MPC Container Ships (Buy, TP: NOK68.00) - Accretive growth
We reiterate our BUY recommendation and have raised our target price to NOK68 (64), following accretive growth with capital raise above NAV. We like the combination of purchasing ships with 42% upside to newbuild parity, while at the same time generating earnings from day one above cash break-even.
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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