Intrinsic value of Seaspan - SSW

Previous Close

$5.89

  Intrinsic Value

$7.32

stock screener

  Rating & Target

buy

+24%

Previous close

$5.89

 
Intrinsic value

$7.32

 
Up/down potential

+24%

 
Rating

buy

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
  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
  878
  896
  916
  940
  966
  995
  1,028
  1,063
  1,100
  1,141
  1,185
  1,232
  1,282
  1,335
  1,392
  1,452
  1,515
  1,583
  1,654
  1,729
  1,809
  1,892
  1,981
  2,074
  2,172
  2,276
  2,385
  2,499
  2,620
  2,747
  2,880
Variable operating expenses, $m
 
  512
  524
  537
  552
  568
  586
  606
  628
  651
  675
  694
  722
  752
  784
  818
  854
  892
  932
  974
  1,019
  1,066
  1,116
  1,169
  1,224
  1,282
  1,344
  1,408
  1,476
  1,548
  1,623
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
  512
  524
  537
  552
  568
  586
  606
  628
  651
  675
  694
  722
  752
  784
  818
  854
  892
  932
  974
  1,019
  1,066
  1,116
  1,169
  1,224
  1,282
  1,344
  1,408
  1,476
  1,548
  1,623
Operating income, $m
  7
  383
  392
  403
  414
  427
  441
  456
  473
  491
  510
  538
  560
  583
  608
  634
  662
  691
  722
  755
  790
  826
  865
  905
  948
  993
  1,041
  1,091
  1,144
  1,199
  1,257
EBITDA, $m
  223
  608
  622
  638
  656
  676
  698
  722
  748
  775
  805
  837
  871
  907
  946
  986
  1,030
  1,075
  1,124
  1,175
  1,229
  1,286
  1,346
  1,409
  1,476
  1,546
  1,620
  1,698
  1,780
  1,866
  1,957
Interest expense (income), $m
  109
  106
  108
  111
  115
  118
  123
  127
  132
  138
  143
  150
  156
  163
  171
  179
  187
  196
  206
  216
  227
  238
  250
  263
  276
  290
  305
  320
  336
  353
  371
Earnings before tax, $m
  -139
  277
  284
  291
  300
  309
  318
  329
  341
  353
  367
  388
  403
  420
  437
  455
  474
  494
  516
  539
  563
  588
  615
  643
  672
  704
  736
  771
  807
  846
  886
Tax expense, $m
  0
  75
  77
  79
  81
  83
  86
  89
  92
  95
  99
  105
  109
  113
  118
  123
  128
  133
  139
  145
  152
  159
  166
  174
  182
  190
  199
  208
  218
  228
  239
Net income, $m
  -139
  203
  207
  213
  219
  225
  232
  240
  249
  258
  268
  283
  294
  306
  319
  332
  346
  361
  377
  393
  411
  429
  449
  469
  491
  514
  538
  563
  589
  617
  647

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
  5,395
  5,519
  5,661
  5,820
  5,997
  6,190
  6,401
  6,629
  6,875
  7,139
  7,421
  7,722
  8,043
  8,384
  8,745
  9,129
  9,534
  9,963
  10,417
  10,895
  11,400
  11,933
  12,494
  13,086
  13,709
  14,365
  15,055
  15,782
  16,546
  17,350
Adjusted assets (=assets-cash), $m
  5,290
  5,395
  5,519
  5,661
  5,820
  5,997
  6,190
  6,401
  6,629
  6,875
  7,139
  7,421
  7,722
  8,043
  8,384
  8,745
  9,129
  9,534
  9,963
  10,417
  10,895
  11,400
  11,933
  12,494
  13,086
  13,709
  14,365
  15,055
  15,782
  16,546
  17,350
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
  5,198
  5,317
  5,454
  5,607
  5,777
  5,964
  6,167
  6,387
  6,624
  6,878
  7,150
  7,440
  7,749
  8,078
  8,426
  8,795
  9,186
  9,599
  10,036
  10,497
  10,984
  11,497
  12,038
  12,608
  13,208
  13,840
  14,505
  15,205
  15,941
  16,716
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
  3,097
  3,181
  3,276
  3,384
  3,503
  3,633
  3,775
  3,929
  4,095
  4,273
  4,463
  4,666
  4,882
  5,112
  5,355
  5,614
  5,887
  6,176
  6,482
  6,804
  7,145
  7,504
  7,882
  8,281
  8,701
  9,143
  9,608
  10,098
  10,613
  11,155
Total liabilities, $m
  3,911
  3,636
  3,720
  3,815
  3,923
  4,042
  4,172
  4,314
  4,468
  4,634
  4,812
  5,002
  5,205
  5,421
  5,651
  5,894
  6,153
  6,426
  6,715
  7,021
  7,343
  7,684
  8,043
  8,421
  8,820
  9,240
  9,682
  10,147
  10,637
  11,152
  11,694
Total equity, $m
  1,747
  1,759
  1,799
  1,845
  1,897
  1,955
  2,018
  2,087
  2,161
  2,241
  2,327
  2,419
  2,517
  2,622
  2,733
  2,851
  2,976
  3,108
  3,248
  3,396
  3,552
  3,717
  3,890
  4,073
  4,266
  4,469
  4,683
  4,908
  5,145
  5,394
  5,656
Total liabilities and equity, $m
  5,658
  5,395
  5,519
  5,660
  5,820
  5,997
  6,190
  6,401
  6,629
  6,875
  7,139
  7,421
  7,722
  8,043
  8,384
  8,745
  9,129
  9,534
  9,963
  10,417
  10,895
  11,401
  11,933
  12,494
  13,086
  13,709
  14,365
  15,055
  15,782
  16,546
  17,350
Debt-to-equity ratio
  1.930
  1.760
  1.770
  1.780
  1.780
  1.790
  1.800
  1.810
  1.820
  1.830
  1.840
  1.840
  1.850
  1.860
  1.870
  1.880
  1.890
  1.890
  1.900
  1.910
  1.920
  1.920
  1.930
  1.940
  1.940
  1.950
  1.950
  1.960
  1.960
  1.970
  1.970
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
  203
  207
  213
  219
  225
  232
  240
  249
  258
  268
  283
  294
  306
  319
  332
  346
  361
  377
  393
  411
  429
  449
  469
  491
  514
  538
  563
  589
  617
  647
Depreciation, amort., depletion, $m
  216
  225
  230
  236
  242
  249
  257
  266
  275
  285
  295
  299
  311
  324
  338
  353
  368
  384
  402
  420
  439
  460
  481
  504
  528
  553
  579
  607
  636
  667
  699
Funds from operations, $m
  257
  428
  437
  448
  461
  475
  490
  506
  523
  542
  563
  583
  606
  630
  657
  685
  714
  745
  778
  813
  850
  889
  930
  973
  1,018
  1,066
  1,117
  1,170
  1,226
  1,284
  1,346
Change in working capital, $m
  -54
  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
  428
  437
  448
  461
  475
  490
  506
  523
  542
  563
  583
  606
  630
  657
  685
  714
  745
  778
  813
  850
  889
  930
  973
  1,018
  1,066
  1,117
  1,170
  1,226
  1,284
  1,346
Maintenance CAPEX, $m
  0
  -213
  -217
  -222
  -228
  -235
  -242
  -250
  -258
  -267
  -277
  -288
  -299
  -311
  -324
  -338
  -353
  -368
  -384
  -402
  -420
  -439
  -460
  -481
  -504
  -528
  -553
  -579
  -607
  -636
  -667
New CAPEX, $m
  -344
  -102
  -120
  -137
  -153
  -170
  -187
  -203
  -220
  -237
  -254
  -272
  -290
  -309
  -328
  -348
  -369
  -391
  -413
  -437
  -461
  -487
  -513
  -541
  -570
  -600
  -632
  -665
  -700
  -736
  -775
Cash from investing activities, $m
  -266
  -315
  -337
  -359
  -381
  -405
  -429
  -453
  -478
  -504
  -531
  -560
  -589
  -620
  -652
  -686
  -722
  -759
  -797
  -839
  -881
  -926
  -973
  -1,022
  -1,074
  -1,128
  -1,185
  -1,244
  -1,307
  -1,372
  -1,442
Free cash flow, $m
  45
  112
  100
  89
  79
  70
  61
  53
  46
  38
  31
  23
  16
  10
  4
  -2
  -8
  -14
  -19
  -25
  -31
  -37
  -43
  -49
  -55
  -61
  -68
  -75
  -81
  -88
  -95
Issuance/(repayment) of debt, $m
  -328
  68
  84
  96
  107
  119
  130
  142
  154
  166
  178
  190
  203
  216
  230
  244
  258
  273
  289
  306
  323
  340
  359
  378
  399
  420
  442
  465
  490
  515
  542
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
  68
  84
  96
  107
  119
  130
  142
  154
  166
  178
  190
  203
  216
  230
  244
  258
  273
  289
  306
  323
  340
  359
  378
  399
  420
  442
  465
  490
  515
  542
Total cash flow (excl. dividends), $m
  355
  181
  184
  185
  187
  189
  192
  195
  199
  204
  209
  213
  219
  226
  234
  242
  251
  260
  270
  280
  292
  303
  316
  329
  343
  358
  374
  391
  408
  427
  446
Retained Cash Flow (-), $m
  29
  -37
  -40
  -46
  -52
  -58
  -63
  -69
  -74
  -80
  -86
  -92
  -98
  -105
  -111
  -118
  -125
  -132
  -140
  -148
  -156
  -165
  -174
  -183
  -193
  -203
  -214
  -225
  -237
  -249
  -262
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
 
  169
  143
  139
  135
  131
  129
  127
  125
  124
  123
  121
  121
  122
  123
  124
  126
  128
  130
  133
  135
  139
  142
  146
  151
  155
  160
  166
  172
  178
  184
Discount rate, %
 
  9.50
  9.98
  10.47
  11.00
  11.55
  12.12
  12.73
  13.37
  14.04
  14.74
  15.47
  16.25
  17.06
  17.91
  18.81
  19.75
  20.74
  21.77
  22.86
  24.01
  25.21
  26.47
  27.79
  29.18
  30.64
  32.17
  33.78
  35.47
  37.24
  39.10
PV of cash for distribution, $m
 
  154
  119
  103
  89
  76
  65
  55
  46
  38
  31
  25
  20
  16
  12
  9
  7
  5
  4
  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 is an independent charter owner and manager of containerships. The Company charters pursuant to long-term, fixed-rate time charters with various container liner companies. As of February 20, 2017, it had operated a fleet of 88 containerships and had entered into contracts for the purchase of an additional eight new building containerships. Its operating vessels include YM Wish, YM Wellhead, YM Witness, COSCO Glory, COSCO Development, COSCO Harmony, COSCO Excellence, COSCO Hope, COSCO Fortune, Seaspan Yangtze, CSCL Zeebrugge, CSCL Long Beach, CSCL Oceania, COSCO Vietnam, MOL Emissary, Seaspan Chiwan, Seaspan Ningbo, Seaspan Felixstowe, CSCL Brisbane, Seaspan Santos, Seaspan Loncomilla, Seaspan Lingue, CSCL Montevideo, CSCL Callao, Guayaquil Bridge and Calicanto Bridge. The Company is engaged in the operation and management of vessel, including maintaining the vessel, periodic dry-docking, cleaning and painting and performing work required by regulations.

FINANCIAL RATIOS  of  Seaspan (SSW)

Valuation Ratios
P/E Ratio -4.5
Price to Sales 0.7
Price to Book 0.4
Price to Tangible Book
Price to Cash Flow 2
Price to Free Cash Flow -18.9
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 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 9.5%, 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 120.382 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.

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COMPANY NEWS

▶ Better Buy: Seaspan Corporation vs. Diana Shipping Inc.   [Dec-12-17 04:32PM  Motley Fool]
▶ What to Expect From Seaspan Corporation in 2018   [Nov-28-17 01:33PM  Motley Fool]
▶ How to Invest in Shipping   [Nov-11-17 06:34AM  Motley Fool]
▶ Seaspan meets 3Q profit forecasts   [Oct-31-17 06:06PM  Associated Press]
▶ Is Seaspan Corporation a Buy?   [Oct-03-17 05:22PM  Motley Fool]
▶ ETFs with exposure to Seaspan Corp. : September 22, 2017   [Sep-22-17 11:19AM  Capital Cube]
▶ Seaspan Is Trading at Deep Value   [Sep-12-17 12:44PM  GuruFocus.com]
▶ Why I (Still) Love Seaspan Corporation   [Sep-06-17 02:05PM  Motley Fool]
▶ 3 High-Yield Stocks at Rock-Bottom Prices   [Aug-31-17 08:22AM  Motley Fool]
▶ 3 Value Stocks for Bold Investors   [Aug-23-17 04:36PM  Motley Fool]
▶ Seaspan Provides Vessel Update   [06:30AM  CNW Group]
▶ 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]
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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