MPC Container Ships (Buy, TP: NOK35.00) - DPS with newbuilds on the side
Ahead of the Q1 results, we have lifted our estimates to reflect MPCC’s recent charters, newbuilds and ability to forward-fix at elevated rates and duration. In our view, its recent acquisitions appear attractive, and we are 16% above consensus on Q1e EBITDA. We reiterate our BUY and have lifted our target price to NOK35.0 (32.3).
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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