MeritValue

GasLog Partners LP

GLOP-PAdata completeness 75%11 fiscal years on file

Data notes: no data for concept 'epsDiluted'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

GasLog Partners LP earns about 6% on equity. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$326.1M1$371M2$397.8M3$356.3M3$278.2M3
Net income$5.73M4$119M5$138.7M6$151M6−$20.2M6
Operating cash flow$233.4M7$277.7M8$262.4M9$269.9M9$191.7M9
Capital expenditure$19.4M10$2.53M11$15.2M12$8.48M12$16.1M12
Free cash flow (derived)$213.9M7$275.2M8$247.2M9$261.4M9$175.6M9
Total debt$1.09B13$921.9M14———
Cash & equivalents$145.5M15$198.1M16$11.9M16$7.77M16$5.22M16
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on equity
6% avg · 5y
FY21 1%FY22 12%FY23 9%FY24 12%FY25 -2%

It earned an average 6% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Total debt has fallen 15% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001104659-24-031663 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001104659-25-023694 (Revenue)
  3. 20-F · period ending 2023-12-31 · accession 0001104659-26-031782 (Revenue)
  4. 20-F · period ending 2021-12-31 · accession 0001104659-24-031663 (ProfitLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001104659-25-023694 (ProfitLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001104659-26-031782 (ProfitLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001104659-24-031663 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001104659-25-023694 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001104659-26-031782 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001104659-24-031663 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0001104659-25-023694 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2023-12-31 · accession 0001104659-26-031782 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2021-12-31 · accession 0001104659-23-028685 (Borrowings)
  14. 20-F · period ending 2022-12-31 · accession 0001104659-24-031663 (Borrowings)
  15. 20-F · period ending 2021-12-31 · accession 0001104659-25-023694 (CashAndCashEquivalents)
  16. 20-F · period ending 2022-12-31 · accession 0001104659-26-031782 (CashAndCashEquivalents)