MPC Container Ships (Buy, TP: NOK29.00) - Business as usual
MPC reported what we view as a neutral Q2, trickling down to minor near-term estimate revisions as we have raised our 2022e EBITDA by 0.7% when adjusting for the sale of a vessel in Q2. MPC raised its guidance for 2022, and we remain above the upper end with our USD515m. Container freight rates remain high, though we see longer-term uncertainty with a considerable fleet deliveries on the horizon and continued inefficiencies in the sector that should abate at some point. We reiterate our BUY but have trimmed our price target to NOK29.0 (29.1).
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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