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 • Mar 08
Full year 2022 earnings released: EPS: US$1.77 (vs US$0.47 loss in FY 2021) Full year 2022 results: EPS: US$1.77 (up from US$0.47 loss in FY 2021). Revenue: US$371.0m (up 14% from FY 2021). Net income: US$92.7m (up US$116.7m from FY 2021). Profit margin: 25% (up from net loss in FY 2021). Revenue is expected to fall by 7.5% p.a. on average during the next 3 years compared to a 6.4% decline forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jan 26
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 fall by 8.8% p.a. on average during the next 3 years compared to a 6.3% decline forecast for the Oil and Gas industry in the US. 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 8% per year, which means it is significantly lagging earnings. 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 29
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 5.7% decline forecast for the Oil and Gas industry in the US. 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 27% per year, which means it is significantly lagging earnings. Price Target Changed • Oct 28
Price target increased to US$7.75 Up from US$5.50, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of US$7.78. Stock is up 39% over the past year. The company posted a net loss per share of US$0.47 last year. Price Target Changed • Aug 10
Price target increased to US$5.50 Up from US$5.13, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of US$5.69. Stock is up 40% over the past year. The company posted a net loss per share of US$0.47 last year. Price Target Changed • Aug 10
Price target increased to US$5.50 Up from US$5.13, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of US$5.69. Stock is up 40% over the past year. The company posted a net loss per share of US$0.47 last year. Reported Earnings • Jul 29
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 3.2% compared to a 25% growth forecast for the industry in the US. 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 36% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 29
First quarter 2022 earnings: Revenues exceed analyst expectations 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). Revenue exceeded analyst estimates by 9.4%. Over the next year, revenue is expected to shrink by 2.1% compared to a 33% growth forecast for the industry in the US. 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. Reported Earnings • Mar 04
Full year 2021 earnings: EPS misses 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. Earnings per share (EPS) missed analyst estimates. Over the next year, revenue is forecast to stay flat compared to a 18% growth forecast for the oil industry in the US. 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 47% per year, which means it is performing significantly worse than earnings. Reported Earnings • Jan 29
Full year 2021 earnings: EPS misses 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. Earnings per share (EPS) missed analyst estimates. Over the next year, revenue is forecast to stay flat compared to a 71% growth forecast for the oil industry in the US. 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 45% 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. Major Estimate Revision • Dec 03
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from US$1.06 to US$1.62. Revenue forecast steady at US$326.0m. Net income forecast to grow 16% next year vs 64% growth forecast for Oil and Gas industry in the US. Consensus price target of US$5.38 unchanged from last update. Share price was steady at US$4.86 over the past week. Board Change • Dec 03
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 03
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 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 39% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment improved over the past week After last week's 16% share price gain to US$5.48, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 12x in the Oil and Gas industry in the US. Total loss to shareholders of 70% over the past three years. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improved over the past week After last week's 18% share price gain to US$4.83, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 11x in the Oil and Gas industry in the US. Total loss to shareholders of 74% over the past three years. Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment improved over the past week After last week's 20% share price gain to US$4.15, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 10x in the Oil and Gas industry in the US. 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 41%. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment deteriorated over the past week After last week's 26% share price decline to US$3.89, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 10x in the Oil and Gas industry in the US. Total loss to shareholders of 78% over the past three years. Reported Earnings • Jul 30
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 44% per year, which means it has not declined as severely as earnings. Price Target Changed • Jul 29
Price target increased to US$4.00 Up from US$3.63, the current price target is an average from 3 analysts. New target price is 7.8% below last closing price of US$4.34. Stock is up 9.6% over the past year. Valuation Update With 7 Day Price Move • Jul 09
Investor sentiment improved over the past week After last week's 36% share price gain to US$5.20, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 11x in the Oil and Gas industry in the US. Total loss to shareholders of 69% over the past three years. Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment improved over the past week After last week's 23% share price gain to US$3.86, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 11x in the Oil and Gas industry in the US. Total loss to shareholders of 78% over the past three years. Reported Earnings • May 06
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. Reported Earnings • Feb 23
Full year 2020 earnings released: EPS US$1.12 (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$56.9m (up US$124.6m from FY 2019). Profit margin: 17% (up from net loss in FY 2019). Over the last 3 years on average, earnings per share has fallen by 75% 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. Analyst Estimate Surprise Post Earnings • Feb 23
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 0.5%. Earnings per share (EPS) also surpassed analyst estimates by 3.8%. Over the next year, revenue is expected to shrink by 5.7% compared to a 26% growth forecast for the Oil and Gas industry in the US. Is New 90 Day High Low • Jan 15
New 90-day high: US$3.82 The company is up 11% from its price of US$3.44 on 16 October 2020. The American market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 43% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$10.42 per share. Price Target Changed • Nov 11
Price target lowered to US$3.75 Down from US$4.29, the current price target is an average from 5 analysts. The new target price is 58% above the current share price of US$2.38. As of last close, the stock is down 86% over the past year. 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 53% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Nov 11
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 3.9%. Earnings per share (EPS) exceeded analyst estimates by 37%. Over the next year, revenue is expected to shrink by 8.6% compared to a 8.0% growth forecast for the Oil and Gas industry in the US. Is New 90 Day High Low • Oct 29
New 90-day low: US$3.21 The company is down 18% from its price of US$3.91 on 30 July 2020. The American market is up 2.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Oil and Gas industry, which is down 20% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$9.45 per share. Is New 90 Day High Low • Oct 01
New 90-day low: US$3.36 The company is down 18% from its price of US$4.09 on 02 July 2020. The American market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is down 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$22.16 per share.