Intrinsic value of Seaspan - SSW

Previous Close

$6.68

  Intrinsic Value

$3.95

stock screener

  Rating & Target

sell

-41%

  Value-price divergence*

+90%

Previous close

$6.68

 
Intrinsic value

$3.95

 
Up/down potential

-41%

 
Rating

sell

 
Value-price divergence*

+90%

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

We calculate the intrinsic value of SSW 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 0.7

 

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, %
  7.20
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
Revenue, $m
  878
  941
  1,007
  1,075
  1,146
  1,220
  1,297
  1,377
  1,460
  1,547
  1,638
  1,732
  1,831
  1,934
  2,041
  2,153
  2,271
  2,394
  2,522
  2,656
  2,797
  2,945
  3,099
  3,261
  3,430
  3,607
  3,793
  3,989
  4,193
  4,408
  4,632
Variable operating expenses, $m
 
  538
  575
  613
  653
  695
  738
  783
  830
  879
  930
  976
  1,031
  1,089
  1,150
  1,213
  1,279
  1,349
  1,421
  1,497
  1,576
  1,659
  1,746
  1,837
  1,933
  2,033
  2,137
  2,247
  2,363
  2,483
  2,610
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
  871
  538
  575
  613
  653
  695
  738
  783
  830
  879
  930
  976
  1,031
  1,089
  1,150
  1,213
  1,279
  1,349
  1,421
  1,497
  1,576
  1,659
  1,746
  1,837
  1,933
  2,033
  2,137
  2,247
  2,363
  2,483
  2,610
Operating income, $m
  7
  403
  432
  462
  493
  525
  559
  594
  630
  668
  707
  756
  799
  844
  891
  940
  991
  1,045
  1,101
  1,160
  1,221
  1,285
  1,353
  1,423
  1,497
  1,575
  1,656
  1,741
  1,830
  1,924
  2,022
EBITDA, $m
  223
  639
  684
  730
  779
  829
  881
  935
  992
  1,051
  1,113
  1,177
  1,244
  1,314
  1,387
  1,463
  1,543
  1,626
  1,713
  1,805
  1,900
  2,000
  2,105
  2,215
  2,330
  2,451
  2,577
  2,710
  2,849
  2,994
  3,147
Interest expense (income), $m
  109
  106
  115
  124
  134
  144
  155
  165
  177
  189
  201
  214
  227
  241
  256
  271
  287
  304
  321
  340
  359
  379
  400
  422
  444
  469
  494
  520
  548
  577
  607
Earnings before tax, $m
  -139
  297
  317
  338
  359
  381
  404
  428
  453
  479
  506
  542
  572
  603
  635
  669
  704
  741
  780
  820
  862
  907
  953
  1,002
  1,053
  1,106
  1,162
  1,221
  1,283
  1,347
  1,415
Tax expense, $m
  0
  80
  86
  91
  97
  103
  109
  116
  122
  129
  137
  146
  154
  163
  171
  181
  190
  200
  211
  221
  233
  245
  257
  270
  284
  299
  314
  330
  346
  364
  382
Net income, $m
  -139
  217
  232
  246
  262
  278
  295
  313
  331
  350
  370
  396
  417
  440
  464
  488
  514
  541
  569
  599
  630
  662
  696
  731
  769
  808
  848
  891
  936
  983
  1,033

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  368
  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
  5,658
  5,670
  6,066
  6,477
  6,905
  7,350
  7,813
  8,295
  8,797
  9,320
  9,865
  10,434
  11,028
  11,648
  12,295
  12,972
  13,679
  14,419
  15,193
  16,003
  16,851
  17,738
  18,668
  19,642
  20,662
  21,731
  22,852
  24,027
  25,259
  26,552
  27,907
Adjusted assets (=assets-cash), $m
  5,290
  5,670
  6,066
  6,477
  6,905
  7,350
  7,813
  8,295
  8,797
  9,320
  9,865
  10,434
  11,028
  11,648
  12,295
  12,972
  13,679
  14,419
  15,193
  16,003
  16,851
  17,738
  18,668
  19,642
  20,662
  21,731
  22,852
  24,027
  25,259
  26,552
  27,907
Revenue / Adjusted assets
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
Average production assets, $m
  5,096
  5,463
  5,844
  6,240
  6,653
  7,081
  7,527
  7,992
  8,475
  8,979
  9,505
  10,053
  10,625
  11,222
  11,846
  12,498
  13,180
  13,892
  14,638
  15,418
  16,235
  17,090
  17,986
  18,924
  19,907
  20,937
  22,017
  23,149
  24,337
  25,581
  26,887
Working capital, $m
  25
  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 debt, $m
  3,372
  3,283
  3,549
  3,827
  4,115
  4,415
  4,727
  5,052
  5,390
  5,743
  6,110
  6,494
  6,894
  7,312
  7,748
  8,204
  8,681
  9,180
  9,701
  10,247
  10,818
  11,417
  12,043
  12,699
  13,387
  14,108
  14,863
  15,655
  16,486
  17,357
  18,270
Total liabilities, $m
  3,911
  3,822
  4,088
  4,366
  4,654
  4,954
  5,266
  5,591
  5,929
  6,282
  6,649
  7,033
  7,433
  7,851
  8,287
  8,743
  9,220
  9,719
  10,240
  10,786
  11,357
  11,956
  12,582
  13,238
  13,926
  14,647
  15,402
  16,194
  17,025
  17,896
  18,809
Total equity, $m
  1,747
  1,848
  1,977
  2,112
  2,251
  2,396
  2,547
  2,704
  2,868
  3,038
  3,216
  3,402
  3,595
  3,797
  4,008
  4,229
  4,460
  4,701
  4,953
  5,217
  5,493
  5,783
  6,086
  6,403
  6,736
  7,084
  7,450
  7,833
  8,235
  8,656
  9,098
Total liabilities and equity, $m
  5,658
  5,670
  6,065
  6,478
  6,905
  7,350
  7,813
  8,295
  8,797
  9,320
  9,865
  10,435
  11,028
  11,648
  12,295
  12,972
  13,680
  14,420
  15,193
  16,003
  16,850
  17,739
  18,668
  19,641
  20,662
  21,731
  22,852
  24,027
  25,260
  26,552
  27,907
Debt-to-equity ratio
  1.930
  1.780
  1.790
  1.810
  1.830
  1.840
  1.860
  1.870
  1.880
  1.890
  1.900
  1.910
  1.920
  1.930
  1.930
  1.940
  1.950
  1.950
  1.960
  1.960
  1.970
  1.970
  1.980
  1.980
  1.990
  1.990
  2.000
  2.000
  2.000
  2.010
  2.010
Adjusted equity ratio
  0.261
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -139
  217
  232
  246
  262
  278
  295
  313
  331
  350
  370
  396
  417
  440
  464
  488
  514
  541
  569
  599
  630
  662
  696
  731
  769
  808
  848
  891
  936
  983
  1,033
Depreciation, amort., depletion, $m
  216
  236
  252
  269
  286
  304
  322
  342
  362
  383
  405
  421
  445
  470
  496
  523
  551
  581
  612
  645
  679
  715
  753
  792
  833
  876
  921
  969
  1,018
  1,070
  1,125
Funds from operations, $m
  288
  453
  484
  515
  548
  582
  617
  654
  693
  733
  775
  816
  862
  910
  959
  1,011
  1,065
  1,122
  1,182
  1,244
  1,309
  1,377
  1,448
  1,523
  1,601
  1,684
  1,770
  1,860
  1,955
  2,054
  2,158
Change in working capital, $m
  -23
  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 operations, $m
  311
  453
  484
  515
  548
  582
  617
  654
  693
  733
  775
  816
  862
  910
  959
  1,011
  1,065
  1,122
  1,182
  1,244
  1,309
  1,377
  1,448
  1,523
  1,601
  1,684
  1,770
  1,860
  1,955
  2,054
  2,158
Maintenance CAPEX, $m
  0
  -213
  -229
  -245
  -261
  -278
  -296
  -315
  -334
  -355
  -376
  -398
  -421
  -445
  -470
  -496
  -523
  -551
  -581
  -612
  -645
  -679
  -715
  -753
  -792
  -833
  -876
  -921
  -969
  -1,018
  -1,070
New CAPEX, $m
  -344
  -367
  -381
  -396
  -412
  -429
  -446
  -464
  -484
  -504
  -526
  -548
  -572
  -597
  -624
  -652
  -682
  -713
  -746
  -780
  -817
  -855
  -896
  -938
  -983
  -1,030
  -1,080
  -1,132
  -1,187
  -1,245
  -1,306
Cash from investing activities, $m
  -266
  -580
  -610
  -641
  -673
  -707
  -742
  -779
  -818
  -859
  -902
  -946
  -993
  -1,042
  -1,094
  -1,148
  -1,205
  -1,264
  -1,327
  -1,392
  -1,462
  -1,534
  -1,611
  -1,691
  -1,775
  -1,863
  -1,956
  -2,053
  -2,156
  -2,263
  -2,376
Free cash flow, $m
  45
  -127
  -126
  -126
  -125
  -125
  -125
  -125
  -125
  -126
  -126
  -129
  -131
  -132
  -134
  -136
  -139
  -142
  -145
  -149
  -153
  -157
  -162
  -168
  -173
  -180
  -186
  -194
  -201
  -209
  -218
Issuance/(repayment) of debt, $m
  -509
  254
  267
  277
  288
  300
  312
  325
  338
  353
  368
  383
  400
  418
  436
  456
  477
  499
  522
  546
  571
  598
  627
  656
  688
  721
  755
  792
  830
  871
  913
Issuance/(repurchase) of shares, $m
  296
  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  
  310
  254
  267
  277
  288
  300
  312
  325
  338
  353
  368
  383
  400
  418
  436
  456
  477
  499
  522
  546
  571
  598
  627
  656
  688
  721
  755
  792
  830
  871
  913
Total cash flow (excl. dividends), $m
  355
  127
  140
  151
  163
  175
  187
  200
  213
  227
  241
  254
  270
  286
  302
  320
  338
  357
  376
  397
  418
  441
  464
  489
  514
  541
  569
  599
  629
  661
  695
Retained Cash Flow (-), $m
  29
  -126
  -129
  -134
  -139
  -145
  -151
  -157
  -164
  -171
  -178
  -185
  -194
  -202
  -211
  -221
  -231
  -241
  -252
  -264
  -276
  -289
  -303
  -317
  -333
  -349
  -365
  -383
  -402
  -421
  -442
Prev. year cash balance distribution, $m
 
  25
  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
 
  25
  11
  17
  24
  30
  36
  43
  50
  56
  63
  69
  76
  83
  91
  99
  107
  116
  124
  133
  142
  151
  161
  171
  182
  193
  204
  215
  228
  240
  253
Discount rate, %
 
  9.60
  10.08
  10.58
  11.11
  11.67
  12.25
  12.86
  13.51
  14.18
  14.89
  15.64
  16.42
  17.24
  18.10
  19.01
  19.96
  20.96
  22.00
  23.10
  24.26
  25.47
  26.75
  28.08
  29.49
  30.96
  32.51
  34.13
  35.84
  37.63
  39.51
PV of cash for distribution, $m
 
  23
  9
  13
  15
  17
  18
  18
  18
  17
  16
  14
  12
  11
  9
  7
  6
  5
  3
  3
  2
  1
  1
  1
  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

Seaspan Corporation operates as an independent charter owner and manager of containerships in Hong Kong. The company charters its containerships pursuant to long-term, fixed-rate time charters to various container liner companies. As of May 27, 2016, its fleet consisted of 89 vessels. The company was founded in 2005 and is based in Majuro, Marshall Islands.

FINANCIAL RATIOS  of  Seaspan (SSW)

Valuation Ratios
P/E Ratio -5.1
Price to Sales 0.8
Price to Book 0.4
Price to Tangible Book
Price to Cash Flow 2.3
Price to Free Cash Flow -21.4
Growth Rates
Sales Growth Rate 7.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -51.8%
Cap. Spend. - 3 Yr. Gr. Rate 6.1%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 173.4%
Total Debt to Equity 193%
Interest Coverage 0
Management Effectiveness
Return On Assets -0.5%
Ret/ On Assets - 3 Yr. Avg. 2.7%
Return On Total Capital -2.7%
Ret/ On T. Cap. - 3 Yr. Avg. 1.3%
Return On Equity -7.9%
Return On Equity - 3 Yr. Avg. 3.8%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 77.2%
Gross Margin - 3 Yr. Avg. 76.7%
EBITDA Margin 21.2%
EBITDA Margin - 3 Yr. Avg. 46.3%
Operating Margin 0.8%
Oper. Margin - 3 Yr. Avg. 29.8%
Pre-Tax Margin -15.8%
Pre-Tax Margin - 3 Yr. Avg. 8.9%
Net Profit Margin -15.8%
Net Profit Margin - 3 Yr. Avg. 8.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio -146%

SSW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SSW stock intrinsic value calculation we used $878 million for the last fiscal year's total revenue generated by Seaspan. The default revenue input number comes from 2016 income statement of Seaspan. 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 SSW stock valuation model: a) initial revenue growth rate of 7.2% 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 9.6%, whose default value for SSW is calculated based on our internal credit rating of Seaspan, 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 Seaspan.
    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 SSW stock the variable cost ratio is equal to 57.2%.

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 SSW 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 Seaspan.

Corporate tax rate of 27% is the nominal tax rate for Seaspan. 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 SSW 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 SSW are equal to 580.4%.

Life of production assets of 23.9 years is the average useful life of capital assets used in Seaspan 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 SSW is equal to 0%. 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 - $1747 million for Seaspan - 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 105.918 million for Seaspan 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 Seaspan at the current share price and the inputted number of shares is $0.7 billion.

RELATED COMPANIES Price Int.Val. Rating
DAC Danaos 1.45 4.09  str.buy
GSL Global Ship Le 1.16 1.51  hold
CMRE Costamare 6.34 7.39  hold
SFL Ship Finance I 13.50 3.00  str.sell

COMPANY NEWS

▶ Seaspan Announces Leadership Transition   [07:00PM  PR Newswire]
▶ How Seaspan Corporation Makes Most of Its Money   [Jul-05-17 04:34PM  Motley Fool]
▶ Seaspan Extends CEO Employment Agreement Discussions   [Jun-30-17 05:18PM  PR Newswire]
▶ Seaspan Corp. Value Analysis (NYSE:SSW) : June 27, 2017   [Jun-27-17 04:51PM  Capital Cube]
▶ ETFs with exposure to Seaspan Corp. : June 19, 2017   [Jun-19-17 04:07PM  Capital Cube]
▶ 3 Stocks That Are Ridiculously Cheap Right Now   [Jun-17-17 10:15AM  Motley Fool]
▶ Why Seaspan Stock Sank 24% in May   [Jun-07-17 10:51AM  Motley Fool]
▶ 3 Top Shipping Stocks to Buy in 2017   [Jun-06-17 12:05PM  Motley Fool]
▶ ETFs with exposure to Seaspan Corp. : June 5, 2017   [Jun-05-17 02:47PM  Capital Cube]
▶ Seaspan's CEO on Shipping Industry, Outlook   [Jun-01-17 10:49PM  Bloomberg Video]
▶ Why Did Seaspan Stock Slump 12% Tuesday?   [May-30-17 07:06PM  Motley Fool]
▶ ETFs with exposure to Seaspan Corp. : May 26, 2017   [May-26-17 01:27PM  Capital Cube]
▶ 3 Value Stocks for Bold Investors   [May-18-17 07:44AM  Motley Fool]
▶ ETFs with exposure to Seaspan Corp. : May 15, 2017   [May-15-17 04:41PM  Capital Cube]
▶ ETFs with exposure to Seaspan Corp. : May 4, 2017   [May-04-17 04:20PM  Capital Cube]
▶ Seaspan Corp. Value Analysis (NYSE:SSW) : May 1, 2017   [May-01-17 05:23PM  Capital Cube]
▶ Seaspan tops 1Q profit forecasts   [Apr-26-17 06:12PM  Associated Press]
▶ Next Week Is an Important One for Seaspan Corporation   [Apr-21-17 12:00PM  Motley Fool]
▶ Seaspan Corporation: The Bear Case From a Bull   [Apr-11-17 10:00AM  Motley Fool]
▶ Seaspan Announces Board Changes   [Apr-10-17 09:17AM  CNW Group]
▶ ETFs with exposure to Seaspan Corp. : April 7, 2017   [Apr-07-17 05:31PM  Capital Cube]
▶ Why Seaspan Corporation Stock Dropped 13% in March   [Apr-04-17 05:36PM  Motley Fool]
▶ Will Seaspan Corporation Sink or Swim?   [Mar-09-17 03:22PM  Motley Fool]
▶ Will Seaspan Corporation Sink or Swim?   [03:22PM  at Motley Fool]
▶ Hanjin collapse was like 'nuclear bomb': Seaspan CEO   [Mar-08-17 08:27PM  CNBC Videos]
▶ Seaspan Files 2016 Annual Report on Form 20-F   [Mar-06-17 05:44PM  PR Newswire]
▶ Seaspan shares fall after dividend cut by 67%   [06:58PM  at MarketWatch]
▶ UrtheCast Welcomes New CFO and Updates Guidance   [Feb-21-17 07:00AM  CNW Group]
▶ These Dividend Stocks Could Double in 2017   [Dec-23-16 05:21PM  at Motley Fool]
▶ How Risky Is DryShips Inc.'s Stock?   [Dec-20-16 05:09PM  at Motley Fool]
▶ Is WisdomTree Investments, Inc. (WETF) A Good Stock to Buy?   [Dec-15-16 12:01AM  at Insider Monkey]
▶ Seaspan Corporation Grapples With Overbuilt Cargo Fleets   [Nov-15-16 07:17PM  at Motley Fool]
▶ Seaspan Corporation in 6 Charts   [Sep-23-16 02:37PM  at Motley Fool]
▶ Will Seaspan Corporation Raise Its Dividend in 2017?   [Aug-30-16 01:45PM  at Motley Fool]
Stock chart of SSW Financial statements of SSW
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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