BW LPG (Buy, TP: NOK51.00) - Record exports and inventory build
Our EBITDA estimates are down in our forecast period, but more to reflect IFRS16 than changing fundamentals. US propane exports are up 28% YOY, but still not by enough to keep inventory from building, which is 54% higher YOY. We believe this will lead to increased arbitrage, supporting rates further into the summer high season. We reiterate our BUY and NOK51 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.