Cool Company (Buy, TP: NOK107.00) - Appealing charter potential
We have adjusted our 2022e on vessel delivery timing, but raise our 2023e EBITDA by 4% and see potential for USD3.1/share in additional cash (~32% of current market cap) for 2023 if Cool Company can fix its open vessels at the prevailing TFDE timecharter rate of cUSD120k/day. We believe its LNGC market consolidation strategy should bolster share liquidity and the market cap, and we find the company’s fleet well positioned to benefit from increasing LNG volumes long-term. We have reiterated our BUY, and have raised our target price to NOK107 (94).
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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