Intrinsic value of Teekay Tankers - TNK

Previous Close

$1.49

  Intrinsic Value

$5.16

stock screener

  Rating & Target

str. buy

+246%

Previous close

$1.49

 
Intrinsic value

$5.16

 
Up/down potential

+246%

 
Rating

str. buy

We calculate the intrinsic value of TNK 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 0.2

 

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, %
  2.53
  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
  527
  538
  550
  564
  580
  597
  617
  638
  661
  685
  711
  739
  769
  801
  835
  871
  910
  950
  993
  1,038
  1,086
  1,136
  1,189
  1,245
  1,304
  1,366
  1,431
  1,500
  1,572
  1,649
  1,729
Variable operating expenses, $m
 
  342
  350
  359
  369
  380
  392
  405
  420
  435
  452
  469
  488
  508
  530
  553
  577
  603
  630
  659
  689
  721
  754
  790
  827
  867
  908
  952
  998
  1,046
  1,097
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
  440
  342
  350
  359
  369
  380
  392
  405
  420
  435
  452
  469
  488
  508
  530
  553
  577
  603
  630
  659
  689
  721
  754
  790
  827
  867
  908
  952
  998
  1,046
  1,097
Operating income, $m
  86
  196
  200
  205
  211
  218
  225
  232
  241
  250
  259
  270
  281
  293
  305
  319
  332
  347
  363
  379
  397
  415
  435
  455
  477
  499
  523
  548
  575
  603
  632
EBITDA, $m
  190
  302
  309
  317
  326
  335
  346
  358
  371
  385
  399
  415
  432
  450
  469
  489
  511
  533
  557
  583
  609
  638
  667
  699
  732
  767
  803
  842
  883
  925
  970
Interest expense (income), $m
  39
  31
  32
  33
  33
  34
  36
  37
  38
  40
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
  65
  68
  71
  75
  78
  82
  86
  90
  95
  100
  105
Earnings before tax, $m
  63
  165
  168
  173
  178
  183
  189
  195
  202
  210
  218
  227
  236
  246
  256
  267
  279
  291
  304
  318
  332
  347
  364
  381
  398
  417
  437
  458
  480
  503
  527
Tax expense, $m
  0
  44
  45
  47
  48
  49
  51
  53
  55
  57
  59
  61
  64
  66
  69
  72
  75
  79
  82
  86
  90
  94
  98
  103
  108
  113
  118
  124
  130
  136
  142
Net income, $m
  63
  120
  123
  126
  130
  134
  138
  143
  148
  153
  159
  166
  172
  180
  187
  195
  204
  212
  222
  232
  243
  254
  265
  278
  291
  305
  319
  334
  350
  367
  385

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  94
  0
  0
  0
  0
  0
  0
  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
  1,964
  1,906
  1,950
  2,000
  2,056
  2,119
  2,187
  2,262
  2,342
  2,429
  2,522
  2,622
  2,728
  2,842
  2,962
  3,090
  3,225
  3,369
  3,520
  3,681
  3,850
  4,028
  4,216
  4,415
  4,624
  4,844
  5,075
  5,319
  5,576
  5,846
  6,130
Adjusted assets (=assets-cash), $m
  1,870
  1,906
  1,950
  2,000
  2,056
  2,119
  2,187
  2,262
  2,342
  2,429
  2,522
  2,622
  2,728
  2,842
  2,962
  3,090
  3,225
  3,369
  3,520
  3,681
  3,850
  4,028
  4,216
  4,415
  4,624
  4,844
  5,075
  5,319
  5,576
  5,846
  6,130
Revenue / Adjusted assets
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
Average production assets, $m
  908
  926
  947
  972
  999
  1,029
  1,063
  1,099
  1,138
  1,180
  1,226
  1,274
  1,326
  1,381
  1,439
  1,501
  1,567
  1,637
  1,710
  1,788
  1,870
  1,957
  2,049
  2,145
  2,247
  2,353
  2,466
  2,585
  2,709
  2,841
  2,979
Working capital, $m
  2
  81
  82
  85
  87
  90
  93
  96
  99
  103
  107
  111
  115
  120
  125
  131
  136
  142
  149
  156
  163
  170
  178
  187
  196
  205
  215
  225
  236
  247
  259
Total debt, $m
  933
  857
  879
  904
  932
  963
  998
  1,035
  1,075
  1,119
  1,166
  1,216
  1,269
  1,326
  1,386
  1,450
  1,518
  1,590
  1,666
  1,746
  1,831
  1,920
  2,014
  2,114
  2,218
  2,329
  2,445
  2,567
  2,696
  2,831
  2,973
Total liabilities, $m
  1,032
  955
  977
  1,002
  1,030
  1,061
  1,096
  1,133
  1,173
  1,217
  1,264
  1,314
  1,367
  1,424
  1,484
  1,548
  1,616
  1,688
  1,764
  1,844
  1,929
  2,018
  2,112
  2,212
  2,316
  2,427
  2,543
  2,665
  2,794
  2,929
  3,071
Total equity, $m
  933
  951
  973
  998
  1,026
  1,057
  1,091
  1,129
  1,169
  1,212
  1,259
  1,308
  1,362
  1,418
  1,478
  1,542
  1,609
  1,681
  1,757
  1,837
  1,921
  2,010
  2,104
  2,203
  2,307
  2,417
  2,533
  2,654
  2,782
  2,917
  3,059
Total liabilities and equity, $m
  1,965
  1,906
  1,950
  2,000
  2,056
  2,118
  2,187
  2,262
  2,342
  2,429
  2,523
  2,622
  2,729
  2,842
  2,962
  3,090
  3,225
  3,369
  3,521
  3,681
  3,850
  4,028
  4,216
  4,415
  4,623
  4,844
  5,076
  5,319
  5,576
  5,846
  6,130
Debt-to-equity ratio
  1.000
  0.900
  0.900
  0.910
  0.910
  0.910
  0.910
  0.920
  0.920
  0.920
  0.930
  0.930
  0.930
  0.930
  0.940
  0.940
  0.940
  0.950
  0.950
  0.950
  0.950
  0.960
  0.960
  0.960
  0.960
  0.960
  0.970
  0.970
  0.970
  0.970
  0.970
Adjusted equity ratio
  0.449
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  63
  120
  123
  126
  130
  134
  138
  143
  148
  153
  159
  166
  172
  180
  187
  195
  204
  212
  222
  232
  243
  254
  265
  278
  291
  305
  319
  334
  350
  367
  385
Depreciation, amort., depletion, $m
  104
  106
  108
  111
  114
  118
  122
  126
  130
  135
  140
  145
  151
  157
  164
  171
  178
  186
  194
  203
  213
  222
  233
  244
  255
  267
  280
  294
  308
  323
  338
Funds from operations, $m
  264
  226
  231
  237
  244
  251
  260
  268
  278
  288
  299
  311
  323
  336
  351
  366
  382
  398
  416
  435
  455
  476
  498
  522
  546
  572
  599
  628
  658
  690
  723
Change in working capital, $m
  54
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
Cash from operations, $m
  210
  225
  230
  235
  242
  249
  257
  265
  274
  284
  295
  306
  319
  332
  346
  360
  376
  392
  410
  428
  448
  469
  490
  513
  537
  563
  589
  618
  647
  678
  711
Maintenance CAPEX, $m
  0
  -103
  -105
  -108
  -110
  -114
  -117
  -121
  -125
  -129
  -134
  -139
  -145
  -151
  -157
  -164
  -171
  -178
  -186
  -194
  -203
  -213
  -222
  -233
  -244
  -255
  -267
  -280
  -294
  -308
  -323
New CAPEX, $m
  -9
  -18
  -21
  -24
  -27
  -30
  -33
  -36
  -39
  -42
  -45
  -48
  -52
  -55
  -59
  -62
  -66
  -70
  -74
  -78
  -82
  -87
  -91
  -96
  -102
  -107
  -113
  -119
  -125
  -131
  -138
Cash from investing activities, $m
  37
  -121
  -126
  -132
  -137
  -144
  -150
  -157
  -164
  -171
  -179
  -187
  -197
  -206
  -216
  -226
  -237
  -248
  -260
  -272
  -285
  -300
  -313
  -329
  -346
  -362
  -380
  -399
  -419
  -439
  -461
Free cash flow, $m
  247
  103
  103
  103
  104
  105
  106
  108
  110
  113
  116
  119
  122
  126
  130
  135
  139
  145
  150
  156
  163
  169
  176
  184
  192
  200
  209
  219
  229
  239
  250
Issuance/(repayment) of debt, $m
  -236
  18
  22
  25
  28
  31
  34
  37
  40
  44
  47
  50
  53
  57
  60
  64
  68
  72
  76
  80
  85
  89
  94
  99
  105
  110
  116
  122
  129
  135
  142
Issuance/(repurchase) of shares, $m
  8
  0
  0
  0
  0
  0
  0
  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  
  -228
  18
  22
  25
  28
  31
  34
  37
  40
  44
  47
  50
  53
  57
  60
  64
  68
  72
  76
  80
  85
  89
  94
  99
  105
  110
  116
  122
  129
  135
  142
Total cash flow (excl. dividends), $m
  19
  121
  125
  128
  132
  136
  141
  146
  151
  156
  162
  169
  175
  183
  190
  199
  207
  217
  226
  236
  247
  259
  271
  283
  297
  311
  326
  341
  357
  375
  393
Retained Cash Flow (-), $m
  -56
  -18
  -22
  -25
  -28
  -31
  -34
  -37
  -40
  -43
  -47
  -50
  -53
  -57
  -60
  -64
  -68
  -72
  -76
  -80
  -84
  -89
  -94
  -99
  -104
  -110
  -116
  -122
  -128
  -135
  -142
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
 
  103
  103
  103
  104
  105
  107
  108
  111
  113
  116
  119
  122
  126
  130
  135
  140
  145
  151
  157
  163
  170
  177
  184
  192
  201
  210
  219
  229
  240
  251
Discount rate, %
 
  7.70
  8.09
  8.49
  8.91
  9.36
  9.83
  10.32
  10.83
  11.38
  11.95
  12.54
  13.17
  13.83
  14.52
  15.25
  16.01
  16.81
  17.65
  18.53
  19.46
  20.43
  21.45
  22.52
  23.65
  24.83
  26.07
  27.38
  28.75
  30.18
  31.69
PV of cash for distribution, $m
 
  96
  88
  81
  74
  67
  61
  54
  49
  43
  37
  32
  28
  23
  20
  16
  13
  10
  8
  6
  5
  3
  2
  2
  1
  1
  1
  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

Teekay Tankers Ltd. is an international provider of marine transportation to the oil industries. The Company's business is to own crude oil and product tankers. The Company has two segments: conventional tanker and ship-to-ship transfer. Its conventional tanker segment consists of the operation of all of its tankers, including those employed on full service lightering contracts. Its ship-to-ship transfer segment consists of its lightering support services, including those provided to the Company's conventional tanker segment as part of full service lightering operations and other related services. Its operations are managed by Teekay Tankers Management Services Ltd., which provides the Company with commercial, technical, administrative and strategic services. Its fleet consists of approximately 60 conventional vessels (including over 10 in-chartered vessels and an approximately 50%-owned very large crude carrier (VLCC)) and approximately six ship-to-ship (STS) support vessels.

FINANCIAL RATIOS  of  Teekay Tankers (TNK)

Valuation Ratios
P/E Ratio 3.8
Price to Sales 0.5
Price to Book 0.3
Price to Tangible Book
Price to Cash Flow 1.1
Price to Free Cash Flow 1.2
Growth Rates
Sales Growth Rate 2.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -98.9%
Cap. Spend. - 3 Yr. Gr. Rate 35.1%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 81.7%
Total Debt to Equity 100%
Interest Coverage 3
Management Effectiveness
Return On Assets 4.9%
Ret/ On Assets - 3 Yr. Avg. 7.9%
Return On Total Capital 3.2%
Ret/ On T. Cap. - 3 Yr. Avg. 6.6%
Return On Equity 7%
Return On Equity - 3 Yr. Avg. 16.5%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 43.5%
Gross Margin - 3 Yr. Avg. 48.5%
EBITDA Margin 39.1%
EBITDA Margin - 3 Yr. Avg. 48.6%
Operating Margin 16.5%
Oper. Margin - 3 Yr. Avg. 25.9%
Pre-Tax Margin 12%
Pre-Tax Margin - 3 Yr. Avg. 23.8%
Net Profit Margin 12%
Net Profit Margin - 3 Yr. Avg. 23.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 74.6%

TNK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TNK stock intrinsic value calculation we used $527 million for the last fiscal year's total revenue generated by Teekay Tankers. The default revenue input number comes from 2016 income statement of Teekay Tankers. 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 TNK 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 7.7%, whose default value for TNK is calculated based on our internal credit rating of Teekay Tankers, 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 Teekay Tankers.
    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 TNK stock the variable cost ratio is equal to 63.6%.

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 TNK 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 3.7% for Teekay Tankers.

Corporate tax rate of 27% is the nominal tax rate for Teekay Tankers. 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 TNK 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 TNK are equal to 172.3%.

Life of production assets of 8.8 years is the average useful life of capital assets used in Teekay Tankers 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 TNK is equal to 15%. 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 - $933 million for Teekay Tankers - 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 159.304 million for Teekay Tankers 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 Teekay Tankers at the current share price and the inputted number of shares is $0.2 billion.

RELATED COMPANIES Price Int.Val. Rating
NAT Nordic America 2.71 3.28  sell
DHT DHT Holdings 3.58 5.07  buy
STNG Scorpio Tanker 3.17 1.17  str.sell
FRO Frontline 4.71 2.20  str.sell
TK Teekay 9.14 11.06  buy
ASC Ardmore Shippi 8.05 3.01  str.sell
TGP Teekay LNG Par 19.30 4.93  str.sell

COMPANY NEWS

▶ US Crude Oil Exports to China: Highest in November   [Dec-14-17 02:55PM  Market Realist]
▶ Week 49: Deutsche Bank Revised Frontlines Target Price   [Dec-13-17 09:02AM  Market Realist]
▶ Week 49: All Crude Tanker Stocks Fell More than 6%   [Dec-12-17 11:54AM  Market Realist]
▶ Teekay Tankers Announces Management Change   [06:59AM  GlobeNewswire]
▶ Why the Merger Is Important for Teekay Tankers   [Dec-01-17 01:50PM  Market Realist]
▶ Teekay Investments Merges with Teekay Tankers   [12:15PM  Market Realist]
▶ Frontlines Target Price Was Cut in Week 47   [10:33AM  Market Realist]
▶ How Frontlines Top Line Fared in 3Q17   [Nov-30-17 01:10PM  Market Realist]
▶ Week 46: Deutsche Bank Reduced Teekay Tankers Target Price   [Nov-22-17 07:33AM  Market Realist]
▶ Bunker Fuel Prices Fell in Week 46   [Nov-21-17 04:10PM  Market Realist]
▶ Whats Teekay Tankers Dividend Yield?   [10:32AM  Market Realist]
▶ A Look at Teekay Tankers 3Q17 Cost Side   [09:02AM  Market Realist]
▶ How Teekay Tankers Top Line Fared in 3Q17   [07:33AM  Market Realist]
▶ Teekay Tankers Highlights Positive Industry Developments   [Nov-17-17 05:00PM  Market Realist]
▶ How Teekay Tankers Performed in 3Q17   [03:29PM  Market Realist]
▶ What to Expect from Frontlines 3Q17 Earnings   [02:55PM  Market Realist]
▶ Analysts Revised the Target Price for Teekay Tankers and NAT   [Nov-15-17 07:31AM  Market Realist]
▶ Analyzing Nordic American Tankers Top Line   [09:03AM  Market Realist]
▶ Wells Fargo Revised the Target Prices for NAT, EURN, and FRO   [Nov-09-17 01:25PM  Market Realist]
▶ Week 44: Weekly Crude Tanker Industry Update   [10:21AM  Market Realist]
▶ Teekay Tankers reports 3Q loss   [05:02AM  Associated Press]
▶ Teekay Tankers Declares Dividend   [Nov-08-17 10:00PM  GlobeNewswire]
▶ Week 43: Where Are Bunker Fuel Prices Headed?   [07:34AM  Market Realist]
▶ Week 43: Crude Tanker Industry Update   [Oct-31-17 03:33PM  Market Realist]
▶ Did Bunker Fuel Prices Rise in Week 42?   [Oct-27-17 02:35PM  Market Realist]
▶ Week 42: Crude Tanker Industry Update   [11:31AM  Market Realist]
▶ Week 41: Where Are Crude and Bunker Fuel Prices Heading?   [Oct-18-17 03:06PM  Market Realist]
▶ Crude Tanker Industry Update for Week 41   [01:27PM  Market Realist]
▶ Where Bunker Fuel Prices Are Headed in Week 40   [Oct-11-17 03:06PM  Market Realist]
▶ 3 Stocks Under $5 That Are Worth Buying   [Oct-07-17 08:40AM  TheStreet.com]
▶ 3 Stocks Under $5 That Are Worth Buying   [Oct-06-17 02:00PM  TheStreet.com]
▶ Teekay Corporation Declares Dividend   [Oct-03-17 04:05PM  GlobeNewswire]
▶ What Chinas Fall in Crude Imports Means for Crude Tankers   [Oct-02-17 10:40AM  Market Realist]
▶ Why Crude Tanker Rates Fell in the Third Quarter of 2017   [Sep-29-17 05:36PM  Market Realist]
▶ How Did Tsakos Energy Navigations Top Line Fare in 2Q17?   [Sep-25-17 10:38AM  Market Realist]
▶ Week 37: Crude Tanker Industrys Weekly Update   [Sep-20-17 10:43AM  Market Realist]
▶ Chinas Auto Sales Rose in August, Impacted Crude Tankers   [Sep-18-17 07:39AM  Market Realist]
▶ Chinas August Trade Data Impacted the Crude Tanker Industry   [Sep-15-17 08:07AM  Market Realist]
▶ How Crude and Bunker Fuel Prices Fared in Week 35   [Sep-07-17 01:36PM  Market Realist]
▶ Crude Oil Prices and Bunker Fuel Prices in Week 34   [Aug-31-17 02:06PM  Market Realist]
▶ Crude Tanker Index and Stocks Rose in Week 34   [10:37AM  Market Realist]
▶ Where Will Frontlines Earnings Stand in 2Q17?   [09:07AM  Market Realist]
▶ Frontlines 2Q17 Revenue Expected to Fall 45%   [07:37AM  Market Realist]
▶ Frontlines Impending Results: What You Should Know   [Aug-25-17 05:03PM  Market Realist]
▶ What Happened to Crude Tanker Stocks Last Week?   [Aug-18-17 11:24AM  Market Realist]
▶ Behind Euronavs New Fixed Dividend Policy   [Aug-17-17 10:37AM  Market Realist]
▶ Inside Euronavs 2Q17 Results   [04:13PM  Market Realist]
▶ Teekay Tankers Sees Freight Rate Recovery in 2H18   [Aug-14-17 07:38AM  Market Realist]
▶ Chinas Crude Oil Imports Fell to a 7-Month Low   [Aug-09-17 11:06AM  Market Realist]
▶ Week 30: Bunker Fuel Prices Rose Due to Higher Oil Prices   [Aug-04-17 11:35AM  Market Realist]
▶ Crude Tanker Index Is 41% Lower This Year   [08:12AM  Market Realist]
▶ Teekay Tankers reports 2Q loss   [Aug-03-17 11:15AM  Associated Press]
▶ Teekay Tankers Declares Dividend   [02:54AM  Marketwired]
Financial statements of TNK
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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