Höegh LNG Holdings (Buy, TP: NOK65.00) - Current fleet fully employed
We are 3% below consensus on Q2e EBITDA, but 50% above on net profit (results due at 08:00 CET on 23 August). The current fleet is fully employed, with FSRU 8 commencing a charter in June and the open FSRU 9 due to be delivered in what we expect to be a strong LNG shipping winter market. We reiterate our BUY, but have lowered our target price to NOK65 (67).Leif Hoegh & Co. is engaged as an international shipping company that offers transportation and logistics solutions for customers worldwide within selected industrial shipping segments. Co. is involved in the following segments: Ro/Ro, Liquified Natural Gas (LNG), Dry Bulk, Reefer Vessels, Open Hatch, and Hoegh Fleet Services (HFS). Co. operates a fleet of vessels within the deep sea and short sea segments, operating in the transportation of cars and high/heavy rolling stock. Co. operates LNG carriers employed on long-term contracts for the transportation of liquefied natural gas.
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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