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Venture Global (VG) stock outperformed the S&P 500 over the past year, yet it trades at 8.9 times earnings, compared with 23.2 for the median S&P 500 company. This valuation could signal a discounted LNG exporter, or it could reflect a fair price for a business that borrowed heavily to build its plants. The low price is a bargain only if profit from the Plaquemines Project holds up and the company’s cash begins to pay down its debt. So, how solid is the profit behind that low multiple?

Venture Global Doubled Sales And Widened Operating Margin

So far, the profit has held up. Venture Global generated $17.0 billion in revenue in the twelve…