Höegh LNG Holdings (Buy, TP: NOK84.00) - Value in the contracts
Höegh LNG will publish its Q4 2017 results before market open 28 February. We estimate Q4 EBITDA of USD36.4m, 3% below consensus. Our risk-weighted SOTP is NOK84/share, as Pakistan is out and we now use a 50% chance to see Chile and Ghana completed. We reiterate our BUY recommendation but have lowered our target price to NOK84 (90).Leif Hoegh & Co. is engaged as an international shipping company that offers transportation and logistics solutions for customers worldwide within selected industrial shipping segments. Co. is involved in the following segments: Ro/Ro, Liquified Natural Gas (LNG), Dry Bulk, Reefer Vessels, Open Hatch, and Hoegh Fleet Services (HFS). Co. operates a fleet of vessels within the deep sea and short sea segments, operating in the transportation of cars and high/heavy rolling stock. Co. operates LNG carriers employed on long-term contracts for the transportation of liquefied natural gas.
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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