MPC Container Ships (Sell, TP: NOK17.00) - Rightfully more cautious
Management has adopted a more cautious approach to a still-deteriorating container market, with no event-driven distributions announced despite the latest sales and redeliveries. Rather, cash proceeds will likely be directed towards reducing debt and its capex programme. With the guidance fundamentally unchanged in the recent update, potentially leaving downside to consensus, we remain reluctant to factor in too much optimism beyond the backlog, and believe remaining recurring DPS should amount to NOK8.4. We reiterate our SELL and NOK17 target price.
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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