LNG - It's time to revisit the floor; New top pick

研报英文原文证据摘录

LNG - It's time to revisit the floor; New top pick

Midstream & Natural Gas

Gas Infrastructure - Market Weight

CHENIERE ENERGY (LNG) June 2, 2026

LNG - It's time to revisit the floor; New top pick Rating:

Outperform

The Wolfe Byte Price: $227.88

We add LNG to the Wolfe Alpha List (link) on positive risk-reward skew. While Price Target:

Iran developments remain noisy, the stock is back close to contract value using a $300

similar framework as our January upgrade. This should once again set a floor with Prior: $315

% Upside:

big upside to fundamental value. 31.6%

View LNG Model

Revisiting the floor concept. LNG stock had a strong start to 2026 as investor interest View Comp Table

spiked with the stock at ~$200/sh, a level viewed as near the floor value of existing Company Information

contracts. The stock then rallied hard at the start of the Iran war, but has since sold 52-Week Range $189 - $297

off repeatedly around peace hopes to be flattish overall since the conflict began. At Market Cap. (MM) $47,753

Enterprise Value (MM) $77,525

a high level, we estimate LNG has added $5-10/share of cash value YTD from much Shares Out. (MM) 209.6

higher 2026-27 global gas spreads and optimization on the back of the war. The odds Avg. Value Traded (MM) $789.63

of moving forward on two growth projects that create ~$25/sh of value are also now SI% of Float 1.9% EV/ EBITDA 10.8x

much higher. Therefore, we see a new theoretical post-war floor valuation of ~$220/

sh (vs. $200 previously), which implies only modest downside vs. current trading Price Performance

levels. On the other hand, we see a reasonable upside case to our $300/sh target YTD LTM LNG 17% (2)%

using a consistent framework we've used historically to value LNG assets. AMZ MLP Index 16% 17%

S&P 500 11% 29%