MPC Container Ships (Hold, TP: NOK18.70) - In line with 2023 EBITDA guidance
Our 2023 EBITDA estimate is in line with MPCC’s new 2023 guidance mid-point. Our estimate leads to a cNOK6/share dividend capacity for the year, implying an attractive yield on continued operations. More value can be harvested from MPCC’s NOK36/share NAV, but the investment thesis is still clouded by residual risk to an unappealing sector exposure. We reiterate our HOLD but have raised our target price to NOK18.7 (18.4).
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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