Höegh Autoliners ASA (Buy, TP: NOK99.00) - Tough crowd to please
Despite the solid Q1 results, confirming the ongoing strength in the car carrier shipping market, the share price dropped. We find deep value in the stock, now trading at a 47% discount to its market-adjusted book value, supported by 87% of the current market cap expected in cash flow to equity by end-2025 due to increasing durations based on attractive volume contract renewals de-risking the investment case. In contrast to shaky investor sentiment, we reiterate our BUY and NOK99 target price.
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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