Jacob Rubin sees value in $GLNG

In Part 2 of this two part podcast, Jacob Rubin discusses his thesis for GLNG, including why the company trades at a huge discount to its SOTP and why an upcoming spin can delever the core business and serve as a catalyst for the company.

Part 1 of the podcast on FTAI: https://yetanothervaluepodcast.substack.com/p/podcast-87-jacob-rubin-is-flying
My notes on GLNG: https://twitter.com/AndrewRangeley/status/1471134280906682371?s=20
Jacob's research on GLNG: http://philosophycap.com/research.html

Chapters
0:00 Intro
1:35 GLNG overview
5:55 GLNG's different pieces
10:30 Discussing GLNG debt and convert maturity
13:10 Focusing on the main value driver, FLNG
22:00 GLNG's growth asset, Gimi
24:45 GLNG SOTP math
27:05 Why is the market sleeping on the current environment for GLNG?
29:45 Capital allocation and GLNG's lack of share buyback
34:55 Historical issues with shipping in general
37:30 Closing thoughts