Intrinsic value of GasLog Partners - GLOP

Previous Close

$24.05

  Intrinsic Value

$9.10

stock screener

  Rating & Target

str. sell

-62%

Previous close

$24.05

 
Intrinsic value

$9.10

 
Up/down potential

-62%

 
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

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, %
  2.23
  10.30
  9.77
  9.29
  8.86
  8.48
  8.13
  7.82
  7.53
  7.28
  7.05
  6.85
  6.66
  6.50
  6.35
  6.21
  6.09
  5.98
  5.88
  5.80
  5.72
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
Revenue, $m
  229
  343
  377
  412
  448
  486
  526
  567
  609
  654
  700
  748
  797
  849
  903
  959
  1,018
  1,079
  1,142
  1,208
  1,277
  1,349
  1,425
  1,503
  1,586
  1,672
  1,762
  1,856
  1,954
  2,057
  2,165
Variable operating expenses, $m
 
  148
  162
  177
  193
  209
  226
  244
  262
  281
  301
  321
  343
  365
  388
  413
  438
  464
  491
  520
  549
  580
  613
  646
  682
  719
  757
  798
  840
  885
  931
Fixed operating expenses, $m
 
  13
  14
  14
  14
  14
  15
  15
  15
  16
  16
  17
  17
  17
  18
  18
  18
  19
  19
  20
  20
  21
  21
  21
  22
  22
  23
  23
  24
  24
  25
Total operating expenses, $m
  113
  161
  176
  191
  207
  223
  241
  259
  277
  297
  317
  338
  360
  382
  406
  431
  456
  483
  510
  540
  569
  601
  634
  667
  704
  741
  780
  821
  864
  909
  956
Operating income, $m
  116
  182
  201
  221
  241
  263
  285
  308
  332
  357
  383
  410
  438
  467
  497
  529
  562
  596
  632
  669
  708
  749
  791
  836
  882
  930
  981
  1,034
  1,090
  1,148
  1,209
EBITDA, $m
  166
  401
  441
  483
  527
  572
  619
  669
  720
  773
  828
  886
  946
  1,008
  1,073
  1,140
  1,210
  1,283
  1,359
  1,439
  1,522
  1,608
  1,699
  1,793
  1,892
  1,995
  2,103
  2,216
  2,335
  2,459
  2,589
Interest expense (income), $m
  26
  62
  69
  76
  83
  91
  98
  107
  115
  124
  133
  143
  153
  163
  174
  185
  197
  209
  222
  235
  248
  263
  278
  293
  310
  327
  345
  363
  383
  403
  425
Earnings before tax, $m
  77
  120
  132
  145
  158
  172
  186
  201
  217
  233
  249
  267
  285
  304
  323
  344
  365
  387
  410
  434
  460
  486
  513
  542
  572
  604
  637
  671
  707
  745
  785
Tax expense, $m
  0
  32
  36
  39
  43
  46
  50
  54
  58
  63
  67
  72
  77
  82
  87
  93
  99
  105
  111
  117
  124
  131
  139
  146
  154
  163
  172
  181
  191
  201
  212
Net income, $m
  77
  87
  97
  106
  115
  126
  136
  147
  158
  170
  182
  195
  208
  222
  236
  251
  266
  283
  299
  317
  335
  355
  375
  396
  418
  441
  465
  490
  516
  544
  573

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  60
  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
  1,904
  2,318
  2,544
  2,781
  3,027
  3,284
  3,551
  3,828
  4,117
  4,416
  4,728
  5,052
  5,388
  5,738
  6,103
  6,482
  6,877
  7,288
  7,717
  8,164
  8,631
  9,118
  9,627
  10,158
  10,714
  11,295
  11,903
  12,538
  13,204
  13,901
  14,631
Adjusted assets (=assets-cash), $m
  1,844
  2,318
  2,544
  2,781
  3,027
  3,284
  3,551
  3,828
  4,117
  4,416
  4,728
  5,052
  5,388
  5,738
  6,103
  6,482
  6,877
  7,288
  7,717
  8,164
  8,631
  9,118
  9,627
  10,158
  10,714
  11,295
  11,903
  12,538
  13,204
  13,901
  14,631
Revenue / Adjusted assets
  0.124
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
Average production assets, $m
  1,646
  2,185
  2,399
  2,622
  2,854
  3,096
  3,347
  3,609
  3,881
  4,164
  4,457
  4,763
  5,080
  5,410
  5,753
  6,111
  6,483
  6,871
  7,275
  7,697
  8,137
  8,596
  9,076
  9,577
  10,101
  10,648
  11,221
  11,821
  12,448
  13,105
  13,793
Working capital, $m
  -43
  -46
  -50
  -55
  -60
  -65
  -70
  -75
  -81
  -87
  -93
  -99
  -106
  -113
  -120
  -128
  -135
  -143
  -152
  -161
  -170
  -179
  -189
  -200
  -211
  -222
  -234
  -247
  -260
  -274
  -288
Total debt, $m
  1,122
  1,274
  1,403
  1,537
  1,678
  1,824
  1,976
  2,133
  2,298
  2,468
  2,645
  2,830
  3,021
  3,220
  3,428
  3,643
  3,868
  4,102
  4,346
  4,601
  4,866
  5,143
  5,433
  5,735
  6,051
  6,382
  6,728
  7,090
  7,468
  7,865
  8,280
Total liabilities, $m
  1,169
  1,319
  1,448
  1,582
  1,722
  1,868
  2,020
  2,178
  2,342
  2,513
  2,690
  2,874
  3,066
  3,265
  3,472
  3,688
  3,913
  4,147
  4,391
  4,645
  4,911
  5,188
  5,478
  5,780
  6,096
  6,427
  6,773
  7,134
  7,513
  7,910
  8,325
Total equity, $m
  736
  999
  1,097
  1,198
  1,305
  1,415
  1,530
  1,650
  1,774
  1,904
  2,038
  2,177
  2,322
  2,473
  2,630
  2,794
  2,964
  3,141
  3,326
  3,519
  3,720
  3,930
  4,149
  4,378
  4,618
  4,868
  5,130
  5,404
  5,691
  5,991
  6,306
Total liabilities and equity, $m
  1,905
  2,318
  2,545
  2,780
  3,027
  3,283
  3,550
  3,828
  4,116
  4,417
  4,728
  5,051
  5,388
  5,738
  6,102
  6,482
  6,877
  7,288
  7,717
  8,164
  8,631
  9,118
  9,627
  10,158
  10,714
  11,295
  11,903
  12,538
  13,204
  13,901
  14,631
Debt-to-equity ratio
  1.524
  1.280
  1.280
  1.280
  1.290
  1.290
  1.290
  1.290
  1.290
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
Adjusted equity ratio
  0.367
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  77
  87
  97
  106
  115
  126
  136
  147
  158
  170
  182
  195
  208
  222
  236
  251
  266
  283
  299
  317
  335
  355
  375
  396
  418
  441
  465
  490
  516
  544
  573
Depreciation, amort., depletion, $m
  50
  219
  240
  262
  285
  310
  335
  361
  388
  416
  446
  476
  508
  541
  575
  611
  648
  687
  728
  770
  814
  860
  908
  958
  1,010
  1,065
  1,122
  1,182
  1,245
  1,311
  1,379
Funds from operations, $m
  123
  306
  336
  368
  401
  435
  471
  508
  546
  586
  628
  671
  716
  763
  811
  862
  915
  970
  1,027
  1,087
  1,149
  1,214
  1,282
  1,353
  1,428
  1,505
  1,587
  1,672
  1,761
  1,854
  1,952
Change in working capital, $m
  -21
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -14
Cash from operations, $m
  144
  310
  341
  373
  406
  440
  476
  513
  552
  592
  634
  677
  723
  770
  819
  869
  922
  978
  1,035
  1,096
  1,158
  1,224
  1,292
  1,364
  1,439
  1,517
  1,599
  1,684
  1,774
  1,868
  1,966
Maintenance CAPEX, $m
  0
  -198
  -219
  -240
  -262
  -285
  -310
  -335
  -361
  -388
  -416
  -446
  -476
  -508
  -541
  -575
  -611
  -648
  -687
  -728
  -770
  -814
  -860
  -908
  -958
  -1,010
  -1,065
  -1,122
  -1,182
  -1,245
  -1,311
New CAPEX, $m
  -5
  -201
  -213
  -223
  -232
  -242
  -252
  -262
  -272
  -283
  -294
  -305
  -317
  -330
  -343
  -357
  -372
  -388
  -404
  -422
  -440
  -459
  -480
  -501
  -524
  -548
  -573
  -599
  -627
  -657
  -688
Cash from investing activities, $m
  -7
  -399
  -432
  -463
  -494
  -527
  -562
  -597
  -633
  -671
  -710
  -751
  -793
  -838
  -884
  -932
  -983
  -1,036
  -1,091
  -1,150
  -1,210
  -1,273
  -1,340
  -1,409
  -1,482
  -1,558
  -1,638
  -1,721
  -1,809
  -1,902
  -1,999
Free cash flow, $m
  137
  -89
  -91
  -90
  -89
  -87
  -85
  -83
  -81
  -79
  -76
  -74
  -71
  -68
  -66
  -63
  -61
  -58
  -56
  -54
  -51
  -49
  -47
  -45
  -43
  -41
  -39
  -37
  -35
  -34
  -32
Issuance/(repayment) of debt, $m
  -57
  118
  129
  135
  140
  146
  152
  158
  164
  171
  177
  184
  192
  199
  207
  216
  225
  234
  244
  254
  266
  277
  289
  302
  316
  331
  346
  362
  379
  396
  415
Issuance/(repurchase) of shares, $m
  0
  1
  1
  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  
  -77
  119
  130
  135
  140
  146
  152
  158
  164
  171
  177
  184
  192
  199
  207
  216
  225
  234
  244
  254
  266
  277
  289
  302
  316
  331
  346
  362
  379
  396
  415
Total cash flow (excl. dividends), $m
  61
  31
  39
  44
  51
  59
  67
  75
  83
  92
  101
  111
  121
  131
  141
  152
  164
  176
  188
  201
  214
  228
  243
  258
  273
  290
  307
  325
  343
  363
  383
Retained Cash Flow (-), $m
  -124
  -89
  -98
  -102
  -106
  -111
  -115
  -120
  -124
  -129
  -134
  -140
  -145
  -151
  -157
  -163
  -170
  -177
  -185
  -193
  -201
  -210
  -219
  -229
  -239
  -250
  -262
  -274
  -287
  -300
  -315
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
 
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
Cash available for distribution, $m
 
  -58
  -59
  -58
  -55
  -52
  -48
  -45
  -41
  -37
  -33
  -29
  -25
  -20
  -16
  -11
  -6
  -2
  3
  8
  13
  18
  23
  29
  34
  39
  45
  51
  56
  62
  69
Discount rate, %
 
  7.40
  7.77
  8.16
  8.57
  8.99
  9.44
  9.92
  10.41
  10.93
  11.48
  12.05
  12.66
  13.29
  13.95
  14.65
  15.38
  16.15
  16.96
  17.81
  18.70
  19.63
  20.62
  21.65
  22.73
  23.87
  25.06
  26.31
  27.63
  29.01
  30.46
PV of cash for distribution, $m
 
  -54
  -51
  -45
  -39
  -34
  -28
  -23
  -19
  -15
  -11
  -8
  -6
  -4
  -3
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  99.8
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6

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 11
Price to Sales 3.7
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 5.9
Price to Free Cash Flow 6.1
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 143.3%
Total Debt to Equity 152.4%
Interest Coverage 4
Management Effectiveness
Return On Assets 6%
Ret/ On Assets - 3 Yr. Avg. 7%
Return On Total Capital 4.6%
Ret/ On T. Cap. - 3 Yr. Avg. 5.1%
Return On Equity 11.4%
Return On Equity - 3 Yr. Avg. 12.9%
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 94.8%

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 $311 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 10.3% 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 7.4%, 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 43%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $13 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 5.4% 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 0.3%.

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 637%.

Life of production assets of 10 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 -13.3%. 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 - $910 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 25 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 $0.6 billion.

RELATED COMPANIES Price Int.Val. Rating
BPL Buckeye Partne 33.10 36.04  hold
PBA Pembina Pipeli 35.03 4.18  str.sell
GLOG GasLog 16.95 2.80  str.sell
ASC Ardmore Shippi 7.25 2.89  str.sell
GMLP Golar LNG Part 15.09 7.49  str.sell
GLNG Golar LNG 27.30 4.96  str.sell

COMPANY NEWS

▶ 2 Stocks I'd Never Buy, and 1 I'll Consider   [Jul-08-18 05:04PM  Motley Fool]
▶ What You Must Know About GasLog Partners LPs (NYSE:GLOP) ROE   [Apr-27-18 08:18AM  Simply Wall St.]
▶ GasLog Partners LP (NYSE:GLOP): Poised For Long-Term Success?   [Mar-26-18 12:58PM  Simply Wall St.]
▶ Is GasLog Partners LP (NYSE:GLOP) A Financially Sound Company?   [Mar-16-18 08:30PM  Simply Wall St.]
▶ GasLog Partners 4Q17 EBITDA: Analysts Expectations   [Jan-26-18 04:15PM  Market Realist]
▶ Dynagas LNG Partners: 1 Revised Recommendation in 2017   [Jan-25-18 09:00AM  Market Realist]
▶ GasLog Partners: Ranked 4th among LNG Carrier Stocks in 2017   [Dec-27-17 03:30PM  Market Realist]
▶ The 3 Best MLPs of 2017   [Dec-14-17 05:17PM  Motley Fool]
▶ Analysts See 21% Upside on GasLog Partners   [12:42PM  Market Realist]
▶ 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]
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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