Intrinsic value of Dynagas LNG Partners - DLNG

Previous Close

$7.99

  Intrinsic Value

$0.87

stock screener

  Rating & Target

str. sell

-89%

Previous close

$7.99

 
Intrinsic value

$0.87

 
Up/down potential

-89%

 
Rating

str. sell

We calculate the intrinsic value of DLNG 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  17.24
  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
  170
  142
  145
  149
  153
  158
  163
  168
  174
  181
  188
  195
  203
  211
  220
  230
  240
  251
  262
  274
  286
  300
  314
  328
  344
  360
  378
  396
  415
  435
  456
Variable operating expenses, $m
 
  56
  57
  59
  61
  62
  64
  67
  69
  72
  74
  77
  80
  84
  87
  91
  95
  99
  104
  108
  113
  119
  124
  130
  136
  143
  149
  157
  164
  172
  181
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
  68
  56
  57
  59
  61
  62
  64
  67
  69
  72
  74
  77
  80
  84
  87
  91
  95
  99
  104
  108
  113
  119
  124
  130
  136
  143
  149
  157
  164
  172
  181
Operating income, $m
  102
  86
  88
  90
  92
  95
  98
  102
  105
  109
  113
  118
  123
  128
  133
  139
  145
  151
  158
  165
  173
  181
  189
  198
  208
  218
  228
  239
  251
  263
  275
EBITDA, $m
  132
  187
  191
  196
  202
  208
  214
  222
  230
  238
  247
  257
  267
  279
  290
  303
  316
  330
  345
  361
  377
  395
  413
  433
  453
  475
  498
  521
  547
  573
  601
Interest expense (income), $m
  0
  46
  38
  39
  41
  43
  45
  47
  49
  52
  54
  57
  61
  64
  68
  71
  75
  80
  84
  89
  94
  99
  105
  111
  117
  124
  131
  138
  146
  154
  162
Earnings before tax, $m
  67
  39
  50
  50
  51
  52
  54
  55
  56
  57
  59
  60
  62
  64
  66
  68
  70
  72
  74
  76
  79
  82
  85
  87
  91
  94
  97
  101
  105
  109
  113
Tax expense, $m
  0
  11
  13
  14
  14
  14
  14
  15
  15
  15
  16
  16
  17
  17
  18
  18
  19
  19
  20
  21
  21
  22
  23
  24
  24
  25
  26
  27
  28
  29
  31
Net income, $m
  67
  29
  36
  37
  38
  38
  39
  40
  41
  42
  43
  44
  45
  47
  48
  49
  51
  52
  54
  56
  58
  60
  62
  64
  66
  69
  71
  74
  77
  80
  83

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  58
  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
  1,107
  1,027
  1,051
  1,078
  1,108
  1,142
  1,179
  1,219
  1,262
  1,309
  1,359
  1,413
  1,471
  1,532
  1,597
  1,665
  1,738
  1,816
  1,897
  1,984
  2,075
  2,171
  2,272
  2,379
  2,492
  2,611
  2,736
  2,867
  3,005
  3,151
  3,304
Adjusted assets (=assets-cash), $m
  1,049
  1,027
  1,051
  1,078
  1,108
  1,142
  1,179
  1,219
  1,262
  1,309
  1,359
  1,413
  1,471
  1,532
  1,597
  1,665
  1,738
  1,816
  1,897
  1,984
  2,075
  2,171
  2,272
  2,379
  2,492
  2,611
  2,736
  2,867
  3,005
  3,151
  3,304
Revenue / Adjusted assets
  0.162
  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
  1,023
  1,012
  1,036
  1,062
  1,092
  1,125
  1,162
  1,201
  1,244
  1,290
  1,340
  1,393
  1,449
  1,509
  1,573
  1,641
  1,713
  1,789
  1,870
  1,955
  2,044
  2,139
  2,239
  2,344
  2,455
  2,572
  2,695
  2,825
  2,961
  3,105
  3,256
Working capital, $m
  7
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
Total debt, $m
  716
  585
  606
  630
  658
  688
  721
  757
  796
  838
  884
  932
  984
  1,039
  1,097
  1,159
  1,225
  1,294
  1,368
  1,445
  1,527
  1,614
  1,705
  1,801
  1,903
  2,010
  2,122
  2,240
  2,365
  2,496
  2,634
Total liabilities, $m
  739
  925
  946
  970
  998
  1,028
  1,061
  1,097
  1,136
  1,178
  1,224
  1,272
  1,324
  1,379
  1,437
  1,499
  1,565
  1,634
  1,708
  1,785
  1,867
  1,954
  2,045
  2,141
  2,243
  2,350
  2,462
  2,580
  2,705
  2,836
  2,974
Total equity, $m
  368
  103
  105
  108
  111
  114
  118
  122
  126
  131
  136
  141
  147
  153
  160
  167
  174
  182
  190
  198
  207
  217
  227
  238
  249
  261
  274
  287
  301
  315
  330
Total liabilities and equity, $m
  1,107
  1,028
  1,051
  1,078
  1,109
  1,142
  1,179
  1,219
  1,262
  1,309
  1,360
  1,413
  1,471
  1,532
  1,597
  1,666
  1,739
  1,816
  1,898
  1,983
  2,074
  2,171
  2,272
  2,379
  2,492
  2,611
  2,736
  2,867
  3,006
  3,151
  3,304
Debt-to-equity ratio
  1.946
  5.690
  5.770
  5.850
  5.930
  6.020
  6.120
  6.210
  6.310
  6.400
  6.500
  6.590
  6.690
  6.780
  6.870
  6.960
  7.040
  7.130
  7.210
  7.290
  7.360
  7.430
  7.500
  7.570
  7.640
  7.700
  7.760
  7.810
  7.870
  7.920
  7.970
Adjusted equity ratio
  0.296
  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
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  67
  29
  36
  37
  38
  38
  39
  40
  41
  42
  43
  44
  45
  47
  48
  49
  51
  52
  54
  56
  58
  60
  62
  64
  66
  69
  71
  74
  77
  80
  83
Depreciation, amort., depletion, $m
  30
  101
  104
  106
  109
  113
  116
  120
  124
  129
  134
  139
  145
  151
  157
  164
  171
  179
  187
  195
  204
  214
  224
  234
  246
  257
  270
  282
  296
  310
  326
Funds from operations, $m
  101
  130
  140
  143
  147
  151
  155
  160
  165
  171
  177
  183
  190
  197
  205
  213
  222
  231
  241
  251
  262
  274
  286
  298
  312
  326
  341
  356
  373
  390
  408
Change in working capital, $m
  -3
  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
  -1
  -1
  -1
Cash from operations, $m
  104
  130
  140
  143
  147
  151
  155
  160
  165
  171
  177
  184
  190
  198
  205
  214
  222
  232
  241
  252
  262
  274
  286
  299
  312
  326
  341
  357
  373
  391
  409
Maintenance CAPEX, $m
  0
  -99
  -101
  -104
  -106
  -109
  -113
  -116
  -120
  -124
  -129
  -134
  -139
  -145
  -151
  -157
  -164
  -171
  -179
  -187
  -195
  -204
  -214
  -224
  -234
  -246
  -257
  -270
  -282
  -296
  -310
New CAPEX, $m
  -37
  -20
  -23
  -27
  -30
  -33
  -36
  -40
  -43
  -46
  -50
  -53
  -57
  -60
  -64
  -68
  -72
  -76
  -81
  -85
  -90
  -95
  -100
  -105
  -111
  -117
  -123
  -130
  -136
  -143
  -151
Cash from investing activities, $m
  -37
  -119
  -124
  -131
  -136
  -142
  -149
  -156
  -163
  -170
  -179
  -187
  -196
  -205
  -215
  -225
  -236
  -247
  -260
  -272
  -285
  -299
  -314
  -329
  -345
  -363
  -380
  -400
  -418
  -439
  -461
Free cash flow, $m
  67
  11
  15
  13
  11
  9
  7
  5
  3
  1
  -1
  -3
  -5
  -7
  -9
  -12
  -14
  -16
  -18
  -20
  -23
  -25
  -28
  -31
  -33
  -36
  -39
  -42
  -46
  -49
  -53
Issuance/(repayment) of debt, $m
  34
  -127
  21
  24
  27
  30
  33
  36
  39
  42
  45
  48
  52
  55
  58
  62
  66
  70
  74
  78
  82
  87
  91
  96
  101
  107
  112
  118
  125
  131
  138
Issuance/(repurchase) of shares, $m
  0
  116
  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 financing (excl. dividends), $m  
  34
  -11
  21
  24
  27
  30
  33
  36
  39
  42
  45
  48
  52
  55
  58
  62
  66
  70
  74
  78
  82
  87
  91
  96
  101
  107
  112
  118
  125
  131
  138
Total cash flow (excl. dividends), $m
  100
  0
  37
  37
  38
  39
  40
  41
  42
  43
  44
  45
  46
  48
  49
  50
  52
  54
  55
  57
  59
  61
  63
  66
  68
  71
  73
  76
  79
  82
  85
Retained Cash Flow (-), $m
  0
  -145
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -15
  -15
Prev. year cash balance distribution, $m
 
  42
  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
 
  -103
  34
  35
  35
  35
  36
  37
  37
  38
  39
  40
  40
  41
  42
  44
  45
  46
  47
  49
  50
  52
  53
  55
  57
  59
  61
  63
  65
  67
  70
Discount rate, %
 
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.71
  24.89
  26.14
  27.44
  28.81
  30.25
  31.77
  33.36
  35.02
  36.77
  38.61
  40.54
  42.57
  44.70
  46.93
  49.28
  51.75
  54.33
PV of cash for distribution, $m
 
  -91
  26
  23
  20
  17
  14
  12
  10
  8
  6
  5
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Dynagas LNG Partners LP is a limited partnership, which focuses on owning and operating liquid natural gas (LNG) carriers. The Company's vessels are employed on multi-year time charters with international energy companies. As of December 31, 2016, the Company owned and operated a fleet of six LNG carriers, consisting of the three LNG carriers in its Initial Fleet, the Clean Energy, the Ob River and the Amur River, and three 2013-built Ice Class LNG carriers that the Company acquired from its Sponsor the Arctic Aurora, the Yenisei River, and the Lena River (collectively referred as its Fleet). The vessels in its Fleet have an average age of 6.6 years and are contracted under multi-year charters with Shell, Gazprom, Statoil and Yamal with an average remaining charter term, as of March 17, 2017, of approximately 10.6 years, including the charter agreements relating to the Yenisei River and the Lena River with Yamal. The Company's Fleet is managed by its manager, Dynagas Ltd.

FINANCIAL RATIOS  of  Dynagas LNG Partners (DLNG)

Valuation Ratios
P/E Ratio 4.2
Price to Sales 1.7
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 2.7
Price to Free Cash Flow 4.2
Growth Rates
Sales Growth Rate 17.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -82%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 185.9%
Total Debt to Equity 194.6%
Interest Coverage 0
Management Effectiveness
Return On Assets 6%
Ret/ On Assets - 3 Yr. Avg. 6.5%
Return On Total Capital 6.3%
Ret/ On T. Cap. - 3 Yr. Avg. 6.7%
Return On Equity 18.2%
Return On Equity - 3 Yr. Avg. 18.2%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 82.4%
Gross Margin - 3 Yr. Avg. 82.2%
EBITDA Margin 57.1%
EBITDA Margin - 3 Yr. Avg. 59.8%
Operating Margin 60%
Oper. Margin - 3 Yr. Avg. 60.5%
Pre-Tax Margin 39.4%
Pre-Tax Margin - 3 Yr. Avg. 42.8%
Net Profit Margin 39.4%
Net Profit Margin - 3 Yr. Avg. 42.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 100%

DLNG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DLNG stock intrinsic value calculation we used $139 million for the last fiscal year's total revenue generated by Dynagas LNG Partners. The default revenue input number comes from 2016 income statement of Dynagas LNG Partners. 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 DLNG 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 13.2%, whose default value for DLNG is calculated based on our internal credit rating of Dynagas LNG Partners, 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 Dynagas LNG Partners.
    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 DLNG stock the variable cost ratio is equal to 39.6%.

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 DLNG 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 6.5% for Dynagas LNG Partners.

Corporate tax rate of 27% is the nominal tax rate for Dynagas LNG Partners. 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 DLNG 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 DLNG are equal to 714%.

Life of production assets of 10 years is the average useful life of capital assets used in Dynagas LNG Partners 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 DLNG is equal to -2.7%. 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 - $0 million for Dynagas LNG Partners - 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 35 million for Dynagas LNG Partners 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 Dynagas LNG Partners at the current share price and the inputted number of shares is $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating
GLOG GasLog 16.95 2.80  str.sell
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TGP Teekay LNG Par 16.40 5.27  str.sell
GMLP Golar LNG Part 15.09 7.49  str.sell
NAP Navios Maritim 3.53 1.27  str.sell
STNG Scorpio Tanker 2.31 1.95  hold
NNA Navios Maritim 0.590 1.26  str.buy
GLOP GasLog Partner 24.05 9.10  str.sell
HMLP Hoegh LNG Part 17.95 10.48  sell
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COMPANY NEWS

▶ Dynagas LNG Partners LP to Host Earnings Call   [May-17-18 08:00AM  ACCESSWIRE]
▶ Dynagas LNG Partners LP to Host Earnings Call   [Feb-16-18 07:15AM  ACCESSWIRE]
▶ GasLog Partners 4Q17 EBITDA: Analysts Expectations   [Jan-26-18 04:15PM  Market Realist]
▶ Golar LNG Partners Compared to Its Peers   [Jan-25-18 07:31AM  Market Realist]
▶ GasLog Partners: Barclays Revised the Target Price   [Jan-24-18 10:30AM  Market Realist]
▶ Golar LNGs Earnings Are Expected to Rise 93%   [07:33AM  Market Realist]
▶ GasLog: More than 75% of the Analysts Are Bullish   [Jan-23-18 03:05PM  Market Realist]
▶ How Financially Strong Is Dynagas LNG Partners LP (NYSE:DLNG)?   [Jan-03-18 11:38AM  Simply Wall St.]
▶ At $13.63, Is It Time To Buy Dynagas LNG Partners LP (DLNG)?   [Nov-27-17 03:50PM  Simply Wall St.]
▶ Week 43: Where Are Bunker Fuel Prices Headed?   [Nov-01-17 07:34AM  Market Realist]
▶ Did Bunker Fuel Prices Rise in Week 42?   [Oct-27-17 02:35PM  Market Realist]
▶ Week 41: Where Are Crude and Bunker Fuel Prices Heading?   [Oct-18-17 03:06PM  Market Realist]
▶ Should You Buy Dynagas LNG Partners LP (DLNG) At $13.96?   [Oct-07-17 04:59PM  Simply Wall St.]
▶ A Look at Hoegh LNG Partners Financial Health after 2Q17   [Aug-28-17 07:37AM  Market Realist]
▶ How Hoegh LNG Partners Dividends Rose over Time   [Aug-25-17 05:36PM  Market Realist]
▶ Highlights of Hoegh LNG Partners 2Q17 Results   [02:23PM  Market Realist]
▶ Will GasLog Partners 2017 EBITDA Rise?   [Jul-14-17 03:35PM  Market Realist]
▶ Will Trump's America First Energy Plan Pump Up This IPO Leader?   [Mar-16-17 02:21PM  Investor's Business Daily]
Financial statements of DLNG
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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