GLNG will report numbers before market opening on 16 November and we are in line with consensus expectations. Before year end, we expect an accretive FLNG project to be announced and as per now, the share is trading at a discount to our SOTP, which only includes existing projects. As such, we find risk reward attractive. We reiterate Buy and keep our TP unchanged at USD 35/sh, reflecting a fully invested (2024e) adj. EV/EBITDA of 7.1x.
