GasLog (Hold, TP: USD4.50) - Refinancing 2020
We have made slight operational tweaks to our model, cutting our 2020e EBITDA by 2%, while leaving 2021e and 2022e largely unchanged. GasLog has announced bank commitments of USD0.9bn on its USD1.2bn debt maturities in 2021 and Q1 2022. We expect to see the remaining USD0.3bn announced in the coming months, as cash on hand is unlikely to cover it. We reiterate our HOLD, with a new target price of USD4.5 (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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