Liquefied Natural Gas (LNGL)

Business description

Liquefied Natural Gas Ltd is an ASX-listed company devoted to the development of LNG export terminals in the US, Canada and other potential locations. It has traded ADRs.

Stock data

Market cap.A$236.3m
Last closeA$0.46
High / Low (52 weeks)A$0.7 / A$0.4
Stock market listingAU, US
Forecast net cash (A$m)20
Forecast gearing ratio (%)N/A
TeamResources - Oil & Gas
SectorOil & Gas

Price performance

Relative *(1.9)11.8(33.4)

* % Relative to local index

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Company news

Y/E Jun Revenue (A$m) EBITDA (A$m) PBT (A$m) EPS (fd) (c) P/E (x) P/CF (x)
2016A 7.0 (101.0) (101.0) (0.2) N/A N/A
2017A 1.0 (27.0) (27.0) (0.1) N/A N/A
2018E 0.0 (22.0) (20.0) 0.0 N/A N/A
2019E 0.0 (34.0) (34.0) (0.1) N/A N/A

Last updated on 20/02/2018

Latest research

Moving towards FID in 2018

ADR Outlook | Oil & Gas | 13/02/2018

Moving towards FID in 2018

Outlook | Oil & Gas | 13/02/2018

Improving macro environment

ADR Update | Oil & Gas | 29/11/2017

Improving macro environment

Update | Oil & Gas | 29/11/2017

Stonepeak increases its involvement

ADR Update | Oil & Gas | 10/07/2017

Stonepeak increases its involvement

Update | Oil & Gas | 10/07/2017

Marketing mode

ADR Update | Oil & Gas | 06/04/2017

Marketing mode

Update | Oil & Gas | 05/04/2017

Good start to the year

ADR Update | Oil & Gas | 31/01/2017

Good start to the year

Update | Oil & Gas | 31/01/2017

Magnolia progresses

ADR Update | Oil & Gas | 19/12/2016

Magnolia progresses

Update | Oil & Gas | 19/12/2016

Investment summary

Liquefied Natural Gas’s (LNGL) Magnolia development is up to 30 months ahead of other US-based greenfield liquefaction plants in regulatory approvals, putting it in prime position for buyers/traders looking to take advantage of the expected rebalancing of the LNG market in 2022-23. With low capex/opex/gas prices, the project has the potential to be very lucrative for partners selling to Europe/Asia. As a result, we now expect LNGL to sign tolling agreements and move towards FID in 2018, with first production in 2023. Our valuation stands at A$1.00/share (US$3.23/ADR). On a longer-term basis, this valuation should grow as the project is de-risked by tolling agreements and moves towards first LNG.

Last updated on 02/03/2018

Industry outlook

LNGL has few listed peers. Cheniere is much larger and already producing, while Tellurian (owner of the Driftwood LNG project) and Next Decade (IPO ongoing) are planning much larger projects, but are some way behind the Magnolia project on regulatory approvals.

Last updated on 02/03/2018

Key management

Richard Beresford, Chairman
Mike Mott, CFO
Norman Marshall, CFO

Company address

Ground Floor
5 Ord Street
West Perth
View website