MPC Container Ships (Buy, TP: NOK20.60) - Short durations up ‘spot’ exposure
Following the Q3 results, we have lowered our adj. 2023e EBITDA by 3.3% as recent fixtures showed shorter durations, leaving the company exposed to the rapidly deteriorating freight markets. Approximately 12 of its vessels could become available before end-H1 2023, and as feeder rates continue to drop, we now model for shorter durations, translating into forecast earnings being less isolated to the downturn. We reiterate our BUY and have increased our target price to NOK20.6 (19.2).
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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