FLNG Hilli set to boost CEPS
In our view a sharp fall in EPS between 2017 and 2018 is the main risk to the Golar LNG Partners investment case. This explains why acceptance of FLNG Hilli is key, so that Golar LNG Partners is able to move forward with the agreement to acquire one FLNG Hilli train from Golar LNG. We calculate this would take annualised 2018e CEPS from USD2.6 to USD3.3. We maintain our HOLD recommendation and USD23 target price.
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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