Cheniere Energy Partners LP

CQP: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$23.00	Jgf	Kzdypzwmc

Cheniere Partners Earnings: The Distribution Looks Secure for 2023

Stephen Ellis

Aug 3, 2023

Cheniere Partners' second-quarter results were solid, in our view. With parent Cheniere Energy expecting greater marketing contributions leading to higher-than-expected EBITDA for 2023, we expect a similar level of outperformance to accrue to Cheniere Partners. Our revised 2023 EBITDA forecast for Cheniere Partners stands at $4.2 billion. After updating our model, we will maintain our $52 per unit fair value estimate and wide moat rating. The base/variable distribution was also reaffirmed by management at a midpoint of $4.12 for 2023.

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