Intrinsic value of Teekay Tankers - TNK

Previous Close

$1.46

  Intrinsic Value

$3.84

stock screener

  Rating & Target

str. buy

+163%

  Value-price divergence*

-43%

Previous close

$1.46

 
Intrinsic value

$3.84

 
Up/down potential

+163%

 
Rating

str. buy

 
Value-price divergence*

-43%

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

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
  336
  347
  359
  371
  385
  400
  416
  433
  451
  470
  490
  511
  534
  558
  584
  610
  639
  669
  700
  733
  768
  805
  843
  884
  927
  972
Interest expense (income), $m
  39
  32
  33
  33
  34
  35
  37
  38
  39
  41
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
  72
  76
  79
  83
  87
  92
  96
  101
  106
Earnings before tax, $m
  63
  164
  168
  172
  177
  182
  188
  194
  201
  209
  217
  226
  235
  245
  255
  266
  278
  290
  303
  317
  331
  346
  362
  379
  397
  416
  436
  457
  478
  501
  526
Tax expense, $m
  0
  44
  45
  46
  48
  49
  51
  52
  54
  56
  59
  61
  64
  66
  69
  72
  75
  78
  82
  85
  89
  93
  98
  102
  107
  112
  118
  123
  129
  135
  142
Net income, $m
  63
  119
  122
  125
  129
  133
  137
  142
  147
  152
  158
  165
  172
  179
  186
  194
  203
  212
  221
  231
  242
  253
  265
  277
  290
  304
  318
  333
  349
  366
  384

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  68
  0
  0
  0
  0
  0
  0
  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
  1,932
  1,899
  1,943
  1,993
  2,049
  2,111
  2,179
  2,254
  2,334
  2,421
  2,513
  2,613
  2,719
  2,832
  2,952
  3,079
  3,214
  3,357
  3,508
  3,667
  3,836
  4,014
  4,201
  4,399
  4,607
  4,827
  5,058
  5,301
  5,556
  5,825
  6,109
Adjusted assets (=assets-cash), $m
  1,864
  1,899
  1,943
  1,993
  2,049
  2,111
  2,179
  2,254
  2,334
  2,421
  2,513
  2,613
  2,719
  2,832
  2,952
  3,079
  3,214
  3,357
  3,508
  3,667
  3,836
  4,014
  4,201
  4,399
  4,607
  4,827
  5,058
  5,301
  5,556
  5,825
  6,109
Revenue / Adjusted assets
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
Average production assets, $m
  1,711
  1,745
  1,786
  1,831
  1,883
  1,940
  2,003
  2,071
  2,145
  2,224
  2,310
  2,401
  2,498
  2,602
  2,712
  2,829
  2,953
  3,085
  3,223
  3,370
  3,525
  3,688
  3,861
  4,042
  4,234
  4,435
  4,647
  4,871
  5,106
  5,353
  5,613
Working capital, $m
  -22
  83
  85
  87
  89
  92
  95
  98
  102
  105
  110
  114
  118
  123
  129
  134
  140
  146
  153
  160
  167
  175
  183
  192
  201
  210
  220
  231
  242
  254
  266
Total debt, $m
  933
  883
  905
  930
  959
  990
  1,025
  1,062
  1,103
  1,147
  1,194
  1,244
  1,298
  1,355
  1,416
  1,480
  1,548
  1,621
  1,697
  1,778
  1,863
  1,953
  2,048
  2,148
  2,253
  2,364
  2,481
  2,604
  2,734
  2,870
  3,013
Total liabilities, $m
  1,012
  961
  983
  1,008
  1,037
  1,068
  1,103
  1,140
  1,181
  1,225
  1,272
  1,322
  1,376
  1,433
  1,494
  1,558
  1,626
  1,699
  1,775
  1,856
  1,941
  2,031
  2,126
  2,226
  2,331
  2,442
  2,559
  2,682
  2,812
  2,948
  3,091
Total equity, $m
  921
  938
  960
  985
  1,012
  1,043
  1,077
  1,113
  1,153
  1,196
  1,242
  1,291
  1,343
  1,399
  1,458
  1,521
  1,588
  1,658
  1,733
  1,812
  1,895
  1,983
  2,075
  2,173
  2,276
  2,384
  2,498
  2,618
  2,745
  2,878
  3,018
Total liabilities and equity, $m
  1,933
  1,899
  1,943
  1,993
  2,049
  2,111
  2,180
  2,253
  2,334
  2,421
  2,514
  2,613
  2,719
  2,832
  2,952
  3,079
  3,214
  3,357
  3,508
  3,668
  3,836
  4,014
  4,201
  4,399
  4,607
  4,826
  5,057
  5,300
  5,557
  5,826
  6,109
Debt-to-equity ratio
  1.013
  0.940
  0.940
  0.950
  0.950
  0.950
  0.950
  0.950
  0.960
  0.960
  0.960
  0.960
  0.970
  0.970
  0.970
  0.970
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  1.000
  1.000
  1.000
Adjusted equity ratio
  0.458
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  63
  119
  122
  125
  129
  133
  137
  142
  147
  152
  158
  165
  172
  179
  186
  194
  203
  212
  221
  231
  242
  253
  265
  277
  290
  304
  318
  333
  349
  366
  384
Depreciation, amort., depletion, $m
  104
  107
  109
  112
  115
  118
  122
  126
  131
  136
  141
  146
  151
  158
  164
  171
  179
  187
  195
  204
  214
  224
  234
  245
  257
  269
  282
  295
  309
  324
  340
Funds from operations, $m
  264
  226
  231
  237
  244
  251
  259
  268
  278
  288
  299
  311
  323
  336
  351
  366
  382
  399
  416
  435
  455
  476
  498
  522
  546
  572
  600
  628
  659
  690
  724
Change in working capital, $m
  54
  2
  2
  2
  2
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
Cash from operations, $m
  210
  224
  229
  235
  241
  249
  256
  265
  274
  284
  295
  306
  318
  332
  345
  360
  376
  392
  410
  428
  448
  469
  490
  513
  537
  563
  590
  618
  648
  679
  712
Maintenance CAPEX, $m
  0
  -104
  -106
  -108
  -111
  -114
  -118
  -121
  -126
  -130
  -135
  -140
  -146
  -151
  -158
  -164
  -171
  -179
  -187
  -195
  -204
  -214
  -224
  -234
  -245
  -257
  -269
  -282
  -295
  -309
  -324
New CAPEX, $m
  -9
  -34
  -40
  -46
  -52
  -57
  -63
  -68
  -74
  -80
  -85
  -91
  -97
  -104
  -110
  -117
  -124
  -131
  -139
  -147
  -155
  -163
  -172
  -182
  -191
  -202
  -212
  -223
  -235
  -247
  -260
Cash from investing activities, $m
  37
  -138
  -146
  -154
  -163
  -171
  -181
  -189
  -200
  -210
  -220
  -231
  -243
  -255
  -268
  -281
  -295
  -310
  -326
  -342
  -359
  -377
  -396
  -416
  -436
  -459
  -481
  -505
  -530
  -556
  -584
Free cash flow, $m
  247
  86
  83
  81
  79
  77
  76
  75
  75
  75
  75
  75
  76
  76
  77
  79
  80
  82
  84
  86
  89
  92
  94
  98
  101
  105
  109
  113
  117
  122
  127
Issuance/(repayment) of debt, $m
  -236
  18
  22
  25
  28
  31
  34
  38
  41
  44
  47
  50
  54
  57
  61
  64
  68
  72
  76
  81
  85
  90
  95
  100
  105
  111
  117
  123
  129
  136
  143
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
  38
  41
  44
  47
  50
  54
  57
  61
  64
  68
  72
  76
  81
  85
  90
  95
  100
  105
  111
  117
  123
  129
  136
  143
Total cash flow (excl. dividends), $m
  19
  104
  106
  106
  107
  109
  111
  113
  116
  119
  122
  125
  129
  134
  138
  143
  149
  154
  161
  167
  174
  182
  189
  198
  206
  216
  225
  236
  247
  258
  270
Retained Cash Flow (-), $m
  -44
  -17
  -22
  -25
  -28
  -31
  -34
  -37
  -40
  -43
  -46
  -49
  -52
  -56
  -59
  -63
  -67
  -71
  -75
  -79
  -83
  -88
  -93
  -98
  -103
  -108
  -114
  -120
  -126
  -133
  -140
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
 
  87
  84
  82
  80
  78
  77
  76
  76
  76
  76
  76
  77
  78
  79
  80
  82
  84
  86
  88
  91
  94
  97
  100
  104
  107
  111
  116
  120
  125
  130
Discount rate, %
 
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.42
  17.24
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
  28.09
  29.49
  30.97
  32.52
PV of cash for distribution, $m
 
  81
  72
  64
  56
  49
  43
  38
  33
  28
  24
  20
  17
  14
  11
  9
  7
  6
  4
  3
  2
  2
  1
  1
  1
  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

Teekay Tankers Ltd. engages in the marine transportation of crude oil and refined petroleum products through the operation of its oil and product tankers worldwide. The company also provides ship-to-ship transfer services. As of December 31, 2015, its fleet consisted of 59 conventional vessels, including 13 in-chartered vessels and one 50%-owned very large crude carrier; and 6 ship-to-ship support vessels. The company’s vessels operated under fixed-rate time charter contracts with its customers. Teekay Tankers Ltd. was founded in 2007 and is based in Hamilton, Bermuda.

FINANCIAL RATIOS  of  Teekay Tankers (TNK)

Valuation Ratios
P/E Ratio 3.7
Price to Sales 0.4
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 0
Current Ratio 0.1
LT Debt to Equity 82.7%
Total Debt to Equity 101.3%
Interest Coverage 3
Management Effectiveness
Return On Assets 5%
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 7.9%, 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 324.7%.

Life of production assets of 16.5 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 15.4%. 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 - $921 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 152.766 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 5.11 3.82  sell
DHT DHT Holdings 3.76 7.79  str.buy
STNG Scorpio Tanker 3.39 1.95  sell
FRO Frontline 5.06 22.54  str.buy
TK Teekay 8.76 9.27  buy
ASC Ardmore Shippi 7.20 3.10  str.sell
TGP Teekay LNG Par 16.95 5.37  str.sell

COMPANY NEWS

▶ 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]
▶ Week 28: Crude Tanker Stocks Had a Good Run   [Jul-19-17 09:14AM  Market Realist]
▶ Analysts Consensus Recommendation for Euronav: A Buy   [Jul-17-17 09:06AM  Market Realist]
▶ Analysts and Teekay Tankers Upcoming 2Q17 Results   [Jul-14-17 10:36AM  Market Realist]
▶ Analyst Recommendations for Crude Oil Tankers in Week 27   [Jul-13-17 07:38AM  Market Realist]
▶ No Analysts Are Bullish on Nordic American Tankers   [Jul-12-17 05:05PM  Market Realist]
▶ Analysts Ratings for Crude Tankers in Week 26   [Jul-06-17 07:37AM  Market Realist]
▶ Crude Prices and Bunker Fuel Prices Rose in Week 26   [Jul-05-17 11:58AM  Market Realist]
▶ What the Rise in Floating Storage Means for Crude Tankers   [Jun-30-17 03:35PM  Market Realist]
▶ Why Bunker Fuel Prices Are on a Downward Trend   [Jun-28-17 07:38AM  Market Realist]
▶ Analysts Recommendations for Crude Tankers in Week 24   [Jun-22-17 07:37AM  Market Realist]
▶ Highlights from Nordic American Tankers Conference Call   [Jun-21-17 09:09AM  Market Realist]
▶ ETFs with exposure to Teekay Tankers Ltd. : June 19, 2017   [Jun-19-17 04:12PM  Capital Cube]
▶ Chinas Oil Imports in May Rebound from April   [Jun-16-17 12:35PM  Market Realist]
▶ Analysts Recommendations for Teekay Tankers and Frontline   [Jun-08-17 09:06AM  Market Realist]
▶ Why Did Bunker Fuel Prices Fall in Week 22?   [Jun-07-17 10:37AM  Market Realist]
▶ Is US Oil Demand Falling?   [Jun-02-17 09:06AM  Market Realist]
▶ Could Chinas Teapot Refiners Be a Concern for Crude Tankers?   [Jun-01-17 10:37AM  Market Realist]
▶ How Did Bunker Fuel Prices Trend in Week 21?   [09:08AM  Market Realist]
▶ Why Crude Tanker Rates Fell in May 2017   [05:05PM  Market Realist]
▶ Crude Tanker Index Rose by 44 Points in Week 20   [May-25-17 12:01PM  Market Realist]
▶ ETFs with exposure to Teekay Tankers Ltd. : May 18, 2017   [May-18-17 02:03PM  Capital Cube]
▶ Teekay Tankers misses 1Q profit forecasts   [05:00AM  Associated Press]
▶ Teekay Tankers Declares Dividend   [May-17-17 08:40PM  Marketwired]
▶ Jefferies Cut Nordic American Tankers Target Price   [May-15-17 09:06AM  Market Realist]
▶ Nordic American Tankers: Insights on the Industrys Orderbook   [May-12-17 10:37AM  Market Realist]
▶ ETFs with exposure to Teekay Tankers Ltd. : May 3, 2017   [May-03-17 04:23PM  Capital Cube]
▶ Why Navios Midstreams Latest Dividend Matters   [07:39AM  Market Realist]
▶ How Crude Oil Tanker Stocks Are Performing   [Apr-28-17 04:20PM  Market Realist]
▶ What Analysts Recommend for Teekay Tankers   [10:37AM  Market Realist]
▶ How Crude Tanker Stocks Have Performed This Year   [Apr-27-17 04:16PM  Market Realist]
▶ Crude Tanker Index Rose in Week 16   [Apr-25-17 10:38AM  Market Realist]
▶ Chinas March Data and the Crude Tanker Industry   [Apr-24-17 04:00PM  Market Realist]
▶ Crude Tanker Index Rose in Week 15   [Apr-19-17 07:38AM  Market Realist]
▶ US Crude Exports Reached a Record High   [Apr-17-17 04:35PM  Market Realist]
▶ Very Large Crude Carrier Rates Rise 64% in Week 14   [Apr-12-17 04:35PM  Market Realist]
▶ Analyst Recommendations for Crude Oil Tankers in Week 13   [Apr-06-17 02:03PM  Market Realist]
▶ Mixed Year-to-Date Returns for Crude Tanker Stocks   [Mar-30-17 12:15PM  Market Realist]
Stock chart of TNK 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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