Hoegh LNG Partners LP (HLNG) fair value: what the stock is really worth
As of Jul 17, 2026: fair value of Hoegh LNG Partners LP NOK 133, price NOK 23.40, upside +469.6%, quality 44 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range kr 23.10 – kr 23.40 · fair‑value band kr 55.76 – kr 219.19 · the kr 23.40 price screens below the kr 133.28 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
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Höegh LNG Holdings Ltd., together with its subsidiaries, provides floating energy solutions worldwide. The company operates through four segments: HMLP, Operations, Business Development, and Project Execution. It owns and operates floating LNG import terminals, floating storage and regasification units (FSRUs), and LNG carriers (LNGCs).
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Höegh LNG Holdings Ltd., together with its subsidiaries, provides floating energy solutions worldwide. The company operates through four segments: HMLP, Operations, Business Development, and Project Execution. It owns and operates floating LNG import terminals, floating storage and regasification units (FSRUs), and LNG carriers (LNGCs). The company also acquires FSRUs, LNGCs, and other LNG infrastructure assets under long-term charters. As of December 31, 2020, it operated a fleet of two LNG transportation vessels, and ten floating storage and regasification units. The company is also involved in the commercial and technical management and bareboat hiring; and business development and project execution activities, as well as corporate functions. In addition, it owns ships. The company was incorporated in 2006 and is headquartered in Oslo, Norway. As of May 4, 2021, Höegh LNG Holdings Ltd. operates as a join venture between Leif Höegh & Co AS and Morgan Stanley Infrastructure Inc.
Stock analysis
Hoegh LNG Partners LP (HLNG) currently trades at kr 23.40, while our model-based Fair Value estimate is kr 133.28, implying the stock looks roughly 82.4% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of kr 171.26 per share, and 22 of the 22 models we run sit above the kr 23.40 price.
Bear case: the Asset-Based group reads lowest at kr 51.19, and 0 of the 22 models stay below the price. Evidence for this calculation is low.
Scenario range: kr 55.76 (bear) to kr 219.19 (bull), the price of kr 23.40 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 44/100 (below-average quality), in the Energy sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Hoegh LNG Partners LP reported revenue of $486M in FY2023 versus $315M in FY2019, a compound +11.4%/yr. Reported net income was $81.4M in FY2023, compounding +78.4%/yr from FY2019.
Key figures
Market cap 2.8B NOK (≈ $292M) · P/S ratio 5.37 · EPS (TTM) kr −5.11 · Net margin 16.8% · Return on equity −0.2% · Return on assets (EBIT) 4.6% · Operating margin 31.4% · Revenue (TTM) $332M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades at its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Energy peers we cover trades at −21% fair-value upside, at 470%, HLNG screens cheaper than that median.
Fair Value models
Bear kr 55.76Fair Value kr 133.28Bull kr 219.19
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.61/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+34.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.6%
Revenue growth 15 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.2%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+22.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+22.7%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.22.7% vs 17.6%, picking up
Profit margin 2018 to 2023 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.41% → 45%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+18.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +15.8% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Oil & Gas Midstream · 84 stocks
Beats the industry median on 6/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score44 · Below median
Fair Value upside+200.0% · Top 25%
Profitability
Return on assets2.6% · Bottom 25%
Net margin (TTM)−13.7% · Bottom 25%
Operating margin (TTM)31.4% · Above median
Growth and dividend
Revenue growth−3.2% · Bottom 25%
Balance sheet
Debt / equity1.96× · Highest 25%
Valuation Multiplesvs Oil & Gas Midstream median · lower = cheaper
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Is Hoegh LNG Partners LP (HLNG) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 133.28 versus the last price from Jul 17, 2026 of kr 23.40, about +470% upside (undervalued).
What is the fair value of HLNG?
Our model-based fair value for Hoegh LNG Partners LP is kr 133.28 (as of Sep 24, 2026), built from audited fundamentals. Last price (from Jul 17, 2026): kr 23.40.
What is the quality score of HLNG?
Hoegh LNG Partners LP has a Quality Score of 44/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Hoegh LNG Partners LP (HLNG)?
Our model-based price target is the fair value of kr 133.28 (as of Sep 24, 2026) from 22 valuation models. Cautious scenario kr 55.76, optimistic scenario kr 219.19. It is a calculation from audited fundamentals, not an analyst target.
What is the Hoegh LNG Partners LP stock forecast for 2026?
Our models put fair value at kr 133.28, about +470% upside versus the last price from Jul 17, 2026 of kr 23.40 (undervalued). Cautious scenario kr 55.76, optimistic scenario kr 219.19. The calculation is refreshed regularly with new filings.
What is the revenue of Hoegh LNG Partners LP (HLNG)?
Hoegh LNG Partners LP reported trailing-twelve-month revenue of about $332M (latest available figure, as of Sep 24, 2026).
What growth is priced into Hoegh LNG Partners LP (HLNG)?
For today's price to be fair in a discounted-cash-flow model, Hoegh LNG Partners LP would have to grow free cash flow by +18.6 % per year for five years (discount rate 15.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.6 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of HLNG use?
Our models discount Hoegh LNG Partners LP at 15.0 %: a base by market capitalisation (micro), damped by beta 1.85, country premium for Norway. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Hoegh LNG Partners LP that is +18.6 % per year a year over ten years, using the same discount rate (15.0 %) and the same formula as our fair value.
How much growth has Hoegh LNG Partners LP (HLNG) delivered so far?
Over the past 5 years revenue at Hoegh LNG Partners LP grew +7.6 % a year. The price currently implies +18.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Hoegh LNG Partners LP (HLNG) growing?
The median revenue growth in the sector is +9.6 % a year. That is the yardstick for the growth priced into Hoegh LNG Partners LP (+18.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Hoegh LNG Partners LP (HLNG)?
The free-cash-flow yield on the price is 32.17 %: that much free cash flow Hoegh LNG Partners LP produces per unit of market value. When it exceeds the discount rate of our models (15.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Hoegh LNG Partners LP (HLNG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hoegh LNG Partners LP it is kr 133.28 per share (as of Sep 24, 2026), against a price of kr 23.40. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Hoegh LNG Partners LP stock overvalued or undervalued in 2026?
As of Sep 24, 2026, HLNG trades below its calculated fair value: price kr 23.40, fair value kr 133.28, a gap of about +470% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of HLNG?
No. The price is what the market pays today (kr 23.40); the fair value is what the company's own numbers justify (kr 133.28). For Hoegh LNG Partners LP the two are kr 109.88 per share apart. That gap is exactly why we show both numbers side by side.
How much is Hoegh LNG Partners LP worth?
The market values Hoegh LNG Partners LP at about 2.8B NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 23.40; our models calculate a fair value of kr 133.28 per share.
What do the bullish and bearish scenarios say about HLNG?
Our models span a range for Hoegh LNG Partners LP: cautious scenario kr 55.76, base kr 133.28, optimistic kr 219.19 per share (as of Sep 24, 2026, price kr 23.40). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Hoegh LNG Partners LP (HLNG)?
Balance-sheet figures for Hoegh LNG Partners LP (as of Sep 24, 2026): return on equity −0.2%, debt of 1.96 per unit of equity. They feed the Quality Score of 44/100, which measures business quality independently of the share price.
How far is HLNG from its 52-week high?
Hoegh LNG Partners LP trades at kr 23.40, at its 52-week high of kr 23.40 and at the low of kr 23.40 (as of Jul 17, 2026). Distance from the high says nothing about value: that is what the fair value of kr 133.28 is for.
Which stocks are comparable to Hoegh LNG Partners LP?
From the same area (Energy) we also value Enbridge Inc, The Williams Companies, Inc, Enterprise Products Partners L.P., Energy Transfer LP,, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Hoegh LNG Partners LP stock attractive at the current price?
The data as of Sep 24, 2026: price kr 23.40, calculated fair value kr 133.28 (+470%), Quality Score 44/100, from 22 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of HLNG calculated?
We run Hoegh LNG Partners LP through 22 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 133.28, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Hoegh LNG Partners LP currently trades 82 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Hoegh LNG Partners LP (HLNG)?
The latest price we hold is from Jul 17, 2026 and stands at kr 23.40. Our model-based fair value is kr 133.28, about +470% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hoegh LNG Partners LP right now?
The large discount to fair value meets weak quality (44/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (kr 55.76). The market is more pessimistic than our downside scenario. The model range is unusually wide (kr 55.76 to kr 219.19). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of Hoegh LNG Partners LP
How large is the market capitalisation of Hoegh LNG Partners LP (HLNG)?
The market capitalisation of Hoegh LNG Partners LP is 2.8B NOK (≈ $292M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Hoegh LNG Partners LP (HLNG)?
The price-to-sales ratio of Hoegh LNG Partners LP is 5.37 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Hoegh LNG Partners LP (HLNG)?
Earnings per share at Hoegh LNG Partners LP are kr −5.11. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Hoegh LNG Partners LP (HLNG)?
The net margin of Hoegh LNG Partners LP is 16.8% (fiscal year 2023). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Hoegh LNG Partners LP (HLNG)?
The return on equity (ROE) of Hoegh LNG Partners LP is −0.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Hoegh LNG Partners LP (HLNG)?
On an EBIT basis the return on assets of Hoegh LNG Partners LP is 4.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Hoegh LNG Partners LP (HLNG)?
The operating margin of Hoegh LNG Partners LP is 31.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hoegh LNG Partners LP (HLNG)?
Revenue at Hoegh LNG Partners LP is growing −3.2% versus a year earlier (3y avg +15.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net debt does Hoegh LNG Partners LP (HLNG) carry?
The net debt of Hoegh LNG Partners LP is $1.4B (fiscal year 2023, ≈ 15.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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