569
  -694
  -834
  -991
  -1,164
  -1,352
  -1,556
  -1,776
  -2,010
  -2,258
  -2,521
  -2,797
  -3,087
  -3,391
  -3,708
  -4,039
  -4,384
  -4,742
  -5,115
  -5,502
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
  -61
  -87
  -120
  -164
  -218
  -285
  -365
  -459
  -569
  -694
  -834
  -991
  -1,164
  -1,352
  -1,556
  -1,776
  -2,010
  -2,258
  -2,521
  -2,797
  -3,087
  -3,391
  -3,708
  -4,039
  -4,384
  -4,742
  -5,115
  -5,502
Change in working capital, $m
  -1
  -1
  -2
  -2
  -3
  -4
  -5
  -6
  -8
  -9
  -10
  -12
  -14
  -15
  -17
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
Cash from operations, $m
  -15
  -27
  -40
  -59
  -84
  -117
  -159
  -212
  -277
  -356
  -449
  -557
  -680
  -819
  -974
  -1,145
  -1,332
  -1,535
  -1,752
  -1,985
  -2,232
  -2,493
  -2,768
  -3,057
  -3,359
  -3,675
  -4,004
  -4,347
  -4,704
  -5,075
  -5,461
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
  -27
  -40
  -59
  -84
  -117
  -159
  -212
  -277
  -356
  -449
  -557
  -680
  -819
  -974
  -1,145
  -1,332
  -1,535
  -1,752
  -1,985
  -2,232
  -2,493
  -2,768
  -3,057
  -3,359
  -3,675
  -4,004
  -4,347
  -4,704
  -5,075
  -5,461
Issuance/(repayment) of debt, $m
  37
  129
  185
  255
  342
  446
  566
  703
  853
  1,016
  1,189
  1,369
  1,554
  1,741
  1,929
  2,116
  2,299
  2,479
  2,655
  2,827
  2,995
  3,159
  3,321
  3,481
  3,639
  3,797
  3,957
  4,119
  4,284
  4,453
  4,628
Issuance/(repurchase) of shares, $m
  23
  46
  67
  96
  133
  181
  241
  314
  401
  503
  621
  755
  905
  1,072
  1,254
  1,452
  1,666
  1,895
  2,138
  2,395
  2,666
  2,952
  3,250
  3,562
  3,887
  4,226
  4,579
  4,945
  5,326
  5,722
  6,133
Cash from financing (excl. dividends), $m  
  66
  175
  252
  351
  475
  627
  807
  1,017
  1,254
  1,519
  1,810
  2,124
  2,459
  2,813
  3,183
  3,568
  3,965
  4,374
  4,793
  5,222
  5,661
  6,111
  6,571
  7,043
  7,526
  8,023
  8,536
  9,064
  9,610
  10,175
  10,761
Total cash flow (excl. dividends), $m
  10
  147
  211
  292
  392
  510
  648
  805
  977
  1,164
  1,362
  1,568
  1,780
  1,994
  2,209
  2,423
  2,633
  2,839
  3,041
  3,238
  3,430
  3,618
  3,803
  3,986
  4,167
  4,349
  4,531
  4,717
  4,906
  5,100
  5,300
Retained Cash Flow (-), $m
  -8
  -46
  -67
  -96
  -133
  -181
  -241
  -314
  -401
  -503
  -621
  -755
  -905
  -1,072
  -1,254
  -1,452
  -1,666
  -1,895
  -2,138
  -2,395
  -2,666
  -2,952
  -3,250
  -3,562
  -3,887
  -4,226
  -4,579
  -4,945
  -5,326
  -5,722
  -6,133
Prev. year cash balance distribution, $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 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
 
  101
  144
  196
  258
  329
  407
  491
  576
  660
  740
  813
  874
  922
  955
  970
  967
  945
  903
  843
  763
  667
  553
  424
  280
  123
  -47
  -229
  -421
  -622
  -833
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
 
  89
  111
  130
  145
  154
  157
  153
  143
  128
  111
  91
  72
  55
  40
  28
  18
  12
  7
  4
  2
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  34.3
  12.3
  4.6
  1.8
  0.7
  0.3
  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
  0.0
  0.0
  0.0

Seanergy Maritime Holdings Corp., through its subsidiaries, provides seaborne transportation of dry bulk commodities. The company owns six Capesize and two Supramax vessels. Seanergy Maritime Holdings Corp. was formerly known as Seanergy Maritime Corp. and changed its name to Seanergy Maritime Holdings Corp. in January 2009. The company was founded in 2008 and is based in Athens, Greece. Seanergy Maritime Holdings Corp. operates as a subsidiary of Jelco Delta Holding Corp.

FINANCIAL RATIOS  of  Seanergy Maritime Holdings (SHIP)

Valuation Ratios
P/E Ratio -1
Price to Sales 0.7
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow -1.7
Price to Free Cash Flow -1.7
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 0
Current Ratio 0
LT Debt to Equity 3.2%
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 57.1% 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 10 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 -5.7%. 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 - $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 32.8 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 10.14 4.54  str.sell
DSX Diana Shipping 4.02 3.08  sell
SB Safe Bulkers 2.63 1.46  sell
SALT Scorpio Bulker 7.60 3.18  str.sell
GLBS Globus Maritim 1.10 2.02  str.buy
DRYS DryShips 1.41 0.84  hold
ESEA Euroseas 1.36 2.60  str.buy

COMPANY NEWS

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▶ SEANERGY MARITIME HOLDINGS CORP. Financials   [01:04PM  EDGAR Online Financials]
▶ Greek stocks listed in the U.S. get hammered   [Jun-29  10:25AM  at MarketWatch]
Stock chart of SHIP Financial statements of SHIP Annual reports 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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