MPC Container Ships (Buy, TP: NOK35.00) - More attractive risk/reward
We have made minor changes to our estimates, as we have lowered our EBITDA by 1% throughout our forecast period. Container freight rates have come down from their recent highs, but remain elevated despite macroeconomic uncertainty and China’s recent lockdown. In our view, this has prompted the market to apply too steep a discount to MPCC’s contractual backlog, as we estimate the share price reflects only the fixed charter backlog and the scrap value of its fleet. We reiterate our BUY and our target price of NOK35.0.
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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