Intrinsic value of Diana Shipping - DSX

Previous Close

$3.29

  Intrinsic Value

$1.45

stock screener

  Rating & Target

str. sell

-56%

Previous close

$3.29

 
Intrinsic value

$1.45

 
Up/down potential

-56%

 
Rating

str. sell

We calculate the intrinsic value of DSX 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 0.4

 

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, %
  41.70
  38.03
  34.73
  31.75
  29.08
  26.67
  24.50
  22.55
  20.80
  19.22
  17.80
  16.52
  15.37
  14.33
  13.40
  12.56
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.61
  8.25
  7.93
  7.63
  7.37
  7.13
  6.92
  6.73
Revenue, $m
  229
  317
  427
  562
  726
  919
  1,144
  1,402
  1,694
  2,020
  2,379
  2,772
  3,198
  3,656
  4,146
  4,666
  5,217
  5,797
  6,406
  7,044
  7,711
  8,406
  9,130
  9,883
  10,667
  11,481
  12,327
  13,207
  14,121
  15,071
Variable operating expenses, $m
  408
  563
  759
  999
  1,290
  1,634
  2,034
  2,493
  3,012
  3,591
  4,230
  4,928
  5,686
  6,500
  7,371
  8,296
  9,276
  10,307
  11,390
  12,524
  13,709
  14,945
  16,233
  17,572
  18,965
  20,413
  21,918
  23,482
  25,107
  26,796
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
  408
  563
  759
  999
  1,290
  1,634
  2,034
  2,493
  3,012
  3,591
  4,230
  4,928
  5,686
  6,500
  7,371
  8,296
  9,276
  10,307
  11,390
  12,524
  13,709
  14,945
  16,233
  17,572
  18,965
  20,413
  21,918
  23,482
  25,107
  26,796
Operating income, $m
  -178
  -246
  -332
  -437
  -564
  -715
  -890
  -1,091
  -1,318
  -1,571
  -1,851
  -2,156
  -2,488
  -2,844
  -3,225
  -3,630
  -4,059
  -4,510
  -4,984
  -5,480
  -5,999
  -6,540
  -7,103
  -7,689
  -8,299
  -8,932
  -9,591
  -10,275
  -10,986
  -11,725
EBITDA, $m
  -56
  -77
  -103
  -136
  -176
  -223
  -278
  -340
  -411
  -490
  -577
  -672
  -776
  -887
  -1,006
  -1,132
  -1,265
  -1,406
  -1,554
  -1,709
  -1,870
  -2,039
  -2,214
  -2,397
  -2,587
  -2,785
  -2,990
  -3,203
  -3,425
  -3,656
Interest expense (income), $m
  19
  32
  45
  62
  83
  109
  141
  178
  221
  271
  327
  389
  458
  534
  615
  703
  797
  897
  1,003
  1,114
  1,231
  1,354
  1,482
  1,615
  1,754
  1,899
  2,049
  2,206
  2,368
  2,537
  2,713
Earnings before tax, $m
  -211
  -292
  -394
  -521
  -674
  -856
  -1,068
  -1,312
  -1,589
  -1,898
  -2,240
  -2,615
  -3,021
  -3,460
  -3,929
  -4,428
  -4,956
  -5,513
  -6,098
  -6,712
  -7,353
  -8,021
  -8,718
  -9,443
  -10,198
  -10,982
  -11,796
  -12,643
  -13,523
  -14,438
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
  -211
  -292
  -394
  -521
  -674
  -856
  -1,068
  -1,312
  -1,589
  -1,898
  -2,240
  -2,615
  -3,021
  -3,460
  -3,929
  -4,428
  -4,956
  -5,513
  -6,098
  -6,712
  -7,353
  -8,021
  -8,718
  -9,443
  -10,198
  -10,982
  -11,796
  -12,643
  -13,523
  -14,438

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
  1,699
  2,346
  3,160
  4,164
  5,374
  6,808
  8,476
  10,387
  12,548
  14,959
  17,622
  20,532
  23,687
  27,081
  30,709
  34,564
  38,643
  42,941
  47,453
  52,178
  57,115
  62,264
  67,628
  73,209
  79,013
  85,045
  91,314
  97,828
  104,599
  111,637
Adjusted assets (=assets-cash), $m
  1,699
  2,346
  3,160
  4,164
  5,374
  6,808
  8,476
  10,387
  12,548
  14,959
  17,622
  20,532
  23,687
  27,081
  30,709
  34,564
  38,643
  42,941
  47,453
  52,178
  57,115
  62,264
  67,628
  73,209
  79,013
  85,045
  91,314
  97,828
  104,599
  111,637
Revenue / Adjusted assets
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
Average production assets, $m
  1,806
  2,492
  3,358
  4,424
  5,711
  7,234
  9,006
  11,038
  13,333
  15,896
  18,724
  21,817
  25,169
  28,776
  32,630
  36,728
  41,062
  45,628
  50,423
  55,444
  60,690
  66,161
  71,861
  77,791
  83,958
  90,368
  97,029
  103,951
  111,145
  118,624
Working capital, $m
  75
  104
  140
  185
  239
  302
  376
  461
  557
  664
  783
  912
  1,052
  1,203
  1,364
  1,535
  1,716
  1,907
  2,108
  2,317
  2,537
  2,765
  3,004
  3,252
  3,509
  3,777
  4,056
  4,345
  4,646
  4,958
Total debt, $m
  841
  1,151
  1,542
  2,024
  2,605
  3,293
  4,094
  5,012
  6,049
  7,206
  8,484
  9,881
  11,395
  13,024
  14,766
  16,616
  18,574
  20,637
  22,803
  25,071
  27,441
  29,912
  32,487
  35,166
  37,952
  40,847
  43,856
  46,983
  50,233
  53,611
Total liabilities, $m
  816
  1,126
  1,517
  1,999
  2,580
  3,268
  4,068
  4,986
  6,023
  7,180
  8,458
  9,855
  11,370
  12,999
  14,740
  16,591
  18,549
  20,611
  22,777
  25,046
  27,415
  29,887
  32,461
  35,140
  37,926
  40,822
  43,831
  46,958
  50,207
  53,586
Total equity, $m
  884
  1,220
  1,643
  2,165
  2,795
  3,540
  4,407
  5,401
  6,525
  7,779
  9,163
  10,677
  12,317
  14,082
  15,968
  17,973
  20,094
  22,329
  24,676
  27,133
  29,700
  32,378
  35,167
  38,069
  41,087
  44,223
  47,483
  50,871
  54,391
  58,051
Total liabilities and equity, $m
  1,700
  2,346
  3,160
  4,164
  5,375
  6,808
  8,475
  10,387
  12,548
  14,959
  17,621
  20,532
  23,687
  27,081
  30,708
  34,564
  38,643
  42,940
  47,453
  52,179
  57,115
  62,265
  67,628
  73,209
  79,013
  85,045
  91,314
  97,829
  104,598
  111,637
Debt-to-equity ratio
  0.950
  0.940
  0.940
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.920
  0.920
  0.920
  0.920
  0.920
  0.920
  0.920
  0.920
  0.920
  0.920
  0.920
  0.920
  0.920
  0.920
  0.920
  0.920
  0.920
Adjusted equity ratio
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -211
  -292
  -394
  -521
  -674
  -856
  -1,068
  -1,312
  -1,589
  -1,898
  -2,240
  -2,615
  -3,021
  -3,460
  -3,929
  -4,428
  -4,956
  -5,513
  -6,098
  -6,712
  -7,353
  -8,021
  -8,718
  -9,443
  -10,198
  -10,982
  -11,796
  -12,643
  -13,523
  -14,438
Depreciation, amort., depletion, $m
  123
  170
  228
  301
  388
  492
  613
  751
  907
  1,081
  1,274
  1,484
  1,712
  1,958
  2,220
  2,498
  2,793
  3,104
  3,430
  3,772
  4,129
  4,501
  4,888
  5,292
  5,711
  6,147
  6,601
  7,071
  7,561
  8,070
Funds from operations, $m
  -88
  -122
  -166
  -220
  -285
  -364
  -455
  -561
  -682
  -816
  -966
  -1,130
  -1,309
  -1,502
  -1,709
  -1,929
  -2,163
  -2,409
  -2,668
  -2,940
  -3,224
  -3,521
  -3,830
  -4,152
  -4,486
  -4,834
  -5,196
  -5,572
  -5,962
  -6,368
Change in working capital, $m
  22
  29
  36
  45
  54
  64
  74
  85
  96
  107
  118
  129
  140
  151
  161
  171
  181
  191
  200
  210
  219
  229
  238
  248
  258
  268
  278
  289
  301
  313
Cash from operations, $m
  -110
  -151
  -202
  -264
  -339
  -427
  -529
  -646
  -777
  -924
  -1,084
  -1,260
  -1,449
  -1,653
  -1,870
  -2,100
  -2,344
  -2,600
  -2,869
  -3,150
  -3,443
  -3,749
  -4,068
  -4,399
  -4,744
  -5,102
  -5,474
  -5,861
  -6,263
  -6,681
Maintenance CAPEX, $m
  -87
  -123
  -170
  -228
  -301
  -388
  -492
  -613
  -751
  -907
  -1,081
  -1,274
  -1,484
  -1,712
  -1,958
  -2,220
  -2,498
  -2,793
  -3,104
  -3,430
  -3,772
  -4,129
  -4,501
  -4,888
  -5,292
  -5,711
  -6,147
  -6,601
  -7,071
  -7,561
New CAPEX, $m
  -531
  -687
  -866
  -1,066
  -1,286
  -1,523
  -1,773
  -2,031
  -2,296
  -2,562
  -2,829
  -3,093
  -3,352
  -3,606
  -3,855
  -4,097
  -4,334
  -4,566
  -4,795
  -5,021
  -5,246
  -5,472
  -5,699
  -5,930
  -6,167
  -6,410
  -6,661
  -6,922
  -7,194
  -7,479
Cash from investing activities, $m
  -618
  -810
  -1,036
  -1,294
  -1,587
  -1,911
  -2,265
  -2,644
  -3,047
  -3,469
  -3,910
  -4,367
  -4,836
  -5,318
  -5,813
  -6,317
  -6,832
  -7,359
  -7,899
  -8,451
  -9,018
  -9,601
  -10,200
  -10,818
  -11,459
  -12,121
  -12,808
  -13,523
  -14,265
  -15,040
Free cash flow, $m
  -728
  -960
  -1,237
  -1,559
  -1,927
  -2,339
  -2,794
  -3,290
  -3,824
  -4,393
  -4,995
  -5,626
  -6,286
  -6,971
  -7,682
  -8,417
  -9,176
  -9,960
  -10,767
  -11,601
  -12,461
  -13,350
  -14,268
  -15,218
  -16,203
  -17,223
  -18,283
  -19,384
  -20,529
  -21,720
Issuance/(repayment) of debt, $m
  240
  310
  391
  482
  581
  688
  801
  918
  1,037
  1,158
  1,278
  1,397
  1,514
  1,629
  1,741
  1,851
  1,958
  2,063
  2,166
  2,268
  2,370
  2,472
  2,574
  2,679
  2,786
  2,896
  3,009
  3,127
  3,250
  3,378
Issuance/(repurchase) of shares, $m
  470
  628
  818
  1,042
  1,303
  1,601
  1,935
  2,306
  2,712
  3,152
  3,624
  4,128
  4,662
  5,225
  5,815
  6,433
  7,077
  7,748
  8,445
  9,169
  9,920
  10,699
  11,507
  12,346
  13,216
  14,119
  15,056
  16,031
  17,044
  18,098
Cash from financing (excl. dividends), $m  
  710
  938
  1,209
  1,524
  1,884
  2,289
  2,736
  3,224
  3,749
  4,310
  4,902
  5,525
  6,176
  6,854
  7,556
  8,284
  9,035
  9,811
  10,611
  11,437
  12,290
  13,171
  14,081
  15,025
  16,002
  17,015
  18,065
  19,158
  20,294
  21,476
Total cash flow (excl. dividends), $m
  -18
  -22
  -28
  -35
  -42
  -50
  -58
  -66
  -75
  -84
  -92
  -101
  -110
  -118
  -126
  -134
  -142
  -149
  -157
  -164
  -171
  -179
  -186
  -194
  -201
  -209
  -218
  -226
  -235
  -244
Retained Cash Flow (-), $m
  -470
  -628
  -818
  -1,042
  -1,303
  -1,601
  -1,935
  -2,306
  -2,712
  -3,152
  -3,624
  -4,128
  -4,662
  -5,225
  -5,815
  -6,433
  -7,077
  -7,748
  -8,445
  -9,169
  -9,920
  -10,699
  -11,507
  -12,346
  -13,216
  -14,119
  -15,056
  -16,031
  -17,044
  -18,098
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
  -470
  -628
  -818
  -1,042
  -1,303
  -1,601
  -1,935
  -2,306
  -2,712
  -3,152
  -3,624
  -4,128
  -4,662
  -5,225
  -5,815
  -6,433
  -7,077
  -7,748
  -8,445
  -9,169
  -9,920
  -10,699
  -11,507
  -12,346
  -13,216
  -14,119
  -15,056
  -16,031
  -17,044
  -18,098
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
  -433
  -529
  -625
  -716
  -797
  -863
  -910
  -934
  -935
  -913
  -870
  -810
  -735
  -652
  -564
  -476
  -392
  -315
  -246
  -187
  -139
  -100
  -70
  -47
  -31
  -20
  -12
  -7
  -4
  -2
Current shareholders' claim on cash, %
  48.2
  23.9
  12.2
  6.4
  3.4
  1.9
  1.1
  0.6
  0.4
  0.2
  0.1
  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

Diana Shipping Inc. is a holding company. The Company is a provider of shipping transportation services. The Company specializes in the ownership of dry bulk vessels. As of February 16, 2017, the Company's operating fleet consisted of 48 dry bulk carriers, of which 23 were Panamax, four were Kamsarmax, three were Post-Panamax, 14 were Capesize and four were Newcastlemax vessels, having a combined carrying capacity of approximately 5.7 million deadweight tonnage (dwt). As of February 16, 2017, the Company's fleet included Danae, Dione, Nirefs, Alcyon, Triton, Thetis, Protefs, Calipso, Clio, Erato, Coronis, Melite, Leto, Artemis, Selina, Atalandi, Maia, Medusa, Norfolk, Aliki, Semirio, Boston, Seattle, Santa Barbara, New Orleans, Los Angeles, San Francisco and Newport News. The Company charters its dry bulk carriers to customers primarily pursuant to time charters.

FINANCIAL RATIOS  of  Diana Shipping (DSX)

Valuation Ratios
P/E Ratio -1.7
Price to Sales 2.4
Price to Book 0.3
Price to Tangible Book
Price to Cash Flow -13.3
Price to Free Cash Flow -3.9
Growth Rates
Sales Growth Rate -27.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -67.3%
Cap. Spend. - 3 Yr. Gr. Rate -23.8%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 50.4%
Total Debt to Equity 56.6%
Interest Coverage -8
Management Effectiveness
Return On Assets -8.3%
Ret/ On Assets - 3 Yr. Avg. -3.8%
Return On Total Capital -9.4%
Ret/ On T. Cap. - 3 Yr. Avg. -4.6%
Return On Equity -14.4%
Return On Equity - 3 Yr. Avg. -6.8%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 12.3%
Gross Margin - 3 Yr. Avg. 30.3%
EBITDA Margin -55.3%
EBITDA Margin - 3 Yr. Avg. -0.3%
Operating Margin -78.1%
Oper. Margin - 3 Yr. Avg. -39.3%
Pre-Tax Margin -143.9%
Pre-Tax Margin - 3 Yr. Avg. -63.6%
Net Profit Margin -143.9%
Net Profit Margin - 3 Yr. Avg. -63.6%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio -3.7%

DSX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DSX stock intrinsic value calculation we used $161.897 million for the last fiscal year's total revenue generated by Diana Shipping. The default revenue input number comes from 0001 income statement of Diana 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 DSX stock valuation model: a) initial revenue growth rate of 41.7% 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 DSX is calculated based on our internal credit rating of Diana 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 Diana 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 DSX stock the variable cost ratio is equal to 177.8%.

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 DSX 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 Diana Shipping.

Corporate tax rate of 27% is the nominal tax rate for Diana 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 DSX 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 DSX are equal to 787.1%.

Life of production assets of 14.7 years is the average useful life of capital assets used in Diana 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 DSX is equal to 32.9%. 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 - $624.758 million for Diana 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 107.931 million for Diana 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 Diana Shipping at the current share price and the inputted number of shares is $0.4 billion.

RELATED COMPANIES Price Int.Val. Rating
SHIP Seanergy Marit 0.750 5.03  str.buy
DCIX Diana Containe 1.60 3.14  str.buy
ESEA Euroseas 1.77 1.04  sell
SBLK Star Bulk Carr 9.67 4.24  str.sell
GLBS Globus Maritim 8.27 0.34  hold

COMPANY NEWS

▶ Better Buy: DryShips Inc. vs. Diana Shipping Inc.   [Sep-28-18 10:16AM  Motley Fool]
▶ Does Diana Shipping Inc (NYSE:DSX) Fall With The Market?   [Sep-13-18 02:04PM  Simply Wall St.]
▶ Diana Shipping: 2Q Earnings Snapshot   [08:42AM  Associated Press]
▶ Diana Shipping: 1Q Earnings Snapshot   [07:28AM  Associated Press]
▶ Better Buy: Seaspan Corporation vs. Diana Shipping Inc   [Mar-12-18 11:32AM  Motley Fool]
▶ What Does Diana Shipping Incs (NYSE:DSX) Share Price Indicate?   [Feb-22-18 09:23AM  Simply Wall St.]
▶ Diana Shipping reports 4Q loss   [08:51AM  Associated Press]
▶ Better Buy: Seaspan Corporation vs. Diana Shipping Inc.   [Dec-12-17 04:32PM  Motley Fool]
▶ Diana Shipping reports 3Q loss   [Nov-21-17 08:13AM  Associated Press]
▶ Should You Buy Diana Shipping Inc (DSX)?   [06:49AM  Simply Wall St.]

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