BW LPG (Hold, TP: NOK37.00) - 4% below consensus’ Q3 EBITDA
We have lifted our earnings estimates on a stronger than expected H2 2018, reflecting USD22.2k/day instead of our previous USD13.6k/day. Our USD30m Q3 EBITDA estimate is still 4% below consensus, with Q3 results scheduled for November 21. HOLD reiterated with a new target price of NOK37 (36).
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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