GasLog (Hold, TP: USD18.20) - Modest winter leverage
With 76% of its fleet covered on long-term charters, we believe that GasLog exhibits conservative leverage on the winter season. Demand is increasing from long-haul trades out of the US and Russia, which could see spot rates above our expectations in the coming 6–9 months. We keep our HOLD and USD18.2 target price, based on our 1-year forward 12-month rolling EPS.
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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