• TickerGLOG
  • ISINBMG375851091
  • ExchangeNew York Stock Exchange
  • SectorIndustrial Transportation
  • CountryBermuda
Mats Bye ...
  • Mattias Holmberg
  • Ole-Andreas Krohn
  • Simen Mortensen

Northern Lights

Mats Bye

GasLog (Hold, TP: USD4.50) - Raising USD36m of equity

GasLog today announced it had sold 14.4m common shares, raising USD36m of fresh equity. 75% of the placement was purchased by directors and affiliates. The transaction reduces the NAV from USD7.8/share to USD7.0/share pro-forma on our calculations, while the company will still be looking for USD100m not to breach its minimum cash covenant by end-Q1 2022 if our rate sailed-in spot TFDE forecast of USD42k/day materialises (average Q2 2020–Q1 2022).

Mats Bye

GasLog (Hold, TP: USD4.50) - Raising USD36m of equity

GasLog today announced it had sold 14.4m common shares, raising USD36m of fresh equity. 75% of the placement was purchased by directors and affiliates. The transaction reduces the NAV from USD7.8/share to USD7.0/share pro-forma on our calculations, while the company will still be looking for USD100m not to breach its minimum cash covenant by end-Q1 2022 if our rate sailed-in spot TFDE forecast of USD42k/day materialises (average Q2 2020–Q1 2022).

Mats Bye

GasLog (Hold, TP: USD4.50) - Refinancing 2020

We have made slight operational tweaks to our model, cutting our 2020e EBITDA by 2%, while leaving 2021e and 2022e largely unchanged. GasLog has announced bank commitments of USD0.9bn on its USD1.2bn debt maturities in 2021 and Q1 2022. We expect to see the remaining USD0.3bn announced in the coming months, as cash on hand is unlikely to cover it. We reiterate our HOLD, with a new target price of USD4.5 (7).

Jon Masdal ...
  • Karl-Johan Bonnevier
  • Martin Hoang Nguyen
  • Mats Bye
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Mats Bye

GasLog (Hold, TP: USD7.00) - Project Alex proceeds

Gastrade yesterday announced a satisfactory outcome to its binding market test for the Alexandroupolis LNG import terminal. We read this as positive news for GasLog, as in our view it will likely be well-positioned to supply an FSRU for the project, by converting one of its spot-employed LNGCs.

Andreas Johannessen

Gaslog - Early signs of a tighter second half of 2019

Secured newbuild financing for its first vessel delivery The current 1yr charter rates indicate a tighter market We stick to GLOG ’22 offering attractive risk/reward

Mats Bye ...
  • Mattias Holmberg
  • Ole-Andreas Krohn
  • Simen Mortensen

Northern Lights

Frank Maaø ...
  • Joachim Gunell
  • Mats Bye
  • Nicolay Dyvik
  • Niklas Wetterling
  • Ole-Andreas Krohn

Northern Lights

Christoffer Wang Bjørnsen ...
  • Jesper Ingildsen
  • Martin Arnell
  • Mats Bye
  • Nicolas McBeath
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin

Northern Lights

Mats Bye ...
  • Mattias Holmberg
  • Ole-Andreas Krohn
  • Paul Harper

Northern Lights

Håkon Astrup ...
  • Jesper Ingildsen
  • Joachim Gunell
  • Mats Bye
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin

Northern Lights

GASLOG LTD. suffers a double requalification, which weighs heavily on its rating, now at Slightly Negative.

The independent financial analyst theScreener just downgraded the general evaluation of GASLOG LTD. (US), active in the Marine Transportation industry. As regards its fundamental valuation, the title loses a star(s) and now shows 1 out of 4 stars. Its market behaviour is also negatively reassessed and may be considered as risky. theScreener believes that this double requalification keeps the title under pressure and justifies an overall rating downgrade to Slightly Negative. As of the analysis date January 28, 2020, the closing price was USD 7.08 and its target price was estimated at USD 6.73.

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