Höegh Autoliners ASA (Buy, TP: NOK47.00) - Even more to come
The Q1 results did not disappoint, in our view. They strengthened the investment case, as the freight market is powering on in the car-carrier sector. The trend has continued into Q2, although fuel costs could put margins under pressure near-term. We find the highly limited outlook on fleet growth and apparent demand for auto inventory replenishment as factors likely to push freight rates even higher. We reiterate our BUY and have lifted our target price to NOK47 (44).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.