$NEXT re-rate and beyond. Pending Commissioning Clarity.NextDecade Corp.BATS:NEXTDillyDallyGally NEXT a close above $8.55 and should be clean sails (Pending Construction Timeline Clarity. was Subjected to equity issuance / project financing resets, inherently recusing EV per share, creating a base for re-rating as execution risk declines. NEXT will be a bumpy ride, but the risk/reward ratio on this is not too shabby. with a newly established "psychological base" given the LNG & OIL infrastructure damage. if foreign gas stays up, gives an even higher inflection given the hybrid contract/spot mix. YearTotal EBITDA ($M)EV (7–9×)Capex Remaining ($B)Implied Equity ($B)Share Price ($) 2028900–1,0806.3–9.751.3–4.76–22 20291,350–1,6209.45–14.62.56.95–12.132–56 YearTotal EBITDA ($M)EV (7–9×)Capex Remaining ($B)Equity ($B)Share Price ($) 20301,800–2,16012.6–19.42.510.1–16.947–78 20312,250–2,70015.75–24.3114.75–23.368–107 YearTotal EBITDA ($M)EV (7–9×)Capex ($B)Equity ($B)Share Price ($) 20322,250–2,70015.75–24.3114.75–23.368–107 20332,250–2,70015.75–24.30.515.25–23.870–110 20342,250–2,70015.75–24.3015.75–24.373–112 20352,250–2,70015.75–24.3015.75–24.373–112 StageYearEBITDAKey EventImplied Share Price ($) Pre-production20260Capex only8–9 First Train2027450–540MTrain 1 online14 Phase 1 Completion20291,350–1,620MTrains 1–3 online40–55 Expansion Start20301,800–2,160MTrain 4 partial47–78 Full Expansion2031–20352,250–2,700MAll 5 trains online70–110