Golar LNG Limited (GLNG): A Bull Case Theory 

We came across a bullish thesis on Golar LNG Limited on X.com by gabcasla. In this article, we will summarize the bulls’ thesis on GLNG. Golar LNG Limited’s share was trading at $40.57 as of September 25th. GLNG’s trailing and forward P/E were 26.04 and 47.17 respectively according to Yahoo Finance.

Golar LNG (GLNG) presents a compelling investment case, with substantial upside potential that remains underappreciated by the market. Management meetings over the past month reinforce a conservative 2028 valuation, with net asset value (NAV) expected to reach $65 per share once all projects are operational and generating cash flow. This conservative stance accounts for high costs of capital, cautious LNG price assumptions, and excludes additional growth, yet Golar’s returns on capital employed (ROCE) remain robust due to lower capital expenditures compared with peers like Venture Global and Cheniere, which trade at significantly higher multiples despite more expensive projects, smaller backlogs, and limited LNG price upside.

By applying comparable multiples, Golar could be valued around $100 per share. The recent $22 billion acquisition of Sempra Infrastructure’s liquefaction assets by KKR, implying $1.15 per ton, further supports the attractiveness of Golar’s projects, which already benefit from USD-denominated contracts under English law with clients covering operational, maintenance, and local tax risks, reducing execution risk. Despite this, Golar’s story remains under the radar, and investor sentiment in the broader LNG sector has driven its stock price, even when company-specific catalysts such as long-term contracts with Hilli and Fuji or regional political developments in Argentina occurred.

The upcoming U.S. bond issuance could improve visibility among debt investors, highlighting the structural value embedded in Golar’s portfolio. Overall, GLNG offers a combination of conservative valuation, high-quality contracts, low operational risk, and substantial upside relative to peers, with the potential for significant rerating once market awareness aligns with the company’s intrinsic value.

Previously we covered a bullish thesis on Golar LNG Limited (GLNG) by Value Science in February 2025, which highlighted its FLNG market position, potential upside from commodity-linked tariffs, and key newbuild contracts. The company’s stock price has appreciated slightly since our coverage. The thesis still stands as fundamentals remain strong. gabcasla shares a similar perspective but emphasizes a conservative 2028 NAV and peer multiples, highlighting potential rerating.

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Disclosure: None.