Avance Gas Minor model adjustments
We have updated our estimates, owing to slight changes to our utilisation forecast for Q4 2018. We expect sailed-in spot rates at USD20k/day and utilisation of 95%. For Q4e, we are 1% below Bloomberg consensus on EBITDA and 3% below on net profit. We do not consider these changes to be material, and reiterate our HOLD and NOK22 target price. We continue to believe that H1 2019 will be challenging for the VLGC owners, but have a more positive view on H2.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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