Cool Company (Buy, TP: NOK185.00) - Attractive newbuild options
We believe the strong markets for fixing vessels longer-term at attractive levels in 2023 should benefit Cool Company, which has vessels available for new charters near-term and two optional newbuilds with 2024 delivery for USD234m each, well below the latest newbuild price of USD260m. While down slightly from last year, we note current broker quotes for 3-year TCs offer c20% upside to our 2024e EBITDA. We reiterate our BUY and have increased our target price to NOK185 (180).
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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