Avance Gas (Sell, TP: NOK76.00) - Wind-down in progress
We calculate a NAV of NOK76/share based on the current BW LPG share price and USDNOK exchange rate. The winding-down process of Avance Gas is expected to be completed in H1, and with material fluctuations likely only to occur in the BW LPG share price and USDNOK, we find a direct investment in BW LPG more appealing, trading at a >20% discount to steel values and c40% below our NOK200 target price. We reiterate our SELL on Avance Gas and have reduced our target price to NOK76 (77).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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