We should appreciate the resistance & negativity towards WPL's Scarborough project. Video below makes references to "IF" Scarborough goes ahead, and if so, it will be the LAST mega LNG project for WPL.
The way I read this, is that there isn't (and may never be) investor appetite to back WPL at growth level SP levels (at say $30). There is a real chance that it wont meaningfully rise above $25, and instead existing SH's will be rewarded by 10% dividend payouts for a number of years.
It is hard to deny the change in the "financial climate" over 2021. There is no other way to reconcile WPL @ $27 earlier this year, with lower POO, and greater uncertainty in Scarborough FID and Scarborough funding, with WPL @ $22 today.
We may need to prepare for $1+ dividend and WPL still at $23 in early 2022.
Hope I am wrong though.
Cheers.
LNG Future is discussed at 20min mark in this video.
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