Epic Gas (Buy, TP: NOK20.00) - Second profitable quarter
Q4 marked Epic Gas’s second consecutive profitable quarter. An old bareboat charter out and a 2011-built TC vessel in mean unchanged 2019e EBITDA but 3% lower 2020e EBITDA. Global growth in seaborne LPG trade should benefit freight rates for 11k and 7.5k cbm vessels, which have been flat for two years. Following a change of analyst, we reiterate our BUY and have raised our target price to NOK20 (18.5).
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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