⛵️ NextDecade – Initial Equity Research

🎯Developer of a 30 MTPA LNG export terminal in the 🇺🇸which this week reached FID for its fifth train

🟢Strong equity partners (TotalEnergies, GIC, GIP, …), and most of its capacity is under 20-year SPA agreements.

🔴The stock has dropped 50% in recent weeks despite the de-risking from reaching FID for trains 4 and 5 and obtaining FERC approval.

💎We leverage our 6 years of experience in the industry to explain its business model, analyze the Rio Grande LNG project, review NEXT capital and debt structure, share our financial model estimating EBITDA and cash flows for each train, and provide our independent valuation and opinion