BW LPG (Buy, TP: NOK86.00) - Still bullish on near-term outlook
We have updated our estimates to account for BW LPG’s charter portfolio and the pending consolidation of the India joint venture. We have lifted our EBITDA estimates by 27% for 2021e and c17% for 2022–2023e. Despite the volatile start to 2021, we remain bullish on the near-term outlook as propane prices and a favourable US production outlook should support freight rates. We reiterate our BUY and have lifted our target price to NOK86 (80).
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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