Edison Investment Research - Liquefied Natural Gas Ltd. (LNG) Liquefied Natural Gas - Improving macro environment

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Edison Investment Research

Will Forbes

Liquefied Natural Gas - Improving macro environment

The Magnolia development remains one of the most competitive LNG development projects (greenfield or brownfield) globally. Industry is starting to recognise that the current LNG oversupply will move towards undersupply within five years and there are few projects on track to fill the resulting gap. This should put Magnolia increasingly in the spotlight for buyers looking to fulfil demand in 2023 onwards. LNGL management has indicated it is in discussions with many companies across a diverse set of geographies and interests. We have adjusted our valuation to account for a delayed expectation of project FID, reducing it slightly to $A1.25/share (US$3.8/ADR).

29/11/2017 6 EN

Underlying

Liquefied Natural Gas Ltd.

Liquefied Natural Gas is developing Liquefied Natural Gas Limited (LNG) export terminal projects in the U.S., Canada, and Australia. Co. focuses on the identification and progression of opportunities for the development of LNG projects to facilitate the production and sale of LNG. Co.'s segments are: LNG Infrastructure, which includes the aggregation of the Magnolia LNG project, Bear Head LNG project, and Fisherman's Landing LNG project; and Technology and Licensing, which focuses on the development of LNG technology, through research and development activities, and the advancement of each developed technology to the patent application stage or ability to commercialise the LNG technology.

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AU000000LNG0 Australian Securities Exchange Australia

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Will Forbes

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Liquefied Natural Gas - Improving macro environment

Monthly LMI Update Independent Investment Research

Feasibility Study Results in December to be a Catalyst for this Junior

Liquefied Natural Gas - Higher capacity at 8.8Mtpa, lower SPA pricing

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

AAC Clyde Space - Solid start to the year with further order growth

Tinexta - Typical seasonality in Q124

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