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TheStreet Open House
Teekay LNG Partners LP
TGP : NYSE : Services
$43.47 | %
Today's Range: 42.81 - 43.55
Avg. Daily Volume: 209,500
09/19/14 - 4:05 PM ET

Financial Analysis


TEEKAY LNG PARTNERS LP's gross profit margin for the second quarter of its fiscal year 2014 is essentially unchanged when compared to the same period a year ago. Even though sales increased, the net income has decreased, representing a decrease to the bottom line. TEEKAY LNG PARTNERS LP has very weak liquidity. Currently, the Quick Ratio is 0.37 which clearly shows a lack of ability to cover short-term cash needs. The company's liquidity has decreased from the same period last year.

During the same period, stockholders' equity ("net worth") has increased by 9.53% from the same quarter last year. The key liquidity measurements indicate that the company is in a position in which financial difficulties could develop in the near future.

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Income Statement Q2 FY14 Q2 FY13
Net Sales ($mil)101.3296.62
EBITDA ($mil)69.5865.84
EBIT ($mil)46.0540.68
Net Income ($mil)43.6569.66


Balance Sheet Q2 FY14 Q2 FY13
Cash & Equiv. ($mil)121.66130.72
Total Assets ($mil)4271.233893.51
Total Debt ($mil)2369.632197.66
Equity ($mil)1354.991237.0


Profitability Q2 FY14 Q2 FY13
Gross Profit Margin74.8573.05
EBITDA Margin68.6768.14
Operating Margin45.4542.1
Sales Turnover0.10.1
Return on Assets3.724.76
Return on Equity11.7314.98
Debt Q2 FY14 Q2 FY13
Current Ratio0.480.47
Debt/Capital0.640.64
Interest Expense15.0713.13
Interest Coverage3.063.1


Share Data Q2 FY14 Q2 FY13
Shares outstanding (mil)74.2169.81
Div / share0.690.68
EPS0.490.91
Book value / share18.2617.72
Institutional Own % n/a n/a
Avg Daily Volume207900.0136069.0

Valuation


HOLD. The current P/E ratio indicates a discount compared to an average of 24.32 for the Oil, Gas & Consumable Fuels industry and a premium compared to the S&P 500 average of 19.67. To use another comparison, its price-to-book ratio of 2.32 indicates a discount versus the S&P 500 average of 2.72 and a significant discount versus the industry average of 14.47. The price-to-sales ratio is well above both the S&P 500 average and the industry average, indicating a premium. Upon assessment of these and other key valuation criteria, TEEKAY LNG PARTNERS LP proves to trade at a discount to investment alternatives within the industry.


Price/Earnings
1 2 3 4 5
premium   discount
  Price/Cash Flow
1 2 3 4 5
premium   discount
TGP 23.68 Peers 24.32   TGP 15.92 Peers 20.65

Average. An average P/E ratio can signify an industry neutral price for a stock and an average growth expectation.

TGP is trading at a valuation on par with its peers.

 

Discount. The P/CF ratio, a stock’s price divided by the company's cash flow from operations, is useful for comparing companies with different capital requirements or financing structures.

TGP is trading at a discount to its peers.

 
Price/Projected
Earnings
1 2 3 4 5
premium   discount
  Price to
Earnings/Growth
1 2 3 4 5
premium   discount
TGP 17.23 Peers 18.25   TGP NM Peers 1.73

Premium. A higher price-to-projected earnings ratio than its peers can signify a more expensive stock or higher future growth expectations.

TGP is trading at a premium to its peers.

 

Neutral. The PEG ratio is the stock’s P/E divided by the consensus estimate of long-term earnings growth. Faster growth can justify higher price multiples.

TGP's negative PEG ratio makes this valuation measure meaningless.

 
Price/Book
1 2 3 4 5
premium   discount
  Earnings Growth
1 2 3 4 5
lower   higher
TGP 2.32 Peers 14.47   TGP -23.83 Peers 31.27

Discount. A lower price-to-book ratio makes a stock more attractive to investors seeking stocks with lower market values per dollar of equity on the balance sheet.

TGP is trading at a significant discount to its peers.

 

Lower. Elevated earnings growth rates can lead to capital appreciation and justify higher price-to-earnings ratios.

However, TGP is expected to significantly trail its peers on the basis of its earnings growth rate.

 
Price/Sales
1 2 3 4 5
premium   discount
  Sales Growth
1 2 3 4 5
premium   discount
TGP 7.70 Peers 2.55   TGP 4.49 Peers 10.50

Premium. In the absence of P/E and P/B multiples, the price-to-sales ratio can display the value investors are placing on each dollar of sales.

TGP is trading at a significant premium to its industry.

 

Lower. A sales growth rate that trails the industry implies that a company is losing market share.

TGP significantly trails its peers on the basis of sales growth

 

 

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