Αξιολόγηση οικονομικής απόδοσης και αποτίμηση ελληνικών ναυτιλιακών εταιρειών μεταφοράς ΥΦΑ εισηγμένες στο χρηματιστήριο των ΗΠΑ

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The aim of this study is to evaluate the financial performance of two Greek shipping companies transporting liquefied natural gas (LNG) listed on the U.S. stock exchange, as well as their valuation to determine the fair value of these companies, and the target price of their shares traded on New York Stock Exchange (NYSE). At an early stage, the liquefied natural gas (LNG) market is reviewed with reference to the recent supply and demand volumes of natural gas, natural gas trade prices and LNG carrier spot freight rates as well as the evolution of the LNG fleet in recent years. Then follows a presentation of the examined Greek LNG shipping companies, Dynagas LNG Partners LP and GasLog Ltd. which are listed on NYSE. Subsequent, the method used to evaluate the financial performance of Dynagas LNG Partners LP and GasLog Ltd. is the calculation of financial ratios for the period of the last five years (2015 -2019). The assessment of financial performance using financial ratios aims to achieve in-depth analysis of the financial position of companies, the dynamic image of their business endeavor and the determination of the efficient or non-efficient use of their assets in their business activity. The categories of financial ratios calculated are therefore used to evaluate liquidity, profitability and operating efficiency, the capital structure and viability as well as the valuation of the shares of the examined companies. After the completion of the assessment of their financial performance, the valuation of the two shipping companies follows applying the Discounted Cash Flow (DCF) Model. Valuation of enterprises, especially listed companies, is necessary to explore investment opportunities as well as to identify undervalued or overvalued shares. In this study, the practical application of the DCF method will be carried out for the LNG shipping companies Dynagas LNG Partners LP and GasLog Ltd. in order to determine the intrinsic value and fair value of their shares based on the financial analysis that preceded the companies under valuation. The forecasts presented in the present analysis can be one of the many possible scenarios for future stock developments, based on the assumptions made for their export.