Intrinsic value of Teekay LNG Partners - TGP

Previous Close

$16.80

  Intrinsic Value

$5.37

stock screener

  Rating & Target

str. sell

-68%

  Value-price divergence*

-21%

Previous close

$16.80

 
Intrinsic value

$5.37

 
Up/down potential

-68%

 
Rating

str. sell

 
Value-price divergence*

-21%

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

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

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 1.3

 

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
  231
  237
  244
  252
  260
  270
  279
  290
  298
  310
  323
  336
  351
  366
  383
  400
  418
  437
  457
  479
  501
  525
  550
  576
  604
  633
  664
  696
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
  231
  237
  244
  252
  260
  270
  279
  290
  298
  310
  323
  336
  351
  366
  383
  400
  418
  437
  457
  479
  501
  525
  550
  576
  604
  633
  664
  696
Operating income, $m
  153
  184
  188
  193
  199
  205
  211
  219
  227
  235
  244
  258
  268
  279
  291
  304
  317
  331
  346
  362
  379
  396
  415
  434
  455
  476
  499
  523
  548
  575
  603
EBITDA, $m
  249
  283
  290
  297
  306
  315
  325
  336
  348
  361
  375
  390
  406
  423
  441
  460
  480
  501
  524
  547
  572
  599
  627
  656
  688
  720
  755
  791
  829
  869
  912
Interest expense (income), $m
  101
  94
  96
  99
  102
  105
  109
  113
  118
  122
  128
  133
  139
  146
  153
  160
  168
  176
  184
  193
  203
  213
  224
  235
  247
  260
  273
  287
  302
  317
  334
Earnings before tax, $m
  159
  90
  92
  94
  97
  100
  103
  106
  109
  113
  117
  125
  129
  134
  139
  144
  150
  156
  162
  168
  175
  183
  191
  199
  207
  216
  226
  236
  246
  257
  269
Tax expense, $m
  1
  24
  25
  25
  26
  27
  28
  29
  29
  30
  32
  34
  35
  36
  37
  39
  40
  42
  44
  45
  47
  49
  51
  54
  56
  58
  61
  64
  67
  70
  73
Net income, $m
  140
  66
  67
  69
  71
  73
  75
  77
  80
  82
  85
  91
  94
  98
  101
  105
  109
  114
  118
  123
  128
  133
  139
  145
  151
  158
  165
  172
  180
  188
  196

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
  4,122
  4,216
  4,325
  4,446
  4,581
  4,729
  4,890
  5,065
  5,252
  5,454
  5,670
  5,900
  6,145
  6,405
  6,681
  6,974
  7,284
  7,612
  7,958
  8,324
  8,710
  9,117
  9,545
  9,997
  10,473
  10,974
  11,502
  12,057
  12,641
  13,255
Adjusted assets (=assets-cash), $m
  4,039
  4,122
  4,216
  4,325
  4,446
  4,581
  4,729
  4,890
  5,065
  5,252
  5,454
  5,670
  5,900
  6,145
  6,405
  6,681
  6,974
  7,284
  7,612
  7,958
  8,324
  8,710
  9,117
  9,545
  9,997
  10,473
  10,974
  11,502
  12,057
  12,641
  13,255
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
  1,882
  1,925
  1,975
  2,030
  2,092
  2,159
  2,233
  2,312
  2,398
  2,490
  2,589
  2,694
  2,806
  2,924
  3,051
  3,184
  3,326
  3,475
  3,634
  3,801
  3,977
  4,162
  4,358
  4,565
  4,782
  5,011
  5,252
  5,505
  5,772
  6,052
Working capital, $m
  -29
  -40
  -41
  -42
  -44
  -45
  -46
  -48
  -50
  -51
  -53
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -75
  -78
  -82
  -85
  -89
  -94
  -98
  -103
  -108
  -113
  -118
  -124
  -130
Total debt, $m
  2,184
  2,003
  2,058
  2,121
  2,191
  2,270
  2,356
  2,449
  2,551
  2,660
  2,777
  2,902
  3,036
  3,178
  3,329
  3,490
  3,660
  3,840
  4,031
  4,232
  4,444
  4,668
  4,905
  5,154
  5,416
  5,693
  5,984
  6,291
  6,613
  6,952
  7,309
Total liabilities, $m
  2,577
  2,395
  2,450
  2,513
  2,583
  2,662
  2,748
  2,841
  2,943
  3,052
  3,169
  3,294
  3,428
  3,570
  3,721
  3,882
  4,052
  4,232
  4,423
  4,624
  4,836
  5,060
  5,297
  5,546
  5,808
  6,085
  6,376
  6,683
  7,005
  7,344
  7,701
Total equity, $m
  1,739
  1,727
  1,767
  1,812
  1,863
  1,920
  1,982
  2,049
  2,122
  2,201
  2,285
  2,376
  2,472
  2,575
  2,684
  2,799
  2,922
  3,052
  3,189
  3,334
  3,488
  3,649
  3,820
  4,000
  4,189
  4,388
  4,598
  4,819
  5,052
  5,297
  5,554
Total liabilities and equity, $m
  4,316
  4,122
  4,217
  4,325
  4,446
  4,582
  4,730
  4,890
  5,065
  5,253
  5,454
  5,670
  5,900
  6,145
  6,405
  6,681
  6,974
  7,284
  7,612
  7,958
  8,324
  8,709
  9,117
  9,546
  9,997
  10,473
  10,974
  11,502
  12,057
  12,641
  13,255
Debt-to-equity ratio
  1.256
  1.160
  1.160
  1.170
  1.180
  1.180
  1.190
  1.200
  1.200
  1.210
  1.220
  1.220
  1.230
  1.230
  1.240
  1.250
  1.250
  1.260
  1.260
  1.270
  1.270
  1.280
  1.280
  1.290
  1.290
  1.300
  1.300
  1.310
  1.310
  1.310
  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
  66
  67
  69
  71
  73
  75
  77
  80
  82
  85
  91
  94
  98
  101
  105
  109
  114
  118
  123
  128
  133
  139
  145
  151
  158
  165
  172
  180
  188
  196
Depreciation, amort., depletion, $m
  96
  100
  102
  104
  107
  110
  114
  118
  122
  126
  131
  132
  137
  143
  149
  156
  162
  170
  177
  185
  194
  203
  212
  222
  233
  244
  256
  268
  281
  294
  309
Funds from operations, $m
  133
  165
  169
  173
  178
  183
  189
  195
  201
  208
  216
  223
  232
  241
  251
  261
  272
  283
  295
  308
  322
  336
  351
  367
  384
  402
  421
  440
  461
  482
  505
Change in working capital, $m
  -33
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
Cash from operations, $m
  166
  166
  170
  174
  179
  184
  190
  196
  203
  210
  218
  225
  234
  243
  253
  264
  275
  286
  299
  312
  326
  340
  355
  372
  389
  407
  425
  445
  466
  488
  511
Maintenance CAPEX, $m
  0
  -94
  -96
  -98
  -101
  -104
  -107
  -110
  -114
  -118
  -122
  -127
  -132
  -137
  -143
  -149
  -156
  -162
  -170
  -177
  -185
  -194
  -203
  -212
  -222
  -233
  -244
  -256
  -268
  -281
  -294
New CAPEX, $m
  -346
  -37
  -43
  -49
  -56
  -62
  -68
  -74
  -80
  -86
  -92
  -98
  -105
  -112
  -119
  -126
  -134
  -142
  -150
  -158
  -167
  -176
  -186
  -196
  -206
  -217
  -229
  -241
  -253
  -267
  -280
Cash from investing activities, $m
  12
  -131
  -139
  -147
  -157
  -166
  -175
  -184
  -194
  -204
  -214
  -225
  -237
  -249
  -262
  -275
  -290
  -304
  -320
  -335
  -352
  -370
  -389
  -408
  -428
  -450
  -473
  -497
  -521
  -548
  -574
Free cash flow, $m
  178
  35
  31
  27
  23
  19
  16
  13
  9
  6
  3
  0
  -3
  -6
  -9
  -12
  -15
  -18
  -21
  -24
  -27
  -30
  -33
  -37
  -40
  -44
  -47
  -51
  -55
  -59
  -64
Issuance/(repayment) of debt, $m
  -228
  48
  55
  63
  71
  78
  86
  94
  101
  109
  117
  125
  134
  142
  151
  161
  170
  180
  190
  201
  212
  224
  236
  249
  263
  277
  291
  306
  322
  339
  357
Issuance/(repurchase) of shares, $m
  121
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  2
  5
  8
  11
  13
  16
  19
  22
  25
  28
  31
  35
  38
  41
  45
  49
  53
  57
  61
Cash from financing (excl. dividends), $m  
  -110
  48
  55
  63
  71
  78
  86
  94
  101
  109
  117
  125
  136
  147
  159
  172
  183
  196
  209
  223
  237
  252
  267
  284
  301
  318
  336
  355
  375
  396
  418
Total cash flow (excl. dividends), $m
  69
  83
  86
  90
  93
  98
  102
  106
  111
  116
  121
  125
  133
  141
  150
  159
  169
  179
  189
  200
  211
  222
  235
  247
  261
  274
  289
  304
  320
  337
  354
Retained Cash Flow (-), $m
  -220
  -35
  -40
  -45
  -51
  -56
  -62
  -67
  -73
  -79
  -84
  -90
  -96
  -103
  -109
  -116
  -123
  -130
  -137
  -145
  -153
  -162
  -170
  -180
  -189
  -199
  -210
  -221
  -233
  -245
  -257
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
 
  95
  46
  44
  42
  41
  40
  39
  38
  37
  36
  35
  36
  39
  41
  44
  46
  49
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  87
  92
  97
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
 
  87
  39
  34
  29
  25
  21
  18
  15
  12
  10
  8
  7
  6
  5
  4
  3
  3
  2
  1
  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
  100.0
  100.0
  100.0
  100.0
  99.9
  99.6
  99.2
  98.7
  98.1
  97.4
  96.6
  95.7
  94.8
  93.8
  92.8
  91.7
  90.6
  89.4
  88.2
  87.0
  85.8
  84.6
  83.3

Teekay LNG Partners L.P. provides marine transportation services for liquefied natural gas (LNG), liquefied petroleum gas (LPG), and crude oil worldwide. The company operates through two segments, Liquefied Gas and Conventional Tanker. It transports liquid petroleum gases, including propane, butane, and ethane; petrochemical gases, such as ethylene, propylene, and butadiene; and ammonia. As of April 1, 2016, it had a fleet of 50 LNG carriers, 29 LPG/multigas carriers, and 8 conventional tankers. Teekay GP L.L.C. serves as the general partner of the company. Teekay LNG Partners L.P. was founded in 2004 and is based in Hamilton, Bermuda.

FINANCIAL RATIOS  of  Teekay LNG Partners (TGP)

Valuation Ratios
P/E Ratio 9.5
Price to Sales 3.4
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 8.1
Price to Free Cash Flow -7.4
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 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 8.7%, 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 -10%. 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 79.357 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 8.52 9.27  buy
GLOG GasLog 16.20 2.86  str.sell
GLNG Golar LNG 20.40 4.59  str.sell
GMLP Golar LNG Part 19.69 14.42  sell
TNK Teekay Tankers 1.39 3.84  str.buy
DHT DHT Holdings 3.80 7.79  str.buy
FRO Frontline 5.11 22.54  str.buy
HMLP Hoegh LNG Part 18.25 120.96  str.buy

COMPANY NEWS

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▶ 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]
▶ Which Midstream Stocks Lead in Implied Volatility?   [Mar-21-17 04:48PM  Market Realist]
▶ Teekay LNG Partners Financing Update   [Jan-24-17 06:59AM  Marketwired]
▶ Teekay LNG completes Norwegian bond issuance   [Jan-23-17 10:36AM  Marketwired]
▶ MLP Outperformers and Underperformers of the Week   [Jan-20-17 04:56PM  at Barrons.com]
▶ Teekay LNG Partners Declares Distribution   [Jan-03-17 06:10PM  Marketwired]
▶ Inogen Inc (INGN): Why is Smart Money Unloading This Stock?   [Dec-12-16 03:35PM  at Insider Monkey]
▶ Teekay LNG Partners Reports Third Quarter 2016 Results   [Nov-03-16 12:31AM  Marketwired]
Stock chart of TGP 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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