Dorian LPG (Buy, TP: USD17.00) - A final bite at 2021 estimates
Based on the recent guidance, we have lowered our VLGC earnings estimates and expect a TCE rate of USD47k/day for the final quarter of financial year 2021. This takes our Q4e adj. EBITDA 1% above consensus ahead of the report, due before market open on 19 May. We reiterate our BUY and have lifted our target price to USD17 (16), as we view the recent share buybacks as accretive to NAV.
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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