Dorian LPG (Buy, TP: USD10.00) - All doors open
We have reduced our 2021e EBITDA by 13% on weak Q1 2021 results but believe this should not alter the investment case. Dorian has ample cash, and we believe the company will prioritise further share repurchases while also reducing leverage into 2021, when purchase options on the Captain Markos and Nicholas are exercisable, thus continuing to reduce the cash break-even. We reiterate our BUY and our USD10 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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