Dorian LPG (Hold, TP: USD8.50) - 4% below consensus Q2 EBITDA
Our Q2 2019e (company’s financial quarter) EBITDA estimate of USD39.7m is 4% below consensus. The strong summer season extended into September and October; hence we have increased our H2e spot earnings to USD23.6k/day. We reiterate our HOLD recommendation, but have raised our target price to USD8.5 (USD8.2), based on stronger cash generation one-year forward. The Q2 2019 results are due prior to market open on 31 October.
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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