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According to our calculations, PAO NOVATEK's (Novatek) (NOVKY) current and future LNG projects contribute around 65% to the company’s current EV. This stake will rise as cash flows from new projects will get closer every year and hence there will be fewer discount periods. LNG is the major development source for Novatek in terms of operating and financial results at this moment.
Novatek is looking to gradually increase LNG production from 18.6 mln tonnes in 2019 to 57-70 mln tonnes by 2030. This is what its action plan looks like: