Gaztransport & Technigaz (GTT)

Gaztransport & Technigaz (GTT) is a French company that specialises in membrane containment systems for the transport and storage of liquefied natural gas (LNG).
At the time of writing (18 April 2025) their share price is up 190% since going public.

When I invest I primarily look for a consistently high cash return on capital and a consistently high free cash per share growth rate. GTT delivers on both. Their cash return on capital is currently 75%, and over the last 5 years they have grown FCF per share at 25% per annum. These are remarkable numbers.
Once a company meets my broad range of requirements for financial metrics, I then turn to understanding the company’s business model. This involves understanding their supply chain, their market share, their competitors, the resilience and recurring nature of their revenues, their capital efficiency and their pricing power. Again, GTT delivers on these requirements too.
To understand GTT we need to first understand the market for energy, then the market for liquefied natural gas, then the market for LNG carriers and then finally the market for LNG containment systems.