Golar LNG Limited (GLNG): A Bull Case Theory

We came across a bullish thesis on Golar LNG Limited on LWS Financial Research’s Substack by Albert Millan. In this article, we will summarize the bulls’ thesis on GLNG. Golar LNG Limited's share was trading at $43.44 as of February 16th. GLNG’s trailing and forward P/E were 78.98 and 101.01, respectively according to Yahoo Finance.

Golar LNG (GLNG) is the leading independent operator in the floating liquefied natural gas (FLNG) sector, a highly specialized segment of the global natural gas midstream. The company operates a fully integrated model covering engineering, conversion, operation, and maintenance of FLNG units, enabling the processing of natural gas at the point of extraction and export as LNG without onshore infrastructure.

This approach delivers predictable cash flows, high technical availability, and resilience to geopolitical disruptions. Golar’s competitive edge is anchored in a flawless operating track record with its Hilli asset, a portfolio of long-term contracts with creditworthy counterparties, and a scalable model that allows new FLNG units to be deployed efficiently without the cost overruns typical of onshore projects.

Golar is at a strategic inflection point, with Hilli fully operational, Gimi beginning production, and Fuji under construction, positioning EBITDA to grow from approximately USD 250 million today to nearly USD 1 billion by 2030. FLNG demand is supported by secular global trends: natural gas remains a key bridging fuel in the energy transition, and the geographic separation of supply and demand makes LNG exports essential. FLNG units cost roughly one-third of onshore plants, enter service faster, and capture global arbitrage opportunities, reinforcing Golar’s leadership in modular LNG infrastructure.

Over the past decade, Golar has transformed into a pure-play FLNG company by divesting its LNG carriers, FSRUs, and downstream operations, reducing debt, simplifying operations, and focusing capital on the highest-return business. With long-term contracts, high-quality clients like BP and Perenco, and projects aligned with strategic gas hubs, Golar combines quasi-utility-like cash flow visibility with growth potential.

Despite this, the market undervalues the company, treating it as cyclical rather than a global, multi-decade FLNG leader. As FLNG supply expands from 17 mtpa to 30 mtpa over the next five years, Golar is well-positioned for outsized growth, making it a compelling bullish investment in the energy infrastructure space.

Previously, we covered a bullish thesis on Golar LNG Limited (GLNG) by Value Science in February 2025, highlighting its strong FLNG position, potential MkII newbuild contracts, and favorable commodity-linked tariffs. GLNG’s stock price has appreciated by approximately 7.65% since our coverage. Albert Millan shares a similar view but emphasizes Golar’s transformation into a pure-play FLNG company with long-term contracts and stable cash flows.

Golar LNG Limited is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 58 hedge fund portfolios held GLNG at the end of the third quarter which was 52 in the previous quarter. While we acknowledge the risk and potential of GLNG as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than GLNG and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None.