BW LPG Minor model adjustments
We have updated our estimates, owing to the recent Q1 results. We do not consider these changes to be material, and we have not changed our BUY recommendation. We have raised our target price from NOK37 to NOK39, as we see a reduced discount to our one-year forward NAV as warranted.
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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