Cool Company (Buy, TP: NOK140.00) - Upside on operational leverage
We find meaningful upside potential to our estimates as the two vessels set to become available soon could be contending for USD140k/day fixtures given the ~USD40k/day disconnect between the spot and 12-month charter market. We estimate a potential 2023 cash boost of ~NOK12/share if the company achieves such rates, which should raise its dividend potential entering 2023. We reiterate our BUY and have raised our target price to NOK140 (116).
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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