Dorian LPG (Buy, TP: USD21.50) - Set for USD90k/day in Q3 2023
We have raised our fiscal 2023e adj. EBITDA by 20% on our higher Q3 2023 rate estimates, with substantial contango in the FFA curve indicating the company is on course for ~USD90k/day in the quarter. Dorian LPG has pursued significant shareholder returns through dividends and share buybacks YTD, and we see potential for more to come as our estimates indicate USD41.1m in cash build QOQ. We reiterate our BUY and have raised our target price to USD21.5 (19).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.