Höegh Autoliners ASA (Buy, TP: NOK43.00) - Margins over volumes
We have updated our estimates to better reflect Höegh Autoliners’ focus on “margins over volumes”, while seasonal weakness and disruptions should affect its Q1 results. However, management remained bullish on continued market strength, in line with our expectations, as we expect improved trade efficiency to yield better margins and constant pressure from the tight markets to lift rates in future contract negotiations. We reiterate our BUY, and have lifted our target price to NOK43 (41).
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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