BW LPG (Hold, TP: NOK36.00) - We expect negative EBITDA for Q2
Q2 results are due at 07:00 CET at 30 August; we forecast EBITDA of USD-3m, USD7.8m below consensus. BW LPG has not given up on a business combination with Dorian LPG, and has proposed three independent candidates for the Dorian board. We reiterate our HOLD recommendation, but have raised our target price to NOK36 (NOK34) as we have narrowed the discount to our SOTP due to sector M&A.
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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