Golar LNG (Buy, TP: USD35.00) - Turning on the distributions
There seems to be growing interest for Golar LNG’s fast-track and flexible FLNG offering with news of the recent MOU and several potential projects being widely discussed. However, it is still a waiting game for concrete news, and we believe the tighter LNG market this winter should create more visibility for Hilli and the next FLNG project for its MKII conversion. We continue to find the valuation too low when considering the potential, as its current NAV equates to USD24.1/share on our numbers. Thus, we reiterate our BUY and USD35 target price.Golar LNG is a midstream liquefied natural gas (LNG) company based in Bermuda. Co. is engaged in the transportation, regasification, liquefaction and trading of LNG. Through its subsidiaries and affiliates, Co. is engaged in the acquisition, ownership, operation and chartering of LNG carriers and floating storage regasification units (FSRUs), and the development of liquefaction projects such as Floating Liquefaction Natural Gas Vessels. Co. owns and operates a fleet of 19 LNG carriers and seven FSRUs, and under management agreements operates Golar LNG Partner LP's fleet of six FSRUs and four LNG carriers.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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