Jul. 5 at 7:43 AM
$NFE People talk about the debt. They ignore what created it.
NFE spent roughly
$7.7B in capex over the last 5 years building LNG and power infrastructure across Brazil, Puerto Rico and other markets. The debt wasn't used to fund losses—it funded assets.
Now the balance sheet is being reset while the infrastructure remains:
✅ Barcarena LNG terminal
✅ Santa Catarina LNG terminal
✅ Brazil power assets
✅ LNG fleet and logistics network
✅ Puerto Rico LNG infrastructure
The market is valuing the equity at around
$100M, while shareholders still retain 35% of New NFE and management projects ~
$415M EBITDA.
The hard part was spending billions and building the platform. The restructuring removes much of the debt burden. Now comes the harvest phase.
Bears focus on yesterday's debt. Bulls focus on tomorrow's cash flow.
