Intrinsic value of Teekay LNG Partners - TGP

Previous Close

$16.40

  Intrinsic Value

$5.27

stock screener

  Rating & Target

str. sell

-68%

Previous close

$16.40

 
Intrinsic value

$5.27

 
Up/down potential

-68%

 
Rating

str. sell

We calculate the intrinsic value of TGP 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, %
  -0.50
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  396
  404
  413
  424
  436
  449
  463
  479
  496
  515
  534
  556
  578
  602
  628
  655
  683
  714
  746
  780
  816
  854
  893
  935
  980
  1,026
  1,075
  1,127
  1,182
  1,239
  1,299
Variable operating expenses, $m
 
  220
  225
  230
  236
  243
  251
  259
  268
  277
  288
  288
  300
  312
  325
  339
  354
  370
  387
  404
  423
  442
  463
  485
  508
  532
  557
  584
  612
  642
  673
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
  243
  220
  225
  230
  236
  243
  251
  259
  268
  277
  288
  288
  300
  312
  325
  339
  354
  370
  387
  404
  423
  442
  463
  485
  508
  532
  557
  584
  612
  642
  673
Operating income, $m
  153
  184
  188
  194
  199
  206
  213
  220
  229
  237
  247
  268
  279
  290
  302
  315
  329
  344
  359
  376
  393
  411
  430
  451
  472
  494
  518
  543
  569
  597
  626
EBITDA, $m
  249
  427
  437
  448
  461
  475
  490
  507
  525
  544
  565
  588
  611
  637
  664
  692
  723
  755
  789
  825
  863
  903
  945
  989
  1,036
  1,085
  1,137
  1,192
  1,249
  1,310
  1,374
Interest expense (income), $m
  101
  118
  120
  124
  127
  131
  136
  141
  146
  152
  158
  165
  173
  180
  188
  197
  207
  216
  227
  238
  250
  262
  275
  289
  303
  318
  334
  351
  369
  387
  407
Earnings before tax, $m
  159
  66
  68
  70
  72
  74
  77
  79
  82
  85
  88
  102
  106
  110
  114
  118
  123
  127
  133
  138
  143
  149
  156
  162
  169
  176
  184
  192
  200
  209
  219
Tax expense, $m
  1
  18
  18
  19
  19
  20
  21
  21
  22
  23
  24
  28
  29
  30
  31
  32
  33
  34
  36
  37
  39
  40
  42
  44
  46
  48
  50
  52
  54
  57
  59
Net income, $m
  140
  48
  50
  51
  53
  54
  56
  58
  60
  62
  65
  75
  77
  80
  83
  86
  90
  93
  97
  101
  105
  109
  114
  118
  123
  129
  134
  140
  146
  153
  160

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  276
  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
  4,315
  4,390
  4,491
  4,607
  4,736
  4,880
  5,038
  5,209
  5,395
  5,595
  5,810
  6,039
  6,284
  6,545
  6,823
  7,117
  7,429
  7,759
  8,108
  8,477
  8,867
  9,278
  9,711
  10,168
  10,649
  11,156
  11,690
  12,252
  12,843
  13,465
  14,119
Adjusted assets (=assets-cash), $m
  4,039
  4,390
  4,491
  4,607
  4,736
  4,880
  5,038
  5,209
  5,395
  5,595
  5,810
  6,039
  6,284
  6,545
  6,823
  7,117
  7,429
  7,759
  8,108
  8,477
  8,867
  9,278
  9,711
  10,168
  10,649
  11,156
  11,690
  12,252
  12,843
  13,465
  14,119
Revenue / Adjusted assets
  0.098
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
Average production assets, $m
  1,845
  2,325
  2,379
  2,440
  2,509
  2,585
  2,668
  2,759
  2,857
  2,963
  3,077
  3,199
  3,329
  3,467
  3,614
  3,770
  3,935
  4,110
  4,295
  4,490
  4,696
  4,914
  5,143
  5,385
  5,640
  5,909
  6,192
  6,489
  6,802
  7,132
  7,478
Working capital, $m
  -29
  -16
  -16
  -17
  -17
  -18
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -23
  -24
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -51
Total debt, $m
  2,184
  2,230
  2,289
  2,357
  2,432
  2,516
  2,609
  2,709
  2,818
  2,935
  3,060
  3,195
  3,338
  3,491
  3,653
  3,825
  4,008
  4,201
  4,405
  4,621
  4,849
  5,089
  5,343
  5,610
  5,891
  6,188
  6,500
  6,829
  7,175
  7,539
  7,921
Total liabilities, $m
  2,577
  2,568
  2,627
  2,695
  2,771
  2,855
  2,947
  3,047
  3,156
  3,273
  3,399
  3,533
  3,676
  3,829
  3,991
  4,164
  4,346
  4,539
  4,743
  4,959
  5,187
  5,427
  5,681
  5,948
  6,230
  6,526
  6,839
  7,167
  7,513
  7,877
  8,260
Total equity, $m
  1,739
  1,822
  1,864
  1,912
  1,966
  2,025
  2,091
  2,162
  2,239
  2,322
  2,411
  2,506
  2,608
  2,716
  2,831
  2,954
  3,083
  3,220
  3,365
  3,518
  3,680
  3,850
  4,030
  4,220
  4,419
  4,630
  4,851
  5,085
  5,330
  5,588
  5,860
Total liabilities and equity, $m
  4,316
  4,390
  4,491
  4,607
  4,737
  4,880
  5,038
  5,209
  5,395
  5,595
  5,810
  6,039
  6,284
  6,545
  6,822
  7,118
  7,429
  7,759
  8,108
  8,477
  8,867
  9,277
  9,711
  10,168
  10,649
  11,156
  11,690
  12,252
  12,843
  13,465
  14,120
Debt-to-equity ratio
  1.256
  1.220
  1.230
  1.230
  1.240
  1.240
  1.250
  1.250
  1.260
  1.260
  1.270
  1.270
  1.280
  1.290
  1.290
  1.300
  1.300
  1.300
  1.310
  1.310
  1.320
  1.320
  1.330
  1.330
  1.330
  1.340
  1.340
  1.340
  1.350
  1.350
  1.350
Adjusted equity ratio
  0.362
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  140
  48
  50
  51
  53
  54
  56
  58
  60
  62
  65
  75
  77
  80
  83
  86
  90
  93
  97
  101
  105
  109
  114
  118
  123
  129
  134
  140
  146
  153
  160
Depreciation, amort., depletion, $m
  96
  243
  248
  255
  261
  269
  277
  286
  296
  307
  318
  320
  333
  347
  361
  377
  393
  411
  429
  449
  470
  491
  514
  539
  564
  591
  619
  649
  680
  713
  748
Funds from operations, $m
  133
  291
  298
  306
  314
  323
  333
  344
  356
  369
  383
  395
  410
  427
  445
  463
  483
  504
  526
  550
  574
  600
  628
  657
  687
  720
  753
  789
  827
  866
  907
Change in working capital, $m
  -33
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Cash from operations, $m
  166
  292
  299
  306
  315
  324
  334
  345
  357
  370
  384
  395
  411
  428
  446
  464
  484
  505
  527
  551
  576
  602
  629
  659
  689
  721
  755
  791
  829
  868
  910
Maintenance CAPEX, $m
  0
  -228
  -233
  -238
  -244
  -251
  -258
  -267
  -276
  -286
  -296
  -308
  -320
  -333
  -347
  -361
  -377
  -393
  -411
  -429
  -449
  -470
  -491
  -514
  -539
  -564
  -591
  -619
  -649
  -680
  -713
New CAPEX, $m
  -346
  -43
  -53
  -61
  -69
  -76
  -83
  -91
  -98
  -106
  -114
  -122
  -130
  -138
  -147
  -156
  -165
  -175
  -185
  -195
  -206
  -218
  -230
  -242
  -255
  -269
  -283
  -298
  -313
  -329
  -347
Cash from investing activities, $m
  12
  -271
  -286
  -299
  -313
  -327
  -341
  -358
  -374
  -392
  -410
  -430
  -450
  -471
  -494
  -517
  -542
  -568
  -596
  -624
  -655
  -688
  -721
  -756
  -794
  -833
  -874
  -917
  -962
  -1,009
  -1,060
Free cash flow, $m
  178
  20
  13
  7
  2
  -3
  -8
  -13
  -17
  -22
  -26
  -34
  -39
  -43
  -48
  -53
  -58
  -63
  -68
  -74
  -80
  -85
  -91
  -98
  -104
  -111
  -118
  -126
  -133
  -141
  -150
Issuance/(repayment) of debt, $m
  -228
  46
  59
  68
  76
  84
  92
  100
  109
  117
  126
  134
  143
  153
  162
  172
  182
  193
  204
  216
  228
  240
  254
  267
  282
  297
  312
  329
  346
  364
  383
Issuance/(repurchase) of shares, $m
  121
  0
  0
  0
  1
  5
  9
  13
  17
  21
  25
  21
  24
  28
  32
  36
  40
  44
  48
  52
  57
  62
  66
  71
  76
  82
  87
  93
  99
  105
  112
Cash from financing (excl. dividends), $m  
  -110
  46
  59
  68
  77
  89
  101
  113
  126
  138
  151
  155
  167
  181
  194
  208
  222
  237
  252
  268
  285
  302
  320
  338
  358
  379
  399
  422
  445
  469
  495
Total cash flow (excl. dividends), $m
  69
  66
  72
  75
  79
  86
  94
  101
  108
  116
  124
  121
  129
  138
  146
  155
  164
  174
  184
  194
  205
  217
  228
  241
  254
  267
  281
  296
  312
  328
  345
Retained Cash Flow (-), $m
  -220
  -29
  -42
  -48
  -54
  -60
  -65
  -71
  -77
  -83
  -89
  -95
  -102
  -108
  -115
  -122
  -129
  -137
  -145
  -153
  -162
  -171
  -180
  -190
  -200
  -210
  -222
  -233
  -245
  -258
  -272
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
 
  37
  30
  27
  25
  27
  28
  30
  31
  33
  35
  26
  27
  29
  31
  33
  35
  37
  39
  41
  44
  46
  49
  51
  54
  57
  60
  63
  66
  70
  73
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
 
  34
  25
  20
  17
  16
  15
  14
  13
  11
  10
  6
  5
  5
  4
  3
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  99.9
  99.5
  98.9
  98.1
  97.0
  95.8
  94.5
  93.4
  92.1
  90.8
  89.4
  87.8
  86.3
  84.6
  82.9
  81.2
  79.4
  77.7
  75.9
  74.1
  72.3
  70.5
  68.7
  67.0
  65.3
  63.5
  61.8

Teekay LNG Partners L.P. is an international provider of marine transportation services for liquefied natural gas (LNG), liquefied petroleum gas (LPG) and crude oil. The Company's fleet, excluding newbuildings, consists of approximately 30 LNG carriers (including the six MALT LNG Carriers, four RasGas 3 LNG Carriers, four Angola LNG Carriers and two Exmar LNG Carriers), over 20 LPG carriers (including 20 Exmar LPG Carriers), approximately seven Suezmax-class crude oil tankers and a Handymax product tanker, all of which are double-hulled. Its segments include liquefied gas segment and conventional tanker segment. The liquefied gas segment consists of LNG carriers, LPG carriers and multigas carriers, which can carry both LNG and LPG. The conventional tanker segment consists of approximately seven Suezmax-class crude oil tankers and a Handymax product tanker. Its vessels primarily operate under long-term, fixed-rate charters with energy and utility companies, and Teekay Corporation.

FINANCIAL RATIOS  of  Teekay LNG Partners (TGP)

Valuation Ratios
P/E Ratio 9.3
Price to Sales 3.3
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 7.9
Price to Free Cash Flow -7.2
Growth Rates
Sales Growth Rate -0.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 80.2%
Cap. Spend. - 3 Yr. Gr. Rate -1.2%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 112.4%
Total Debt to Equity 125.6%
Interest Coverage 3
Management Effectiveness
Return On Assets 5.7%
Ret/ On Assets - 3 Yr. Avg. 7.1%
Return On Total Capital 3.7%
Ret/ On T. Cap. - 3 Yr. Avg. 5%
Return On Equity 8.6%
Return On Equity - 3 Yr. Avg. 11.9%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 99.7%
Gross Margin - 3 Yr. Avg. 99.6%
EBITDA Margin 89.9%
EBITDA Margin - 3 Yr. Avg. 101.2%
Operating Margin 38.6%
Oper. Margin - 3 Yr. Avg. 43.3%
Pre-Tax Margin 40.2%
Pre-Tax Margin - 3 Yr. Avg. 50.5%
Net Profit Margin 35.4%
Net Profit Margin - 3 Yr. Avg. 45.6%
Effective Tax Rate 0.6%
Eff/ Tax Rate - 3 Yr. Avg. 1.5%
Payout Ratio 32.1%

TGP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TGP stock intrinsic value calculation we used $396 million for the last fiscal year's total revenue generated by Teekay LNG Partners. The default revenue input number comes from 2016 income statement of Teekay 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 TGP stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.5%, whose default value for TGP is calculated based on our internal credit rating of Teekay 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 Teekay 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 TGP stock the variable cost ratio is equal to 54.5%.

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 TGP 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 5.4% for Teekay LNG Partners.

Corporate tax rate of 27% is the nominal tax rate for Teekay 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 TGP 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 TGP are equal to 575.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Teekay 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 TGP is equal to -3.9%. 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 - $1793 million for Teekay 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 80 million for Teekay 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 Teekay LNG Partners at the current share price and the inputted number of shares is $1.3 billion.

RELATED COMPANIES Price Int.Val. Rating
TK Teekay 6.91 9.39  buy
GLOG GasLog 16.95 2.80  str.sell
GLNG Golar LNG 27.30 4.96  str.sell
GMLP Golar LNG Part 15.09 7.49  str.sell
TNK Teekay Tankers 1.04 3.59  str.buy
DHT DHT Holdings 4.51 7.80  str.buy
FRO Frontline 5.34 1.58  str.sell
HMLP Hoegh LNG Part 17.95 10.48  sell

COMPANY NEWS

▶ Teekay Corporation Declares Dividend   [Jul-05-18 04:47PM  GlobeNewswire]
▶ Teekay LNG Partners Declares Distribution   [04:07PM  GlobeNewswire]
▶ Teekay LNG Partners Announces CFO Transition   [Jun-29-18 06:59AM  GlobeNewswire]
▶ Teekay LNG Partners Declares Distribution   [Apr-04-18 04:09PM  GlobeNewswire]
▶ Teekay Corporation Declares Dividend   [04:08PM  GlobeNewswire]
▶ Teekay Corporation Announces Changes to Board of Directors   [Mar-14-18 09:17PM  GlobeNewswire]
▶ GasLog Partners 4Q17 EBITDA: Analysts Expectations   [Jan-26-18 04:15PM  Market Realist]
▶ GasLog Partners Upcoming 4Q17 Results   [01:14PM  Market Realist]
▶ Dynagas LNG Partners: 1 Revised Recommendation in 2017   [Jan-25-18 09:00AM  Market Realist]
▶ Golar LNG Partners Compared to Its Peers   [07:31AM  Market Realist]
▶ GasLog Partners: Barclays Revised the Target Price   [Jan-24-18 10:30AM  Market Realist]
▶ Teekay Corporation Announces Proposed Common Stock Offering   [Jan-23-18 04:03PM  GlobeNewswire]
▶ The Top MLP Winners of 2017   [Jan-08-18 01:22PM  Market Realist]
▶ Teekay LNG Partners Declares Distribution   [Jan-04-18 04:01PM  GlobeNewswire]
▶ Teekay Corporation Declares Dividend   [04:01PM  GlobeNewswire]
▶ The 3 Best MLPs of 2017   [05:17PM  Motley Fool]
▶ Teekay LNG Partners Establishes New Multigas Pool   [Nov-15-17 10:23PM  GlobeNewswire]
▶ Teekay LNG Partners Declares Distribution   [Oct-03-17 04:05PM  GlobeNewswire]
▶ Teekay Corporation Declares Dividend   [04:05PM  GlobeNewswire]
▶ Crude and Bunker Fuel Prices Rose in Week 38   [Sep-28-17 10:39AM  Market Realist]
▶ Week 37: Bunker Fuel Prices Rose   [Sep-20-17 02:06PM  Market Realist]
▶ Why Bunker Fuel and Crude Oil Prices Rose in Week 36   [Sep-13-17 04:36PM  Market Realist]
▶ How Crude and Bunker Fuel Prices Fared in Week 35   [Sep-07-17 01:36PM  Market Realist]
▶ Francisco Garcia Parames Gives Talk on Teekay LNG   [Sep-01-17 12:49PM  GuruFocus.com]
▶ How Hoegh LNG Partners Dividends Rose over Time   [Aug-25-17 05:36PM  Market Realist]
▶ Highlights of Hoegh LNG Partners 2Q17 Results   [02:23PM  Market Realist]
▶ Crude Oil and Bunker Fuel Prices Went This Way Last Week   [Aug-18-17 02:36PM  Market Realist]
▶ Week 30: Bunker Fuel Prices Rose Due to Higher Oil Prices   [Aug-04-17 11:35AM  Market Realist]
▶ Why these MLPs Rose More than 5% Last Week   [Aug-01-17 03:07PM  Market Realist]
▶ Analyzing Bunker Fuel Prices in Week 29   [Jul-26-17 01:35PM  Market Realist]
▶ Will GasLog Partners 2017 EBITDA Rise?   [Jul-14-17 03:35PM  Market Realist]
▶ Energy Stocks: Which Ones Outperformed July 37, 2017?   [Jul-11-17 08:04AM  Market Realist]
▶ Teekay LNG Partners Declares Distribution   [Jul-07-17 06:59AM  Marketwired]
▶ Crude Prices and Bunker Fuel Prices Rose in Week 26   [Jul-05-17 11:58AM  Market Realist]
▶ No Sell Rating for Teekay LNG Partners   [Jul-03-17 07:37AM  Market Realist]
Financial statements of TGP
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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