Intrinsic value of Hoegh LNG Partners - HMLP

Previous Close

$17.45

  Intrinsic Value

$93.56

stock screener

  Rating & Target

str. buy

+436%

Previous close

$17.45

 
Intrinsic value

$93.56

 
Up/down potential

+436%

 
Rating

str. buy

We calculate the intrinsic value of HMLP 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 0.6

 

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, %
  59.65
  52.20
  47.48
  43.23
  39.41
  35.97
  32.87
  30.08
  27.58
  25.32
  23.29
  21.46
  19.81
  18.33
  17.00
  15.80
  14.72
  13.75
  12.87
  12.08
  11.38
  10.74
  10.16
  9.65
  9.18
  8.76
  8.39
  8.05
  7.74
  7.47
  7.22
Revenue, $m
  91
  139
  204
  293
  408
  555
  737
  959
  1,223
  1,532
  1,889
  2,295
  2,749
  3,253
  3,806
  4,408
  5,056
  5,751
  6,492
  7,276
  8,104
  8,974
  9,886
  10,840
  11,836
  12,873
  13,953
  15,076
  16,244
  17,457
  18,718
Variable operating expenses, $m
 
  9
  13
  19
  27
  37
  49
  63
  81
  101
  125
  151
  181
  215
  251
  291
  334
  380
  428
  480
  535
  592
  653
  715
  781
  850
  921
  995
  1,072
  1,152
  1,235
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
  20
  9
  13
  19
  27
  37
  49
  63
  81
  101
  125
  151
  181
  215
  251
  291
  334
  380
  428
  480
  535
  592
  653
  715
  781
  850
  921
  995
  1,072
  1,152
  1,235
Operating income, $m
  71
  129
  191
  273
  381
  518
  688
  895
  1,142
  1,431
  1,765
  2,143
  2,568
  3,039
  3,555
  4,117
  4,723
  5,372
  6,063
  6,796
  7,569
  8,382
  9,234
  10,125
  11,055
  12,023
  13,032
  14,081
  15,172
  16,305
  17,483
EBITDA, $m
  82
  135
  198
  284
  396
  539
  716
  931
  1,188
  1,489
  1,835
  2,229
  2,671
  3,160
  3,697
  4,282
  4,912
  5,587
  6,306
  7,068
  7,872
  8,718
  9,604
  10,530
  11,497
  12,505
  13,554
  14,645
  15,779
  16,958
  18,183
Interest expense (income), $m
  0
  12
  20
  31
  45
  64
  88
  118
  154
  197
  248
  306
  373
  447
  529
  620
  718
  824
  938
  1,059
  1,187
  1,322
  1,464
  1,613
  1,769
  1,932
  2,101
  2,278
  2,462
  2,652
  2,851
Earnings before tax, $m
  45
  117
  171
  242
  336
  454
  600
  777
  988
  1,234
  1,517
  1,837
  2,195
  2,592
  3,026
  3,497
  4,005
  4,548
  5,126
  5,737
  6,382
  7,060
  7,770
  8,511
  9,285
  10,092
  10,931
  11,803
  12,710
  13,653
  14,632
Tax expense, $m
  4
  32
  46
  65
  91
  123
  162
  210
  267
  333
  409
  496
  593
  700
  817
  944
  1,081
  1,228
  1,384
  1,549
  1,723
  1,906
  2,098
  2,298
  2,507
  2,725
  2,951
  3,187
  3,432
  3,686
  3,951
Net income, $m
  41
  85
  125
  177
  245
  331
  438
  567
  721
  901
  1,107
  1,341
  1,603
  1,892
  2,209
  2,553
  2,923
  3,320
  3,742
  4,188
  4,659
  5,154
  5,672
  6,213
  6,778
  7,367
  7,979
  8,616
  9,278
  9,966
  10,681

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  22
  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
  810
  1,204
  1,776
  2,544
  3,547
  4,822
  6,408
  8,335
  10,634
  13,326
  16,429
  19,954
  23,907
  28,290
  33,098
  38,327
  43,968
  50,012
  56,450
  63,271
  70,469
  78,036
  85,968
  94,263
  102,919
  111,940
  121,330
  131,097
  141,250
  151,801
  162,766
Adjusted assets (=assets-cash), $m
  788
  1,204
  1,776
  2,544
  3,547
  4,822
  6,408
  8,335
  10,634
  13,326
  16,429
  19,954
  23,907
  28,290
  33,098
  38,327
  43,968
  50,012
  56,450
  63,271
  70,469
  78,036
  85,968
  94,263
  102,919
  111,940
  121,330
  131,097
  141,250
  151,801
  162,766
Revenue / Adjusted assets
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
Average production assets, $m
  17
  26
  38
  55
  76
  104
  138
  179
  229
  287
  353
  429
  514
  608
  712
  824
  946
  1,076
  1,214
  1,361
  1,515
  1,678
  1,849
  2,027
  2,213
  2,407
  2,609
  2,819
  3,038
  3,264
  3,500
Working capital, $m
  -14
  -6
  -9
  -13
  -18
  -24
  -32
  -42
  -54
  -67
  -83
  -101
  -121
  -143
  -167
  -194
  -222
  -253
  -286
  -320
  -357
  -395
  -435
  -477
  -521
  -566
  -614
  -663
  -715
  -768
  -824
Total debt, $m
  376
  578
  885
  1,297
  1,836
  2,521
  3,372
  4,407
  5,641
  7,087
  8,753
  10,646
  12,769
  15,123
  17,705
  20,513
  23,542
  26,788
  30,244
  33,908
  37,773
  41,837
  46,096
  50,550
  55,199
  60,043
  65,085
  70,330
  75,782
  81,448
  87,336
Total liabilities, $m
  446
  647
  954
  1,366
  1,905
  2,590
  3,441
  4,476
  5,710
  7,156
  8,822
  10,715
  12,838
  15,192
  17,774
  20,582
  23,611
  26,857
  30,313
  33,977
  37,842
  41,906
  46,165
  50,619
  55,268
  60,112
  65,154
  70,399
  75,851
  81,517
  87,405
Total equity, $m
  365
  558
  822
  1,178
  1,642
  2,233
  2,967
  3,859
  4,923
  6,170
  7,607
  9,239
  11,069
  13,098
  15,325
  17,746
  20,357
  23,156
  26,136
  29,295
  32,627
  36,131
  39,803
  43,644
  47,652
  51,828
  56,176
  60,698
  65,399
  70,284
  75,361
Total liabilities and equity, $m
  811
  1,205
  1,776
  2,544
  3,547
  4,823
  6,408
  8,335
  10,633
  13,326
  16,429
  19,954
  23,907
  28,290
  33,099
  38,328
  43,968
  50,013
  56,449
  63,272
  70,469
  78,037
  85,968
  94,263
  102,920
  111,940
  121,330
  131,097
  141,250
  151,801
  162,766
Debt-to-equity ratio
  1.030
  1.040
  1.080
  1.100
  1.120
  1.130
  1.140
  1.140
  1.150
  1.150
  1.150
  1.150
  1.150
  1.150
  1.160
  1.160
  1.160
  1.160
  1.160
  1.160
  1.160
  1.160
  1.160
  1.160
  1.160
  1.160
  1.160
  1.160
  1.160
  1.160
  1.160
Adjusted equity ratio
  0.435
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  41
  85
  125
  177
  245
  331
  438
  567
  721
  901
  1,107
  1,341
  1,603
  1,892
  2,209
  2,553
  2,923
  3,320
  3,742
  4,188
  4,659
  5,154
  5,672
  6,213
  6,778
  7,367
  7,979
  8,616
  9,278
  9,966
  10,681
Depreciation, amort., depletion, $m
  11
  5
  8
  11
  15
  21
  28
  36
  46
  57
  71
  86
  103
  122
  142
  165
  189
  215
  243
  272
  303
  336
  370
  405
  443
  481
  522
  564
  608
  653
  700
Funds from operations, $m
  36
  91
  132
  188
  260
  352
  466
  603
  767
  958
  1,178
  1,427
  1,705
  2,014
  2,351
  2,718
  3,113
  3,535
  3,985
  4,460
  4,962
  5,489
  6,042
  6,619
  7,221
  7,848
  8,501
  9,180
  9,886
  10,619
  11,381
Change in working capital, $m
  -3
  -2
  -3
  -4
  -5
  -6
  -8
  -10
  -12
  -14
  -16
  -18
  -20
  -22
  -24
  -26
  -29
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -49
  -51
  -53
  -55
Cash from operations, $m
  39
  93
  135
  192
  265
  358
  474
  613
  779
  972
  1,193
  1,445
  1,725
  2,036
  2,376
  2,744
  3,141
  3,566
  4,017
  4,495
  4,999
  5,528
  6,082
  6,661
  7,265
  7,894
  8,549
  9,230
  9,937
  10,673
  11,437
Maintenance CAPEX, $m
  0
  -3
  -5
  -8
  -11
  -15
  -21
  -28
  -36
  -46
  -57
  -71
  -86
  -103
  -122
  -142
  -165
  -189
  -215
  -243
  -272
  -303
  -336
  -370
  -405
  -443
  -481
  -522
  -564
  -608
  -653
New CAPEX, $m
  -1
  -9
  -12
  -17
  -22
  -27
  -34
  -41
  -49
  -58
  -67
  -76
  -85
  -94
  -103
  -112
  -121
  -130
  -138
  -147
  -155
  -163
  -171
  -178
  -186
  -194
  -202
  -210
  -218
  -227
  -236
Cash from investing activities, $m
  -83
  -12
  -17
  -25
  -33
  -42
  -55
  -69
  -85
  -104
  -124
  -147
  -171
  -197
  -225
  -254
  -286
  -319
  -353
  -390
  -427
  -466
  -507
  -548
  -591
  -637
  -683
  -732
  -782
  -835
  -889
Free cash flow, $m
  -44
  80
  118
  168
  233
  316
  419
  544
  693
  868
  1,069
  1,298
  1,555
  1,839
  2,150
  2,489
  2,855
  3,247
  3,664
  4,105
  4,572
  5,062
  5,575
  6,113
  6,673
  7,257
  7,865
  8,498
  9,155
  9,838
  10,548
Issuance/(repayment) of debt, $m
  -36
  224
  307
  412
  538
  685
  851
  1,035
  1,234
  1,446
  1,666
  1,893
  2,123
  2,353
  2,582
  2,808
  3,029
  3,246
  3,457
  3,663
  3,865
  4,064
  4,260
  4,454
  4,649
  4,844
  5,042
  5,245
  5,452
  5,666
  5,888
Issuance/(repurchase) of shares, $m
  112
  107
  140
  179
  219
  259
  296
  325
  343
  346
  330
  291
  228
  137
  18
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  74
  331
  447
  591
  757
  944
  1,147
  1,360
  1,577
  1,792
  1,996
  2,184
  2,351
  2,490
  2,600
  2,808
  3,029
  3,246
  3,457
  3,663
  3,865
  4,064
  4,260
  4,454
  4,649
  4,844
  5,042
  5,245
  5,452
  5,666
  5,888
Total cash flow (excl. dividends), $m
  30
  411
  565
  759
  990
  1,260
  1,566
  1,904
  2,271
  2,660
  3,065
  3,482
  3,905
  4,329
  4,750
  5,297
  5,884
  6,492
  7,120
  7,769
  8,437
  9,125
  9,835
  10,567
  11,322
  12,101
  12,908
  13,742
  14,607
  15,504
  16,436
Retained Cash Flow (-), $m
  -115
  -193
  -265
  -356
  -464
  -591
  -734
  -892
  -1,064
  -1,246
  -1,437
  -1,632
  -1,830
  -2,029
  -2,226
  -2,421
  -2,612
  -2,798
  -2,981
  -3,158
  -3,333
  -3,504
  -3,673
  -3,840
  -4,008
  -4,177
  -4,348
  -4,522
  -4,701
  -4,885
  -5,077
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
 
  219
  300
  403
  526
  670
  832
  1,012
  1,206
  1,413
  1,629
  1,850
  2,075
  2,300
  2,524
  2,876
  3,272
  3,694
  4,140
  4,610
  5,104
  5,622
  6,162
  6,726
  7,314
  7,925
  8,560
  9,220
  9,906
  10,619
  11,360
Discount rate, %
 
  8.50
  8.93
  9.37
  9.84
  10.33
  10.85
  11.39
  11.96
  12.56
  13.19
  13.85
  14.54
  15.26
  16.03
  16.83
  17.67
  18.55
  19.48
  20.46
  21.48
  22.55
  23.68
  24.86
  26.11
  27.41
  28.78
  30.22
  31.73
  33.32
  34.99
PV of cash for distribution, $m
 
  202
  253
  308
  362
  410
  448
  475
  489
  487
  472
  444
  407
  363
  315
  279
  242
  205
  168
  134
  104
  79
  57
  41
  28
  19
  12
  7
  4
  3
  1
Current shareholders' claim on cash, %
  100
  84.3
  72.7
  63.8
  57.1
  51.9
  47.9
  44.7
  42.3
  40.5
  39.2
  38.3
  37.7
  37.4
  37.4
  37.4
  37.4
  37.4
  37.4
  37.4
  37.4
  37.4
  37.4
  37.4
  37.4
  37.4
  37.4
  37.4
  37.4
  37.4
  37.4

Hoegh LNG Partners LP owns, operates and acquires floating storage and regasification units (FSRUs), liquefied natural gas (LNG) carriers and other LNG infrastructure assets under long-term charters. The Company's segments include Majority held FSRUs, Joint venture FSRUs and other. The Majority held FSRUs segment includes the direct financing lease related to the PT Perusahaan Gas Negara (Persero) Tbk (PGN) FSRU Lampung and the operating lease related to the Hoegh Gallant. The Joint venture FSRUs segment includes approximately two FSRUs, including the GDF Suez LNG Supply S.A. (GDF Suez) Neptune and the GDF Suez Cape Ann, which operate under long term time charters. The Company intends to acquire newbuilding FSRUs on long-term charters, rather than FSRUs based on retrofitted, first-generation LNG carriers. The PGN FSRU Lampung is located offshore in the Lampung province at the southeast coast of Sumatra, Indonesia.

FINANCIAL RATIOS  of  Hoegh LNG Partners (HMLP)

Valuation Ratios
P/E Ratio 11.2
Price to Sales 5
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 11.8
Price to Free Cash Flow 12.1
Growth Rates
Sales Growth Rate 59.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -51.2%
Financial Strength
Quick Ratio 1
Current Ratio 0.3
LT Debt to Equity 94.2%
Total Debt to Equity 103%
Interest Coverage 0
Management Effectiveness
Return On Assets 5.2%
Ret/ On Assets - 3 Yr. Avg. 4%
Return On Total Capital 5.9%
Ret/ On T. Cap. - 3 Yr. Avg. 4.7%
Return On Equity 13.3%
Return On Equity - 3 Yr. Avg. 10.8%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 82.4%
Gross Margin - 3 Yr. Avg. 68.9%
EBITDA Margin 61.5%
EBITDA Margin - 3 Yr. Avg. 48.7%
Operating Margin 78%
Oper. Margin - 3 Yr. Avg. 61.8%
Pre-Tax Margin 49.5%
Pre-Tax Margin - 3 Yr. Avg. 42.5%
Net Profit Margin 45.1%
Net Profit Margin - 3 Yr. Avg. 39.9%
Effective Tax Rate 8.9%
Eff/ Tax Rate - 3 Yr. Avg. 14.9%
Payout Ratio 107.3%

HMLP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HMLP stock intrinsic value calculation we used $91 million for the last fiscal year's total revenue generated by Hoegh LNG Partners. The default revenue input number comes from 2016 income statement of Hoegh 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 HMLP stock valuation model: a) initial revenue growth rate of 52.2% 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 8.5%, whose default value for HMLP is calculated based on our internal credit rating of Hoegh 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 Hoegh 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 HMLP stock the variable cost ratio is equal to 6.6%.

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 HMLP 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 Hoegh LNG Partners.

Corporate tax rate of 27% is the nominal tax rate for Hoegh 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 HMLP 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 HMLP are equal to 18.7%.

Life of production assets of 1.5 years is the average useful life of capital assets used in Hoegh 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 HMLP is equal to -4.4%. 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 - $365 million for Hoegh 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 32.921 million for Hoegh 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 Hoegh LNG Partners at the current share price and the inputted number of shares is $0.6 billion.

RELATED COMPANIES Price Int.Val. Rating
GMLP Golar LNG Part 20.51 18.08  sell
GLNG Golar LNG 25.92 4.61  str.sell
TGP Teekay LNG Par 18.55 4.93  str.sell
TK Teekay 8.44 11.06  buy
TOO Teekay Offshor 2.25 1.99  sell
DLNG Dynagas LNG Pa 11.40 9.41  sell
GLOG GasLog 19.00 2.90  str.sell

COMPANY NEWS

▶ Bunker Fuel Prices Fell in Week 46   [Nov-21-17 04:10PM  Market Realist]
▶ Hoegh LNG Partners LP to Host Earnings Call   [Nov-16-17 06:55AM  ACCESSWIRE]
▶ Where Bunker Fuel Prices Are Headed, Oil Prices Crossed $60   [Nov-09-17 11:55AM  Market Realist]
▶ [$$] Third-Quarter IPOs Land With a Thud   [Oct-07-17 12:27AM  Barrons.com]
▶ Behind Hoegh LNG Partners Analyst Ratings   [Oct-03-17 03:06PM  Market Realist]
▶ What Analysts Think about Hoegh LNG Partners   [Sep-22-17 10:02AM  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]
▶ Highlights of Hoegh LNG Partners 2Q17 Results   [02:23PM  Market Realist]
▶ Hoegh LNG misses 2Q profit forecasts   [Aug-24-17 09:57PM  Associated Press]
▶ Höegh LNG Partners LP Second Quarter 2017 Distribution   [Jul-20-17 04:17PM  PR Newswire]
▶ Will GasLog Partners 2017 EBITDA Rise?   [Jul-14-17 03:35PM  Market Realist]
▶ Is Hoegh LNG a Great Stock for Value Investors?   [May-25-17 09:50AM  Zacks]
▶ Hoegh LNG beats 1Q profit forecasts   [07:02AM  Associated Press]
▶ Hoegh LNG misses 4Q profit forecasts   [07:05AM  Associated Press]
Financial statements of HMLP
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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