New Fortress Energy Inc Class A

NFE: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$72.00	Tfqjr	Qrsmllwj

New Fortress: Higher Financing Costs Remain a Headwind as Deleveraging Strategy Has Yet to Play Out

Stephen Ellis ,

Nov 29, 2023

After speaking with the team at New Fortress Energy, we are raising our fair value estimate to $30 per share from $29 with no change to our no-moat rating. The increase has been driven primarily by our reevaluation of the Floating Liquified Natural Gas (FLNG) terminal unit economics, namely the costs associated with supplying the terminal based on Henry Hub benchmarks. However, this improvement has been almost completely offset by the increased financing costs.

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