Cool Company (Buy, TP: NOK155.00) - All about contract execution
Cool Company’s contract backlog leaves exposure to what we believe will be a soft spot market in the years ahead due to a heavy delivery schedule, only partly countered by export growth. However, we still estimate a 10% average 2025–2026 dividend yield on our cUSD43k/day TFDE spot rate, and calculate upside potential to a c15% dividend yield on the current implied 2025–2026e TC rate. Thus, we reiterate our BUY, but have cut our target price to NOK155 (166), on our average 2025–2026e to reflect the execution and market risk.
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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