MPC Container Ships (Buy, TP: NOK26.10) - De-risking valuation
Following the Q3 report, we have lifted our EBITDA estimates on recent fixture activity as MPCC has extracted shareholder value through additional vessel sales and early fixture renewals. On our estimates, recent charter activity and vessel sales have de-risked a large portion of current market capitalisation and we see potential upside from additional vessel sales, share buybacks and dividends from 2022e. We reiterate our BUY and have lifted our target price to NOK26.1 (24.4).
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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