Byron
13/08/20 14:31
Ha respondido al tema
Cobas AM: Nueva Gestora de Francisco García Paramés
Copio un comentario de Seeking Alpha sobre los resultados de TGP. Me ha parecido interesante: Positives: 1. Adjusted ebitda of 192.3 mn, +19% yoy and in line with guidance 2. Distributable cash flow (to lp) 82.8mn, vs 74.5mn in 1q20 and 56.3mn in 2q19. 3. DCF/unit exceed $1 ($1.03) for first time (perhaps in history), coverage 4.1x 4. Full fleet fixture for 2020 (lng tce of 80.5kpd expected), 94% for 21 5. Reiterated no impacts by cargo cancellation or low lng price 6. Fy20 guidance reiterated: 765mm in adjusted proportional ebitda 7. Adj Net income +19% qoq, outstanding shares +6% (idr exchange), adj eps +15% qoq 8. Liquidity 306.3 mn (including 80m cf), down from 372.7m in 1q20. Negatives: 1. Slow than expected deleveraging in the quarter (consolidated net debt at 2642, lower by 10m, proportional net debt 1886.2, lower by 27.3), overall 37.6m debt repaid in quarter vs expected 300mn in year or 75m in quarter 2. Interest expense flat at 33mn, coverage (own ebit, ex equity income / int expense) 2.1x=> would have expect some decline Overall: 1. Clean quarter after quite some time 2. Deleveraging slower than expected 3. Cost control could be better, higher maintenances 4. 3q outlook: 2 lng vessels and 5 lpg to go for dry drock in 3q, expected to result in 4m additional vessel opex, 2m in lower voy rev, 3m lower equity income due to off hire days, remaining consistentCompelling valuation: 7.7x ev/fy20 ebitda (12%ebitda growth), 8% yield on 4.1x coverage