Contracting StrategyThe 40MTPA of long-term SPA contracts represents ~$4bn per year of contracted EBITDA, which seems like it should put a floor of $48B EV, or ~$10/share.
Growth PotentialVenture Global's growth ambitions are expected to make it one of the largest LNG export companies globally, enhancing its negotiating flexibility.
Operational EfficiencyVG's production forecast implies CP1 and VGPL should run ~110% & ~130% above nameplate, respectively, in 4Q25, which could catalyze a re-rate.