Potential Stock Price, page-10

It's actually not that hard to understand once you understand how things are done, finance guys just like to make it sound like it's harder to understand than it is:
- EBITDA (100% basis) is simply earnings (profits) on the project Before Interest Tax Deprecation and Amortisation (before creative accounting gets applied to earnings/profits).
- EV (millions) is the estimated enterprise value (what the project is considered to be worth when producing earnings). It is simply EBITDA x EV/EBITDA multiple.
- EV/EBITDA multiple (in this case 12) is the root of the approach being used to value the projects. The idea is that a simply way to value a business is value it as some multiple of earnings (there are other ways, but this is a simple one).
- Equity (millions) is simply the estimated enterprise value minus any debt.
- LNG Equity (millions) is simply the LNG ltd's share of the Equity (recall we are selling off a percentage of Magnolia to Stonepeak, so we only own part of the project).
- The per share numbers are simply the numbers expressed per share and the AUD numbers are simply the numbers after converting the original numbers, which are in USD, to AUD.
- LNG Risked to Production Equity (/share) takes the LNG Equity (/share) numbers which are numbers for when the projects are in production and applies the principle of the time value of money to this future valuation (the idea is that money available in the present is worth more than money available in the future) to arrive at a current valuation. If I have to wait into the future for money then I will want more money in the future than I'm willing to pay now to receive that money. How much more I want can be expressed as the interest rate per annum that I would want to receive. As the risk of getting my money in the future increases I expect a higher interest rate per annum on my money. That interest rate is the Discount rate to production.

There are other way to perform valuations, but this is the one that was used to generate the table (since it's a bit simpler). And as was pointed out, other valuations have arrived at similar numbers. Personally I'm only interested in a ball park number so anything that arrives at that ballpark is good enough for my purposes.