Report
Jørgen Lian
EUR 92.20 For Business Accounts Only

Himalaya Shipping (Buy, TP: NOK70.00) - Ultra-potent dry bulk exposure

Improving dual-fuel economics and rising vessel values have raised Himalaya Shipping’s NAV/share to NOK87, hence pricing in a 40% discount to its implied liquidation value. The stock has become the lowest-valued among its Capesize peers, and offers ultra-potent exposure to the dry bulk space’s favourable supply side fundamentals. We reiterate our BUY and NOK70 target price.
Underlying
HIMALAYA SHIPPING LTD.

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Jørgen Lian

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