Flex LNG (Buy, TP: NOK22.30) - Time for discount to close
FLEX LNG has raised USD300m in a private placement, with the proceeds to be used to acquire five modern units from its main shareholder. We believe the move will ratchet up fleet scale and market cap. A US listing and contract backlog could provide additional catalysts, further closing the discount to peers. We reiterate BUY, and have lifted our target price to NOK22.3 (NOK18.8).
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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