Dorian LPG (Buy, TP: USD18.00) - Adding operational exposure
Dorian LPG has signed a new 3-year timecharter-in deal for a modern vessel with scrubber, lifting our 2021e EBITDA by 1% to USD271m. We believe this is a prudent approach to building operational leverage towards the LPG shipping space ahead of what we see as a strong market in 2020. We reiterate our BUY, but have lowered our target price to USD18.0 (18.3).
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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