Analyst Note
| Stephen Ellis |After updating our forecasts to reflect the increased contributions from marketing profits in 2022, we've increased our fair value estimates for Cheniere Energy to $128 per share from $118 and for Cheniere Energy Partners to $51 per unit from $50. Our 2022 EBITDA estimate for Cheniere now stands at $8.7 billion compared with our earlier forecast of $7.3 billion. The firm still has another 70 trillion British thermal units available to market and noted that a $1 change in the market spread could affect EBITDA by $40 million.