Intrinsic value of Danaos - DAC

Previous Close

$1.55

  Intrinsic Value

$1.25

stock screener

  Rating & Target

hold

-20%

Previous close

$1.55

 
Intrinsic value

$1.25

 
Up/down potential

-20%

 
Rating

hold

We calculate the intrinsic value of DAC 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 2017), $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 0.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

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
  461
  472
  484
  497
  512
  529
  547
  567
  588
  610
  634
  660
  687
  716
  747
  780
  815
  851
  890
  931
  974
  1,020
  1,068
  1,118
  1,172
  1,228
  1,287
  1,349
  1,414
  1,483
Variable operating expenses, $m
  657
  673
  690
  709
  731
  754
  780
  808
  838
  870
  904
  941
  980
  1,022
  1,066
  1,112
  1,162
  1,214
  1,269
  1,328
  1,389
  1,454
  1,523
  1,595
  1,671
  1,751
  1,835
  1,923
  2,016
  2,114
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
  657
  673
  690
  709
  731
  754
  780
  808
  838
  870
  904
  941
  980
  1,022
  1,066
  1,112
  1,162
  1,214
  1,269
  1,328
  1,389
  1,454
  1,523
  1,595
  1,671
  1,751
  1,835
  1,923
  2,016
  2,114
Operating income, $m
  -196
  -201
  -206
  -212
  -218
  -225
  -233
  -241
  -250
  -260
  -270
  -281
  -293
  -305
  -318
  -332
  -347
  -363
  -379
  -397
  -415
  -434
  -455
  -476
  -499
  -523
  -548
  -575
  -602
  -632
EBITDA, $m
  95
  97
  99
  102
  105
  109
  112
  116
  121
  125
  130
  135
  141
  147
  153
  160
  167
  175
  183
  191
  200
  209
  219
  229
  240
  252
  264
  277
  290
  304
Interest expense (income), $m
  69
  126
  129
  132
  135
  139
  144
  149
  154
  159
  166
  172
  179
  187
  195
  203
  212
  222
  232
  243
  254
  266
  278
  292
  306
  321
  336
  352
  370
  388
  407
Earnings before tax, $m
  -322
  -330
  -338
  -347
  -358
  -369
  -382
  -395
  -410
  -426
  -442
  -460
  -480
  -500
  -522
  -545
  -569
  -595
  -622
  -651
  -681
  -713
  -747
  -782
  -820
  -859
  -900
  -944
  -990
  -1,038
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
Net income, $m
  -322
  -330
  -338
  -347
  -358
  -369
  -382
  -395
  -410
  -426
  -442
  -460
  -480
  -500
  -522
  -545
  -569
  -595
  -622
  -651
  -681
  -713
  -747
  -782
  -820
  -859
  -900
  -944
  -990
  -1,038

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
  3,053
  3,123
  3,204
  3,294
  3,394
  3,503
  3,623
  3,752
  3,891
  4,040
  4,200
  4,370
  4,552
  4,745
  4,949
  5,166
  5,396
  5,639
  5,895
  6,166
  6,452
  6,753
  7,071
  7,406
  7,758
  8,130
  8,520
  8,932
  9,364
  9,819
Adjusted assets (=assets-cash), $m
  3,053
  3,123
  3,204
  3,294
  3,394
  3,503
  3,623
  3,752
  3,891
  4,040
  4,200
  4,370
  4,552
  4,745
  4,949
  5,166
  5,396
  5,639
  5,895
  6,166
  6,452
  6,753
  7,071
  7,406
  7,758
  8,130
  8,520
  8,932
  9,364
  9,819
Revenue / Adjusted assets
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
Average production assets, $m
  2,910
  2,977
  3,054
  3,139
  3,235
  3,339
  3,453
  3,576
  3,708
  3,851
  4,003
  4,165
  4,338
  4,522
  4,717
  4,924
  5,143
  5,374
  5,619
  5,877
  6,149
  6,437
  6,740
  7,059
  7,395
  7,749
  8,121
  8,513
  8,925
  9,359
Working capital, $m
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
Total debt, $m
  2,384
  2,441
  2,506
  2,580
  2,661
  2,751
  2,848
  2,954
  3,067
  3,189
  3,319
  3,458
  3,607
  3,764
  3,931
  4,108
  4,295
  4,493
  4,703
  4,924
  5,157
  5,403
  5,662
  5,935
  6,223
  6,526
  6,845
  7,180
  7,533
  7,905
Total liabilities, $m
  2,491
  2,549
  2,614
  2,688
  2,769
  2,859
  2,956
  3,061
  3,175
  3,297
  3,427
  3,566
  3,714
  3,872
  4,039
  4,216
  4,403
  4,601
  4,811
  5,032
  5,265
  5,511
  5,770
  6,043
  6,331
  6,634
  6,953
  7,288
  7,641
  8,012
Total equity, $m
  562
  575
  589
  606
  624
  645
  667
  690
  716
  743
  773
  804
  838
  873
  911
  951
  993
  1,038
  1,085
  1,135
  1,187
  1,243
  1,301
  1,363
  1,428
  1,496
  1,568
  1,643
  1,723
  1,807
Total liabilities and equity, $m
  3,053
  3,124
  3,203
  3,294
  3,393
  3,504
  3,623
  3,751
  3,891
  4,040
  4,200
  4,370
  4,552
  4,745
  4,950
  5,167
  5,396
  5,639
  5,896
  6,167
  6,452
  6,754
  7,071
  7,406
  7,759
  8,130
  8,521
  8,931
  9,364
  9,819
Debt-to-equity ratio
  4.240
  4.250
  4.250
  4.260
  4.260
  4.270
  4.270
  4.280
  4.280
  4.290
  4.300
  4.300
  4.310
  4.310
  4.320
  4.320
  4.330
  4.330
  4.340
  4.340
  4.340
  4.350
  4.350
  4.360
  4.360
  4.360
  4.370
  4.370
  4.370
  4.380
Adjusted equity ratio
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -322
  -330
  -338
  -347
  -358
  -369
  -382
  -395
  -410
  -426
  -442
  -460
  -480
  -500
  -522
  -545
  -569
  -595
  -622
  -651
  -681
  -713
  -747
  -782
  -820
  -859
  -900
  -944
  -990
  -1,038
Depreciation, amort., depletion, $m
  291
  298
  305
  314
  323
  334
  345
  358
  371
  385
  400
  417
  434
  452
  472
  492
  514
  537
  562
  588
  615
  644
  674
  706
  739
  775
  812
  851
  893
  936
Funds from operations, $m
  -31
  -32
  -33
  -33
  -34
  -35
  -36
  -38
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -73
  -76
  -80
  -84
  -88
  -93
  -98
  -103
Change in working capital, $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 from operations, $m
  -31
  -32
  -32
  -33
  -34
  -35
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -60
  -63
  -66
  -69
  -72
  -76
  -80
  -84
  -88
  -93
  -97
  -102
Maintenance CAPEX, $m
  -285
  -291
  -298
  -305
  -314
  -323
  -334
  -345
  -358
  -371
  -385
  -400
  -417
  -434
  -452
  -472
  -492
  -514
  -537
  -562
  -588
  -615
  -644
  -674
  -706
  -739
  -775
  -812
  -851
  -893
New CAPEX, $m
  -59
  -67
  -77
  -86
  -95
  -104
  -114
  -123
  -133
  -142
  -152
  -162
  -173
  -184
  -195
  -207
  -219
  -231
  -245
  -258
  -272
  -287
  -303
  -319
  -336
  -354
  -372
  -392
  -412
  -434
Cash from investing activities, $m
  -344
  -358
  -375
  -391
  -409
  -427
  -448
  -468
  -491
  -513
  -537
  -562
  -590
  -618
  -647
  -679
  -711
  -745
  -782
  -820
  -860
  -902
  -947
  -993
  -1,042
  -1,093
  -1,147
  -1,204
  -1,263
  -1,327
Free cash flow, $m
  -375
  -390
  -407
  -424
  -443
  -463
  -484
  -506
  -529
  -553
  -579
  -606
  -635
  -665
  -697
  -730
  -766
  -803
  -842
  -883
  -926
  -971
  -1,019
  -1,069
  -1,122
  -1,177
  -1,235
  -1,296
  -1,361
  -1,428
Issuance/(repayment) of debt, $m
  54
  57
  66
  74
  81
  89
  97
  105
  114
  122
  130
  139
  148
  157
  167
  177
  187
  198
  209
  221
  233
  246
  259
  273
  288
  303
  319
  336
  353
  371
Issuance/(repurchase) of shares, $m
  335
  343
  353
  364
  376
  389
  404
  419
  435
  453
  472
  492
  513
  535
  559
  585
  611
  639
  669
  700
  734
  768
  805
  844
  884
  927
  972
  1,020
  1,070
  1,122
Cash from financing (excl. dividends), $m  
  389
  400
  419
  438
  457
  478
  501
  524
  549
  575
  602
  631
  661
  692
  726
  762
  798
  837
  878
  921
  967
  1,014
  1,064
  1,117
  1,172
  1,230
  1,291
  1,356
  1,423
  1,493
Total cash flow (excl. dividends), $m
  14
  10
  11
  13
  14
  16
  17
  18
  20
  21
  23
  24
  26
  28
  29
  31
  33
  35
  37
  39
  41
  43
  45
  48
  50
  53
  56
  59
  62
  65
Retained Cash Flow (-), $m
  -335
  -343
  -353
  -364
  -376
  -389
  -404
  -419
  -435
  -453
  -472
  -492
  -513
  -535
  -559
  -585
  -611
  -639
  -669
  -700
  -734
  -768
  -805
  -844
  -884
  -927
  -972
  -1,020
  -1,070
  -1,122
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
  -321
  -333
  -341
  -351
  -362
  -374
  -386
  -400
  -415
  -432
  -449
  -467
  -487
  -508
  -530
  -553
  -578
  -605
  -632
  -662
  -693
  -725
  -760
  -796
  -834
  -874
  -916
  -961
  -1,008
  -1,057
Discount rate, %
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.60
  17.43
  18.31
  19.22
  20.18
  21.19
  22.25
  23.36
  24.53
  25.76
  27.05
  28.40
  29.82
  31.31
  32.87
  34.52
  36.24
  38.06
  39.96
  41.96
  44.05
  46.26
  48.57
PV of cash for distribution, $m
  -287
  -263
  -236
  -210
  -185
  -161
  -138
  -117
  -98
  -80
  -65
  -51
  -40
  -30
  -23
  -17
  -12
  -8
  -5
  -4
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  53.4
  28.6
  15.2
  8.1
  4.3
  2.3
  1.2
  0.6
  0.3
  0.2
  0.1
  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
  0.0
  0.0
  0.0
  0.0

Danaos Corporation is a holding company and an international owner of containerships, chartering its vessels to a range of liner companies. The Company's principal business is the acquisition and operation of vessels. The Company conducts its operations through the vessel owning companies, whose principal activity is the ownership and operation of containerships that are under the management of a related party of the company. The Company's manager is Danaos Shipping Company Limited (Danaos Shipping). The Company has a fleet of over 50 containerships aggregating approximately 329,590 twenty-foot equivalent units (TEUs). Its containership fleet includes approximately 53 containerships deployed on time charters and approximately two containerships deployed on bareboat charter. Gemini Shipholdings Corporation (Gemini), a company beneficially owned by the Company, owns approximately four additional containerships of over 24,000 TEU aggregate capacity.

FINANCIAL RATIOS  of  Danaos (DAC)

Valuation Ratios
P/E Ratio -0.5
Price to Sales 0.3
Price to Book 0.3
Price to Tangible Book
Price to Cash Flow 0.6
Price to Free Cash Flow 0.6
Growth Rates
Sales Growth Rate -12.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate -100%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 513.3%
Interest Coverage -4
Management Effectiveness
Return On Assets -8.7%
Ret/ On Assets - 3 Yr. Avg. -0.6%
Return On Total Capital -11.1%
Ret/ On T. Cap. - 3 Yr. Avg. -2.7%
Return On Equity -55%
Return On Equity - 3 Yr. Avg. -13.5%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 75.3%
Gross Margin - 3 Yr. Avg. 76.8%
EBITDA Margin -33.7%
EBITDA Margin - 3 Yr. Avg. 20.6%
Operating Margin -42.8%
Oper. Margin - 3 Yr. Avg. 11.7%
Pre-Tax Margin -73.5%
Pre-Tax Margin - 3 Yr. Avg. -17.9%
Net Profit Margin -73.5%
Net Profit Margin - 3 Yr. Avg. -17.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

DAC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DAC stock intrinsic value calculation we used $452 million for the last fiscal year's total revenue generated by Danaos. The default revenue input number comes from 2017 income statement of Danaos. 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 DAC 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 11.8%, whose default value for DAC is calculated based on our internal credit rating of Danaos, 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 Danaos.
    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 DAC stock the variable cost ratio is equal to 142.6%.

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 DAC 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 Danaos.

Corporate tax rate of 27% is the nominal tax rate for Danaos. 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 DAC 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 DAC are equal to 631.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Danaos 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 DAC is equal to -0.6%. 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 - $549 million for Danaos - 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 110 million for Danaos 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 Danaos at the current share price and the inputted number of shares is $0.2 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ Danaos Sees Hammer Chart Pattern: Time to Buy?   [Aug-01-18 05:42AM  Zacks]
▶ Can The Uptrend Continue for Danaos (DAC)?   [Jul-06-18 04:43AM  Zacks]
▶ Is There Now An Opportunity In Danaos Corporation (NYSE:DAC)?   [Jun-27-18 09:58AM  Simply Wall St.]
▶ Danaos: 1Q Earnings Snapshot   [Jun-26-18 04:39PM  Associated Press]
▶ Does Danaos Corporations (NYSE:DAC) PE Ratio Warrant A Buy?   [Feb-19-18 07:51AM  Simply Wall St.]
▶ Danaos Corporation to Host Earnings Call   [Feb-13-18 07:00AM  ACCESSWIRE]
▶ Danaos posts 4Q profit   [Feb-12-18 05:25PM  Associated Press]
▶ Danaos Corporation to Host Earnings Call   [Oct-31-17 07:30AM  ACCESSWIRE]
▶ Danaos posts 3Q profit   [Oct-30-17 06:05PM  Associated Press]
▶ Danaos posts 2Q profit   [Jul-31-17 10:06PM  Associated Press]
▶ Top Ranked Value Stocks to Buy for July 13th   [Jul-13-17 11:46AM  Zacks]
▶ New Strong Buy Stocks for July 12th   [Jul-12-17 09:45AM  Zacks]
▶ Will Danaos (DAC) Continue to Surge Higher?   [Jun-30-17 06:07AM  Zacks]
▶ Top Ranked Value Stocks to Buy for June 28th   [Jun-28-17 10:44AM  Zacks]
▶ Top Ranked Value Stocks to Buy for June 22nd   [Jun-22-17 10:00AM  Zacks]
▶ Danaos posts 1Q profit   [May-30-17 04:38PM  Associated Press]
▶ Danaos reports 4Q loss   [Feb-21-17 06:04PM  Associated Press]
▶ What Makes Danaos (DAC) a Strong Sell?   [Dec-22-16 11:07AM  Zacks]
▶ DryShips Shares Float Higher Again With New Loan   [Dec-16-16 11:30AM  TheStreet.com]
▶ Why Shipping Stocks Skyrocketed Higher Today   [Nov-15-16 04:02PM  at Motley Fool]
▶ Will Seaspan Corporation Raise Its Dividend in 2017?   [Aug-30-16 01:45PM  at Motley Fool]
▶ 3 Things Seaspan Corporation's CEO Wants You to Know   [Aug-15-16 04:15PM  at Motley Fool]
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