Intrinsic value of Golar LNG Partners - GMLP

Previous Close

$23.06

  Intrinsic Value

$13.63

stock screener

  Rating & Target

sell

-41%

  Value-price divergence*

-40%

Previous close

$23.06

 
Intrinsic value

$13.63

 
Up/down potential

-41%

 
Rating

sell

 
Value-price divergence*

-40%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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 1.6

 

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
  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
  442
  451
  461
  473
  486
  501
  517
  535
  554
  575
  597
  620
  645
  672
  701
  731
  763
  797
  833
  870
  910
  953
  997
  1,044
  1,094
  1,146
  1,200
  1,258
  1,319
  1,383
  1,450
Variable operating expenses, $m
 
  186
  190
  195
  200
  206
  213
  220
  228
  237
  246
  256
  266
  277
  289
  301
  314
  328
  343
  359
  375
  393
  411
  430
  451
  472
  495
  518
  543
  570
  597
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
  186
  190
  195
  200
  206
  213
  220
  228
  237
  246
  256
  266
  277
  289
  301
  314
  328
  343
  359
  375
  393
  411
  430
  451
  472
  495
  518
  543
  570
  597
Operating income, $m
  267
  265
  271
  278
  286
  295
  304
  315
  326
  338
  351
  365
  379
  395
  412
  430
  449
  468
  490
  512
  535
  560
  586
  614
  643
  674
  706
  740
  775
  813
  853
EBITDA, $m
  367
  367
  375
  385
  396
  408
  421
  435
  451
  468
  486
  505
  525
  547
  570
  595
  621
  649
  678
  709
  741
  775
  812
  850
  890
  933
  977
  1,024
  1,074
  1,126
  1,180
Interest expense (income), $m
  58
  56
  57
  58
  60
  62
  64
  67
  69
  72
  75
  78
  82
  85
  89
  93
  98
  102
  107
  113
  118
  124
  130
  137
  143
  151
  158
  166
  175
  183
  193
Earnings before tax, $m
  203
  209
  214
  220
  226
  233
  240
  248
  257
  266
  276
  286
  298
  310
  323
  336
  351
  366
  382
  399
  417
  436
  456
  477
  500
  523
  548
  574
  601
  630
  660
Tax expense, $m
  17
  57
  58
  59
  61
  63
  65
  67
  69
  72
  74
  77
  80
  84
  87
  91
  95
  99
  103
  108
  113
  118
  123
  129
  135
  141
  148
  155
  162
  170
  178
Net income, $m
  172
  153
  156
  160
  165
  170
  175
  181
  187
  194
  201
  209
  217
  226
  236
  246
  256
  267
  279
  291
  305
  318
  333
  348
  365
  382
  400
  419
  439
  460
  482

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
  2,232
  2,283
  2,342
  2,408
  2,481
  2,561
  2,648
  2,742
  2,844
  2,953
  3,070
  3,195
  3,327
  3,468
  3,618
  3,777
  3,944
  4,122
  4,309
  4,507
  4,716
  4,937
  5,169
  5,414
  5,671
  5,943
  6,228
  6,529
  6,845
  7,178
Adjusted assets (=assets-cash), $m
  2,187
  2,232
  2,283
  2,342
  2,408
  2,481
  2,561
  2,648
  2,742
  2,844
  2,953
  3,070
  3,195
  3,327
  3,468
  3,618
  3,777
  3,944
  4,122
  4,309
  4,507
  4,716
  4,937
  5,169
  5,414
  5,671
  5,943
  6,228
  6,529
  6,845
  7,178
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
  1,936
  1,980
  2,031
  2,088
  2,152
  2,221
  2,297
  2,379
  2,467
  2,562
  2,663
  2,771
  2,886
  3,008
  3,138
  3,276
  3,421
  3,575
  3,738
  3,910
  4,091
  4,282
  4,483
  4,696
  4,919
  5,155
  5,402
  5,663
  5,937
  6,226
Working capital, $m
  -54
  -42
  -43
  -44
  -45
  -47
  -48
  -50
  -52
  -53
  -55
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -81
  -85
  -89
  -93
  -97
  -102
  -107
  -112
  -117
  -123
  -129
  -135
Total debt, $m
  1,492
  1,460
  1,499
  1,543
  1,593
  1,648
  1,708
  1,774
  1,846
  1,922
  2,005
  2,093
  2,187
  2,287
  2,394
  2,507
  2,626
  2,753
  2,887
  3,029
  3,178
  3,336
  3,502
  3,678
  3,862
  4,057
  4,262
  4,477
  4,704
  4,943
  5,194
Total liabilities, $m
  1,716
  1,685
  1,724
  1,768
  1,818
  1,873
  1,933
  1,999
  2,071
  2,147
  2,230
  2,318
  2,412
  2,512
  2,619
  2,732
  2,851
  2,978
  3,112
  3,254
  3,403
  3,561
  3,727
  3,903
  4,087
  4,282
  4,487
  4,702
  4,929
  5,168
  5,419
Total equity, $m
  536
  547
  559
  574
  590
  608
  627
  649
  672
  697
  724
  752
  783
  815
  850
  886
  925
  966
  1,010
  1,056
  1,104
  1,156
  1,209
  1,266
  1,326
  1,389
  1,456
  1,526
  1,600
  1,677
  1,759
Total liabilities and equity, $m
  2,252
  2,232
  2,283
  2,342
  2,408
  2,481
  2,560
  2,648
  2,743
  2,844
  2,954
  3,070
  3,195
  3,327
  3,469
  3,618
  3,776
  3,944
  4,122
  4,310
  4,507
  4,717
  4,936
  5,169
  5,413
  5,671
  5,943
  6,228
  6,529
  6,845
  7,178
Debt-to-equity ratio
  2.784
  2.670
  2.680
  2.690
  2.700
  2.710
  2.720
  2.730
  2.750
  2.760
  2.770
  2.780
  2.790
  2.810
  2.820
  2.830
  2.840
  2.850
  2.860
  2.870
  2.880
  2.890
  2.900
  2.900
  2.910
  2.920
  2.930
  2.930
  2.940
  2.950
  2.950
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
  153
  156
  160
  165
  170
  175
  181
  187
  194
  201
  209
  217
  226
  236
  246
  256
  267
  279
  291
  305
  318
  333
  348
  365
  382
  400
  419
  439
  460
  482
Depreciation, amort., depletion, $m
  100
  102
  104
  107
  110
  113
  117
  121
  125
  130
  135
  140
  146
  152
  158
  165
  172
  180
  188
  197
  206
  215
  225
  236
  247
  259
  271
  284
  298
  312
  328
Funds from operations, $m
  225
  255
  261
  267
  275
  283
  292
  302
  312
  324
  336
  349
  363
  378
  394
  411
  428
  447
  467
  488
  510
  534
  558
  584
  612
  641
  671
  703
  737
  772
  809
Change in working capital, $m
  -36
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
Cash from operations, $m
  261
  256
  262
  268
  276
  284
  294
  303
  314
  326
  338
  351
  366
  381
  397
  414
  431
  450
  471
  492
  514
  538
  563
  589
  616
  646
  676
  708
  742
  778
  816
Maintenance CAPEX, $m
  0
  -100
  -102
  -104
  -107
  -110
  -113
  -117
  -121
  -125
  -130
  -135
  -140
  -146
  -152
  -158
  -165
  -172
  -180
  -188
  -197
  -206
  -215
  -225
  -236
  -247
  -259
  -271
  -284
  -298
  -312
New CAPEX, $m
  0
  -38
  -45
  -51
  -57
  -63
  -69
  -76
  -82
  -88
  -95
  -101
  -108
  -115
  -122
  -130
  -138
  -146
  -154
  -163
  -172
  -181
  -191
  -201
  -212
  -224
  -235
  -248
  -261
  -274
  -288
Cash from investing activities, $m
  -107
  -138
  -147
  -155
  -164
  -173
  -182
  -193
  -203
  -213
  -225
  -236
  -248
  -261
  -274
  -288
  -303
  -318
  -334
  -351
  -369
  -387
  -406
  -426
  -448
  -471
  -494
  -519
  -545
  -572
  -600
Free cash flow, $m
  154
  118
  115
  113
  112
  111
  111
  111
  111
  112
  114
  115
  117
  120
  122
  125
  129
  132
  137
  141
  146
  151
  156
  162
  168
  175
  182
  189
  197
  206
  215
Issuance/(repayment) of debt, $m
  44
  34
  39
  44
  50
  55
  60
  66
  71
  77
  82
  88
  94
  100
  106
  113
  120
  127
  134
  142
  149
  158
  166
  175
  185
  195
  205
  216
  227
  239
  251
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
  34
  39
  44
  50
  55
  60
  66
  71
  77
  82
  88
  94
  100
  106
  113
  120
  127
  134
  142
  149
  158
  166
  175
  185
  195
  205
  216
  227
  239
  251
Total cash flow (excl. dividends), $m
  180
  152
  154
  158
  162
  166
  171
  177
  183
  189
  196
  204
  211
  220
  229
  238
  248
  259
  271
  282
  295
  308
  323
  337
  353
  369
  387
  405
  424
  444
  466
Retained Cash Flow (-), $m
  -6
  -11
  -13
  -14
  -16
  -18
  -20
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -70
  -74
  -77
  -81
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
 
  141
  141
  143
  146
  148
  152
  155
  160
  164
  169
  175
  181
  187
  194
  202
  210
  218
  227
  237
  247
  257
  269
  280
  293
  306
  320
  335
  351
  367
  384
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
 
  128
  116
  105
  95
  85
  75
  66
  57
  49
  41
  34
  28
  23
  18
  14
  11
  8
  6
  4
  3
  2
  1
  1
  1
  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

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 8.6
Price to Sales 3.3
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 5.7
Price to Free Cash Flow 5.7
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 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 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 71.221 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 $1.6 billion.

RELATED COMPANIES Price Int.Val. Rating
GLNG Golar LNG 22.39 4.56  str.sell
TGP Teekay LNG Par 18.35 4.91  str.sell
HMLP Hoegh LNG Part 19.20 119.53  str.buy
GLOG GasLog 17.80 2.88  str.sell
DLNG Dynagas LNG Pa 13.50 10.42  sell
ASC Ardmore Shippi 8.95 2.90  str.sell
TNK Teekay Tankers 1.68 5.03  str.buy
NAT Nordic America 5.40 3.17  sell

COMPANY NEWS

▶ 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]
▶ Golar LNG Partners LP Fourth Quarter 2016 Cash Distribution   [Jan-26-17 05:09PM  GlobeNewswire]
▶ Golar LNG Partners L.P. - Notice of Charter End Date   [Dec-27-16 08:33AM  GlobeNewswire]
▶ Golar LNG Partners LP (GMLP): How It Stacks Up Against Its Peers   [Dec-14-16 10:21PM  at Insider Monkey]
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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