BW LPG (Buy, TP: NOK77.00) - At a steep discount
Following the Q4 report, we are more positive near-term owing to the Q1 guidance. We have raised our 2022e EBITDA to USD307m. We believe the Q4 shareholder return of USD0.23/share is likely to be followed by more, based on our Q1e adj. EPS, c50% increase QOQ. However, BW LPG is trading at steep discounts to GAV and NAV of 36% and 48%, respectively, despite what we view as a positive near-term outlook. We reiterate our BUY and have raised our target price to NOK77 (75).
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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