Epic Gas (Buy, TP: NOK18.50) - Slow train coming
We have cut our 2018e EBITDA by 27% as freight rates YTD have been on the soft side versus our expectations. We expect 2019 to show an improvement, partly driven by the larger segments, and we estimate an 8% increase in freight rates. We reiterate our BUY recommendation, but we have lowered our target price to NOK18.5 (NOK19.4).
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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