Cool Company (Buy, TP: NOK190.00) - Time for new contracts
We believe Cool Company remains attractively priced on a conservative basis, with upside potential to the time-charter agreements for the five vessels that are available for hire between now and end-2024, with favourable market conditions into the high season. From current long-term charter rates, we see ~65% upside potential to the share price if the company were to contract the available vessels until end-2025, using 2025e DPS and 12% dividend yield. We reiterate our BUY and have raised our target price to NOK190 (189).
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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