Cool Company (Buy, TP: NOK180.00) - Substantial dividend potential
Although timecharter markets have softened since November 2022, we see positive earnings potential for two of Cool Company’s vessels that are set to become available near-term, with a reignition of Freeport LNG volumes likely to boost utilisation and support rates. 1-year TFDE timecharter rates have slid from H2 2022 but remain c20% above the 2022 average, which we believe should support contract discussions. Hence, we estimate a 2023e EBITDA of USD336m and cNOK31 DPS. We reiterate our BUY and NOK180 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.