Avance Gas (Buy, TP: NOK27.00) - BW LPG buys 9.14%
BW LPG last night bought 9.14% of Avance Gas, likely looking to overtake one of its listed peers after a failed attempt to acquire Dorian LPG in 2018. BW LPG has said ordering newbuilds is not its preferred option for fleet expansion. We believe that an eventual, potential takeover of Avance Gas could put BW LPG in a position to acquire vessels at as much as a 20% discount to underlying values, leaving upside potential to Avance Gas’s NOK42share price.Avance Gas Holding is principally engaged in the transportation of Liquefied Petroleum Gas ("LPG"). Co. operates a fleet of 14 Very Large Gas Carriers, providing transportation services to oil majors and traders of LPG on a global basis. Co. transports LPG from the Middle East and the U.S. Gulf or U.S.loan facility from BCBloan facility from BCB(excludes dividends satisfied by issue of shares) East Coast to destinations in Europe, South America and Asia.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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