Assuming all approvals get sorted, projects go ahead and plants constructed, I would expect LNG to be trading on a 12x CF multiple or better (possibly 15x implies 6.7% yield)
Anyway, brief matirx of best case scenario and expecte trading price on a CF multiple (CF's driven from my own model)
Column 1
Column 2
Column 3
Column 4
Column 5
Column 6
1
CF Multiple
12
2
Ownership
Project
Expected CF
Implied Value
Cumulative Value
Implied Share Price (cumulative)
3
50%
Magnolia (1-2)
320
1,918
1,918
4.30
4
50%
Magnolia (3-4)
399
2,393
4,311
9.65
5
100%
Bear Head 4mtpa
315
3,779
8,090
18.12
Huge potential, Now let the debat begin about the probability of each project coming to life and where we should be trading currently....
