GasLog (Buy, TP: USD24.00) - Premium valuation warranted
We have made marginal changes to our 2019–2020e EBITDA following the Q4 results. LNG shipping fundamentals continue to look promising, in our view. GasLog is trading at 9x our 2020e EPS, in line with peers (using Bloomberg consensus); we believe the stock should be trading at a premium. Following a change in analyst we reiterate our BUY and have increased our target price to USD24.0 (USD23.2), based on 12x our 2020e EPS of USD2.0.
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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