GasLog (Buy, TP: USD24.00) - High season on its way
We have made limited changes to our operational forecasts following the Q1 report, but have reduced net profit to owners by 44% for 2019e due to the GasLog Glasgow dropdown and a Q1 derivative loss. Q2 is also likely to be a challenging quarter, but we soon expect the onset of the high season, based on a 20% increase in spot rates since early March. We reiterate our BUY recommendation 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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