Intrinsic value of Golar LNG Partners - GMLP

Previous Close

$20.88

  Intrinsic Value

$18.08

stock screener

  Rating & Target

hold

-13%

Previous close

$20.88

 
Intrinsic value

$18.08

 
Up/down potential

-13%

 
Rating

hold

We calculate the intrinsic value of GMLP 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, %
  1.61
  21.40
  19.76
  18.28
  16.96
  15.76
  14.68
  13.72
  12.84
  12.06
  11.35
  10.72
  10.15
  9.63
  9.17
  8.75
  8.38
  8.04
  7.74
  7.46
  7.22
  6.99
  6.79
  6.62
  6.45
  6.31
  6.18
  6.06
  5.95
  5.86
  5.77
Revenue, $m
  442
  537
  643
  760
  889
  1,029
  1,180
  1,342
  1,514
  1,697
  1,890
  2,092
  2,305
  2,527
  2,758
  3,000
  3,251
  3,512
  3,784
  4,066
  4,360
  4,665
  4,982
  5,311
  5,654
  6,011
  6,382
  6,769
  7,171
  7,592
  8,030
Variable operating expenses, $m
 
  221
  265
  313
  366
  424
  486
  553
  624
  699
  779
  862
  950
  1,041
  1,136
  1,236
  1,339
  1,447
  1,559
  1,675
  1,796
  1,922
  2,052
  2,188
  2,329
  2,476
  2,629
  2,789
  2,955
  3,128
  3,308
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
  175
  221
  265
  313
  366
  424
  486
  553
  624
  699
  779
  862
  950
  1,041
  1,136
  1,236
  1,339
  1,447
  1,559
  1,675
  1,796
  1,922
  2,052
  2,188
  2,329
  2,476
  2,629
  2,789
  2,955
  3,128
  3,308
Operating income, $m
  267
  316
  378
  447
  523
  605
  694
  789
  891
  998
  1,111
  1,230
  1,355
  1,486
  1,622
  1,764
  1,912
  2,065
  2,225
  2,391
  2,564
  2,743
  2,929
  3,123
  3,324
  3,534
  3,753
  3,980
  4,217
  4,464
  4,722
EBITDA, $m
  367
  437
  523
  619
  724
  838
  961
  1,092
  1,233
  1,381
  1,538
  1,703
  1,876
  2,057
  2,245
  2,442
  2,646
  2,859
  3,080
  3,310
  3,549
  3,797
  4,055
  4,323
  4,602
  4,893
  5,195
  5,510
  5,838
  6,180
  6,536
Interest expense (income), $m
  58
  56
  69
  85
  102
  121
  141
  163
  187
  212
  239
  267
  296
  327
  360
  393
  428
  465
  503
  543
  584
  627
  671
  717
  765
  815
  867
  921
  978
  1,037
  1,098
Earnings before tax, $m
  203
  260
  308
  362
  421
  484
  553
  626
  704
  786
  873
  964
  1,059
  1,158
  1,262
  1,371
  1,483
  1,600
  1,722
  1,848
  1,980
  2,116
  2,258
  2,406
  2,559
  2,719
  2,885
  3,058
  3,239
  3,427
  3,624
Tax expense, $m
  17
  70
  83
  98
  114
  131
  149
  169
  190
  212
  236
  260
  286
  313
  341
  370
  400
  432
  465
  499
  534
  571
  610
  649
  691
  734
  779
  826
  875
  925
  978
Net income, $m
  172
  190
  225
  264
  307
  354
  403
  457
  514
  574
  637
  703
  773
  846
  922
  1,000
  1,083
  1,168
  1,257
  1,349
  1,445
  1,545
  1,648
  1,756
  1,868
  1,985
  2,106
  2,233
  2,364
  2,502
  2,645

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  66
  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
  2,253
  2,656
  3,181
  3,763
  4,401
  5,095
  5,843
  6,644
  7,497
  8,402
  9,355
  10,358
  11,409
  12,508
  13,655
  14,850
  16,094
  17,388
  18,733
  20,130
  21,583
  23,092
  24,661
  26,293
  27,989
  29,755
  31,593
  33,508
  35,502
  37,582
  39,752
Adjusted assets (=assets-cash), $m
  2,187
  2,656
  3,181
  3,763
  4,401
  5,095
  5,843
  6,644
  7,497
  8,402
  9,355
  10,358
  11,409
  12,508
  13,655
  14,850
  16,094
  17,388
  18,733
  20,130
  21,583
  23,092
  24,661
  26,293
  27,989
  29,755
  31,593
  33,508
  35,502
  37,582
  39,752
Revenue / Adjusted assets
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
Average production assets, $m
  1,898
  2,304
  2,759
  3,264
  3,817
  4,419
  5,068
  5,763
  6,503
  7,287
  8,115
  8,985
  9,896
  10,849
  11,844
  12,881
  13,960
  15,082
  16,248
  17,461
  18,721
  20,030
  21,391
  22,806
  24,278
  25,809
  27,403
  29,064
  30,794
  32,598
  34,480
Working capital, $m
  -54
  -50
  -60
  -71
  -83
  -96
  -110
  -125
  -141
  -158
  -176
  -195
  -214
  -235
  -257
  -279
  -302
  -327
  -352
  -378
  -405
  -434
  -463
  -494
  -526
  -559
  -594
  -629
  -667
  -706
  -747
Total debt, $m
  1,492
  1,781
  2,177
  2,616
  3,098
  3,621
  4,186
  4,791
  5,436
  6,118
  6,838
  7,595
  8,389
  9,219
  10,084
  10,987
  11,926
  12,903
  13,918
  14,973
  16,070
  17,210
  18,394
  19,626
  20,907
  22,240
  23,628
  25,073
  26,579
  28,150
  29,788
Total liabilities, $m
  1,716
  2,006
  2,402
  2,841
  3,323
  3,846
  4,411
  5,016
  5,661
  6,343
  7,063
  7,820
  8,614
  9,444
  10,309
  11,212
  12,151
  13,128
  14,143
  15,198
  16,295
  17,435
  18,619
  19,851
  21,132
  22,465
  23,853
  25,298
  26,804
  28,375
  30,013
Total equity, $m
  536
  651
  779
  922
  1,078
  1,248
  1,431
  1,628
  1,837
  2,058
  2,292
  2,538
  2,795
  3,064
  3,345
  3,638
  3,943
  4,260
  4,589
  4,932
  5,288
  5,658
  6,042
  6,442
  6,857
  7,290
  7,740
  8,209
  8,698
  9,208
  9,739
Total liabilities and equity, $m
  2,252
  2,657
  3,181
  3,763
  4,401
  5,094
  5,842
  6,644
  7,498
  8,401
  9,355
  10,358
  11,409
  12,508
  13,654
  14,850
  16,094
  17,388
  18,732
  20,130
  21,583
  23,093
  24,661
  26,293
  27,989
  29,755
  31,593
  33,507
  35,502
  37,583
  39,752
Debt-to-equity ratio
  2.784
  2.740
  2.790
  2.840
  2.870
  2.900
  2.920
  2.940
  2.960
  2.970
  2.980
  2.990
  3.000
  3.010
  3.010
  3.020
  3.020
  3.030
  3.030
  3.040
  3.040
  3.040
  3.040
  3.050
  3.050
  3.050
  3.050
  3.050
  3.060
  3.060
  3.060
Adjusted equity ratio
  0.215
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  172
  190
  225
  264
  307
  354
  403
  457
  514
  574
  637
  703
  773
  846
  922
  1,000
  1,083
  1,168
  1,257
  1,349
  1,445
  1,545
  1,648
  1,756
  1,868
  1,985
  2,106
  2,233
  2,364
  2,502
  2,645
Depreciation, amort., depletion, $m
  100
  121
  145
  172
  201
  233
  267
  303
  342
  384
  427
  473
  521
  571
  623
  678
  735
  794
  855
  919
  985
  1,054
  1,126
  1,200
  1,278
  1,358
  1,442
  1,530
  1,621
  1,716
  1,815
Funds from operations, $m
  225
  311
  370
  436
  508
  586
  670
  760
  856
  957
  1,064
  1,176
  1,294
  1,417
  1,545
  1,678
  1,817
  1,962
  2,112
  2,268
  2,430
  2,599
  2,774
  2,956
  3,146
  3,343
  3,548
  3,762
  3,985
  4,218
  4,460
Change in working capital, $m
  -36
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -37
  -39
  -41
Cash from operations, $m
  261
  320
  380
  447
  520
  599
  684
  775
  872
  974
  1,082
  1,195
  1,314
  1,437
  1,566
  1,701
  1,841
  1,986
  2,137
  2,294
  2,458
  2,627
  2,804
  2,987
  3,178
  3,376
  3,583
  3,798
  4,023
  4,257
  4,501
Maintenance CAPEX, $m
  0
  -100
  -121
  -145
  -172
  -201
  -233
  -267
  -303
  -342
  -384
  -427
  -473
  -521
  -571
  -623
  -678
  -735
  -794
  -855
  -919
  -985
  -1,054
  -1,126
  -1,200
  -1,278
  -1,358
  -1,442
  -1,530
  -1,621
  -1,716
New CAPEX, $m
  0
  -406
  -455
  -505
  -553
  -602
  -649
  -695
  -740
  -784
  -827
  -870
  -912
  -953
  -995
  -1,037
  -1,079
  -1,122
  -1,167
  -1,212
  -1,260
  -1,309
  -1,361
  -1,415
  -1,472
  -1,531
  -1,594
  -1,661
  -1,730
  -1,804
  -1,882
Cash from investing activities, $m
  -107
  -506
  -576
  -650
  -725
  -803
  -882
  -962
  -1,043
  -1,126
  -1,211
  -1,297
  -1,385
  -1,474
  -1,566
  -1,660
  -1,757
  -1,857
  -1,961
  -2,067
  -2,179
  -2,294
  -2,415
  -2,541
  -2,672
  -2,809
  -2,952
  -3,103
  -3,260
  -3,425
  -3,598
Free cash flow, $m
  154
  -186
  -196
  -203
  -205
  -203
  -197
  -187
  -172
  -152
  -129
  -102
  -71
  -37
  1
  41
  84
  129
  177
  227
  279
  333
  389
  446
  506
  567
  630
  695
  763
  832
  903
Issuance/(repayment) of debt, $m
  44
  355
  396
  439
  482
  524
  565
  605
  644
  683
  720
  757
  793
  830
  866
  902
  939
  977
  1,015
  1,055
  1,097
  1,140
  1,185
  1,232
  1,281
  1,333
  1,388
  1,445
  1,506
  1,570
  1,638
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  
  26
  355
  396
  439
  482
  524
  565
  605
  644
  683
  720
  757
  793
  830
  866
  902
  939
  977
  1,015
  1,055
  1,097
  1,140
  1,185
  1,232
  1,281
  1,333
  1,388
  1,445
  1,506
  1,570
  1,638
Total cash flow (excl. dividends), $m
  180
  168
  200
  236
  277
  320
  368
  418
  473
  530
  591
  655
  723
  793
  867
  943
  1,023
  1,106
  1,192
  1,282
  1,375
  1,472
  1,573
  1,678
  1,787
  1,900
  2,018
  2,141
  2,269
  2,402
  2,541
Retained Cash Flow (-), $m
  -6
  -115
  -129
  -143
  -156
  -170
  -183
  -196
  -209
  -222
  -234
  -246
  -257
  -269
  -281
  -293
  -305
  -317
  -330
  -342
  -356
  -370
  -384
  -400
  -416
  -433
  -450
  -469
  -489
  -510
  -532
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
 
  54
  71
  94
  120
  150
  184
  222
  264
  309
  358
  410
  465
  524
  586
  650
  718
  789
  863
  940
  1,020
  1,103
  1,189
  1,278
  1,371
  1,467
  1,568
  1,672
  1,780
  1,893
  2,010
Discount rate, %
 
  9.80
  10.29
  10.80
  11.34
  11.91
  12.51
  13.13
  13.79
  14.48
  15.20
  15.96
  16.76
  17.60
  18.48
  19.40
  20.37
  21.39
  22.46
  23.58
  24.76
  26.00
  27.30
  28.67
  30.10
  31.61
  33.19
  34.85
  36.59
  38.42
  40.34
PV of cash for distribution, $m
 
  49
  59
  69
  78
  86
  91
  94
  94
  91
  87
  80
  72
  64
  55
  45
  37
  29
  22
  17
  12
  9
  6
  4
  2
  2
  1
  1
  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

Golar LNG Partners LP owns and operates floating storage regasification units (FSRUs) and liquefied natural gas (LNG) carriers under long-term time charters. The Company operates through the LNG market segment. The Company's fleet consists of approximately six FSRUs and over four LNG carriers. The Company's FSRU vessels include Golar Spirit, Golar Winter, Golar Freeze, NR Satu, Golar Igloo and Golar Eskimo. Its FSRU vessels have a total capacity of approximately 846,000 cubic meters. The Company's LNG carriers include Golar Mazo, Methane Princess, Golar Grand and Golar Maria. Its LNG carriers have a total capacity of over 564,400 cubic meters.

FINANCIAL RATIOS  of  Golar LNG Partners (GMLP)

Valuation Ratios
P/E Ratio 7.8
Price to Sales 3
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 5.1
Price to Free Cash Flow 5.1
Growth Rates
Sales Growth Rate 1.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -100%
Cap. Spend. - 3 Yr. Gr. Rate -100%
Financial Strength
Quick Ratio 1
Current Ratio 0.2
LT Debt to Equity 263.6%
Total Debt to Equity 278.4%
Interest Coverage 5
Management Effectiveness
Return On Assets 10%
Ret/ On Assets - 3 Yr. Avg. 10.7%
Return On Total Capital 8.5%
Ret/ On T. Cap. - 3 Yr. Avg. 9.3%
Return On Equity 32.3%
Return On Equity - 3 Yr. Avg. 32.1%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 85.1%
Gross Margin - 3 Yr. Avg. 84%
EBITDA Margin 81.7%
EBITDA Margin - 3 Yr. Avg. 78.1%
Operating Margin 60.4%
Oper. Margin - 3 Yr. Avg. 60.3%
Pre-Tax Margin 45.9%
Pre-Tax Margin - 3 Yr. Avg. 44.1%
Net Profit Margin 38.9%
Net Profit Margin - 3 Yr. Avg. 40%
Effective Tax Rate 8.4%
Eff/ Tax Rate - 3 Yr. Avg. 2.8%
Payout Ratio 90.1%

GMLP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GMLP stock intrinsic value calculation we used $442 million for the last fiscal year's total revenue generated by Golar LNG Partners. The default revenue input number comes from 2016 income statement of Golar 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 GMLP stock valuation model: a) initial revenue growth rate of 21.4% 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 9.8%, whose default value for GMLP is calculated based on our internal credit rating of Golar 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 Golar 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 GMLP stock the variable cost ratio is equal to 41.2%.

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 GMLP 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 3.9% for Golar LNG Partners.

Corporate tax rate of 27% is the nominal tax rate for Golar 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 GMLP 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 GMLP are equal to 429.4%.

Life of production assets of 19 years is the average useful life of capital assets used in Golar 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 GMLP is equal to -9.3%. 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 - $536 million for Golar 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 69.444 million for Golar 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 Golar LNG Partners at the current share price and the inputted number of shares is $1.4 billion.

RELATED COMPANIES Price Int.Val. Rating
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HMLP Hoegh LNG Part 17.35 100.85  str.buy
GLOG GasLog 19.35 2.90  str.sell
DLNG Dynagas LNG Pa 11.36 9.41  sell
ASC Ardmore Shippi 7.80 3.01  str.sell
TNK Teekay Tankers 1.51 5.16  str.buy
NAT Nordic America 3.67 3.28  sell

COMPANY NEWS

▶ These MLPs Have the Highest Earnings Margins Today   [Dec-08-17 10:22AM  Market Realist]
▶ Whats Driving Höegh LNG Partners Earnings Margin Higher?   [Dec-07-17 03:30PM  Market Realist]
▶ Why Golar LNG Partners Ranks 2nd among MLPs   [01:57PM  Market Realist]
▶ Who Were the Top MLP Losers Last Week?   [Dec-04-17 11:14AM  Market Realist]
▶ GMLP Has Highest Correlation with Natural Gas among MLPs   [Dec-01-17 11:20AM  Market Realist]
▶ Interim results for the period ended 30 September 2017   [Nov-30-17 08:18AM  GlobeNewswire]
▶ Golar LNG Partners LP: Q3 2017 results presentation   [Nov-10-17 07:02AM  GlobeNewswire]
▶ Golar LNG Partners LP Third Quarter 2017 Cash Distribution   [Oct-19-17 08:31AM  GlobeNewswire]
▶ How Golar LNG Partners Correlation with Crude Oil Compares   [Oct-12-17 10:38AM  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]
▶ Highlights of Hoegh LNG Partners 2Q17 Results   [02:23PM  Market Realist]
▶ Golar LNG Partners LP: Q2 2017 results presentation   [Aug-23-17 06:02AM  GlobeNewswire]
▶ Golar LNG Partners LP Second Quarter 2017 Cash Distribution   [Jul-21-17 08:31AM  GlobeNewswire]
▶ Will GasLog Partners 2017 EBITDA Rise?   [Jul-14-17 03:35PM  Market Realist]
▶ Golar LNG Partners L.P. - Charter Amendment   [Jul-12-17 08:17AM  GlobeNewswire]
▶ 2017 Annual General Meeting   [Jul-05-17 08:23AM  GlobeNewswire]
▶ Why Analysts Are Most Bullish on Golar LNG   [Jul-03-17 09:07AM  Market Realist]
▶ How Analysts Are Viewing LNG Carrier Companies   [Jun-29-17 02:15PM  Market Realist]
▶ Why LNG Transport Firms' Stock Prices Sank in May   [Jun-09-17 04:21PM  Motley Fool]
▶ Interim results for the period ended 31 March 2017   [May-31-17 08:09AM  GlobeNewswire]
▶ Could Golar LNGs Negative EBITDA Trend Reverse in 1Q17?   [May-26-17 10:37AM  Market Realist]
▶ Golar LNG Partners LP: Q1 2017 results presentation   [May-23-17 04:31PM  GlobeNewswire]
▶ Golar LNG Partners LP First Quarter 2017 Cash Distribution   [Apr-26-17 05:01PM  GlobeNewswire]
▶ Analysts Recommend Buy for Golar LNG Partners   [Apr-03-17 10:39AM  Market Realist]
▶ LNG Carriers: Latest Updates and Analyst Recommendations   [Mar-31-17 12:29PM  Market Realist]
▶ 3 Top Dividend Stocks in Energy to Buy Now   [Mar-29-17 12:13PM  Motley Fool]
▶ 3 Top Dividend Stocks in Energy to Buy Now   [12:13PM  at Motley Fool]
▶ Golar LNG Partners L.P. - New LNG Carrier Contract   [Mar-17-17 08:19AM  GlobeNewswire]
▶ New Strong Sell Stocks for February 23rd   [Feb-23-17 09:45AM  Zacks]
▶ Golar LNG Partners LP: Q4 2016 results presentation   [Feb-22-17 05:36AM  GlobeNewswire]
▶ Golar LNG Partners LP Announces Pricing of Public Offering   [Feb-08-17 04:43AM  GlobeNewswire]
▶ Golar LNG Partners L.P. : Fixed income investor meetings   [Jan-31-17 02:33AM  GlobeNewswire]
Financial statements of GMLP
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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