Intrinsic value of GasLog - GLOG

Previous Close

$17.75

  Intrinsic Value

$2.90

stock screener

  Rating & Target

str. sell

-84%

Previous close

$17.75

 
Intrinsic value

$2.90

 
Up/down potential

-84%

 
Rating

str. sell

We calculate the intrinsic value of GLOG 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 2016), $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 1.4

 

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, %
  12.29
  14.00
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
Revenue, $m
  466
  531
  601
  675
  753
  835
  921
  1,011
  1,105
  1,203
  1,305
  1,411
  1,522
  1,637
  1,756
  1,880
  2,009
  2,143
  2,282
  2,427
  2,578
  2,735
  2,898
  3,069
  3,247
  3,433
  3,626
  3,829
  4,040
  4,261
  4,492
Variable operating expenses, $m
 
  322
  364
  409
  456
  506
  558
  612
  669
  729
  790
  854
  920
  990
  1,062
  1,137
  1,215
  1,296
  1,380
  1,468
  1,559
  1,654
  1,753
  1,856
  1,964
  2,076
  2,193
  2,316
  2,444
  2,577
  2,717
Fixed operating expenses, $m
 
  9
  9
  10
  10
  10
  10
  11
  11
  11
  12
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
  15
  15
  16
  16
  17
  17
  18
  18
  18
  19
Total operating expenses, $m
  292
  331
  373
  419
  466
  516
  568
  623
  680
  740
  802
  866
  932
  1,002
  1,075
  1,150
  1,228
  1,310
  1,394
  1,482
  1,574
  1,669
  1,768
  1,872
  1,980
  2,093
  2,210
  2,334
  2,462
  2,595
  2,736
Operating income, $m
  175
  200
  227
  256
  286
  319
  352
  388
  425
  463
  503
  546
  589
  634
  681
  730
  780
  833
  888
  945
  1,004
  1,065
  1,130
  1,197
  1,267
  1,340
  1,416
  1,495
  1,579
  1,665
  1,756
EBITDA, $m
  298
  344
  391
  439
  491
  546
  603
  662
  725
  790
  857
  928
  1,001
  1,077
  1,156
  1,238
  1,324
  1,413
  1,505
  1,601
  1,701
  1,805
  1,914
  2,027
  2,145
  2,268
  2,397
  2,531
  2,672
  2,818
  2,972
Interest expense (income), $m
  79
  95
  112
  130
  149
  169
  190
  212
  235
  259
  285
  311
  338
  367
  396
  427
  458
  492
  526
  562
  599
  638
  678
  720
  764
  810
  857
  907
  959
  1,013
  1,070
Earnings before tax, $m
  28
  105
  115
  126
  138
  150
  162
  176
  189
  204
  219
  235
  251
  268
  285
  303
  322
  341
  362
  383
  405
  428
  452
  477
  503
  530
  558
  588
  619
  652
  686
Tax expense, $m
  0
  28
  31
  34
  37
  40
  44
  47
  51
  55
  59
  63
  68
  72
  77
  82
  87
  92
  98
  103
  109
  115
  122
  129
  136
  143
  151
  159
  167
  176
  185
Net income, $m
  -21
  76
  84
  92
  100
  109
  119
  128
  138
  149
  160
  172
  183
  195
  208
  221
  235
  249
  264
  279
  295
  312
  330
  348
  367
  387
  408
  429
  452
  476
  501

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  244
  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
  4,515
  4,874
  5,512
  6,190
  6,905
  7,658
  8,448
  9,275
  10,138
  11,037
  11,974
  12,948
  13,962
  15,015
  16,109
  17,246
  18,428
  19,656
  20,934
  22,264
  23,648
  25,089
  26,590
  28,155
  29,788
  31,491
  33,269
  35,126
  37,066
  39,094
  41,214
Adjusted assets (=assets-cash), $m
  4,271
  4,874
  5,512
  6,190
  6,905
  7,658
  8,448
  9,275
  10,138
  11,037
  11,974
  12,948
  13,962
  15,015
  16,109
  17,246
  18,428
  19,656
  20,934
  22,264
  23,648
  25,089
  26,590
  28,155
  29,788
  31,491
  33,269
  35,126
  37,066
  39,094
  41,214
Revenue / Adjusted assets
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
Average production assets, $m
  3,783
  4,312
  4,877
  5,476
  6,109
  6,776
  7,475
  8,206
  8,969
  9,765
  10,594
  11,456
  12,353
  13,284
  14,252
  15,258
  16,304
  17,391
  18,522
  19,698
  20,922
  22,197
  23,526
  24,911
  26,355
  27,862
  29,435
  31,078
  32,794
  34,589
  36,465
Working capital, $m
  7
  -96
  -108
  -121
  -135
  -150
  -166
  -182
  -199
  -217
  -235
  -254
  -274
  -295
  -316
  -338
  -362
  -386
  -411
  -437
  -464
  -492
  -522
  -552
  -584
  -618
  -653
  -689
  -727
  -767
  -809
Total debt, $m
  2,872
  3,202
  3,713
  4,255
  4,827
  5,430
  6,062
  6,723
  7,413
  8,133
  8,882
  9,662
  10,472
  11,315
  12,190
  13,100
  14,045
  15,028
  16,050
  17,114
  18,221
  19,374
  20,575
  21,827
  23,133
  24,496
  25,918
  27,404
  28,956
  30,578
  32,275
Total liabilities, $m
  3,570
  3,899
  4,410
  4,952
  5,524
  6,127
  6,759
  7,420
  8,110
  8,830
  9,579
  10,359
  11,169
  12,012
  12,887
  13,797
  14,742
  15,725
  16,747
  17,811
  18,918
  20,071
  21,272
  22,524
  23,830
  25,193
  26,615
  28,101
  29,653
  31,275
  32,972
Total equity, $m
  946
  975
  1,102
  1,238
  1,381
  1,532
  1,690
  1,855
  2,028
  2,207
  2,395
  2,590
  2,792
  3,003
  3,222
  3,449
  3,686
  3,931
  4,187
  4,453
  4,730
  5,018
  5,318
  5,631
  5,958
  6,298
  6,654
  7,025
  7,413
  7,819
  8,243
Total liabilities and equity, $m
  4,516
  4,874
  5,512
  6,190
  6,905
  7,659
  8,449
  9,275
  10,138
  11,037
  11,974
  12,949
  13,961
  15,015
  16,109
  17,246
  18,428
  19,656
  20,934
  22,264
  23,648
  25,089
  26,590
  28,155
  29,788
  31,491
  33,269
  35,126
  37,066
  39,094
  41,215
Debt-to-equity ratio
  3.036
  3.280
  3.370
  3.440
  3.500
  3.540
  3.590
  3.620
  3.660
  3.680
  3.710
  3.730
  3.750
  3.770
  3.780
  3.800
  3.810
  3.820
  3.830
  3.840
  3.850
  3.860
  3.870
  3.880
  3.880
  3.890
  3.900
  3.900
  3.910
  3.910
  3.920
Adjusted equity ratio
  0.164
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -21
  76
  84
  92
  100
  109
  119
  128
  138
  149
  160
  172
  183
  195
  208
  221
  235
  249
  264
  279
  295
  312
  330
  348
  367
  387
  408
  429
  452
  476
  501
Depreciation, amort., depletion, $m
  123
  145
  164
  184
  205
  227
  250
  275
  300
  327
  354
  382
  412
  443
  475
  509
  543
  580
  617
  657
  697
  740
  784
  830
  878
  929
  981
  1,036
  1,093
  1,153
  1,215
Funds from operations, $m
  217
  221
  247
  275
  305
  336
  369
  403
  438
  475
  514
  553
  595
  638
  683
  730
  778
  829
  881
  936
  993
  1,052
  1,114
  1,178
  1,246
  1,316
  1,389
  1,465
  1,545
  1,629
  1,716
Change in working capital, $m
  -40
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -40
  -42
Cash from operations, $m
  257
  233
  260
  289
  319
  351
  384
  419
  455
  493
  532
  573
  615
  659
  705
  752
  802
  853
  906
  962
  1,020
  1,080
  1,143
  1,209
  1,278
  1,349
  1,424
  1,502
  1,583
  1,669
  1,758
Maintenance CAPEX, $m
  0
  -126
  -144
  -163
  -183
  -204
  -226
  -249
  -274
  -299
  -326
  -353
  -382
  -412
  -443
  -475
  -509
  -543
  -580
  -617
  -657
  -697
  -740
  -784
  -830
  -878
  -929
  -981
  -1,036
  -1,093
  -1,153
New CAPEX, $m
  -762
  -530
  -565
  -599
  -633
  -666
  -699
  -731
  -764
  -796
  -829
  -862
  -896
  -932
  -968
  -1,006
  -1,046
  -1,087
  -1,131
  -1,176
  -1,224
  -1,275
  -1,328
  -1,385
  -1,444
  -1,507
  -1,573
  -1,643
  -1,717
  -1,794
  -1,876
Cash from investing activities, $m
  -771
  -656
  -709
  -762
  -816
  -870
  -925
  -980
  -1,038
  -1,095
  -1,155
  -1,215
  -1,278
  -1,344
  -1,411
  -1,481
  -1,555
  -1,630
  -1,711
  -1,793
  -1,881
  -1,972
  -2,068
  -2,169
  -2,274
  -2,385
  -2,502
  -2,624
  -2,753
  -2,887
  -3,029
Free cash flow, $m
  -514
  -423
  -449
  -473
  -497
  -519
  -541
  -561
  -582
  -602
  -622
  -643
  -663
  -684
  -706
  -729
  -753
  -778
  -804
  -832
  -861
  -892
  -925
  -960
  -997
  -1,036
  -1,078
  -1,122
  -1,169
  -1,219
  -1,271
Issuance/(repayment) of debt, $m
  289
  483
  511
  542
  572
  602
  632
  661
  690
  720
  749
  780
  810
  842
  875
  910
  945
  983
  1,022
  1,064
  1,107
  1,153
  1,201
  1,252
  1,306
  1,363
  1,422
  1,486
  1,552
  1,622
  1,696
Issuance/(repurchase) of shares, $m
  53
  43
  44
  44
  43
  41
  39
  37
  34
  31
  28
  23
  19
  15
  11
  6
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  539
  526
  555
  586
  615
  643
  671
  698
  724
  751
  777
  803
  829
  857
  886
  916
  946
  983
  1,022
  1,064
  1,107
  1,153
  1,201
  1,252
  1,306
  1,363
  1,422
  1,486
  1,552
  1,622
  1,696
Total cash flow (excl. dividends), $m
  23
  104
  106
  112
  119
  125
  131
  137
  143
  149
  155
  160
  167
  173
  180
  187
  194
  205
  218
  232
  246
  261
  276
  292
  309
  326
  344
  363
  383
  404
  425
Retained Cash Flow (-), $m
  56
  -120
  -128
  -135
  -143
  -151
  -158
  -165
  -173
  -180
  -187
  -195
  -203
  -211
  -219
  -227
  -236
  -246
  -256
  -266
  -277
  -288
  -300
  -313
  -326
  -341
  -356
  -371
  -388
  -406
  -424
Prev. year cash balance distribution, $m
 
  91
  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
 
  75
  -22
  -23
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -35
  -36
  -38
  -39
  -41
  -42
  -40
  -37
  -34
  -31
  -27
  -24
  -21
  -18
  -14
  -11
  -8
  -5
  -2
  1
Discount rate, %
 
  10.60
  11.13
  11.69
  12.27
  12.88
  13.53
  14.21
  14.92
  15.66
  16.44
  17.27
  18.13
  19.04
  19.99
  20.99
  22.04
  23.14
  24.30
  25.51
  26.79
  28.12
  29.53
  31.01
  32.56
  34.19
  35.90
  37.69
  39.57
  41.55
  43.63
PV of cash for distribution, $m
 
  68
  -18
  -17
  -15
  -14
  -13
  -11
  -10
  -8
  -7
  -6
  -5
  -4
  -3
  -2
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  96.7
  94.0
  91.6
  89.5
  87.8
  86.3
  85.1
  84.0
  83.2
  82.5
  82.0
  81.6
  81.3
  81.1
  81.0
  81.0
  81.0
  81.0
  81.0
  81.0
  81.0
  81.0
  81.0
  81.0
  81.0
  81.0
  81.0
  81.0
  81.0
  81.0

GasLog Ltd. is an international owner, operator and manager of liquefied natural gas (LNG) carriers. The Company provides support to international energy companies as part of their LNG logistics chain. The Company's owned consolidated fleet consists of 27 LNG carriers, including 22 ships in operation and five LNG carriers on order. The Company also had four LNG carriers operating under its technical management for third parties. GasLog Partners LP, a master limited partnership formed by the Company, owned a further of approximately 10 LNG carriers. Its on the water fleet includes Methane Lydon Volney, GasLog Savannah, GasLog Savannah, GasLog Chelsea, GasLog Skagen, Solaris and GasLog Saratoga. Its new builds vessels include Hull No. 2130, Hull No. 2800 and Hull No. 2801. Its GasLog Partners Fleet includes GasLog Seattle, GasLog Shanghai, GasLog Santiago, GasLog Sydney and Methane Jane Elizabeth. Its managed fleet includes Methane Julia Louise and Methane Nile Eagle.

FINANCIAL RATIOS  of  GasLog (GLOG)

Valuation Ratios
P/E Ratio -68.1
Price to Sales 3.1
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 5.6
Price to Free Cash Flow -2.8
Growth Rates
Sales Growth Rate 12.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 4.7%
Cap. Spend. - 3 Yr. Gr. Rate -6%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 287.4%
Total Debt to Equity 303.6%
Interest Coverage 1
Management Effectiveness
Return On Assets 1.4%
Ret/ On Assets - 3 Yr. Avg. 2.7%
Return On Total Capital -0.6%
Ret/ On T. Cap. - 3 Yr. Avg. 0.5%
Return On Equity -2.2%
Return On Equity - 3 Yr. Avg. 1.4%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 75.8%
Gross Margin - 3 Yr. Avg. 76%
EBITDA Margin 49.4%
EBITDA Margin - 3 Yr. Avg. 54.6%
Operating Margin 37.3%
Oper. Margin - 3 Yr. Avg. 39.6%
Pre-Tax Margin 6%
Pre-Tax Margin - 3 Yr. Avg. 11.5%
Net Profit Margin -4.5%
Net Profit Margin - 3 Yr. Avg. 3.6%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio -471.4%

GLOG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GLOG stock intrinsic value calculation we used $466 million for the last fiscal year's total revenue generated by GasLog. The default revenue input number comes from 2016 income statement of GasLog. 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 GLOG stock valuation model: a) initial revenue growth rate of 14% 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 10.6%, whose default value for GLOG is calculated based on our internal credit rating of GasLog, 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 GasLog.
    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 GLOG stock the variable cost ratio is equal to 60.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $9 million in the base year in the intrinsic value calculation for GLOG 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 3.5% for GasLog.

Corporate tax rate of 27% is the nominal tax rate for GasLog. 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 GLOG 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 GLOG are equal to 811.7%.

Life of production assets of 30.8 years is the average useful life of capital assets used in GasLog 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 GLOG is equal to -18%. 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 - $946 million for GasLog - 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 80.571 million for GasLog 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 GasLog at the current share price and the inputted number of shares is $1.4 billion.

RELATED COMPANIES Price Int.Val. Rating
DLNG Dynagas LNG Pa 12.54 9.41  sell
GLNG Golar LNG 23.70 4.61  str.sell
TGP Teekay LNG Par 17.25 4.93  str.sell
GASS StealthGas 3.75 3.60  hold
GMLP Golar LNG Part 21.75 18.08  sell
GLOP GasLog Partner 22.85 5.24  str.sell

COMPANY NEWS

▶ GasLog meets 3Q profit forecasts   [Nov-02-17 08:35AM  Associated Press]
▶ GasLog Ltd. Value Analysis (NYSE:GLOG) : October 26, 2017   [Oct-26-17 11:05AM  Capital Cube]
▶ GasLog Ltd. Announces Date for 2017 Third-Quarter Results   [Oct-25-17 04:01PM  GlobeNewswire]
▶ GasLog Ltd. Value Analysis (NYSE:GLOG) : August 29, 2017   [Aug-28-17 08:37PM  Capital Cube]
▶ Highlights of Hoegh LNG Partners 2Q17 Results   [Aug-25-17 02:23PM  Market Realist]
▶ GasLog reports 2Q loss   [Aug-04-17 03:17AM  Associated Press]
▶ GasLog reports 2Q loss   [Aug-03-17 09:05AM  Associated Press]
▶ GasLog Ltd. Announces Date for 2017 Second-Quarter Results   [Jul-26-17 05:10PM  GlobeNewswire]
▶ Bunker Fuel and Crude Oil Prices in Week 27   [Jul-13-17 07:38AM  Market Realist]
▶ ETFs with exposure to GasLog Ltd. : July 7, 2017   [Jul-07-17 02:57PM  Capital Cube]
▶ Morgan Stanley Upgrades GasLog   [Jun-29-17 04:06PM  Market Realist]
▶ Why Bunker Fuel Prices Are on a Downward Trend   [Jun-28-17 07:38AM  Market Realist]
▶ ETFs with exposure to GasLog Ltd. : June 26, 2017   [Jun-26-17 04:03PM  Capital Cube]
▶ ETFs with exposure to GasLog Ltd. : June 15, 2017   [Jun-15-17 02:03PM  Capital Cube]
▶ GasLog Ltd. Value Analysis (NYSE:GLOG) : June 14, 2017   [Jun-14-17 02:04PM  Capital Cube]
▶ Why LNG Transport Firms' Stock Prices Sank in May   [Jun-09-17 04:21PM  Motley Fool]
▶ How Did Bunker Fuel Prices Trend in Week 21?   [Jun-01-17 09:08AM  Market Realist]
▶ Bunker Fuel Prices Rose in Week 19   [May-16-17 10:39AM  Market Realist]
▶ GasLog beats Street 1Q forecasts   [May-05-17 07:08AM  Associated Press]
▶ Earnings Preview: Gaslogs 1Q17 Results   [Apr-28-17 04:43PM  Market Realist]
▶ New Strong Sell Stocks for April 25th   [Apr-25-17 10:10AM  Zacks]
▶ Why Did Bunker Fuel Prices Fall in Week 10?   [Mar-16-17 09:31AM  Market Realist]
▶ GasLog misses Street 4Q forecasts   [Feb-17-17 07:20AM  Associated Press]
▶ GasLog Ltd. Announces Date for 2016 Fourth-Quarter Results   [Feb-15-17 07:01AM  GlobeNewswire]
▶ GasLog Ltd. closes Sale & Purchase Agreement with Gastrade   [Feb-09-17 07:00AM  GlobeNewswire]
▶ GasLog Ltd. Announces Date for 2016 Fourth-Quarter Results   [Jan-24-17 07:06AM  GlobeNewswire]
▶ GasLog Ltd. and GasLog Partners LP Announce CFO Transition   [Jan-16-17 11:42AM  GlobeNewswire]
▶ What Smart Money Thinks about Caleres Inc (CAL)?   [Dec-02-16 01:13PM  at Insider Monkey]
Financial statements of GLOG
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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