Avance Gas (Hold, TP: NOK109.00) - All about the distributions
We have updated our model and valuation for the most recent trends and arrive at a current NAV of NOK109/share based on the latest BW LPG share price, while highlighting potential NOK121/share based on our current NAV in BW LPG, and NOK123/share on our BW LPG target price. Hence, we reiterate our HOLD and have cut our target price to NOK109 (137) as we expect the stock to continue to reflect the current market value of its assets as shareholders await significant distributions of cash and potentially BW LPG shares down the line.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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