Höegh Autoliners ASA (Buy, TP: NOK65.00) - In an enviable position
Höegh Autoliners reported another strong quarter in Q2. In our view, it is in an enviable position, with dividends introduced and a plan for a potentially fully funded 16-vessel newbuild programme to position it for the future. If we apply its market-adjusted equity, the share price reflects a P/B of 0.5x and implies considerable upside potential, as a 2023e EV/EBITDA of 5x would imply a share price above NOK80. We reiterate our BUY, and have raised our target price to NOK65 (51).
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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