Dorian LPG Minor model adjustments
We have updated our estimates following the Q3 2022 results, which were broadly in line with our forecasts. We do not consider these changes to be material, and we have not changed our BUY recommendation. We reiterate our USD17 target price. The company also announced an additional USD100m share buyback programme, which we deem positive given the stock continues to trade well below NAV. Furthermore, elevated energy prices continue to strengthen the long-term case for the LPG shipping sector, in our view.
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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