Cool Company (Buy, TP: NOK120.00) - Persevering through the storm
The share price is down sharply on all-time low freight markets and weak shipping sentiment. While we believe rates will remain depressed in 2025, we see improvements from 2026. The share price implies a 2026e P/E of ~4x, versus Flex LNG at ~8x; applying the Flex LNG multiple indicates a valuation of ~NOK100. Hence, we find the risk skewed to the upside, and reiterate our BUY and NOK120 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.
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