Golar LNG Minor model adjustments
The recent acceleration in the growth outlook for Golar LNG’s FLNG business has revived interest in the investment case, with the company now aiming for four FLNG units within the decade. In the meantime, it is set to showcase its operating excellence with Gimi on its 20-year contract to BP, with first gas expected in Q4, and firming up an order for a MKII FLNG conversion in Q3. We have updated our estimates following the Q2 results as well as some minor model adjustments. We do not consider these changes to be material, and we have not changed our BUY recommendation. We reiterate our USD42 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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