Initiating Coverage of Cheniere Energy and Cheniere Energy Partners With Wide Moats; Stock Cheap
We are initiating coverage of Cheniere Energy and Cheniere Energy Partners with fair value estimates of $63 per share and $32 per unit, respectively. Both entities have a wide moat rating due to an intangibles moat source based on long-term contracts. At current prices, we see the stocks as modestly undervalued.Cheniere's intangibles moat source is derived primarily from the 20-year take-or-pay contracts that both entities have signed with multiple customers to liquefy natural gas; these essent...
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