Cool Company (Buy, TP: NOK130.00) - Still an attractive risk/reward
On our expectations for improving markets towards 2027, we believe the upside potential outweighs the freight market lull. Applying the current implied 2–3-year TC rate as spot rates for 2026e, we calculate a cNOK95 fair value on a 10x P/E and 8x EV/EBITDA. However, raising spot rates to reflect current newbuild prices indicates a NOK200 fair value on similar multiples. We reiterate our BUY, but have reduced our target price to NOK130 (133).
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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