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.
Avance Gas Holding Ltd. - Signed a term sheet for the refinancing of the VLGC Iris Glory (2008) Bermuda, 11 October 2021 – Avance Gas Holding Ltd (the “Company”) is pleased to announce that the company has signed a term sheet for the refinancing of the VLGC Iris Glory (2008) by way of a sale leaseback transaction with a Japanese lessor. The $41.65 million refinancing bears an implied 22-year age adjusted repayment profile with a tenor of 9 years and will generate net cash proceeds of approximately $16.6 million. The transaction is subject to board and credit approval, normal documentation a...
Statement From Avance Gas Holding Ltd in Connection With the Mandatory Offer From Hemen Holding Limited Bermuda, 4 October 2021 – The enclosed statement is made by members of the board of directors (the "Board") of Avance Gas Holding Ltd ("Avance Gas" or the "Company") in connection with the mandatory offer (the "Offer") from Hemen Holding Limited ("Hemen" or the "Offeror") to acquire all issued shares in the Company (the "Shares") not already owned by the Offeror against a cash consideration of NOK 43.00 per Share (the "Offer Price"), per the terms and conditions set out in the offer docum...
Avance Gas Holding Ltd enter into three Time Charter Agreements Bermuda, 28 September 2021 – Avance Gas Holding Ltd (“AGAS” or the “Company”) is pleased to announce that we have entered into three Time Charter Agreements for a period of 2 years at an average hire level of approximately $30,000 per day net to owners for the 2008-built VLGC Iris Glory and Venus Glory and the 2009-built VLGC Promise. The vessels are delivered in September and October 2021. For further queries, please contact:Kristian Sørensen, CEO Tel: +47 22 00 48 10 Email: Randi Navdal Bekkelund, CFO Tel: +47 22 00 48 29...
The Q3 results were slightly ahead of consensus, which should ease market concerns somewhat over how its earnings have been affected by high natural gas prices. We have made minor estimate changes (lifted 2022–2023e EPS by 2–3%), and continue to believe Yara’s earnings will benefit from high fertiliser prices, offsetting negative volume effects and elevated energy prices. We reiterate our BUY and target price of NOK550.
Husqvarna has been a relative winner during the stay-at-home trend this past year. It has extended its streak of better-than-expected quarterly results to eight, with demand strong in Q3. The next likely catalyst is the CMD on 1 December, where we could see a new EBIT-margin target and/or more details on its robotic-mower business. The 2022 outlook looks better post the Q3 report, but risks remain regarding a reversal of the stay-at-home trend and the lack of Briggs & Stratton engines, hence we maintain our HOLD and target price of SEK125.
Despite the disappointing removal of the previous cost target for 2022, we remain confident the bank is taking the right actions to improve profitability, including the planned divestments of operations in Denmark and Finland. We have trimmed our 2022–2023e EPS by 1–2% on reduced NII and higher costs, and our target price to SEK115 (118). However, we believe the stock remains attractively valued at a 2022e P/E below 11x, given the low-risk profile, strong long-term track record, our expectation of capital distributions and potential for efficiency improvements, and reiterate our BUY.
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