bullish
State Gas - Completion Commissioning and a Contract
SUMMARY
- With completion, commissioning and a contract secured, first gas is just around the bend.
- Critically, with the company on the cusp of first gas, it holds first mover advantage over peer group projects where first gas may well be 2026 or later.
- We assign a NAV of $198m or $0.72/share (down from $0.74/share due to spot gas price adjustment) to GAS against a reference share price of $0.15/share.
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