Golar LNG (Buy, TP: USD19.00) - Clearing the runway
Golar LNG has tackled its near-term liquidity issues and is securing a runway to reach Gimi COD and positive cash flows on our estimates. Adding near-term FIDs in Hygo to the SOTP would lift the value of Golar LNG’s ownership from USD5/share to USD10/share. The alleviation of short-term liquidity concerns should trigger a repricing of the stock in our view to more accurately reflect our SOTP valuation. We reiterate our BUY and USD19 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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