This is a free preview for the upcoming New Fortress Energy IPO.
Company: New Fortress Energy LLC
Symbol: NFE
Description: They are an integrated gas-to-power company that seeks to use “stranded” natural gas to satisfy the world’s large and growing power needs.
Shares: 22.2 million
Price Range: $17.00-$19.00
Trade Date: 1/25 (or later if Government Shutdown continues)
Underwriter(s): Morgan Stanley, Barclays, Citigroup, Credit Suisse
Co-Manager(s): Evercore ISI, Allen & Co., JMP Securities, Stifel
Terms Added 1-14-19
Business: Their mission is to provide modern infrastructure solutions to create cleaner, reliable energy while generating a positive economic impact worldwide. Their business model is simple, yet, they believe, unique for the LNG industry. They aim to deliver targeted energy solutions to customers around the world, thereby reducing their energy costs and diversifying their energy resources, while also reducing pollution and generating compelling margins.
They aim to deliver targeted energy solutions by employing a four-part integrated LNG production and delivery model: Liquefaction, Logistics, Shipping, Terminals
They believe this business model will provide opportunities to generate average revenues in excess of approximately $10.00 per MMBtu, including both fuel sales and capacity charges (we often invest capital in infrastructure in connection with their entry into a new market, and customers agree to pay a “capacity charge” as consideration for the right to use the underlying infrastructure). They expect individual contract pricing is likely to range between $8.00 and $13.00 per MMBtu, depending on the customer’s size, purchased volume, credit profile, the complexity of the delivery and the infrastructure required to deliver it.
Financials: Their total revenue was $21.4 million and $97.3 million, and their net loss was $32.9 million, and $31.7 million in 2016 and 2017 respectively. In the first three quarters of 2018, their total revenue increased 12.4% to $80.9million, and their net loss increased 124% to $43.4million, compared the same period in the previous year,
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