Aug. 3 at 11:15 PM
$NFE in the world of LNG upstarts, there’s small fishes like EE, FLNG, GLNG with puny revs and a big kahuna like
$VG with its whopping 26 B net debt. What FCF per year does VG need to clear to make a dent in it? Comparison with Cheniere LNG is pointless- not only is LNG a 25 y/o outfit, it had multiple near-deaths – 2 reverse splits, almost BK twice, 1 split, pivot from import/gasify to liquefy/re-export etc. Charlatan Souki almost killed it until he was kicked out by Icahn. But comparing VG to NFE, what stands out is its massive
$1.2 B net income.
Then there’s
$NEXT – turd with
$0 rev, debt-fueled FID , shitty management, yet stock is flying? How can it trade at 12 when their stupid Brownsville plant won’t complete on time, and it will be late for 2030 boom-boom party? You TELL me. NEXT is a great short among these, I think, but don’t take my advice, do your own Doo Diligence
