Intrinsic value of Teekay LNG Partners - TGP

Previous Close

$19.00

  Intrinsic Value

$5.36

stock screener

  Rating & Target

str. sell

-72%

Previous close

$19.00

 
Intrinsic value

$5.36

 
Up/down potential

-72%

 
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
  3.00
  3.20
  3.38
  3.54
  3.69
  3.82
  3.94
  4.04
  4.14
  4.23
  4.30
  4.37
  4.44
  4.49
  4.54
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
Revenue, $m
  396
  408
  421
  435
  451
  467
  485
  504
  525
  546
  569
  594
  620
  647
  676
  707
  739
  774
  810
  848
  888
  930
  975
  1,022
  1,071
  1,123
  1,177
  1,234
  1,295
  1,358
  1,425
Variable operating expenses, $m
 
  222
  229
  237
  245
  254
  264
  274
  285
  296
  309
  318
  332
  347
  362
  379
  396
  415
  434
  454
  476
  499
  522
  547
  574
  602
  631
  662
  694
  728
  764
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
  222
  229
  237
  245
  254
  264
  274
  285
  296
  309
  318
  332
  347
  362
  379
  396
  415
  434
  454
  476
  499
  522
  547
  574
  602
  631
  662
  694
  728
  764
Operating income, $m
  153
  186
  192
  198
  206
  213
  221
  230
  240
  250
  261
  276
  288
  300
  314
  328
  343
  359
  376
  393
  412
  432
  452
  474
  497
  521
  546
  573
  601
  630
  661
EBITDA, $m
  249
  286
  295
  305
  316
  328
  340
  354
  368
  383
  400
  417
  435
  454
  475
  496
  519
  543
  568
  595
  623
  653
  684
  717
  751
  788
  826
  866
  909
  953
  1,000
Interest expense (income), $m
  101
  94
  97
  101
  105
  109
  114
  119
  125
  130
  137
  143
  150
  158
  165
  174
  182
  192
  201
  212
  222
  234
  246
  259
  272
  286
  301
  316
  332
  350
  368
Earnings before tax, $m
  159
  92
  94
  97
  100
  104
  107
  111
  115
  119
  124
  132
  137
  143
  149
  154
  161
  167
  174
  182
  190
  198
  206
  216
  225
  235
  246
  257
  268
  281
  294
Tax expense, $m
  1
  25
  26
  26
  27
  28
  29
  30
  31
  32
  33
  36
  37
  39
  40
  42
  43
  45
  47
  49
  51
  53
  56
  58
  61
  63
  66
  69
  72
  76
  79
Net income, $m
  140
  67
  69
  71
  73
  76
  78
  81
  84
  87
  91
  97
  100
  104
  108
  113
  117
  122
  127
  133
  138
  144
  151
  157
  164
  172
  179
  187
  196
  205
  214

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
  4,162
  4,295
  4,440
  4,598
  4,767
  4,949
  5,144
  5,352
  5,574
  5,809
  6,059
  6,324
  6,605
  6,901
  7,215
  7,546
  7,895
  8,263
  8,652
  9,061
  9,492
  9,946
  10,424
  10,926
  11,455
  12,011
  12,597
  13,212
  13,858
  14,538
Adjusted assets (=assets-cash), $m
  4,039
  4,162
  4,295
  4,440
  4,598
  4,767
  4,949
  5,144
  5,352
  5,574
  5,809
  6,059
  6,324
  6,605
  6,901
  7,215
  7,546
  7,895
  8,263
  8,652
  9,061
  9,492
  9,946
  10,424
  10,926
  11,455
  12,011
  12,597
  13,212
  13,858
  14,538
Revenue / Adjusted assets
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
Average production assets, $m
  1,845
  1,900
  1,961
  2,027
  2,099
  2,177
  2,260
  2,349
  2,444
  2,545
  2,652
  2,766
  2,887
  3,016
  3,151
  3,294
  3,445
  3,605
  3,773
  3,950
  4,137
  4,334
  4,541
  4,759
  4,989
  5,230
  5,484
  5,751
  6,032
  6,328
  6,638
Working capital, $m
  -29
  -78
  -81
  -84
  -87
  -90
  -93
  -97
  -101
  -105
  -109
  -114
  -119
  -124
  -130
  -136
  -142
  -149
  -155
  -163
  -170
  -179
  -187
  -196
  -206
  -216
  -226
  -237
  -249
  -261
  -274
Total debt, $m
  2,184
  2,026
  2,104
  2,188
  2,279
  2,378
  2,484
  2,597
  2,718
  2,846
  2,983
  3,128
  3,282
  3,445
  3,618
  3,800
  3,992
  4,195
  4,409
  4,635
  4,872
  5,123
  5,387
  5,664
  5,956
  6,263
  6,587
  6,927
  7,284
  7,660
  8,055
Total liabilities, $m
  2,577
  2,418
  2,496
  2,580
  2,671
  2,770
  2,876
  2,989
  3,110
  3,238
  3,375
  3,520
  3,674
  3,837
  4,010
  4,192
  4,384
  4,587
  4,801
  5,027
  5,264
  5,515
  5,779
  6,056
  6,348
  6,655
  6,979
  7,319
  7,676
  8,052
  8,447
Total equity, $m
  1,739
  1,744
  1,800
  1,861
  1,926
  1,997
  2,074
  2,155
  2,243
  2,335
  2,434
  2,539
  2,650
  2,767
  2,892
  3,023
  3,162
  3,308
  3,462
  3,625
  3,797
  3,977
  4,167
  4,367
  4,578
  4,800
  5,033
  5,278
  5,536
  5,807
  6,092
Total liabilities and equity, $m
  4,316
  4,162
  4,296
  4,441
  4,597
  4,767
  4,950
  5,144
  5,353
  5,573
  5,809
  6,059
  6,324
  6,604
  6,902
  7,215
  7,546
  7,895
  8,263
  8,652
  9,061
  9,492
  9,946
  10,423
  10,926
  11,455
  12,012
  12,597
  13,212
  13,859
  14,539
Debt-to-equity ratio
  1.256
  1.160
  1.170
  1.180
  1.180
  1.190
  1.200
  1.200
  1.210
  1.220
  1.230
  1.230
  1.240
  1.240
  1.250
  1.260
  1.260
  1.270
  1.270
  1.280
  1.280
  1.290
  1.290
  1.300
  1.300
  1.300
  1.310
  1.310
  1.320
  1.320
  1.320
Adjusted equity ratio
  0.362
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  140
  67
  69
  71
  73
  76
  78
  81
  84
  87
  91
  97
  100
  104
  108
  113
  117
  122
  127
  133
  138
  144
  151
  157
  164
  172
  179
  187
  196
  205
  214
Depreciation, amort., depletion, $m
  96
  101
  104
  107
  111
  115
  119
  123
  128
  133
  139
  141
  147
  154
  161
  168
  176
  184
  192
  202
  211
  221
  232
  243
  255
  267
  280
  293
  308
  323
  339
Funds from operations, $m
  133
  168
  173
  178
  184
  190
  197
  205
  212
  221
  229
  238
  248
  258
  269
  281
  293
  306
  320
  334
  350
  366
  382
  400
  419
  438
  459
  481
  504
  528
  553
Change in working capital, $m
  -33
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
Cash from operations, $m
  166
  170
  175
  181
  187
  194
  201
  208
  216
  225
  234
  242
  253
  263
  275
  287
  299
  313
  327
  342
  357
  374
  391
  409
  428
  448
  470
  492
  515
  540
  566
Maintenance CAPEX, $m
  0
  -94
  -97
  -100
  -103
  -107
  -111
  -115
  -120
  -125
  -130
  -135
  -141
  -147
  -154
  -161
  -168
  -176
  -184
  -192
  -202
  -211
  -221
  -232
  -243
  -255
  -267
  -280
  -293
  -308
  -323
New CAPEX, $m
  -346
  -55
  -61
  -66
  -72
  -77
  -83
  -89
  -95
  -101
  -108
  -114
  -121
  -128
  -135
  -143
  -151
  -159
  -168
  -177
  -187
  -197
  -207
  -218
  -230
  -241
  -254
  -267
  -281
  -295
  -310
Cash from investing activities, $m
  12
  -149
  -158
  -166
  -175
  -184
  -194
  -204
  -215
  -226
  -238
  -249
  -262
  -275
  -289
  -304
  -319
  -335
  -352
  -369
  -389
  -408
  -428
  -450
  -473
  -496
  -521
  -547
  -574
  -603
  -633
Free cash flow, $m
  178
  20
  17
  15
  12
  9
  7
  4
  1
  -1
  -3
  -7
  -9
  -12
  -15
  -17
  -20
  -23
  -25
  -28
  -31
  -34
  -37
  -41
  -44
  -48
  -51
  -55
  -59
  -63
  -67
Issuance/(repayment) of debt, $m
  -228
  71
  77
  84
  91
  99
  106
  113
  121
  129
  137
  145
  154
  163
  172
  182
  192
  203
  214
  226
  238
  250
  264
  278
  292
  307
  323
  340
  357
  376
  395
Issuance/(repurchase) of shares, $m
  121
  0
  0
  0
  0
  0
  0
  1
  3
  6
  8
  8
  11
  13
  16
  19
  21
  24
  27
  30
  33
  36
  39
  43
  46
  50
  54
  58
  62
  66
  71
Cash from financing (excl. dividends), $m  
  -110
  71
  77
  84
  91
  99
  106
  114
  124
  135
  145
  153
  165
  176
  188
  201
  213
  227
  241
  256
  271
  286
  303
  321
  338
  357
  377
  398
  419
  442
  466
Total cash flow (excl. dividends), $m
  69
  92
  95
  99
  103
  108
  112
  118
  125
  133
  141
  146
  155
  164
  174
  184
  194
  205
  216
  227
  240
  252
  266
  280
  294
  310
  326
  343
  360
  379
  398
Retained Cash Flow (-), $m
  -220
  -52
  -56
  -61
  -66
  -71
  -76
  -82
  -87
  -93
  -99
  -105
  -111
  -118
  -124
  -131
  -139
  -146
  -154
  -163
  -171
  -181
  -190
  -200
  -211
  -222
  -233
  -245
  -258
  -271
  -285
Prev. year cash balance distribution, $m
 
  47
  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
 
  87
  39
  38
  37
  37
  36
  36
  38
  40
  43
  42
  44
  47
  49
  52
  55
  58
  61
  65
  68
  72
  76
  80
  84
  88
  93
  97
  102
  108
  113
Discount rate, %
 
  8.70
  9.14
  9.59
  10.07
  10.57
  11.10
  11.66
  12.24
  12.85
  13.50
  14.17
  14.88
  15.62
  16.41
  17.23
  18.09
  18.99
  19.94
  20.94
  21.98
  23.08
  24.24
  25.45
  26.72
  28.06
  29.46
  30.93
  32.48
  34.11
  35.81
PV of cash for distribution, $m
 
  80
  33
  29
  25
  22
  19
  17
  15
  14
  12
  10
  8
  7
  6
  5
  4
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  99.8
  99.5
  99.1
  98.7
  98.3
  97.7
  97.1
  96.3
  95.6
  94.7
  93.9
  92.9
  92.0
  91.0
  89.9
  88.9
  87.8
  86.7
  85.6
  84.5
  83.4
  82.2
  81.1

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 10.8
Price to Sales 3.8
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 9.1
Price to Free Cash Flow -8.4
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 3% 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 8.7%, 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 4.8% 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 465.9%.

Life of production assets of 19.6 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 -19.2%. 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 - $1739 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 79.404 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 $1.5 billion.

RELATED COMPANIES Price Int.Val. Rating
TK Teekay 7.63 10.98  hold
GLOG GasLog 19.55 2.89  str.sell
GLNG Golar LNG 28.79 4.60  str.sell
GMLP Golar LNG Part 21.22 13.92  sell
TNK Teekay Tankers 1.20 2.19  str.buy
DHT DHT Holdings 3.88 10.43  str.buy
FRO Frontline 4.08 2.12  str.sell
HMLP Hoegh LNG Part 18.00 109.73  str.buy

COMPANY NEWS

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▶ 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]
▶ Why Did Bunker Fuel Prices Fall in Week 22?   [Jun-07-17 10:37AM  Market Realist]
▶ Midstream Stocks: Returns and Implied Volatilities   [Apr-13-17 01:05PM  Market Realist]
▶ Teekay LNG Partners Declares Distribution   [Apr-03-17 04:05PM  Marketwired]
▶ Teekay LNG Earns Some Buy Recommendations   [07:37AM  Market Realist]
▶ Midstream Stocks: How Returns Affect Implied Volatility   [Mar-22-17 07:38AM  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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