BW LPG (Hold, TP: NOK36.00) - Best in class in Q2
We have raised our 2018e EBITDA by 18%, following the strong Q2 results, as the company was best in class based on spot performance, beating both Avance Gas and Dorian LPG on our calculations. Four vessels will be retrofitted with LPG-ready engines in 2020. We reiterate our HOLD and NOK36 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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