Flex LNG (Buy, TP: NOK23.60) - Not cooling down
We have raised our Q4 2018e TCE rate in line with the guidance and our Q1 2019e TCE rate to USD100k/day (USD74k/day), and as a result 2018–2019e EBITDA by 14% and 7%, respectively. With headline rates hovering around USD200k/day and arbitrage structures closing, we see downside risk near-term, but a good 2019–2020e with increasing utilisation. We reiterate our BUY and have raised our target price to NOK23.6.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.