Golar LNG Partners (Hold, TP: USD16.20) - Prospects have improved
We have regained some confidence in the MLP story post the Q3 results. EBITDA for 2018e rose 10%, to USD255m, while we made marginal changes for 2019e and 2020e. The FSRU market is likely to benefit from a stronger LNG shipping market, due to decreased competition and improved alternative earnings. We have upgraded the shares to HOLD (SELL), with a new target price of USD16.2.
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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