Cool Company (Buy, TP: NOK190.00) - Attractive contract potential
We find Cool Company attractively valued, on fairly conservative assumptions, and see potential upside on contract announcements for vessels coming open in 2023–2025 in a supportive market during this winter season. We calculate a further 65% upside potential to our 2025e EPS and DPS assuming contracts at current TC rates for those vessels, implying a share price of ~NOK230 if applying a 12% dividend yield. We reiterate our BUY and NOK190 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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