MPC Container Ships (Buy, TP: NOK19.20) - Risking charter backlog
Given rapidly deteriorating freight markets for MPCC’s counterparties, we have risked and removed c10% the company’s fixed-charter backlog to account for the increased rechartering risk for its vessels that are exposed to highly operationally levered operators. The NAV has dropped by NOK10/share since our last update, illustrating the pressure on MPCC’s ability to monetise its assets as a potential valuation catalyst. We reiterate our BUY but have cut our target price to NOK19.2 (29.0).
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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