BC FINANCE
Saved by @Mollyycolllinss

$GLNG Golar vende Hygo y GMLP. La transacción libera valor inmediatamente. El stake de Hygo ha sido comprado por 18.6M acciones de $NFE y $50M, mientras que la venta de su MLP $GMLP reporta $78M. Al precio actual de NFE, la transacción equivale $1.28bn vs $1.5bn GLNG market cap

 En mi opinión Golar podría haber conseguido mayor valoración a través de la salida a bolsa de Hygo. Sin embargo, acabamos de aumentar notablemente la valoración de Golar de LP. ¿Por qué? Golar estaba atado a Hygo con la IPO ya que tendría un stake del 40% y Stonepeak otro 40%
Golar no podría vender su participación y obtener cash para centrarse en el negocio realmente diferencial, FLNG. A raíz de esta transacción Golar posee un 9% de NFE que creo que venderá en los próximos años para acelerar el negocio core. Además, al mismo tiempo se deshace de GMLP
Cada proyecto nuevo de FLNG aumenta la valoración entre 7-10$ y ahora mismo la mayor barrera para nuevos proyectos es el balance débil de GLNG. El FLNG requiere una fuerte inversión inicial ($700M) que se sustituye por deuda en el momento en que el FLNG se encuentra operativo.
Con los precios actuales de LNG en Asia esperamos Hilli completamente operativo en 2H. Además, con el nuevo cash creemos que Golar puede acelerar los proyectos FLNG en pipeline y anunciar Gimi II en los próximos 12-18 meses. Esto incrementaría el precio objetivo de Golar >35$
NO vendemos a estos niveles. Hygo + GMLP explican prácticamente 12$ de los 13.8$ que cotiza Golar. La pequeña parte de shipping restante vale 1$, entonces el brillante y diferencial negocio FLNG vale... 0.8$ ¿Estamos locos?

Golar hoy está más barata que el 1 de Enero de 2021.
Por supuesto, NFE habrá intentado comprar todo el negocio de Golar, pero tenemos constancia de que Trøim no vende la parte de FLNG. En sus propias palabras: Esto es la joya de la corona!

Y eso que no ponemos en números que esta tecnología tenga éxito:

https://t.co/vxNrMThHVi
El mercado sigue sin entender el excelente negocio de Golar. Sigue cotizando como LNG shipping. Desde 1946 es LNG shipping y el mercado necesita tiempo para interiorizar el cambio. Estos movimientos ayudarán a materializar el valor ya que hacen más fácil su valoración.
Twitter translate works pretty well. Open to clarifications or questions if you have any doubts.

New Fortress Energy presentation about Hygo deal

https://t.co/Slyq5en7PZ

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