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.
BW LPG is still affected by the volatile market, but we remain confident that the discount to steel values should be reduced. The company is delivering on shareholder returns, having declared a DPS of USD0.1 for Q2, and we view efforts to sell older, less-efficient tonnage as highly accretive. We reiterate our BUY and lift our target price to NOK85 (82).
We are optimistic about the likelihood of a potential upswing this winter, as summer seasonality was evasive. The high energy prices should lead to strong demand, and given OPEC volumes returning to the market and potential Panama congestion from steady US exports, we find several boxes are ticked. The LPG stocks remain heavily discounted in our view. We reiterate our BUY with a new target price of NOK54 (53).
We reiterate our BUY and USD17 target price; we believe the company is taking the right steps to crystallise shareholder value through dividends, share buybacks and exploring asset sales. We have lowered our 2022e EPS by 29% on a more muted view of the current quarter, but raised our 2023e by 7% and 2024e by 16% on a lower share count and higher fuel spreads.
Ongoing high mineral prices have put the fundamentals in place for miners to maintain high opex. Longer-term, we like the secular growth from lower-ore grades, more underground mines, and electrification and digitalisation of equipment. However, in the short to medium term, we expect stable high-level order intake. In conjunction with the relative strong share price YTD, resulting in a rich relative valuation, we reiterate our HOLD and SEK200 target price.
According to our tracker, Evolution’s daily average player count continues to show monthly improvement since early August. In September, the tracker is so far showing +8% MOM driven by double-digit growth in roulette and baccarat. Although boosted by seasonality, we consider the near-term trends a relief and coupled with strong growth in new dedicated Live tables, we see potential upside to our Q3e revenue growth QOQ.
With the calculator back in vogue, and with what we see as more realistic approaches to the discount rate from the buy side, the share price has continued its downward spiral. In our view, Scatec would need improved returns or a lower risk profile on future projects to justify the current share price. However, with lower expectations and our view of a favourable mix in Q3e, we have upgraded to HOLD (SELL) but cut our target price to NOK165 (170).
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