Cool Company Minor model adjustments
We have slightly adjusted our estimates. We still believe the contracting of vessels set to come open remains key to solidifying the valuation. By fixing the available TFDE’s spot earnings days at USD60k/day and the second 2-stroke newbuild at USD90k/day until end-2026, we calculate an average DPS of NOK17 for 2025–2026e, which translates into a NOK170 share price at a 10% dividend yield. We do not consider these changes to be material, and we have not changed our BUY recommendation. We have slightly raised our target price from NOK159 to NOK160. The results are due prior to market open on 20 November.
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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