Höegh Autoliners ASA (Buy, TP: NOK124.00) - Committed to shareholder returns
With Q3 revenues preannounced and the cost beat, Höegh’s EBITDA margin reached 52%. It confirmed its commitment to shareholder returns once the boxes are checked for solidity and fleet renewal. The equity ratio approaching 70% and attractive financing in place for future capex fulfils the former, and its 12 newbuilds the latter. Hence, FCFE covering 62% of the market cap in two years is lined up for dividends. We reiterate our BUY and have raised our target price to NOK124 (112).
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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