Well ses, there are others like poss and trav that are more qualified to talk to this one than me, however, for my 5 cents worth I am hanging out for the US listing.
The main assets (well the only assets of any worth IMO) are in the US/Canada, hence they understand the value better than peeps here.
The US buyers typically value their companies on higher earnings (projected or otherwise) multiples than we here in Oz.
They may dual list, or they may simply transfer our holdings across to the US. I am not 100 % sure of that but I know there are various methods that the listing may take,.
There is unlikely to be a listing in the US unless Maggy or even BH are de:risked to some extent. I would expect FERC/Schedule/BTA(or 2) before they push the button.
If the above happens the US insto's and mums and dads are likely to see LNG as a Cheniere type play. Expect the price to move so fast it'll make your nose bleed.
Only MO, and I'm sure the shorters will make a different case, but they have been wrong since 30 cents and the main play is still long from a fundamental/projected future earnings viewpoint. i.e. if Maggy/BH were to go ahead at say 8 and 8 mtpa, then valuations of $20 are not out of the question, add NA project #3 and maybe 4 and 5 and you pick a number.
There is always risk, just depends on your appetite for white knuckle rides.
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