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...
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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