Intrinsic value of Hoegh LNG Partners - HMLP

Previous Close

$17.40

  Intrinsic Value

$103.79

stock screener

  Rating & Target

str. buy

+497%

Previous close

$17.40

 
Intrinsic value

$103.79

 
Up/down potential

+497%

 
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

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
  56.50
  51.35
  46.72
  42.54
  38.79
  35.41
  32.37
  29.63
  27.17
  24.95
  22.96
  21.16
  19.55
  18.09
  16.78
  15.60
  14.54
  13.59
  12.73
  11.96
  11.26
  10.64
  10.07
  9.56
  9.11
  8.70
  8.33
  7.99
  7.70
  7.43
Revenue, $m
  91
  142
  216
  316
  451
  626
  847
  1,121
  1,454
  1,849
  2,310
  2,840
  3,441
  4,114
  4,858
  5,673
  6,558
  7,512
  8,533
  9,619
  10,769
  11,982
  13,257
  14,592
  15,987
  17,443
  18,961
  20,539
  22,182
  23,888
  25,662
Variable operating expenses, $m
 
  9
  14
  21
  30
  41
  56
  74
  96
  122
  152
  187
  227
  272
  321
  374
  433
  496
  563
  635
  711
  791
  875
  963
  1,055
  1,151
  1,251
  1,356
  1,464
  1,577
  1,694
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
  14
  21
  30
  41
  56
  74
  96
  122
  152
  187
  227
  272
  321
  374
  433
  496
  563
  635
  711
  791
  875
  963
  1,055
  1,151
  1,251
  1,356
  1,464
  1,577
  1,694
Operating income, $m
  71
  133
  201
  295
  421
  584
  791
  1,047
  1,358
  1,727
  2,157
  2,653
  3,214
  3,842
  4,537
  5,299
  6,126
  7,016
  7,970
  8,984
  10,059
  11,191
  12,382
  13,629
  14,932
  16,292
  17,709
  19,184
  20,718
  22,312
  23,969
EBITDA, $m
  82
  138
  209
  307
  438
  608
  823
  1,089
  1,412
  1,796
  2,244
  2,759
  3,343
  3,996
  4,719
  5,511
  6,371
  7,297
  8,289
  9,344
  10,461
  11,640
  12,877
  14,174
  15,530
  16,945
  18,418
  19,952
  21,547
  23,205
  24,928
Interest expense (income), $m
  0
  12
  21
  33
  49
  71
  100
  136
  181
  235
  300
  375
  462
  560
  670
  792
  925
  1,069
  1,225
  1,392
  1,570
  1,758
  1,956
  2,164
  2,382
  2,610
  2,848
  3,096
  3,354
  3,623
  3,902
Earnings before tax, $m
  45
  121
  180
  263
  372
  513
  691
  911
  1,177
  1,491
  1,858
  2,278
  2,752
  3,282
  3,867
  4,507
  5,201
  5,947
  6,745
  7,592
  8,489
  9,434
  10,426
  11,465
  12,550
  13,682
  14,861
  16,087
  17,363
  18,689
  20,067
Tax expense, $m
  4
  33
  49
  71
  100
  139
  187
  246
  318
  403
  502
  615
  743
  886
  1,044
  1,217
  1,404
  1,606
  1,821
  2,050
  2,292
  2,547
  2,815
  3,095
  3,388
  3,694
  4,012
  4,344
  4,688
  5,046
  5,418
Net income, $m
  41
  88
  132
  192
  271
  375
  505
  665
  859
  1,089
  1,356
  1,663
  2,009
  2,396
  2,823
  3,290
  3,797
  4,341
  4,924
  5,542
  6,197
  6,887
  7,611
  8,369
  9,161
  9,988
  10,848
  11,744
  12,675
  13,643
  14,649

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
  1,238
  1,874
  2,750
  3,920
  5,440
  7,367
  9,751
  12,641
  16,075
  20,086
  24,697
  29,923
  35,772
  42,243
  49,332
  57,030
  65,324
  74,201
  83,646
  93,648
  104,194
  115,275
  126,885
  139,020
  151,682
  164,874
  178,604
  192,883
  207,726
  223,151
Adjusted assets (=assets-cash), $m
  788
  1,238
  1,874
  2,750
  3,920
  5,440
  7,367
  9,751
  12,641
  16,075
  20,086
  24,697
  29,923
  35,772
  42,243
  49,332
  57,030
  65,324
  74,201
  83,646
  93,648
  104,194
  115,275
  126,885
  139,020
  151,682
  164,874
  178,604
  192,883
  207,726
  223,151
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
  27
  40
  59
  84
  117
  158
  210
  272
  346
  432
  531
  644
  769
  908
  1,061
  1,226
  1,405
  1,596
  1,799
  2,014
  2,241
  2,479
  2,729
  2,990
  3,262
  3,546
  3,841
  4,148
  4,467
  4,799
Working capital, $m
  -14
  -6
  -9
  -14
  -20
  -28
  -37
  -49
  -64
  -81
  -102
  -125
  -151
  -181
  -214
  -250
  -289
  -331
  -375
  -423
  -474
  -527
  -583
  -642
  -703
  -768
  -834
  -904
  -976
  -1,051
  -1,129
Total debt, $m
  376
  596
  938
  1,408
  2,036
  2,852
  3,887
  5,167
  6,719
  8,563
  10,717
  13,193
  16,000
  19,141
  22,616
  26,423
  30,556
  35,010
  39,777
  44,849
  50,220
  55,883
  61,834
  68,068
  74,585
  81,384
  88,469
  95,842
  103,509
  111,480
  119,763
Total liabilities, $m
  446
  665
  1,007
  1,477
  2,105
  2,921
  3,956
  5,236
  6,788
  8,632
  10,786
  13,262
  16,069
  19,210
  22,685
  26,492
  30,625
  35,079
  39,846
  44,918
  50,289
  55,952
  61,903
  68,137
  74,654
  81,453
  88,538
  95,911
  103,578
  111,549
  119,832
Total equity, $m
  365
  573
  868
  1,273
  1,815
  2,519
  3,411
  4,515
  5,853
  7,443
  9,300
  11,435
  13,855
  16,562
  19,559
  22,841
  26,405
  30,245
  34,355
  38,728
  43,359
  48,242
  53,372
  58,748
  64,366
  70,229
  76,337
  82,694
  89,305
  96,177
  103,319
Total liabilities and equity, $m
  811
  1,238
  1,875
  2,750
  3,920
  5,440
  7,367
  9,751
  12,641
  16,075
  20,086
  24,697
  29,924
  35,772
  42,244
  49,333
  57,030
  65,324
  74,201
  83,646
  93,648
  104,194
  115,275
  126,885
  139,020
  151,682
  164,875
  178,605
  192,883
  207,726
  223,151
Debt-to-equity ratio
  1.030
  1.040
  1.080
  1.110
  1.120
  1.130
  1.140
  1.140
  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
  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
  88
  132
  192
  271
  375
  505
  665
  859
  1,089
  1,356
  1,663
  2,009
  2,396
  2,823
  3,290
  3,797
  4,341
  4,924
  5,542
  6,197
  6,887
  7,611
  8,369
  9,161
  9,988
  10,848
  11,744
  12,675
  13,643
  14,649
Depreciation, amort., depletion, $m
  11
  5
  8
  12
  17
  23
  32
  42
  54
  69
  86
  106
  129
  154
  182
  212
  245
  281
  319
  360
  403
  448
  496
  546
  598
  652
  709
  768
  830
  893
  960
Funds from operations, $m
  36
  93
  140
  203
  288
  398
  536
  707
  913
  1,158
  1,443
  1,769
  2,138
  2,550
  3,005
  3,502
  4,042
  4,622
  5,243
  5,902
  6,600
  7,335
  8,107
  8,915
  9,759
  10,640
  11,557
  12,512
  13,505
  14,536
  15,609
Change in working capital, $m
  -3
  -2
  -3
  -4
  -6
  -8
  -10
  -12
  -15
  -17
  -20
  -23
  -26
  -30
  -33
  -36
  -39
  -42
  -45
  -48
  -51
  -53
  -56
  -59
  -61
  -64
  -67
  -69
  -72
  -75
  -78
Cash from operations, $m
  39
  96
  143
  208
  294
  406
  546
  719
  928
  1,175
  1,463
  1,792
  2,164
  2,580
  3,038
  3,538
  4,081
  4,664
  5,288
  5,950
  6,650
  7,388
  8,163
  8,974
  9,821
  10,704
  11,624
  12,582
  13,577
  14,612
  15,687
Maintenance CAPEX, $m
  0
  -3
  -5
  -8
  -12
  -17
  -23
  -32
  -42
  -54
  -69
  -86
  -106
  -129
  -154
  -182
  -212
  -245
  -281
  -319
  -360
  -403
  -448
  -496
  -546
  -598
  -652
  -709
  -768
  -830
  -893
New CAPEX, $m
  -1
  -10
  -14
  -19
  -25
  -33
  -41
  -51
  -62
  -74
  -86
  -99
  -112
  -126
  -139
  -152
  -166
  -178
  -191
  -203
  -215
  -227
  -238
  -250
  -261
  -272
  -284
  -295
  -307
  -319
  -332
Cash from investing activities, $m
  -83
  -13
  -19
  -27
  -37
  -50
  -64
  -83
  -104
  -128
  -155
  -185
  -218
  -255
  -293
  -334
  -378
  -423
  -472
  -522
  -575
  -630
  -686
  -746
  -807
  -870
  -936
  -1,004
  -1,075
  -1,149
  -1,225
Free cash flow, $m
  -44
  83
  124
  181
  257
  356
  481
  636
  824
  1,047
  1,307
  1,607
  1,946
  2,325
  2,745
  3,204
  3,703
  4,241
  4,816
  5,428
  6,076
  6,759
  7,476
  8,228
  9,014
  9,834
  10,688
  11,577
  12,502
  13,463
  14,461
Issuance/(repayment) of debt, $m
  -36
  242
  341
  470
  628
  816
  1,034
  1,280
  1,552
  1,844
  2,154
  2,476
  2,806
  3,141
  3,475
  3,807
  4,134
  4,454
  4,767
  5,072
  5,371
  5,663
  5,951
  6,235
  6,517
  6,799
  7,084
  7,373
  7,668
  7,971
  8,283
Issuance/(repurchase) of shares, $m
  112
  120
  163
  214
  270
  329
  387
  439
  479
  501
  501
  472
  411
  312
  173
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  74
  362
  504
  684
  898
  1,145
  1,421
  1,719
  2,031
  2,345
  2,655
  2,948
  3,217
  3,453
  3,648
  3,807
  4,134
  4,454
  4,767
  5,072
  5,371
  5,663
  5,951
  6,235
  6,517
  6,799
  7,084
  7,373
  7,668
  7,971
  8,283
Total cash flow (excl. dividends), $m
  30
  445
  628
  865
  1,156
  1,502
  1,903
  2,356
  2,854
  3,393
  3,962
  4,555
  5,163
  5,778
  6,393
  7,011
  7,837
  8,694
  9,583
  10,500
  11,446
  12,422
  13,427
  14,463
  15,531
  16,633
  17,772
  18,950
  20,169
  21,433
  22,745
Retained Cash Flow (-), $m
  -115
  -208
  -294
  -405
  -542
  -704
  -892
  -1,104
  -1,338
  -1,590
  -1,857
  -2,135
  -2,420
  -2,708
  -2,996
  -3,282
  -3,564
  -3,840
  -4,110
  -4,373
  -4,631
  -4,883
  -5,131
  -5,375
  -5,619
  -5,862
  -6,108
  -6,357
  -6,611
  -6,872
  -7,142
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
 
  237
  334
  460
  614
  798
  1,011
  1,252
  1,517
  1,803
  2,105
  2,420
  2,743
  3,070
  3,397
  3,729
  4,273
  4,854
  5,473
  6,127
  6,816
  7,539
  8,296
  9,087
  9,912
  10,771
  11,664
  12,593
  13,558
  14,561
  15,603
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
 
  218
  281
  351
  422
  488
  545
  588
  614
  622
  610
  581
  538
  484
  424
  362
  316
  269
  222
  178
  139
  105
  77
  55
  38
  25
  16
  10
  6
  3
  2
Current shareholders' claim on cash, %
  100
  82.7
  70.1
  60.6
  53.5
  47.9
  43.7
  40.4
  37.8
  35.9
  34.4
  33.4
  32.6
  32.2
  31.9
  31.9
  31.9
  31.9
  31.9
  31.9
  31.9
  31.9
  31.9
  31.9
  31.9
  31.9
  31.9
  31.9
  31.9
  31.9
  31.9

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
Price to Sales 6.3
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 14.7
Price to Free Cash Flow 15.1
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 56.5% 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 8.5%, 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 33.098 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 20.36 13.92  sell
GLNG Golar LNG 27.31 4.60  str.sell
TGP Teekay LNG Par 18.20 5.36  str.sell
TK Teekay 7.80 10.98  hold
TOO Teekay Offshor 2.69 0.78  str.sell
DLNG Dynagas LNG Pa 10.76 6.49  sell
GLOG GasLog 17.55 2.89  str.sell

COMPANY NEWS

▶ 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]
▶ 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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