Dorian LPG (Buy, TP: USD15.90) - Solid DPS potential
We have cut our fiscal 2020e EBITDA by 7% following the Q2 results, but our 2021–2022e are unchanged. We still see strong dividend potential, forecasting 18-month EPS (calendar Q3 2019–Q4 2020) of USD4.7. Assuming a 75% payout ratio for the next five quarters suggests a DPS of USD2.7. We reiterate our BUY but have trimmed our target price to USD15.9 (16.3).
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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