Intrinsic value of Tsakos Energy Navigation - TNP

Previous Close

$4.79

  Intrinsic Value

$4.16

stock screener

  Rating & Target

hold

-13%

Previous close

$4.79

 
Intrinsic value

$4.16

 
Up/down potential

-13%

 
Rating

hold

We calculate the intrinsic value of TNP 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 0.4

 

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, %
  -18.03
  10.00
  9.50
  9.05
  8.64
  8.28
  7.95
  7.66
  7.39
  7.15
  6.94
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.93
  5.83
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
Revenue, $m
  482
  530
  581
  633
  688
  745
  804
  866
  930
  996
  1,065
  1,137
  1,212
  1,289
  1,370
  1,454
  1,542
  1,633
  1,729
  1,828
  1,932
  2,040
  2,153
  2,272
  2,395
  2,525
  2,660
  2,802
  2,950
  3,105
  3,268
Variable operating expenses, $m
 
  73
  80
  87
  94
  102
  110
  119
  127
  136
  146
  156
  166
  177
  188
  199
  211
  224
  237
  250
  265
  280
  295
  311
  328
  346
  364
  384
  404
  425
  448
Fixed operating expenses, $m
 
  336
  345
  353
  362
  371
  380
  390
  400
  410
  420
  430
  441
  452
  463
  475
  487
  499
  512
  524
  537
  551
  565
  579
  593
  608
  623
  639
  655
  671
  688
Total operating expenses, $m
  392
  409
  425
  440
  456
  473
  490
  509
  527
  546
  566
  586
  607
  629
  651
  674
  698
  723
  749
  774
  802
  831
  860
  890
  921
  954
  987
  1,023
  1,059
  1,096
  1,136
Operating income, $m
  90
  121
  156
  193
  232
  272
  313
  357
  403
  450
  499
  551
  605
  661
  719
  780
  844
  911
  980
  1,053
  1,130
  1,210
  1,294
  1,382
  1,474
  1,571
  1,672
  1,779
  1,891
  2,008
  2,132
EBITDA, $m
  197
  239
  285
  333
  384
  437
  492
  549
  609
  671
  735
  803
  873
  946
  1,023
  1,102
  1,186
  1,273
  1,363
  1,459
  1,558
  1,662
  1,771
  1,885
  2,005
  2,130
  2,262
  2,400
  2,545
  2,697
  2,856
Interest expense (income), $m
  35
  55
  61
  67
  73
  80
  87
  94
  102
  109
  118
  126
  135
  144
  153
  163
  174
  184
  196
  207
  219
  232
  245
  259
  274
  289
  305
  321
  338
  357
  376
Earnings before tax, $m
  56
  67
  96
  126
  158
  192
  227
  263
  301
  340
  382
  425
  470
  517
  566
  617
  670
  726
  785
  846
  910
  978
  1,048
  1,123
  1,200
  1,282
  1,368
  1,458
  1,552
  1,652
  1,756
Tax expense, $m
  0
  18
  26
  34
  43
  52
  61
  71
  81
  92
  103
  115
  127
  139
  153
  167
  181
  196
  212
  228
  246
  264
  283
  303
  324
  346
  369
  394
  419
  446
  474
Net income, $m
  56
  49
  70
  92
  116
  140
  165
  192
  220
  249
  279
  310
  343
  377
  413
  450
  489
  530
  573
  618
  665
  714
  765
  819
  876
  936
  998
  1,064
  1,133
  1,206
  1,282

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  190
  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
  3,278
  3,399
  3,722
  4,058
  4,409
  4,774
  5,154
  5,549
  5,959
  6,385
  6,828
  7,288
  7,767
  8,265
  8,784
  9,323
  9,885
  10,471
  11,082
  11,719
  12,384
  13,079
  13,804
  14,563
  15,355
  16,184
  17,052
  17,959
  18,909
  19,904
  20,946
Adjusted assets (=assets-cash), $m
  3,088
  3,399
  3,722
  4,058
  4,409
  4,774
  5,154
  5,549
  5,959
  6,385
  6,828
  7,288
  7,767
  8,265
  8,784
  9,323
  9,885
  10,471
  11,082
  11,719
  12,384
  13,079
  13,804
  14,563
  15,355
  16,184
  17,052
  17,959
  18,909
  19,904
  20,946
Revenue / Adjusted assets
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
Average production assets, $m
  2,660
  2,926
  3,204
  3,494
  3,796
  4,110
  4,437
  4,776
  5,129
  5,496
  5,878
  6,274
  6,686
  7,115
  7,561
  8,025
  8,509
  9,014
  9,539
  10,088
  10,661
  11,258
  11,883
  12,536
  13,218
  13,932
  14,678
  15,459
  16,277
  17,134
  18,031
Working capital, $m
  -35
  69
  76
  83
  90
  98
  105
  113
  122
  130
  140
  149
  159
  169
  179
  191
  202
  214
  226
  239
  253
  267
  282
  298
  314
  331
  348
  367
  386
  407
  428
Total debt, $m
  1,754
  1,733
  1,909
  2,093
  2,284
  2,483
  2,690
  2,905
  3,129
  3,361
  3,602
  3,853
  4,114
  4,386
  4,668
  4,962
  5,268
  5,588
  5,921
  6,268
  6,631
  7,009
  7,404
  7,818
  8,250
  8,701
  9,174
  9,669
  10,187
  10,729
  11,297
Total liabilities, $m
  1,872
  1,852
  2,028
  2,212
  2,403
  2,602
  2,809
  3,024
  3,248
  3,480
  3,721
  3,972
  4,233
  4,505
  4,787
  5,081
  5,387
  5,707
  6,040
  6,387
  6,750
  7,128
  7,523
  7,937
  8,369
  8,820
  9,293
  9,788
  10,306
  10,848
  11,416
Total equity, $m
  1,405
  1,546
  1,693
  1,847
  2,006
  2,172
  2,345
  2,525
  2,711
  2,905
  3,107
  3,316
  3,534
  3,761
  3,996
  4,242
  4,498
  4,764
  5,042
  5,332
  5,635
  5,951
  6,281
  6,626
  6,987
  7,364
  7,758
  8,171
  8,604
  9,056
  9,531
Total liabilities and equity, $m
  3,277
  3,398
  3,721
  4,059
  4,409
  4,774
  5,154
  5,549
  5,959
  6,385
  6,828
  7,288
  7,767
  8,266
  8,783
  9,323
  9,885
  10,471
  11,082
  11,719
  12,385
  13,079
  13,804
  14,563
  15,356
  16,184
  17,051
  17,959
  18,910
  19,904
  20,947
Debt-to-equity ratio
  1.248
  1.120
  1.130
  1.130
  1.140
  1.140
  1.150
  1.150
  1.150
  1.160
  1.160
  1.160
  1.160
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.180
  1.180
  1.180
  1.180
  1.180
  1.180
  1.180
  1.180
  1.180
  1.180
  1.180
  1.190
Adjusted equity ratio
  0.393
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  56
  49
  70
  92
  116
  140
  165
  192
  220
  249
  279
  310
  343
  377
  413
  450
  489
  530
  573
  618
  665
  714
  765
  819
  876
  936
  998
  1,064
  1,133
  1,206
  1,282
Depreciation, amort., depletion, $m
  107
  117
  129
  140
  152
  165
  178
  192
  206
  221
  236
  252
  269
  286
  304
  322
  342
  362
  383
  405
  428
  452
  477
  503
  531
  559
  589
  621
  654
  688
  724
Funds from operations, $m
  185
  166
  199
  233
  268
  305
  344
  384
  426
  469
  515
  562
  611
  663
  717
  773
  831
  892
  956
  1,023
  1,093
  1,166
  1,243
  1,323
  1,407
  1,495
  1,588
  1,685
  1,787
  1,894
  2,006
Change in working capital, $m
  15
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  14
  14
  15
  15
  16
  17
  18
  19
  19
  20
  21
Cash from operations, $m
  170
  160
  192
  226
  261
  298
  336
  376
  417
  461
  506
  553
  602
  653
  706
  761
  820
  880
  944
  1,010
  1,079
  1,152
  1,228
  1,307
  1,391
  1,478
  1,570
  1,667
  1,768
  1,874
  1,985
Maintenance CAPEX, $m
  0
  -107
  -117
  -129
  -140
  -152
  -165
  -178
  -192
  -206
  -221
  -236
  -252
  -269
  -286
  -304
  -322
  -342
  -362
  -383
  -405
  -428
  -452
  -477
  -503
  -531
  -559
  -589
  -621
  -654
  -688
New CAPEX, $m
  -467
  -266
  -278
  -290
  -302
  -314
  -327
  -340
  -353
  -367
  -381
  -396
  -412
  -429
  -446
  -465
  -484
  -504
  -526
  -549
  -573
  -598
  -625
  -653
  -682
  -714
  -747
  -781
  -818
  -856
  -897
Cash from investing activities, $m
  -576
  -373
  -395
  -419
  -442
  -466
  -492
  -518
  -545
  -573
  -602
  -632
  -664
  -698
  -732
  -769
  -806
  -846
  -888
  -932
  -978
  -1,026
  -1,077
  -1,130
  -1,185
  -1,245
  -1,306
  -1,370
  -1,439
  -1,510
  -1,585
Free cash flow, $m
  -406
  -213
  -203
  -193
  -181
  -169
  -156
  -142
  -128
  -112
  -96
  -80
  -62
  -45
  -26
  -7
  13
  34
  56
  78
  101
  126
  151
  178
  205
  234
  264
  296
  329
  364
  400
Issuance/(repayment) of debt, $m
  366
  169
  176
  184
  191
  199
  207
  215
  224
  232
  241
  251
  261
  271
  282
  294
  306
  319
  333
  347
  362
  379
  395
  413
  432
  452
  473
  495
  518
  542
  568
Issuance/(repurchase) of shares, $m
  -21
  93
  77
  61
  44
  26
  7
  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  
  344
  262
  253
  245
  235
  225
  214
  215
  224
  232
  241
  251
  261
  271
  282
  294
  306
  319
  333
  347
  362
  379
  395
  413
  432
  452
  473
  495
  518
  542
  568
Total cash flow (excl. dividends), $m
  -62
  49
  50
  52
  54
  56
  58
  73
  96
  120
  145
  171
  198
  227
  256
  287
  320
  353
  389
  425
  464
  504
  547
  591
  637
  686
  737
  790
  847
  906
  968
Retained Cash Flow (-), $m
  -2
  -141
  -147
  -153
  -160
  -166
  -173
  -180
  -187
  -194
  -202
  -209
  -218
  -227
  -236
  -246
  -256
  -267
  -278
  -290
  -303
  -316
  -330
  -345
  -361
  -377
  -395
  -413
  -432
  -453
  -474
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
 
  -92
  -97
  -102
  -106
  -110
  -115
  -107
  -91
  -74
  -56
  -38
  -19
  0
  21
  42
  64
  87
  111
  135
  161
  188
  216
  246
  276
  309
  342
  377
  414
  453
  494
Discount rate, %
 
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.18
  22.24
  23.35
  24.52
  25.74
  27.03
  28.38
  29.80
  31.29
  32.85
  34.50
  36.22
PV of cash for distribution, $m
 
  -85
  -82
  -77
  -72
  -66
  -60
  -49
  -36
  -25
  -16
  -9
  -4
  0
  2
  4
  4
  4
  4
  4
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  91.4
  85.3
  81.1
  78.5
  77.0
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7

Tsakos Energy Navigation Ltd is a provider of international seaborne crude oil and petroleum product transportation services. The Company operates through maritime transportation of liquid energy related products segment. It operates a fleet of approximately 57 modern crude oil and petroleum product tankers that provide marine transportation services for national and other independent oil companies and refiners under long, medium and short-term charters. Its fleet also includes a liquefied natural gas (LNG) carrier and over two shuttle suezmax tankers with dynamic positioning technology (DP2). This fleet diversity includes a range of sister ships. The Company’s fleet consists of 65 double-hull vessels totaling 7.2 million deadweight tonnage. Its diversified fleet, which includes VLCC, suezmax, aframax, panamax, handysize, handymax tankers, LNG carrier and DP2 shuttle tankers, allows it to serve its customers' international petroleum product and crude oil transportation needs.

FINANCIAL RATIOS  of  Tsakos Energy Navigation (TNP)

Valuation Ratios
P/E Ratio 7.2
Price to Sales 0.8
Price to Book 0.3
Price to Tangible Book
Price to Cash Flow 2.4
Price to Free Cash Flow -1.4
Growth Rates
Sales Growth Rate -18%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 665.6%
Cap. Spend. - 3 Yr. Gr. Rate 33.8%
Financial Strength
Quick Ratio 1
Current Ratio 0.2
LT Debt to Equity 104.3%
Total Debt to Equity 124.8%
Interest Coverage 3
Management Effectiveness
Return On Assets 2.9%
Ret/ On Assets - 3 Yr. Avg. 4.1%
Return On Total Capital 1.9%
Ret/ On T. Cap. - 3 Yr. Avg. 3%
Return On Equity 4%
Return On Equity - 3 Yr. Avg. 6.5%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 47.5%
Gross Margin - 3 Yr. Avg. 48.1%
EBITDA Margin 41.1%
EBITDA Margin - 3 Yr. Avg. 41.1%
Operating Margin 18.7%
Oper. Margin - 3 Yr. Avg. 21.9%
Pre-Tax Margin 11.6%
Pre-Tax Margin - 3 Yr. Avg. 15.1%
Net Profit Margin 11.6%
Net Profit Margin - 3 Yr. Avg. 15.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 71.4%

TNP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TNP stock intrinsic value calculation we used $482 million for the last fiscal year's total revenue generated by Tsakos Energy Navigation. The default revenue input number comes from 2016 income statement of Tsakos Energy Navigation. 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 TNP stock valuation model: a) initial revenue growth rate of 10% 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 8.8%, whose default value for TNP is calculated based on our internal credit rating of Tsakos Energy Navigation, 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 Tsakos Energy Navigation.
    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 TNP stock the variable cost ratio is equal to 13.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $328 million in the base year in the intrinsic value calculation for TNP 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 Tsakos Energy Navigation.

Corporate tax rate of 27% is the nominal tax rate for Tsakos Energy Navigation. 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 TNP 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 TNP are equal to 551.8%.

Life of production assets of 24.9 years is the average useful life of capital assets used in Tsakos Energy Navigation 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 TNP is equal to 13.1%. 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 - $1405 million for Tsakos Energy Navigation - 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 84.372 million for Tsakos Energy Navigation 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 Tsakos Energy Navigation at the current share price and the inputted number of shares is $0.4 billion.

RELATED COMPANIES Price Int.Val. Rating
NAT Nordic America 4.98 3.28  sell
GNRT Gener8 Maritim 4.94 4.33  hold
TK Teekay 8.73 11.06  buy
KNOP Knot Offshore 23.40 4.31  str.sell
GASS StealthGas 3.65 3.60  hold
CPLP Capital Produc 3.57 3.34  hold
TOPS TOP Ships 0.400 44.54  str.buy

COMPANY NEWS

▶ Saudi Arabias Export Cut Weighs Heavily on Crude Tankers   [Oct-03-17 09:08AM  Market Realist]
▶ Why Crude Tanker Rates Fell in the Third Quarter of 2017   [Sep-29-17 05:36PM  Market Realist]
▶ Analysts Recommendations for Crude Tankers in Week 38   [Sep-28-17 10:39AM  Market Realist]
▶ How Did Tsakos Energy Navigations Top Line Fare in 2Q17?   [Sep-25-17 10:38AM  Market Realist]
▶ Analyzing Tsakos Energy Navigations Fleet after 2Q17   [Sep-22-17 01:36PM  Market Realist]
▶ Maxim Group Cut Tsakos Energy Navigations Target Price   [Sep-21-17 08:07AM  Market Realist]
▶ Tsakos misses Street 2Q forecasts   [11:48PM  Associated Press]
▶ Tsakos Energy on the Street: Analyst Recommendations   [Sep-14-17 01:36PM  Market Realist]
▶ Week 35: Crude Tanker Index Rose for the Second Week   [Sep-07-17 10:06AM  Market Realist]
▶ Analysts Recommendations for Crude Tankers in Week 34   [Sep-01-17 07:37AM  Market Realist]
▶ Crude Tanker Index and Stocks Rose in Week 34   [Aug-31-17 10:37AM  Market Realist]
▶ Crude Tanker Stocks Fall in Week 33 of 2017   [Aug-23-17 02:58PM  Market Realist]
▶ Chinas Refinery Demand Falls to Lowest since September 2016   [Aug-16-17 01:06PM  Market Realist]
▶ Crude Tanker Index Falls for 2nd-Straight Week   [Aug-11-17 05:57PM  Market Realist]
▶ Crude Tanker Index Is 41% Lower This Year   [Aug-04-17 08:12AM  Market Realist]
▶ Tsakos Energy Navigation: What Analysts Estimate for 2Q17   [Jul-17-17 07:36AM  Market Realist]
▶ Analyst Recommendations for Crude Oil Tankers in Week 27   [Jul-13-17 07:38AM  Market Realist]
▶ Crude Oil Tanker Index Falls for 3rd Consecutive Week   [Jul-12-17 03:28PM  Market Realist]
▶ Analysts Ratings for Crude Tankers in Week 26   [Jul-06-17 07:37AM  Market Realist]
▶ What the Rise in Floating Storage Means for Crude Tankers   [Jun-30-17 03:35PM  Market Realist]
▶ How Did the Crude Tanker Industry Perform in Week 25?   [Jun-27-17 12:51PM  Market Realist]
▶ Chinas Oil Imports in May Rebound from April   [Jun-16-17 12:35PM  Market Realist]
▶ Crude Tanker Industry: Key Events in Week 22   [07:36AM  Market Realist]
▶ BDTI Fell in Week 22 after Rising for 2 Consecutive Weeks   [Jun-07-17 07:37AM  Market Realist]
▶ Why Crude Tanker Rates Fell in May 2017   [May-31-17 05:05PM  Market Realist]
▶ Analysts Recommendations for Crude Tankers in Week 20   [May-25-17 01:35PM  Market Realist]
▶ Analyzing Tsakos Energy Navigations Fleet   [09:06AM  Market Realist]
▶ Tsakos Energy Navigations EBITDA Rose in 1Q17   [May-17-17 10:37AM  Market Realist]
▶ Chinas Imports: 12.5% Higher in First 4 Months of 2017   [May-15-17 10:39AM  Market Realist]
▶ Tsakos tops 1Q profit forecasts   [08:41AM  Associated Press]
▶ Analysts Recommendations for Crude Tankers after Week 18   [May-10-17 10:38AM  Market Realist]
▶ Which Crude Tanker Has the Most Buy Ratings?   [07:39AM  Market Realist]
▶ What Were Analysts Recommendations in Week 16?   [Apr-25-17 02:05PM  Market Realist]
▶ Chinas Oil Imports Hit Record High, Benefiting Crude Tankers   [Apr-24-17 05:36PM  Market Realist]
Financial statements of TNP
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.