Intrinsic value of TOP Ships - TOPS

Previous Close

$0.68

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$0.68

 
Intrinsic value premium content
 
Up/down potential premium content
 
Rating premium content
 
Value-price divergence* premium content

Premium access subscription - $499/yr

please register and log in before paying

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

We calculate the intrinsic value of TOPS 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 0.0

 

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, %
  115.38
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  28
  21
  32
  48
  70
  98
  135
  182
  238
  307
  387
  481
  588
  709
  844
  992
  1,154
  1,329
  1,517
  1,719
  1,932
  2,158
  2,396
  2,645
  2,906
  3,179
  3,464
  3,760
  4,068
  4,389
  4,722
Variable operating expenses, $m
 
  21
  32
  48
  70
  98
  135
  182
  238
  307
  387
  481
  588
  709
  844
  992
  1,154
  1,329
  1,517
  1,719
  1,932
  2,158
  2,396
  2,645
  2,906
  3,179
  3,464
  3,760
  4,068
  4,389
  4,722
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
  24
  21
  32
  48
  70
  98
  135
  182
  238
  307
  387
  481
  588
  709
  844
  992
  1,154
  1,329
  1,517
  1,719
  1,932
  2,158
  2,396
  2,645
  2,906
  3,179
  3,464
  3,760
  4,068
  4,389
  4,722
Operating income, $m
  5
  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
EBITDA, $m
  9
  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
Interest expense (income), $m
  2
  1
  2
  3
  4
  6
  9
  13
  18
  23
  30
  38
  47
  58
  70
  83
  98
  114
  132
  151
  171
  192
  214
  238
  263
  289
  316
  345
  374
  405
  437
Earnings before tax, $m
  1
  -1
  -2
  -3
  -4
  -6
  -9
  -13
  -18
  -23
  -30
  -38
  -47
  -58
  -70
  -83
  -98
  -114
  -132
  -151
  -171
  -192
  -214
  -238
  -263
  -289
  -316
  -345
  -374
  -405
  -437
Tax expense, $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
  0
Net income, $m
  1
  -1
  -2
  -3
  -4
  -6
  -9
  -13
  -18
  -23
  -30
  -38
  -47
  -58
  -70
  -83
  -98
  -114
  -132
  -151
  -171
  -192
  -214
  -238
  -263
  -289
  -316
  -345
  -374
  -405
  -437

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
  0
Total assets, $m
  143
  114
  176
  263
  381
  538
  739
  992
  1,303
  1,676
  2,117
  2,629
  3,214
  3,874
  4,610
  5,420
  6,305
  7,263
  8,292
  9,391
  10,558
  11,792
  13,091
  14,455
  15,882
  17,373
  18,928
  20,547
  22,232
  23,983
  25,804
Adjusted assets (=assets-cash), $m
  143
  114
  176
  263
  381
  538
  739
  992
  1,303
  1,676
  2,117
  2,629
  3,214
  3,874
  4,610
  5,420
  6,305
  7,263
  8,292
  9,391
  10,558
  11,792
  13,091
  14,455
  15,882
  17,373
  18,928
  20,547
  22,232
  23,983
  25,804
Revenue / Adjusted assets
  0.196
  0.184
  0.182
  0.183
  0.184
  0.182
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
Average production assets, $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
  0
Working capital, $m
  -15
  -18
  -27
  -41
  -59
  -83
  -114
  -154
  -202
  -260
  -328
  -407
  -498
  -600
  -714
  -839
  -976
  -1,124
  -1,284
  -1,454
  -1,635
  -1,826
  -2,027
  -2,238
  -2,459
  -2,690
  -2,930
  -3,181
  -3,442
  -3,713
  -3,995
Total debt, $m
  85
  43
  75
  121
  183
  264
  369
  501
  663
  857
  1,087
  1,354
  1,659
  2,002
  2,386
  2,808
  3,269
  3,768
  4,304
  4,877
  5,485
  6,128
  6,805
  7,515
  8,259
  9,036
  9,846
  10,689
  11,567
  12,479
  13,428
Total liabilities, $m
  96
  59
  91
  137
  199
  280
  385
  517
  679
  873
  1,103
  1,370
  1,675
  2,018
  2,402
  2,824
  3,285
  3,784
  4,320
  4,893
  5,501
  6,144
  6,821
  7,531
  8,275
  9,052
  9,862
  10,705
  11,583
  12,495
  13,444
Total equity, $m
  47
  54
  84
  126
  183
  258
  354
  475
  624
  803
  1,014
  1,259
  1,540
  1,856
  2,208
  2,596
  3,020
  3,479
  3,972
  4,498
  5,057
  5,648
  6,271
  6,924
  7,608
  8,322
  9,067
  9,842
  10,649
  11,488
  12,360
Total liabilities and equity, $m
  143
  113
  175
  263
  382
  538
  739
  992
  1,303
  1,676
  2,117
  2,629
  3,215
  3,874
  4,610
  5,420
  6,305
  7,263
  8,292
  9,391
  10,558
  11,792
  13,092
  14,455
  15,883
  17,374
  18,929
  20,547
  22,232
  23,983
  25,804
Debt-to-equity ratio
  1.809
  0.790
  0.900
  0.960
  1.000
  1.030
  1.040
  1.050
  1.060
  1.070
  1.070
  1.070
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
Adjusted equity ratio
  0.329
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1
  -1
  -2
  -3
  -4
  -6
  -9
  -13
  -18
  -23
  -30
  -38
  -47
  -58
  -70
  -83
  -98
  -114
  -132
  -151
  -171
  -192
  -214
  -238
  -263
  -289
  -316
  -345
  -374
  -405
  -437
Depreciation, amort., depletion, $m
  4
  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
Funds from operations, $m
  10
  -1
  -2
  -3
  -4
  -6
  -9
  -13
  -18
  -23
  -30
  -38
  -47
  -58
  -70
  -83
  -98
  -114
  -132
  -151
  -171
  -192
  -214
  -238
  -263
  -289
  -316
  -345
  -374
  -405
  -437
Change in working capital, $m
  3
  -7
  -10
  -13
  -18
  -24
  -31
  -39
  -48
  -58
  -68
  -79
  -91
  -102
  -114
  -125
  -137
  -148
  -159
  -170
  -181
  -191
  -201
  -211
  -221
  -231
  -241
  -251
  -261
  -271
  -282
Cash from operations, $m
  7
  6
  8
  11
  14
  18
  22
  26
  31
  35
  38
  41
  43
  44
  44
  42
  39
  34
  27
  20
  10
  -1
  -13
  -27
  -42
  -58
  -76
  -94
  -113
  -134
  -155
Maintenance CAPEX, $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
  0
New CAPEX, $m
  -73
  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 investing activities, $m
  -77
  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
Free cash flow, $m
  -70
  6
  8
  11
  14
  18
  22
  26
  31
  35
  38
  41
  43
  44
  44
  42
  39
  34
  27
  20
  10
  -1
  -13
  -27
  -42
  -58
  -76
  -94
  -113
  -134
  -155
Issuance/(repayment) of debt, $m
  61
  22
  32
  45
  62
  82
  105
  132
  162
  195
  230
  267
  305
  344
  383
  422
  461
  499
  536
  573
  608
  643
  677
  710
  744
  777
  810
  844
  878
  913
  948
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
  10
  26
  43
  60
  78
Cash from financing (excl. dividends), $m  
  68
  22
  32
  45
  62
  82
  105
  132
  162
  195
  230
  267
  305
  344
  383
  422
  461
  499
  536
  573
  608
  643
  677
  710
  744
  777
  820
  870
  921
  973
  1,026
Total cash flow (excl. dividends), $m
  -3
  28
  40
  56
  76
  99
  127
  158
  192
  229
  268
  308
  348
  388
  427
  464
  500
  533
  564
  592
  618
  642
  664
  683
  702
  719
  734
  750
  764
  779
  794
Retained Cash Flow (-), $m
  -13
  -20
  -30
  -42
  -57
  -75
  -97
  -121
  -149
  -179
  -211
  -245
  -280
  -316
  -352
  -388
  -424
  -459
  -493
  -526
  -559
  -591
  -622
  -653
  -684
  -714
  -745
  -776
  -807
  -839
  -872
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
 
  8
  11
  14
  19
  24
  30
  37
  44
  50
  57
  63
  68
  72
  75
  76
  76
  74
  71
  66
  59
  51
  41
  30
  18
  4
  0
  0
  0
  0
  0
Discount rate, %
 
  8.50
  8.93
  9.37
  9.84
  10.33
  10.85
  11.39
  11.96
  12.56
  13.19
  13.85
  14.54
  15.26
  16.03
  16.83
  17.67
  18.55
  19.48
  20.46
  21.48
  22.55
  23.68
  24.86
  26.11
  27.41
  28.78
  30.22
  31.73
  33.32
  34.99
PV of cash for distribution, $m
 
  7
  9
  11
  13
  15
  16
  17
  18
  17
  16
  15
  13
  11
  9
  7
  6
  4
  3
  2
  1
  1
  0
  0
  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
  99.8
  99.4
  98.8
  98.0
  97.1

Top Ships Inc. provides seaborne transportation services worldwide. It owns and operates medium range tanker vessels that transport crude oil, petroleum products, and bulk liquid chemicals. The company transports petroleum products and crude oil for the oil industry. As of December 31, 2015, it had a fleet of two chartered-in 50,000 deadweight ton (dwt) product/chemical tankers vessels, the M/T Stenaweco Energy and the M/T Stenaweco Evolution; two 39,000 dwt product/chemical tankers vessels, the M/T Eco Fleet and the M/T Eco Revolution; and contracts for three newbuilding vessels. The company was formerly known as Top Tankers Inc. and changed its name to Top Ships Inc. in December 2007. Top Ships Inc. was founded in 2000 and is based in Maroussi, Greece.

FINANCIAL RATIOS  of  TOP Ships (TOPS)

Valuation Ratios
P/E Ratio 0.2
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow -0
Growth Rates
Sales Growth Rate 115.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 37.7%
Cap. Spend. - 3 Yr. Gr. Rate 39.1%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 155.3%
Total Debt to Equity 180.9%
Interest Coverage 2
Management Effectiveness
Return On Assets 2.8%
Ret/ On Assets - 3 Yr. Avg. -1.2%
Return On Total Capital 1.1%
Ret/ On T. Cap. - 3 Yr. Avg. -2.1%
Return On Equity 2.5%
Return On Equity - 3 Yr. Avg. -3.5%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 100%
Gross Margin - 3 Yr. Avg. 91.7%
EBITDA Margin 25%
EBITDA Margin - 3 Yr. Avg. 21.2%
Operating Margin 14.3%
Oper. Margin - 3 Yr. Avg. -13.2%
Pre-Tax Margin 3.6%
Pre-Tax Margin - 3 Yr. Avg. 3.1%
Net Profit Margin 3.6%
Net Profit Margin - 3 Yr. Avg. 3.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

TOPS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TOPS stock intrinsic value calculation we used $13 million for the last fiscal year's total revenue generated by TOP Ships. The default revenue input number comes from 2016 income statement of TOP Ships. 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 TOPS stock valuation model: a) initial revenue growth rate of 60% 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 8.5%, whose default value for TOPS is calculated based on our internal credit rating of TOP Ships, 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 TOP Ships.
    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 TOPS stock the variable cost ratio is equal to 100%.

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 TOPS 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 TOP Ships.

Corporate tax rate of 27% is the nominal tax rate for TOP Ships. 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 TOPS 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 TOPS are equal to 0%.

Life of production assets of 0 years is the average useful life of capital assets used in TOP Ships 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 TOPS is equal to -84.6%. 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 - $34 million for TOP Ships - 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 4.486 million for TOP Ships 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 TOP Ships at the current share price and the inputted number of shares is $0.0 billion.


Premium access subscription - $499/yr

please register and log in before paying
RELATED COMPANIES Price Int.Val. Rating
TNP Tsakos Energy 4.63 prem.  prem.
CPLP Capital Produc 3.41 prem.  prem.
GASS StealthGas 3.39 prem.  prem.
PXS Pyxis Tankers 1.22 prem.  prem.
DRYS DryShips 2.33 prem.  prem.
NVGS Navigator Hold 8.05 prem.  prem.
GNRT Gener8 Maritim 5.23 prem.  prem.

COMPANY NEWS

▶ TOP Ships Inc. Agrees Promissory Note   [May-15-17 09:21AM  GlobeNewswire]
▶ AmTrust, DryShips Plunge into Tuesdays 52-Week Low Club   [Apr-11-17 04:04PM  24/7 Wall St.]
▶ Valeant, DryShips Stuck in Fridays 52-Week Low Club   [Apr-07-17 04:04PM  24/7 Wall St.]
▶ Valeant, DryShips Dont Escape Thursdays 52-Week Low Club   [Apr-06-17 04:04PM  24/7 Wall St.]
▶ Penny Stocks to Watch for December 2016 (GGB)   [Dec-01-16 04:22PM  at Investopedia]
▶ Top Ships Inc. announces corporate development   [Nov-23-16 08:30AM  GlobeNewswire]
▶ Shipping shares drop after Seanergy Maritime offer   [Nov-18-16 02:13PM  Reuters]
▶ Shipping stocks on track for big bounces   [09:21AM  at MarketWatch]
▶ Shipping Stocks Ride Tidal Wave On Trump's Infrastructure Plans   [Nov-16-16 04:24PM  Investor's Business Daily]
▶ Penny Stocks to Watch for September 2016 (BGI)   [Sep-01-16 12:32PM  Investopedia]
▶ Top Ships Inc. Announces Loan Facility for M/T Nord Valiant   [Aug-03-16 04:30PM  GlobeNewswire]
▶ A Closer Look at Five Stocks on the Move on Monday   [Aug-01-16 01:36PM  Insider Monkey]
▶ TOP Ships Announces Delivery of Fifth Newbuilding Vessel   [May-24-16 04:30PM  GlobeNewswire]
▶ TOP SHIPS INC. Financials   [Apr-30-16 01:04PM  EDGAR Online Financials]
▶ TOP Ships Inc. Announces Corporate Developments   [Feb-01-16 04:30PM  GlobeNewswire]
▶ TOP Ships Inc. Announces Receipt of Nasdaq Notice   [Nov-10  04:30PM  GlobeNewswire]
▶ TOP Ships Announces Delivery of Third Newbuilding Vessel   [Jul-22  04:30PM  GlobeNewswire]
▶ TOP Ships Announces Corporate Developments   [Apr-10  04:05PM  GlobeNewswire]
▶ TOP Ships Announces Sale and Lease Back of Two Vessels   [Jan-12  04:10PM  GlobeNewswire]
▶ TOP Ships files to sell $50M of common stock   [Jul-14  04:23PM  at theflyonthewall.com]
▶ TOP Ships announces delivery of first newbuild vessel   [Jun-23  08:09AM  at theflyonthewall.com]
▶ Top Ships Inc. Announces Closing of Its Public Offering   [Jun-12  08:30AM  GlobeNewswire]
▶ Why Top Ships (TOPS) Stock Is Down Today   [Jun-06  10:34AM  at TheStreet]
▶ TOP Ships Inc. Announces Closing of Sale of Fleet   [Oct-18  08:30AM  GlobeNewswire]
▶ TOP Ships Inc. Announces Receipt of Nasdaq Notice   [Aug-27-12 05:30PM  GlobeNewswire]
▶ Stormy Seas Yielding Big Dividends   [Jul-30-12 10:08AM  at Seeking Alpha]
▶ Baltic Dry Index Far From 'Meaningful Recovery'   [Jul-19-12 01:42PM  at The Wall Street Journal]
▶ TOP Ships Inc. Announces New Charter for M/V EVIAN   [Jun-20-12 08:00PM  GlobeNewswire]
▶ Train Reading: Baltic Dry Keeps Winning   [Mar-20-12 06:13PM  at The Wall Street Journal]
▶ Noah Holdings, TOP Ships: Biggest Price Gainers (NOAH, TOPS)   [Feb-22-12 12:51PM  at The Wall Street Journal]
▶ Prestige Brands Holdings, TOP Ships: Biggest Price Gainers (PBH, TOPS)   [Feb-21-12 01:13PM  at The Wall Street Journal]
▶ TOP Ships Inc. Announces Corporate Developments   [Feb-15-12 05:30PM  GlobeNewswire]
▶ TOP Ships Inc. Announces Expiration of Bareboat Charter   [Jan-03-12 05:30PM  GlobeNewswire]
▶ TOP Ships Inc. Announces Sale of the M/V PEPITO   [Dec-30-11 05:30PM  GlobeNewswire]
▶ TOP Ships Inc. Announces Sale of the M/T IOANNIS P   [Nov-21-11 05:00PM  GlobeNewswire]
▶ TOP Ships Inc. Announces Corporate Developments   [Oct-21-11 08:30AM  GlobeNewswire]
▶ Greece Cuts Off Its Right Hand To Feed IMF Bear   [Oct-05-11 11:30AM  at Seeking Alpha]
▶ Top Ships Inc. Announces Sale of the M/V Cyclades   [Sep-30-11 05:00PM  GlobeNewswire]
▶ Sovereign Holdings raises stake in TOP Ships to 49.3% from 11.2%   [Sep-02-11 12:54PM  theflyonthewall.com]
▶ Zale, TOP Ships: Biggest Price Decliners (ZLC, TOPS)   [Aug-31-11 05:18PM  at The Wall Street Journal]
▶ Baltic Dry Index Lives! But Don't Get Too Excited   [Aug-24-11 12:08PM  at The Wall Street Journal]
▶ New Star Analyst Rankings for TOP Ships Inc.   [Aug-04-11 09:29AM  StarMine]
▶ TOP SHIPS INC. Financials   [Jul-27-11 01:04PM  EDGAR Online Financials]
▶ TOP Ships Inc. Announces Sale of the M/V AMALFI   [Jul-22-11 05:30PM  GlobeNewswire]
▶ TOP Ships Inc. Announces Sale of the M/V ASTRALE   [Jul-06-11 05:30PM  GlobeNewswire]
▶ Investing In Transportation: Shippers Faced Headwinds Monday   [Jul-05-11 09:48AM  Wall St. Cheat Sheet]
Stock chart of TOPS Financial statements of TOPS Annual reports of TOPS
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.