Höegh Autoliners ASA (Buy, TP: NOK151.00) - Cost of disruption in focus
Höegh Autoliners has released its Q1 headline revenues in its monthly updates, but costs relating to the Red Sea disruptions remain unknown. We expect a Q1 EBITDA margin of 49%, which we find favourable despite being the lowest since Q1 2023. We have also cut our estimates, owing to the announced sale of two vessels. In our view, the car carrier markets remain healthy and supportive of future contract renewals and positive earnings momentum. We reiterate our BUY, but have reduced our target price to NOK151 (160).
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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