Intrinsic value of Ship Finance International - SFL

Previous Close

$12.09

  Intrinsic Value

$2.88

stock screener

  Rating & Target

str. sell

-76%

Previous close

$12.09

 
Intrinsic value

$2.88

 
Up/down potential

-76%

 
Rating

str. sell

We calculate the intrinsic value of SFL 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 1.3

 

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
  388
  397
  408
  419
  432
  446
  461
  477
  495
  514
  534
  556
  579
  604
  630
  657
  687
  717
  750
  785
  821
  859
  900
  942
  987
  1,034
  1,084
  1,136
  1,191
  1,249
Variable operating expenses, $m
  226
  232
  238
  244
  252
  260
  269
  278
  289
  300
  312
  324
  338
  352
  367
  383
  400
  418
  437
  457
  479
  501
  525
  549
  576
  603
  632
  663
  695
  728
Fixed operating expenses, $m
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  6
  6
  6
  7
  7
  7
  7
  7
  7
  8
  8
Total operating expenses, $m
  230
  236
  242
  248
  256
  265
  274
  283
  294
  305
  317
  329
  343
  357
  373
  389
  406
  424
  443
  463
  485
  507
  532
  556
  583
  610
  639
  670
  703
  736
Operating income, $m
  158
  162
  166
  170
  176
  181
  188
  194
  202
  209
  218
  227
  236
  246
  257
  268
  281
  293
  307
  321
  336
  352
  369
  386
  405
  424
  445
  467
  489
  513
EBITDA, $m
  257
  263
  270
  277
  286
  295
  305
  316
  328
  340
  354
  368
  384
  400
  418
  436
  455
  476
  498
  521
  545
  571
  598
  626
  656
  688
  721
  756
  793
  832
Interest expense (income), $m
  65
  87
  89
  91
  93
  96
  99
  102
  105
  109
  113
  117
  122
  127
  132
  138
  144
  150
  157
  164
  172
  180
  188
  197
  206
  216
  226
  237
  249
  261
  273
Earnings before tax, $m
  71
  73
  75
  77
  80
  83
  86
  89
  93
  96
  100
  105
  109
  114
  119
  124
  130
  136
  142
  149
  156
  164
  172
  180
  189
  198
  208
  218
  229
  240
Tax expense, $m
  19
  20
  20
  21
  22
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  34
  35
  37
  38
  40
  42
  44
  46
  49
  51
  53
  56
  59
  62
  65
Net income, $m
  52
  53
  55
  57
  58
  60
  63
  65
  68
  70
  73
  76
  80
  83
  87
  91
  95
  99
  104
  109
  114
  120
  125
  131
  138
  145
  152
  159
  167
  175

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
  2,815
  2,880
  2,954
  3,037
  3,129
  3,230
  3,340
  3,459
  3,588
  3,725
  3,872
  4,030
  4,197
  4,375
  4,564
  4,764
  4,975
  5,199
  5,436
  5,685
  5,949
  6,227
  6,520
  6,828
  7,154
  7,496
  7,856
  8,235
  8,634
  9,054
Adjusted assets (=assets-cash), $m
  2,815
  2,880
  2,954
  3,037
  3,129
  3,230
  3,340
  3,459
  3,588
  3,725
  3,872
  4,030
  4,197
  4,375
  4,564
  4,764
  4,975
  5,199
  5,436
  5,685
  5,949
  6,227
  6,520
  6,828
  7,154
  7,496
  7,856
  8,235
  8,634
  9,054
Revenue / Adjusted assets
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
Average production assets, $m
  1,801
  1,843
  1,890
  1,943
  2,002
  2,067
  2,137
  2,214
  2,296
  2,384
  2,478
  2,579
  2,686
  2,799
  2,920
  3,048
  3,184
  3,327
  3,478
  3,638
  3,807
  3,985
  4,172
  4,370
  4,578
  4,797
  5,027
  5,270
  5,525
  5,793
Working capital, $m
  9
  10
  10
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
Total debt, $m
  1,582
  1,619
  1,661
  1,708
  1,760
  1,817
  1,880
  1,947
  2,020
  2,098
  2,181
  2,270
  2,365
  2,466
  2,573
  2,687
  2,807
  2,934
  3,068
  3,209
  3,359
  3,516
  3,682
  3,857
  4,042
  4,236
  4,440
  4,655
  4,881
  5,119
Total liabilities, $m
  1,596
  1,633
  1,675
  1,722
  1,774
  1,831
  1,894
  1,961
  2,034
  2,112
  2,196
  2,285
  2,380
  2,481
  2,588
  2,701
  2,821
  2,948
  3,082
  3,224
  3,373
  3,531
  3,697
  3,872
  4,056
  4,250
  4,454
  4,669
  4,895
  5,133
Total equity, $m
  1,219
  1,247
  1,279
  1,315
  1,355
  1,399
  1,446
  1,498
  1,553
  1,613
  1,677
  1,745
  1,817
  1,894
  1,976
  2,063
  2,154
  2,251
  2,354
  2,462
  2,576
  2,696
  2,823
  2,957
  3,097
  3,246
  3,402
  3,566
  3,739
  3,920
Total liabilities and equity, $m
  2,815
  2,880
  2,954
  3,037
  3,129
  3,230
  3,340
  3,459
  3,587
  3,725
  3,873
  4,030
  4,197
  4,375
  4,564
  4,764
  4,975
  5,199
  5,436
  5,686
  5,949
  6,227
  6,520
  6,829
  7,153
  7,496
  7,856
  8,235
  8,634
  9,053
Debt-to-equity ratio
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.310
  1.310
  1.310
  1.310
  1.310
Adjusted equity ratio
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  52
  53
  55
  57
  58
  60
  63
  65
  68
  70
  73
  76
  80
  83
  87
  91
  95
  99
  104
  109
  114
  120
  125
  131
  138
  145
  152
  159
  167
  175
Depreciation, amort., depletion, $m
  99
  101
  104
  107
  110
  114
  117
  122
  126
  131
  136
  142
  148
  154
  160
  167
  175
  183
  191
  200
  209
  219
  229
  240
  252
  264
  276
  290
  304
  318
Funds from operations, $m
  151
  155
  159
  163
  168
  174
  180
  187
  194
  201
  209
  218
  227
  237
  247
  258
  270
  282
  295
  309
  323
  338
  355
  371
  389
  408
  428
  449
  470
  493
Change in working capital, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
Cash from operations, $m
  151
  154
  158
  163
  168
  174
  180
  186
  193
  201
  209
  217
  227
  236
  247
  258
  269
  281
  294
  308
  322
  338
  354
  370
  388
  407
  427
  447
  469
  492
Maintenance CAPEX, $m
  -97
  -99
  -101
  -104
  -107
  -110
  -114
  -117
  -122
  -126
  -131
  -136
  -142
  -148
  -154
  -160
  -167
  -175
  -183
  -191
  -200
  -209
  -219
  -229
  -240
  -252
  -264
  -276
  -290
  -304
New CAPEX, $m
  -35
  -41
  -47
  -53
  -59
  -65
  -70
  -76
  -82
  -88
  -94
  -101
  -107
  -114
  -121
  -128
  -135
  -143
  -151
  -160
  -169
  -178
  -187
  -198
  -208
  -219
  -231
  -243
  -255
  -268
Cash from investing activities, $m
  -132
  -140
  -148
  -157
  -166
  -175
  -184
  -193
  -204
  -214
  -225
  -237
  -249
  -262
  -275
  -288
  -302
  -318
  -334
  -351
  -369
  -387
  -406
  -427
  -448
  -471
  -495
  -519
  -545
  -572
Free cash flow, $m
  19
  14
  10
  6
  2
  -1
  -4
  -7
  -10
  -13
  -16
  -19
  -22
  -25
  -28
  -31
  -34
  -37
  -40
  -43
  -46
  -49
  -53
  -56
  -60
  -64
  -67
  -71
  -76
  -80
Issuance/(repayment) of debt, $m
  29
  37
  42
  47
  52
  57
  62
  68
  73
  78
  84
  89
  95
  101
  107
  113
  120
  127
  134
  142
  149
  158
  166
  175
  184
  194
  204
  215
  226
  238
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  2
  2
  3
  4
  4
  5
  6
  6
Cash from financing (excl. dividends), $m  
  29
  37
  42
  47
  52
  57
  62
  68
  73
  78
  84
  89
  95
  101
  107
  113
  120
  127
  134
  142
  149
  159
  168
  177
  187
  198
  208
  220
  232
  244
Total cash flow (excl. dividends), $m
  47
  51
  52
  53
  55
  56
  58
  60
  62
  65
  67
  70
  73
  76
  79
  83
  86
  90
  94
  99
  103
  109
  115
  121
  127
  134
  141
  149
  156
  164
Retained Cash Flow (-), $m
  -24
  -28
  -32
  -36
  -40
  -44
  -48
  -52
  -56
  -60
  -64
  -68
  -72
  -77
  -82
  -87
  -92
  -97
  -102
  -108
  -114
  -120
  -127
  -134
  -141
  -148
  -156
  -164
  -173
  -182
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
  23
  23
  20
  17
  15
  13
  10
  9
  7
  5
  3
  2
  0
  -1
  -3
  -4
  -5
  -7
  -8
  -9
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
Discount rate, %
  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
  16.42
  17.24
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
  28.09
  29.49
  30.97
  32.52
PV of cash for distribution, $m
  22
  19
  15
  12
  9
  7
  5
  4
  2
  2
  1
  0
  0
  0
  0
  0
  0
  0
  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
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  99.9
  99.8
  99.7
  99.6
  99.5
  99.4
  99.2
  99.0

Ship Finance International Limited is a holding, and international ship owning and chartering company. The Company is engaged in the ownership and operation of vessels and offshore related assets, and also involved in the charter, purchase and sale of assets. Its assets consist of approximately 20 oil tankers, over 20 dry bulk carriers, approximately 20 container vessels, including a newbuilding, two car carriers, two jack-up drilling rigs, two ultra-deepwater drilling units, five offshore supply vessels, two chemical tankers and two newbuilding oil product tankers. Its oil tankers, chemical tankers and oil product tankers are all double-hull vessels. It has over nine asset types, including crude oil tankers, oil product tankers, chemical tankers, container vessels, car carriers, dry bulk carriers, jack-up drilling rigs, ultra-deepwater drilling units and offshore supply vessels. Its assets consist of a fleet of Suezmax tankers, crude carriers and oil/bulk/ore carriers.

FINANCIAL RATIOS  of  Ship Finance International (SFL)

Valuation Ratios
P/E Ratio 8.4
Price to Sales 3
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 5.3
Price to Free Cash Flow 29.2
Growth Rates
Sales Growth Rate 1.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -62.2%
Cap. Spend. - 3 Yr. Gr. Rate 11.5%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 121.6%
Total Debt to Equity 136.9%
Interest Coverage 3
Management Effectiveness
Return On Assets 7.1%
Ret/ On Assets - 3 Yr. Avg. 7.6%
Return On Total Capital 5.2%
Ret/ On T. Cap. - 3 Yr. Avg. 5.5%
Return On Equity 12.3%
Return On Equity - 3 Yr. Avg. 13.2%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 67.1%
Gross Margin - 3 Yr. Avg. 67%
EBITDA Margin 73.8%
EBITDA Margin - 3 Yr. Avg. 80.9%
Operating Margin 40.7%
Oper. Margin - 3 Yr. Avg. 40.9%
Pre-Tax Margin 35.4%
Pre-Tax Margin - 3 Yr. Avg. 40.8%
Net Profit Margin 35.4%
Net Profit Margin - 3 Yr. Avg. 40.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 115.1%

SFL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SFL stock intrinsic value calculation we used $380.878 million for the last fiscal year's total revenue generated by Ship Finance International. The default revenue input number comes from 0001 income statement of Ship Finance International. 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 SFL 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 7.9%, whose default value for SFL is calculated based on our internal credit rating of Ship Finance International, 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 Ship Finance International.
    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 SFL stock the variable cost ratio is equal to 58.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $4 million in the base year in the intrinsic value calculation for SFL 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 5.6% for Ship Finance International.

Corporate tax rate of 27% is the nominal tax rate for Ship Finance International. 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 SFL 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 SFL are equal to 463.7%.

Life of production assets of 18.2 years is the average useful life of capital assets used in Ship Finance International 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 SFL is equal to 2.4%. 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 - $1194.997 million for Ship Finance International - 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 103.582 million for Ship Finance International 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 Ship Finance International at the current share price and the inputted number of shares is $1.3 billion.

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COMPANY NEWS

▶ SFL - Sale of Older VLCC   [04:07PM  GlobeNewswire]
▶ SFL - Invitation to Presentation of Q3 2018 Results   [Nov-13-18 10:56AM  GlobeNewswire]
▶ SFL - Announcement of new Chief Financial Officer   [Nov-01-18 03:01AM  GlobeNewswire]
▶ SFL - Sale of Older VLCC   [Oct-01-18 06:00PM  GlobeNewswire]
▶ SFL - 2018 Annual General Meeting   [Sep-24-18 05:26AM  GlobeNewswire]
▶ SFL - Successful Placing of NOK Denominated Bonds due 2023   [Aug-30-18 09:37AM  GlobeNewswire]
▶ SFL - Fixed Income Investor Meetings   [Aug-27-18 04:09AM  GlobeNewswire]
▶ SFL - Second Quarter 2018 Presentation   [Aug-22-18 09:27AM  GlobeNewswire]
▶ Ship Finance: 2Q Earnings Snapshot   [06:41AM  Associated Press]
▶ SFL - Second Quarter 2018 Results   [06:30AM  GlobeNewswire]
▶ SFL - Invitation to Presentation of Q2 2018 Results   [Aug-16-18 02:48PM  GlobeNewswire]
▶ SFL - Notice of Annual General Meeting 2018   [Aug-10-18 10:31AM  GlobeNewswire]
▶ Top Ranked Income Stocks to Buy for July 31st   [Jul-31-18 10:18AM  Zacks]
▶ 4 Top Ranked Income Stocks to Buy for July 16th   [Jul-16-18 01:38PM  InvestorPlace]
▶ SFL - Sale of three VLCCs and a jack-up rig   [Jul-13-18 06:28AM  GlobeNewswire]
▶ SFL - Sale of three VLCCs and a jack-up rig   [06:28AM  GlobeNewswire]
▶ SFL - 2018 Annual General Meeting   [Jul-03-18 11:24AM  GlobeNewswire]
▶ Is Ship Finance International's Dividend at Risk?   [Jun-27-18 09:17PM  Motley Fool]
▶ SFL - First Quarter 2018 Presentation   [May-31-18 09:44AM  GlobeNewswire]
▶ Ship Finance: 1Q Earnings Snapshot   [08:47AM  Associated Press]
▶ SFL - First Quarter 2018 Results   [08:39AM  GlobeNewswire]
▶ SFL - Invitation to Presentation of Q1 2018 Results   [May-25-18 07:39AM  GlobeNewswire]
▶ May Top Undervalued Transport Stocks   [May-24-18 09:02AM  Simply Wall St.]
▶ New Strong Sell Stocks for March 29th   [Mar-29-18 07:30AM  Zacks]
▶ SFL - Filing of 2017 Annual Report on Form 20-F   [Mar-26-18 09:58PM  GlobeNewswire]
▶ March Top Undervalued Transport Companies   [Mar-23-18 09:02AM  Simply Wall St.]
▶ Ship Finance misses 4Q profit forecasts   [Feb-27-18 11:41AM  Associated Press]
▶ SFL - Fourth Quarter 2017 Presentation   [09:58AM  GlobeNewswire]
▶ SFL - Fourth Quarter 2017 Results   [08:09AM  GlobeNewswire]
▶ SFL - Fourth Quarter 2017 Results   [08:09AM  GlobeNewswire]
▶ SFL - Invitation to Presentation of Q4 2017 Results   [Feb-20-18 08:04AM  GlobeNewswire]
▶ New Strong Sell Stocks for December 20th   [Dec-20-17 06:02AM  Zacks]
▶ SFL - Third Quarter 2017 Results   [Nov-22-17 04:06PM  GlobeNewswire]
▶ Ship Finance beats 3Q profit forecasts   [10:01AM  Associated Press]
▶ SFL - Third Quarter 2017 Presentation   [09:34AM  GlobeNewswire]
▶ SFL - Third Quarter 2017 Results   [07:00AM  GlobeNewswire]
▶ SFL - Invitation to Presentation of Q3 2017 Results   [Nov-15-17 05:19AM  GlobeNewswire]
▶ SFL - 2017 Annual General Meeting   [Sep-25-17 08:58AM  GlobeNewswire]

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