Höegh Autoliners ASA (Buy, TP: NOK51.00) - Fundamentals still in place
Ahead of the Q2 results, we have made only minor estimate changes, as we remain positive on fundamentals despite the uncertain macroeconomic backdrop. In our view, the recent sell-off is overdone given limited deliveries prior to 2024e, vintage capacity and pent-up auto demand. For Q2, we are 4% below consensus EBITDA and highlight the heightened uncertainty from the potential adverse effect of rising bunker costs. We reiterate our BUY and have raised our target price to NOK51 (47).
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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