BW LPG (Buy, TP: NOK42.00) - Set for better times
While the Q4 results were clearly on the weak side, we believe BW LPG is set for better times, driven by strong US export growth in the next few years. On our updated our model for the Q4 results and IFRS 16 accounting, we have raised 2019–2021e EBITDA by 22% on average. We reiterate our BUY, but have raised our target price to NOK42 (40).
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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