GLOP - GasLog Partners: Stronger Outlook Following The Russia-Ukraine War

• GasLog Partners saw another decent quarter to end 2021 with their operating cash flow increasing slightly versus 2020.
• When combined with their divestitures, their net debt decreased by over 10% during the fourth quarter of 2021 but despite being positive, their leverage remains high.
• Looking into 2022, deleveraging remains the goal of management but this progress is encouraging.
• When looking further into the future, the Russia-Ukraine war stands to boost demand for their LNG vessels and thus financial performance as Europe seeks gas supplies outside of Russia.
• Even though war is nothing to celebrate, objectively speaking, they now see a stronger medium to long-term outlook and thus I believe that maintaining my buy rating is appropriate.

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