Flex LNG (Buy, TP: NOK16.60) - May set to mark low season low
FLEX LNG is due to release its Q1 results on 29 May before market open. We forecast EBITDA of USD6.7m 5% below consensus. The group has now secured charter-out arrangements for two of its vessels, providing more earnings visibility. Rates reflect that the LNG freight market should continue to tighten. We reiterate BUY, but have raised our target price to NOK16.6 (16.2).
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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