Dorian LPG (Buy, TP: USD17.00) - One step at a time
We reiterate our BUY and USD17 target price; we believe the company is taking the right steps to crystallise shareholder value through dividends, share buybacks and exploring asset sales. We have lowered our 2022e EPS by 29% on a more muted view of the current quarter, but raised our 2023e by 7% and 2024e by 16% on a lower share count and higher fuel spreads.
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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