The scramble for gas continues and liquefaction growth will be modest in 2023 and 2024. This should support a tight commodity market and increase the likelihood of FLNG FIDs where GLNG is perfectly position given its excellent track-record (and investment capacity). We see GLNG adj. EBITDA reaching USD ~366m in ’24 (adj. EV/EBITDA 4.9x) and reiterate our Buy recommendation with a TP of USD 35/sh (USD 19.9), seeing~34% upside from last close.
