Cheniere Energy Partners LP

CQP: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$48.00	Fnrh	Ntkykfbr

Cheniere Energy Partners’ Q4 Is Another Blowout; Growth Plans Resume With Sabine Pass Expansion

Stephen Ellis

Feb 24, 2023

Cheniere Energy Partners’ fourth-quarter results were very strong. Full-year 2022 EBITDA exceeded our expectations at $5.1 billion, compared with our expected $4.8 billion, but weaker marketing spreads caused us to trim our 2023 forecast. Our 2023 EBITDA forecast declines to $4.1 billion from $4.8 billion. The forecast remains well above more normalized levels of long-run EBITDA of $3.7 billion, by our estimates. After updating our forecast, which does not include the Sabine Pass expansion, our fair value estimate of $52 per unit is unchanged, as is our wide moat rating.

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