BW LPG Minor model adjustments
We have updated our estimates for the Q1 results, the Q2 guidance, dividend expectations, and adjustments to depreciation following the acquisition of Vilma. We forecast a decent USD0.80 DPS for Q2, supported by solid markets and a positive cash contribution from the sale of vessels, which would give a run-rate dividend yield of ~38% (adjusted for Q1 DPS). However, we do not consider these changes to be material, and we have not changed our BUY recommendation. We have raised our target price to NOK155 (145), mainly due to currency effects.
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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