Venture Global’s IPO - What will drive value?
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Table of contents
- Executive Summary
- Introduction
- Venture Global’s core assets and growth plans
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Asset valuation
- Venture Global’s ability to produce excess capacity , sold at international spot prices, could double the NPV
- Cheniere Energy is best comparable
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Key valuation analysis and sensitivities
- Commissioning cargoes drive near-term revenue, but repeatability is a question and arbitration a concern
- Comparison of Venture Global’s planned construction and commissioning times against operational US LNG projects
- Can Venture Global deliver its excess capacity ?
- What price spread will Venture Global receive?
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Can Venture Global deliver new projects and bolt-on capacity?
- CP2 likely to FID early next year
- Attracting Customers – has Venture Global burnt its bridges?
- Bolt-on capacity
- Fast to market LNG
- Conclusions
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Appendix
- What assumptions have we made in our valuations?
- What is implied in Venture Global’s valuation and is it sustainable?
- What are Wood Mackenzie’s price assumptions and forecasts?
- Comparison of spread between US Gulf Coast FOB price and Henry Hub under both price outlooks
Tables and charts
This report includes the following images and tables:
- Venture Global target working interest LNG capacity vs Cheniere Energy and QatarEnergy
- Wood Mackenzie’s Base Case Valuation of Venture Global’s LNG assets
- Comparison of FERC filed projects with Cheniere Energy
- Comparison of asset valuation against market capitalization with Cheniere
- Wood Mackenzie’s Valuation of Venture Global’s LNG assets with excess capacity
- Comparison of Venture Global’s planned construction and commissioning times against operational US LNG projects
- Asset modelled revenue (minus gas costs) comparison with Cheniere
- Price Assumptions used in calculating Venture Global’s revenue
- Wood Mackenzie’s Estimated Project Costs – excluding financing costs
What's included
This report contains:
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