GasLog (Buy, TP: USD24.00) - A deal that keeps upside near-term
GasLog just announced an eight-year charter with Endesa, a Spanish energy and utility company. The deal commences in May 2021, while the vessel delivers in July 2019, which lets GasLog take advantage in an improving market ahead of 2021. We assume X-DF rates of USD74k/day for 2019 and USD93k/day for 2020, which will see the unit deliver returns in the high teens on our calculations.
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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