Intrinsic value of Ardmore Shipping - ASC

Previous Close

$8.95

  Intrinsic Value

$2.90

stock screener

  Rating & Target

str. sell

-68%

  Value-price divergence*

-35%

Previous close

$8.95

 
Intrinsic value

$2.90

 
Up/down potential

-68%

 
Rating

str. sell

 
Value-price divergence*

-35%

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

We calculate the intrinsic value of ASC 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 0.3

 

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, %
  3.80
  25.00
  23.00
  21.20
  19.58
  18.12
  16.81
  15.63
  14.57
  13.61
  12.75
  11.97
  11.28
  10.65
  10.08
  9.58
  9.12
  8.71
  8.34
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.60
  6.44
  6.29
  6.16
  6.05
  5.94
Revenue, $m
  164
  205
  252
  306
  365
  432
  504
  583
  668
  759
  856
  958
  1,066
  1,180
  1,299
  1,423
  1,553
  1,688
  1,829
  1,975
  2,127
  2,285
  2,449
  2,620
  2,797
  2,982
  3,174
  3,373
  3,581
  3,798
  4,024
Variable operating expenses, $m
 
  148
  182
  220
  263
  311
  363
  420
  481
  546
  616
  690
  768
  849
  935
  1,024
  1,118
  1,215
  1,317
  1,422
  1,531
  1,645
  1,763
  1,886
  2,014
  2,147
  2,285
  2,429
  2,579
  2,735
  2,897
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
  140
  148
  182
  220
  263
  311
  363
  420
  481
  546
  616
  690
  768
  849
  935
  1,024
  1,118
  1,215
  1,317
  1,422
  1,531
  1,645
  1,763
  1,886
  2,014
  2,147
  2,285
  2,429
  2,579
  2,735
  2,897
Operating income, $m
  24
  57
  71
  86
  102
  121
  141
  163
  187
  212
  240
  268
  299
  330
  364
  398
  435
  473
  512
  553
  596
  640
  686
  734
  783
  835
  889
  945
  1,003
  1,063
  1,127
EBITDA, $m
  54
  95
  117
  141
  169
  200
  233
  270
  309
  351
  396
  443
  493
  546
  601
  658
  719
  781
  846
  914
  984
  1,057
  1,133
  1,212
  1,295
  1,380
  1,469
  1,561
  1,657
  1,758
  1,862
Interest expense (income), $m
  13
  15
  19
  23
  28
  34
  40
  47
  54
  62
  70
  79
  89
  99
  110
  121
  132
  145
  157
  170
  184
  198
  213
  228
  244
  261
  278
  296
  315
  334
  355
Earnings before tax, $m
  4
  43
  52
  63
  74
  87
  101
  117
  133
  151
  169
  189
  210
  231
  254
  278
  302
  328
  355
  383
  412
  442
  473
  505
  539
  574
  610
  648
  688
  729
  772
Tax expense, $m
  0
  12
  14
  17
  20
  24
  27
  32
  36
  41
  46
  51
  57
  62
  69
  75
  82
  89
  96
  103
  111
  119
  128
  136
  146
  155
  165
  175
  186
  197
  208
Net income, $m
  4
  31
  38
  46
  54
  64
  74
  85
  97
  110
  124
  138
  153
  169
  185
  203
  221
  239
  259
  279
  300
  322
  345
  369
  393
  419
  446
  473
  502
  532
  564

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  56
  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
  884
  1,035
  1,273
  1,543
  1,846
  2,180
  2,547
  2,945
  3,374
  3,833
  4,321
  4,839
  5,384
  5,958
  6,558
  7,186
  7,842
  8,524
  9,235
  9,974
  10,742
  11,540
  12,370
  13,232
  14,128
  15,060
  16,029
  17,038
  18,088
  19,181
  20,321
Adjusted assets (=assets-cash), $m
  828
  1,035
  1,273
  1,543
  1,846
  2,180
  2,547
  2,945
  3,374
  3,833
  4,321
  4,839
  5,384
  5,958
  6,558
  7,186
  7,842
  8,524
  9,235
  9,974
  10,742
  11,540
  12,370
  13,232
  14,128
  15,060
  16,029
  17,038
  18,088
  19,181
  20,321
Revenue / Adjusted assets
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
Average production assets, $m
  723
  903
  1,111
  1,346
  1,610
  1,902
  2,221
  2,568
  2,942
  3,343
  3,769
  4,220
  4,696
  5,196
  5,720
  6,268
  6,839
  7,435
  8,055
  8,699
  9,369
  10,065
  10,789
  11,541
  12,322
  13,135
  13,980
  14,860
  15,776
  16,730
  17,724
Working capital, $m
  35
  26
  32
  39
  47
  55
  65
  75
  85
  97
  110
  123
  136
  151
  166
  182
  199
  216
  234
  253
  272
  292
  314
  335
  358
  382
  406
  432
  458
  486
  515
Total debt, $m
  462
  530
  656
  798
  958
  1,135
  1,329
  1,540
  1,767
  2,009
  2,268
  2,542
  2,830
  3,134
  3,451
  3,784
  4,130
  4,491
  4,867
  5,258
  5,665
  6,087
  6,526
  6,982
  7,456
  7,949
  8,461
  8,995
  9,550
  10,129
  10,732
Total liabilities, $m
  479
  548
  674
  816
  976
  1,153
  1,347
  1,558
  1,785
  2,027
  2,286
  2,560
  2,848
  3,152
  3,469
  3,802
  4,148
  4,509
  4,885
  5,276
  5,683
  6,105
  6,544
  7,000
  7,474
  7,967
  8,479
  9,013
  9,568
  10,147
  10,750
Total equity, $m
  404
  488
  600
  727
  869
  1,027
  1,199
  1,387
  1,589
  1,805
  2,035
  2,279
  2,536
  2,806
  3,089
  3,385
  3,693
  4,015
  4,350
  4,698
  5,059
  5,435
  5,826
  6,232
  6,654
  7,093
  7,550
  8,025
  8,519
  9,034
  9,571
Total liabilities and equity, $m
  883
  1,036
  1,274
  1,543
  1,845
  2,180
  2,546
  2,945
  3,374
  3,832
  4,321
  4,839
  5,384
  5,958
  6,558
  7,187
  7,841
  8,524
  9,235
  9,974
  10,742
  11,540
  12,370
  13,232
  14,128
  15,060
  16,029
  17,038
  18,087
  19,181
  20,321
Debt-to-equity ratio
  1.144
  1.090
  1.090
  1.100
  1.100
  1.110
  1.110
  1.110
  1.110
  1.110
  1.110
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
Adjusted equity ratio
  0.420
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  4
  31
  38
  46
  54
  64
  74
  85
  97
  110
  124
  138
  153
  169
  185
  203
  221
  239
  259
  279
  300
  322
  345
  369
  393
  419
  446
  473
  502
  532
  564
Depreciation, amort., depletion, $m
  30
  37
  46
  56
  67
  79
  92
  107
  122
  139
  156
  175
  195
  216
  237
  260
  284
  308
  334
  361
  389
  418
  448
  479
  511
  545
  580
  617
  655
  694
  735
Funds from operations, $m
  42
  69
  84
  102
  121
  143
  166
  192
  219
  249
  280
  313
  348
  384
  423
  463
  504
  548
  593
  640
  689
  740
  793
  848
  905
  964
  1,026
  1,090
  1,157
  1,226
  1,299
Change in working capital, $m
  -1
  5
  6
  7
  8
  8
  9
  10
  11
  12
  12
  13
  14
  15
  15
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
Cash from operations, $m
  43
  63
  78
  95
  113
  134
  157
  182
  208
  237
  268
  300
  334
  370
  407
  447
  488
  531
  575
  622
  670
  720
  772
  826
  882
  940
  1,001
  1,064
  1,130
  1,199
  1,270
Maintenance CAPEX, $m
  0
  -30
  -37
  -46
  -56
  -67
  -79
  -92
  -107
  -122
  -139
  -156
  -175
  -195
  -216
  -237
  -260
  -284
  -308
  -334
  -361
  -389
  -418
  -448
  -479
  -511
  -545
  -580
  -617
  -655
  -694
New CAPEX, $m
  -174
  -181
  -208
  -235
  -264
  -292
  -320
  -347
  -374
  -400
  -426
  -451
  -476
  -500
  -524
  -548
  -571
  -595
  -620
  -645
  -670
  -696
  -724
  -752
  -782
  -813
  -845
  -880
  -916
  -954
  -994
Cash from investing activities, $m
  -122
  -211
  -245
  -281
  -320
  -359
  -399
  -439
  -481
  -522
  -565
  -607
  -651
  -695
  -740
  -785
  -831
  -879
  -928
  -979
  -1,031
  -1,085
  -1,142
  -1,200
  -1,261
  -1,324
  -1,390
  -1,460
  -1,533
  -1,609
  -1,688
Free cash flow, $m
  -79
  -147
  -167
  -187
  -206
  -224
  -242
  -258
  -272
  -285
  -297
  -308
  -317
  -325
  -332
  -338
  -344
  -349
  -353
  -357
  -361
  -365
  -369
  -374
  -378
  -384
  -389
  -395
  -402
  -410
  -418
Issuance/(repayment) of debt, $m
  50
  110
  126
  143
  160
  177
  194
  211
  227
  243
  258
  274
  289
  303
  318
  332
  347
  361
  376
  391
  406
  422
  439
  456
  474
  493
  513
  534
  555
  579
  603
Issuance/(repurchase) of shares, $m
  61
  66
  74
  81
  88
  94
  99
  102
  105
  106
  107
  106
  104
  101
  98
  93
  88
  82
  76
  69
  61
  54
  46
  37
  29
  20
  11
  2
  0
  0
  0
Cash from financing (excl. dividends), $m  
  105
  176
  200
  224
  248
  271
  293
  313
  332
  349
  365
  380
  393
  404
  416
  425
  435
  443
  452
  460
  467
  476
  485
  493
  503
  513
  524
  536
  555
  579
  603
Total cash flow (excl. dividends), $m
  25
  29
  33
  37
  42
  46
  51
  55
  59
  64
  68
  72
  76
  79
  83
  87
  91
  95
  99
  102
  107
  111
  115
  120
  124
  129
  134
  140
  153
  169
  185
Retained Cash Flow (-), $m
  -56
  -98
  -112
  -127
  -142
  -158
  -173
  -187
  -202
  -216
  -230
  -244
  -257
  -270
  -283
  -296
  -309
  -322
  -335
  -348
  -362
  -376
  -391
  -406
  -422
  -439
  -457
  -475
  -495
  -515
  -537
Prev. year cash balance distribution, $m
 
  14
  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
 
  -55
  -79
  -90
  -100
  -111
  -122
  -132
  -143
  -153
  -162
  -172
  -181
  -191
  -200
  -209
  -218
  -227
  -236
  -246
  -255
  -265
  -276
  -287
  -298
  -310
  -322
  -335
  -341
  -346
  -352
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
 
  -50
  -67
  -69
  -69
  -68
  -66
  -62
  -58
  -53
  -47
  -41
  -36
  -30
  -25
  -20
  -16
  -13
  -10
  -7
  -5
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  81.9
  68.5
  58.2
  50.3
  44.2
  39.3
  35.4
  32.2
  29.7
  27.6
  25.8
  24.4
  23.2
  22.2
  21.4
  20.7
  20.1
  19.6
  19.2
  18.9
  18.6
  18.4
  18.3
  18.2
  18.1
  18.1
  18.1
  18.1
  18.1
  18.1

Ardmore Shipping Corporation provides seaborne transportation of petroleum products and chemicals to national oil companies, oil and chemical traders, and chemical companies, with its fleet of mid-size product and chemical tankers. The Company's segment relates to the operations of its vessels. The Company's fleet consists of over 20 double-hulled product and chemical tankers, all of which are in operation. The Company's vessels include Ardmore Seavaliant, Ardmore Seaventure, Ardmore Seavantage, Ardmore Seavanguard, Ardmore Sealion, Ardmore Seafox, Ardmore Seahawk, Ardmore Endeavour, Ardmore Seafarer, Ardmore Seatrader, Ardmore Seamaster and Ardmore Sealeader. The Company has over 30 subsidiaries, the majority of which represent single ship-owning companies for its fleet. Its subsidiaries include Ardmore Shipping (Bermuda) Limited (ASBL), Ardmore Shipping Services (Ireland) Limited (ASSIL), Ardmore Shipping (Asia) Pte. Limited and Ardmore Shipping (Americas) LLC.

FINANCIAL RATIOS  of  Ardmore Shipping (ASC)

Valuation Ratios
P/E Ratio 74
Price to Sales 1.8
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 6.9
Price to Free Cash Flow -2.3
Growth Rates
Sales Growth Rate 3.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -25.3%
Cap. Spend. - 3 Yr. Gr. Rate 3.7%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 104%
Total Debt to Equity 114.4%
Interest Coverage 1
Management Effectiveness
Return On Assets 2%
Ret/ On Assets - 3 Yr. Avg. 3.5%
Return On Total Capital 0.5%
Ret/ On T. Cap. - 3 Yr. Avg. 1.9%
Return On Equity 1.1%
Return On Equity - 3 Yr. Avg. 3.8%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 43.3%
Gross Margin - 3 Yr. Avg. 46.9%
EBITDA Margin 28.7%
EBITDA Margin - 3 Yr. Avg. 35.6%
Operating Margin 14.6%
Oper. Margin - 3 Yr. Avg. 16.6%
Pre-Tax Margin 2.4%
Pre-Tax Margin - 3 Yr. Avg. 8.6%
Net Profit Margin 2.4%
Net Profit Margin - 3 Yr. Avg. 8.6%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 225%

ASC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ASC stock intrinsic value calculation we used $164 million for the last fiscal year's total revenue generated by Ardmore Shipping. The default revenue input number comes from 2016 income statement of Ardmore Shipping. 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 ASC stock valuation model: a) initial revenue growth rate of 25% 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 ASC is calculated based on our internal credit rating of Ardmore Shipping, 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 Ardmore Shipping.
    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 ASC stock the variable cost ratio is equal to 72%.

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 ASC 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 Ardmore Shipping.

Corporate tax rate of 27% is the nominal tax rate for Ardmore Shipping. 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 ASC 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 ASC are equal to 440.5%.

Life of production assets of 24.1 years is the average useful life of capital assets used in Ardmore Shipping 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 ASC is equal to 12.8%. 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 - $404 million for Ardmore Shipping - 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 34.892 million for Ardmore Shipping 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 Ardmore Shipping at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ Is It Too Late To Buy Ardmore Shipping Corporation (ASC)?   [Sep-08-17 07:02PM  Simply Wall St.]
▶ Ardmore Shipping reports 2Q loss   [Aug-02-17 10:56PM  Associated Press]
▶ Ardmore Shipping reports 1Q loss   [May-03-17 08:41AM  Associated Press]
▶ Ardmore Shipping reports 4Q loss   [Feb-07-17 08:47AM  Associated Press]
▶ Hedge Funds Are Betting On Ardmore Shipping Corp (ASC)   [Dec-12-16 09:48AM  at Insider Monkey]
▶ [$$] Colonial Pipeline's Brief Trading Bonanza   [Nov-01-16 04:41PM  at The Wall Street Journal]
▶ [$$] Two Picks in Tankers Ready to Shape Up   [Jul-20-16 11:24AM  at Barrons.com]
▶ Ardmore Shipping Corp Sinks on a Discounted Stock Offering   [Jun-08-16 04:06PM  at Motley Fool]
▶ Why U.K. Retailers Are Retreating From Asia   [Apr-12-16 09:33AM  at The Wall Street Journal]
▶ Is Off-Price Overtaking Department Stores In Europe?   [Apr-11-16 12:25PM  at Forbes]
▶ [$$] Euronav Is the One Tanker to Be Long In   [Mar-22-16 02:52PM  at Barrons.com]
▶ Ardmore Shipping Announces Additional Debt Refinancing   [Feb-10-16 08:30AM  PR Newswire]
▶ Energy Stocks Plunge Again This Week   [Feb-05-16 04:05PM  at Motley Fool]
Financial statements of ASC
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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