Cool Company (Buy, TP: NOK197.00) - Securing a better outlook
We have revised our estimates on updates to its charter backlog, prompting us to cut our 2023e EBITDA but raise our 2024–2025e. The recent forward fixing of a vessel available from early 2024 leaves one vessel available from end-2023, two more marketed from 2024 and the two potential newbuilds with delivery in H2 2024. We find the USD115k/day TC rate highly accretive to the company’s dividend potential versus our base-case TFDE spot rate estimates averaging USD52k/day for 2024–2025. We reiterate our BUY and have raised our target price to NOK197 (185).
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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