Höegh Autoliners ASA (Buy, TP: NOK145.00) - ~70% of cap in FCFE by 2025e
Car carriers’ earnings visibility is increasing as legacy contracts are rolled over into long-term commitments at attractive rates in a market that still looks undersupplied for vessels near-term. The increased visibility underpins our valuation, as we expect ~70% of the company’s market cap to be covered by FCFE by end-2025, most of which should be as dividends. We reiterate our BUY and have raised our target price to NOK145 (124).
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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