BW LPG (Buy, TP: NOK44.00) - Muted outlook for Q4
We expect BW LPG to release its Q4 results before market open on 28 February and are 29% below consensus EBITDA due to our more muted view on Q4 spot VLGC earnings. The three listed VLGC companies are fighting for earnings supremacy, after strong results posted by Dorian LPG two weeks ago and we believe BW LPG is its main competition also this quarter. We reiterate our BUY recommendation and NOK44 target price.
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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