Intrinsic value of GasLog Partners - GLOP

Previous Close

$22.45

  Intrinsic Value

$5.24

stock screener

  Rating & Target

str. sell

-77%

Previous close

$22.45

 
Intrinsic value

$5.24

 
Up/down potential

-77%

 
Rating

str. sell

We calculate the intrinsic value of GLOP 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 0.9

 

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, %
  2.23
  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
  229
  234
  239
  245
  252
  260
  268
  277
  287
  298
  309
  321
  334
  348
  363
  379
  395
  413
  431
  451
  472
  494
  517
  541
  567
  594
  622
  652
  683
  716
  751
Variable operating expenses, $m
 
  47
  48
  49
  51
  52
  54
  56
  58
  60
  62
  65
  67
  70
  73
  76
  79
  83
  87
  91
  95
  99
  104
  109
  114
  119
  125
  131
  137
  144
  151
Fixed operating expenses, $m
 
  71
  72
  74
  76
  78
  80
  82
  84
  86
  88
  91
  93
  95
  97
  100
  102
  105
  108
  110
  113
  116
  119
  122
  125
  128
  131
  134
  138
  141
  145
Total operating expenses, $m
  113
  118
  120
  123
  127
  130
  134
  138
  142
  146
  150
  156
  160
  165
  170
  176
  181
  188
  195
  201
  208
  215
  223
  231
  239
  247
  256
  265
  275
  285
  296
Operating income, $m
  116
  116
  118
  122
  125
  129
  134
  139
  145
  152
  159
  166
  174
  183
  193
  203
  213
  225
  237
  250
  264
  278
  294
  310
  328
  346
  366
  386
  408
  431
  455
EBITDA, $m
  166
  168
  172
  177
  182
  188
  194
  202
  210
  219
  228
  238
  249
  261
  274
  288
  302
  318
  334
  351
  370
  389
  410
  432
  455
  480
  506
  533
  562
  592
  624
Interest expense (income), $m
  26
  32
  33
  33
  34
  35
  36
  38
  39
  40
  42
  44
  45
  47
  49
  51
  54
  56
  59
  61
  64
  67
  70
  74
  77
  81
  85
  89
  94
  98
  103
Earnings before tax, $m
  77
  84
  86
  88
  91
  94
  98
  102
  106
  111
  117
  123
  129
  136
  143
  151
  160
  169
  178
  189
  200
  211
  224
  237
  251
  265
  281
  297
  315
  333
  353
Tax expense, $m
  0
  23
  23
  24
  25
  25
  26
  27
  29
  30
  32
  33
  35
  37
  39
  41
  43
  46
  48
  51
  54
  57
  60
  64
  68
  72
  76
  80
  85
  90
  95
Net income, $m
  77
  61
  63
  64
  66
  69
  71
  74
  78
  81
  85
  89
  94
  99
  105
  110
  117
  123
  130
  138
  146
  154
  163
  173
  183
  194
  205
  217
  230
  243
  257

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  56
  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
  1,699
  1,680
  1,719
  1,763
  1,813
  1,868
  1,928
  1,994
  2,065
  2,141
  2,224
  2,312
  2,405
  2,505
  2,611
  2,724
  2,843
  2,970
  3,103
  3,245
  3,394
  3,551
  3,717
  3,892
  4,076
  4,270
  4,474
  4,689
  4,916
  5,154
  5,404
Adjusted assets (=assets-cash), $m
  1,643
  1,680
  1,719
  1,763
  1,813
  1,868
  1,928
  1,994
  2,065
  2,141
  2,224
  2,312
  2,405
  2,505
  2,611
  2,724
  2,843
  2,970
  3,103
  3,245
  3,394
  3,551
  3,717
  3,892
  4,076
  4,270
  4,474
  4,689
  4,916
  5,154
  5,404
Revenue / Adjusted assets
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
Average production assets, $m
  1,544
  1,575
  1,611
  1,652
  1,699
  1,750
  1,807
  1,868
  1,935
  2,007
  2,084
  2,166
  2,254
  2,348
  2,447
  2,553
  2,665
  2,783
  2,908
  3,041
  3,180
  3,328
  3,483
  3,647
  3,820
  4,002
  4,193
  4,395
  4,607
  4,830
  5,064
Working capital, $m
  -27
  -28
  -28
  -29
  -30
  -31
  -32
  -33
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -81
  -85
  -89
Total debt, $m
  967
  932
  955
  980
  1,009
  1,041
  1,075
  1,113
  1,154
  1,199
  1,246
  1,297
  1,351
  1,409
  1,470
  1,536
  1,605
  1,678
  1,755
  1,836
  1,923
  2,013
  2,109
  2,210
  2,317
  2,429
  2,547
  2,671
  2,802
  2,940
  3,085
Total liabilities, $m
  1,005
  971
  994
  1,019
  1,048
  1,080
  1,114
  1,152
  1,193
  1,238
  1,285
  1,336
  1,390
  1,448
  1,509
  1,575
  1,644
  1,717
  1,794
  1,875
  1,962
  2,052
  2,148
  2,249
  2,356
  2,468
  2,586
  2,710
  2,841
  2,979
  3,124
Total equity, $m
  693
  709
  725
  744
  765
  788
  814
  841
  871
  904
  938
  975
  1,015
  1,057
  1,102
  1,150
  1,200
  1,253
  1,310
  1,369
  1,432
  1,499
  1,569
  1,642
  1,720
  1,802
  1,888
  1,979
  2,074
  2,175
  2,281
Total liabilities and equity, $m
  1,698
  1,680
  1,719
  1,763
  1,813
  1,868
  1,928
  1,993
  2,064
  2,142
  2,223
  2,311
  2,405
  2,505
  2,611
  2,725
  2,844
  2,970
  3,104
  3,244
  3,394
  3,551
  3,717
  3,891
  4,076
  4,270
  4,474
  4,689
  4,915
  5,154
  5,405
Debt-to-equity ratio
  1.395
  1.310
  1.320
  1.320
  1.320
  1.320
  1.320
  1.320
  1.320
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.340
  1.340
  1.340
  1.340
  1.340
  1.340
  1.340
  1.340
  1.350
  1.350
  1.350
  1.350
  1.350
  1.350
  1.350
  1.350
Adjusted equity ratio
  0.388
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  77
  61
  63
  64
  66
  69
  71
  74
  78
  81
  85
  89
  94
  99
  105
  110
  117
  123
  130
  138
  146
  154
  163
  173
  183
  194
  205
  217
  230
  243
  257
Depreciation, amort., depletion, $m
  50
  52
  54
  55
  57
  58
  60
  62
  65
  67
  69
  72
  75
  78
  82
  85
  89
  93
  97
  101
  106
  111
  116
  122
  127
  133
  140
  146
  154
  161
  169
Funds from operations, $m
  123
  114
  116
  119
  123
  127
  132
  137
  142
  148
  155
  162
  169
  177
  186
  195
  205
  216
  227
  239
  252
  265
  279
  294
  310
  327
  345
  363
  383
  404
  426
Change in working capital, $m
  -21
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
Cash from operations, $m
  144
  114
  117
  120
  124
  128
  133
  138
  143
  149
  156
  163
  171
  179
  188
  197
  207
  218
  229
  241
  254
  268
  282
  297
  313
  330
  348
  367
  387
  408
  430
Maintenance CAPEX, $m
  0
  -51
  -52
  -54
  -55
  -57
  -58
  -60
  -62
  -65
  -67
  -69
  -72
  -75
  -78
  -82
  -85
  -89
  -93
  -97
  -101
  -106
  -111
  -116
  -122
  -127
  -133
  -140
  -146
  -154
  -161
New CAPEX, $m
  -5
  -31
  -36
  -41
  -46
  -52
  -57
  -62
  -67
  -72
  -77
  -82
  -88
  -94
  -99
  -106
  -112
  -118
  -125
  -132
  -140
  -147
  -155
  -164
  -173
  -182
  -191
  -202
  -212
  -223
  -235
Cash from investing activities, $m
  -7
  -82
  -88
  -95
  -101
  -109
  -115
  -122
  -129
  -137
  -144
  -151
  -160
  -169
  -177
  -188
  -197
  -207
  -218
  -229
  -241
  -253
  -266
  -280
  -295
  -309
  -324
  -342
  -358
  -377
  -396
Free cash flow, $m
  137
  32
  28
  25
  22
  20
  18
  16
  14
  13
  12
  11
  11
  10
  10
  10
  10
  11
  11
  12
  13
  14
  16
  17
  19
  21
  23
  26
  28
  31
  35
Issuance/(repayment) of debt, $m
  -57
  21
  22
  26
  29
  32
  35
  38
  41
  44
  48
  51
  54
  58
  61
  65
  69
  73
  77
  82
  86
  91
  96
  101
  106
  112
  118
  124
  131
  138
  145
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
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -84
  21
  22
  26
  29
  32
  35
  38
  41
  44
  48
  51
  54
  58
  61
  65
  69
  73
  77
  82
  86
  91
  96
  101
  106
  112
  118
  124
  131
  138
  145
Total cash flow (excl. dividends), $m
  54
  53
  51
  51
  51
  52
  53
  54
  55
  57
  60
  62
  65
  68
  71
  75
  79
  84
  89
  94
  99
  105
  112
  118
  125
  133
  141
  150
  159
  169
  179
Retained Cash Flow (-), $m
  -81
  -16
  -16
  -19
  -21
  -23
  -25
  -28
  -30
  -32
  -35
  -37
  -40
  -42
  -45
  -48
  -50
  -53
  -56
  -60
  -63
  -66
  -70
  -74
  -78
  -82
  -86
  -91
  -95
  -100
  -106
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
 
  37
  34
  32
  30
  28
  27
  26
  25
  25
  25
  25
  25
  26
  27
  28
  29
  30
  32
  34
  36
  39
  42
  44
  48
  51
  55
  59
  64
  69
  74
Discount rate, %
 
  8.60
  9.03
  9.48
  9.96
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.42
  27.74
  29.12
  30.58
  32.11
  33.71
  35.40
PV of cash for distribution, $m
 
  34
  29
  24
  20
  17
  15
  12
  10
  9
  7
  6
  5
  4
  3
  3
  2
  2
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  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
  100.0

GasLog Partners LP is a limited partnership company. The Company focuses on owning, operating and acquiring liquefied natural gas (LNG) carriers under multi-year charters. The Company's fleet consists of 9 LNG carriers with an average carrying capacity of approximately 149,500 cubic meters (cbm), each of which has a multi-year time charter. The Company's fleet includes GasLog Seattle, GasLog Shanghai, GasLog Santiago, GasLog Sydney, Methane Rita Andrea, Methane Jane Elizabeth, Methane Alison Victoria, Methane Shirley Elisabeth and Methane Heather Sally. The GasLog Seattle is a tri-fuel diesel electric LNG carrier. Each of the GasLog Seattle, GasLog Shanghai, GasLog Santiago and GasLog Sydney vessels has a cargo capacity of approximately 155,000 cbm. Each of the Methane Rita Andrea, Methane Heather Sally, Methane Shirley Elisabeth, Methane Alison Victoria and Methane Jane Elizabeth vessels has a cargo capacity of approximately 145,000 cbm.

FINANCIAL RATIOS  of  GasLog Partners (GLOP)

Valuation Ratios
P/E Ratio 10.2
Price to Sales 3.4
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 5.5
Price to Free Cash Flow 5.7
Growth Rates
Sales Growth Rate 2.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -28.6%
Cap. Spend. - 3 Yr. Gr. Rate -59.4%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 131.5%
Total Debt to Equity 139.5%
Interest Coverage 4
Management Effectiveness
Return On Assets 6.4%
Ret/ On Assets - 3 Yr. Avg. 7.2%
Return On Total Capital 4.9%
Ret/ On T. Cap. - 3 Yr. Avg. 5.2%
Return On Equity 11.8%
Return On Equity - 3 Yr. Avg. 13%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 77.7%
Gross Margin - 3 Yr. Avg. 78.1%
EBITDA Margin 66.8%
EBITDA Margin - 3 Yr. Avg. 66.7%
Operating Margin 50.7%
Oper. Margin - 3 Yr. Avg. 51.5%
Pre-Tax Margin 33.6%
Pre-Tax Margin - 3 Yr. Avg. 31.7%
Net Profit Margin 33.6%
Net Profit Margin - 3 Yr. Avg. 31.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 85.7%

GLOP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GLOP stock intrinsic value calculation we used $229 million for the last fiscal year's total revenue generated by GasLog Partners. The default revenue input number comes from 2016 income statement of GasLog 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 GLOP 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 8.6%, whose default value for GLOP is calculated based on our internal credit rating of GasLog 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 GasLog 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 GLOP stock the variable cost ratio is equal to 20.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $69 million in the base year in the intrinsic value calculation for GLOP 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 Partners.

Corporate tax rate of 27% is the nominal tax rate for GasLog 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 GLOP 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 GLOP are equal to 674.2%.

Life of production assets of 30.9 years is the average useful life of capital assets used in GasLog 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 GLOP is equal to -11.8%. 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 - $693 million for GasLog 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 39.465 million for GasLog 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 GasLog Partners at the current share price and the inputted number of shares is $0.9 billion.

RELATED COMPANIES Price Int.Val. Rating
BPL Buckeye Partne 48.86 14.14  str.sell
GLOG GasLog 19.90 2.90  str.sell
ASC Ardmore Shippi 7.90 3.01  str.sell
GMLP Golar LNG Part 21.00 18.08  sell
GLNG Golar LNG 26.46 4.61  str.sell

COMPANY NEWS

▶ GasLog: Analysts Recommendations in December   [Dec-13-17 12:16PM  Market Realist]
▶ These MLPs Have the Highest Earnings Margins Today   [Dec-08-17 10:22AM  Market Realist]
▶ What Is GasLog Partners LPs (GLOP) Share Price Doing?   [Nov-09-17 04:35PM  Simply Wall St.]
▶ Top Ranked Income Stocks to Buy for October 6th   [Oct-06-17 09:44AM  Zacks]
▶ Is Seaspan Corporation a Buy?   [Oct-03-17 05:22PM  Motley Fool]
▶ At $23.3, Is GasLog Partners LP (GLOP) A Buy?   [Oct-02-17 07:42AM  Simply Wall St.]
▶ What Analysts Recommend for Gaslog and Gaslog Partners   [Sep-22-17 01:06PM  Market Realist]
▶ 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]
▶ Hoegh LNG Partners Revenue Rose 53% in 2Q17   [04:06PM  Market Realist]
▶ What Are Analysts Recommendations for GasLog Partners?   [Jul-17-17 07:38AM  Market Realist]
▶ Will GasLog Partners 2017 EBITDA Rise?   [Jul-14-17 03:35PM  Market Realist]
▶ Morgan Stanley Upgrades GasLog Partners   [Jun-30-17 09:07AM  Market Realist]
▶ Recommendations Still Unchanged for Höegh LNG Partners   [Jun-29-17 05:35PM  Market Realist]
▶ Morgan Stanley Upgrades GasLog   [04:06PM  Market Realist]
▶ 3 Energy Stocks You May Be Overlooking   [Jun-26-17 11:05AM  Motley Fool]
▶ Why LNG Transport Firms' Stock Prices Sank in May   [Jun-09-17 04:21PM  Motley Fool]
▶ 3 Top Shipping Stocks to Buy in 2017   [Jun-06-17 12:05PM  Motley Fool]
▶ Is GasLog a Great Stock for Value Investors?   [May-25-17 09:30AM  Zacks]
▶ 3 Top Dividend Stocks in Shipping   [May-18-17 05:15PM  Motley Fool]
▶ What Analysts Expect for GasLogs 1Q17 Earnings   [Apr-04-17 09:06AM  Market Realist]
▶ Alerian Index Series March 2017 Index Review   [Mar-10-17 08:30AM  PR Newswire]
▶ Revenue Estimates for Golar LNGs 4Q16   [07:38AM  Market Realist]
▶ GasLog Will Remain a Value Creator   [Feb-22-17 12:00PM  GuruFocus.com]
▶ How To Cruise Through a Frozen Gas Market   [11:49AM  at Bloomberg]
Financial statements of GLOP
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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