GasLog (Hold, TP: USD18.20) - Sour spot market in Q2
Our Q2 EBITDA estimate of USD92.2m is 4% below consensus. We have reduced our Q2 spot TCE assumption by 33% to USD21k/day, as the spot market turned sour in March before bouncing back in May. We reiterate our HOLD recommendation and USD18.2 target price, based on our 1-year forward EPS of NOK1.30. The Q2 results are due before market open on 2 August.
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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