BW LPG (Hold, TP: NOK34.00) - NAV down NOK30/share in three years
We forecast 2019 VLGC rates below cash breakeven (where they have been since Q1 2016), which makes the NAV depreciate YOY by another NOK6/share one year forward (already down NOK30/share in ~three years). High rates into low season make us reiterate our HOLD; target price cut to NOK34 (37).
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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