Intrinsic value of Hoegh LNG Partners - HMLP

Previous Close

$19.45

  Intrinsic Value

$123.28

stock screener

  Rating & Target

str. buy

+534%

  Value-price divergence*

+5000%

Previous close

$19.45

 
Intrinsic value

$123.28

 
Up/down potential

+534%

 
Rating

str. buy

 
Value-price divergence*

+5000%

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

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
  59.60
  54.14
  49.23
  44.80
  40.82
  37.24
  34.02
  31.12
  28.50
  26.15
  24.04
  22.13
  20.42
  18.88
  17.49
  16.24
  15.12
  14.11
  13.20
  12.38
  11.64
  10.97
  10.38
  9.84
  9.36
  8.92
  8.53
  8.17
  7.86
  7.57
Revenue, $m
  91
  145
  224
  334
  484
  681
  935
  1,253
  1,643
  2,111
  2,663
  3,303
  4,034
  4,858
  5,776
  6,786
  7,888
  9,080
  10,361
  11,728
  13,180
  14,714
  16,328
  18,023
  19,796
  21,648
  23,579
  25,589
  27,681
  29,856
  32,117
Variable operating expenses, $m
 
  10
  15
  22
  32
  45
  62
  83
  108
  139
  176
  218
  266
  321
  381
  448
  521
  599
  684
  774
  870
  971
  1,078
  1,189
  1,307
  1,429
  1,556
  1,689
  1,827
  1,971
  2,120
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
  10
  15
  22
  32
  45
  62
  83
  108
  139
  176
  218
  266
  321
  381
  448
  521
  599
  684
  774
  870
  971
  1,078
  1,189
  1,307
  1,429
  1,556
  1,689
  1,827
  1,971
  2,120
Operating income, $m
  71
  136
  209
  312
  452
  636
  873
  1,170
  1,534
  1,972
  2,487
  3,085
  3,768
  4,538
  5,394
  6,338
  7,367
  8,481
  9,677
  10,954
  12,310
  13,742
  15,251
  16,833
  18,489
  20,219
  22,023
  23,901
  25,854
  27,886
  29,997
EBITDA, $m
  82
  141
  217
  325
  470
  662
  908
  1,217
  1,596
  2,051
  2,587
  3,209
  3,919
  4,719
  5,610
  6,592
  7,662
  8,821
  10,065
  11,393
  12,803
  14,293
  15,861
  17,507
  19,230
  21,029
  22,904
  24,858
  26,890
  29,003
  31,199
Interest expense (income), $m
  0
  12
  21
  34
  52
  77
  109
  150
  202
  266
  343
  433
  537
  657
  792
  942
  1,107
  1,287
  1,482
  1,691
  1,914
  2,152
  2,402
  2,666
  2,943
  3,233
  3,536
  3,851
  4,180
  4,522
  4,877
Earnings before tax, $m
  45
  123
  188
  278
  400
  560
  764
  1,020
  1,332
  1,706
  2,145
  2,652
  3,231
  3,881
  4,603
  5,396
  6,261
  7,194
  8,196
  9,263
  10,395
  11,591
  12,848
  14,167
  15,546
  16,986
  18,487
  20,049
  21,675
  23,364
  25,120
Tax expense, $m
  4
  33
  51
  75
  108
  151
  206
  275
  360
  461
  579
  716
  872
  1,048
  1,243
  1,457
  1,690
  1,942
  2,213
  2,501
  2,807
  3,130
  3,469
  3,825
  4,197
  4,586
  4,991
  5,413
  5,852
  6,308
  6,782
Net income, $m
  41
  90
  137
  203
  292
  409
  558
  744
  972
  1,245
  1,566
  1,936
  2,358
  2,833
  3,360
  3,939
  4,570
  5,252
  5,983
  6,762
  7,589
  8,461
  9,379
  10,342
  11,349
  12,400
  13,495
  14,636
  15,822
  17,056
  18,338

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
  1,263
  1,947
  2,905
  4,206
  5,924
  8,130
  10,895
  14,285
  18,357
  23,158
  28,724
  35,082
  42,246
  50,222
  59,006
  68,589
  78,958
  90,096
  101,984
  114,606
  127,944
  141,984
  156,718
  172,138
  188,242
  205,032
  222,517
  240,708
  259,621
  279,279
Adjusted assets (=assets-cash), $m
  788
  1,263
  1,947
  2,905
  4,206
  5,924
  8,130
  10,895
  14,285
  18,357
  23,158
  28,724
  35,082
  42,246
  50,222
  59,006
  68,589
  78,958
  90,096
  101,984
  114,606
  127,944
  141,984
  156,718
  172,138
  188,242
  205,032
  222,517
  240,708
  259,621
  279,279
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
  42
  62
  90
  127
  175
  234
  307
  395
  498
  618
  754
  909
  1,080
  1,269
  1,475
  1,698
  1,938
  2,193
  2,465
  2,751
  3,053
  3,370
  3,702
  4,048
  4,409
  4,785
  5,176
  5,583
  6,006
Working capital, $m
  -14
  -6
  -10
  -15
  -21
  -30
  -41
  -55
  -72
  -93
  -117
  -145
  -178
  -214
  -254
  -299
  -347
  -400
  -456
  -516
  -580
  -647
  -718
  -793
  -871
  -953
  -1,037
  -1,126
  -1,218
  -1,314
  -1,413
Total debt, $m
  376
  609
  976
  1,491
  2,190
  3,112
  4,297
  5,782
  7,602
  9,789
  12,367
  15,356
  18,770
  22,617
  26,900
  31,617
  36,764
  42,332
  48,313
  54,697
  61,474
  68,637
  76,177
  84,089
  92,369
  101,017
  110,033
  119,423
  129,191
  139,348
  149,904
Total liabilities, $m
  446
  678
  1,045
  1,560
  2,259
  3,181
  4,366
  5,851
  7,671
  9,858
  12,436
  15,425
  18,839
  22,686
  26,969
  31,686
  36,833
  42,401
  48,382
  54,766
  61,543
  68,706
  76,246
  84,158
  92,438
  101,086
  110,102
  119,492
  129,260
  139,417
  149,973
Total equity, $m
  365
  585
  901
  1,345
  1,948
  2,743
  3,764
  5,044
  6,614
  8,499
  10,722
  13,299
  16,243
  19,560
  23,253
  27,320
  31,757
  36,558
  41,715
  47,219
  53,062
  59,238
  65,739
  72,560
  79,700
  87,156
  94,930
  103,025
  111,448
  120,205
  129,306
Total liabilities and equity, $m
  811
  1,263
  1,946
  2,905
  4,207
  5,924
  8,130
  10,895
  14,285
  18,357
  23,158
  28,724
  35,082
  42,246
  50,222
  59,006
  68,590
  78,959
  90,097
  101,985
  114,605
  127,944
  141,985
  156,718
  172,138
  188,242
  205,032
  222,517
  240,708
  259,622
  279,279
Debt-to-equity ratio
  1.030
  1.040
  1.080
  1.110
  1.120
  1.130
  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
  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
  90
  137
  203
  292
  409
  558
  744
  972
  1,245
  1,566
  1,936
  2,358
  2,833
  3,360
  3,939
  4,570
  5,252
  5,983
  6,762
  7,589
  8,461
  9,379
  10,342
  11,349
  12,400
  13,495
  14,636
  15,822
  17,056
  18,338
Depreciation, amort., depletion, $m
  11
  5
  8
  12
  18
  25
  35
  47
  61
  79
  100
  124
  151
  182
  216
  254
  295
  340
  388
  439
  493
  550
  611
  674
  740
  810
  882
  957
  1,035
  1,117
  1,201
Funds from operations, $m
  36
  95
  145
  215
  310
  434
  593
  791
  1,034
  1,324
  1,665
  2,060
  2,509
  3,015
  3,576
  4,193
  4,865
  5,591
  6,370
  7,201
  8,082
  9,012
  9,990
  11,016
  12,089
  13,209
  14,377
  15,593
  16,858
  18,173
  19,539
Change in working capital, $m
  -3
  -2
  -3
  -5
  -7
  -9
  -11
  -14
  -17
  -21
  -24
  -28
  -32
  -36
  -40
  -44
  -48
  -52
  -56
  -60
  -64
  -67
  -71
  -75
  -78
  -81
  -85
  -88
  -92
  -96
  -99
Cash from operations, $m
  39
  98
  149
  220
  316
  443
  604
  805
  1,051
  1,345
  1,690
  2,088
  2,541
  3,051
  3,616
  4,238
  4,914
  5,644
  6,427
  7,261
  8,145
  9,079
  10,061
  11,090
  12,167
  13,291
  14,462
  15,682
  16,950
  18,268
  19,638
Maintenance CAPEX, $m
  0
  -3
  -5
  -8
  -12
  -18
  -25
  -35
  -47
  -61
  -79
  -100
  -124
  -151
  -182
  -216
  -254
  -295
  -340
  -388
  -439
  -493
  -550
  -611
  -674
  -740
  -810
  -882
  -957
  -1,035
  -1,117
New CAPEX, $m
  -1
  -10
  -15
  -21
  -28
  -37
  -47
  -59
  -73
  -88
  -103
  -120
  -137
  -154
  -172
  -189
  -206
  -223
  -240
  -256
  -271
  -287
  -302
  -317
  -332
  -346
  -361
  -376
  -391
  -407
  -423
Cash from investing activities, $m
  -83
  -13
  -20
  -29
  -40
  -55
  -72
  -94
  -120
  -149
  -182
  -220
  -261
  -305
  -354
  -405
  -460
  -518
  -580
  -644
  -710
  -780
  -852
  -928
  -1,006
  -1,086
  -1,171
  -1,258
  -1,348
  -1,442
  -1,540
Free cash flow, $m
  -44
  84
  129
  191
  276
  388
  531
  711
  931
  1,196
  1,507
  1,869
  2,281
  2,746
  3,263
  3,833
  4,454
  5,126
  5,848
  6,618
  7,435
  8,299
  9,209
  10,163
  11,161
  12,204
  13,292
  14,424
  15,602
  16,826
  18,099
Issuance/(repayment) of debt, $m
  -36
  255
  367
  515
  699
  922
  1,185
  1,485
  1,820
  2,187
  2,578
  2,989
  3,414
  3,847
  4,283
  4,717
  5,146
  5,568
  5,981
  6,384
  6,778
  7,162
  7,540
  7,912
  8,280
  8,648
  9,017
  9,389
  9,768
  10,157
  10,556
Issuance/(repurchase) of shares, $m
  112
  130
  180
  241
  311
  387
  463
  536
  597
  640
  657
  641
  585
  484
  333
  128
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  74
  385
  547
  756
  1,010
  1,309
  1,648
  2,021
  2,417
  2,827
  3,235
  3,630
  3,999
  4,331
  4,616
  4,845
  5,146
  5,568
  5,981
  6,384
  6,778
  7,162
  7,540
  7,912
  8,280
  8,648
  9,017
  9,389
  9,768
  10,157
  10,556
Total cash flow (excl. dividends), $m
  30
  469
  675
  947
  1,286
  1,696
  2,179
  2,732
  3,349
  4,022
  4,743
  5,499
  6,281
  7,077
  7,879
  8,677
  9,600
  10,694
  11,828
  13,002
  14,213
  15,462
  16,749
  18,075
  19,442
  20,852
  22,308
  23,813
  25,370
  26,983
  28,655
Retained Cash Flow (-), $m
  -115
  -220
  -317
  -444
  -603
  -795
  -1,021
  -1,280
  -1,570
  -1,885
  -2,223
  -2,577
  -2,944
  -3,317
  -3,693
  -4,067
  -4,437
  -4,801
  -5,157
  -5,504
  -5,844
  -6,175
  -6,501
  -6,822
  -7,139
  -7,456
  -7,774
  -8,095
  -8,422
  -8,757
  -9,102
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
 
  249
  359
  503
  683
  901
  1,158
  1,451
  1,779
  2,137
  2,520
  2,922
  3,337
  3,760
  4,186
  4,610
  5,163
  5,893
  6,672
  7,498
  8,369
  9,286
  10,248
  11,253
  12,303
  13,396
  14,534
  15,718
  16,948
  18,226
  19,554
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
 
  230
  302
  384
  469
  551
  624
  682
  721
  737
  730
  702
  655
  593
  522
  447
  382
  326
  271
  218
  171
  130
  95
  68
  47
  31
  20
  13
  8
  4
  2
Current shareholders' claim on cash, %
  100
  83.1
  70.6
  61.3
  54.1
  48.6
  44.3
  40.9
  38.3
  36.3
  34.8
  33.6
  32.8
  32.3
  31.9
  31.8
  31.8
  31.8
  31.8
  31.8
  31.8
  31.8
  31.8
  31.8
  31.8
  31.8
  31.8
  31.8
  31.8
  31.8
  31.8

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 12.5
Price to Sales 5.6
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 13.1
Price to Free Cash Flow 13.5
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. 3.9%
Return On Total Capital 5.9%
Ret/ On T. Cap. - 3 Yr. Avg. 4.6%
Return On Equity 13.3%
Return On Equity - 3 Yr. Avg. 10.4%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 82.4%
Gross Margin - 3 Yr. Avg. 68.4%
EBITDA Margin 61.5%
EBITDA Margin - 3 Yr. Avg. 48.2%
Operating Margin 78%
Oper. Margin - 3 Yr. Avg. 61.4%
Pre-Tax Margin 49.5%
Pre-Tax Margin - 3 Yr. Avg. 41.9%
Net Profit Margin 45.1%
Net Profit Margin - 3 Yr. Avg. 39.4%
Effective Tax Rate 8.9%
Eff/ Tax Rate - 3 Yr. Avg. 20.4%
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 59.6% 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 32.746 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
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TGP Teekay LNG Par 18.05 4.91  str.sell
TK Teekay 8.73 11.07  hold
TOO Teekay Offshor 2.65 1.99  hold
DLNG Dynagas LNG Pa 13.41 10.42  sell
GLOG GasLog 17.50 2.88  str.sell

COMPANY NEWS

▶ [$$] 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]
▶ Höegh LNG Partners LP Announces 2016 Annual Meeting   [Sep-13-16 06:45AM  PR Newswire]
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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