Dorian LPG (Buy, TP: USD20.00) - More returns in sight
We have cut our fiscal 2023e adj. EBITDA by 6%, mostly on higher cost assumptions. Dorian LPG has shown willingness to provide significant shareholder returns through dividends and share buybacks this calendar year, and we see the potential for more in 2023 as the FFA curve suggests ~USD45m more cash than we estimate. Thus, higher shareholder returns might be in sight if the optimism prevails. We reiterate our BUY and USD20 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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