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ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
GLNG-US GOLAR LNG

Progress, but no great leaps yet

No notable news in the Q1 report. ABGSC '25e EBITDA +28% vs. consensus. TP USD 40 (40), FLNG contracts remain key catalysts.

05/28/24 May 28, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
GLNG-US GOLAR LNG

Q1 as expected, limited news on FLNG

Adj. EBITDA of USD 64m (ABGSCe at USD 66m, cons. at USD 67m). No notable news for FLNG, project start-up expected in 2027. Share to trade flat vs. peers.

05/28/24 May 28, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
GLNG-US GOLAR LNG

Attractive risk/reward for patient investors

Minor changes to near-term estimates, Gimi contractual start expected in Q1'25. ABGSC '25e EBITDA +26% vs. cons. TP USD 40, FLNG contracts remain key catalysts.

05/24/24 May 24, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
GLNG-US GOLAR LNG

Overproduction reason for beat vs cons.

Reported EBITDA of USD 108m (ABGSCe at USD 77m, cons. at USD 73m). No more MKII capex before commited gas field and debt financing. Share to trade flat vs. peers.

02/29/24 February 29, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
GLNG-US GOLAR LNG

Still awaiting news

Estimates down on lower TTF and Brent forward rates. ABGSCe '25e EBITDA +6% vs. cons ensus. TP USD 40 (41), FLNG contracts remain key catalysts.

02/26/24 February 26, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
GLNG-US GOLAR LNG

Setback from postponement of Gimi

Gimi start-up postponed from Q1 to Q4'24. ABGSCe '24e EBITDA -18% vs. consensus. TP USD 41 (42), FLNG contracts remain key catalysts.

11/22/23 November 22, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
GLNG-US GOLAR LNG

No surprises on the conference call

Reported EBITDA of USD 108m (ABGSCe at USD 77m, cons. at USD 73m). No more MKII capex before commited gas field and debt financing. Share to trade flat vs. peers.

11/21/23 November 21, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
GLNG-US GOLAR LNG

Still waiting for a FLNG contract

Q4 down, long-term unchanged. ABGSCe '24e EBITDA +19% vs. consensus. TP USD 42, FLNG contracts remain key catalysts.

11/17/23 November 17, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
GLNG-US GOLAR LNG

Supported by higher oil and gas prices

Updated forward curves, ABGSCe '24e EBITDA +15% vs. consensus. TP USD 42 (42), FLNG contracts remain key catalysts.

08/13/23 August 13, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
GLNG-US GOLAR LNG

No significant news

Adj. EBITDA of USD 83m (ABGSCe at USD 106m, cons. at USD 72m). Heads of terms signed with NNPC. Share to trade flat vs. peers.

08/10/23 August 10, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
GLNG-US GOLAR LNG

FLNG contracts remain key catalysts

Minor estimate changes. ABGSCe '24e EBITDA +14% vs. cons. TP USD 42 (42), further upside from integrated FLNG project.

07/11/23 July 11, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
GLNG-US GOLAR LNG

Dividends reinstated

Adj. EBITDA of USD 84m (ABGSCe at USD 112m, cons. at USD 98m). Dividends outweigh BP dispute. Net positive share price reaction.

05/30/23 May 30, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
GLNG-US GOLAR LNG
FLNG-NO FLEX LNG ... (+3)

LNG: More downside risk than upside potential

While the LNG trade is expected to continue to grow, fleet growth will be higher, lowering fleet utilisation into 2024e and asset prices should decline; we keep our muted view.

GLNG-US GOLAR LNG
FLNG-NO FLEX LNG
CLCO-NO COOL COMPANY LTD
03/27/23 March 27, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
GLNG-US GOLAR LNG

Lower LNG shipping rates are what Golar wants

Lower shipping rates leave more for liquefaction. '23e EBITDA up +31% on expected overproduction. TP of USD 42 (36), further upside from integrated FLNG project.

03/27/23 March 27, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
GLNG-US GOLAR LNG

Miss from underproduction does not look like a problem

Miss due to underproduction which we be reversed in 2023. Ship secured for MarkII project; delivery expected 2025.

02/28/23 February 28, 2023 1 EN
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