Intrinsic value of Belmond - BEL

Previous Close

$18.06

  Intrinsic Value

$1.36

stock screener

  Rating & Target

str. sell

-92%

Previous close

$18.06

 
Intrinsic value

$1.36

 
Up/down potential

-92%

 
Rating

str. sell

We calculate the intrinsic value of BEL 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 0001), $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 1.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  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
  572
  585
  600
  617
  636
  657
  679
  703
  729
  757
  787
  819
  853
  889
  928
  968
  1,011
  1,057
  1,105
  1,156
  1,209
  1,266
  1,325
  1,388
  1,454
  1,524
  1,597
  1,674
  1,755
  1,840
Variable operating expenses, $m
  511
  522
  535
  550
  566
  584
  603
  624
  647
  671
  683
  711
  741
  772
  805
  840
  878
  917
  959
  1,003
  1,050
  1,099
  1,150
  1,205
  1,262
  1,323
  1,386
  1,453
  1,523
  1,597
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
  511
  522
  535
  550
  566
  584
  603
  624
  647
  671
  683
  711
  741
  772
  805
  840
  878
  917
  959
  1,003
  1,050
  1,099
  1,150
  1,205
  1,262
  1,323
  1,386
  1,453
  1,523
  1,597
Operating income, $m
  62
  63
  65
  67
  70
  73
  76
  79
  82
  86
  104
  108
  113
  117
  122
  128
  133
  139
  146
  152
  160
  167
  175
  183
  192
  201
  211
  221
  232
  243
EBITDA, $m
  136
  139
  143
  147
  151
  156
  161
  167
  173
  180
  187
  195
  203
  212
  221
  230
  241
  251
  263
  275
  288
  301
  315
  330
  346
  362
  380
  398
  417
  438
Interest expense (income), $m
  41
  38
  39
  40
  42
  43
  45
  47
  49
  51
  54
  56
  59
  62
  65
  68
  72
  75
  79
  84
  88
  93
  97
  103
  108
  114
  120
  126
  133
  140
  147
Earnings before tax, $m
  23
  24
  25
  26
  27
  28
  29
  30
  31
  32
  48
  49
  51
  52
  54
  56
  58
  60
  62
  65
  67
  70
  72
  75
  78
  81
  85
  88
  92
  95
Tax expense, $m
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  13
  13
  14
  14
  15
  15
  16
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
Net income, $m
  17
  18
  18
  19
  19
  20
  21
  22
  23
  24
  35
  36
  37
  38
  40
  41
  42
  44
  45
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  70

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
Total assets, $m
  1,630
  1,668
  1,711
  1,759
  1,812
  1,871
  1,934
  2,003
  2,078
  2,157
  2,243
  2,334
  2,430
  2,533
  2,643
  2,759
  2,881
  3,011
  3,148
  3,292
  3,445
  3,606
  3,776
  3,954
  4,143
  4,341
  4,549
  4,769
  5,000
  5,243
Adjusted assets (=assets-cash), $m
  1,630
  1,668
  1,711
  1,759
  1,812
  1,871
  1,934
  2,003
  2,078
  2,157
  2,243
  2,334
  2,430
  2,533
  2,643
  2,759
  2,881
  3,011
  3,148
  3,292
  3,445
  3,606
  3,776
  3,954
  4,143
  4,341
  4,549
  4,769
  5,000
  5,243
Revenue / Adjusted assets
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
Average production assets, $m
  1,212
  1,240
  1,272
  1,307
  1,347
  1,391
  1,438
  1,489
  1,544
  1,604
  1,667
  1,735
  1,807
  1,883
  1,965
  2,051
  2,142
  2,238
  2,340
  2,448
  2,561
  2,681
  2,807
  2,940
  3,080
  3,227
  3,382
  3,545
  3,717
  3,898
Working capital, $m
  -45
  -46
  -47
  -49
  -50
  -52
  -54
  -56
  -58
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -80
  -83
  -87
  -91
  -96
  -100
  -105
  -110
  -115
  -120
  -126
  -132
  -139
  -145
Total debt, $m
  727
  749
  775
  803
  835
  870
  907
  948
  993
  1,040
  1,091
  1,145
  1,202
  1,263
  1,328
  1,397
  1,470
  1,547
  1,628
  1,714
  1,805
  1,900
  2,001
  2,107
  2,219
  2,337
  2,461
  2,591
  2,728
  2,873
Total liabilities, $m
  968
  991
  1,016
  1,045
  1,076
  1,111
  1,149
  1,190
  1,234
  1,281
  1,332
  1,386
  1,444
  1,505
  1,570
  1,639
  1,711
  1,788
  1,870
  1,956
  2,046
  2,142
  2,243
  2,349
  2,461
  2,578
  2,702
  2,833
  2,970
  3,114
Total equity, $m
  662
  677
  695
  714
  736
  759
  785
  813
  843
  876
  910
  947
  987
  1,029
  1,073
  1,120
  1,170
  1,222
  1,278
  1,337
  1,399
  1,464
  1,533
  1,605
  1,682
  1,762
  1,847
  1,936
  2,030
  2,129
Total liabilities and equity, $m
  1,630
  1,668
  1,711
  1,759
  1,812
  1,870
  1,934
  2,003
  2,077
  2,157
  2,242
  2,333
  2,431
  2,534
  2,643
  2,759
  2,881
  3,010
  3,148
  3,293
  3,445
  3,606
  3,776
  3,954
  4,143
  4,340
  4,549
  4,769
  5,000
  5,243
Debt-to-equity ratio
  1.100
  1.110
  1.120
  1.120
  1.130
  1.150
  1.160
  1.170
  1.180
  1.190
  1.200
  1.210
  1.220
  1.230
  1.240
  1.250
  1.260
  1.270
  1.270
  1.280
  1.290
  1.300
  1.310
  1.310
  1.320
  1.330
  1.330
  1.340
  1.340
  1.350
Adjusted equity ratio
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  17
  18
  18
  19
  19
  20
  21
  22
  23
  24
  35
  36
  37
  38
  40
  41
  42
  44
  45
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  70
Depreciation, amort., depletion, $m
  75
  76
  78
  79
  81
  84
  86
  88
  91
  94
  83
  87
  90
  94
  98
  103
  107
  112
  117
  122
  128
  134
  140
  147
  154
  161
  169
  177
  186
  195
Funds from operations, $m
  92
  94
  96
  98
  101
  104
  107
  110
  114
  118
  118
  123
  127
  132
  138
  143
  149
  156
  162
  170
  177
  185
  193
  202
  211
  221
  231
  242
  253
  265
Change in working capital, $m
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
Cash from operations, $m
  93
  95
  97
  99
  102
  105
  109
  112
  116
  120
  121
  125
  130
  135
  141
  147
  153
  159
  166
  174
  181
  189
  198
  207
  216
  226
  237
  248
  259
  271
Maintenance CAPEX, $m
  -59
  -61
  -62
  -64
  -65
  -67
  -70
  -72
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -98
  -103
  -107
  -112
  -117
  -122
  -128
  -134
  -140
  -147
  -154
  -161
  -169
  -177
  -186
New CAPEX, $m
  -24
  -28
  -32
  -36
  -40
  -43
  -47
  -51
  -55
  -59
  -63
  -68
  -72
  -77
  -81
  -86
  -91
  -96
  -102
  -108
  -113
  -120
  -126
  -133
  -140
  -147
  -155
  -163
  -172
  -181
Cash from investing activities, $m
  -83
  -89
  -94
  -100
  -105
  -110
  -117
  -123
  -129
  -136
  -143
  -151
  -159
  -167
  -175
  -184
  -194
  -203
  -214
  -225
  -235
  -248
  -260
  -273
  -287
  -301
  -316
  -332
  -349
  -367
Free cash flow, $m
  9
  6
  3
  0
  -3
  -6
  -8
  -11
  -14
  -17
  -23
  -26
  -29
  -32
  -35
  -38
  -41
  -44
  -47
  -51
  -55
  -58
  -62
  -66
  -71
  -75
  -80
  -85
  -90
  -95
Issuance/(repayment) of debt, $m
  20
  22
  25
  29
  32
  35
  38
  41
  44
  47
  51
  54
  58
  61
  65
  69
  73
  77
  81
  86
  91
  96
  101
  106
  112
  118
  124
  130
  137
  144
Issuance/(repurchase) of shares, $m
  0
  0
  0
  1
  2
  4
  5
  6
  8
  9
  0
  1
  2
  4
  5
  6
  7
  9
  10
  12
  13
  15
  16
  18
  19
  21
  23
  25
  27
  29
Cash from financing (excl. dividends), $m  
  20
  22
  25
  30
  34
  39
  43
  47
  52
  56
  51
  55
  60
  65
  70
  75
  80
  86
  91
  98
  104
  111
  117
  124
  131
  139
  147
  155
  164
  173
Total cash flow (excl. dividends), $m
  29
  28
  28
  29
  31
  33
  34
  36
  38
  40
  28
  29
  31
  33
  35
  37
  39
  42
  44
  46
  49
  52
  55
  57
  61
  64
  67
  71
  74
  78
Retained Cash Flow (-), $m
  -12
  -15
  -17
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -35
  -37
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -65
  -69
  -73
  -76
  -80
  -85
  -89
  -94
  -99
Prev. year cash balance distribution, $m
  49
  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
  66
  13
  11
  10
  9
  9
  9
  8
  8
  7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
Discount rate, %
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
  61
  11
  9
  7
  6
  5
  4
  4
  3
  2
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  99.8
  99.7
  99.4
  99.1
  98.8
  98.4
  98.4
  98.3
  98.3
  98.1
  97.9
  97.7
  97.5
  97.2
  96.9
  96.6
  96.2
  95.9
  95.5
  95.1
  94.6
  94.2
  93.7
  93.2
  92.8
  92.3

Belmond Ltd. (Belmond) is a hotel company and adventure travel operator. As of December 31, 2016, Belmond owned, partially-owned and/or operated 45 properties, consisting of 34 individual deluxe hotels, 29 of which are owned (including nine under long-term lease), five European tourist trains, two cruise ships in Myanmar (one of which is under long-term charter), one French canal cruise business consisting of five small canal boats, and one stand-alone restaurant in the United States. It operates through six segments: owned hotels in Europe, owned hotels in North America (including one stand-alone restaurant), owned hotels in Rest of world, owned trains and cruises, part-owned/managed hotels and part-owned/managed trains. As of December 31, 2016, Belmond's around the world portfolio of hotels in operation consisted of 3,272 individual guest rooms and multiple-room suites (keys).

FINANCIAL RATIOS  of  Belmond (BEL)

Valuation Ratios
P/E Ratio 60.1
Price to Sales 3.9
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 34.9
Price to Free Cash Flow 309.2
Growth Rates
Sales Growth Rate -0.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -1.8%
Cap. Spend. - 3 Yr. Gr. Rate -3.9%
Financial Strength
Quick Ratio 31
Current Ratio 0
LT Debt to Equity 85.4%
Total Debt to Equity 86.2%
Interest Coverage 2
Management Effectiveness
Return On Assets 4%
Ret/ On Assets - 3 Yr. Avg. 1.3%
Return On Total Capital 2.9%
Ret/ On T. Cap. - 3 Yr. Avg. 1.3%
Return On Equity 5.4%
Return On Equity - 3 Yr. Avg. 2.5%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 56.4%
Gross Margin - 3 Yr. Avg. 55.8%
EBITDA Margin 24.4%
EBITDA Margin - 3 Yr. Avg. 19.5%
Operating Margin 10.9%
Oper. Margin - 3 Yr. Avg. 9.6%
Pre-Tax Margin 7.5%
Pre-Tax Margin - 3 Yr. Avg. 4.5%
Net Profit Margin 6.5%
Net Profit Margin - 3 Yr. Avg. 3%
Effective Tax Rate 41.5%
Eff/ Tax Rate - 3 Yr. Avg. 99%
Payout Ratio 0%

BEL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BEL stock intrinsic value calculation we used $560.999 million for the last fiscal year's total revenue generated by Belmond. The default revenue input number comes from 0001 income statement of Belmond. 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 BEL 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 7.5%, whose default value for BEL is calculated based on our internal credit rating of Belmond, 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 Belmond.
    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 BEL stock the variable cost ratio is equal to 89.3%.

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 BEL 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 5.4% for Belmond.

Corporate tax rate of 27% is the nominal tax rate for Belmond. 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 BEL 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 BEL are equal to 211.8%.

Life of production assets of 20 years is the average useful life of capital assets used in Belmond 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 BEL is equal to -7.9%. 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 - $698.546 million for Belmond - 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 102.959 million for Belmond 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 Belmond at the current share price and the inputted number of shares is $1.9 billion.

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COMPANY NEWS

▶ Belmond: 3Q Earnings Snapshot   [Nov-06-18 07:16PM  Associated Press]
▶ Longleaf Partners 3rd Quarter Shareholder Letter   [Oct-12-18 03:46PM  GuruFocus.com]
▶ What You Must Know About Belmond Ltds (NYSE:BEL) Market Risks   [Oct-08-18 04:03PM  Simply Wall St.]
▶ Why Belmond Ltd.'s Shares Popped 45% Today   [Aug-09-18 01:20PM  Motley Fool]
▶ Small Caps, Nasdaq Lead Stock Market; MercadoLibre Leaps   [11:57AM  Investor's Business Daily]
▶ [$$] Luxury Hotel Group Eyes Sale   [Aug-08-18 09:03PM  The Wall Street Journal]
▶ Belmond: 2Q Earnings Snapshot   [05:50PM  Associated Press]
▶ Belmond: 1Q Earnings Snapshot   [May-09-18 05:18AM  Associated Press]
▶ Belmond Ltd. Reports First Quarter 2018 Results   [May-08-18 05:00PM  Business Wire]
▶ [$$] Peru, beyond the Incas   [Apr-13-18 08:32AM  Financial Times]
▶ Belmond Ltd. Class A to Host Earnings Call   [Feb-27-18 08:30AM  ACCESSWIRE]
▶ Belmond reports 4Q loss   [05:01AM  Associated Press]
▶ ETFs with exposure to Belmond Ltd. : November 28, 2017   [Nov-28-17 11:54AM  Capital Cube]
▶ Belmond Ltd. Class A to Host Earnings Call   [Nov-07-17 07:30AM  ACCESSWIRE]
▶ Belmond misses 3Q profit forecasts   [Nov-06-17 06:53PM  Associated Press]
▶ Belmond Ltd. Value Analysis (NYSE:BEL) : October 30, 2017   [Oct-30-17 12:37PM  Capital Cube]
▶ ETFs with exposure to Belmond Ltd. : October 10, 2017   [Oct-10-17 11:03AM  Capital Cube]
▶ Investor Network: Belmond Ltd. to Host Earnings Call   [Aug-08-17 07:00AM  ACCESSWIRE]
▶ Belmond reports 2Q loss   [12:09AM  Associated Press]
▶ Belmond Ltd. Reports Second Quarter 2017 Results   [Aug-07-17 05:00PM  Business Wire]
▶ ETFs with exposure to Belmond Ltd. : May 23, 2017   [May-23-17 12:28PM  Capital Cube]
▶ New Strong Sell Stocks for May 12th   [May-12-17 11:02AM  Zacks]
▶ Belmond reports 1Q loss   [May-08-17 06:24PM  Associated Press]

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