Intrinsic value of SEACOR Holdings - CKH

Previous Close

$46.36

  Intrinsic Value

$68.54

stock screener

  Rating & Target

buy

+48%

Previous close

$46.36

 
Intrinsic value

$68.54

 
Up/down potential

+48%

 
Rating

buy

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

We calculate the intrinsic value of CKH 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 0.8

 

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, %
  -21.23
  16.00
  14.90
  13.91
  13.02
  12.22
  11.50
  10.85
  10.26
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.26
  7.04
  6.83
  6.65
  6.49
  6.34
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
Revenue, $m
  831
  964
  1,108
  1,262
  1,426
  1,600
  1,784
  1,978
  2,180
  2,393
  2,614
  2,845
  3,086
  3,336
  3,596
  3,866
  4,147
  4,439
  4,743
  5,058
  5,386
  5,727
  6,083
  6,453
  6,838
  7,240
  7,659
  8,097
  8,553
  9,030
  9,529
Variable operating expenses, $m
 
  292
  335
  381
  430
  482
  537
  595
  655
  719
  785
  851
  923
  998
  1,075
  1,156
  1,240
  1,327
  1,418
  1,512
  1,611
  1,713
  1,819
  1,930
  2,045
  2,165
  2,290
  2,421
  2,558
  2,700
  2,849
Fixed operating expenses, $m
 
  778
  797
  817
  838
  859
  880
  902
  925
  948
  972
  996
  1,021
  1,046
  1,072
  1,099
  1,127
  1,155
  1,184
  1,213
  1,244
  1,275
  1,307
  1,339
  1,373
  1,407
  1,442
  1,478
  1,515
  1,553
  1,592
Total operating expenses, $m
  992
  1,070
  1,132
  1,198
  1,268
  1,341
  1,417
  1,497
  1,580
  1,667
  1,757
  1,847
  1,944
  2,044
  2,147
  2,255
  2,367
  2,482
  2,602
  2,725
  2,855
  2,988
  3,126
  3,269
  3,418
  3,572
  3,732
  3,899
  4,073
  4,253
  4,441
Operating income, $m
  -161
  -106
  -24
  64
  158
  260
  367
  481
  600
  726
  858
  999
  1,142
  1,292
  1,448
  1,611
  1,780
  1,957
  2,141
  2,332
  2,532
  2,740
  2,957
  3,184
  3,421
  3,668
  3,927
  4,197
  4,480
  4,777
  5,087
EBITDA, $m
  -36
  36
  138
  248
  367
  493
  627
  768
  917
  1,073
  1,236
  1,407
  1,586
  1,771
  1,965
  2,166
  2,376
  2,594
  2,822
  3,059
  3,305
  3,562
  3,831
  4,111
  4,403
  4,708
  5,027
  5,360
  5,709
  6,074
  6,456
Interest expense (income), $m
  27
  23
  32
  42
  52
  64
  76
  88
  102
  116
  130
  146
  162
  178
  195
  213
  232
  251
  271
  292
  314
  337
  360
  385
  410
  437
  465
  493
  524
  555
  588
Earnings before tax, $m
  -262
  -128
  -56
  22
  106
  196
  291
  392
  499
  610
  727
  853
  981
  1,114
  1,253
  1,398
  1,548
  1,705
  1,869
  2,040
  2,218
  2,403
  2,597
  2,799
  3,010
  3,231
  3,462
  3,704
  3,957
  4,222
  4,499
Tax expense, $m
  -94
  0
  0
  6
  29
  53
  79
  106
  135
  165
  196
  230
  265
  301
  338
  377
  418
  460
  505
  551
  599
  649
  701
  756
  813
  872
  935
  1,000
  1,068
  1,140
  1,215
Net income, $m
  -216
  -128
  -56
  16
  77
  143
  213
  286
  364
  446
  531
  623
  716
  813
  915
  1,020
  1,130
  1,245
  1,364
  1,489
  1,619
  1,754
  1,896
  2,043
  2,198
  2,359
  2,527
  2,704
  2,888
  3,082
  3,284

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  333
  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
  2,862
  2,930
  3,367
  3,835
  4,334
  4,864
  5,423
  6,011
  6,628
  7,273
  7,946
  8,648
  9,379
  10,140
  10,930
  11,752
  12,606
  13,493
  14,415
  15,374
  16,371
  17,408
  18,488
  19,613
  20,785
  22,006
  23,281
  24,610
  25,998
  27,448
  28,962
Adjusted assets (=assets-cash), $m
  2,529
  2,930
  3,367
  3,835
  4,334
  4,864
  5,423
  6,011
  6,628
  7,273
  7,946
  8,648
  9,379
  10,140
  10,930
  11,752
  12,606
  13,493
  14,415
  15,374
  16,371
  17,408
  18,488
  19,613
  20,785
  22,006
  23,281
  24,610
  25,998
  27,448
  28,962
Revenue / Adjusted assets
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
Average production assets, $m
  955
  1,108
  1,273
  1,450
  1,638
  1,839
  2,050
  2,272
  2,505
  2,749
  3,004
  3,269
  3,546
  3,833
  4,132
  4,442
  4,765
  5,101
  5,449
  5,812
  6,189
  6,581
  6,989
  7,414
  7,857
  8,319
  8,801
  9,303
  9,828
  10,376
  10,948
Working capital, $m
  393
  258
  297
  338
  382
  429
  478
  530
  584
  641
  701
  763
  827
  894
  964
  1,036
  1,111
  1,190
  1,271
  1,356
  1,443
  1,535
  1,630
  1,729
  1,833
  1,940
  2,053
  2,170
  2,292
  2,420
  2,554
Total debt, $m
  814
  912
  1,195
  1,498
  1,821
  2,165
  2,527
  2,908
  3,308
  3,726
  4,162
  4,617
  5,091
  5,584
  6,096
  6,628
  7,181
  7,756
  8,354
  8,975
  9,621
  10,294
  10,993
  11,722
  12,482
  13,273
  14,099
  14,960
  15,860
  16,799
  17,780
Total liabilities, $m
  1,801
  1,899
  2,182
  2,485
  2,808
  3,152
  3,514
  3,895
  4,295
  4,713
  5,149
  5,604
  6,078
  6,571
  7,083
  7,615
  8,168
  8,743
  9,341
  9,962
  10,608
  11,281
  11,980
  12,709
  13,469
  14,260
  15,086
  15,947
  16,847
  17,786
  18,767
Total equity, $m
  1,061
  1,031
  1,185
  1,350
  1,526
  1,712
  1,909
  2,116
  2,333
  2,560
  2,797
  3,044
  3,302
  3,569
  3,847
  4,137
  4,437
  4,749
  5,074
  5,412
  5,763
  6,128
  6,508
  6,904
  7,316
  7,746
  8,195
  8,663
  9,151
  9,662
  10,195
Total liabilities and equity, $m
  2,862
  2,930
  3,367
  3,835
  4,334
  4,864
  5,423
  6,011
  6,628
  7,273
  7,946
  8,648
  9,380
  10,140
  10,930
  11,752
  12,605
  13,492
  14,415
  15,374
  16,371
  17,409
  18,488
  19,613
  20,785
  22,006
  23,281
  24,610
  25,998
  27,448
  28,962
Debt-to-equity ratio
  0.767
  0.880
  1.010
  1.110
  1.190
  1.260
  1.320
  1.370
  1.420
  1.460
  1.490
  1.520
  1.540
  1.560
  1.580
  1.600
  1.620
  1.630
  1.650
  1.660
  1.670
  1.680
  1.690
  1.700
  1.710
  1.710
  1.720
  1.730
  1.730
  1.740
  1.740
Adjusted equity ratio
  0.288
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -216
  -128
  -56
  16
  77
  143
  213
  286
  364
  446
  531
  623
  716
  813
  915
  1,020
  1,130
  1,245
  1,364
  1,489
  1,619
  1,754
  1,896
  2,043
  2,198
  2,359
  2,527
  2,704
  2,888
  3,082
  3,284
Depreciation, amort., depletion, $m
  125
  142
  162
  185
  208
  233
  260
  287
  316
  347
  379
  409
  443
  479
  516
  555
  596
  638
  681
  726
  774
  823
  874
  927
  982
  1,040
  1,100
  1,163
  1,228
  1,297
  1,369
Funds from operations, $m
  28
  13
  106
  201
  285
  376
  472
  574
  680
  792
  910
  1,031
  1,159
  1,292
  1,431
  1,576
  1,726
  1,883
  2,046
  2,215
  2,392
  2,577
  2,769
  2,970
  3,180
  3,399
  3,627
  3,867
  4,117
  4,379
  4,653
Change in working capital, $m
  -23
  36
  38
  41
  44
  47
  49
  52
  54
  57
  59
  62
  64
  67
  70
  72
  75
  78
  81
  85
  88
  91
  95
  99
  103
  108
  112
  117
  122
  128
  134
Cash from operations, $m
  51
  -22
  68
  159
  241
  329
  423
  522
  626
  736
  850
  969
  1,095
  1,225
  1,361
  1,503
  1,651
  1,804
  1,964
  2,131
  2,304
  2,485
  2,674
  2,871
  3,076
  3,291
  3,515
  3,749
  3,994
  4,251
  4,519
Maintenance CAPEX, $m
  0
  -119
  -138
  -159
  -181
  -205
  -230
  -256
  -284
  -313
  -344
  -375
  -409
  -443
  -479
  -516
  -555
  -596
  -638
  -681
  -726
  -774
  -823
  -874
  -927
  -982
  -1,040
  -1,100
  -1,163
  -1,228
  -1,297
New CAPEX, $m
  -358
  -153
  -165
  -177
  -189
  -200
  -211
  -222
  -233
  -244
  -255
  -265
  -276
  -287
  -299
  -311
  -323
  -335
  -349
  -362
  -377
  -392
  -408
  -425
  -443
  -462
  -482
  -503
  -525
  -548
  -573
Cash from investing activities, $m
  -112
  -272
  -303
  -336
  -370
  -405
  -441
  -478
  -517
  -557
  -599
  -640
  -685
  -730
  -778
  -827
  -878
  -931
  -987
  -1,043
  -1,103
  -1,166
  -1,231
  -1,299
  -1,370
  -1,444
  -1,522
  -1,603
  -1,688
  -1,776
  -1,870
Free cash flow, $m
  -61
  -295
  -236
  -177
  -128
  -76
  -18
  43
  109
  179
  252
  329
  410
  495
  583
  676
  773
  873
  978
  1,087
  1,201
  1,320
  1,443
  1,572
  1,707
  1,847
  1,994
  2,147
  2,307
  2,475
  2,650
Issuance/(repayment) of debt, $m
  -58
  261
  283
  303
  324
  343
  362
  381
  400
  418
  436
  455
  474
  493
  512
  532
  553
  575
  598
  621
  646
  672
  700
  729
  759
  792
  826
  862
  899
  939
  981
Issuance/(repurchase) of shares, $m
  -2
  269
  210
  149
  98
  43
  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  
  -67
  530
  493
  452
  422
  386
  362
  381
  400
  418
  436
  455
  474
  493
  512
  532
  553
  575
  598
  621
  646
  672
  700
  729
  759
  792
  826
  862
  899
  939
  981
Total cash flow (excl. dividends), $m
  -130
  235
  257
  275
  293
  311
  344
  424
  509
  597
  689
  783
  883
  987
  1,096
  1,208
  1,326
  1,448
  1,576
  1,709
  1,847
  1,992
  2,143
  2,301
  2,466
  2,639
  2,819
  3,008
  3,206
  3,414
  3,631
Retained Cash Flow (-), $m
  210
  -269
  -210
  -165
  -176
  -186
  -197
  -207
  -217
  -227
  -237
  -247
  -257
  -268
  -278
  -289
  -301
  -312
  -325
  -337
  -351
  -365
  -380
  -396
  -412
  -430
  -448
  -468
  -489
  -510
  -533
Prev. year cash balance distribution, $m
 
  170
  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
 
  136
  47
  111
  118
  125
  147
  217
  291
  369
  451
  536
  626
  720
  817
  919
  1,025
  1,136
  1,251
  1,371
  1,496
  1,627
  1,763
  1,905
  2,053
  2,209
  2,371
  2,540
  2,718
  2,904
  3,098
Discount rate, %
 
  6.50
  6.83
  7.17
  7.52
  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
  16.43
  17.25
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
PV of cash for distribution, $m
 
  128
  41
  90
  88
  85
  91
  121
  145
  162
  173
  177
  177
  171
  162
  150
  135
  119
  103
  87
  71
  58
  45
  35
  26
  19
  13
  9
  6
  4
  3
Current shareholders' claim on cash, %
  100
  72.0
  57.0
  49.1
  44.8
  43.2
  43.2
  43.2
  43.2
  43.2
  43.2
  43.2
  43.2
  43.2
  43.2
  43.2
  43.2
  43.2
  43.2
  43.2
  43.2
  43.2
  43.2
  43.2
  43.2
  43.2
  43.2
  43.2
  43.2
  43.2
  43.2

SEACOR Holdings Inc., is engaged in the business of transportation and logistics, alcohol manufacturing, merchandising, and risk management consultancy. The Company's segments include, Inland River Services, Shipping Services and Illinois Corn Processing. Inland River Services segment operates river transportation equipment used for moving agricultural and industrial commodities and petroleum and chemical products. Shipping Services segment operates a fleet of United States flag marine transportation related assets. Illinois Corn Processing segment produces alcohol used in the food, beverage, industrial and petrochemical end-markets. The Company also offers emergency and crisis services, lending and leasing activities, and noncontrolling investments in various other businesses.

FINANCIAL RATIOS  of  SEACOR Holdings (CKH)

Valuation Ratios
P/E Ratio -3.7
Price to Sales 1
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 15.8
Price to Free Cash Flow -2.6
Growth Rates
Sales Growth Rate -21.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 20.9%
Cap. Spend. - 3 Yr. Gr. Rate 12.8%
Financial Strength
Quick Ratio 2
Current Ratio 0.8
LT Debt to Equity 61.4%
Total Debt to Equity 76.7%
Interest Coverage -9
Management Effectiveness
Return On Assets -6.6%
Ret/ On Assets - 3 Yr. Avg. -1.5%
Return On Total Capital -10.2%
Ret/ On T. Cap. - 3 Yr. Avg. -2.9%
Return On Equity -18.5%
Return On Equity - 3 Yr. Avg. -5.5%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 28%
Gross Margin - 3 Yr. Avg. 29.4%
EBITDA Margin -13.2%
EBITDA Margin - 3 Yr. Avg. 7.4%
Operating Margin -19.4%
Oper. Margin - 3 Yr. Avg. -2.4%
Pre-Tax Margin -31.5%
Pre-Tax Margin - 3 Yr. Avg. -7.4%
Net Profit Margin -26%
Net Profit Margin - 3 Yr. Avg. -8.3%
Effective Tax Rate 35.9%
Eff/ Tax Rate - 3 Yr. Avg. 36.1%
Payout Ratio 0%

CKH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CKH stock intrinsic value calculation we used $831 million for the last fiscal year's total revenue generated by SEACOR Holdings. The default revenue input number comes from 2016 income statement of SEACOR Holdings. 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 CKH stock valuation model: a) initial revenue growth rate of 16% 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 6.5%, whose default value for CKH is calculated based on our internal credit rating of SEACOR Holdings, 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 SEACOR Holdings.
    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 CKH stock the variable cost ratio is equal to 30.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $759 million in the base year in the intrinsic value calculation for CKH 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 SEACOR Holdings.

Corporate tax rate of 27% is the nominal tax rate for SEACOR Holdings. 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 CKH 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 CKH are equal to 114.9%.

Life of production assets of 8 years is the average useful life of capital assets used in SEACOR Holdings 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 CKH is equal to 26.8%. 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 - $1061 million for SEACOR Holdings - 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 17.73 million for SEACOR Holdings 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 SEACOR Holdings at the current share price and the inputted number of shares is $0.8 billion.

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COMPANY NEWS

▶ At $48.05, Is Seacor Holdings Inc (CKH) A Buy?   [06:06PM  Simply Wall St.]
▶ Witt O'Brien's Announces Senior Leadership Appointments   [Oct-18-17 03:50PM  PR Newswire]
▶ Seacor posts 1Q profit   [May-09-17 09:13AM  Associated Press]
▶ KOTUG and Seabulk Awarded Contract at Bahamas   [Apr-04-17 05:02PM  Marketwired]
▶ RM LAW Announces Investigation of SEACOR Holdings Inc.   [Mar-03-17 07:05PM  PR Newswire]
▶ [$$] International Shipholding Restructuring Plan Confirmed   [02:36PM  at The Wall Street Journal]
▶ [$$] International Shipholding to Poll Creditors on Reorganization Plan   [Jan-05-17 04:47PM  at The Wall Street Journal]
▶ [$$] Gulfmark Offshore Unveils Debt-Cutting Move   [Nov-25-16 03:24PM  at The Wall Street Journal]
▶ [$$] SEACOR Holdings in Line to Take Over Bankrupt International Shipholding   [Nov-18-16 04:51PM  at The Wall Street Journal]
▶ [$$] Companies to Watch - Nov. 7, 2016   [Nov-07-16 01:51PM  at The Wall Street Journal]
▶ Witt O'Brien's Launches Strategic Growth Initiative   [Oct-06-16 02:00PM  PR Newswire]
Financial statements of CKH
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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