Cheniere Energy Partners’ Q4 Is Another Blowout; Growth Plans Resume With Sabine Pass Expansion

Cheniere Energy Partners’ fourth-quarter results were very strong. Full-year 2022 EBITDA exceeded our expectations at $5.1 billion, compared with our expected $4.8 billion, but weaker marketing spreads caused us to trim our 2023 forecast. Our 2023 EBITDA forecast declines to $4.1 billion from $4.8 billion. The forecast remains well above more normalized levels of long-run EBITDA of $3.7 billion, by our estimates. After updating our forecast, which does not include the Sabine Pass expansion, our fair value estimate of $52 per unit is unchanged, as is our wide moat rating.