Höegh Autoliners ASA Minor model adjustments
We have updated our estimates, owing to the monthly trading updates from the company and other minor forecast changes. Stronger freight rates were mostly offset by lower volumes, and imply limited changes to our forecasts and valuation. Headline revenues have been pre-announced and leave limited potential for surprises (mainly on the cost side), in our view. However, cash proceeds from the sale of two vessels in Q3 leave scope for a meaningful dividend, and we forecast USD1.45/share versus consensus at USD1.11/share. We do not consider these changes to be material, and we have not changed our BUY recommendation. We have lowered our target price from NOK153 to NOK149, mainly reflecting the paid dividend and updated FX rates. The results are due at 07:30 CET on 24 October.
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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