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Seeing the Light – Golar LNG Learns From a Competitor
The MLP model is best suited for assets such as FSRUs and LNG carriers that have stable cash flows due to long-term contracts. The common units of the limited partnerships trade on yield and expected growth. Given the low interest rate environment and high demand for yield paper, the MLPs are trading at high EBITDA multiples and premiums to underlying asset value. The valuation premium gives MLPs a lower cost of capital making it an efficient way to grow and access capital.
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Tags: · BG Group, BNP Paribas, BofA Merrill Lynch, Citi, DnB NOR Markets, Evercore Partners, Golar LNG Energy Limited, Golar LNG Limited, Golar LNG Partners LP, John Fredriksen, Morgan Stanley, Petrobras, PT Pertamina, Raymond James, RBC Capital Markets, Tor Olav Troim, Wells Fargo Securities
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