Intrinsic value of GasLog Partners - GLOP

Previous Close

$23.35

  Intrinsic Value

$4.47

stock screener

  Rating & Target

str. sell

-81%

Previous close

$23.35

 
Intrinsic value

$4.47

 
Up/down potential

-81%

 
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
  10.60
  10.04
  9.54
  9.08
  8.67
  8.31
  7.98
  7.68
  7.41
  7.17
  6.95
  6.76
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.76
  5.68
  5.61
  5.55
  5.50
  5.45
  5.40
  5.36
  5.33
  5.29
  5.26
Revenue, $m
  229
  253
  279
  305
  333
  362
  392
  423
  456
  489
  525
  561
  599
  638
  679
  722
  766
  813
  861
  911
  964
  1,018
  1,076
  1,135
  1,198
  1,263
  1,331
  1,403
  1,477
  1,556
  1,637
Variable operating expenses, $m
 
  51
  56
  61
  67
  73
  79
  85
  92
  98
  105
  113
  120
  128
  137
  145
  154
  163
  173
  183
  194
  205
  216
  228
  241
  254
  268
  282
  297
  313
  329
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
  122
  128
  135
  143
  151
  159
  167
  176
  184
  193
  204
  213
  223
  234
  245
  256
  268
  281
  293
  307
  321
  335
  350
  366
  382
  399
  416
  435
  454
  474
Operating income, $m
  116
  132
  150
  170
  190
  211
  233
  256
  280
  305
  331
  358
  386
  415
  445
  477
  510
  544
  580
  618
  657
  698
  741
  785
  832
  881
  933
  986
  1,043
  1,102
  1,164
EBITDA, $m
  166
  192
  217
  243
  270
  298
  327
  358
  389
  422
  456
  492
  529
  568
  608
  650
  694
  739
  787
  836
  888
  942
  998
  1,057
  1,119
  1,184
  1,251
  1,322
  1,396
  1,474
  1,556
Interest expense (income), $m
  26
  37
  41
  46
  50
  55
  60
  65
  70
  76
  81
  87
  94
  100
  107
  114
  121
  128
  136
  144
  153
  162
  171
  181
  191
  202
  213
  224
  236
  249
  262
Earnings before tax, $m
  77
  94
  109
  124
  140
  156
  173
  191
  210
  229
  249
  270
  292
  315
  339
  363
  389
  416
  444
  473
  504
  536
  569
  605
  641
  680
  720
  762
  806
  853
  901
Tax expense, $m
  0
  26
  29
  33
  38
  42
  47
  52
  57
  62
  67
  73
  79
  85
  91
  98
  105
  112
  120
  128
  136
  145
  154
  163
  173
  184
  194
  206
  218
  230
  243
Net income, $m
  77
  69
  79
  90
  102
  114
  127
  140
  153
  167
  182
  197
  213
  230
  247
  265
  284
  304
  324
  346
  368
  391
  416
  441
  468
  496
  526
  556
  589
  622
  658

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
  2,043
  2,248
  2,462
  2,686
  2,918
  3,161
  3,413
  3,675
  3,947
  4,230
  4,525
  4,830
  5,148
  5,479
  5,823
  6,181
  6,555
  6,944
  7,349
  7,772
  8,214
  8,675
  9,156
  9,659
  10,186
  10,736
  11,311
  11,914
  12,544
  13,205
Adjusted assets (=assets-cash), $m
  1,844
  2,043
  2,248
  2,462
  2,686
  2,918
  3,161
  3,413
  3,675
  3,947
  4,230
  4,525
  4,830
  5,148
  5,479
  5,823
  6,181
  6,555
  6,944
  7,349
  7,772
  8,214
  8,675
  9,156
  9,659
  10,186
  10,736
  11,311
  11,914
  12,544
  13,205
Revenue / Adjusted assets
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
Average production assets, $m
  1,646
  1,820
  2,003
  2,194
  2,393
  2,601
  2,817
  3,041
  3,275
  3,517
  3,770
  4,032
  4,304
  4,587
  4,882
  5,189
  5,508
  5,841
  6,187
  6,548
  6,925
  7,319
  7,730
  8,159
  8,607
  9,076
  9,566
  10,079
  10,616
  11,178
  11,766
Working capital, $m
  -43
  -40
  -44
  -48
  -52
  -57
  -62
  -66
  -72
  -77
  -82
  -88
  -94
  -100
  -107
  -113
  -120
  -128
  -135
  -143
  -151
  -160
  -169
  -178
  -188
  -198
  -209
  -220
  -232
  -244
  -257
Total debt, $m
  1,122
  1,182
  1,305
  1,434
  1,568
  1,708
  1,854
  2,005
  2,163
  2,326
  2,497
  2,673
  2,857
  3,048
  3,247
  3,454
  3,669
  3,893
  4,127
  4,371
  4,625
  4,890
  5,167
  5,457
  5,759
  6,076
  6,406
  6,752
  7,114
  7,493
  7,890
Total liabilities, $m
  1,169
  1,228
  1,351
  1,480
  1,614
  1,754
  1,900
  2,051
  2,209
  2,372
  2,543
  2,719
  2,903
  3,094
  3,293
  3,500
  3,715
  3,939
  4,173
  4,417
  4,671
  4,936
  5,213
  5,503
  5,805
  6,122
  6,452
  6,798
  7,160
  7,539
  7,936
Total equity, $m
  736
  815
  897
  982
  1,072
  1,164
  1,261
  1,362
  1,466
  1,575
  1,688
  1,805
  1,927
  2,054
  2,186
  2,323
  2,466
  2,615
  2,770
  2,932
  3,101
  3,277
  3,461
  3,653
  3,854
  4,064
  4,284
  4,513
  4,754
  5,005
  5,269
Total liabilities and equity, $m
  1,905
  2,043
  2,248
  2,462
  2,686
  2,918
  3,161
  3,413
  3,675
  3,947
  4,231
  4,524
  4,830
  5,148
  5,479
  5,823
  6,181
  6,554
  6,943
  7,349
  7,772
  8,213
  8,674
  9,156
  9,659
  10,186
  10,736
  11,311
  11,914
  12,544
  13,205
Debt-to-equity ratio
  1.524
  1.450
  1.450
  1.460
  1.460
  1.470
  1.470
  1.470
  1.470
  1.480
  1.480
  1.480
  1.480
  1.480
  1.490
  1.490
  1.490
  1.490
  1.490
  1.490
  1.490
  1.490
  1.490
  1.490
  1.490
  1.490
  1.500
  1.500
  1.500
  1.500
  1.500
Adjusted equity ratio
  0.367
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  77
  69
  79
  90
  102
  114
  127
  140
  153
  167
  182
  197
  213
  230
  247
  265
  284
  304
  324
  346
  368
  391
  416
  441
  468
  496
  526
  556
  589
  622
  658
Depreciation, amort., depletion, $m
  50
  61
  67
  73
  80
  87
  94
  101
  109
  117
  126
  134
  143
  153
  163
  173
  184
  195
  206
  218
  231
  244
  258
  272
  287
  303
  319
  336
  354
  373
  392
Funds from operations, $m
  123
  130
  146
  164
  182
  201
  220
  241
  262
  285
  308
  332
  357
  383
  410
  438
  468
  498
  530
  564
  599
  635
  673
  713
  755
  799
  844
  892
  942
  995
  1,050
Change in working capital, $m
  -21
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
Cash from operations, $m
  144
  133
  150
  168
  186
  205
  225
  246
  267
  290
  313
  337
  363
  389
  416
  445
  475
  506
  538
  572
  607
  644
  682
  723
  765
  809
  855
  903
  954
  1,007
  1,063
Maintenance CAPEX, $m
  0
  -55
  -61
  -67
  -73
  -80
  -87
  -94
  -101
  -109
  -117
  -126
  -134
  -143
  -153
  -163
  -173
  -184
  -195
  -206
  -218
  -231
  -244
  -258
  -272
  -287
  -303
  -319
  -336
  -354
  -373
New CAPEX, $m
  -5
  -175
  -183
  -191
  -199
  -208
  -216
  -225
  -234
  -243
  -252
  -262
  -272
  -283
  -295
  -307
  -319
  -333
  -347
  -361
  -377
  -393
  -411
  -429
  -448
  -469
  -490
  -513
  -537
  -562
  -588
Cash from investing activities, $m
  -7
  -230
  -244
  -258
  -272
  -288
  -303
  -319
  -335
  -352
  -369
  -388
  -406
  -426
  -448
  -470
  -492
  -517
  -542
  -567
  -595
  -624
  -655
  -687
  -720
  -756
  -793
  -832
  -873
  -916
  -961
Free cash flow, $m
  137
  -96
  -93
  -90
  -86
  -82
  -78
  -73
  -67
  -62
  -56
  -50
  -44
  -38
  -31
  -24
  -18
  -11
  -3
  4
  12
  20
  28
  36
  44
  53
  62
  72
  81
  92
  102
Issuance/(repayment) of debt, $m
  -57
  120
  123
  129
  134
  140
  146
  152
  158
  164
  170
  177
  184
  191
  199
  207
  215
  224
  234
  244
  254
  265
  277
  289
  302
  316
  331
  346
  362
  379
  397
Issuance/(repurchase) of shares, $m
  0
  10
  2
  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
  130
  125
  129
  134
  140
  146
  152
  158
  164
  170
  177
  184
  191
  199
  207
  215
  224
  234
  244
  254
  265
  277
  289
  302
  316
  331
  346
  362
  379
  397
Total cash flow (excl. dividends), $m
  61
  34
  32
  39
  48
  58
  68
  79
  90
  102
  114
  127
  140
  153
  168
  182
  198
  214
  230
  248
  266
  285
  305
  325
  347
  369
  393
  418
  443
  471
  499
Retained Cash Flow (-), $m
  -124
  -79
  -82
  -86
  -89
  -93
  -97
  -101
  -105
  -109
  -113
  -117
  -122
  -127
  -132
  -137
  -143
  -149
  -155
  -162
  -169
  -176
  -184
  -192
  -201
  -210
  -220
  -230
  -240
  -252
  -263
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
 
  -45
  -49
  -47
  -41
  -35
  -29
  -22
  -14
  -7
  1
  9
  18
  26
  36
  45
  55
  65
  75
  86
  97
  109
  121
  133
  146
  159
  173
  188
  203
  219
  235
Discount rate, %
 
  9.00
  9.45
  9.92
  10.42
  10.94
  11.49
  12.06
  12.66
  13.30
  13.96
  14.66
  15.39
  16.16
  16.97
  17.82
  18.71
  19.65
  20.63
  21.66
  22.74
  23.88
  25.07
  26.33
  27.64
  29.03
  30.48
  32.00
  33.60
  35.28
  37.05
PV of cash for distribution, $m
 
  -42
  -41
  -35
  -28
  -21
  -15
  -10
  -6
  -2
  0
  2
  3
  4
  4
  4
  4
  3
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  99.0
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8

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 10.6
Price to Sales 3.6
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 5.7
Price to Free Cash Flow 5.9
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 $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 10.6% 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 9%, 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 718.6%.

Life of production assets of 32.9 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 -15.7%. 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 - $736 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 41.212 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 $1.0 billion.

RELATED COMPANIES Price Int.Val. Rating
BPL Buckeye Partne 46.17 5.90  str.sell
GLOG GasLog 17.55 2.89  str.sell
ASC Ardmore Shippi 7.70 2.97  str.sell
GMLP Golar LNG Part 20.36 13.92  sell
GLNG Golar LNG 27.31 4.60  str.sell

COMPANY NEWS

▶ 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]
▶ 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]
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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