GasLog (Buy, TP: USD24.00) - Challenging Q1 for spot vessels
We are 8% below consensus EBITDA ahead of GasLog’s Q1 results, which are likely due week commencing 29 April. This is owing to our lower expectations for Q1 sailed-in spot rates. We believe the freight market has reached a trough, with prospects brightening. Q1 was an active quarter for GasLog, with the announcement of two new contracts and one dropdown. We reiterate our BUY and USD24 target price.
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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