Cool Company (Buy, TP: NOK120.00) - Fighting an uphill battle
We expect improving markets towards 2027 on solid demand growth, offsetting the heavy delivery scheduled. We find the upside potential outweighs the downside risk in Cool Company, with c20% upside to the current share price applying USD60k/day TFDE and USD80k/day 2-stroke spot rates in 2027 on 7x EV/EBITDA and P/E, and with a NOK130/share valuation on same multiples raising the spot rate assumptions by USD10k/day. We reiterate our BUY, but have cut our target price to NOK120 (130).
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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