Morningstar | Increasing Cheniere Energy and Cheniere Energy Partners' FVEs
After rolling our models to 2019, we're boosting our fair value estimates for Cheniere Energy and Cheniere Energy Partners to $75 and $40.50 from $70 and $36. The main component driving updated fair values was the time value of money. However, strong demand for liquefied natural gas from Asia over the winter, China in particular, continues to support our long-term forecast for sharply higher demand from China for U.S. LNG. Our fair value estimates also imply a 12.5-13 times 2021 EBITDA multiple, which is when we expect most trains to be in operations for both entities. The slightly higher percentage increase in our fair value for Cheniere Energy Partners was to ensure our valuations for both entities was consistent.For more on our LNG forecast, please see our November 2018 Energy Observer, "China Oil & Gas Demand: Above-Consensus Forecasts for Medium-Term Growth, but Electric Vehicles Loom Large for Oil."
Cheniere Energy is an energy company engaged in liquefied natural gas (LNG)-related businesses. The company is focusing its development in the following LNG terminal projects, which is under construction: the Sabine Pass LNG terminal located in Cameron Parish, LA; and the Corpus Christi LNG terminal near Corpus Christi, TX. The company's subsidiary, Cheniere Energy Partners, L.P. is developing, constructing and operating natural gas liquefaction facilities at the Sabine Pass LNG terminal. The company is developing and constructing a natural gas liquefaction and export facility at the Corpus Christi LNG terminal and operates a natural gas supply pipeline. The company is also in various stages of developing other projects.
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