Intrinsic value of Frontline - FRO

Previous Close

$5.93

  Intrinsic Value

$1.58

stock screener

  Rating & Target

str. sell

-73%

Previous close

$5.93

 
Intrinsic value

$1.58

 
Up/down potential

-73%

 
Rating

str. sell

We calculate the intrinsic value of FRO 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 1.0

 

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
  659
  674
  692
  711
  733
  756
  782
  810
  840
  872
  907
  944
  983
  1,024
  1,069
  1,116
  1,165
  1,218
  1,273
  1,331
  1,393
  1,458
  1,527
  1,599
  1,675
  1,755
  1,840
  1,928
  2,022
  2,120
Variable operating expenses, $m
  504
  515
  528
  543
  559
  577
  596
  617
  639
  663
  678
  705
  735
  766
  799
  834
  871
  910
  952
  995
  1,041
  1,090
  1,141
  1,195
  1,252
  1,312
  1,375
  1,442
  1,512
  1,585
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
  504
  515
  528
  543
  559
  577
  596
  617
  639
  663
  678
  705
  735
  766
  799
  834
  871
  910
  952
  995
  1,041
  1,090
  1,141
  1,195
  1,252
  1,312
  1,375
  1,442
  1,512
  1,585
Operating income, $m
  155
  159
  163
  168
  174
  180
  186
  193
  201
  209
  229
  238
  248
  259
  270
  282
  294
  307
  321
  336
  352
  368
  385
  404
  423
  443
  464
  487
  510
  535
EBITDA, $m
  308
  315
  323
  332
  342
  353
  366
  379
  393
  408
  424
  441
  459
  479
  499
  521
  544
  569
  595
  622
  651
  681
  713
  747
  783
  820
  860
  901
  945
  991
Interest expense (income), $m
  53
  101
  103
  106
  109
  112
  115
  119
  123
  127
  132
  137
  142
  148
  154
  161
  168
  175
  183
  191
  200
  209
  219
  229
  240
  251
  263
  275
  289
  303
  317
Earnings before tax, $m
  54
  56
  58
  60
  62
  65
  67
  70
  74
  77
  92
  96
  100
  104
  109
  114
  119
  124
  130
  136
  143
  149
  157
  164
  172
  180
  189
  198
  208
  218
Tax expense, $m
  14
  15
  16
  16
  17
  17
  18
  19
  20
  21
  25
  26
  27
  28
  29
  31
  32
  34
  35
  37
  39
  40
  42
  44
  46
  49
  51
  53
  56
  59
Net income, $m
  39
  41
  42
  44
  45
  47
  49
  51
  54
  56
  67
  70
  73
  76
  80
  83
  87
  91
  95
  100
  104
  109
  114
  120
  126
  132
  138
  145
  152
  159

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
  3,124
  3,196
  3,278
  3,371
  3,473
  3,585
  3,707
  3,839
  3,982
  4,134
  4,298
  4,472
  4,658
  4,855
  5,065
  5,287
  5,522
  5,770
  6,033
  6,310
  6,602
  6,911
  7,236
  7,579
  7,939
  8,319
  8,719
  9,140
  9,582
  10,048
Adjusted assets (=assets-cash), $m
  3,124
  3,196
  3,278
  3,371
  3,473
  3,585
  3,707
  3,839
  3,982
  4,134
  4,298
  4,472
  4,658
  4,855
  5,065
  5,287
  5,522
  5,770
  6,033
  6,310
  6,602
  6,911
  7,236
  7,579
  7,939
  8,319
  8,719
  9,140
  9,582
  10,048
Revenue / Adjusted assets
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
Average production assets, $m
  2,635
  2,696
  2,765
  2,843
  2,929
  3,023
  3,126
  3,238
  3,358
  3,487
  3,625
  3,772
  3,928
  4,095
  4,272
  4,459
  4,657
  4,866
  5,088
  5,322
  5,568
  5,828
  6,103
  6,392
  6,696
  7,016
  7,353
  7,708
  8,082
  8,474
Working capital, $m
  125
  128
  131
  135
  139
  144
  149
  154
  160
  166
  172
  179
  187
  195
  203
  212
  221
  231
  242
  253
  265
  277
  290
  304
  318
  334
  350
  366
  384
  403
Total debt, $m
  1,916
  1,960
  2,010
  2,067
  2,129
  2,198
  2,273
  2,354
  2,441
  2,535
  2,635
  2,742
  2,856
  2,977
  3,105
  3,241
  3,385
  3,538
  3,698
  3,868
  4,048
  4,237
  4,436
  4,646
  4,867
  5,100
  5,345
  5,603
  5,874
  6,160
Total liabilities, $m
  1,915
  1,959
  2,010
  2,066
  2,129
  2,198
  2,272
  2,353
  2,441
  2,534
  2,635
  2,742
  2,855
  2,976
  3,105
  3,241
  3,385
  3,537
  3,698
  3,868
  4,047
  4,236
  4,436
  4,646
  4,867
  5,100
  5,345
  5,603
  5,874
  6,159
Total equity, $m
  1,209
  1,237
  1,269
  1,304
  1,344
  1,387
  1,435
  1,486
  1,541
  1,600
  1,663
  1,731
  1,803
  1,879
  1,960
  2,046
  2,137
  2,233
  2,335
  2,442
  2,555
  2,675
  2,800
  2,933
  3,073
  3,220
  3,374
  3,537
  3,708
  3,889
Total liabilities and equity, $m
  3,124
  3,196
  3,279
  3,370
  3,473
  3,585
  3,707
  3,839
  3,982
  4,134
  4,298
  4,473
  4,658
  4,855
  5,065
  5,287
  5,522
  5,770
  6,033
  6,310
  6,602
  6,911
  7,236
  7,579
  7,940
  8,320
  8,719
  9,140
  9,582
  10,048
Debt-to-equity ratio
  1.580
  1.580
  1.580
  1.580
  1.580
  1.580
  1.580
  1.580
  1.580
  1.580
  1.580
  1.580
  1.580
  1.580
  1.580
  1.580
  1.580
  1.580
  1.580
  1.580
  1.580
  1.580
  1.580
  1.580
  1.580
  1.580
  1.580
  1.580
  1.580
  1.580
Adjusted equity ratio
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  39
  41
  42
  44
  45
  47
  49
  51
  54
  56
  67
  70
  73
  76
  80
  83
  87
  91
  95
  100
  104
  109
  114
  120
  126
  132
  138
  145
  152
  159
Depreciation, amort., depletion, $m
  153
  156
  160
  164
  169
  174
  179
  185
  192
  199
  195
  203
  211
  220
  230
  240
  250
  262
  274
  286
  299
  313
  328
  344
  360
  377
  395
  414
  434
  456
Funds from operations, $m
  192
  197
  202
  208
  214
  221
  229
  237
  246
  255
  262
  273
  284
  296
  309
  323
  337
  353
  369
  386
  404
  422
  442
  463
  485
  509
  533
  559
  586
  615
Change in working capital, $m
  2
  3
  3
  4
  4
  4
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
Cash from operations, $m
  190
  194
  199
  204
  210
  217
  224
  231
  240
  249
  255
  266
  277
  288
  301
  314
  328
  343
  358
  375
  392
  410
  429
  450
  471
  494
  517
  542
  568
  596
Maintenance CAPEX, $m
  -139
  -142
  -145
  -149
  -153
  -157
  -163
  -168
  -174
  -181
  -187
  -195
  -203
  -211
  -220
  -230
  -240
  -250
  -262
  -274
  -286
  -299
  -313
  -328
  -344
  -360
  -377
  -395
  -414
  -434
New CAPEX, $m
  -53
  -61
  -69
  -78
  -86
  -95
  -103
  -111
  -120
  -129
  -138
  -147
  -157
  -166
  -177
  -187
  -198
  -210
  -221
  -234
  -247
  -260
  -274
  -289
  -304
  -320
  -337
  -355
  -373
  -393
Cash from investing activities, $m
  -192
  -203
  -214
  -227
  -239
  -252
  -266
  -279
  -294
  -310
  -325
  -342
  -360
  -377
  -397
  -417
  -438
  -460
  -483
  -508
  -533
  -559
  -587
  -617
  -648
  -680
  -714
  -750
  -787
  -827
Free cash flow, $m
  -2
  -8
  -16
  -22
  -29
  -35
  -42
  -48
  -54
  -61
  -70
  -76
  -83
  -89
  -96
  -103
  -110
  -117
  -125
  -133
  -141
  -149
  -158
  -167
  -177
  -187
  -197
  -208
  -219
  -231
Issuance/(repayment) of debt, $m
  36
  44
  50
  57
  63
  69
  75
  81
  87
  94
  100
  107
  114
  121
  128
  136
  144
  152
  161
  170
  179
  189
  199
  210
  221
  233
  245
  258
  271
  285
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  1
  3
  0
  0
  0
  0
  1
  3
  4
  5
  7
  8
  9
  10
  12
  13
  14
  15
  17
  18
  20
  21
Cash from financing (excl. dividends), $m  
  36
  44
  50
  57
  63
  69
  75
  81
  88
  97
  100
  107
  114
  121
  129
  139
  148
  157
  168
  178
  188
  199
  211
  223
  235
  248
  262
  276
  291
  306
Total cash flow (excl. dividends), $m
  34
  36
  35
  34
  34
  33
  33
  33
  34
  36
  30
  31
  31
  32
  34
  36
  38
  40
  42
  45
  47
  50
  53
  55
  58
  61
  65
  68
  72
  75
Retained Cash Flow (-), $m
  -22
  -28
  -32
  -36
  -40
  -43
  -47
  -51
  -55
  -59
  -63
  -68
  -72
  -76
  -81
  -86
  -91
  -96
  -102
  -107
  -113
  -119
  -126
  -133
  -140
  -147
  -155
  -163
  -171
  -180
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
  13
  8
  3
  -2
  -6
  -10
  -14
  -18
  -21
  -23
  -33
  -37
  -41
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -86
  -90
  -95
  -100
  -105
Discount rate, %
  9.50
  9.98
  10.47
  11.00
  11.55
  12.12
  12.73
  13.37
  14.04
  14.74
  15.47
  16.25
  17.06
  17.91
  18.81
  19.75
  20.74
  21.77
  22.86
  24.01
  25.21
  26.47
  27.79
  29.18
  30.64
  32.17
  33.78
  35.47
  37.24
  39.10
PV of cash for distribution, $m
  12
  6
  2
  -1
  -3
  -5
  -6
  -7
  -6
  -6
  -7
  -6
  -5
  -4
  -4
  -3
  -2
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  99.9
  99.7
  99.7
  99.7
  99.7
  99.7
  99.6
  99.4
  99.2
  98.9
  98.6
  98.2
  97.7
  97.3
  96.8
  96.3
  95.7
  95.2
  94.6
  94.0
  93.4
  92.7

Frontline Ltd. is a shipping company. The Company is engaged in the seaborne transportation of crude oil and oil products. Its tankers segment includes crude oil tankers and product tankers. As of December 31, 2016, the Company's fleet consisted of 28 vessels owned by the Company (seven very large crude carriers (VLCCs), 10 Suezmax tankers and 11 Aframax/LR2 tankers); 13 vessels that are under capital leases (11 VLCCs and two Suezmax tankers); one VLCC that is recorded as an investment in finance lease; four vessels chartered-in for periods of 12 months, including extension options (two VLCCs and two Suezmax tankers); two VLCCs where cost/revenue is split equally with a third party (of which one is chartered-in by it and one by a third party); three medium range product tankers that are chartered-in on short term time charters with a remaining duration of less than two months, and five vessels that are under commercial management (two Suezmax tankers and three Aframax oil tankers).

FINANCIAL RATIOS  of  Frontline (FRO)

Valuation Ratios
P/E Ratio 8.6
Price to Sales 1.3
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 3.5
Price to Free Cash Flow -3
Growth Rates
Sales Growth Rate 64.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -21%
Cap. Spend. - 3 Yr. Gr. Rate 26.9%
Financial Strength
Quick Ratio 2
Current Ratio 0.3
LT Debt to Equity 85.4%
Total Debt to Equity 93.7%
Interest Coverage 3
Management Effectiveness
Return On Assets 5.8%
Ret/ On Assets - 3 Yr. Avg. 6.8%
Return On Total Capital 4.1%
Ret/ On T. Cap. - 3 Yr. Avg. 7.2%
Return On Equity 7.9%
Return On Equity - 3 Yr. Avg. 15.7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 62.7%
Gross Margin - 3 Yr. Avg. 53.9%
EBITDA Margin 41.4%
EBITDA Margin - 3 Yr. Avg. 62.1%
Operating Margin 22.5%
Oper. Margin - 3 Yr. Avg. 44.3%
Pre-Tax Margin 15.6%
Pre-Tax Margin - 3 Yr. Avg. 42.7%
Net Profit Margin 15.5%
Net Profit Margin - 3 Yr. Avg. 37%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0.1%
Payout Ratio 141%

FRO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FRO stock intrinsic value calculation we used $646.326 million for the last fiscal year's total revenue generated by Frontline. The default revenue input number comes from 0001 income statement of Frontline. 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 FRO 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 9.5%, whose default value for FRO is calculated based on our internal credit rating of Frontline, 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 Frontline.
    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 FRO stock the variable cost ratio is equal to 76.5%.

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 FRO 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 Frontline.

Corporate tax rate of 27% is the nominal tax rate for Frontline. 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 FRO 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 FRO are equal to 399.7%.

Life of production assets of 18.6 years is the average useful life of capital assets used in Frontline 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 FRO is equal to 19%. 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 - $1187.308 million for Frontline - 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 169.809 million for Frontline 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 Frontline at the current share price and the inputted number of shares is $1.0 billion.

RELATED COMPANIES Price Int.Val. Rating
SFL Ship Finance I 12.09 5.41  str.sell
GOGL Golden Ocean G 6.50 2.67  str.sell
DHT DHT Holdings 4.61 1.61  str.sell
TNK Teekay Tankers 1.06 0.92  hold
NAT Nordic America 2.90 1.25  sell
ASC Ardmore Shippi 6.29 2.96  str.sell

COMPANY NEWS

▶ Frontline, the 100 Million Barrel-Per-Day Tanker Trade   [Oct-12-18 02:54PM  TheStreet.com]
▶ U.S. Sanctions on Iran Boosting Oil Tanker Stocks   [Oct-11-18 05:14PM  TheStreet.com]
▶ What Kind Of Shareholders Own Frontline Ltd (NYSE:FRO)?   [Oct-09-18 12:44PM  Simply Wall St.]
▶ FRO - Changes to the Board composition   [Sep-21-18 11:49AM  GlobeNewswire]
▶ FRO - 2018 Annual General Meeting   [10:49AM  GlobeNewswire]
▶ FRO - Q2 2018 Presentation   [Aug-22-18 08:18AM  GlobeNewswire]
▶ Frontline Ltd. to Host Earnings Call   [07:00AM  ACCESSWIRE]
▶ Frontline: 2Q Earnings Snapshot   [05:04AM  Associated Press]
▶ FRO - Notice of Annual General Meeting 2018   [Aug-10-18 04:51AM  GlobeNewswire]
▶ As Iran Sanctions Kick In, Look to US Oil Export Markets   [Aug-08-18 12:38PM  TheStreet.com]
▶ FRO - Announces Launching of ATM Equity Offering   [Jul-24-18 04:46PM  GlobeNewswire]
▶ Trump-Russia Summit Could Weigh on Crude Oil Prices   [Jul-13-18 04:06PM  TheStreet.com]
▶ FRO - 2018 Annual General Meeting   [Jul-03-18 09:40AM  GlobeNewswire]
▶ FRO - Investment in Feen Marine Scrubbers Inc.   [Jun-28-18 06:58AM  GlobeNewswire]
▶ Oil Markets Turn Bearish Ahead Of OPEC Meeting   [Jun-19-18 03:00PM  Oilprice.com]
▶ Frontline Ltd Shares Surge on Outlook for Oil Tanker Demand   [May-31-18 12:44PM  InvestorPlace]
▶ FRO - Q1 2018 Presentation   [08:16AM  GlobeNewswire]
▶ Frontline: 1Q Earnings Snapshot   [07:23AM  Associated Press]
▶ FRO - First Quarter 2018 Results   [02:50AM  GlobeNewswire]
▶ FRO - Filing of Annual Report on Form 20-F   [Mar-19-18 01:57PM  GlobeNewswire]
▶ FRO - Q4 2017 Presentation   [Feb-28-18 08:31AM  GlobeNewswire]
▶ Frontline Ltd. to Host Earnings Call   [07:30AM  ACCESSWIRE]
▶ Frontline reports 4Q loss   [05:59AM  Associated Press]
▶ 3 Lousy Stocks I'd Avoid   [Feb-23-18 08:02AM  Motley Fool]
▶ Key Updates from the Crude Tanker Industry Last Week   [Jan-25-18 09:04AM  Market Realist]
▶ Where Are Bunker Fuel Prices Heading?   [Jan-24-18 05:40PM  Market Realist]
▶ New Strong Sell Stocks for January 23rd   [Jan-23-18 07:59AM  Zacks]
▶ Week 2: Analysts Ratings for Crude Tanker Stocks   [Jan-16-18 03:10PM  Market Realist]
▶ Analyzing Bunker Fuel Prices in Week 2   [01:40PM  Market Realist]
▶ Week 2: Crude Tanker Industry Update   [12:05PM  Market Realist]
▶ UBS Downgraded Gener8 Maritime Partners   [Jan-12-18 07:34AM  Market Realist]
▶ Oil Price Reach 3-Year High: What about Bunker Fuel Prices?   [Jan-11-18 12:55PM  Market Realist]
▶ New Strong Sell Stocks for January 10th   [Jan-10-18 06:55AM  Zacks]
▶ Here's Why Frontline Ltd.'s Stock Plunged 35% in 2017   [Jan-08-18 12:04PM  Motley Fool]
▶ Crude Tankers: Analysts Recommendations Heading into 2018   [Jan-03-18 11:55AM  Market Realist]
▶ ETFs with exposure to Frontline Ltd. : December 25, 2017   [Dec-25-17 11:56AM  Capital Cube]
▶ Week 50: Crude Prices Touch $65   [Dec-20-17 12:05PM  Market Realist]
▶ Nordic American Tankers Fell 26% in Week 50   [10:32AM  Market Realist]
▶ US Crude Oil Exports to China: Highest in November   [Dec-14-17 02:55PM  Market Realist]
▶ ETFs with exposure to Frontline Ltd. : December 12, 2017   [Dec-12-17 01:15PM  Capital Cube]
▶ FRO - Q3 2017 Presentation   [Nov-22-17 08:31AM  GlobeNewswire]
▶ Frontline Ltd. to Host Earnings Call   [07:00AM  ACCESSWIRE]
▶ Frontline reports 3Q loss   [06:03AM  Associated Press]
▶ Week 46: Crude Tanker Industry Update   [Nov-21-17 01:08PM  Market Realist]
▶ Week 45: Crude Tanker Industry Update   [10:16AM  Market Realist]
▶ ETFs with exposure to Frontline Ltd. : November 2, 2017   [Nov-02-17 12:10PM  Capital Cube]
▶ Week 42: Crude Tanker Industry Update   [Oct-27-17 11:31AM  Market Realist]
▶ ETFs with exposure to Frontline Ltd. : October 23, 2017   [Oct-23-17 10:39AM  Capital Cube]
▶ Don't Get Excited About Spike in U.S. Oil Exports   [Oct-06-17 04:00PM  TheStreet.com]

CONTACT US       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.