It would be always considered as apple to orange comparison as...

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8horse

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17/10/15

21:38

Post #: 16198584
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Originally posted by sivart ↑

Acca,
Thanks for the summary of things for those less familiar with where we stand.
A few comments.
1) It's a bit apples to oranges to compare CQP to LNG.asx. Firstly CQP pays zero tax. Secondly CQP does and will provide a guaranteed a significant and guaranteed dividend stream. I understand that you are choosing this entity within the Cheniere hierarchy because it simplifies things, but that simplification overlooks significant differences between this hierarchical entity and a the top level companies. The Cheniere investor presentations present the ownership numbers for each entity and level within the hierarchy. It's not really that complex to arrive at a Cheniere ownership percentage of the projects and their income steams, the far more apples to apples comparison.
2) The BNP Paribas entity you refer to as having bought the stock is a Nominee account entity. This entity has simply been buying stock and holding it as the nominee on behalf of clients who don't have Australian entities in which to directly hold stock themselves. This is how Baupost, Valinor, and the other US holders hold shares. At best BNP have advised clients on their purchases, but it's certainly not BNP themselves buying to hold.

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It would be always considered as apple to orange comparison as LNG.ax and Cheniere are at different stage of the development. You really can not find apple to apple comparison.

I think I can understand Cheniere group without any problem, but it's Hard to put valuation on other projects and assets unless you know details of each segment performance and related liabilities.

I did a "simple and rough" calculation on the LNG.us:

BNP Paribas Nominees holding, is the first time, that's my point.
Secondly, you really do not know BNP holding for their clients or for themselves.

LNG Price at posting: $1.64 Sentiment: Buy Disclosure: Held
7 Upvote

0 Great analysis

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