lng snapshot, page-107

Accaeric

Late response but thanks also for your snapshot. As a long term holder, I have been trying to triangulate the on completion value based on 8 MTPA.

I came at it a bit different to you, but welcome your thoughts on it (and anyone else). I have not included corporate value etc - just trying to work out EV & share value on Magnolia alone.

Key issue, does Stonepeak take half the debt exposure as well? Or just half the profits. Trying to work out what you would take off EV to get unrisked on completion market cap / equity value on Magnolia. I think it is right to take off all the project debt.

EV is based on 15x EBITDA 8 MTPA, bearing in mind Cheniere is on 26x potential and not completed.