Intrinsic value of Hoegh LNG Partners - HMLP

Previous Close

$17.95

  Intrinsic Value

$11.84

stock screener

  Rating & Target

sell

-34%

Previous close

$17.95

 
Intrinsic value

$11.84

 
Up/down potential

-34%

 
Rating

sell

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

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, %
  59.65
  58.50
  53.15
  48.34
  44.00
  40.10
  36.59
  33.43
  30.59
  28.03
  25.73
  23.65
  21.79
  20.11
  18.60
  17.24
  16.02
  14.91
  13.92
  13.03
  12.23
  11.50
  10.85
  10.27
  9.74
  9.27
  8.84
  8.46
  8.11
  7.80
  7.52
Revenue, $m
  91
  144
  221
  328
  472
  661
  903
  1,205
  1,573
  2,014
  2,533
  3,132
  3,814
  4,581
  5,433
  6,370
  7,390
  8,492
  9,674
  10,935
  12,272
  13,684
  15,169
  16,726
  18,356
  20,057
  21,830
  23,676
  25,597
  27,593
  29,668
Variable operating expenses, $m
 
  51
  78
  114
  164
  229
  313
  417
  543
  695
  874
  1,079
  1,314
  1,578
  1,871
  2,194
  2,545
  2,925
  3,332
  3,766
  4,227
  4,713
  5,224
  5,761
  6,322
  6,908
  7,519
  8,154
  8,816
  9,504
  10,218
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
  51
  78
  114
  164
  229
  313
  417
  543
  695
  874
  1,079
  1,314
  1,578
  1,871
  2,194
  2,545
  2,925
  3,332
  3,766
  4,227
  4,713
  5,224
  5,761
  6,322
  6,908
  7,519
  8,154
  8,816
  9,504
  10,218
Operating income, $m
  71
  93
  143
  213
  308
  432
  590
  788
  1,030
  1,319
  1,659
  2,053
  2,500
  3,003
  3,562
  4,176
  4,845
  5,567
  6,342
  7,169
  8,045
  8,971
  9,944
  10,965
  12,034
  13,149
  14,311
  15,522
  16,781
  18,090
  19,450
EBITDA, $m
  82
  152
  233
  346
  499
  699
  954
  1,273
  1,663
  2,129
  2,677
  3,310
  4,031
  4,842
  5,742
  6,732
  7,810
  8,975
  10,224
  11,557
  12,970
  14,462
  16,032
  17,678
  19,400
  21,198
  23,072
  25,023
  27,053
  29,163
  31,356
Interest expense (income), $m
  0
  24
  39
  61
  91
  132
  185
  253
  339
  443
  567
  714
  883
  1,075
  1,292
  1,533
  1,797
  2,085
  2,396
  2,730
  3,086
  3,464
  3,862
  4,282
  4,722
  5,182
  5,662
  6,163
  6,684
  7,226
  7,790
Earnings before tax, $m
  45
  69
  104
  152
  217
  300
  405
  535
  691
  876
  1,091
  1,339
  1,618
  1,928
  2,270
  2,643
  3,048
  3,482
  3,946
  4,438
  4,959
  5,507
  6,082
  6,684
  7,312
  7,967
  8,649
  9,359
  10,097
  10,863
  11,660
Tax expense, $m
  4
  19
  28
  41
  59
  81
  109
  144
  187
  237
  295
  362
  437
  521
  613
  714
  823
  940
  1,065
  1,198
  1,339
  1,487
  1,642
  1,805
  1,974
  2,151
  2,335
  2,527
  2,726
  2,933
  3,148
Net income, $m
  41
  50
  76
  111
  158
  219
  296
  390
  505
  640
  797
  978
  1,181
  1,407
  1,657
  1,930
  2,225
  2,542
  2,880
  3,240
  3,620
  4,020
  4,440
  4,879
  5,338
  5,816
  6,314
  6,832
  7,371
  7,930
  8,512

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
  1,288
  1,972
  2,926
  4,213
  5,902
  8,062
  10,757
  14,048
  17,986
  22,613
  27,962
  34,054
  40,902
  48,510
  56,872
  65,981
  75,821
  86,377
  97,632
  109,569
  122,174
  135,435
  149,342
  163,891
  179,079
  194,911
  211,394
  228,540
  246,366
  264,893
Adjusted assets (=assets-cash), $m
  788
  1,288
  1,972
  2,926
  4,213
  5,902
  8,062
  10,757
  14,048
  17,986
  22,613
  27,962
  34,054
  40,902
  48,510
  56,872
  65,981
  75,821
  86,377
  97,632
  109,569
  122,174
  135,435
  149,342
  163,891
  179,079
  194,911
  211,394
  228,540
  246,366
  264,893
Revenue / Adjusted assets
  0.115
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
Average production assets, $m
  17
  579
  886
  1,315
  1,894
  2,653
  3,624
  4,835
  6,314
  8,084
  10,163
  12,567
  15,306
  18,384
  21,803
  25,562
  29,655
  34,078
  38,823
  43,881
  49,246
  54,912
  60,872
  67,123
  73,662
  80,488
  87,604
  95,012
  102,719
  110,731
  119,058
Working capital, $m
  -14
  -3
  -4
  -6
  -8
  -12
  -16
  -22
  -28
  -36
  -46
  -56
  -69
  -82
  -98
  -115
  -133
  -153
  -174
  -197
  -221
  -246
  -273
  -301
  -330
  -361
  -393
  -426
  -461
  -497
  -534
Total debt, $m
  376
  622
  965
  1,444
  2,090
  2,938
  4,022
  5,375
  7,027
  9,004
  11,327
  14,012
  17,070
  20,508
  24,327
  28,525
  33,097
  38,037
  43,336
  48,986
  54,979
  61,307
  67,964
  74,945
  82,248
  89,873
  97,821
  106,095
  114,702
  123,651
  132,951
Total liabilities, $m
  446
  646
  990
  1,469
  2,115
  2,963
  4,047
  5,400
  7,052
  9,029
  11,352
  14,037
  17,095
  20,533
  24,352
  28,550
  33,122
  38,062
  43,361
  49,011
  55,004
  61,332
  67,988
  74,970
  82,273
  89,898
  97,845
  106,120
  114,727
  123,676
  132,976
Total equity, $m
  365
  641
  982
  1,457
  2,098
  2,939
  4,015
  5,357
  6,996
  8,957
  11,261
  13,925
  16,959
  20,369
  24,158
  28,322
  32,858
  37,759
  43,016
  48,621
  54,565
  60,843
  67,447
  74,372
  81,618
  89,181
  97,066
  105,274
  113,813
  122,690
  131,917
Total liabilities and equity, $m
  811
  1,287
  1,972
  2,926
  4,213
  5,902
  8,062
  10,757
  14,048
  17,986
  22,613
  27,962
  34,054
  40,902
  48,510
  56,872
  65,980
  75,821
  86,377
  97,632
  109,569
  122,175
  135,435
  149,342
  163,891
  179,079
  194,911
  211,394
  228,540
  246,366
  264,893
Debt-to-equity ratio
  1.030
  0.970
  0.980
  0.990
  1.000
  1.000
  1.000
  1.000
  1.000
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
Adjusted equity ratio
  0.435
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  41
  50
  76
  111
  158
  219
  296
  390
  505
  640
  797
  978
  1,181
  1,407
  1,657
  1,930
  2,225
  2,542
  2,880
  3,240
  3,620
  4,020
  4,440
  4,879
  5,338
  5,816
  6,314
  6,832
  7,371
  7,930
  8,512
Depreciation, amort., depletion, $m
  11
  59
  90
  133
  191
  267
  364
  485
  633
  810
  1,018
  1,257
  1,531
  1,838
  2,180
  2,556
  2,966
  3,408
  3,882
  4,388
  4,925
  5,491
  6,087
  6,712
  7,366
  8,049
  8,760
  9,501
  10,272
  11,073
  11,906
Funds from operations, $m
  36
  110
  166
  244
  349
  486
  660
  876
  1,138
  1,450
  1,815
  2,235
  2,711
  3,246
  3,837
  4,486
  5,190
  5,950
  6,763
  7,628
  8,545
  9,511
  10,527
  11,591
  12,704
  13,865
  15,074
  16,333
  17,642
  19,003
  20,417
Change in working capital, $m
  -3
  -1
  -1
  -2
  -3
  -3
  -4
  -5
  -7
  -8
  -9
  -11
  -12
  -14
  -15
  -17
  -18
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -37
Cash from operations, $m
  39
  111
  168
  246
  352
  489
  664
  881
  1,144
  1,458
  1,824
  2,245
  2,724
  3,260
  3,853
  4,503
  5,209
  5,970
  6,784
  7,651
  8,569
  9,537
  10,554
  11,619
  12,733
  13,896
  15,106
  16,367
  17,677
  19,039
  20,455
Maintenance CAPEX, $m
  0
  -37
  -58
  -89
  -131
  -189
  -265
  -362
  -483
  -631
  -808
  -1,016
  -1,257
  -1,531
  -1,838
  -2,180
  -2,556
  -2,966
  -3,408
  -3,882
  -4,388
  -4,925
  -5,491
  -6,087
  -6,712
  -7,366
  -8,049
  -8,760
  -9,501
  -10,272
  -11,073
New CAPEX, $m
  -1
  -213
  -308
  -428
  -579
  -759
  -971
  -1,211
  -1,479
  -1,770
  -2,080
  -2,404
  -2,738
  -3,078
  -3,419
  -3,759
  -4,094
  -4,423
  -4,744
  -5,059
  -5,365
  -5,665
  -5,960
  -6,251
  -6,539
  -6,827
  -7,116
  -7,408
  -7,706
  -8,012
  -8,327
Cash from investing activities, $m
  -83
  -250
  -366
  -517
  -710
  -948
  -1,236
  -1,573
  -1,962
  -2,401
  -2,888
  -3,420
  -3,995
  -4,609
  -5,257
  -5,939
  -6,650
  -7,389
  -8,152
  -8,941
  -9,753
  -10,590
  -11,451
  -12,338
  -13,251
  -14,193
  -15,165
  -16,168
  -17,207
  -18,284
  -19,400
Free cash flow, $m
  -44
  -139
  -198
  -271
  -358
  -459
  -572
  -693
  -818
  -944
  -1,064
  -1,175
  -1,271
  -1,349
  -1,405
  -1,436
  -1,441
  -1,419
  -1,368
  -1,290
  -1,185
  -1,053
  -897
  -718
  -518
  -297
  -58
  198
  469
  755
  1,055
Issuance/(repayment) of debt, $m
  -36
  239
  344
  479
  646
  848
  1,084
  1,353
  1,652
  1,977
  2,323
  2,685
  3,058
  3,438
  3,819
  4,198
  4,572
  4,940
  5,299
  5,650
  5,993
  6,328
  6,657
  6,981
  7,303
  7,625
  7,948
  8,274
  8,607
  8,949
  9,300
Issuance/(repurchase) of shares, $m
  112
  188
  265
  363
  483
  622
  780
  952
  1,134
  1,321
  1,508
  1,686
  1,853
  2,003
  2,132
  2,235
  2,311
  2,359
  2,376
  2,365
  2,325
  2,257
  2,164
  2,047
  1,907
  1,748
  1,570
  1,376
  1,168
  947
  715
Cash from financing (excl. dividends), $m  
  74
  427
  609
  842
  1,129
  1,470
  1,864
  2,305
  2,786
  3,298
  3,831
  4,371
  4,911
  5,441
  5,951
  6,433
  6,883
  7,299
  7,675
  8,015
  8,318
  8,585
  8,821
  9,028
  9,210
  9,373
  9,518
  9,650
  9,775
  9,896
  10,015
Total cash flow (excl. dividends), $m
  30
  288
  411
  571
  771
  1,011
  1,292
  1,612
  1,968
  2,354
  2,766
  3,196
  3,640
  4,092
  4,545
  4,997
  5,442
  5,880
  6,307
  6,725
  7,133
  7,532
  7,923
  8,310
  8,693
  9,075
  9,460
  9,849
  10,245
  10,651
  11,070
Retained Cash Flow (-), $m
  -115
  -238
  -341
  -475
  -641
  -841
  -1,076
  -1,342
  -1,639
  -1,961
  -2,304
  -2,664
  -3,034
  -3,410
  -3,788
  -4,165
  -4,536
  -4,900
  -5,257
  -5,605
  -5,945
  -6,277
  -6,604
  -6,926
  -7,245
  -7,564
  -7,884
  -8,209
  -8,539
  -8,877
  -9,226
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
  1
  1
  1
  2
  2
  3
  4
  5
  6
  8
  9
  11
  13
  15
  17
  19
  22
  25
  27
  30
  33
  37
  40
  44
  47
  51
  55
Cash available for distribution, $m
 
  50
  70
  96
  130
  170
  217
  270
  329
  393
  462
  532
  606
  681
  757
  832
  906
  979
  1,050
  1,120
  1,188
  1,254
  1,320
  1,384
  1,448
  1,511
  1,575
  1,640
  1,706
  1,774
  1,843
Discount rate, %
 
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.85
  11.40
  11.97
  12.57
  13.19
  13.85
  14.55
  15.27
  16.04
  16.84
  17.68
  18.57
  19.49
  20.47
  21.49
  22.57
  23.69
  24.88
  26.12
  27.43
  28.80
  30.24
  31.75
  33.34
PV of cash for distribution, $m
 
  46
  59
  75
  91
  106
  120
  131
  139
  142
  141
  136
  128
  117
  103
  89
  75
  61
  49
  38
  29
  21
  15
  10
  7
  5
  3
  2
  1
  1
  0
Current shareholders' claim on cash, %
  100
  71.3
  52.5
  39.8
  31.0
  24.6
  20.1
  16.6
  14.1
  12.1
  10.6
  9.4
  8.4
  7.6
  7.0
  6.5
  6.0
  5.7
  5.4
  5.1
  4.9
  4.8
  4.6
  4.5
  4.4
  4.3
  4.3
  4.2
  4.2
  4.2
  4.1

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 14.4
Price to Sales 6.5
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 15.1
Price to Free Cash Flow 15.5
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 58.5% 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 8.1%, 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 36.2%.

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 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 6.3% 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 0.2%.

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 401.3%.

Life of production assets of 10 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 -1.8%. 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 - $403 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 26 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 $0.5 billion.

RELATED COMPANIES Price Int.Val. Rating
GMLP Golar LNG Part 15.09 7.49  str.sell
GLNG Golar LNG 27.30 4.96  str.sell
TGP Teekay LNG Par 16.40 5.27  str.sell
TK Teekay 6.91 9.39  buy
TOO Teekay Offshor 2.50 0.36  str.sell
DLNG Dynagas LNG Pa 7.99 0.87  str.sell
GLOG GasLog 16.95 2.80  str.sell
NAO Nordic America 1.16 2.79  str.buy

COMPANY NEWS

▶ Hoegh LNG: 1Q Earnings Snapshot   [May-31-18 06:47AM  Associated Press]
▶ Hoegh LNG Partners LP Announces 2018 Annual Meeting   [Apr-19-18 04:20PM  PR Newswire]
▶ Hoegh LNG beats 4Q profit forecasts   [07:06AM  Associated Press]
▶ GasLog Partners 4Q17 EBITDA: Analysts Expectations   [Jan-26-18 04:15PM  Market Realist]
▶ GasLog Partners Upcoming 4Q17 Results   [01:14PM  Market Realist]
▶ Golar LNG Partners Compared to Its Peers   [Jan-25-18 07:31AM  Market Realist]
▶ GasLog Partners: Barclays Revised the Target Price   [Jan-24-18 10:30AM  Market Realist]
▶ Golar LNGs Earnings Are Expected to Rise 93%   [07:33AM  Market Realist]
▶ GasLog: More than 75% of the Analysts Are Bullish   [Jan-23-18 03:05PM  Market Realist]
▶ Top MLP Losers in the Week Ending January 12   [Jan-16-18 01:19PM  Market Realist]
▶ Oil Price Reach 3-Year High: What about Bunker Fuel Prices?   [Jan-11-18 12:55PM  Market Realist]
▶ Week 51: Crude and Bunker Fuel Prices   [Dec-28-17 09:03AM  Market Realist]
▶ Week 50: Crude Prices Touch $65   [Dec-20-17 12:05PM  Market Realist]
▶ Dynagas LNG Partners: Highest Upside Potential among Peers   [Dec-14-17 12:43PM  Market Realist]
▶ Analysts Are Bullish on Hoegh LNG Partners   [12:43PM  Market Realist]
▶ 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]
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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