Flex LNG Minor model adjustments
We have updated our estimates following the Q1 results, mainly due to Q1 operating costs coming in somewhat above our estimate. However, we do not consider these changes to be material. We recently lowered our freight rate forecast and target price arising from slower tonne-mile demand growth due to the US-China trade war and top two growing importers facing regas import bottlenecks during peak seasons. BUY recommendation and NOK138 target price reiterated.
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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