Höegh Autoliners ASA Minor model adjustments
Ahead of the Q1 results (due prior to market open on 5 May), we have updated our estimates to reflect higher bunker prices, and Höegh Autoliners’ recent disposals and refinancing. We do not consider these changes to be material, and we have not changed our BUY recommendation. We still see promising fundamentals for car carriers, with limited fleet growth and high forecast demand in the coming quarters despite recent market turbulence. We estimate Q1 adj. EBITDA of USD70m, 20% below consensus (one participant) of USD87m. We have raised our target price to NOK44 (43) on a weakened NOK.
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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