Share prices suggest 2024–2025e at an all-time low
The seasonal February trough for VLGC markets is nearing, but US inventories and current arbitrage look supportive of freight rates near-term. The fundamentals look attractive longer-term, with US export growth poised to outpace fleet growth. Meanwhile, the stocks in our universe have implied values far below quotes and share prices are discounting cUSD10k/day markets for 2024–2025e. We reiterate BUY on all three covered companies, with BW LPG our top sector pick at an EV/GAV of 0.63x.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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