MPC Container Ships (Buy, TP: NOK33.00) - Owners’ paradise
MPCCs recent update proves the company’s ability to forward-fix charters near end-2022e at elevated rates and durations. We have lifted our EBITDA estimates as we now expect the 19 open vessels for 2022 to follow suit as congestion continues. With the company’s dividend story likely about to start, we calculate an average dividend yield of ~20% (~NOK 1.4/share) prior to end-2024e. We reiterate our BUY with a raised target price of NOK33.0 (26.1).
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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