BW LPG Minor model adjustments
We have updated our estimates, owing to vessel sales, recent freight market trends, and fuel spreads. With our updated estimates, we are broadly in line with Bloomberg consensus for Q4 results (due prior to market open on 1 March), and view the potential for USD0.20/share in shareholder returns as evidence of continued market strength for VLGC owners. We do not consider these changes to be material, and we have not changed our BUY recommendation. We reiterate our NOK75 target price.
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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