GasLog (Buy, TP: USD4.10) - In the hands of the spot market
GasLog is increasingly dependent on the spot market, having a third of its days open in 2021e and almost 40% open for 2022e. On our forecasts, sailed-in spot-TCE will be USD32k/day in 2021 and USD41k/day for 2022, up from USD29k/day in 2020e, preventing a reduction in the top line despite accretive long-term contracts rolling off. We reiterate our BUY, with a new target price of USD4.1 (4.7).
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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