Epic Gas (Buy, TP: NOK19.40) - Gradual improvement into 2018e
2017 was another challenging year for EPIC but we expect 2018 to be better than 2017, with improved utilisation and increased spot rates. We reiterate our BUY recommendation and have adjusted our target price to NOK19.4 (NOK23), based on 2018e EBITDA of 6.0x, or a P/E of 9.5x.
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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