GLNG
Golar LNG Limited
$52.36
Stable Earnings Power
80%
P/Adj-EPS × Normalized Multiple
Mild
·
Conviction
Fair Value
Trading 0.7% below fair value
You pay
$52.36
Bear
$42.17
Fair
$52.71
Bull
$63.25
Bear
$42.17
-19.5%
$2.45 × 16x P/E
Fair
$52.71
+0.7%
$2.45 × 20x P/E
Bull
$63.25
+20.8%
$2.45 × 24x P/E
Key Value Driver
Normalized P/E multiple (20x base case)
Implied Market Multiple
21.4x
Summary
Our base-case estimate uses a valuation based on adjusted earnings per share and a normalized price-to-earnings multiple. We then blend that result with the average analyst price target of $62.67 from 48 analysts, using a 30% weight on analyst consensus. That produces an estimated intrinsic value of $52.71 per share.
Warnings
The company's reported profits differ from official accounting profits by 277%. Check what costs are being left out of the adjusted number.
The company pays out 154% of its profits as dividends. That leaves little cushion — the dividend could be cut if business slows down.
Key Risks
- Growth DCF inappropriate — terminal value assumptions dominate
- EV/EBITDA misleading for regulated businesses where capex is mandated
- Regulatory risk is a fat tail not visible in normal multiples