Announcement • Jul 10
Gaslog Partners LP Approves and Declares Special Cash Distribution, Payable on July 12, 2023 GasLog Partners LP announced that at a special meeting of the common unitholders of the Partnership (the “common unitholders”) held on July 7, 2023. Pursuant to the terms of the Agreement and Plan of Merger, dated as of April 6, 2023 (the “Merger Agreement”), by and among the Partnership, GasLog GP LLC, the general partner of the Partnership (the “General Partner”), Parent and Saturn Merger Sub LLC, a direct wholly owned subsidiary of Parent, on July 7, 2023, the board of directors of the Partnership approved and declared a special cash distribution of $3.28 per common unit (with a corresponding amount distributed in respect of each General Partner Unit (as defined in the Merger Agreement)) (the “Special Distribution”). The Special Distribution will be paid on July 12, 2023 (the “Special Distribution Payment Date”) to the General Partner and all common unitholders of record as of July 10, 2023 (the “Special Distribution Record Date”), subject to the applicability of due-bill trading. Due to the size of the Special Distribution, as required by the rules of the New York Stock Exchange (the “NYSE”), during the period beginning July 7, 2023, one business day prior to the Special Distribution Record Date, through the Special Distribution Payment Date, the common units will be traded with “due bills”, representing an assignment of the right to receive the Special Distribution (such period of time, the “Due-bill Period”). Announcement • May 17
Tourlite Capital Management Sends a Letter and Presentation to Board of GasLog Partners LP On May 15, 2023, Tourlite Capital Management announced that it has sent a letter to board of GasLog Partners LP, stating that it has analyzed new proxy materials filed by the Company and an analysis performed by Evercore, disagree with several points that have a substantial impact on valuation and without a condition that requires a majority of the unaffiliated units, it allows the General Partner to exert significant power over minority shareholders. Further, Tourlite Capital stated that it considering the new materials, it estimates fair value of ~$12 per share, an ~39% premium to the current offer and urged the Company board of directors and the board’s Conflicts Committee to reconsider the current price offered for Company, which significantly underestimates the fair value of the assets. Further, Tourlite Capital stated that it plans to vote against the current bid and urges fellow shareholders to do the same. Reported Earnings • Jan 27
Full year 2022 earnings released: EPS: US$2.20 (vs US$0.47 loss in FY 2021) Full year 2022 results: EPS: US$2.20 (up from US$0.47 loss in FY 2021). Revenue: US$371.0m (up 14% from FY 2021). Net income: US$119.0m (up US$143.0m from FY 2021). Profit margin: 32% (up from net loss in FY 2021). Revenue is expected to decline by 8.8% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 8.1%. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Jan 26
GasLog Ltd. made a non-binding proposal to acquire remaining 69.8% stake in GasLog Partners LP (NYSE:GLOP) for approximately $280 million. GasLog Ltd. made a non-binding proposal to acquire remaining 69.8% stake in GasLog Partners LP (NYSE:GLOP) for approximately $280 million on January 24, 2023. In connection with the transaction, each Common Unit will receive overall value of $7.70 per Common Unit in cash. GLOG currently owns 15,621,602 Common Units, representing approximately 30.2% of the total outstanding Common Units of GLOP. GLOG intends to arrange for fully committed financing at the time of signing the Definitive Agreement with no financing contingency. The proposal has been approved by the GLOG Board. The transaction is subject to the approval of Board of Directors of GLOP, conflicts committee of the GLOP Board, entering into definitive agreement and other customary closing conditions, including the approval by holders of a majority of the outstanding common units entitled to vote thereon, the declaration and payment of the distribution. DNB Markets Inc. acted as financial advisor and Cravath, Swaine & Moore LLP acted as legal advisor of GLOG. Announcement • Jan 18
GasLog Partners LP to Report Q4, 2022 Results on Jan 26, 2023 GasLog Partners LP announced that they will report Q4, 2022 results at 9:30 AM, US Eastern Standard Time on Jan 26, 2023 Board Change • Nov 16
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Independent Chairman Curt Anastasio is the most experienced director on the board, commencing their role in 2016. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 30
Third quarter 2022 earnings released: EPS: US$0.69 (vs US$0.37 in 3Q 2021) Third quarter 2022 results: EPS: US$0.69 (up from US$0.37 in 3Q 2021). Revenue: US$95.7m (up 19% from 3Q 2021). Net income: US$36.2m (up 87% from 3Q 2021). Profit margin: 38% (up from 24% in 3Q 2021). Revenue is expected to fall by 4.1% p.a. on average during the next 3 years compared to a 4.7% decline forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Announcement • Oct 28
GasLog Partners LP Declares Quarterly Cash Distribution, Payable on November 10, 2022 On October 26, 2022, the board of directors of GasLog Partners approved and declared a quarterly cash distribution of $0.01 per common unit for the quarter ended September 30, 2022. The cash distribution is payable on November 10, 2022 to all unitholders of record as of November 7, 2022. Announcement • Oct 19
GasLog Partners LP to Report Q3, 2022 Results on Oct 27, 2022 GasLog Partners LP announced that they will report Q3, 2022 results Pre-Market on Oct 27, 2022 Reported Earnings • Jul 30
Second quarter 2022 earnings released: US$0.12 loss per share (vs US$0.14 profit in 2Q 2021) Second quarter 2022 results: US$0.12 loss per share (down from US$0.14 profit in 2Q 2021). Revenue: US$84.9m (up 21% from 2Q 2021). Net income: US$761.0k (down 89% from 2Q 2021). Profit margin: 0.9% (down from 10% in 2Q 2021). Over the next year, revenue is expected to shrink by 4.1% compared to a 36% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Announcement • Jul 20
GasLog Partners LP to Report Q2, 2022 Results on Jul 28, 2022 GasLog Partners LP announced that they will report Q2, 2022 results at 9:30 AM, US Eastern Standard Time on Jul 28, 2022 Reported Earnings • Apr 29
First quarter 2022 earnings released First quarter 2022 results: Revenue: US$85.5m (down 1.9% from 1Q 2021). Net income: US$35.0m (up 26% from 1Q 2021). Profit margin: 41% (up from 32% in 1Q 2021). Over the next year, revenue is expected to shrink by 2.1% compared to a 44% growth forecast for the industry in Germany. Board Change • Apr 27
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Independent Chairman Curt Anastasio is the most experienced director on the board, commencing their role in 2016. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 21
GasLog Partners LP to Report Q1, 2022 Results on Apr 28, 2022 GasLog Partners LP announced that they will report Q1, 2022 results Pre-Market on Apr 28, 2022 Reported Earnings • Mar 04
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: US$0.47 loss per share (down from US$0.55 profit in FY 2020). Revenue: US$326.1m (down 2.3% from FY 2020). Net loss: US$24.0m (down 190% from profit in FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to stay flat compared to a 68% growth forecast for the oil industry in Germany. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has fallen by 46% per year, which means it is performing significantly worse than earnings. Announcement • Jan 30
GasLog Partners LP, Annual General Meeting, May 12, 2022 GasLog Partners LP, Annual General Meeting, May 12, 2022. Announcement • Jan 28
GasLog Partners LP Declares Quarterly Cash Distribution for the Quarter Ended December 31, 2021, Payable on February 10, 2022 On January 26, 2022, the board of directors of GasLog Partners LP approved and declared a quarterly cash distribution of $0.01 per common unit for the quarter ended December 31, 2021. The cash distribution is payable on February 10, 2022 to all unitholders of record as of February 7, 2022. Reported Earnings • Jan 28
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: US$0.47 loss per share (down from US$0.55 profit in FY 2020). Revenue: US$326.1m (down 2.3% from FY 2020). Net income: US$5.73m (down 78% from FY 2020). Profit margin: 1.8% (down from 8.0% in FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to stay flat compared to a 75% growth forecast for the oil industry in Germany. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has fallen by 43% per year, which means it is performing significantly worse than earnings. Board Change • Jan 01
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Independent Chairman Curt Anastasio is the most experienced director on the board, commencing their role in 2016. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 02
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Independent Chairman Curt Anastasio is the most experienced director on the board, commencing their role in 2016. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS US$0.37 (vs US$0.089 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$80.5m (up 11% from 3Q 2020). Net income: US$19.3m (up 350% from 3Q 2020). Profit margin: 24% (up from 5.9% in 3Q 2020). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has fallen by 42% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improved over the past week After last week's 18% share price gain to €4.62, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 8x in the Oil and Gas industry in Europe. Total loss to shareholders of 71% over the past three years. Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment improved over the past week After last week's 19% share price gain to €4.07, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 8x in the Oil and Gas industry in Europe. Total loss to shareholders of 74% over the past three years. Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improved over the past week After last week's 20% share price gain to €3.47, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 8x in the Oil and Gas industry in Europe. Total loss to shareholders of 77% over the past three years. Executive Departure • Aug 05
Director Paul Wogan has left the company On the 31st of July, Paul Wogan was replaced as CEO by Paolo Enoizi after less than a year in the role. We don't have any record of a personal shareholding under Paul's name. A total of 3 executives have left over the last 12 months. Under Paul's leadership, the company delivered a total shareholder return of 38%. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment deteriorated over the past week After last week's 21% share price decline to US$3.44, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 8x in the Oil and Gas industry in Europe. Total loss to shareholders of 78% over the past three years. Upcoming Dividend • Jul 30
Upcoming dividend of US$0.01 per share Eligible shareholders must have bought the stock before 06 August 2021. Payment date: 12 August 2021. Trailing yield: 0.9%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (4.0%). Reported Earnings • Jul 29
Second quarter 2021 earnings released: EPS US$0.14 (vs US$0.013 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: US$70.4m (down 17% from 2Q 2020). Net income: US$7.08m (up US$6.45m from 2Q 2020). Profit margin: 10% (up from 0.7% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 45% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment improved over the past week After last week's 40% share price gain to US$4.40, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 8x in the Oil and Gas industry in Europe. Total loss to shareholders of 69% over the past three years. Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improved over the past week After last week's 22% share price gain to US$3.17, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 8x in the Oil and Gas industry in Europe. Total loss to shareholders of 78% over the past three years. Reported Earnings • May 07
First quarter 2021 earnings released: EPS US$0.57 (vs US$0.14 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: US$87.1m (down 4.7% from 1Q 2020). Net income: US$35.4m (up 437% from 1Q 2020). Profit margin: 41% (up from 7.2% in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 15 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • May 03
Investor sentiment improved over the past week After last week's 15% share price gain to US$2.32, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 8x in the Oil and Gas industry in Europe. Total loss to shareholders of 84% over the past three years. Announcement • Apr 30
GasLog Partners LP Declares Common Unit Distribution, Payable on May 13, 2021 GasLog Partners LP announced a cash distribution of $0.01 per common unit for the first quarter of 2021, payable on May 13, 2021 for all shareholders of record as of May 10, 2021. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$2.23, the stock is trading at a trailing P/E ratio of 5.4x, down from the previous P/E ratio of 6.4x. This compares to an average P/E of 12x in the Oil and Gas industry in Europe. Total return to shareholders over the past three years is a loss of 83%. Analyst Estimate Surprise Post Earnings • Feb 23
Revenue beats expectations Revenue exceeded analyst estimates by 0.5%. Over the next year, revenue is expected to shrink by 13% compared to a 29% growth forecast for the Oil and Gas industry in Germany. Reported Earnings • Feb 23
Full year 2020 earnings released: EPS US$0.55 (vs US$1.43 loss in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: US$333.7m (down 12% from FY 2019). Net income: US$26.5m (up US$94.3m from FY 2019). Profit margin: 8.0% (up from net loss in FY 2019). Over the last 3 years on average, earnings per share has fallen by 81% per year but the company’s share price has only fallen by 48% per year, which means it has not declined as severely as earnings. Announcement • Feb 23
GasLog Partners LP, Annual General Meeting, May 13, 2021 GasLog Partners LP, Annual General Meeting, May 13, 2021. Announcement • Feb 17
GasLog Partners LP to Report Q4, 2020 Results on Feb 22, 2021 GasLog Partners LP announced that they will report Q4, 2020 results Pre-Market on Feb 22, 2021 Announcement • Feb 09
GasLog Partners LP Appoints Roland Fisher as Independent Director GasLog Partners LP announced that it has appointed Roland Fisher as Independent Director to the Partnership's Board of Directors (the "Board"), effective immediately. Announcement • Jan 28
GasLog Partners LP Announces Board and Committee Changes GasLog Partners LP ('GasLog Partners' or the 'Partnership') announced that Robert B. Allardice III has resigned from the Partnership’s board of directors (the 'Board') effective as of January 24, 2021 for personal reasons. In connection with Mr. Allardice’s resignation from the Board and from his position as Chairman of the Audit Committee, Mr. Curt Anastasio, Chairman of the Board of GasLog Partners, was appointed interim Chairman of the Audit Committee. Is New 90 Day High Low • Jan 21
New 90-day high: €3.28 The company is up 15% from its price of €2.85 on 23 October 2020. The German market is up 11% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Oil and Gas industry, which is up 49% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €9.92 per share. Reported Earnings • Nov 11
Third quarter 2020 earnings released: EPS US$0.09 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: US$72.8m (down 25% from 3Q 2019). Net income: US$11.9m (down 46% from 3Q 2019). Profit margin: 16% (down from 23% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 81% per year but the company’s share price has only fallen by 54% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Nov 11
Revenue misses expectations Revenue missed analyst estimates by 3.9%. Over the next year, revenue is expected to shrink by 11% compared to a 10% growth forecast for the Oil and Gas industry in Germany. Is New 90 Day High Low • Oct 30
New 90-day low: €2.54 The company is down 18% from its price of €3.09 on 31 July 2020. The German market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 37% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €7.74 per share. Announcement • Oct 29
GasLog Partners LP to Report Q3, 2020 Results on Nov 10, 2020 GasLog Partners LP announced that they will report Q3, 2020 results at 9:00 AM, GTB Standard Time on Nov 10, 2020 Is New 90 Day High Low • Oct 01
New 90-day low: €2.67 The company is down 23% from its price of €3.45 on 03 July 2020. The German market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 56% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €18.46 per share. Announcement • Aug 06
GasLog Partners LP Announces Executive Changes GasLog Ltd. and GasLog Partners LP announced senior management and board of director changes. Following the Group's decision to base its senior management in Greece, Andy Orekar has decided not to relocate and will therefore step down from his position as the Partnership's Chief Executive Officer ("CEO") on September 15, 2020. The board of directors of GasLog Partners (the "Board") has appointed Paul Wogan, currently CEO and Director of GasLog, as CEO of the Partnership, effective September 16, 2020. Announcement • Jul 23
GasLog Partners LP to Report Q2, 2020 Results on Aug 05, 2020 GasLog Partners LP announced that they will report Q2, 2020 results on Aug 05, 2020